Portugal Telecom Intnl Fin BV Conversion Hearing Judgments (9954V)

TIDM36EN

RNS Number : 9954V

Portugal Telecom Intnl Fin BV

03 February 2017

PORTUGAL TELECOM INTERNATIONAL FINANCE B.V. em recuperação judicial (subject to Brazilian in-court restructuring proceedings)

(the "Issuer" or "PTIF")

NOTICE

to the holders of the following securities:

EUR500,000,000 4.375 per cent. Notes due 2017

(ISIN: XS0215828913)

EUR250,000,000 5.242 per cent. Notes due 2017

(ISIN: XS0441479804)

EUR750,000,000 5.875 per cent. Notes due 2018

(ISIN: XS0843939918)

EUR750,000,000 5.00 per cent. Notes due 2019

(ISIN: XS0462994343)

EUR1,000,000,000 4.625 per cent. Notes due 2020

(ISIN: XS0927581842)

EUR500,000,000 4.5 per cent. Notes due 2025

(ISIN: XS0221854200)

EUR400,000,000 6.25 per cent. Notes due 2016

(ISIN: PTPTCYOM0008)

(together, the "Notes")

issued by the Issuer under its EUR7,500,000,000 Euro Medium Term Note Programme

and guaranteed by

Oi S.A. em recuperação judicial (subject to Brazilian in-court restructuring proceedings)

("Oi")

Judgment in relation to both Oi Brasil Holdings' and PTIF's hearings regarding the requests for conversion of their respective suspension of payments proceedings into Dutch bankruptcy proceedings

On 2 February 2017, the District Court of Amsterdam, The Netherlands, denied the requests for conversion of the suspension of payments proceedings into Dutch bankruptcy proceedings for each of Oi's finance vehicles in the Netherlands, Oi Brasil Holdings Coöperatief UA em recuperação judicial (subject to Brazilian in-court restructuring proceedings) ("Oi Brasil Holdings") and PTIF.

For more information, please contact:

Portugal Telecom International Finance B.V. em recuperação judicial (subject to Brazilian in-court restructuring proceedings)

Carlos Augusto Machado Pereira de Almeida Brandão

E-mail: PTIF.SoP@oi.net.br

Telephone: + 55 21 3131-2918

The administrator of PTIF

Mr J.L.M. Groenewegen

CMS

PO Box 94700

1090 GS Amsterdam

The Netherlands

E-mail: ptif@cms-dsb.com