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.

Commodities and Futures Exchange (Bolsa de Valores, Mercadorias e Futuros - BM&FBovespa S.A.)
Att: Nelson Barroso Ortega
Superintendence of Corporate Monitoring
c/c.:
Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM)
Att.: Mr. Fernando Soares Vieira - Superintendence of Corporate Relations
Mr. Francisco José Bastos Santos - Superintendence of Market and Intermediary Relations.
Re.: Official Letter No. 2792/2016-SAE/GAE 2
Request for clarification about news published in the press
Dear Sirs,
In reference to Official Letter No. 2792/2016-SAE/GAE 2, sent by BM&FBovespa S.A. ("Official Letter"), whereby Oi S.A. - In Judicial Reorganization ("Company") was asked to provide clarifications concerning the news published in the newspaper "Valor Econômico," dated July 25, 2016, below transcribed, the Company clarifies the following:
"July 25, 2016
2792/2016-SAE/GAE 2
Oi S.A.
Att. Mr. Flavio Nicolay Guimarães
Investor Relations Officer
Re.: Request for clarification about news published in the press
Dear Sirs,
The news published in the newspaper Valor Econômico on July 25, 2016 states, among

Pharol SGPS SA published this content on 27 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 July 2016 10:56:05 UTC.

Original documenthttp://pharol.pt/en-us/press-releases/noticias/Pages/2016/Com27Jul2016.aspx

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