Vivo Participações S/AFebruary 13, 2009.

HIGHLIGHTSR$ billionR$ billion

4Q08 4Q07* ∆ %

Net Service Revenue 3 8 3 0 27%Net Service Revenue 3.8 3.0 27%

Expenses (2.9) (2.5) 16%

Ebitda 1.4 0.9 56%

Ebitda Margin 32.7% 26.5% 6.2 p.p.

Ebit 0.6 0.2 237%

N t R lt ** 215 5 26 2 722%Net Results** - R$ million 215.5 26.2 722%

*Excluding Telemig. **Calculated in accordance with the Brazilian Corporate Law.

HIGHLIGHTSR$ billionR$ billion

2008* 2007** ∆ %

Net Service Revenue 13 8 11 1 25%Net Service Revenue 13.8 11.1 25%

Expenses (10.9) (9.4) 17%

Ebitda 4.5 3.1 45%

Ebitda Margin 29.2% 24.9% 4.3 p.p.

Ebit 1.4 0.6 131%

N t R lt *** 389 7 (99 8)Net Results*** - R$ million 389.7 (99.8) n.a.

*Excluding Telemig’s 1Q08. **Excluding Telemig ***Calculated in accordance with the Brazilian Corporate Law.

RECOGNITION

‘UOL/DataFolha’Top of Mind InternetTop of Mind Internet

Seleções Reader's Digest/IBOPE Sector’s Most Reliable Brand

‘Info Exame’ MagazineBest Broadband

TelecoLargest Coverage in 3rd Generation

‘Consumidor Moderno’ and ‘Pro teste’ MagazineConsumidor Moderno and Pro teste MagazineBest Tariffs

‘O Globo’ newspaper and IBRCBest Call Center in telecom sector’sBest Call Center in telecom sector’s

AgendaAgendaOperational PerformanceFinancial PerformanceFinancial Performance

Vivo Participações S/AFebruary 13, 2009

COMMERCIAL PERFORMANCE Nationwide market Leader

Market Share: 29 8% in BrazilMarket Share: 29.8% in Brazil Revenue Share**: 33% GSM: more than 67% of our customer base

+ 7 561thousand

42,277 44,945

+ 7,561+ 2,668

37,384

*Combined with Telemig. **Estimated.

SAC Blended

- 24.5%

- 2.6%

L ith

98

76 74Lower expenses with customer acquisition subsidy

*Combined with Telemig.

ARPU AND MOU TRENDS

ARPU MOU

89

- 5.8%- 1.0%

+ 6.3%- 4.5%

8089 8530.9 29.4 29.1

*Combined with Telemig.

AgendaOperational PerformanceFinancial Performance

Agenda

Financial Performance

Vivo Participações S/AFebruary 13, 2009

AgendaAgendaOperational PerformanceFinancial PerformanceFinancial Performance

Vivo Participações S/AFebruary 13, 2009

NET SERVICE REVENUE

R$ million+ 14.7%

12,350

14,170

+ 14.2%+ 4.0%

3,317 3,644 3,789

*Combined with Telemig.

DATA AND VAS REVENUE

R$ million

1,43910% of Net Service Revenue

Data + VAS Revenue+ 38.1%

1,042

38% YoY Growth

+ 20.8%+ 4.1%

314 379364

*Combined with Telemig.

OPERATING COSTS**Operating costs under strict control with focus on revenue growthR$ million

*Combined with Telemig. **Excluding depreciation.

EBITDA AND MARGINR$ million

BALANCE BETWEEN SALES

AND PROFITABILITY 3,546

4,868

Revenue YoY 15%

Costs YoY 6%

EBITDA Y Y 37%

,

EBITDA YoY 37%

9791,324 1,396

*Combined with Telemig.

CASH FLOW AND EBITR$ million

CASH FLOW EBITCASH FLOW EBIT

1,497.0

2007*

2008

(533.4)

2007*

*Combined with Telemig.

NET RESULTS*R$ million

Earnings per Share: R$ 1.096

2007

4Q07 3Q08 4Q08

2007

2008

*Brazilian Corporate Law.

FINANCIAL RESULTS, ,GROSS DEBT AND NET DEBTR$ million

GROSS DEBT** NET DEBT**FINANCIAL RESULTS

4Q07* 3Q08 4Q08

8 003 1

+76.3%

+36.8%5,302.1

+153.8%+33.6%

57%55%(102.9) 4,539.35,849.8

8,003.1

2,088.9

3,968.5

68%

32%43%45%

55%

45% 38%

62%

(192.1)

2,088.9

(282.8)

*Combined with Telemig. **Includes the financing of 3G licenses .

CAPEXR$ million

4,015.6

MAIN INVETMENTINVETMENT PROJECTS

I GSM k1,319.8

2,212.3

1,195.7Increase GSM network capacity and qualityIncrease WCDMA

868.4

coverageBeginning of operations in the Northeast region

4Q07* 3Q08 4Q08 2007* 2008Network 848.2 620.6 978.4 1,380.9 1,988.7Technology 149.4 96.0 109.8 308.4 292.6Licenses 50 4 74 8 50 4 1 197 7g Licenses 50.4 - 74.8 50.4 1,197.7Others 147.7 151.8 156.8 472.6 536.6

* Excluding the licenses, adjusted to the present value, in the amount of R$1,197.7 million.

*Combined with Telemig.

WE BELIEVE THAT IN THE NETWORK SOCIETY PEOPLE LIVE BETTER AND CAN DO MORELIVE BETTER AND CAN DO MORE...

... we are 45 million connected people through... we are 45 million connected people through VIVO community and, once connected, we can

change the world we live.

DISCLAIMERDISCLAIMER

This presentation may contain forward-looking statements concerning future prospects and objectives regarding growth of theconcerning 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 futurethey should therefore not be regarded as guarantees of future performance.

Our actual results may differ materially from those contained in such f d l ki t t t d t i t f f t i l diforward-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 operatemarkets in which we operate.

VIVO PARTICIPAÇÕES S.A.Ç