Oi S.A.: Material Fact - Transaction between Bratel and Societe Mondiale

RIO DE JANEIRO, Sept. 14, 2016 /PRNewswire/ -- Oi S.A. – In Judicial Reorganization (the "Company"), pursuant to Article 157, paragraph 4 of Law No. 6,404/76 and in accordance with CVM Instruction No. 358/02, hereby informs its shareholders and the market in general that, on this date, the shareholders Bratel B.V. ("Bratel") and Societe Mondiale Fundo de Investimento em Acoes ("Societe Mondiale") announced the execution of an agreement amongst themselves regarding the call and occurrence of the Company's extraordinary general shareholders' meetings to be held on September 8, 2016 (the "Meetings"). The Company was informed that, as a result of this transaction, all claims relating to such Meetings have been extinguished.

Also as a result of this transaction, Societe Mondiale stated that, on this date, it would request that the Chairman of the Company's Board of Directors cancel the Meetings.

The full letter, which was presented to the Company jointly by Bratel and Societe Mondiale, is attached to this Material Fact.

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

SOURCE Oi S.A.