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Notice to Shareholders

Oi S.A. - In Judicial Reorganization
CNPJ/MF Nº 76.535.764/0001-43
NIRE 33.30029520-8
Publicly-Held Company

NOTICE TO BONDHOLDERS

OI S.A. - UNDER JUDICIAL REORGANIZATION,
PORTUGAL TELECOM INTERNATIONAL FINANCE B.V. - UNDER JUDICIAL REORGANIZATION
AND
OI BRASIL HOLDINGS COÖPERATIEF U.A. - UNDER JUDICIAL REORGANIZATION

ANNOUNCE CLOSING OF THE QUALIFIED RECOVERY SETTLEMENT

RIO DE JANEIRO, RJ, BRAZIL, July 27, 2018 — Oi S.A. - Under Judicial Reorganization ("Oi"), Portugal Telecom International Finance B.V. - Under Judicial Reorganization ("PTIF") and Oi Brasil Holdings Coöperatief U.A. - Under Judicial Reorganization ("Oi Coop"; and together with Oi and PTIF, collectively the "Issuers") announce today the closing of the Qualified Recovery Settlement.

The Qualified Recovery Settlement consisted of US$1,653,557,000 aggregate principal amount of New Notes, an aggregate of 302,846,268 New ADSs, an aggregate of 23,250,281 PTIF-held ADSs, an aggregate of 23,295,054 New ADWs, and an aggregate of US$124,837.89 in cash.

Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Information Statement dated June 15, 2018 (as supplemented by the Supplement to the Information Statement dated July 3, 2018, the "Information Statement").

Qualified Holders that did not validly participate and surrender their Notes in accordance with the settlement procedures set forth in the Information Statement will ONLY be entitled to receive the Default Recovery.

Copies of the Information Statement are available through the settlement website at https://sites.dfkingltd.com/oisettlement.

The Qualified Recovery was offered in reliance on an order from a United States bankruptcy court that granted the Issuers relief from the registration requirements of the United States Securities Act of 1933, as amended, pursuant to Section 1145 of the U.S. bankruptcy code.

Click here for the pdf file.

(¹) This translation is still subject to the auditors review

(¹) This translation is still subject to the auditors review

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