VIVO - Presentation 4Q09 Results

1. Results 4Q09

2. Highlights
R$ million
2009 2008 ∆%
Total Net Revenue 16,363.2 15,819.1 3.4%
Net Service Revenue 15,005.7 14,170.0 5.9%
Expenses (11,144.9) (10,951.6) 1.8%
EBITDA 5,218.3 4,867.5 7.2%
EBITDA Margin 31.9% 30.8% 1.1 p.p.
EBIT 1,960.8 1,837.0 6.7%
Net Income 857.5 389.7 120.0%
Cash Flow 2,545.6 (561.8) n.a.

3. Highlights
R$ million
4Q09 4Q08 ∆%
Total Net Revenue 4,319.9 4,268.3 1.2%
Net Service Revenue 3,917.3 3,788.8 3.4%
Expenses (2,907.6) (2,872.0) 1.2%
EBITDA 1,412.3 1,396.3 1.1%
EBITDA Margin 32.7% 32.7% 0.0 p.p.
EBIT 578.7 590.5 -2.0%
Net Income 221.6 222.1 -0.2%
Cash Flow 835.8 66.6 n.a.

4. Stakeholders Recognition
Anatel
Customers
Partners
Shareholders
Investors
Comunity (social projects)

5. Agenda
Operating Performance
Financial Performance

6. Commercial Performance
ACCESSES - thousand MARKET SHARE - %
+6,799 32.2%
+2,897
31.4%
51,744 30.7%
QoQ YoY
48,847
44,945
9,784 5.6% 14.3%
9,267
8,561 29.8% 29.7%
29.4%
39,580 41,960 6.0% 15.3% 4Q08 3Q09 4Q09
36,384
Post paid Blended
4Q08 3Q09 4Q09
Pre paid Post paid

7. Internet unique users*
million
+58.0%
+40.6%
12.8
9.1
8.1
4Q08 3Q09 4Q09
* Includes internet usage by handset (WAP) and internet
usage by Smartphones and Datacards (ZAP).

8. SAC Blended
- 21.6%
- 24.7%
74 77
17 17 58 QoQ YoY
15 -17.1% -14.0%
20 29
31 4.9% 50.9%
37
30
13 -56.7% -64.1%
4Q08 3Q09 4Q09
Subsidy Advertising
Comissions

9. ARPU Trend
- 10.3%
- 1,1%
- 1.1%
29.1
26.4 26.1
QoQ YoY
12.4
11.0 10.6 -3.6% -14.5%
16.7 15.4 15.5 0.6% -7.2%
4Q08 3Q09 4Q09
Outgoing Incoming

10. MOU and Traffic Trends
MOU VOICE TRAFFIC
Million of minutes
+40.0%
+33.7%
+60.8%
119
QoQ YoY +39.5%
89 27 -3.6% -12.9% 17,858
85 QoQ YoY
12,800 4,027 1.1% -0.5%
31 28
11,107
3,983
92 50.8% 70.4% 4,049
54 61 13,831 56.9% 96.0%
7,058 8,817
4Q08 3Q09 4Q09 4Q08 3Q09 4Q09
Outgoing Incoming Outgoing Incoming

11. Agenda
Operating Performance
Financial Performance

12. Net Service Revenue
R$ million
+5.9%
15,006
14,170
6,769
6,494
+3.4% 6,040 6,053
+3.4%
3,789
3,789 3,917
1,804 2,035
1,710 1,712 1,540
1,563 1,531 1,439
379 511 625
43 37 40 197 149
4Q08 3Q09 4Q09 2008 2009
Access and Usage Data and VAS
Network Usage Others

13. Data and VAS Revenue
R$ million
16% of Net Service
+41.5%
Revenue in the quarter
2,035
166
YoY
+64.8% 1,439
+22.5% 894 76.3%
206
507
625
511
379 40
QoQ YoY 38 975
303
49 236 726
28.7% 122.1% 137
194 237 282
4Q08 3Q09 4Q09 2008 2009
SMS + MMS Vivo Internet Others

14. Operating Expenses*
R$ million
Service Rendered Goods Sold Selling Expenses
+16.3% -31.8% +5.3%
+13.5% +8.0% +3.8%
891 0 1,036
913 721
0 842 0
854 887
455 492
4Q08 3Q09 4Q09 4Q08 3Q09 4Q09 4Q08 3Q09 4Q09
General and H. R. Fistel, Fust, Funtel
Administrative
+109.4% +19.0% +16.0%
+5.8% +19.1% +1.0%
0 0 245
0
160 206 206 203 233 236
151
76
4Q08 3Q09 4Q09 4Q08 3Q09 4Q09 4Q08 3Q09 4Q09
* Excluding Depreciation.

15. EBITDA and Margin
R$ million
34.4%
31.9%
30.8%
32.7% 32.7%
4,868 5,218
QoQ YoY
0.6% 1.1% 1,396 1,404 1,412
4Q08 3Q09 4Q09 2008 2009
EBITDA Margin EBITDA

16. Cash Flow and EBIT
R$ million
Cash Flow EBIT
2,545.6
1,961
1,837
0 0
835.8
620.4
591 607 579
66.6 2008
4Q08 3Q09 4Q09 2009
(561.8) 4Q08 3Q09 4Q09 2008 2009

17. Net Results
R$ million
+120.0%
-0.2% 857.5
-34.8%
0 389.7
340.0
222.1 221.6
4Q08 3Q09 4Q09 2008 2009

18. Financial Result,
Gross Debt and Net Debt
R$ million
FINANCIAL RESULT GROSS DEBT NET DEBT
4Q08 3Q09 4Q09
-36.0% -28.6%
-0.8% -10.0%
8,003.1
0
(90.8) 5,302.1
(136.9) 0
5,167.3 5,124.5 0
4,207.0
3,786.0
61%
68% 81%
(282.8)
39% 32% 19%
4Q08 3Q09 4Q09 4Q08 3Q09 4Q09

19. CAPEX
R$ million
25.4%
30.9%
15.6% 14.5%
13.4%
4,015.6
536.6
1,197.7 2,369.3
0
292.6 500.3
1,319.8
346.7
548.7 672.5
1,988.7
1,522.3
4Q08 3Q09 4Q09 2008 2009
CAPEX Technology Others
Network Licences % Capex/Net Revenue

21. Disclosure
This presentation may contain forward-looking statements
concerning future prospects and objectives regarding growth of
the subscriber base, a breakdown of the various services to be
offered and their respective results. The exclusive purpose of such
statements is to indicate how we intend to expand our business
and they should therefore not be regarded as guarantees of future
performance.
Our actual results may differ materially from those
contained in such forward-looking statements, due to a
variety of factors, including Brazilian political and economic
factors, the development of competitive
technologies, access to the capital required to achieve
those results, and the emergence of strong competition in
the markets in which we operate.

22. VIVO PARTICIPAÇÕES S.A.