PHAROL, SGPS, S.A.

Legal Proceedings Report • Sep 22, 2016

Announcement | Lisbon | 22 September 2016

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 Euro26,895,375 Registered in theCommercial Registry Office ofLisbon and Corporation no. 503 215058 PHAROL is listed on the Euronext (PHR). Information may be accessed onBloomberg under the symbol PHRPL.

Luis Sousa de Macedo Investor Relations Director ir@pharol.pt Tel.: +351 212 697698 Fax: +351 212 697949

Oi S.A. — Under Judicial Reorganization CORPORATE TAXPAYERS' REGISTRY (CNPJ/MF) No. 76.535.764/0001-43 BOARD OF TRADE (NIRE) No. 33 3 0029520-8 PUBLICLY-HELD COMPANY

NOTICE TO THE MARKET

Updated list of creditors

Oi S.A. – Under Judicial Reorganization ("Company") informs its shareholders and the market in general that the complete and updated list of creditors of the Oi Companies will be available from this date to its shareholders and the market in general and to the Oi Companies' creditors on the website of the judicial reorganization of Oi Companies, 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/consultas/relacao-nominal-de-credores/7-vara-emp.

Rio de Janeiro, September 21, 2016.

Oi S.A. - Under Judicial Reorganization

Ricardo Malavazi Martins

Chief Financial Officer and Investor Relations Officer