SC 13D/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

Oi S.A

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

670851 302**

(CUSIP Number)

Fernando Magalhães Portella, Investor Relations Director

Telemar Participações S.A.,

Praia de Botafogo 300, 11th floor, sala 1101 (parte)

Botafogo, Rio de Janeiro, RJ, Brazil 22250-040

Tel: +55 21 3873-9016

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

July 22, 2015

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

** The CUSIP number is for the American Depositary Shares relating to the Common Shares. No CUSIP number exists for the underlying Common Shares, since such shares are not traded in the United States.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 670851 302

1.	Name of Reporting Person Telemar Participações S.A.
2.	Check the Appropriate Box if a Member of a Group (See Instructions) (a)  ¨        (b)  ¨
3.	SEC Use Only
4.	Source of Funds (See Instructions) SC
5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
6.	Citizenship or Place of Organization Federative Republic of Brazil
Number of Shares Beneficially Owned by Each Reporting Person With		7.	Sole Voting Power 29,054,978
		8.	Shared Voting Power 0
		9.	Sole Dispositive Power 29,054,978
		10.	Shared Dispositive Power 0
11.	Aggregate Amount Beneficially Owned by Each Reporting Person 29,054,978
12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
13.	Percent of Class Represented by Amount in Row (11) 12.6%
14.	Type of Reporting Person (See Instructions) CO; HC

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CUSIP No. 670851 302

1.	Name of Reporting Person Valverde Participações S.A.
2.	Check the Appropriate Box if a Member of a Group (See Instructions) (a)  ¨        (b)  ¨
3.	SEC Use Only
4.	Source of Funds (See Instructions) SC
5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
6.	Citizenship or Place of Organization Federative Republic of Brazil
Number of Shares Beneficially Owned by Each Reporting Person With		7.	Sole Voting Power 4,081,495
		8.	Shared Voting Power 0
		9.	Sole Dispositive Power 4,081,495
		10.	Shared Dispositive Power 0
11.	Aggregate Amount Beneficially Owned by Each Reporting Person 4,081,495
12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
13.	Percent of Class Represented by Amount in Row (11) 1.8%
14.	Type of Reporting Person (See Instructions) CO; HC

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Preliminary Statement

This Amendment No. 6 to Schedule 13D (this “Amendment”) filed by Telemar Participações S.A. (“TmarPart”) and Valverde Participações S.A., a wholly-owned subsidiary of TmarPart (“Valverde,” and together with TmarPart, the “Reporting Persons”) amends the Statement on Schedule 13D filed with the Securities and Exchange Commission on November 27, 2009 (the “Initial 13D”) by TmarPart, Tele Norte Leste Participações S.A. (“TNL”), Telemar Norte Leste S.A. (“Telemar”) and Coari Participações S.A. (“Coari”), as amended by Amendment No. 1 to Schedule 13D (“Amendment No. 1”) filed with the Securities and Exchange Commission on February 29, 2012 by the Reporting Persons, as amended by Amendment No. 2 to Schedule 13D (“Amendment No. 2) filed with the Securities and Exchange Commission on October 8, 2013, as amended by Amendment No. 3 to Schedule 13D (“Amendment No. 3”) filed with the Securities and Exchange Commission on February 27, 2014 by the Reporting Persons, as amended by Amendment No. 4 to Schedule 13D (“Amendment No. 4,”) filed with the Securities and Exchange Commission on September 17, 2014 by the Reporting Persons, as amended by Amendment No. 5 to Schedule 15D (“Amendment No. 5”, the Initial 13D as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5 and as further amended by this Amendment, this “Statement”) filed with the Securities and Exchange Commission on April 16, 2015 by the Reporting Persons, by furnishing the information set forth below. Except as otherwise specified in this Amendment, all previous Items are unchanged. Capitalized terms used herein which are not defined herein have the meanings given to them in the Initial 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4 and Amendment No. 5.

On July 22, 2015, the board of directors of Oi acting at a meeting approved, among other matters:

• the execution of the Protocol of Merger and Instrument of Justification (Protocolo e Justificação da Incorporação) relating to the merger of TmarPart into Oi (the “Merger”);

• the submission for approval to the shareholders of Oi of proposed amendments to Oi’s bylaws (the “New Bylaws”);

• the submission for approval to the shareholders of Oi of the election of a new board of directors (the “New Board”);

• the voluntary exchange of preferred shares of Oi into common shares, at the option of the preferred shareholders (the “Voluntary Share Exchange”); and

• the call of the Extraordinary Shareholders’ Meeting of Oi to consider and vote on, among other matters, the proposal for the Merger, the adoption of the New Bylaws and the election of the New Board.

The fiscal councils of Oi and TmarPart issued favorable opinions regarding the Merger in meetings held on July 9, 2015 and July 15, 2015, respectively.

Pursuant to the Voluntary Share Exchange, Oi’s preferred shares would be exchanged for Common Shares at the option of the preferred shareholders at an exchange rate of 0.9211 Common Shares for each Oi preferred share. The Voluntary Share Exchange requires that the holders of at least two-thirds of Oi’s preferred shares (excluding treasury shares) agree to exchange their preferred shares for Common Shares within a period of 30 days commencing after the Extraordinary Shareholders’ Meeting of Oi at which the opening of the period for the exchange is approved.

On July 22, 2015, (1) the parties to the Global Shareholders Agreement executed the second amendment to the termination of the Global Shareholders’ Agreement (the “Second Amendment to the Termination of the Global Shareholders’ Agreement”), and (2) the parties to the Control Group Shareholders’ Agreement executed the second amendment to the termination of the Control Group Shareholders’ Agreement (the “Second Amendment to the Termination of the Control Group Shareholders’ Agreement”, and together with the Second Amendment to the Termination of the Global Shareholders’ Agreement, the “Second Amendments to the Termination Agreements”). The Second Amendments to the Termination Agreements are described in Item 4.

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The Reporting Persons are filing this Amendment to revise information previously reported in light of the Second Amendments to the Termination Agreements and approval by the board of directors of Oi of the proposed Voluntary Exchange, which will commence after the Extraordinary Shareholders’ Meeting of Oi at which the opening of the period for the exchange is approved.

ITEM 4. PURPOSE OF TRANSACTION

Item 4 is hereby amended by adding the following paragraphs at the end thereof:

On July 22, 2015, the board of directors of Oi acting at a meeting approved, among other matters:

• the execution of the Protocol of Merger and Instrument of Justification (Protocolo e Justificação da Incorporação) relating to the Merger;

• the submission for approval to the shareholders of Oi of the New Bylaws;

• the submission for approval to the shareholders of Oi of the election of the New Board;

• the Voluntary Share Exchange; and

• the call of the Extraordinary Shareholders’ Meeting of Oi to consider and vote on, among other matters, the proposal for the Merger, the adoption of the New Bylaws and the election of the New Board.

The fiscal councils of Oi and TmarPart issued favorable opinions regarding the Merger in meetings held on July 9, 2015 and July 15, 2015, respectively.

The Merger is part of a number of transactions intended to simplify the ownership of Oi (the “Corporate Ownership Simplification”).The Merger will cause:

• A transfer of net assets of TmarPart, valued at R$122,411,986.41, into the shareholders’ equity of Oi without causing a dilution of the existing equity holders;

• Each common share issued by TmarPart to be exchanged for 0.00197105 new Common Shares and 0.0022510538 new Oi preferred shares;

• The current shareholders of TmarPart to receive the same number of Common Shares and Oi preferred shares as currently held by TmarPart and its wholly-owned subsidiary Valverde Participações immediately prior to the Merger; and

• TmarPart and Valverde will cease to exist.

Under the Second Amendments to the Termination Agreements the parties thereto agreed that:

• the termination of the of the Global Shareholders’ Agreement and the Control Group Shareholders’ Agreement (together the “Shareholders’ Agreements”) will become effective upon the call of the Extraordinary Shareholders’ Meeting of Oi to vote on the Merger;

• in the event that the Merger is not approved within 32 days of the date of the call of the Extraordinary Shareholders’ Meeting to vote on the Merger, the termination of the Shareholders’ Agreements will automatically be void; and

• in the event that the termination of the Shareholders Agreements becomes void, the Shareholders’ Agreements will again come into force, in their entirety, on the 33^rd day after the call of the Extraordinary Shareholders’ Meeting to vote on the Merger.

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Other than as described in this statement, none of the Reporting Persons nor, to the Reporting Persons best knowledge, any of the persons listed in Exhibit 99.2 hereto, has any present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D. The Reporting Persons, however, retain their rights to acquire additional Common Shares, to sell some or all of the Common Shares or to modify their plans with respect to any matters of the type described in sections (a)-(j) of Item 4.

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER

Item 5 is hereby amended and restated in its entirety as follows:

As of June 30, 2015, the total number of issued and outstanding Common Shares is 230,295,379, excluding 55,859,940 Common Shares held in treasury.

(a) & (b)	Valverde:
	As of June 30, 2015, Valverde beneficially owns, and has the sole power to vote and dispose of 4,081,495 Common Shares, representing 1.8% of the issued and outstanding Common Shares.
	Valverde does not have a board of directors or other equivalent body. Other than as set forth in the table below, as of June 30, 2015, none of the executive officers of Valverde beneficially owns any Common Shares. Valverde disclaims beneficial ownership of such securities of the Issuer beneficially owned by such executive officers.
	Valverde executive officers:	Number of Common Shares held
	Alexandre Jereissati Legey, Executive Officer	174
	TmarPart:
	As of June 30, 2015, TmarPart owns all of the outstanding common shares of Valverde and beneficially owns, and has the sole power to vote and dispose of 24,973,483 Common Shares, representing 10.8% of the issued and outstanding Common Shares. As a result, TmarPart beneficially owns, and has the sole power to vote and dispose of, 29,054,978 Common Shares, representing 12.6% of the issued and outstanding Common Shares.
	Other than as set forth in the table below, as of June 30, 2015, none of the directors and executive officers of TmarPart beneficially owns any Common Shares. The numbers of Common Shares beneficially owned by directors and executive officers of TmarPart are set forth below. TmarPart disclaims beneficial ownership of such securities of the Issuer beneficially owned by such directors and executive officers.
	TmarPart directors and executive officers:	Number of Common Shares held
	Otávio Marques de Azevedo, Chairman of the Board of Directors	8
	Alexandre Jereissati Legey, Alternate Director	174
	Fernando Marques dos Santos, Director	2
(c)	The information set forth in Item 4 is hereby incorporated herein by reference.
	Except as set forth in this Statement, none of the Reporting Persons nor, to the Reporting Persons best knowledge, any of the persons listed in Exhibit 99.2 hereto, has engaged in any transaction during the past 60 days in any Common Shares.

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(d)	No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of, the common shares beneficially owned by the Reporting Persons.
(e)	Not applicable.

ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER

Item 6 is hereby amended by adding the following paragraph at the end thereof:

Second Amendments to the Termination Agreements

On July 22, 2015, (1) the parties to the Global Shareholders’ Agreement executed the Second Amendment to the Termination of the Global Shareholders’ Agreement and (2) the parties to the Control Group Shareholders’ Agreement executed the Second Amendment to the Termination of the Control Group Shareholders’ Agreement. Each of these amendments is described in Item 4 of this Amendment, which description is incorporated by reference in this Item 6. The description of the Second Amendments to the Termination Agreements are summaries only and are qualified in their entirety by the terms of the Second Amendments to the Termination Agreements, which are filed as Exhibit 99.18 and Exhibit 99.19, respectively to this Amendment and are incorporated herein by reference.

ITEM 7. MATERIALS TO BE FILED AS EXHIBITS

Exhibit 99.1	Joint Filing Agreement, dated October 8, 2013 (incorporated by reference to Exhibit 99.1 of Schedule 13D filed with the Securities and Exchange Commission on October 8, 2013 by Telemar Participações S.A. and Valverde Participações S.A).
Exhibit 99.2	Directors and Executive Officers of the Reporting Persons.
Exhibit 99.3	Shareholders’ Agreement of Telemar Participações S.A., dated as of April 25, 2008, among AG Telecom Participações S.A., LF Tel S.A., Fundação Atlântico de Seguridade Social, Asseca Participações S.A. and, as intervening parties, Telemar Participações S.A. and Andrade Gutierrez Investimentos em Telecomunicações S.A. (English translation) (incorporated by reference to the Form 6-K of Tele Norte Leste Participações S.A. filed on February 19, 2009 (SEC File No. 001-14487)).
Exhibit 99.4	Amendment to the Shareholders Agreement of Telemar Participações S.A., dated as of January 25, 2011, among AG Telecom Participações S.A., Luxemburgo Participações S.A., LF Tel S.A., Fundação Atlântico de Seguridade Social, and, as intervening party, Telemar Participações S.A. (English translation) (incorporated by reference to Exhibit 3.02 of the Form 20-F of Tele Norte Leste Participações S.A. filed on May 4, 2011 (SEC File No. 001-14487)).
Exhibit 99.5	Second Amendment to the Shareholders Agreement of Telemar Participações S.A., dated as of February 19, 2014, among AG Telecom Participações S.A., LF Tel S.A., Fundação Atlântico de Seguridade Social, and, as intervening party, Telemar Participações S.A. (English translation) (incorporated by reference to Exhibit 3.03 of the Form 20-F of Oi S.A. filed on March 11, 2014 (SEC File No. 001-15256)).
Exhibit 99.6	Third Amendment to the Shareholders Agreement of Telemar Participações S.A., dated as of September 8, 2014, among AG Telecom Participações S.A., LF Tel S.A., Fundação Atlântico de Seguridade Social, and, as intervening party, Telemar Participações S.A. (English translation) (incorporated by reference to Exhibit 99.6 of Schedule 13D filed with the Securities and Exchange Commission on September 17, 2014 by Telemar Participações S.A. and Valverde Participações S.A.).

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Exhibit 99.7	Termination of the Shareholders Agreement of Telemar Participações S.A., dated as of February 19, 2014, among AG Telecom Participações S.A., LF Tel S.A., Fundação Atlântico de Seguridade Social, and, as intervening party, Telemar Participações S.A. (English translation) (incorporated by reference to Exhibit 3.04 of the Form 20-F of Oi S.A. filed on March 11, 2014 (SEC File No. 001-15256)).
Exhibit 99.8	Amendment to the Termination of the Shareholders Agreement of Telemar Participações S.A., dated as of September 8, 2014, among AG Telecom Participações S.A., LF Tel S.A., Fundação Atlântico de Seguridade Social, and, as intervening party, Telemar Participações S.A. (English translation) (incorporated by reference to Exhibit 99.8 of Schedule 13D filed with the Securities and Exchange Commission on September 17, 2014 by Telemar Participações S.A. and Valverde Participações S.A.)
Exhibit 99.9	Private Shareholders Agreement of Telemar Participações S.A., dated as of April 25, 2008, among AG Telecom Participações S.A., LF Tel S.A., Asseca Participações S.A., BNDES Participações S.A.—BNDESPAR, Fiago Participações S.A., Fundação Atlântico de Seguridade Social and, as intervening parties, Telemar Participações S.A., Caixa de Previdência dos Funcionários do Banco do Brasil—PREVI, Fundação Petrobras de Seguridade Social—PETROS, Fundação dos Economiários Federais—FUNCEF and Andrade Gutierrez Investimentos em Telecomunicações S.A. (English translation) (incorporated by reference to the Form 6-K/A of Tele Norte Leste Participações S.A. filed on November 27, 2009 (SEC File No. 001-14487).
Exhibit 99.10	Amendment to the Shareholders Agreement of Telemar Participações S.A., dated as of January 25, 2011, among AG Telecom Participações S.A., Luxemburgo Participações S.A., BNDES Participações S.A.—BNDESPar, Caixa de Previdência dos Funcionários do Banco do Brasil—PREVI, Fundação Atlântico de Seguridade Social, Fundação dos Economiários Federais—FUNCEF, Fundação Petrobras de Seguridade Social—PETROS, LF Tel S.A., Bratel Brasil S.A. and, as intervening parties, Telemar Participações S.A. and Portugal Telecom, SGPS S.A. (English translation) (incorporated by reference to Exhibit 3.04 of the Form 20-F of Tele Norte Leste Participações S.A. filed on May 4, 2011 (SEC File No. 001-14487)).
Exhibit 99.11	Second Amendment to the Shareholders Agreement of Telemar Participações S.A., dated as of February 19, 2014, among AG Telecom Participações S.A., BNDES Participações S.A.—BNDESPar, Caixa de Previdência dos Funcionários do Banco do Brasil—PREVI, Fundação Atlântico de Seguridade Social, Fundação dos Economiários Federais—FUNCEF, Fundação Petrobras de Seguridade Social—PETROS, LF Tel S.A., Bratel Brasil S.A. and, as intervening parties, Telemar Participações S.A. and Portugal Telecom, SGPS S.A. (English translation) (incorporated by reference to Exhibit 3.07 of the Form 20-F of Oi S.A. filed on March 11, 2014 (SEC File No. 001-15256)).
Exhibit 99.12	Third Amendment to the Shareholders Agreement of Telemar Participações S.A., dated as of September 8, 2014, among AG Telecom Participações S.A., Andrade Gutierrez S.A., BNDES Participações S.A.—BNDESPar, Caixa de Previdência dos Funcionários do Banco do Brasil—PREVI, Fundação Atlântico de Seguridade Social, Fundação dos Economiários Federais—FUNCEF, Fundação Petrobras de Seguridade Social—PETROS, Jereissati Telecom S.A., LF Tel S.A., Bratel Brasil S.A. and, as intervening parties, Telemar Participações S.A. and Portugal Telecom, SGPS S.A. (English translation) (incorporated by reference to Exhibit 99.12 of Schedule 13D filed with the Securities and Exchange Commission on September 17, 2014 by Telemar Participações S.A. and Valverde Participações S.A.).
Exhibit 99.13	Termination of the Shareholders Agreement of Telemar Participações S.A., dated as of February 19, 2014, among AG Telecom Participações S.A., BNDES Participações S.A.—BNDESPar, Caixa de Previdência dos Funcionários do Banco do Brasil—PREVI, Fundação Atlântico de Seguridade Social, Fundação dos Economiários Federais—FUNCEF, Fundação Petrobras de Seguridade Social—PETROS, LF Tel S.A., Bratel Brasil S.A. and, as intervening parties, Telemar Participações S.A. and Portugal Telecom, SGPS S.A. (English translation) (incorporated by reference to Exhibit 3.08 of the Form 20-F of Oi S.A. filed on March 11, 2014 (SEC File No. 001-15256)).

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Exhibit 99.14	Amendment to the Termination of the Shareholders Agreement of Telemar Participações S.A., dated as of September 8, 2014, among AG Telecom Participações S.A., Andrade Gutierrez S.A., BNDES Participações S.A.—BNDESPar, Caixa de Previdência dos Funcionários do Banco do Brasil—PREVI, Fundação Atlântico de Seguridade Social, Fundação dos Economiários Federais—FUNCEF, Fundação Petrobras de Seguridade Social—PETROS, Jereissati Telecom S.A., LF Tel S.A., Bratel Brasil S.A. and, as intervening parties, Telemar Participações S.A. and Portugal Telecom, SGPS S.A. (English translation) (incorporated by reference to Exhibit 99.14 of Schedule 13D filed with the Securities and Exchange Commission on September 17, 2014 by Telemar Participações S.A. and Valverde Participações S.A).
Exhibit 99.15	Temporary Voting Agreement of the Shareholders of Oi S.A. and Telemar Participações S.A., dated as of February 19, 2014, among Portugal Telecom, SGPS S.A., Caravelas Fundo de Investimento Em Ações, Bratel Brasil S.A., Telemar Participações S.A., Andrade Gutierrez S.A., Jereissati Telecom S.A. and, as intervening party, Oi S.A. (English translation) (incorporated by reference to Exhibit 3.15 of the Form 20-F of Oi S.A. filed on March 11, 2014 (SEC File No. 001-15256)).
Exhibit 99.16	Amendment to the Temporary Voting Agreement of the Shareholders of Oi S.A. and Telemar Participações S.A., dated as of September 8, 2014, among Portugal Telecom, SGPS S.A., Caravelas Fundo de Investimento Em Ações, Bratel Brasil S.A., Telemar Participações S.A., Andrade Gutierrez S.A., Jereissati Telecom S.A. and, as intervening party, Oi S.A. (English translation) (incorporated by reference to Exhibit 99.16 of Schedule 13D filed with the Securities and Exchange Commission on September 17, 2014 by Telemar Participações S.A. and Valverde Participações S.A.).
Exhibit 99.17	Second Amendment, dated as of March 31, 2015, to the Temporary Voting Agreement of the Shareholders of Oi S.A. and Telemar Participações S.A. among Portugal Telecom, SGPS S.A., Caravelas Fundo de Investimento Em Ações, Bratel Brasil S.A., Telemar Participações S.A., Andrade Gutierrez S.A., Jereissati Telecom S.A. and, as intervening party, Oi S.A. (English translation) (incorporated by reference to Exhibit 99.17 of Amendment No. 5 to Schedule 13D filed with the Securities and Exchange Commission on April 16, 2015 by Telemar Participações S.A. and Valverde Participações S.A.).
Exhibit 99.18	Second Amendment to the Termination of the Shareholders Agreement of Telemar Participações S.A., dated as of July 22, 2015, among AG Telecom Participações S.A., LF Tel S.A., Fundação Atlântico de Seguridade Social, and, as intervening party, Telemar Participações S.A. (English translation)
Exhibit 99.19	Second Amendment to the Termination of the Shareholders Agreement of Telemar Participações S.A., dated as of July 22, 2015, among AG Telecom Participações S.A., Andrade Gutierrez S.A., BNDES Participações S.A.—BNDESPar, Caixa de Previdência dos Funcionários do Banco do Brasil—PREVI, Fundação Atlântico de Seguridade Social, Fundação dos Economiários Federais—FUNCEF, Fundação Petrobras de Seguridade Social—PETROS, Jereissati Telecom S.A., LF Tel S.A., Bratel Brasil S.A. and, as intervening parties, Telemar Participações S.A. and Pharol, SGPS S.A. (English translation)

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After reasonable inquiry and to the best of my knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated:                     

Telemar Participações S.A.
By:	/s/ Fernando Magalhães Portella
Name:	Fernando Magalhães Portella
Title:	Chief Executive Officer
By:	/s/ Armando Galhardo Nunes Guerra Junior
Name:	Armando Galhardo Nunes Guerra Junior
Title:	Executive Officer
Valverde Participações S.A.
By:	/s/ José Augusto da Gama Figueira
Name:	José Augusto da Gama Figueira
Title:	Chief Executive Officer
By:	/s/ Alexandre Jereissati Legey
Name:	Alexandre Jereissati Legey
Title:	Executive Officer

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EX-99.2

EXHIBIT 99.2

DIRECTORS AND EXECUTIVE OFFICERS OF THE REPORTING PERSONS

The following information is provided for each of the directors and executive officers of the Reporting Persons:

• Name

• Present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted.

Directors and Executive Officers of Telemar Participações S.A.

All of the following persons are citizens of the Federative Republic of Brazil, except for Pedro Guimarães e Melo de Oliveira Guterres, who is a citizen of Portugal.

Name	Business address	Present principal occupation or employment and the name of any corporation or other organization in which such employment is conducted
Otávio Marques de Azevedo	Rua Dr. Geraldo Campos Moreira, 375 (9th floor), Brooklin Novo, 04571-020, São Paulo, SP, Brazil	Chief Executive Officer of Venus RJ Participações S.A., PASA Participações S.A., AG Telecom Participações S.A. Chairman of the Board of Directors of Telemar Participações S.A. and CTX Participações S.A. Member of the Board of Directors of Companhia Energética de Minas Gerais - CEMIG
Carlos Francisco Ribeiro Jereissati	Rua Angelina Maffei Vita, 200 (9th floor), Jardim Paulistano, 01489-900, São Paulo, SP, Brazil	Chairman of the Board of Directors of Jereissati Participações S.A., Jereissati Telecom S.A., LF Tel S.A., Iguatemi Empresas de Shopping Centers S.A. and Grande Moinho Cearense S.A. Member of the Board of Directors of Telemar Participações S.A. Alternate Member of the Board of Directors of Oi S.A. Chief Executive Officer of JPSul Participações e Representações Comerciais S.A. and Jereissati Sul Participações S.A.
Rafael Luís Mora Funes	Av. Das Nações Unidas, 11.633, 8th floor, 04578-901, São Paulo, SP, Brazil	Member of Board of Directors of Pharol, SGPS, S.A. Chairman of the Board of Directors of Webspectator Member of Board of Directors of Telemar Participações S.A.and Oi S.A.
Shakhaf Wine	Rua Borges de Medeiros, 633, room 301, Lagoa, 22430-041, Rio de Janeiro, RJ, Brazil	Executive Director of Portugal Telecom, SGPS, S.A. Chief Executive Officer of Bratel Brasil S.A. Member of Board of Directors of Telemar Participações S.A. and Oi S.A.

José Mauro Mettrau Carneiro da Cunha	Praia de Botafogo 300, 11th floor, room 1101, Botafogo, 22250-040, Rio de Janeiro, RJ, Brazil	Member of Board of Directors, Telemar Participações S.A. Chairman of the Board of Directors of Oi S.A. Chairman of the Board of Directors of Dommo Empreendimentos Imobiliários S.A. Member of the Board of Directors, Valepar S/A, Santo Antonio Energia S.A. and Madeira Energia S.A.
José Augusto da Gama Figueira	Praia de Botafogo 300, 11th floor, room 1101, Botafogo, 22250-040, Rio de Janeiro, RJ, Brazil	Member of the Board of Directors of Telemar Participações S.A. Chief Executive Officer of Valverde Participações S.A. Chief Executive Officer of Instituto Telemar Alternate Member of the Board of Directors of Oi S.A. Alternate Member of the Board of Directors of Dommo Empreendimentos Imobiliários S.A.
Renato Torres de Faria	Rua Sinval de Sá nº. 70, Cidade Jardim, 30380-070, Belo Horizonte, BH, Brazil	Officer and Investor Relations Officer of Andrade Gutierrez Concessões S.A. and Andrade Gutierrez Participações S.A. Vice President of Venus RJ Participações S.A. Superintendent Officer and Chairman of the Board of Directors of Domino Holdings S.A. Member of Board of Directors of Telemar Participações S.A. and CTX Participações S.A. Member of the Board of Directors of Oi S.A. and Contax Participações S.A. Vice Chairman of the Board of Directors of Companhia de Saneamento do Paraná - Sanepar Vice President of Venus RJ Participações S.A.
Maria das Graças Conceição Machado Costa	Av. Parque Águas Claras, Lote 3305 – Residencial Plaza das Águas – Bloco A – Apto. 1304 - Cep: 71906-500 Brasília, DF, Brazil	Member of Board of Directors of Telemar Participações S.A. Retired Engineer Director certified by IBGC – Corporate Governance Brazilian Institute
Fernando Marques dos Santos	Avenida República do Chile, 100 / 21º andar - Rio de Janeiro/RJ CEP: 20.031-917, Brazil	Member of the Board of Directors of Telemar Participações S.A. Member of the Board of Directors of Oi S.A. Officer of Banco Nacional de Desenvolvimento (BNDES)
Cristiano Yazbek Pereira	Rua Angelina Maffei Vita, 200 (9th floor), Jardim Paulistano, 01489-900, São Paulo, SP, Brazil	Alternate Member of Board of Directors of Telemar Participações S.A. Member of Board of Directors of Oi S.A. Member of Board of Directors of Contax Participações S.A. Manager at Jereissati Participações S.A

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Joaquim Dias de Castro	Avenida República do Chile, 100 / 21º andar - Rio de Janeiro/RJ CEP: 20.031-917, Brazil	Manager at Banco Nacional de Desenvolvimento (BNDES) Alternate Member of Board of Directors of Telemar Participações S.A. Alternate Member of Board of Directors of Oi S.A. Member of the Fiscal Council of AES Eletropaulo Member of the Fiscal Council of JBS S.A.
Alexandre Jereissati Legey	Rua Angelina Maffei Vita, 200 (9th floor), Jardim Paulistano, 01489-900, São Paulo, SP, Brazil	Managing Officer and Investor Relations Officer of Jereissati Telecom S.A. Vice President of Sayed RJ Participações S.A. Chief Executive Officer of EDSP75 Participações S.A. Vice President and Investor Relations Officer of LF Tel S.A. Alternate Member of Board of Directors of Telemar Participações S.A. and CTX Participações S.A. Executive Officer of Valverde Participações S.A. Member of the Board of Directors of Oi S.A. Executive Officer of Grande Moinho Cearense S.A. Member of the Board of Directors of Contax Participações S.A.
Carlos Jereissati	Rua Angelina Maffei Vita, 200 (9th floor), Jardim Paulistano, 01489-900, São Paulo, SP, Brazil	Member of the Board of Directors of Jereissati Participações S.A., Jereissati Telecom S.A. and LF Tel S.A. Alternate Member of Board of Directors of Telemar Participações S.A., Oi S.A., Contax Participações S.A. and CTX Participações S.A. Chief Executive Officer and Member of the Board of Iguatemi Empresa de Shopping Centers S.A. Member of the Board of Directors and Executive Officer of Grande Moinho Cearense S.A.
Fernando Magalhães Portella	Rua Angelina Maffei Vita, 200 (9th floor), Jardim Paulistano, 01489-900, São Paulo, SP, Brazil	Chief Executive Officer and Member of the Board of Directors of Jereissati Participações S.A., Jereissati Telecom S.A. and LF Tel S.A. Member of Board of Directors of Telemar Participações S.A., Oi S.A. and CTX Participações S.A. Member of the Board of Directors of Grande Moinho Cearense S.A. Chief Executive Officer of Sayed RJ Participações S.A., Telemar Participações S.A. and CTX Participações S.A.

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Bruno Gonçalves Siqueira	Av. do Contorno, 8123, Cidade Jardim, 30110-937, Belo Horizonte, MG, Brazil	Alternate Member of Board of Directors of Telemar Participações S.A., CTX Participações S.A. and Oi S.A.
Rafael Cardoso Cordeiro	Av. do Contorno, 8123, Cidade Jardim, 30110-937, Belo Horizonte, MG, Brazil	Financial Director of Andrade Gutierrez Concessões S.A. Alternate Member of Board of Directors of Telemar Participações S.A., CTX Participações S.A. and Contax Participações S.A. Executive Officer of Valverde Participações S.A. and CTX Participações S.A. Member of the Board of Directors of Oi S.A.
Ismael de Carvalho	Rua Professor Gabizo nº. 101, apto 502, Tijuca - Rio de Janeiro/RJ, Brazil	Alternate Member of Board of Directors of Telemar Participações S.A.
Diego Hernandes	Av. Chile, n° 65 (EDISE) – 17th floor, room 1701 (gerencia de serviços), Centro, 20.031-912, Rio de Janeiro, RJ, Brazil	Executive Manager of Human Resources of Petrobras Member of the Board of Directors of Telemar Participações S.A.
Ivan Ribeiro de Oliveira	Alameda da Serra, nº. 400, 5th floor, Vila da Serra, Nova Lima, MG, Brazil.	Chief Executive Officer of Axxiom Soluções Tecnológicas S.A. Alternate Member of the Board of Directors of Telemar Participações S.A.
Alciney Corrêa Vieira	Rua do Ouvidor nº. 98, 9º andar – Bairro Centro, Rio de Janeiro, Brazil	Alternate Member of the Board of Directors of Telemar Participações S.A. Board Security Advisor of PETROS
Reinaldo Soares de Camargo	SCN, Quadra 02, Bloco “A”, Bldg. Corporate Financial Center - 11th floor, 70712-910, Brasília, DF, Brazil	Manager at FUNCEF Member of the Board of Directors of Telemar Participações S.A.
Leonardo Galluzzi Sansivieri	SCN, Quadra 02, Bloco “A”, Bldg. Corporate Financial Center - 11th floor, 70712-910, Brasília, DF, Brazil	Senior Analyst at FUNCEF Alternate Member of the Board of Directors of Telemar Participações S.A.
Pedro Guimarães e Melo de Oliveira Guterres	Rua Borges de Medeiros, 633, room 301, Lagoa, 22430-041, Rio de Janeiro, RJ, Brazil	Executive Administrator of Portugal Telecom Investimentos Internacionais Executive Officer of Telemar Participações S.A. Member of Board of Directors of Medi Telecom and Previsão—Sociedade Gestora de Fundo de Pensões, S.A.

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Armando Galhardo Nunes Guerra Junior	Av. Contorno, nº 8080, Lourdes, 30110-056, Belo Horizonte, MG, Brazil	Executive Officer of Telemar Participações S.A. Member of the Board of Directors of Oi S.A. Member of the Board of Directors of Cosipar – Cia Siderúrgica do Pará, Kepler Weber S.A., MASB – Desenvolvimento Imobiliário S.A., ESTRE Ambiental S.A., and Contax Participações S.A.
Carlos Augusto Simões Gonçalves Junior	SQS 302, bloco E, apto. 606, Asa Sul, Brasília – DF, Brazil	Executive Officer of Telemar Participações S.A. Program Director in the Executive Secretariat of the Ministry of Planning and Management

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Executive Officers of Valverde Participações S.A.

All of the following persons are citizens of the Federative Republic of Brazil.

Name	Business address	Present principal occupation or employment and the name of any corporation or other organization in which such employment is conducted
José Augusto da Gama Figueira	Praia de Botafogo 300, 11th floor, room 1101, Botafogo, 22250-040, Rio de Janeiro, RJ, Brazil	Member of the Board of Directors of Telemar Participações S.A. Chief Executive Officer of Valverde Participações S.A. Chief Executive Officer of Instituto Telemar Alternate Member of the Board of Directors of Oi S.A. Alternate Member of the Board of Directors of Dommo Empreendimentos Imobiliários S.A.
Alexandre Jereissati Legey	Rua Angelina Maffei Vita, 200 (9th floor), Jardim Paulistano, 01489-900, São Paulo, SP, Brazil	Vice President and Investor Relations Officer of Jereissati Telecom S.A. Vice President of Sayed RJ Participações S.A. Chief Executive Officer of EDSP75 Participações S.A. Vice President of LF Tel S.A. Alternate Member of Board of Directors of Telemar Participações S.A. and CTX Participações S.A. Executive Officer of Valverde Participações S.A. Member of the Board of Directors of Oi S.A. Executive Officer of Grande Moinho Cearense S.A. Member of the Board of Directors of Contax Participações S.A.
Rafael Cardoso Cordeiro	Av. do Contorno, 8123, Cidade Jardim, 30110-937, Belo Horizonte, MG, Brazil	Financial Director of Andrade Gutierrez Concessões S.A. Alternate Member of Board of Directors of Telemar Participações S.A., CTX Participações S.A. and Contax Participações S.A. Executive Officer of Valverde Participações S.A. and CTX Participações S.A. Member of the Board of Directors of Oi S.A.

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EX-99.18

Exhibit 99.18

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.

SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A.

SHAREHOLDERS AGREEMENT, EXECUTED ON FEBRUARY 19, 2014 AND AMENDED ON

SEPTEMBER 8, 2014

BETWEEN

AG TELECOM PARTICIPAÇÕES S.A.

LF TEL S.A.

FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL

AND, AS INTERVENING PARTY,

TELEMAR PARTICIPAÇÕES S.A.

EXECUTED ON JULY 22, 2015

SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A.

SHAREHOLDERS AGREEMENT EXECUTED ON FEBRUARY 19, 2014 AND AMENDED ON

SEPTEMBER 8, 2014

By this instrument:

1. AG TELECOM PARTICIPAÇÕES S.A., a share corporation with head offices in the City of Rio de Janeiro, State of Rio de Janeiro, at Praia de Botafogo No. 186, suite 1401 part, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 03.260.334/0001-92, herein represented by its duly authorized representatives, hereinafter referred to as “AG TELECOM”;

2. LF TEL S.A., a share corporation with head office in the City of São Paulo, State of São Paulo, at Rua Angelina Maffei Vita No. 200, 9^th floor, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 02.390.206/0001-09, herein represented by its duly authorized representatives, hereinafter referred to as “LF TEL”; and

3. FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, a private pension entity, with head offices in the cCity of Rio de Janeiro, State of Rio de Janeiro, at Rua Lauro Muller 116, 29^th floor (part), enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 07.110.214/0001-60, herein represented by its duly authorized representatives, hereinafter referred to as “FATL”, and AG TELECOM, LF TEL, and FATL hereinafter collectively and individually referred to as “Shareholders”;

And, as “Intervening Party”,

4. TELEMAR PARTICIPAÇÕES S.A., a publicly-held corporation, with head office at Praia de Botafogo No. 300, 11^th floor, suite 1101 (part), Botafogo, in the City of Rio de Janeiro, State of Rio de Janeiro, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 02.107.946/0001-87, herein represented by its duly authorized representatives, hereinafter simply referred to as “Company” or “Telemar Participações”;

WHEREAS:

I. On February 19, 2014, prior meetings were held by the Shareholders parties to the Shareholders’ Agreement of AG/LF/FATL and shareholders parties to the General Shareholders’ Agreement unanimously approving the consummation of a transaction that would result in the combination of activities and businesses of PHAROL, SGPS, S.A. (current corporate name of PORTUGAL TELECOM, SGPS S.A.), a publicly-held company, with head offices at Av. Fontes Pereira de Melo No. 40, in the City of Lisbon, Portugal, Legal Entity Registration No. 503 215 058, Telemar Participações, and Oi into one single company, Telemar Participações (which would be referred to as “Corpco”), whose shares would be widely held and whose capital would be represented by one single type of common shares, to be traded at the BM&FBOVESPA S.A. – Bolsa de

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Valores, Mercadorias e Futuros (“BM&FBovespa”), NYSE Euronext Lisbon, and NYSE, meeting the corporate governance requirements of the Novo Mercado segment of BM&FBOVESPA (“Transaction”);

II. Taking into consideration the obstacles to the filing of the Registration Statement required for the registration of shares of Telemar Participações with the Securities and Exchange Commission (“SEC”), which would allow the merger of shares into Oi, originally expected to occur under the Transaction, on March 31, 2015, prior meetings were held by the Shareholders parties to the Shareholders’ Agreement of AG/LF/FATL and shareholders parties to the General Shareholders’ Agreement, unanimously authorizing the management of Telemar Participações and Oi, as applicable, to work on the measures required to anticipate the main objectives of the Transaction (hereafter referred to as the “Alternative Structure”);

III. The Alternative Structure, approved on March 31, 2015 and in the prior meetings by the Shareholders party to the Shareholders’ Agreement of AG/LF/FATL and shareholders of the General Shareholders’ Agreement held on July 22, 2015, involves, among others, the corporate ownership simplification of Oi, with the termination the control, following the merger, by companies that hold direct or indirect interest in Oi, including the following corporate reorganization transactions (“Corporate Ownership Simplification”) to be voted at the general shareholders’ meetings held on the same date: mergers of (i) LF TEL S.A. into its parent company EDSP75 Participações S.A. (“EDSP75”); (ii) AG TELECOM Participações S.A. into its parent company PASA Participações S.A. (“PASA”); (iii) EDSP75 and PASA into BRATEL BRASIL S.A. (“BRATEL BRASIL”); (iv) Valverde Participações S.A. into Telemar Participações; (v) Venus RJ Participações S.A., Sayed RJ Participações S.A., and PTB 2 S.A. into BRATEL BRASIL; (vi) BRATEL BRASIL into Telemar Participações; and (vii) Telemar Participações into Oi;

IV. The Shareholders, as a result of the approval of the Alternative Structure that changed the original steps of the Transaction, wish to amend the Termination of the Shareholders’ Agreement of AG/LF/FATL.

NOW THEREFORE, the Parties have agreed to enter into this Second Amendment to the Termination of the Shareholders’ Agreement of Telemar Participações S.A., executed on February 19, 2014 and amended on September 8, 2014 (“Second Amendment”), which shall be governed by the following terms and conditions:

CLAUSE 1 – AMENDMENT TO CLAUSE 2

1.1. The Shareholders agree to amend item 2.1 of Clause 2 of the Termination, which provides for the condition precedent to the effectiveness of said Termination, in order to remove the

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reference to the Merger of the Shares of Oi into Corpco. This Merger will no longer occur as a result of the approval of the Alternative Structure, replacing such reference for the publication of the first call notice of the extraordinary general shareholders’ meeting of Oi that will vote the merger of Telemar Participações into Oi. Accordingly, Item 2.1 shall now read as follows:

“CLAUSE 2 – EFFICACY

2.1. This Termination is executed under a condition precedent provided by Article 125 et seq. of the Civil Code and shall only be effective on the date of publication of the first call notice of the extraordinary general shareholders meeting of Oi that will vote the merger of Telemar Participações into Oi (“Reference Date”).”

1.2. The Shareholders agree to include a new item 2.2 in Clause 2 of the Termination, as follows, in order to void the Termination, in the event the merger of Telemar Participações into Oi is not approved by the general meetings of both companies within thirty-two (32) days from the Reference Date:

“2.2. This Termination shall automatically be void, even if the condition precedent in item 2.1 of Clause 2 is met, in the event the merger of Telemar Participações into Oi is not approved by the general shareholders’ meetings of both companies, in the exact terms provided in the prior meetings by Shareholders party to the Shareholders’ Agreement of AG/LF/FATL and shareholders party to the General Shareholders’ Agreement held on March 31, 2015 and July 22, 2015, within thirty-two (32) days from the Reference Date, subject to Article 127 et seq. of the Civil Code and terms hereof.”

CLAUSE 2 – NEW CLAUSE 6

2.1. The Shareholders agree to include a new Clause 6 in the Termination, as follows, in order to determine that, once the condition precedent provided by item 2.1 of Clause 2 and the event described in item 2.2 of Clause 2 occur, the Shareholders’ Agreement of AG/LF/FATL shall be automatically effective again, in its entirety, as of the 33^rd day from the Reference Date, with no retroactive effects on the acts that have already taken place:

“CLAUSE 6 – FINAL PROVISION

6.1. Once the condition precedent provided by item 2.1 of Clause 2 and the event described in item 2.2 of Clause 2 occur, the effects of the cancellation of the termination shall have no retroactive effects, and the Shareholders’ Agreement of AG/LF/FATL shall be automatically effective again, in its entirety, as of the 33^rd day from the Reference Date, regardless of the

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execution of any amendment or other instrument or formality, and Shareholders shall be subject, as of the 33^rd day from the Reference Date, to all Clauses, conditions, and provisions of the Shareholders’ Agreement of AG/LF/FATL, without any exception or restriction, whether in connection with the binding exercise of voting rights, restrictions imposed to transfers and acquisitions of shares or subscription rights, and any and all commitments assumed by the Shareholders and Intervening Parties in the referred instrument.”

CLAUSE 3 – GENERAL PROVISION

3.1. Capitalized terms not expressly defined in this Second Amendment shall have the meaning attributed to them in the Termination and First Amendment.

IN WITNESS WHEREOF, the Parties have executed this instrument in 4 (four) counterparts of equal form and content in the presence of the 2 (two) undersigned witness.

Rio de Janeiro, July 22, 2015.

AG TELECOM PARTICIPAÇÕES S.A.

/s/ Rafael Cardoso Cordeiro		/s/ Armando Galhardo Nunes Guerra Junior
Name: Title:	Rafael Cardoso Cordeiro Attorney-in-Fact	Name: Title:	Armando Galhardo Nunes Guerra Junior Attorney-in-Fact

LF TEL S.A.

/s/ Fernando Magalhães Portella		/s/ Alexandre Jereissati Legey
Name: Title:	Fernando Magalhães Portella Chief Executive Officer	Name: Title:	Alexandre Jereissati Legey Executive Officer

FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL

/s/ Fernando Antonio Pimentel de Melo		/s/ Marcio de Araújo Faria
Name: Title:	/s/ Fernando Antonio Pimentel de Melo Executive Officer	Name: Title:	Marcio de Araújo Faria Executive Officer

TELEMAR PARTICIPAÇÕES S.A.

/s/ Fernando Magalhães Portella		/s/ Armando Galhardo Nunes Guerra Junior
Name: Title:	Fernando Magalhães Portella Chief Executive Officer	Name: Title:	Armando Galhardo Nunes Guerra Junior Executive Officer

Witnesses:

1.	Luciene Sherique Antaki	2.	Victor Barcellos Gonçalves Venancio
Name: CPF/MF: RG:		Name: CPF/MF: RG:

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EX-99.19

Exhibit 99.19

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.

SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A.

SHAREHOLDERS AGREEMENT EXECUTED ON FEBRUARY 19, 2014 AND AMENDED ON

SEPTEMBER 8, 2014

BETWEEN

AG TELECOM PARTICIPAÇÕES S.A.

ANDRADE GUTIERREZ S.A.

BNDES PARTICIPAÇÕES S.A. - BNDESPAR

CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL - PREVI

FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL

FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS - FUNCEF

FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL - PETROS

LF TEL S.A.

JEREISSATI TELECOM S.A.

BRATEL BRASIL S.A.

AND, AS INTERVENING PARTIES,

TELEMAR PARTICIPAÇÕES S.A.

PHAROL, SGPS S.A.

EXECUTED ON JULY 22, 2015

SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A.

SHAREHOLDERS AGREEMENT EXECUTED ON FEBRUARY 19, 2014 AND AMENDED ON

SEPTEMBER 8, 2014

By this instrument:

1. AG TELECOM PARTICIPAÇÕES S.A., a share corporation with head offices in the City of Rio de Janeiro, State of Rio de Janeiro, at Praia de Botafogo No. 186, suite 1401 part, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 03.260.334/0001-92, herein represented by its duly authorized representatives, hereinafter referred to as “AG TELECOM”;

2. ANDRADE GUTIERREZ S.A. (successor to Andrade Gutierrez Telecomunicações Ltda.), a share corporation with head offices in the City of Belo Horizonte, State of Minas Gerais, on Av. do Contorno No. 8,123, Cidade Jardim, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 17.262.197/0001-30, herein represented by its duly authorized representatives, hereinafter referred to as “AG S.A.”;

3. BNDES PARTICIPAÇÕES S.A. - BNDESPAR, a corporation incorporated as a wholly-owned subsidiary of the public federal company Banco Nacional de Desenvolvimento Econômico e Social – BNDES, with head offices in the City of Brasília, Federal District, at Setor Comercial Sul – SCS, Centro Empresarial Parque Cidade, Quadra 09, Torre C, 12^th floor, and an office for services and fiscal domicile at Avenida República do Chile No. 100 – part, in the City and State of Rio de Janeiro, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 00.383.281/0001-09, herein represented by its duly authorized representatives, hereinafter referred to as “BNDESPAR”;

4. CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL - PREVI, a private pension entity, with head offices in the City of Rio de Janeiro, State of Rio de Janeiro, at Praia de Botafogo No. 501, 3^rd and 4^th floors, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 33.754.482/0001-24, herein represented by its duly authorized representatives, hereinafter referred to as “PREVI”;

5. FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, a legal entity of private law, with head offices at Rua Lauro Muller 116, 18^th floor, suites 1807/1808 (part), Botafogo, in the City of Rio de Janeiro, State of Rio de Janeiro, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 07.110.214/0001-60, herein represented by its duly authorized representatives, hereinafter referred to as “FATL”;

6. FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS - FUNCEF, a private pension entity, with head offices in the City of Brasilia, Federal District, at SCN Q. 2, Bloco A,

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13^th floor, Edifício Corporate Financial Center, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 00.436.923/0001-90, herein represented by its duly authorized representatives, hereinafter referred to as “FUNCEF”;

7. FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL - PETROS, a private pension entity, with head offices in the City of Rio de Janeiro, State of Rio de Janeiro, at Rua do Ouvidor No. 98, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 34.053.942/0001-50, herein represented by its duly authorized representatives, hereinafter referred to as “PETROS”;

8. LF TEL S.A., a share corporation with head offices in the City of São Paulo, State of São Paulo, at Rua Angelina Maffei Vita No. 200, 9^th floor, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 02.390.206/0001-09, herein represented by its duly authorized representatives, hereinafter referred to as “LF TEL”;

9. JEREISSATI TELECOM S.A., a share corporation with head offices in the City of São Paulo, State of São Paulo, at Rua Angelina Maffei Vita No. 200, 9^th floor, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 53.790.218/0001-53, herein represented by its duly authorized representatives, hereinafter referred to as “Jereissati Telecom”; e

10. BRATEL BRASIL S.A., a share corporation with head offices in the City of São Paulo, State of São Paulo, at Rua Cubatão, No. 320, 4^th floor, suite 03, Vila Mariana, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 12.956.126/0001-13, herein represented by its duly authorized representatives, undersigned, hereinafter referred to as “BRATEL BRASIL”;

individually also referred to as a “Party” or “Shareholder” and collectively referred to as the “Parties” or “Shareholders”, and, further,

as “Intervening Parties”,

11. TELEMAR PARTICIPAÇÕES S.A., a publicly-held corporation, with head offices at Praia de Botafogo No. 300, 11^th floor, suite 1101 (part), Botafogo, in the City of Rio de Janeiro, State of Rio de Janeiro, enrolled with the Corporate Taxpayer’s Registry (CNPJ/MF) under No. 02.107.946/0001-87, herein represented by its duly authorized representatives, hereinafter referred to as “Company” or “Telemar Participações”; and

12. PHAROL, SGPS S.A. (current corporate name of Portugal Telecom, SGPS, S.A.), a publicly-held corporation, with head offices at Av. Fontes Pereira de Melo No. 40, in the City of Lisbon, Portugal, Legal Entity Registration No. 503 215 058, herein represented by its duly authorized representatives, hereinafter referred to as “Pharol SGPS”;

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WHEREAS:

I. On February 19, 2014, prior meetings were held by the Shareholders parties to the Shareholders’ Agreement of Telemar Participações S.A., entered into on April 25, 2008 and amended on January 25, 2011, February 19, 2014, and September 8, 2014 (“General Shareholders’ Agreement”) unanimously approving the consummation of a transaction that would result in the combination of activities and businesses of Pharol SGPS, Telemar Participações, and Oi S.A. (“Oi”) into one single company, Telemar Participações (which would be referred to as “Corpco”), whose shares would be widely held and whose capital would be represented by one single type of common shares, to be traded at the BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros (“BM&FBovespa”), NYSE Euronext Lisbon, and NYSE, meeting the corporate governance requirements of the Novo Mercado segment of BM&FBovespa (“Transaction”);

II. Taking into consideration the obstacles to the filing of the Registration Statement required for the registration of shares of Telemar Participações with the Securities and Exchange Commission (“SEC”), which would allow the merger of shares into Oi, originally expected to occur under the Transaction, on March 31, 2015, prior meetings were held by the Shareholders parties to the General Shareholders’ Agreement, unanimously authorizing the management of Telemar Participações and Oi, as applicable, to work on the measures required to anticipate the main objectives of the Transaction (hereafter referred to as the “Alternative Structure”);

III. The Alternative Structure, approved on March 31, 2015 and in the prior meetings by the Shareholders parties to the General Shareholders’ Agreement held on July 22, 2015, involves, among others, the corporate ownership simplification of Oi, with the termination the control, following the merger, by companies that hold direct or indirect interest in Oi, including the following corporate reorganization transactions (“Corporate Ownership Simplification”) to be voted at the general shareholders’ meetings held on the same date: mergers of (i) LF TEL into its parent company EDSP75 Participações S.A. (“EDSP75”); (ii) AG TELECOM into its parent company PASA Participações S.A. (“PASA”); (iii) EDSP75 and PASA into BRATEL BRASIL; (iv) Valverde Participações S.A. into Telemar Participações; (v) Venus RJ Participações S.A., Sayed RJ Participações S.A., and PTB 2 S.A. into BRATEL BRASIL; (vi) BRATEL BRASIL into Telemar Participações; and (vii) Telemar Participações into Oi; and

IV. The Shareholders, as a result of the approval of the Alternative Structure that changed the original steps of the Transaction, wish to amend the Termination of the Shareholders’ Agreement of Telemar Participações S.A., executed on February 19, 2014 and amended on September 8, 2014 (the “Termination”, and the “First Amendment”, respectively);

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NOW THEREFORE, the Parties have agreed to enter into this Second Amendment to the Termination of the Shareholders’ Agreement of Telemar Participações S.A., executed on February 19, 2014 and amended on September 8, 2014 (“Second Amendment”), which shall be governed by the following terms and conditions:

CLAUSE 1 – AMENDMENT TO CLAUSE 2

1.1. The Shareholders agree to amend item 2.1 of Clause 2 of the Termination, which provides for the condition precedent to the effectiveness of said Termination, in order to remove the reference to the Merger of the Shares of Oi into Corpco. This Merger will no longer occur as a result of the approval of the Alternative Structure, replacing such reference for the publication of the first call notice of the extraordinary general shareholders’ meeting of Oi that will vote the merger of Telemar Participações into Oi. Accordingly, Item 2.1 shall now read as follows:

“CLAUSE 2 – EFFICACY

2.1. This Termination is executed under a condition precedent provided by Article 125 et seq. of the Civil Code and shall only be effective on the date of publication of the first call notice of the extraordinary general shareholders meeting of Oi that will vote the merger of Telemar Participações into Oi (“Reference Date”).”

1.2. The Shareholders agree to include a new item 2.2 in Clause 2 of the Termination, as follows, in order to void the Termination, in the event the merger of Telemar Participações into Oi is not approved by the general meetings of both companies within thirty-two (32) days from the Reference Date:

“2.2. This Termination shall automatically be void, even if the condition precedent in item 2.1 of Clause 2 is met, in the event the merger of Telemar Participações into Oi is not approved by the general shareholders’ meetings of both companies, in the exact same terms provided in the prior meetings by Shareholders of this General Shareholders’ Agreement held on March 31, 2015 and July 22, 2015, within thirty-two (32) days from the Reference Date, subject to Article 127 et seq. of the Civil Code and terms hereof.”

CLAUSE 2 – NEW CLAUSE 6

2.1. The Shareholders agree to include a new Clause 6 in the Termination, as follows, in order to determine that, once the condition precedent provided by item 2.1 of Clause 2 and the event described in item 2.2 of Clause 2 occur, the General Shareholders’ Agreement shall be automatically effective again, in its entirety, as of the 33^rd day from the Reference Date, with no retroactive effects on the acts that have already taken place:

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“CLAUSE 6 – FINAL PROVISION

6.1. Once the condition precedent provided by item 2.1 of Clause 2 and the event described in item 2.2 of Clause 2 occur, the effects of the cancellation of the termination shall have no retroactive effects, and the General Shareholders’ Agreement shall be automatically effective again, in its entirety, as of the 33^rd day from the Reference Date, regardless of the execution of any amendment or other instrument or formality, and Shareholders shall be subject, as of the 33^rd day from the Reference Date, to all Clauses, conditions, and provisions of the General Shareholders’ Agreement, without any exception or restriction, whether in connection with the binding exercise of voting rights, restrictions imposed to transfers and acquisitions of shares or subscription rights, and any and all commitments assumed by the Shareholders and Intervening Parties in the referred instrument.”

CLAUSE 3 – GENERAL PROVISION

3.1. Capitalized terms not expressly defined in this Second Amendment shall have the meaning attributed to them in the Termination and First Amendment.

IN WITNESS WHEREOF, the Parties have executed this instrument in 12 (twelve) counterparts of equal form and content in the presence of the 2 (two) undersigned witness.

The pages of this instrument were initialed by an attorney of the BNDES System, as authorized by the undersigned legal representatives.

Rio de Janeiro, July 22, 2015.

(Signature pages to follow.)

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT. BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 1/11

AG TELECOM PARTICIPAÇÕES S.A.

/s/ Rafael Cardoso Cordeiro		/s/ Armando Galhardo Nunes Guerra Junior
Name: Title:	Rafael Cardoso Cordeiro Attorney-in-Fact	Name: Title:	Armando Galhardo Nunes Guerra Junior Attorney-in-Fact

ANDRADE GUTIERREZ S.A.

/s/ Rafael Cardoso Cordeiro		/s/ Armando Galhardo Nunes Guerra Junior
Name: Title:	Rafael Cardoso Cordeiro Attorney-in-Fact	Name: Title:	Armando Galhardo Nunes Guerra Junior Attorney-in-Fact

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 2/11

BNDES PARTICIPAÇÕES S.A. – BNDESPAR

/s/ Fernando Marques dos Santos Name: Fernando Marques dos Santos Title: Executive Officer /s/ João Carlos Ferraz Name: João Carlos Ferraz Title: Executive Officer

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 3/11

CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI

/s/ Renato Proença Lopes Name: Renato Proença Lopes Title: Executive Officer   Name: Title:

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 4/11

FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL

/s/ Fernando Antonio Pimentel de Melo	/s/ Marcio de Araújo Faria
Name: Fernando Antonio Pimentel de Melo Title: Executive officer	Name: Marcio de Araújo Faria Title: Executive officer

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 5/11

FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF

/s/ Giovanny Pereira Pinheiro
Name: Giovanny Pereira Pinheiro Title: Attorney-in-Fact	Name: Title:

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 6/11

FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS

/s/ Licio da Costa Raimundo
Name: Licio da Costa Raimundo Title: Executive Officer	Name: Title:

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 7/11

BRATEL BRASIL S.A.

/s/ Shakhaf Wine	/s/ Pedro Guimarães e Melo de Oliveira Guterres
Name: Shakhaf Wine Title: Attorney-in-Fact	Name: Pedro Guimarães e Melo de Oliveira Guterres Title: Attorney-in-Fact

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 8/11

LF TEL S.A.

/s/ Fernando Magalhães Portella	/s/ Alexandre Jereissati Legey
Name: Fernando Magalhães Portella Title: Chief Executive Officer	Name: Alexandre Jereissati Legey Title: Executive Officer

JEREISSATI TELECOM S.A.

/s/ Fernando Magalhães Portella	/s/ Alexandre Jereissati Legey
Name: Fernando Magalhães Portella Title: Chief Executive Officer	Name: Alexandre Jereissati Legey Title: Executive Officer

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 9/11

PHAROL, SGPS S.A.

/s/ Shakhaf Wine	/s/ Pedro Guimarães e Melo de Oliveira Guterres
Name: Shakhaf Wine Title: Attorney-in-Fact	Name: Pedro Guimarães e Melo de Oliveira Guterres Title: Attorney-in-Fact

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 10/11

TELEMAR PARTICIPAÇÕES S.A.

/s/ Fernando Magalhães Portella	/s/ Armando Galhardo Nunes Guerra Junior
Name: Fernando Magalhães Portella Title: Chief Executive Officer	Name: Armando Galhardo Nunes Guerra Junior Title: Executive Officer

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SECOND AMENDMENT TO THE TERMINATION OF THE TELEMAR PARTICIPAÇÕES S.A. SHAREHOLDERS AGREEMENT BETWEEN BNDES PARTICIPAÇÕES S.A. – BNDESPAR, CAIXA DE PREVIDÊNCIA DOS FUNCIONÁRIOS DO BANCO DO BRASIL – PREVI, AG TELECOM PARTICIPAÇÕES S.A., ANDRADE GUTIERREZ S.A., LF TEL S.A., JEREISSATI TELECOM S.A., FUNDAÇÃO ATLÂNTICO DE SEGURIDADE SOCIAL, FUNDAÇÃO DOS ECONOMIÁRIOS FEDERAIS – FUNCEF, FUNDAÇÃO PETROBRAS DE SEGURIDADE SOCIAL – PETROS, BRATEL BRASIL S.A., TELEMAR PARTICIPAÇÕES S.A., AND PHAROL, SGPS S.A., EXECUTED ON JULY 22, 2015.

SIGNATURE PAGE 11/11

Witnesses:
1.	/s/ Luciene Sherique Antaki	2.	/s/ Victor Barcellos Gonçalves Venancio
Name: Luciene Sherique Antaki		Name: Victor Barcellos Gonçalves Venancio
CPF/MF:		CPF/MF:
RG:		RG:

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