Telecom Industry Trends FROM 2017, BRAZILIAN ECONOMY IS EXPECTED TO PRESENT GDP GROWTH, WITH CONTINUOUS MARKET INCREASE

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1 Telecom Industry Trends FROM 2017, BRAZILIAN ECONOMY IS EXPECTED TO PRESENT GDP GROWTH, WITH CONTINUOUS MARKET INCREASE 2,66 2,34 A Exchange rate (R$/US$) 3,26 3,90 3,69 3,78 3,45 3,50 3,53 3,60 3,30 3,96 4,05 4,05 3,87 7,5 B 10,0 11,8 Interest rate (% yoy) 14,3 13,8 7,5 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 SELIC (target) 8,0 Comments A Exchange rate: : Central Bank 2017-: Oi Controller B Interest rate: SELIC: : Central Bank 2017-: Santander 3,0 C 0,5 GDP Growth (%yoy) 0,5 2,5 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0 3,0 D Ibovespa (thousand points) thousands C Real: 2013-: Santander GDP Growth: : IBGE 2017-: Santander -3,8-3,6 D Ibovespa: : Thomson Reuters 2017-: Santander 1

2 Telecom Industry Trends WITH ECONOMIC RECOVERY, UNEMPLOYMENT INDEXES AND INFLATION ARE EXPECTED TO RETURN TO PRE-CRISIS LEVELS 5.9 A 6.4 Inflation (1) (%) B Unemployment (2) (%) C Default rate B2C (3) (%) D Unemployment (4) (%) Notes: (1) IPCA Historical data and Oi Controller Department projection; (2) IBGE historialc data and Santander Bank Forecast; (3) Central Bank Historical Data and Bradesco Bank Forecast;(4) IBGE moving average quarterly historical data. l Source: Oi Strategy, Brazilian Central Bank, Santander and Bradesco Oct-16 nov-16 dec-16 jan-17 feb-17 mar-17 apr-17 may-17 jun-17 jul-17 2

3 Brazilian Competitive Environment - Mobile OI MOBILE INVESTMENTS ARE SMALLER THAN THE COMPETITOR WITH ONLY MOBILE PRODUCTS CAPEX OI R$ Million Capex/Revenue CAPEX Comparative R$ Million (3) 5, , , , ,881-13, % 15.3% 18.9% 17. CAPEX TIM R$ Million Capex/Revenue 6,854 2,923 3,931 4, ,658 4, MHz License + Cleaning 16,121 3,029 13, (1) (2) 20.2% 27.2% 28.8% 25.0% Notes: (1) R$ 106 MM referring to the monetary correction of the 700MHz cleaning and the debt of Anatel 4G auction; (2) Disconsiders capex of license for TIM; (3) Includes transmission investments and core for fixed line and mobile. and Press Releases 3

4 Brazilian Competitive Environment - Fixed OI INVESTED HALF OF THE VIVO CAPEX, THE MAIN CONVERGENT COMPETITOR CAPEX OI R$ Million Capex/Revenue CAPEX Comparative R$ Million 5,074 4,048 4,759 13, % 24,903 (3) % 15.3% 18.9% 17. CAPEX VIVO (1) R$ Million Capex/Revenue 700MHz License + Cleaning 13,881 11,161 27,669 2,766 2,766 8,319 8,189 8,395 24,903 (2) % 19.7% 18.8% 19.8% Oi Vivo Notes: (1) Includes GVT operating investment. Excludes value of GVT acquisition of ~R$ 22 billion; (2) Includes R$185.5 MM related to the acquisition of 2.5 GHz licenses in the leftover auction; (3) Excludes purchase of 700 MHz and Companies Press Releases. 4

5 Build up of the capital allocation strategy OI S STRATEGY IS TO FACE COMPETITION BY FOCUSING ON CUSTOMER SERVICE, ADDING VALUE TO THE COMPANY, LIMITED ONLY BY INVESTMENT RESTRICTIONS Customer Focus Strategy on a Competitive Market Cash Focus Strategy Protect Serve Grow City 1 City 2 City 3 City 4 City 8 City 9 City n Full Investiment Mobile Broadband Fixed Broadband Full Investiment Data Network Migration to Control Plans Higher speeds Bundles strategy IT & Network Support Digital services Field Operations quality Increase Unleashing broadband data network New data customer VAS Content City 1 City 2 City 3 City 4 City 5 City 6 City 7 City 8 City 9 City n City 2 City 4 City 3 City 5 City n City 6 City 1 City 2 Company s restrictions - NPV>0 - Limited Capex - Deployment pace Selection where Oi can better compete within its budget Source: Oi Strategy 5

6 B2C Fixed Broadband Demand GRANULAR PROJECTIONS BASED ON SOCIOECONOMIC PROFILE OF CENSUS SECTORS TO ESTABLISH THE DEMAND BY STATION CLUSTER Granular Analysis Methodology R1+R2 Concept Census Sector Network Section Station Cluster Example: Census Sector XYZ 253 K Census Sectors 62 K Network Sections 9.5 K Station Clusters Source: Oi Strategy 6

7 Build up of the capital allocation strategy CUSTOMER FOCUS STRATEGY IMPLEMENTATION WITH UNRESTRICTED CAPEX IMPLICATES IN A R$ 32 BILLION INVESTMENT OVER 10 YEARS Total unrestricted Capex (10 years) R$ Billion 1 Fixed Broadband Capex (10 years) R$ Total FTTC 2 FTTH % Fixed Broadband + Mobile + IT Mobile Fixed Broadand 1.0 IT 2 Mobile Capex (10 years) R$ Total Access Transmission % 21% K Cities K Network Stations Core IP network Others % 11% 12% Source: Oi 7

8 NPV/IPV Build up of the capital allocation strategy CAPEX PRIORITIZATION WILL CONSIDER A NPV/IPV ANALYSIS OF EVERY PROJECT AND RESTRICTIONS ON EXECUTION Prioritization Model Concept Financial analysis Financial Prioritization Restrictions on execution Project analysis according to financial results and Capex impact Rank projects with greater NPV/IPV Project selection to compose Restricted Capex R$ Billion o Limitation of additional deployment NPV (R$ MM) o Project 1 P 1 P 7 P 4 P 8 P n IPV (R$ MM) P 2 P 3 P 5 o Project 4 o Project 7 o Project 8... o Project n Project 1 Project 7 Project 4 Project 8 Total Capex X Year 1 Year 2 Year 3 Total X Source: Oi Strategy 8

9 NPV/IPV Strategy Results 4,090 CLUSTERS AND 1,160 CITIES WERE PRIORITIZED Cash Focus Strategy 1 NPV>0 Prioritization 2 Financial Results City 1 City 2 City 3 City 4 City 8 City 9 City n Full Investiment Rank projects with greater NPV/IPV: o Cluster A (Fixed) o Mun B (Mobile) Cities - Mobile capex City 2 City 3 City 4 1 Company s restrictions - NPV>0 o o o Cluster Z (Fixed) Mun D (Mobile) Mun (Mobile) ,087 1,186 1,179 City 5 City n - Limited Capex - Deployment pace o... Cluster n Clusters - Fixed 2,042 City 6 City 1 City 2 2 Selection where Oi can compete better within its budget Capex restrictions: 2,601 2,486 2, ,038 1,089 1,145 1,201 1,262 1, ,108 1,528 1, Source: Oi Strategy 9

10 Strategy Results PRIORITIZATION RESTRICTED CAPEX SCENARIO (B2C) Fixed Prioritization Map Restricted Capex CCZ LCZ NCZ Fiber Shortening Local Loops Prioritized Clusters % Market Accesses % Competition Zone 2017 (Market) Capex Allocation (1) Year 1 2, % 60% 40% Year % 70% 21% 73% 27% Year % 17% 81% 19% Year % 91% 9% Year % 17% 80% 20% Year % 70% % Year % 83% Year % 64% Year % 73% 27% 81% 19% Year % 69% 18% 71% 29% Non prioritized 5, % 82% 1 74% 2 Notes: (1) B2C and B2C/B2B Capex, excludes B2B exclusive Capex 10

11 Strategy Results PRIORITIZATION MAP BY SCENARIO Fixed Prioritization Map Restricted Capex Scenario Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 - Zoom Santa Catarina 2, Clusters ,990,539 Delta NPV Delta NPV (2) (R$ Thousand) ( Units) (%) Clusters (#) CE ,108, Capex 137 BA Delta NPV /IPV = > 10 Years Capex 35 SC MG RS PR GO MS PA MA PE TO MT SE RN ES PI AM AP PB AL DF RJ 65 Oi Customer Base 31 1,292,564 RO AC ,674,843 Market RR Oi Share Market Share (1) SC MG RJ PR BA RS GO PE MS MT RO ES MA CE DF SE TO AM PI AL RN PB AC PA RR AP Notes: (1) 2017 Market Share (B2C view); (2) States include clusters that have positive NPV and are prioritized in the first year 11

12 Strategy Results RESTRICTED CAPEX PRIORITIZATION (B2B+B2C) Fixed NPV Capex R$ Restricted Capex Results Clusters # NPV R$ Billion NPV/IPV Coefficient Prioritized 4, Non Prioritized (Positive NPV) 2, NPV / IPV Prioritization Clusters 2, Non Prioritized (Negative NPV) Total 2, (1) 9, Notes: (1) Cluster Consolidated View 12

13 NPV / IPV Strategy Results PRIORITIZATION MAP OF THE RESTRICTED CAPEX SCENARIO Mobile Prioritization map Restricted Capex Scenario ¹ Cities # Year Year 2 Year Year 4 Year 6 35 Year ,0 4,5 4,0 3,5 3,0 2,5 Year 7 28 Year Year 9 20 Year 10 2,0 1,5 1,0 1,30 0, Oi Customer Base in 2016 Zoom: 11 Area Code Zoom: Rio de Janeiro State Cities # NPV R$ MM IPV R$ MM NPV / IPV Coefficient MS < Média Brasil 267 1, MS > Média Brasil Total 349 2,191 1, Note: (1) Cities in white = without coverage (2G, 3G ou 4G) 13

14 Strategy Results PRIORITIZATION OF THE RESTRICTED CAPEX SCENARIO Mobile NPV Capex R$ Restricted Capex Scenario Results Cities # NPV R$ Billion NPV/IPV Coefficient Prioritized cities 1, Non-prioritized cities (Positive NPV) NPV / IPV Prioritization Year Year Year Year 4 35 Year 5 54 Year 6 42 Year 7 28 Year 8 19 Year 9 20 Year 10 3 Non-prioritized cities (Negative NPV) Total 1, (1) 3, Notes: (1): Consolidated cities view 14

15 Strategy Results RESTRICTED CAPEX SCENARIO PROVIDES POSTPAID MIX IMPROVEMENT, ARPU INCREASE AND LOYALTY Protect Mobile Restricted Capex Scenario Million Migration to controlled/postpaid plans Mix postpaid (%) ,9 36,4 32,3 30,4 29,7 29,5 29,7 30,2 31,0 31,9 33,0 33,7 Data network monetization ARPU (R$) ,7% 16,7% 16, Increased loyalty Churn (million) Base Market Share % 4.2% 3.8% % 3.3% 3.1% 3.0% 2.9% 3.0% 15

16 Strategy Results 4G MOBILE COVERAGE EXPANSION REACHING 1,312 CITIES IN Serve Mobile Mobile Coverage 2017 Mobile Coverage Refarming with restricted CAPEX Cities with 4G coverage # Million Population with 4G availability by city size # Million 0.0 <30k k k k >500k Total 1,312 Refarming 1800 MHz Population with 4G availability by city size # Million 5 Pop. coberta 70% Pop. coberta % increase over 2017 and <30k k k k >500k Source: Oi Strategy 16

17 Strategy Results PRIORITIZED CLUSTERS PRESENT AVERAGE SPEED MORE THAN 2X CURRENT SPEED, LEVERAGING THE TOTAL AVERAGE SPEED TO 16MBPS IN Protect Fixed Speed improvement Average speed (Mbps) Lower Broadband Churn Churn (%) 15,8 Prioritized Clusters 18,0 18,3 Non Prioritized Clusters 18,7 19,0 19,3 19,4 19,4 19,5 Prioritized clusters 2.1% 2.0% 2.0% 2.0% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 13,2 8,5 8,6 8,6 8,7 8,8 8,8 8,9 9,0 9,0 9,1 7,7 7, Non Prioritized clusters % % 2.4% 2.4% 2.4% 2.4% 2.4% Total Average Speed Mbps ARPU (Broadband possession) R$

18 Strategy Results BUNDLE STRATEGY LEVERAGES SUBSCRIBER BASE Protect Fixed B2C Fixed Broadband Base EOP Thousand Total Bundle - Gross Thousand +11.1% 5,307 5,396 5,514 5,614 5,717 5,819 5,926 6,041 6,161 6,284 1,682 1,694 1,746 1,735 1,747 1,763 1,788 1,815 1,841 1,869 B2C Fixed line Base EOP Thousand 9,451 9,070 8,814 8,617 8,475 8,371 8,299 8,257 8,235 8,231 Bundle 3P - Gross Thousand B2C Pay TV Base EOP Thousand 1,311 1,283 1,296 1,340 1,409 1,496 1,601 1,718 1,849 1,992 Bundle 4P - Gross Thousand %

19 Strategy Results OI IMPROVES QUALITY OF SERVICE, WITH LOWER REPAIRS LEVELS Serve Fixed Improved quality of service Repairs/Subscribers (%) Lower maintenance ratio... Field Operations Opex / Revenue Prioritized Clusters Prioritized Clusters Non Prioritized Clusters 14,3% 9,0% 9,8% 10,8% 11,8% 13,0% , 8, 8,2% 7, 8,3% 8,2% 8,1% 6,7% 6,2% 8,9% 5,9% 5, 5, 5, 5, 5,0% 2017 Total Repairs/Subscribers (%) compared with non prioritized clusters Field Operations Opex / Revenue Non Prioritized Clusters

20 Strategy Results B2C MARKET SHARE RESULTS BY CLUSTER ACUMULATED AND PER YEAR OF PRIORITIZATION RESTRICTED CAPEX SCENARIO Grow Fixed B2C Fixed Broadband - Restricted Capex Scenario % Market Access % Competition Zone CCZ LCZ NCZ B2C Fixed Broadband Market Share by prioritization group - Restricted Capex Scenario 52,3% Year 1 Year % 48,3% Year 2 Year % 70% 21% 44,1% 44, Year 3 Year Year Year Year Year Year % 0% 78% 17% 89% 78% 17% 70% 2 83% 1 2% 64% 3 40, 38,7% 37,4% 35,7% 34,7% 34,2% 33,8% 33,8% 30,2% 33,9% 33,0% 31,3% 30,0% 28,7% 24,9% 23,8% Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year Year % 73% 27% 69% 18% 0% 21,7% 18, Year 10 Non Prior Non Prior % 82%

21 Financial Results CONSOLIDATED FINANCIAL RESULTS Capex R$ Million; % Mix Access Core + Transport Others Obligations Quality Sales IT 4,759 20% 12% 1 7% 11% 2 5,302 21% 11% 12% 12% 29% 7,097 41% 7% 12% 4% 8% 21% 6,997 40% 8% 12% 4% 8% 23% 6,950 39% 8% 12% 4% 7% 24% 5,120 24% 1 3 5,410 24% 1 3 5,691 24% 1 3 5,976 24% 1 3 6,268 24% 1 3 6,588 24% 1 3 6,934 24% 9% 17% 8% 28% 10% 8% 7% 7% 7% 7% 7% 7% 8% 2016 FCST

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