Portugal Telecom International Finance B.V.

1. BANKRUPTCY OF PORTUGAL TELECOM INTERNATIONAL FINANCE B.V. EM RECUPERAÇÃO JUDICIAL

1.1 By decision of the Court of First Instance of Amsterdam, the Netherlands, dated 3 October 2016, the private company with limited liability Portugal Telecom International Finance B.V. em recuperação judicial, with statutory seat in Amsterdam (the Netherlands) and with offices at (1043 BW) Amsterdam at Naritaweg 165, registered with the trade register with registration number 34108060 ("PTIF") (provisionally) was granted (provisional) suspension of payment ((voorlopige) surseance van betaling) ("SoP"), with appointment of mr. J.L.M. Groenewegen as administrator (bewindvoerder) (the "Administrator") and Mrs M.J. Geradts as supervisory judge (rechter-commissaris).

1.2 By decision of the Court of Appeal of Amsterdam, the Netherlands, dated 19 April 2017 the SoP granted to PTIF was revoked. In the same decision, PTIF was declared bankrupt (failliet) with appointment of mr. J.L.M. Groenewegen as trustee in bankruptcy (curator) (the "Trustee") and Mrs M.J.E. Geradts as supervisory judge (rechter-commissaris).

1.3 In its decision of 7 July 2017 the Dutch Supreme Court rejected all complaints of PTIF against the decision of the Court of Appeal referred to under 1.2 above and confirmed this decision. As a result of the decision of the Dutch Supreme Court the bankruptcy of PTIF and the appointment of the Trustee have become final and irrevocable.

2. PURPOSE OF THIS WEBSITE

2.1 This website is intended to provide information in respect of the bankruptcy of PTIF to creditors, noteholders and other parties involved with PTIF. Updates will be published regularly.

2.2 Please note that this website serves information purposes only. No rights can be derived from this website or the information contained therein. The information and statements published may be incomplete and/or subject to change.

2.3 The Trustee cannot provide advice on a party's position, rights and/or obligations. This website therefore is not intended as or cannot and should not be read as legal advice (of whatever nature) to creditors of PTIF. If a creditor is in any doubt as to the action it should take, it is recommended to seek its own financial and legal advice immediately from its stockbroker, bank manager, lawyer, accountant or other authorized independent adviser.

2.4 Links within this website and/or the documents posted on this website, may lead to other websites. Neither PTIF nor the Trustee sponsor, endorse or otherwise approve such linked materials and they do not control or guarantee the accuracy, relevance, timeliness or completeness of the information posted on such websites.

2.5 The Trustee urges all parties with any interest in respect of the bankruptcy of PTIF to frequently visit this website and review the information posted thereon. Please be advised that information regarding the bankruptcy of PTIF will be provided by the Trustee by notices to creditors and by issuing public reports. Both the notices and the public reports will be published on this website. The Trustee advises to subscribe to the CMS Electronic Alert Service to receive an email once a new notice or public report has been published on our website. To subscribe to the CMS Electronic Alert Service kindly use the subscribe button below.

3. BRAZILIAN RESTRUCTURING PROCEEDINGS

3.1 If you have any questions relating to the Brazilian restructuring process of Oi S.A. and its subsidiaries (including PTIF), please go to www.recjud.com.br. The holders of the bonds issued by PTIF can furthermore contact the bond trustee that represents them (Citicorp Trustee Company Limited) via the customary communication channels (including the e-mail address PTlFRestructuring@allenovery.com).

4. LANGUAGES

4.1 This website is only available in English. Some of the documents will be published in both English and Dutch, as the original documents will be in Dutch. In such cases, the Dutch version will prevail.

5. ACCEPTANCE OF CONDITIONS, APPLICABLE LAW AND JURISDICTIONS

5.1 By opening any documents posted on this website, you explicitly accept the terms of use of this website and the conditions as included on this webpage.

5.2 Any and all legal relationships between you and the Trustee resulting from the use of this website and or the information contained therein will be governed by and construed in accordance with the laws of the Netherlands. All disputes arising out of or in connection with the use of this website and the information provided shall be submitted to the exclusive jurisdiction of the courts in Amsterdam, the Netherlands.