aa2f8d55-aeab-4a4e-99c5-01992dbbd6b6.pdf &mml-- ·· ----.... P HA R O L

AnnouncementILisbonI23June 2016

Notice tothe Market disclosedby Oi

PHAROL,SGPS S.A. herebyinforms on the Notice to the Market disclosed byOi,S.A.,according tothe company's announcementattachedhereto.

PHAROL, SGPS S.A.

Public company

Share capital Euro26,895,375 Registered in theCommercial Registry Office oflisbon

and Corporation no.503 215058

PHAROL is listed on the Luis Sousa de Macedo Euronext (PHR) .Information Investor Relations Director may be accessed on Bloomberg,r@pharol.pt

under the symbol PHRPL Tel.: +35 1212 697698

Fax:+351212 697949

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

NOTICE TO THE MARKET

Oi S.A.("Oi" or"Company"), informs itsshareholders and the market in generalthat, on this date, the United StatesBankruptcyCourt for the SouthernDistrictofNew York entered an order granting theprovisionalrelief (the"ProvisionalRelief Order") requested by Oi,Telemar Norte Leste S.A., Oi Brasil Holdings CooperatiefU.A. and Oi M6vel S.A.(together, the"Debtors") in theirU.S. chapter 15 casesthatwere filed on June 21,2016.

Under theProvisional Relief Order, an injunction under 11U.S.C. § 362 hasbeen entered ona preliminary basis, which prevents creditors from initiating actionsagainst the Debtors or theirproperty locatedwithin the territorial jurisdictionof theUnited States and parties fromterminating theirexisting U.S. contracts with the Debtors. This preliminary injunctive reliefwill remain in place until the Debtors obtain full recognition of their chapter 15petitions from the

U.S. Court. Upon recognition, astay under 11U.S.C. § 362 protectingthe Debtorsand their U.S. property willbe imposed automatically by operationof law.

The hearing to consider the Debtors'petitions is scheduled for July 21, 2016. Acopy ofthe Provisional Relief Order can be obtained at https://ecf.nysb.uscourts.gov.

Rio de Janeiro,June 22,2016.

Oi S.A.

Flavio Nicolay Guimaraes

Chief Financial Officer and Investor Relations Officer

Pharol SGPS SA published this content on 23 June 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 June 2016 12:16:02 UTC.

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