Oi S.A.: CVM Authorization and Shareholders' Meeting to Vote on the Exchange and Option Transactions

RIO DE JANEIRO, March 6, 2015 /PRNewswire/ -- Oi S.A. ("Oi" or the "Company" - Bovespa: OIBR3, OIBR4; NYSE: OIBR and OIBR.C), pursuant to art. 157, §4º of Law No. 6,404/76 and CVM Instruction No. 358/02, informs its shareholders and the market in general, that, on this date, the Company was advised that the Joint Committee of the Brazilian Securities and Exchange Commission (Comissao de Valores Mobiliarios – CVM) approved on March 4, 2015 the Company's authorization request for the exchange and option transactions with Portugal Telecom SGPS S.A. ("PT SGPS") (the "Exchange" and "Option", respectively), related to the investments made by PT SGPS in commercial paper issued by Rio Forte Investments, S.A.

The Joint Cmmittee of the CVM unanimously authorized the completion of the Exchange and the Option, in accordance with the terms of the definitive agreements signed among Oi, Telemar Participacoes S.A. and PT SGPS on September 8, 2014, subject to the following conditions: (1) the approval by the shareholders of Oi in a general meeting (other than PT SGPS, which cannot vote); and (2) the granting of voting rights to the preferred shareholders in this shareholders' meeting.

Given the decision by the Joint Committee of the CVM, Oi's Board of Directors will call, in the next days, an extraordinary shareholders' general meeting to vote on the Exchange and the Option.

The Company will keep its shareholders and the market in general informed of any relevant subsequent events related to the Exchange and the Option.

Oi S.A.
Bayard De Paoli Gontijo
Chief Executive Officer, Chief Financial Officer and Investor Relations Officer

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SOURCE Oi S.A.

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