​Pursuant to the terms of subparagraph a) of article 3 of the Portuguese Securities Commission Regulation no. 5/2008 and article 248 of the Portuguese Securities Code, PHAROL, SGPS S.A. ('PHAROL') announces that yesterday afternoon, the Judge of the 7th Corporate Court of the Judicial District of the Capital of Rio de Janeiro ('Bankruptcy Court') granted the Judicial Reorganization of Oi S.A. - Em Recuperação Judicial ('Oi') and its subsidiaries Oi Móvel S.A. - Em Recuperação Judicial, Telemar Norte Leste S.A. - Em Recuperação Judicial, Copart 4 Participações S.A. - Em Recuperação Judicial, Copart 5 Participações S.A. - Em Recuperação Judicial, Portugal Telecom International Finance BV - Em Recuperação Judicial e Oi Brasil Holdings Coöperatief U.A. - Em Recuperação Judicial (jointly, 'Parties under Reorganization'), and approved its respective Judicial Reorganization Plan ('JR Plan'), with the following exceptions: a) Section 11 of the Exhibit (JR Plan's Subscription and Commitment Agreement) is invalid with respect to the discretion granted to the Parties under Reorganization to reimburse expenses incurred by creditors in the search for payment of their credits; b) conditions set forth in item 5 of the same Exhibit, which provide for the payment of a commitment fee, must be extendable to all creditors under the same conditions.

Bratel S.À.R.L, a subsidiary of Pharol ('BRATEL'), requested, on the same date, the partial reconsideration of the Bankruptcy Court's decision, in order to suspend the effectiveness, of the JR Plan's clauses that unjustifiably affect the corporate governance set forth in the Oi's Bylaws (Clause 9), or directly affect the shareholders' rights, in particular with regards to capital increases (Clause 4.3.3. and 6), until the Shareholders Meeting of Oi, called yesterday, January 8th, by the morning, to be held on first call on February 7th, 2018.

The full content of the Bankruptcy Court's decision and BRATEL's request for reconsideration follow attached to this Notice. PHAROL will make available soon an English translation of these documents on PHAROL's website (www.pharol.pt). The JR Plan is available for download on the Oi's website (www.oi.com.br/ri).

PHAROL will keep its shareholders and the market informed on the development of the subject matter of this Notice.

Pharol SGPS SA published this content on 09 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 January 2018 17:44:00 UTC.

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