2f33ef15-a9ee-4f56-9fd4-0e7f59de3ceb.pdf Announcement | Lisbon | 17 June 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 ofLisbon

and Corporation no. 503 215058

PHAROL is listed on the Euronext (PHR). Information may be accessed on Bloomberg under the symbol PHRPL.

Luis Sousa de Macedo Investor RelationsDirector ir@pharol.pt

Tel.: +351 212 697 698

Fax: +351 212 697 949

pharol.pt

Oi S.A.

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

Oi S.A. ("Oi" or the "Company"), in accordance with article 12 of CVM Instruction No. 358/02, informs the market that it received a letter from Ontario Teacher´s Pension Plan Board, as transcribed below:

ONTARIO TEACHERS`S PENSION PLAN BOARD

By: Rossana Di Lieto

Title: Vice President & Chief Compliance Officer

Rio de Janeiro, June 16, 2016 Flavio Nicolay Guimarães

Chief Financial Officer and Investor Relations Officer

Oi S.A.

Pharol SGPS SA published this content on 17 June 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 June 2016 20:24:03 UTC.

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