PHAROL, SGPS, S.A.

Legal Proceedings Report • May 30, 2017

Announcement | Lisbon | 30 May 2017

Notice to the Market disclosed by Oi

PHAROL, SGPS S.A. hereby informs on the Notice to the Market disclosed by Oi, S.A., according to the company's announcement attached hereto.

PHAROL, SGPS S.A.

Public company Share capital Euro 26,895,375 Registered in the Commercial Registry Office of Lisbon and Corporation no. 503 215 058

PHAROL is listed on the Euronext (PHR). Information may be accessed on Bloomberg under the symbol PHR PL.

Luis Sousa de Macedo Investor Relations Director ir@pharol.pt Tel.: +351 21 500 1701 Fax: +351 21 500 0800

Oi S.A. – In Judicial Reorganization

CNPJ/MF nº 76.535.764/0001-43 NIRE 33.3.0029520-8 Publicly-Held Company

NOTICE TO THE MARKET

Publication of Public Notice of the List of Creditors presented by the Brazilian Judicial Administrator

Oi S.A. - Under Judicial Reorganization ("Company") informs its shareholders and the market in general that the Public Notice of the list of creditors presented by the Brazilian Judicial Administrator ("Creditors List") before the 7 th Business Court of Rio de Janeiro ("Judicial Reorganization Court") was published on this date and is available from this date to its shareholders, to the market in general and to creditors on the website of the judicial reorganization, which can be accessed through the http://www.recjud.com.br address and on the website of the Court of the judicial District of Rio de Janeiro, with access to the public at the website http://www.tjrj.jus.br/documents/10136/1709761/relacao-credores-aj.pdf. As of this date, begin the legal terms of (i) 10 business days to challenge the Creditors List before the Judicial Reorganization Court; and (ii) 30 business days to file objections to the judicial reorganization plan.

Rio de Janeiro, May 29, 2017.

Oi S.A. – In Judicial Reorganization Ricardo Malavazi Martins Chief Financial Officer and Investor Relations