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CTT-Correios de Portugal

Report Publication Announcement • May 14, 2016

1911_iss_2016-05-14_dc4d79e2-d0d6-4c5b-973c-310eaa328615.pdf

Report Publication Announcement

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PORTUGAL TELECOM INTERNATIONAL FINANCE B.V. (the "Issuer" or "Company") €400,000,000 6.25% Notes due 2016 (the "Notes")

guaranteed by Oi S.A.

(ISIN CODE: PTPTCYOM0008)

The Issuer hereby announces that the Company continues to work closely with its auditors to deliver its audit accounts at the earliest opportunity. The Company currently expects that its 2014 accounts will be audited on or by May 29, 2016.

Lisbon, May 13, 2016

Portugal Telecom International Finance B.V. Naritaweg 165, 1043 BW Amsterdam The Netherlands

Share Capital 21.000,00 euros Registered at The Netherlands Chamber of Commerce Commercial Register with the number 34108060 Portuguese Taxpayer Number: 710 222 149

Marco Norci Schroeder Investor Relations Officer Email: [email protected] Tel.: +55 21 3131-2918 Fax: +55 21 3131-1155