PHAROL, SGPS, S.A.

Legal Proceedings Report • Apr 3, 2019

Announcement | Lisbon | 3 April 2019

Homologation of the Agreement between PHAROL

and Oi

Following the Notice issued on January 9, 2019 and the Relevant Fact of Oi of the same date, Pharol, SGPS, SA hereby informs that the homologation of the Agreement Instrument executed on January 8, 2019 between Bratel S.à.rl ("Bratel"), Pharol (indirect shareholder of Oi) and Oi, (hereinafter "the Parties"), became effective after the period of 15 (fifteen) business days following the publication of the judicial decision.

As set forth in the Agreement, the period for compliance with the second set of obligations of the parties shall now begin, including (a) the request for termination of all disputes involving the Parties indicated in the Agreement Instrument and (b) the delivery to Bratel of 33.8 million treasury shares of Oi, of which 32 million are common shares and 1.8 million are preferred shares.

In addition, a number of obligations and rights of the Parties described in the Notice released by Pharol and in the Material Fact of Oi, both dated January 9, 2019, which pursuant to the Agreement, could be terminated in the absence of approval by the Judicial Recovery Court have now became fully binding on the parties.