1e820a37-03d1-451a-a90f-366a1abe3e78.pdf Announcement | Lisbon | 28 May 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 Euro 26,895,375 Registered in the Commercial Registry Office of Lisbon

and Corporation no. 503 215058

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.: +351 212 697 698

Fax: +351 212 697 949

pharol.pt

Oi S.A.

CNPJ/MF No. 76.535.764/0001-43 NIRE 33.300.29520-8

Publicly-held company NOTICE TO THE MARKET

Oi S.A.("Oi") informs its shareholders and the market in general, in reference to the Notice to the Market issued on May 4, 2016, that, on May 27, 2016, its subsidiary PortugalTelecom International Finance B.V. ("PTIF") delivered its audited annual financial statements for the 2014 fiscal year to Citicorp Trustee Company Limited(the "Trustee"), the trustee of the holders of certain bonds issued by PTIF.

Rio de Janeiro, May 27, 2016.

Flavio Nicolay Guimarães

Chief Financial Officer and Investor Relations Officer Oi S.A.

Pharol SGPS SA published this content on 27 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 07 June 2016 15:09:04 UTC.

Original documenthttp://conteudos.pharol.pt/Documents/EN/Announcements/2016/05_May/Com28Mai16_oi_en.pdf

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