Document:

EX-4.07

 Exhibit 4.07 
  

 
  

This document is a free translation only. Due to the complexities of language translation, translations are not always precise. The original document
was prepared in Portuguese, and in case of any divergence, discrepancy or difference between this version and the Portuguese version, the Portuguese version shall prevail. The Portuguese version is the only valid and complete version and shall
prevail for any and all purposes. There is no assurance as to the accuracy, reliability or completeness of the translation. Any person reading this translation and relying on it should do so at his or her own risk. 

1st AMENDMENT TO THE 

CALL OPTION AGREEMENT, AND OTHER COVENANTS 

AMONG 

PORTUGAL TELECOM INTERNATIONAL FINANCE B.V. 

AND 

PORTUGAL TELECOM, SGPS S.A. 

AND, FURTHER, 

TELEMAR PARTICIPAÇÕES S.A. 

AND 
 OI
S.A. 
  
  

DATED MARCH 31, 2015 

 
  

 
  

 

 1ST AMENDMENT TO THE SHARE CALL
OPTION AGREEMENT, 
 AND OTHER COVENANTS 

By this instrument, the parties: 
 on the one side, 

1. PORTUGAL TELECOM INTERNATIONAL FINANCE B.V., a company incorporated under and governed by the laws of the Netherlands, headquartered in Amsterdam,
the Netherlands, and with principal offices in Naritaweg 165, 1043 BW Amsterdam, the Netherlands, registered with the Amsterdam Chamber of Commerce under n.o 34108060, duly represented for the purposes hereof pursuant to its Bylaws (“PT
Finance”); 
 and on the other, 
 2. PORTUGAL
TELECOM, SGPS S.A., a publicly held corporation governed by Portuguese law (sociedade aberta de direito português), headquartered at Avenida Fontes Pereira de Melo, n.o 40, in the district of São Jorge de Arroios,
Lisbon, registered as a legal entity under n.o 503215058, with a capital stock of EUR 26,895,375 (twenty-six million, eight hundred ninety-five thousand, three hundred seventy-five Euros), duly represented for the purposes hereof pursuant to
its Bylaws (“PT SGPS”); 
 and, further, 
 3.
OI S.A., a Brazilian corporation (sociedade por ações) headquartered in the City and State of Rio de Janeiro, at Rua do Lavradio no. 71, 2nd floor, Center,
registered with the CNPJ/MF under n°. 76.535.764/0001-43, duly represented for the purposes hereof pursuant to its Bylaws (“Oi”); and 

4. TELEMAR PARTICIPAÇÕES S.A., a publicly held company (companhia aberta) headquartered at Praia de Botafogo no. 300, 11th floor, room 1101 (part), Botafogo, City of Rio de Janeiro, RJ, registered with the CNPJ/MF under n.o 02.107.946/0001-87, duly represented for the purposes hereof pursuant to its Bylaws
(“Telemar Participações”); 
 the parties described above shall also be referred to herein, individually, a
“Party,” or together, the “Parties;” and 
 WHEREAS: 

(i) On September 08, 2014 [sic: 2015], the Parties entered into a Share Call Option Agreement and Other Covenants (the “Agreement”), whereby PT
Finance granted PT SGPS an irrevocable, irreversible, personal and non-transferable option, in any way, to acquire, collectively, 142,304,616 (one hundred and forty-two million, three hundred and four thousand, six hundred and sixteen) shares issued
by Oi, of which 47,434,872 (forty-seven million, four hundred and thirty-four thousand, eight hundred and seventy-two) 

  
 1 

(Call Option Agreement and Other Covenants executed on March 31, 2015) 

 common shares and 94,869,744 (ninety-four million, eight hundred and sixty-nine thousand, seven hundred and
forty-four) preferred shares issued by Oi (collectively, “Option Shares”); 
 (ii) The Parties wish to amend the provisions in Clause 5.5.1
of the Agreement, under the terms of this Amendment, to establish the possibility that PT SGPS may assign, transfer, create or grant rights that are related to the Call Option or, furthermore, grant guarantees on the Call Option. 

The Parties RESOLVE to execute this First Amendment to the Call Option Agreement, and Other Covenants (the “Amendment”), which
will be governed by the provisions described below: 
 CLAUSE 1 

AMENDMENTS TO CLAUSE 5.5.1 

1.1. Subject to Approvals, the Parties decide to amend Clause 5.5.1 of the Agreement, which shall read as follows: 

“5.5.1 “Transfer of Call Option. PT SGPS may assign or transfer in any way the Call Option, provided that such assignment
or transfer involves at least  1⁄4 of the Option Shares, without any prior consent of Oi, and PT SGPS may freely use the proceeds from such transactions.

 5.5.1.1. Pursuant to the provisions in clause 5.5.1, PT SGPS may not create or assign any rights related to the Share Call Option
or, furthermore, grant guarantees on the Call Option, without prior and express consent from Oi. 
 5.5.1.2. Right of First Refusal.
Oi shall have the Right of First Refusal to acquire the Call Option, as describe in this Agreement. For the purposes of this Agreement, “Right of First Refusal” refers to the right that Oi has if PT SGPS decides to sell, assign,
transfer, grant to the capital stock of another entity, convey or, in any way, divest or dispose of the Call Option. 
 5.5.1.3 If PT
SGPS receives a binding proposal (the “Proposal”) from a third party (the “Proponent”) to sell, assign, transfer, grant to the capital stock of another entity, convey or, in any way, divest or dispose of the Call Option, PT SGPS
shall notify Oi in writing (“Notice”) by offering the Call Option portion it intends to sell, informing the price, which shall be stated in currency or currency equivalent, the place of payment and all other terms and conditions of the
Proposal (including the name of the Proponent, its full qualifications and its commitment to join this Agreement (except concerning Clauses 1.9 and 1.10, which are solely applicable to PT SGPS), which shall be irrevocable and irreversible and shall
be accompanied by (i) the submission of the guarantees of payment for the full price set forth in the Proposal and (ii) applicable corporate authorizations to conduct such transaction. PT SGPS shall also confirm its irrevocable and
irreversible decision to accept the Proposal, which must be attached to the Notice. 
 5.5.1.4. Exercise of the Right of First
Refusal by Oi cannot be partial. 
 5.5.1.5. Within 20 (twenty) days from the date Oi receives the Notification, Oi shall, in its
turn, send a written notification (“Notification”) to PT SGPS, indicating that: 
 (a) it wishes to exercise its Right of
First Refusal on the Call Option; or 
 (b) it wishes to waive its Right of First Refusal (in case of absence of such Notification,
within the 

  
 2 

(Call Option Agreement and Other Covenants executed on March 31, 2015) 

 
established deadline, shall be understood as renouncing its Right of First Refusal). 

5.5.1.6. In case Oi submits a Notification to exercise its Right of First Refusal on the Call Option within the deadline established in
Clause 5.5.1.5, the Call Option shall be sold and the purchase price paid within 5 (five) days after receipt of the Notification, while Oi may, at its discretion, pay the Call Option price in common shares issued by Oi held in treasury. For this
purpose, the common share price used to calculate the number of shares to be given by Oi as payment shall correspond to the weighted average share price by volume over the 5 (five) previous trading sessions prior to the date the Notification is
submitted by Oi. 
 5.5.1.7. If Oi does not exercise its Right of First Refusal within the deadline established under Clause 5.5.1.4
herein above, PT SGPS will be free to sell the Call Option, pursuant to the provisions in the Proposal, within 30 (thirty) days after the end of the deadline established under Clause 5.5.1.6 herein above. 

5.5.1.8. Any sale, transfer, assignment, divestiture or disposal of the Call Option that violates the provisions under Clause 5.5.1 herein
shall be null and ineffective.” 
 CLAUSE 2 

CONDITION PRECEDENT 

2.1. Condition Precedent. The Parties acknowledge that this Agreement is entered into subject to a condition precedent, under the terms of Article 125
et seq. of the Civil Code, and shall only come into effect after (i) authorization has been obtained from the Brazilian Securities Commission (Comissão de Valores Mobiliários, or “CVM”) to give effect to
the amendment provided in Clause 1, if necessary and pursuant to the provision in Clause 2.1.1 hereunder; and (ii) the general meeting of Oi’s shareholders, with the grant of voting rights to the preferred shareholders at such meeting,
having approved the terms of this Amendment (collectively, the “Approvals”). 
 2.1.1 If CVM imposes any restriction or constraint to the exercise
of the Right of First Refusal by Oi pursuant to the terms herein, without, however, deterring Oi to grant PT SGPS authorization to assign or transfer the Call Option as provided under Clause 5.5.1 herein above, the conditions established in item
(i) of Clause 2.1 herein above shall be considered as being fulfilled, and once the condition provided in item (ii) of the same Clause has been fulfilled, the authorization shall be considered valid and effective, independent of the
exercise of the Right of First Refusal by Oi. 
 2.1.2 Oi hereby commits to convene the general meeting of its shareholders as provided under Clause 2.1
(ii) above (“Call Option AGE”) on or before August 31, 2015, to be held on or before September 30, 2015. 

CLAUSE 3 

REPRESENTATIONS AND WARRANTIES 

3.1. PT SGPS’ Representations and Warranties. PT SGPS hereby represents and warrants to Oi, PT Finance, PT Holding and CorpCo that it has obtained
all the necessary authorizations to execute this Agreement. 

  
 3 

(Call Option Agreement and Other Covenants executed on March 31, 2015) 

 3.2. Oi’s Representations and Warranties. Oi, PT Finance, and Telemar Part hereby represent and
warrant to PT SGPS that, except for the Approvals, they have obtained all the necessary approvals to execute this Agreement. 

CLAUSE 4 

TERMINATION 
 4.1. The
terms and conditions in capital letters and without express definitions in this Amendment shall have the meanings given in the Agreement. 
 4.2. All the
other terms and conditions established in this Agreement remain in effect and are hereby ratified by the Parties. 
 4.3. This Amendment is irrevocable and
irreversible with respect to the signatories and their respective successors in any way. 
 IN WITNESS WHEREOF, the Parties cause 4 (four) originals of this
Agreement, of equal substance and form, to be signed before 2 (two) witnesses. 
 Rio de Janeiro, March 31, 2015. 

(Signature pages to follow) 

  
 4 

(Call Option Agreement and Other Covenants executed on March 31, 2015) 

 1ST AMENDMENT TO CALL OPTION AGREEMENT, AND OTHER
COVENANTS ENTERED INTO AMONG PORTUGAL TELECOM INTERNATIONAL FINANCE B.V., PORTUGAL TELECOM, SGPS, S.A., TELEMAR PARTICIPAÇÕES S.A. AND OI S.A., ON MARCH 31, 2015. 

SIGNATURE PAGE 1/5 
 PT
INTERNATIONAL FINANCE B.V. 
  

							
	 /s/ Bayard De Paoli Gontijo
				 /s/ Marco Norci Schroeder
		
	Name: Bayard De Paoli Gontijo				Name: Marco Norci Schroeder		
	Title: Managing Director A				Title: Managing Director A		
				
	 /s/ J.P.V.G. Visser
						
	Name: J.P.V.G. Visser						
	Title: Managing Director B						

  
 5 

(Call Option Agreement and Other Covenants executed on March 31, 2015) 

 1ST AMENDMENT TO CALL OPTION AGREEMENT, AND OTHER
COVENANTS ENTERED INTO AMONG PORTUGAL TELECOM INTERNATIONAL FINANCE B.V., PORTUGAL TELECOM, SGPS, S.A., TELEMAR PARTICIPAÇÕES S.A. AND OI S.A., ON MARCH 31, 2015. 

SIGNATURE PAGE 2/5 

PORTUGAL TELECOM, SGPS, S.A. 
  

							
	 /s/ Rafael Mora
				 /s/ Shakhaf Wine
		
	Name: Rafael Mora				Name: Shakhaf Wine		
	Title: Administrator				Title: Administrator		

  
 6 

(Call Option Agreement and Other Covenants executed on March 31, 2015) 

 1ST AMENDMENT TO CALL OPTION AGREEMENT, AND OTHER
COVENANTS ENTERED INTO AMONG PORTUGAL TELECOM INTERNATIONAL FINANCE B.V., PORTUGAL TELECOM, SGPS, S.A., TELEMAR PARTICIPAÇÕES S.A. AND OI S.A., ON MARCH 31, 2015. 

SIGNATURE PAGE 3/5 

TELEMAR PARTICIPAÇÕES S. A. 
  

							
	 /s/ Fernando Magalhães Portella
				 /s/ José Augusto da Gama Figueira
		
	Name: Fernando Magalhães Portella				Name: José Augusto da Gama Figueira		
	Title: Chief Executive Officer				Title: Attorney-in-Fact		

  
 7 

(Call Option Agreement and Other Covenants executed on March 31, 2015) 

 1ST AMENDMENT TO CALL OPTION AGREEMENT, AND OTHER
COVENANTS ENTERED INTO AMONG PORTUGAL TELECOM INTERNATIONAL FINANCE B.V., PORTUGAL TELECOM, SGPS, S.A., TELEMAR PARTICIPAÇÕES S.A. AND OI S.A., ON MARCH 31, 2015. 

SIGNATURE PAGE 4/5 
 OI
S.A. 
  

							
	 /s/ Bayard De Paoli Gontijo
				 /s/ Eurico De Jesus Teles Neto
		
	Name: Bayard De Paoli Gontijo				Name: Eurico De Jesus Teles Neto		
	 Title: Chief Executive Officer,

          Chief Financial Officer and

          Investor Relations Officer
				Title: Officer		

  
 8 

(Call Option Agreement and Other Covenants executed on March 31, 2015) 

 1ST AMENDMENT TO CALL OPTION AGREEMENT, AND OTHER
COVENANTS ENTERED INTO AMONG PORTUGAL TELECOM INTERNATIONAL FINANCE B.V., PORTUGAL TELECOM, SGPS, S.A., TELEMAR PARTICIPAÇÕES S.A. AND OI S.A., ON MARCH 31, 2015. 

SIGNATURE PAGE 5/5 
  

							
	Witnesses:						
				
	 /s/ Íria Lúcia da S. Martins
				 /s/ Victor Guita Campinho
		
	Name: Íria Lúcia da S. Martins				Name: Victor Guita Campinho		
	CPF: 728.352.737.00				CPF: 125.662.867.01		
	RG: 20.184.824 SSP/SP						

  
 9 

(Call Option Agreement and Other Covenants executed on March 31, 2015)EX-4.09

 Exhibit 4.09 
  

 
  

This document is a free translation only. Due to the complexities of language translation, translations are not always precise. The original document
was prepared in Portuguese, and in case of any divergence, discrepancy or difference between this version and the Portuguese version, the Portuguese version shall prevail. The Portuguese version is the only valid and complete version and shall
prevail for any and all purposes. There is no assurance as to the accuracy, reliability or completeness of the translation. Any person reading this translation and relying on it should do so at his or her own risk. 

1ST AMENDMENT TO THE
TERMS OF COMMITMENT 
 AMONG 

PORTUGAL TELECOM, SGPS S.A. 

OI S.A. 

AND 

TELEMAR PARTICIPAÇÕES S.A. 

 
  

DATED MARCH 31, 2015 

 
  

 
  

 

 1ST AMENDMENT TO THE TERMS OF
COMMITMENT 
 By way of this instrument, the parties: 

On the one side, 
 1. PORTUGAL TELECOM, SGPS S.A., a
publicly traded corporation governed by Portuguese law (sociedade aberta de direito português), headquartered at Avenida Fontes Pereira de Melo, n.o 40, in the district of São Jorge de Arroios, Lisbon, registered as a legal
entity under n.o 503215058, with a capital stock of EUR 26,895,375 (twenty-six million, eight hundred ninety-five thousand, three hundred seventy-five Euros), duly represented for the purposes hereof pursuant to its Bylaws (“Portugal
Telecom SGPS”); 
 and on the other, 
 2. OI
S.A., a Brazilian corporation (sociedade por ações) headquartered in the City and State of Rio de Janeiro, at Rua do Lavradio no. 71, 2nd floor, Center, registered
with the CNPJ/MF under n°. 76.535.764/0001-43, duly represented for the purposes hereof pursuant to its Bylaws (“Oi”); and 
 3.
TELEMAR PARTICIPAÇÕES S.A., a publicly traded company (companhia aberta) headquartered at Praia de Botafogo no. 300, 11th floor, room 1101 (part), Botafogo, City
of Rio de Janeiro, RJ, registered with the CNPJ/MF under n.o 02.107.946/0001-87, duly represented for the purposes hereof pursuant to its Bylaws (“Telemar Participações” or CorpCo”); 

The parties identified above hereinafter shall be called, individually, “Party,” and jointly, “Parties.” 

WHEREAS: 
 I. On February 19, 2014 and on
September 3, 2014, the prior meetings of CorpCo’s shareholders were held (the “Prior Meetings”), which approved, among other measures, the integration of the shareholder bases of Oi and Portugal Telecom SGPS into a single
entity, “CorpCo,” which would have a dispersed shareholder base, with its capital divided into a single class of shares listed on the BM&FBOVESPA, S.A. – Bolsa de Valores, Mercadorias e Futuros (the
“BM&FBOVESPA”), Euronext Lisbon and NYSE, and, furthermore, would adhere to the corporate governance rules of the Novo Mercado segment of the BM&FBOVESPA (“Transaction”); 

II. On September 08, 2014, the Parties entered into the Terms of Commitment, whereby they commit to carry out their best efforts to fulfill the objective
of integrating 

  
 1 

 
the shareholder bases of Oi and Portugal Telecom SGPS in CorpCo pursuant to a legally permissible structure (“Integration of the Shareholder Bases”), as well as listing the
shares of CorpCo on the Novo Mercado segment of the BM&FBOVESPA, S.A. – Bolsa de Valores, Mercadorias e Futuros, on the regulated market of Euronext Lisbon, and on the New York Stock Exchange (“Terms of
Commitment”); 
 III. Given the delay in the schedule of the Transaction, Prior Meetings of CorpCo shareholders were held on the date hereof to
approve the adoption of an alternative structure, which enables the main goals of the Transaction to be realized by adopting best practices in corporate governance and making the voting rights in Oi more dispersed. In general terms, it consists of a
proposal for voluntary exchange of Oi’s preferred shares into Oi’s common shares (in other words, subject to the discretion of the holder of preferred shares), at the exchange ratio of 0.9211 common shares for each preferred share issued
by Oi, as well as the incorporation of the entities that hold direct or indirect interests in Oi. It also includes the key milestone of the incorporation of CorpCo into and by Oi and its termination, in order to simplify Oi’s capital structure.
This would permit the benefits of financial synergies to be realized, and the approval of the new bylaws of Oi, which includes limiting voting rights to a maximum of 15%, applicable to all shareholders of Oi, as contemplated by the Preliminary
Steps, all in compliance with the provisions established in the Prior Meetings of the shareholders of CorpCo, held on the date hereof (“Structure – Voluntary Exchange of PN’s”), retaining the final goal of a timely
implementation of the transaction that will result in the migration of Oi to the Novo Mercado segment of the BM&FBOVESPA. Each one of the Preliminary Steps is conditioned to each other, such that the approval of each one of the steps
assumes that all other steps are approved on the same date, jointly and inseparably; 
 IV. In light of the aforementioned changes, the Parties wish to
amend the Terms of Commitment due to the aforementioned changes. 
 THE PARTIES RESOLVE to enter into this 1st Amendment to the Terms of Commitment (“1st Amendment”), under the terms and for the purposes of article 118 of Law 6.404, dated December 15, 1976 (“Brazilian Corporate
Law”), as amended, which shall be governed according to the following terms and conditions: 
 CLAUSE 1 –
CHANGES TO CLAUSE 1 
  

	1.1	The Parties hereby agree to amend Clause 1 in the Terms of Commitment in its entirety, which will come into force as follows: 

“CLAUSE 1 

INTEGRATION OF SHAREHOLDER BASES AND LISTING

 1.1 For the purposes of the Integration of the Shareholder Bases, as described in 

  
 2 

 
Recital (iv) of this Agreement and pursuant to the provisions in the 1st Amendment to this Agreement, the Parties hereby undertake to use
their respective best efforts and to take all reasonable measures to also implement the listing of Oi shares (or securities backed by Oi shares or its successor in case of a corporate reorganization) on the regulated market of Euronext Lisbon (the
“Listing”) and on the New York Stock Exchange, concurrently with the migration to the Novo Mercado segment of the BM&FBOVESPA, S.A. – Bolsa de Valores, Mercadorias e Futuros (the “Migration”), it
being however agreed that, in the event that it is not possible for any reason beyond the control of the Parties for the Listing to happen prior to or concurrently with the approval of the Migration, the Parties agree to use their best efforts and
to take all reasonable measures to implement the Listing as soon as possible following the Migration. 
 1.2 The Parties further undertake to perform
all acts, provide any required information, prepare all necessary documentation and to present and duly file all necessary filings before all appropriate governmental bodies and authorities, so as to implement the Listing and the Integration of the
Shareholder Bases as soon as possible. 
 1.2.1 Without limiting the provisions of Clause 1.2, the Parties undertake to perform all
necessary acts to implement the Integration of the Shareholder Bases relating to all shares of Oi held by Portugal Telecom SGPS as of the date hereof or that such company shall come to hold for so long as this Agreement is in force, including, but
not limited to, (i) preparing and filing any prospectuses, including for admission to trading, registration statements (including on Form F-4 or Form F-3, where applicable) or other documents with the Brazilian Securities Commission
(Comissão de Valores Mobiliários, or “CVM”), the Portuguese Securities Commission (Comissão do Mercado de Valores Mobiliários, or “CMVM”), Euronext Lisbon – Sociedade Gestora de
Mercados Regulamentados (“Euronext Lisbon”) and the U.S. Securities and Exchange Commission (“SEC”) by Portugal Telecom SGPS and/or Oi (or its successor in case of a corporate reorganization), as the case may be,
including the preparation of audited and unaudited financial statements required by the rules of such government authorities, and (ii) hiring independent auditors, independent financial institutions or other experts to prepare financial
statements, valuation reports and/or other necessary reports or documents and to use best efforts to cause such experts to consent to the inclusion their reports or other documents in the above-mentioned
prospectuses, registration statements or other documents to be filed with CVM, CMVM, Euronext Lisbon and the SEC. The Parties agree that the Integration of the Shareholder Bases may be implemented through different structures throughout the term of
this Agreement, to the extent they are legally permissible, but agree that nothing in this Clause 1.2.1 or elsewhere in this Agreement shall require the Parties to implement any merger or incorporation of Portugal Telecom SGPS into Oi. 

1.3 Oi undertakes to attend the General Meetings of the Shareholders of Portugal Telecom SGPS convened for the purposes of deliberating on the acts and
authorizations 

  
 3 

 
required for the Integration of the Shareholder Bases, whether through reduction of the share capital of Portugal Telecom SGPS, pursuant to the alternative structure under analysis described in
the Information Statement issued by Portugal Telecom SGPS, dated August 13, 2014, or through another legally permissible alternative structure, and to vote in favor of its approval, to the extent Oi’s legitimate interests are preserved.

 1.4 The obligations assumed by the Parties by the terms of the above Clauses 1.2 and 1.3 shall apply equally in the event the Integration of the
Shareholder Bases continues in respect of any shares of Oi that Portugal Telecom SGPS may receive upon exercise of the call option granted under the Call Option Agreement, and Other Covenants entered into on September 08, 2015, among Portugal
Telecom SGPS, PT International Finance B.V., PT Portugal SGPS S.A., Oi, and Telemar Participações, as amended on March 31, 2015 (“Call Option”).” 

CLAUSE 

IV - INDEMNIFICATION 

GENERAL PROVISIONS 

4.1 Capitalized terms not expressly defined in this 1st Amendment shall have the meaning attributed to
them in the Terms of Commitment. 
 4.2 Except as amended by this 1st Amendment, all other terms and
conditions of the Terms of Commitment shall remain in full force and effect and are hereby ratified by the Parties. 
 4.3 The terms and conditions of this
1st Amendment shall irrevocably and irreversibly benefit and bind the signatories and their respective successors in any way. 

And thus having agreed, the Parties cause 3 (three) counterparts of this Agreement, of equal substance and form, to be signed before 2 (two) witnesses
undersigned herein. 
 Rio de Janeiro, March 31, 2015. 

(Signature pages to follow) 

  
 4 

 1st AMENDMENT TO
THE TERMS OF COMMITMENT ENTERED INTO AMONG PORTUGAL TELECOM, SGPS, S.A., OI S.A. AND
TELEMAR PARTICIPAÇÕES S.A., ON MARCH 31, 2015. 

SIGNATURE PAGE 1/3 

PORTUGAL TELECOM SGPS S.A. 
  

									
	 /s/ Rafael Mora
						 /s/ Shakhaf Wine
		
	Name: Rafael Mora						Name: Shakhaf Wine		
	Title: Administrator						Title: Administrator		

  
 5 

 1st AMENDMENT TO
THE TERMS OF COMMITMENT ENTERED INTO AMONG PORTUGAL TELECOM, SGPS, S.A., OI S.A. AND
TELEMAR PARTICIPAÇÕES S.A., ON MARCH 31, 2015. 

SIGNATURE PAGE 2/3 
 OI
S.A. 
  

											
	 /s/ Bayard De Paoli Gontijo
				 /s/ Eurico de Jesus Teles Neto
		
	Name:		Bayard De Paoli Gontijo				Name:		Eurico de Jesus Teles Neto		
	Title:		Chief Executive Officer, Chief Financial Officer and Investor Relations Officer				Title:		Officer		

  
 6 

 1st AMENDMENT TO
THE TERMS OF COMMITMENT ENTERED INTO AMONG PORTUGAL TELECOM, SGPS, S.A., OI S.A. AND
TELEMAR PARTICIPAÇÕES S.A., ON MARCH 31, 2015. 

SIGNATURE PAGE 3/3 

TELEMAR PARTICIPAÇÕES S.A. 

 

							
	 /s/ Fernando Magalhães Portella
				 /s/ José Augusto da Gama Figueira
		
	Name: Fernando Magalhães Portella				Name: José Augusto da Gama Figueira		
	Title: Chief Executive Officer				Title: Attorney-in-Fact		

 Witness: 
  

							
	 /s/ Íria Lúcia Da S. Martins
				 /s/ Victor Guita Campinho
		
	Name: Íria Lúcia Da S. Martins				Name: Victor Guita Campinho		
	CPF: 728.352.737.00				CPF: 125.662.867.01		
	 RG: 20.184.824 SSP/SP
				RG: 27.868.947.6		

  
 7

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