Results 4Q09

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.

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.

HighlightsR$ million

Stakeholders Recognition

Anatel

Shareholders

Investors

Comunity (social projects)

Partners

Customers

Agenda

Operating PerformanceFinancial Performance

Pre paid Post paid

ACCESSES - thousand

Commercial Performance

5.6% 14.3%

QoQ YoY

36,384 39,580 41,960

8,561 9,267

9,784

4Q08 3Q09 4Q09

44,94548,847

51,744

+2,897+6,799

6.0% 15.3%

Post paid Blended

30.7%

31.4%

32.2%

29.8%29.4%

29.7%

4Q08 3Q09 4Q09

MARKET SHARE - %

* Includes internet usage by handset (WAP) and internet usage by Smartphones and Datacards (ZAP).

Internet unique users*million

4Q08 3Q09 4Q09

8.19.1

12.8

+40.6%

+58.0%

SAC Blended

-17.1% -14.0%

QoQ YoY

-56.7% -64.1%

37 30

13

20 29

31

17 17

15

4Q08 3Q09 4Q09

74 77

58

Subsidy

Comissions

Advertising

- 21.6%

- 24.7%

4.9% 50.9%

ARPU Trend

- 1,1%

-3.6% -14.5%

QoQ YoY

0.6% -7.2%16.7 15.4 15.5

12.4 11.0 10.6

4Q08 3Q09 4Q09

29.126.4 26.1

Outgoing Incoming

- 10.3%

- 1.1%

MOU and Traffic Trends

-3.6% -12.9%

QoQ YoY

50.8% 70.4%

MOU

54 61

92

31 28

27

4Q08 3Q09 4Q09

Outgoing Incoming

85 89

119

+40.0%

+33.7%

1.1% -0.5%

QoQ YoY

56.9% 96.0%

VOICE TRAFFICMillion of minutes

Outgoing Incoming

7,058 8,817 13,831

4,049 3,983

4,027

4Q08 3Q09 4Q09

11,10712,800

17,858

+60.8%

+39.5%

Agenda

Operating PerformanceFinancial Performance

Net Service RevenueR$ million

1,804 1,710 1,712

6,494 6,769

1,563 1,531 1,540

6,040 6,053

379 511 625

1,439

2,035

43 37 40 197 149

4Q08 3Q09 4Q09 2008 2009

Access and Usage

Network Usage

3,789

15,00614,170

+3.4%

+3.4%

+5.9%

3,9173,789

Data and VAS

Others

Data and VAS Revenue

YoY

76.3%

R$ million

QoQ YoY

28.7% 122.1%194 237 282

726 975

137 236

303

507

894

49 38

40

206

166

4Q08 3Q09 4Q09 2008 2009

+64.8%

625511

379

SMS + MMS Vivo Internet Others

2,035

1,439

+22.5%

+41.5%16% of Net Service

Revenue in the quarter

16% of Net Service

Revenue in the quarter

000

000

* Excluding Depreciation.

R$ million

Operating Expenses*

842 854 887

4Q08 3Q09 4Q09

Service Rendered Goods Sold Selling Expenses

+5.3%+3.8%

721

455 492

4Q08 3Q09 4Q09

-31.8%+8.0%

206 206 245

4Q08 3Q09 4Q09

+19.0%

General and Administrative

H. R. Fistel, Fust, Funtel

203 233 236

4Q08 3Q09 4Q09

76

151 160

4Q08 3Q09 4Q09

+109.4%+19.1%+5.8%

4Q08 3Q09 4Q09

+16.3%

891 9131,036

+13.5%

+16.0%+1.0%

EBITDA and MarginR$ million

QoQ YoY

0.6% 1.1% 1,396 1,404 1,412

4,868 5,218

4Q08 3Q09 4Q09 2008 2009

32.7%

34.4%

32.7%30.8%

31.9%

EBITDA Margin EBITDA

Cash Flow and EBITR$ million

0

EBIT

4Q08 3Q09 4Q09 2008 2009

591 607 579

1,8371,961

0

Cash Flow

2008

4Q08 3Q09 4Q09

(561.8)

66.6

620.4835.8

2,545.6

2009

0

Net ResultsR$ million

222.1

340.0

221.6

389.7

857.5

4Q08 3Q09 4Q09 2008 2009

-0.2%

-34.8%

+120.0%

0

0 0

Financial Result,

Gross Debt and Net DebtR$ million

(282.8)

4Q08 4Q093Q09

(90.8)

(136.9)

FINANCIAL RESULT

4Q08 3Q09 4Q09

5,302.1

4,207.03,786.0

-10.0%

-28.6%

GROSS DEBT NET DEBT

39% 32% 19%

61%

68% 81%

4Q08 3Q09 4Q09

8,003.1

5,167.3 5,124.5

-36.0%

-0.8%

CAPEX

0

R$ million

1,988.7 1,522.3

292.6

346.7

1,197.7

536.6

500.3

4Q08 3Q09 4Q09 2008 2009

1,319.8

2,369.3

4,015.6

672.5548.7

Network

Technology

Licences

Others

30.9%

13.4%

15.6%

25.4%

14.5%

% Capex/Net Revenue

CAPEX

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 economicfactors, 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.

VIVO PARTICIPAÇÕES S.A.