Oi S.A. - In 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

EXCERPT FROM ITEM (3) OF THE MINUTES OF THE 144TH MEETING OF THE BOARD OF DIRECTORS

HELD ON SEPTEMBER 14, 2016

As secretary of the meeting of the Board of Directors, I hereby CERTIFY that item (2.i) of the Minutes of the 144th Meeting of the Board of Directors of Oi S.A. - In Judicial Reorganization, held on September 14, 2016 at 11 a.m., at Praia de Botafogo No. 300, 11th floor, room 1101, Botafogo - Rio de Janeiro (RJ).

All members of the Board of Directors were present and affixed their signatures: José Mauro M. Carneiro da Cunha, Thomas Reichenheim, Rafael Luís Mora Funes, André Cardoso de M. Navarro, Pedro Z. Gubert Morais Leitão, João Manuel Pisco de Castro, Luís Maria Viana Palha da Silva, Marcos Duarte Santos and Ricardo Reisen de Pinho.

Rio de Janeiro, September 9, 2016

José Augusto da Gama Figueira

Secretary

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(¹) This translation is still subject to the auditors review

Oi SA published this content on 23 September 2016 and is solely responsible for the information contained herein.
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