Oi S.A. - In Judicial Reorganization

Corporate Taxpayers' Registry (CNPJ/MF) No. 76.535.764/0001-43

Board of Trade (NIRE) No. 33.300.29520-8

Publicly-Held Company

NOTICE TO THE MARKET

Oi S.A. - In Judicial Reorganization ('Oi' or 'Company'), in continuity and in addition to the information contained in the Notice to the Market disclosed by the Company on December 19, 2016, informs its shareholders and the market in general that, on this date, Orascom TMT Investments S.à.r.l. voluntarily sent a letter to the Company extending the validity of its suggestions for an alternative judicial reorganization plan until February 28, 2017.

Oi reiterates that it continues to meet regularly with other creditors, stakeholders of the Company and potential investors, with the intent of gathering impressions, comments and suggestions for the improvement of the judicial reorganization plan.

The Company will keep its shareholders and the market informed of the development of the subject matter of this Notice to the Market.

Rio de Janeiro, January 30, 2017.

Ricardo Malavazi Martins
Chief Financial Officer and Investor Relations Officer
Oi S.A. - In Judicial Reorganization

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

Oi SA published this content on 30 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 January 2017 22:04:05 UTC.

Original documenthttp://ri.oi.com.br/oi2012/web/conteudo_en.asp?idioma=1&tipo=43100&conta=44&id=238575

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