Oi S.A. CORPORATE TAXPAYERS REGISTRY (CNPJ/MF) No / BOARD OF TRADE (NIRE) No PUBLICLY-HELD COMPANY

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1 Oi S.A. CORPORATE TAXPAYERS REGISTRY (CNPJ/MF) No / BOARD OF TRADE (NIRE) No PUBLICLY-HELD COMPANY MINUTES OF EXTRAORDINARY GENERAL SHAREHOLDERS MEETING (Drawn up in summary form, pursuant to Article 130, paragraph 1 of Law No /76) 1. Date, time, and place: The meeting was held on September 1, 2015, at 11:00 a.m., at Oi S.A. ( Company ) headquarters at Rua do Lavradio 71, Centro, in the City and State of Rio de Janeiro. 2. Agenda: (1) ratification of the appointment and engagement of Apsis Consultoria e Avaliações Ltda. ( Apsis ), as the firm responsible for the appraisal report of the book value of the shareholders equity of Telemar Participações S.A. ( TmarPart ) to be merged into the shareholders equity of the Company ( Appraisal Report ), as well as the appraisal report of the shareholders equity of the Company and TmarPart, at market value, pursuant to Article 264 of Law No /76 ( Appraisal Report of Shareholders Equity at Market Value ); (2) review, discuss, and vote on the Appraisal Report and the Appraisal Report of Shareholders Equity at Market Value prepared by Apsis; (3) review, discuss, and vote on the Protocol of Merger and Instrument of Justification (Protocolo e Justificação de Incorporação) of Telemar Participações S.A. into Oi S.A. ( Protocol of Merger and Instrument of Justification ), and all exhibits thereto, which set forth the terms and conditions of the merger of TmarPart into the Company, accompanied by the relevant documents; (4) vote on the proposal of merger of TmarPart into the Company; (5) vote on the proposed amendment to the Bylaws of the Company, to anticipate the adoption of enhanced corporate governance practices by the Company and widely held voting rights, in line with the governance commitments assumed with the market; (6) vote on the proposal and opening of the period for conversion of shares held by preferred shareholders, as well as the relevant terms and conditions of the conversion; (7) authorization for the Board the Directors to verify the fulfillment of the conversion condition and approve the effective conversion of preferred shares at BM&FBovespa and Banco do Brasil, in the event the condition has been fulfilled; (8) approval of the election of new members to the Board of Directors of the Company and respective alternates, with a term of office lasting until the Shareholders Meeting that approves the financial statements for the year ended December 31, 2017; (9) authorization for the management to conduct all acts required to give effect to the items of the Agenda; and (10) vote on the proposal to amend Article 5 of the Bylaws of the Company to reflect the amendment approved at the Meeting of the

2 Board of Directors held on February 25, 2015, through the capitalization of the balance of the investment reserve, without issuing new shares. 3. Call notice: Notice published in Diário Oficial do Estado do Rio de Janeiro, Part V, in the editions of July 31, 2015, page 6; August 3, 2015, page 10; and August 4, 2015, page 7; and in the newspaper Valor Econômico, National Edition, in the editions of July 31, 2015, page B8; August 1, 2, and 3, 2015, page B11; and August 4, 2015, page B4, in accordance with Article 124, head provision and paragraph 1 of Law No / Pursuant to Law No /76 ( Brazilian Corporation Law ) and applicable CVM rules, all documents relating to the agenda were made available to the shareholders of the Company through the CVM s IPE System on the date of publication of the call notice. 4. Attendance: Shareholders representing at least 82.04% of the Company s voting capital, 78.78% of the non-voting preferred shares of the Company, equal to 79.85% of the Company s total share capital, attended the meeting, according to the records and signatures in the Shareholders Attendance Book. Also in attendance were Flavio Nicolay Guimarães (Chief Financial Officer and Investor Relations Officer), Marco Norci Schroeder (Officer), Eurico de Jesus Teles Neto (Officer), and Maria Gabriela Campos da Silva Menezes Côrtes (General Counsel and attorney-in-fact of the Company), as well as Allan Kardec de Melo Ferreira (member of the fiscal council of the Company), and Luiz Paulo Cesar Silveira and Antonio Luiz Feijó Nicolau (representatives of Apsis), who made themselves available to the Company s shareholders for clarification and information related to the matters discussed in the Meeting. 5. Board: Following the verification of the legal quorum, and in accordance with the provisions of Article 17 of the Company s Bylaws, the Meeting was opened. Luiz Antonio de Sampaio Campos served as President of the Meeting, as attorney-in-fact vested with specific powers, and Maria Gabriela Campos da Silva Menezes Côrtes and Rafael Padilha Calábria served as secretary of the Meeting. 6. Resolutions: The Chairman of the Board opened the Meeting and informed that the Meeting was convened to discuss the transactions disclosed in the Material Fact of March 31, 2015, which will allow the anticipation of the main objectives of the merger of the Company, TmarPart, and Pharol, SGPS S.A. (new corporate name of Portugal Telecom, SGPS S.A.) ( Pharol ), disclosed on February 20, Accordingly, Oi will adopt best corporate governance practices required by the rules of the Novo Mercado of BM&FBovespa S.A. Bolsa de Valores, Mercadorias e Futuros ( BM&FBovespa ), Oi

3 voting rights will be widely held, in line with the final objective of timely implementing a transaction that results in the migration of shares currently held by shareholders of Oi and, subsequently, Pharol, to Novo Mercado At the request of the Chairman of the Board, the shareholders in attendance unanimously approved the transcription of the minutes of this Extraordinary General Shareholders Meeting in summary form, as well as its publication without the attending shareholders signatures, in accordance with Article 130 of the Brazilian Corporation Law. Also by unanimous vote, the reading of the matters included in the Agenda of this Meeting and in the related documents was dismissed Shareholders representing 88.89% of votes, considering abstentions and dissenting votes, ratified the appointment and engagement of Apsis to prepare the Appraisal Report and Appraisal Report of Shareholders Equity at Market Value Shareholders representing 88.89% of votes, considering abstentions and dissenting votes, approved without reservation, the Appraisal Report and the Appraisal Report of Shareholders Equity at Market Value, previously prepared by Apsis based on the financial statements of the Company and TmarPart considering the base date of December 31, 2014, attributing a value of four hundred eighty-five million, two hundred fifty-three thousand, seven hundred and eighty-three Reais and nine centavos (R$485,253,783.09) to the shareholders equity of TmarPart, and a ratio of share issued by the Company for one (1) share issued by TmarPart, exclusively for purposes of Article 264 of Law No /76; which Appraisal Reports were initialed by the members of the Board and filed in the Company s headquarters. Copies of such Appraisal Reports have also been initialed and are an integral part hereof (Annex I) Shareholders representing 88.89% of votes, considering abstentions and dissenting votes, approved the terms and conditions of the Protocol of Merger and Instrument of Justification of Telemar Participações S.A. into Oi S.A., all exhibits thereto and relevant documents, executed by the managements of the Company and TmarPart, setting forth the terms and conditions of the merger of TmarPart into the Company, including that each share issued by TmarPart will be exchanged by (i) new registered common shares, with no par value, issued by the Company, and (ii) new registered preferred shares, with no par value, issued by the Company, provided that the shareholders of TmarPart receive shares issued by the Company on a pro rata basis to their equity interest in the capital stock of TmarPart, corresponding to the number of common and preferred shares issued by the Company and held by TmarPart immediately prior to the Merger. The Merger will not dilute the interests of shareholders of Oi. The Protocol of Merger and Instrument of Justification was initialed by the members of the Board and filed at the Company s headquarters. A

4 copy of the Protocol of Merger and Instrument of Justification was also initialed and is an integral part hereof (Annex II) Shareholders representing 88.89% of votes, considering abstentions and dissenting votes, approved the merger of TmarPart into the Company, through the transfer of all assets of TmarPart to the Company, which will replace TmarPart succeeding it with respect to all its assets, rights, and obligations, without interruption, and TmarPart will be terminated, pursuant to Article 227 of Brazilian Corporation Law, according to the terms and conditions provided in the Protocol of Merger and Instrument of Justification approved in item 6.4 above (the Merger ). The Merger is part of the corporate ownership simplification of the Company (the Corporate Ownership Simplification ). As a result of the Merger, net assets of TmarPart, which are positive and amount to one hundred twenty-two million, four hundred eleven thousand, nine hundred and eighty-six Reais and forty-one centavos (R$122,411,986.41), considering all mergers conducted under the Corporate Ownership Simplification, will be merged into the shareholders equity of the Company, without changing the number of shares issued by the Company or diluting the interests of its current shareholders Shareholders representing 86.13% of votes, considering abstentions and dissenting votes, approved the amendment to the Company s Bylaws, to anticipate the adoption of enhanced corporate governance practices by Oi and voting rights becoming widely held, in line with the governance commitments assumed with the market. After the amendment, the Company s Bylaws will read as included in Annex III hereto Shareholders representing 89.81% of votes, considering abstentions and dissenting votes, approved the opening of the period for the voluntary conversion of preferred shares of the Company for common shares, at the option of the preferred shareholder, at an exchange ratio of common share for each preferred share issued by the Company, as previously published for the merger of shares of the Company into TmarPart and as used in the pricing of shares issued by the Company in the Public Offering held on April 28, The voluntary share exchange proposal requires that the holders of at least two-thirds of preferred shares (excluding treasury shares), equivalent to 313,444,094 preferred shares issued by the Company, agree to exchange their preferred shares for common shares ( Conversion Condition ) within a period of thirty (30) days after this Meeting ( Conversion Period and Voluntary Conversion of PNs ). Detailed procedures required for the Voluntary Exchange of PNs, including measures to be adopted by shareholders to request exchange of their respective preferred shares, will be disclosed in a Notice to Shareholders to be published after this Meeting Shareholders representing 89.81% of votes, considering abstentions and dissenting votes, approved an authorization for the Board of Directors of the Company

5 to: (a) verify, after the Conversion Period, the fulfillment of the Conversion Condition; and (b) if the Exchange Condition is fulfilled, authorize the implementation of the exchange of preferred shares at BM&FBovespa and Banco do Brasil, in which case the Board of Directors will call a new Extraordinary General Shareholders Meeting to confirm the change in the capital stock of the Company as a result of the Voluntary Conversion of PNs Shareholders representing 88.05% of votes, considering abstentions and dissenting votes, approved the election of the following members to the Board of Directors, with a term of office until the General Shareholders Meeting that approves the financial statements for the year ended December 31, 2017: (1) as member, José Mauro Mettrau Carneiro da Cunha, Brazilian, married, engineer, bearer of the identity card No , issued by IFP/RJ, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Praia de Botafogo, 300, 11 th floor, Botafogo, in the City and State of Rio de Janeiro, and will act as Chairman of the Board of Directors, according to Article 24 of the hereby approved by-laws, and as his respective alternate, Fernando Marques dos Santos, Brazilian, married, engineer, bearer of the identity card No , issued by IFP- RJ, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Avenida República do Chile, 100, 21 st floor, Centro, in the city and State of Rio de Janeiro, Postal Code: ; (2) as member, Sergio Franklin Quintella, Brazilian, married, engineer, bearer of the identity card No. 9751D, issued by CREA, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Praia de Botafogo, 190, 12 th floor, Postal Code: , in the city and State of Rio de Janeiro, and as his respective alternate, Rubens Mário Alberto Wacholz, Brazilian, married, economist, bearer of the identity card No , issued by the Regional Council of Economy in Rio de Janeiro, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at rua Barão de Itambi, 60, 9 th floor, Botafogo, in the City and State of Rio de Janeiro; (3) as member, Luiz Antonio do Souto Gonçalves, Brazilian, married, engineer, bearer of the identity card No , issued by CREA-RJ, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Av. Republica do Chile, 100, Centro, in the City and State of Rio de Janeiro, and as his respective alternate, Joaquim Dias de Castro, Brazilian, divorced, economist, bearer of the identity card No SJS-RS, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Av. República do Chile, 100, 13º andar, in the City and State of Rio de Janeiro ; (4) as member, Ricardo Malavazi Martins, Brazilian, married, economist, bearer of the identity card No X, issued by SSP/SP, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Rua Cubatão, 86, 403, in the City and State of

6 São Paulo, and as his respective alternate, Cristiano Yazbek Pereira, Brazilian, married, engineer, bearer of the identity card No , issued by SSP/SP, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Rua Angelina Maffei Vita, 200, 10 th floor, Jardim Paulistano, in the city and State of São Paulo, Postal Code: ; (5) as member, Thomas Cornelius Azevedo Reichenheim, Brazilian, divorced, administrator, bearer of the identity card No , issued by SSP/SP, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Rua Jeronimo da Veiga, 164, 8 andar, Cjs E/F, Itam Bibi, in the City and State of São Paulo, and as his respective alternate, Sergio Bernstein, Brazilian, married, engineer, bearer of the identity card No , issued by SSP/SP, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Rua Angelina Maffei Vita, 200, 9 th floor, in the city and State of São Paulo, Postal Code: ; (6) as member, Rafael Luís Mora Funes, Spanish, married, business administrator, bearer of the foreigner identity card (RNE) No. V Q, valid until July 7, 2020, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Av. das Nações Unidas th floor, in the city and State of São Paulo, Postal Code: , and as his respective alternate, João do Passo Vicente Ribeiro, Portuguese, married, economist, bearer of the Portuguese passport No. M738408, with business address at Rua Carlos Alberto da Mota Pinto, 17, floor 7, Lisbon, Postal Code: ; (7) as member, Francisco Ravara Cary, Portuguese, married, administrator, bearer of the passport No. M375773, issued in Lisbon, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Av. da Liberdade, 195, 15, , Lisbon, Portugal, and as his respective alternate, João Manuel Pisco de Castro, Portuguese, married, administrator, bearer of the Portuguese passport No. N473969, with business address at Av. Almirante Cago Coutinho, 78, 1700,031 Lisbon; (8) as member, Luís Maria Viana Palha da Silva, Portuguese, married, economist, bearer of the passport No. N226885, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Av. Borges de Medeiros, 633, room 606, Leblon, Postal Code , and as his respective alternate, Jorge Telmo Maria Freire Cardoso, Portuguese, married, economist, bearer of the Portuguese passport No. M78275, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Avenida da Liberdade, 195, floor 15, , Lisbon; (9) as member, André Navarro, Portuguese, married, manager, bearer of the identity card No , issued by DGPC/DPT/Instituto de Identificação Félix Pacheco, enrolled with the Individual Taxpayers Registry (CPF/MF) under No /91, with business address at Avenida Professor Dr. Cavaco Silva, Tagus Park, Edificio 2, Piso I, Ala B, Postal Code: , Porto Salvo, Portugal, and as his respective alternate, Nuno Rocha dos Santos de Almeida e Vasconcellos, Brazilian, divorced, administrator, bearer of the identity card No , issued by SSP-SP,

7 enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Av Nações Unidas, 11633, 8 th floor, Brooklin, in the City and State of São Paulo, Postal Code ; (10) as member, Robin Anne Bienenstock, English, divorced, economist, bearer of the British passport No , with business address at 19th, 555 Madison Ave, NYC, NY, USA 10022, and as her respective alternate, Marcos Grodetzky, Brazilian, divorced, economist, bearer of the identity card No , issued by IFP/RJ, enrolled with the Individual Taxpayers Registry (CPF/MF) under No , with business address at Av. Brigadeiro Faria Lima, 4440/10 th floor, in the City and State of São Paulo; (11) as member, Marten Pieters, Dutch, married, bearer of the passport No. BRD1096J6, with business address at 42 Old CourtHouse, 9-17 Old Court House Place, Kensington, London W8 4PD, and as his respective alternate, Pedro Zañartu Gubert Morais Leitão, Portuguese, married, companies manager, bearer of the passport No. M655076, with business address at Terminal de Graneis Liquidos, Lote B, Porto de Aveiro, , Gafanha da Nazaré, Portugal. During voting, it has been confirmed that none of the elected members is under any impediment or legal restriction from taking office. Robin Bienenstock, Marten Pieters, Marcos Grodetzky and Pedro Zañartu Gubert Morais Leitão, elected as new members of the Board of Directors of the Company, are independent directors, according to the definition of independent director provided in the Novo Mercado Rules and adopted by the new Company s Bylaws Shareholders representing 89.81% of votes, considering abstentions and dissenting votes, approved the authorization to Management to conduct all acts required to give effect to the implementation and formalization of the Merger, the Voluntary Conversion of PNs, and other items of the Agenda hereby approved Shareholders representing 88.83% of votes, considering abstentions and dissenting votes, approved the amendment to Article 5 of the Company s Bylaws, in order to reflect the change in the Company s capital stock approved by the Board of Directors in a meeting held on February 25, As a result of such amendments and the amendments approved in item 6.6, the Company s Bylaws will read as included in Annex III hereto. 7. Abstentions and Dissenting Votes: The dissenting votes and abstentions of holders of ADSs representing ordinary shares, represented in the Meeting by The Bank of New York Mellon, among other shareholders, were considered. The shareholder MCR - Principal Fundo de Investimento em Ações abstained to vote on items (i), (ii), (iii), (iv), (viii) and (x) of the Agenda. 8. Closing: Nothing further to discuss, the meeting was closed for drafting these minutes, which were then read and approved by the required number of attending

8 shareholders to approve the above resolutions. Signatures: Luiz Antonio de Sampaio Campos Chairman of the Board; Maria Gabriela Campos da Silva Menezes Côrtes Secretary; Rafael Padilha Calábria Secretary; Flavio Nicolay Guimarães (Chief Financial Officer and Investor Relations Officer; Shareholders: TELEMAR PARTICIPAÇÕES S.A. (p.p. Luciene Sherique Antaki); PHAROL, SGPS, S.A. (p.p. Pedro Guimaraes e Melo de Oliveira Guterres); THE BANK OF NEW YORK ADR DEPARTMENT (p.p. Ralph Figueiredo de Azevedo); BNDES PARTICIPACOES SA BNDESPAR (p.p. Vinicius Machado Silva); FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL PETROS (p.p. Maria Antonieta Cortezzi Lutz); BTG PACTUAL MULTI AÇÕES FUNDO DE INVESTIMENTO DE AÇÕES; COMSHELL BTG PACTUAL FUNDO DE INVESTIMENTO EM AÇÕES; FUNDO DE INVESTIMENTO DE AÇÕES BELLS; FUNDO DE INVESTIMENTO MULTIMERCADO MODERADO RONCADOR; FUNDO DE INVESTIMENTO MILTIMERCADO UNIPREV III; MBPREV I MULTIMERCADO - FUNDO DE INVESTIMENTO; CARAVELAS FUNDO DE INVESTIMENTO DE AÇÕES (p.p. Felipe Andreu Silva); ADVANCED SERIES TRUST - AST PARAMETRIC EMERGING MARKETS EQUITY PORTFOLIO; ADVANCED SERIES TRUST - AST PRUDENTIAL GROWTH ALLOCATION PORTFOLIO; ALASKA PERMANENT FUND; ALLIANCEBERNSTEIN DELAWARE BUSINESS TRUST - ALLIANCEBERNSTEIN INTERNATIONAL ALL-COUNTRY PASSIVE SERIES; ARIZONA PSPRS TRUST; AT&T UNION WELFARE BENEFIT TRUST; BELLSOUTH CORPORATION RFA VEBA TRUST; BLACKROCK CDN MSCI EMERGING MARKETS INDEX FUND; BLACKROCK INSTITUTIONAL TRUST COMPANY, N.A.; CAISSE DE DEPOT ET PLACEMENT DU QUEBEC; CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM; CANADA PENSION PLAN INVESTMENT BOARD; CASEY FAMILY PROGRAMS; CF DV EMERGING MARKETS STOCK INDEX FUND; CITY OF NEW YORK GROUP TRUST; COLLEGE RETIREMENT EQUITIES FUND; COMMONWEALTH SUPERANNUATION CORPORATION; DEUTSCHE X-TRACKERS MSCI ALL WORLD EX US HEDGED EQUITY ETF; DIVERSIFIED MARKETS (2010) POOLED FUND TRUST; DREYFUS OPPORTUNITY FUNDS - DREYFUS STRATEGIC BETA EMERGING MARKETS EQUITY FUND; (p.p. Talita Car Vidotto); EATON VANCE COLLECTIVE INVESTMENT TRUST FOR EMPLOYEE BENEFIT PLANS - EMERGING MARKETS EQUITY FUND; EATON VANCE TRUST COMPANY COMMON TRUST FUND - PARAMETRIC STRUCTURED EMERGING MARKETS EQUITY COMMON TRUST FUND; EGSHARES BRAZIL INFRASTRUCTURE ETF; EMERGING MARKETS EQUITY INDEX MASTER FUND; EMERGING MARKETS EQUITY INDEX PLUS FUND; EMERGING MARKETS EQUITY TRUST 4; EMERGING MARKETS EX-CONTROVERSIAL WEAPONS EQUITY INDEX FUND B; EMERGING MARKETS INDEX NON- LENDABLE FUND; EMERGING MARKETS INDEX NON-LENDABLE FUND B;

9 EMERGING MARKETS SUDAN FREE EQUITY INDEX FUND; EMPLOYEES RETIREMENT SYSTEM OF THE STATE OF HAWAII; EVANGELICAL LUTHERAN CHUCH IN AMERICA BOARD OF PENSIONS; FIDELITY SALEM STREET TRUST: FIDELITY SERIES GLOBAL EX U.S. INDEX FUND; FIDELITY SALEM STREET TRUST: SPARTAN EMERGING MARKETS INDEX FUND; FIDELITY SALEM STREET TRUST: SPARTAN GLOBAL EX U.S. INDEX FUND; FIRST TRUST BRAZIL ALPHADEX FUND; FIRST TRUST EMERGING MARKETS SMALL CAP ALPHADEX FUND; FUTURE FUND BOARD OF GUARDIANS; GMAM GROUP PENSION TRUST II; GMAM INVESTMENT FUND TRUST; GMO EMERGING MARKETS EQUITY FUND, A SUB FUND OF GMO FUNDS PLC; GMO TRUST ON BEHALF OF GMO EMERGING COUNTRIES FUND; HEWLETT-PACKARD COMPANY MASTER TRUST; HP INVEST COMMON CONTRACTUAL FUND; IBM 401 (K) PLUS PLAN; ILLINOIS STATE BOARD OF INVESTMENT; ISHARES MSCI ACWI EX U.S. ETF; ISHARES MSCI BRAZIL CAPPED ETF; ISHARES MSCI BRIC ETF; ISHARES MSCI EMERGING MARKETS ETF; JAPAN TRUSTEE SERVICES BANK, LTD. RE: STB DAIWA EMERGING EQUITY FUNDAMENTAL INDEX MOTHER FUND; JAPAN TRUSTEE SERVICES BANK, LTD. SMTB EMERGING EQUITY MOTHER FUND; JOHN HANCOCK FUNDS II STRATEGIC EQUITY ALLOCATION FUND; JOHN HANCOCK VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INDEX TRUST B; JOHN HANCOCK VARIABLE INSURANCE TRUST UTILITIES TRUST; LEGAL AND GENERAL ASSURANCE (PENSIONS MANAGEMENT) LTD.; LEGAL AND GENERAL ASSURANCE SOCIETY LIMITED; LVIP BLACKROCK EMERGING MARKETS RPM FUND; MAINSTAY VP MFS UTILITIES PORTFOLIO; MANAGED PENSION FUNDS LIMITED; MELLON BANK N.A EMPLOYEE BENEFIT COLLECTIVE INVESTMENT FUND PLAN; MFS VARIABLE INSURANCE TRUST - MFS UTILITIES SERIES; NATIONAL COUNCIL FOR SOCIAL SECURITY FUND; NATIONAL WESTMINSTER BANK PLC AS TRUSTEE OF LEGAL AND GENERAL GLOBAL EMERGING MARKETS INDEX FUND; NATIONAL WESTMINSTER BANK PLC AS TRUSTEE OF THE LEGAL & GENERAL INTERNATIONAL INDEX TRUST; NAV CANADA PENSION PLAN; NEW ZEALAND SUPERANNUATION FUND; NORGES BANK; NORTHERN EMERGING MARKETS EQUITY FUND; NORTHERN TRUST COLLECTIVE ALL COUNTRY WORLD INDEX (ACWI) EX-US FUND-LENDING; NORTHERN TRUST COLLECTIVE EMERGING MARKETS INDEX FUND-LENDING; NORTHERN TRUST INVESTMENT FUNDS PLC; NTGI - QM COMMON DAILY ALL COUNTRY WORLD EX-US EQUITY INDEX FUND-LENDING; NTGI - QM COMMON DAILY ALL COUNTRY WORLD EX-US INVESTABLE MARKET INDEX FUND-LENDING; NTGI - QM COMMON DAILY EMERGING MARKETS EQUITY FUND-LENDING; NTGI - QM COMMON DAILY EMERGING

10 MARKETS EQUITY INDEX FUND-NON LENDING; NZAM EM8 EQUITY PASSIVE FUND; ONTARIO TEACHERS PENSION PLAN BOARD; POWERSHARES FTSE RAFI EMERGING MARKETS PORTFOLIO; POWERSHARES S&P EMERGING MARKETS HIGH BETA PORTFOLIO; PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY; PUBLIC EMPLOYEE RETIREMENT SYSTEM OF IDAHO; PUBLIC SECTOR PENSION INVESTMENT BOARD; PYRAMIS GLOBAL EX U.S. INDEX FUND, LP; QS BATTERYMARCH EMERGING MARKETS FUND; RETAIL EMPLOYEES SUPERANNUATION PTY LIMITED; SCHWAB FUNDAMENTAL EMERGING MARKETS LARGE COMPANY INDEX ETF; SCHWAB FUNDAMENTAL EMERGING MARKETS LARGE COMPANY INDEX FUND; SOUTHERN CA EDISON CO NUCLEAR FAC QUAL CPUC DECOM M T FOR SAN ONOFRE AND PALO VERDE NUC GEN STATIONS; SPDR MSCI ACWI EX-US ETF; SSGA MSCI BRAZIL INDEX NON-LENDING QP COMMON TRUST FUND; STATE STREET BANK AND TRUST COMPANY INVESTMENT FUNDS FOR TAX EXEMPT RETIREMENT PLANS; STICHTING PGGM DEPOSITARY; TD EMERALD HEDGED ALL COUNTRY WORLD INDEX EQUITY POOLED FUND TRUST; TEACHER RETIREMENT SYSTEM OF TEXAS; TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS; THE BANK OF KOREA; THE FIRST CHURCH OF CHRIST, SCIENTIST, IN BOSTON MASSACHUSETTS; THE GENERAL MOTORS CANADIAN HOURLY-RATE EMPLOYEES PENSION PLAN; THE GENERAL MOTORS CANADIAN RETIREMENT PROGRAM FOR SALARIED EMPLOYEES; THE GMO EMERGING MARKETS FUND; THE MONETARY AUTHORITY OF SINGAPORE; THE NOMURA TRUST AND BANKING CO., LTD. RE: INT. EMERGING STOCK INDEX MSCI EMERGING NO HEDGE MOTHER; THE PENSION RESERVES INVESTMENT MANAGEMENT BOARD; THE ROCKEFELLER FOUNDATION; THE SEVENTH SWEDISH NATIONAL PENSION FUND - AP7 EQUITY FUND; THE STATE TEACHERS RETIREMENT SYSTEM OF OHIO; THE TIFF KEYSTONE FUND, L.P.; TIAA-CREF FUNDS - TIAA-CREF EMERGING MARKETS EQUITY INDEX FUND; TIFF MULTI-ASSET FUND; UPS GROUP TRUST; UTAH STATE RETIREMENT SYSTEMS; VANGUARD EMERGING MARKETS STOCK INDEX FUND; VANGUARD FTSE ALL-WORLD EX-US INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDS; VANGUARD FUNDS PUBLIC LIMITED COMPANY; VANGUARD TOTAL WORLD STOCK INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDS; VOYA EMERGING MARKETS INDEX PORTFOLIO; WASHINGTON STATE INVESTMENT BOARD; ARROWSTREET CAPITAL GLOBAL EQUITY LONG/SHORT FUND LIMITED; NEON LIBERTY EMERGING MARKETS FUND LP; NEON LIBERTY LORIKEET MASTER FUND LP; NLCF FUND LP; BRITISH COAL STAFF SUPERANNUATION SCHEME; BUREAU OF LABOR FUNDS -

11 LABOR PENSION FUND; FIDELITY INVESTMENT FUNDS - FIDELITY INDEX EMERGING MARKETS FUND; JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND; MFS UTILITIES FUND; NEW YORK STATE COMMON RETIREMENT FUND; STATE OF NEW MEXICO STATE INVESTMENT COUNCIL; THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ ; THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ ; THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ ; THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB ; THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB ; VANGUARD INVESTMENT SERIES, PLC; VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND, A SERIES OF VANGUARD STAR FUNDS; POLO FUNDO DE INVESTIMENTO EM AÇÕES; VINSON FUND LLC.; POLO NORTE MASTER FUNDO DE INVESTIMENTO MULTIMERCADO; POLO AÇÕES FUNDO DE INVESTIMENTO EM AÇÕES; (p.p. Talita Car Vidotto); MCR - PRINCIPAL FUNDO DE INVESTIMENTO EM AÇOES; (p.p. Marcelo Cheyne Rocha); CAIXA DE PREVIDENCIA DOS FUNCIONARIOS DO BANCO DO BRASIL - PREVI.; (p.p. Vinicius Nascimento Neves); BRATEL BRASIL S.A. (p.p. Fernanda Cirne Montorfano Gibson); VALVERDE PARTICIPAÇÕES S.A. (p.p. Luciene Sherique Antaki); LF TEL S.A. (p.p. Alexandre Jereissati Legey). This is a true copy of the original as recorded in the appropriate book. Rio de Janeiro, September 1, Maria Gabriela Campos da Silva Menezes Côrtes Secretary

12 Oi S.A. CORPORATE TAXPAYERS REGISTRY (CNPJ/MF) No / BOARD OF TRADE (NIRE) No EXTRAORDINARY GENERAL SHAREHOLDERS MEETING HELD ON SEPTEMBER 1, 2015 ANNEX I APPRAISAL REPORTS

13 Oi S.A. CORPORATE TAXPAYERS REGISTRY (CNPJ/MF) No / BOARD OF TRADE (NIRE) No EXTRAORDINARY GENERAL SHAREHOLDERS MEETING HELD ON SEPTEMBER 1, 2015 ANNEX II PROTOCOL OF MERGER AND INSTRUMENT OF JUSTIFICATION (PROTOCOLO E JUSTIFICAÇÃO DA INCORPORAÇÃO)

14 Oi S.A. CORPORATE TAXPAYERS REGISTRY (CNPJ/MF) No / BOARD OF TRADE (NIRE) No EXTRAORDINARY GENERAL SHAREHOLDERS MEETING HELD ON SEPTEMBER 1, 2015 ANNEX III BYLAWS

15 Valuation Report RJ-0064/14-16 TELEMAR PARTICIPAÇÕES S.A.

16 REPORT: RJ-0064/14-16 BASE DATE: December 31 st, 2014 APPLICANT: OI S.A., hereinafter referred to as OI. A company with its head office located at Rua do Lavradio, nº 71, 2 nd Floor, Centro, in the City and State of Rio de Janeiro, registered with the National Registry of Legal Entities (CNPJ) under no / OBJECT: TELEMAR PARTICIPAÇÕES S.A., hereinafter referred to as TELEMAR. A company with its head office located at Praia de Botafogo, nº 300, Room 1101, 11 th Floor, Botafogo, in the City and State of Rio de Janeiro, registered with the National Registry of Legal Entities (CNPJ) under no / PURPOSE: To assess the book Net Equity value of OI for the purpose of its merger with and into TELEMAR pursuant to articles no. 226 and 227 of Law no. 6,404/76 (Corporate Law). Report RJ-0064/

17 TABLE OF CONTENTS 1. INTRODUCTION PRINCIPLES AND QUALIFICATIONS LIABILITY LIMITS APPRAISAL METHODOLOGY TELEMAR PARTICIPAÇÕES' NET EQUITY APPRAISAL CONCLUSION LIST OF ATTACHMENTS Report RJ-0064/

18 1. INTRODUCTION APSIS CONSULTORIA E AVALIAÇÕES LTDA., hereinafter referred to as APSIS, with its head office located at Rua da Assembleia, nº 35, 12º floor, in the City and State of Rio de Janeiro, registered with the National Registry of Legal Entities (CNPJ) under no / , was appointed by OI to assess the book Net Equity value of TELEMAR PARTICIPAÇÕES for the purpose of its merger with and into OI, pursuant to articles 226 and 227 of Law No. 6,404/76 (Corporate Law). In preparing this report, we used data and information provided by third parties in the form of documents and verbal interviews with the client. Estimates used in this process are based on documents and information, which include, among others, the following: Balance Sheet of TELEMAR PARTICIPAÇÕES, as of December 31 st, 2014; Equivalency Charts of the companies involved; and Valuation reports RJ-0064/14-11, and 15. APSIS has recently performed appraisals for publicly-held companies, for various purposes, of the following companies: AMÉRICA LATINA LOGÍSTICA DO BRASIL S/A BANCO PACTUAL S/A CIMENTO MAUÁ S/A ESTA-EMPRESA SANEADORA TERRITORIAL AGRÍCOLA S/A. GEODEX COMMUNICATIONS DO BRASIL S/A GERDAU S/A HOTÉIS OTHON S/A IBEST S/A L.R. CIA. BRAS. PRODS. HIGIENE E TOUCADOR S/A LIGHT SERVIÇOS DE ELETRICIDADE S/A LOJAS AMERICANAS S/A REPSOL YPF BRASIL S/A TAM TRANSPORTES AÉREOS MERIDIONAL S/A WAL PETROLEO S/A The team in charge of preparing this report comprises the following professionals: AMILCAR DE CASTRO Director Bachelor in Law ANA CRISTINA FRANÇA DE SOUZA Vice-President Civil Engineer (CREA/RJ ) ANTONIO LUIZ FEIJÓ NICOLAU Director Lawyer (OAB/RJ ) EDUARDO DE CASTRO ROSSI Director Electrical Engineer (CREA/SP ) LUIZ PAULO CESAR SILVEIRA Vice-President Mechanical Engineer and Accountant (CREA/RJ e CRC/RJ /P-0) MARCIA APARECIDA DE LUCCA CALMON Director Accountant (CRC/SP /O-4) MÁRCIA MOREIRA FRAZÃO DA SILVA Director Accountant (CRC/RJ /O-3) PAULO VICTOR CUNHA PORTO Supervisor Accountant RENATA POZZATO CARNEIRO MONTEIRO President Postgraduate in Law (OAB/RJ ) SERGIO FREITAS DE SOUZA Vice-President Economist (CORECON/RJ ) SILVIA CRISTINA OGOSHI Director Architect and Urban Planner (CAU/SP ) Report RJ-0064/

19 2. PRINCIPLES AND QUALIFICATIONS The following information is important and should be carefully read. The Report subject to the work that was itemized, calculated and specified, strictly complies with the fundamental principles described below: The consultants do not have any direct or indirect interests in the companies involved or in the operation, nor are there any other relevant circumstances which may characterize a conflict of interests. APSIS s professional fees are not in any way whatsoever subject to the conclusions of this Report. To the best of the consultants knowledge and credit, the analyses, opinions and conclusions expressed in this Report are based on data, diligence, research and surveys that are true and correct. In this Report, one assumes that the information received from third parties is correct, and the sources thereof are comprised and mentioned in said Report. For projection purposes, we start with the premise of the inexistence of liens or encumbrances of any nature, whether judicial or extrajudicial, affecting the companies in question, other than those listed in this Report. The Report presents all the limiting conditions imposed by the adopted methodologies, when existent, which might affect the analyses, opinions and conclusions comprised therein. The Report was prepared by APSIS and no one other than the consultants themselves prepared the analyses and respective conclusions. APSIS assumes full liability with regards to the matter of Appraisal, including implicit appraisals, for the exercise of its honorable duties, primarily established in the appropriate laws, codes or regulations. This Report complies with the recommendations and criteria prescribed by the Associação Brasileira de Normas Técnicas (ABNT), Uniform Standards of Professional Appraisal Practice (USPAP) and International Valuation Standards Council (IVSC), in addition to the requirements imposed by different agencies, such as: Comitê de Pronunciamentos Contábeis (CPC), Ministry of Treasury, Banco Central, Banco do Brasil, Comissão de Valores Mobiliários (CVM), Superintendência de Seguros Privados (SUSEP), Regulamento do Imposto de Renda (RIR), Comitê Brasileiro de Avaliadores de Negócios (CBAN) etc. The controlling shareholders and managers of the companies involved did not direct, restrict, hinder or do any acts which have or may have compromised access to, use or knowledge of information, assets, documents, or work methods applicable to the quality of the respective conclusions comprised herein. Report RJ-0064/

20 3. LIABILITY LIMITS To prepare this report, APSIS used historic data and information audited by third parties, or not audited, and non-audited projected data provided in writing or verbally by the company s management or obtained from the sources mentioned. Therefore, APSIS has assumed that the data and information obtained for this report are true and consistent, and does not have any liability with respect to their reliability. The scope of this work did not include audit of the financial statements or revision of the works performed by its auditors. Thus, APSIS is not giving an opinion about the Applicant's financial statements. We are not liable for occasional losses to the Applicant and its subsidiaries, or to its partners, directors, creditors or to other parties as a result of the use of data and information provided by the company and comprised herein. Our work was developed to be used by the Applicant, its partners and other companies involved in the project, aiming at the previously described purpose. Report RJ-0064/

21 4. APPRAISAL METHODOLOGY Analysis of the previously mentioned supporting documents, designed to ascertain whether bookkeeping was accurately conducted and was in compliance with the legal, regulatory, normative and statutory provisions which govern the matter, within the scope of Accounting Principles Used in Brazil. We examined the balance sheet of TELEMAR PARTICIPAÇÕES, as well as all other documents required for the preparation of this report, which was prepared on the basis of TELEMAR PARTICIPAÇÕES' balance sheet for the period ended December 31 st, 2014 (Attachment 1). It was taken into account that, previously, the realization of the General Assemblies that will deliberate over this Incorporation, the Shareholder s Agreements of Telemar Participations S.A. (which are also applicable to Oi) will be terminated. The object company will begin to register the investments it holds, directly or indirectly, in Oi Corporation, by its stock market value. Therefore, to reflect the loss of control, the present valuation report present adjustments in the starting balances followed by a writedown of the Goodwill on acquisition of Equity Interest and Participation in the Fair Value Adjustments of OI S.A., if applicable. Furthermore, the following events were considered for the purposes of ascertaining the value of the net assets to be incorporated. Incorporation of the nonpublic corporations VALVERDE PARTICIPAÇÕES S.A., nonpublic company, with headquarters in Praia de Botafogo, no. 300, 11 th floor, Room 1101, Botafogo, in the City and State of Rio de Janeiro, written in the CNPJ/MF number / and BRATEL BRASIL with headquarters in avenue Borges de Medeiros, number 663, Room 301 B, Leblon, in the City and State of Rio de Janeiro, registered under CNPJ/MF / , according to the valuation reports RJ-0064/14-11 and 15, respectively. Report RJ-0064/

22 5. TELEMAR PARTICIPAÇÕES' NET EQUITY APPRAISAL We examined the account books of TELEMAR PARTICIPAÇÕES, as well as all other documents required for the preparation of this report. The experts have ascertained that the book Net Equity value of TELEMAR PARTICIPAÇÕES, for the purpose of its merger with and into OI, after considered the adjustments for loss of control and the subsequent event, is of R$ 485,253, (four hundred eighty five millions, two hundred fifty three thousand, seven hundred eighty three reais and nine cents), as of December 31 st, 2014 as shown in the following table: TELEMAR PARTICPAÇÕES S.A. ADJUSTED ACCOUNTING STATEMENT BALANCE SHEET - IN REAIS ADJUSTED PRO- BALANCE AS OF ADJUSTMENTS FOR ADJUSTED BALANCE SUBSEQUENT EVENT PRO-FORMA BALANCE SUBSEQUENT EVENT FORMA BALANCE AS 12/31/2014 LOSS OF CONTROL AS OF 12/31/2014 (1) AFTER EVENT (1) (2) OF 12/31/2014 CURRENT ASSETS 30,353, ,353, ,218, ,572, ,420, ,992, Cash and Cash Equivalents 22,907, ,907, , ,637, ,212, ,849, Tax Credits 7,365, ,365, , ,854, ,186, ,041, Prepaid Expenses 20, , , , Advances to Employees 48, , , , Other Assets 11, , , , , NON-CURRENT ASSETS 1,538,324, (1,289,321,095.23) 249,003, (1,218,542.88) 247,784, ,195, ,979, LONG-TERM ASSETS 81,713, ,713, ,713, , ,947, INVESTMENTS 1,456,608, (1,289,321,095.23) 167,287, (1,218,542.88) 166,069, ,818, ,887, Equity Interest in OI S.A % 566,165, (422,182,483.33) 143,983, ,040, ,023, ,818, ,841, Participation in the Fair Value Adjustments of OI S.A. 213,875, (213,875,694.74) Equity Interest in Valverde Participações S.A % 120,003, (96,745,085.59) 23,258, (23,258,615.88) Goodwill on acquisition of Equity Interest 556,517, (556,517,831.57) Other Investments 45, , , , FIXED ASSETS 2, , , , , INTANGIBLES TOTAL ASSETS 1,568,677, (1,289,321,095.23) 279,356, ,356, ,615, ,972, CURRENT LIABILITIES 849, , , ,471, ,321, Loans and Funding ,209, ,209, Suppliers 76, , , , , Labor Obligations 428, , , , , Tax Liabilities 229, , , , , Other Liabilities 114, , , ,093, ,208, NON-CURRENT LIABILITIES 2,716, ,716, ,716, ,680, ,396, LONG-TERM LIABILITIES 2,716, ,716, ,716, ,680, ,396, Provisions 2,716, ,716, ,716, ,680, ,396, NET EQUITY 1,565,111, (1,289,321,095.23) 275,790, ,790, ,463, ,253, TOTAL LIABILITIES 1,568,677, (1,289,321,095.23) 279,356, ,356, ,615, ,972, (1) Merger of Valverde Participações S.A. into the company, according to the valuation report RJ-0064/ (2) Merger of Bratel Brasil into the company, according to the valuation report RJ-0064/ Report RJ-0064/

23 6. CONCLUSION In the light of examinations carried out in the previously mentioned documents and on the basis of APSIS analyses, the experts have concluded that the book Net Equity value of TELEMAR PARTICIPAÇÕES, for the purpose of its merger with and into OI, after considered the adjustments for loss of control and the subsequent event, is of R$ 485,253, (four hundred eighty five millions, two hundred fifty three thousand, seven hundred eighty three reais and nine cents), as of December 31 st, Having concluded Report RJ-0064/14-16, which consists of 09 (nine) pages typed on one side and 02 (two) attachments, APSIS Consultoria e Avaliações Ltda., CRC/RJ /O-9, a company specializing in the appraisal of assets, legally represented by the signatories below, makes itself available for any clarifications which may be necessary. Rio de Janeiro, July 01 st, LUIZ PAULO CESAR SILVEIRA Vice-President (CRC/RJ /P-0) ANTONIO LUIZ FEIJÓ NICOLAU Director Report RJ-0064/

24 7. LIST OF ATTACHMENTS 1. SUPPORTING DOCUMENTS 2. GLOSSARY AND APSIS PROFILE RIO DE JANEIRO - RJ Rua da Assembleia, nº 35, 12º andar Centro, CEP Tel.: + 55 (21) Fax: + 55 (21) SÃO PAULO - SP Av. Angélica, nº 2.503, Conj. 42 Consolação, CEP Tel.: + 55 (11) Fax: + 55 (11) Report RJ-0064/

25 ATTACHMENT 1

26 TELEMAR PARTICIPACOES S/A CNPJ.: / BALANCETE DE VERIFICACAO DE 01/12/14 ATE 31/12/14 EM REAL - APÓS ENCERRAMENTO Conta Descricao Saldo anterior Débito Crédito Saldo atual 1 ATIVO ,69 D , , ,43 D 1.1 ATIVO CIRCULANTE ,07 D , , ,22 D DISPONIVEL ,30 D , , ,53 D CAIXA 3.000,00 D ,00 D CAIXA MATRIZ 3.000,00 D ,00 D FUNDO FIXO DE CAIXA MATRIZ 3.000,00 D ,00 D BANCOS CONTA MOVIMENTO ,92 D , , ,23 D BANCOS CONTA MOVIMENTO MATRIZ ,92 D , , ,23 D BANCO BRADESCO SA 986,45 D ,45 D BANCO ITAU ,04 D 2.712, , ,20 D BANCO PACTUAL 1.000,00 D ,00 D BANCO SANTANDER - 697,40-697,40 D BANCO DO BRASIL S.A ,43 D , , ,18 D BANCO DO BRASIL S.A ,00 D , ,10 500,00 D BANCO CAIXA ECONOMICA FEDERAL , , APLICACOES FINANCEIRAS DE LIQUIDEZ IMEDI ,38 D , , ,30 D APLICACOES FINANCEIRAS DE LIQUIDEZ IMEDI ,38 D , , ,30 D BANCO DO BRASIL S.A ,96 D , , ,63 D BANCO PACTUAL - FUNDO AMARILLO ,42 D 6.887, , ,67 D OUTROS CREDITOS ,99 D , , ,19 D ADIANTAMENTO A FUNCIONARIOS ,99 D , , ,19 D ADIANTAMENTO VERBAS TRABALHISTAS ,99 D , , ,19 D ADIANTAMENTO DE FERIAS , , ,50 D ADIANTAMENTO DE 13o. SALARIO ,04 D , , ,42 D EMPRESTIMOS A FUNCIONARIOS 9.684,19 D 5.302, , ,27 D ADIANTAMENTO DE PENSAO ALIMENTICIA 8,76 D - 8, TRIBUTOS A COMPENSAR E RECUPERAR ,75 D , , ,94 D TRIBUTOS RETIDOS NA FONTE ,03 D , ,17 D TRIBUTOS RETIDOS NA FONTE ,03 D , ,17 D IRRF - APLICACAO FINANCEIRA ,89 D , ,28 D IRRF S JUROS DEP JUDICIAL 621,14 D 26,75-647,89 D SALDO NEGATIVO IRPJ E CSLL ,27 D 9.242, ,85 D IRPJ E CSLL A RECUPERAR ,27 D 9.242, ,85 D IRPJ A RECUPERAR ,71 D 9.242, ,29 D CSLL COMPENSADO INDEV ,48 D ,48 D IRPJ COMPENSADO INDEV ,08 D ,08 D IMPOSTOS PROVISIONADOS ,45 D , , ,92 D IMPOSTOS PROVISIONADOS ,45 D , , ,92 D IRRF PROVISIONADO SOBRE CDB ,70 D , , ,61 D IRRF PROVISIONADOS SOBRE FUNDOS 3.167,75 D 1.377, ,31 D DESPESAS PAGAS ANTECIPADAMENTE ,12 D , , ,50 D DESPESAS PAGAS ANTECIPADAMENTE ,12 D , , ,50 D DESPESAS PAGAS ANTECIPADAMENTE ,12 D , , ,50 D COMISSAO FIANCA ,12 D , , ,50 D DEPOSITOS JUDICIAIS ,91 D 7.819, , ,06 D DEPOSITOS JUDICIAIS ,91 D 7.819, , ,06 D DEPOSITOS JUDICIAIS ,91 D 7.819, , ,06 D

27 TELEMAR PARTICIPACOES S/A CNPJ.: / BALANCETE DE VERIFICACAO DE 01/12/14 ATE 31/12/14 EM REAL - APÓS ENCERRAMENTO Conta Descricao Saldo anterior Débito Crédito Saldo atual DEPOSITOS JUDICIAIS ,91 D 7.819, , ,06 D 1.2 ATIVO NAO CIRCULANTE ,62 D , , ,21 D REALIZAVEL A LONGO PRAZO ,38 D , , ,61 D TRIBUTOS A RECUPERAR ,38 D , , ,61 D TRIBUTOS A RECUPERAR ,38 D , , ,61 D IRPJ A RECUPERAR ,05 D , ,18 D IRPJ A RECUPERAR ,56 D 6.879, ,69 D IRPJ A RECUPERAR ,27 D , ,82 D IRPJ A RECUPERAR ,09 D , , ,24 D IRPJ A RECUPERAR ,18 D , ,87 D IRPJ A RECUPERAR ,40 D , ,75 D IRPJ A RECUPERAR ,88 D , ,22 D IRPJ A RECUPERAR ,95 D , ,84 D ATIVO PERMANENTE ,24 D , , ,60 D INVESTIMENTOS AVALIADOS PELO MEP ,91 D , , ,40 D INVESTIMENTOS EM CONTROLADAS ,05 D , , ,09 D VALVERDE PARTICIPACOES S.A ,03 D , , ,47 D OI S.A ,02 D , , ,62 D INVESTIMENTOS - VALOR JUSTO ,11 D , ,74 D MAIS VALIA OI S.A ,11 D , ,74 D AGIO AQUISICAO DE INVESTIMENTOS ,08 D ,08 D TNL PARTICIPACOES S.A ,08 D ,08 D AMORTIZACAO DESAGIO/AGIO NA AQUISICAO DE ,33 C , ,51 C TNL PARTICIPACOES S.A ,33 C , ,51 C OUTROS INVESTIMENTOS ,00 D ,00 D OBRAS DE ARTE ,00 D ,00 D IMOBILIZADO 1.954,33 D 217,42 27, ,20 D CUSTO DE AQUISICAO IMOBILIZADO ,23 D ,23 D INSTALACOES ,31 D ,31 D MAQUINAS E EQUIPAMENTOS 3.905,59 D ,59 D EQUIPAMENTOS DE PROCESSAMENTO DE DADOS ,81 D ,81 D MOVEIS E UTENSILIOS ,52 D ,52 D BENFEITORIAS EM IMOVEIS DE TERCEIROS 2.960,00 D ,00 D DEPRECIACAO E AMOTIZACAO DO IMOBILIZADO ,90 C 217,42 27, ,03 C INSTALACOES ,31 C ,31 C MAQUINAS E EQUIPAMENTOS 1.733,84 C - 27, ,39 C EQUIPAMENTOS DE PROCESSAMENTO DE DADOS ,81 C ,81 C MOVEIS E UTENSILIOS ,94 C 217, ,52 C BENFEITORIAS EM IMOVEIS DE TERCEIROS 2.960,00 C ,00 C ATIVO INTANGIVEL SISTEMAS, APLICATIVOS, SOFTWARE 1.236,24 D ,24 D SISTEMAS, APLICATIVOS, SOFTWARE 1.236,24 D ,24 D SISTEMAS, APLICATIVOS, SOFTWARE 1.236,24 D ,24 D AMORTIZACAO INTANGIVEL 1.236,24 C ,24 C SISTEMAS, APLICATIVOS, SOFTWARE 1.236,24 C ,24 C SISTEMAS, APLICATIVOS, SOFTWARE 1.236,24 C ,24 C 2 PASSIVO ,69 C , , ,43 C 2.1 PASSIVO CIRCULANTE ,89 C , , ,06 C FONECEDORES ,73 C , , ,99 C FORNECEDORES NACIONAIS ,73 C , , ,99 C FORNECEDORES NACIONAIS ,73 C , , ,99 C