Apresentation of 2nd Quarter 2008 Results

2. Vivo Participações S/A
July 30, 2008

3. HIGHLIGHTS
R$ billion
Vivo Consolidated
2Q08 2Q07 % 2Q08 2Q07 %
Service Revenue 3.0 2.6 15% 3.4 3.0 14%
Expenses (2.6) (2.4) 10% (2.9) (2.6) 12%
Ebitda 0.8 0.6 26% 0.9 0.7 16%
Ebitda Margin 23.4% 21.0% 2.4 p.p. 23.2% 22.6% 0.6 p.p.
Ebit 0.1 0.03 338% 0.1 0.1 36%

4. Agenda
Operating Performance
Financial Performance
Vivo Participações S/A
July 30, 2008

5. Nationwide market leader
Share of postpaid net additions leader: 36.6%
Share of net additions leader: 28.9%
COMMERCIAL
Market Share: 30.4% in Brazil PERFORMANCE
GSM: more than 55% of our customer base
Thousand
+ 6,649
+ 2,125
40,435
38,309
RECHARGE POINTS 33,786 7,745
7,307
thousand 6,468
487
454
59
370
42 31,002 32,690
27,318
32%
30
Canais428
412 de distribuição
340
2Q07 1Q08 2Q08
Mais de 8.800 pontos de vendas Prepaid Postpaid
412 mil pontos de recarga
2Q07 1Q08 2Q08
Vivo Telemig

6. SAC*
- 17.3%
- 2.3%
104
88 86
24%
19%
Grow by 36% YoY
25%
21%
in the investments with
25% focus on customer
26%
loyalty
55%
56%
49%
2Q07 1Q08 2Q08
Subsidy Comissions Advertising
* Blended SAC

7. ARPU AND MOU TRENDS
ARPU MOU
- 3.7%
+ 23.7%
- 2.4%
+ 22.1%
29.9 29.5 28.8 94
76 77
32
13.8 13.2 12.6
35 33
62
16.1 16.3 16.2 41 44
2Q07 1Q08 2Q08 2Q07 1Q08 2Q08
Outgoing Incoming Outgoing Incoming

8. Agenda
Operating Performance
Financial Performance
Vivo Participações S/A
July 30, 2008

9. Agenda
Desempenho Operacional
Financial Performance
Vivo Participações S/A
July 30, 2008

10. NET SERVICE
REVENUE Data and VAS Revenue
R$ million
10.4% of net service revenue
+ 15.4 %
52.7% YoY growth
+ 14.4 %
+ 1.0 % RECEITA DE DADOS
+ 1.3 %
3,347 3,390
Data and VAS Revenue
2,963
343 352
50% 48%
230
48%
40% 41%
43%
9% 10% 11%
2Q07 1Q08 2Q08
- - - Excluding Telemig
Others WAP + ZAP SMS

11. OPERATING COSTS*
R$ million
Operating costs under
strict control with focus on
revenue growth
967
Services Rendered 801
723
604
Good Solds 534
575
909
Selling Expenses 735
764
General and 176
188
Administrative 176
197
H.R. 198
198
184
Fistel, Fust, Funtel 182
155
2Q07 1Q08 2Q08
*Excluding depreciation

12. EBITDA AND EBITDA MARGIN
R$ million
36.6%
29.7%
28.9%
BALANCE BETWEEN SALES
22.6% 23.4%
AND PROFITABILITY 28.8%
21.0% 23.2%
Consolidated Vivo 1,065
21.6%
Revenue YoY 14% 15% 104
879
Costs YoY 12% 10% 758 79
124
EBITDA YoY 16% 26%
961
800
634
2Q07 1Q08* 2Q08
Vivo Telemig Consolidated Margin
* Excluding extraordinary effect of ICMS on Telemig of R$240 million

13. CASH FLOW AND EBIT
R$ million
CASH FLOW EBIT
8.5 344.1*
46.4
143.9
(278,1) 105.5 297.7 3.8
73.5 140.1
32.0
(588,9) 2Q07 1Q08 2Q08
2Q07 1Q08 2Q08 Vivo Telemig
* Excluding extraordinary effect of ICMS on
Telemig of R$240 million

14. NET RESULTS
R$ million
256.2
(65.0) (59.5)
2Q07 1Q08 2Q08

15. FINANCIAL RESULT,
GROSS DEBT AND NET
DEBT
R$ miillion
FINANCIAL RESULT GROSS DEBT NET DEBT
+ 49.4% + 19.6%
+ 16.1% + 60.5%
5,764.8 3,574.3
2Q07 1Q08 2Q08 4,967.1 2,988.1
57% 3,859.8 2,227.1
55% 62%
68% 55%
68%
(54.0)
45% 43% 38%
32% 32% 45%
(100.2)
(116.1) 2Q07 1Q08 2Q08 2Q07 1Q08 2Q08
Short Term Long Term

16. CAPEX
R$ million
% Capex/Net Revenue
41.1%
1.558,6 *
10.7% 7.3%
MAIN INVESTMENT 140.2
PROJECTS
Increase in 1.122,9
GSM Network
Capacity and Quality
360.5
268.8
106.8
53.4 87.8 44.2
42.6
304.8
Payment of 3G 200.3 138.4
licenses 2Q07 1Q08 2Q08
Network Technology
Licenses Others

17. DISCLAIMER
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.