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Material Fact

Oi S.A.
Corporate Taxpayers’ Registry (CNPJ/MF) No. 76.535.764/0001-43
Board of Trade (NIRE) No. 33.3.0029520-8
Publicly-Held Company

MATERIAL FACT

Engagement of Banco BTG Pactual S.A. to act as agent (comissário) to review alternatives for the acquisition of the shares of TIM

Oi S.A. ("Oi" or "Company", Bovespa: OIBR3, OIBR4; NYSE: OIBR and OIBR.C), in compliance with art. 157, §4 of Law No. 6,404/76 and CVM Instruction No. 358/02, hereby informs its shareholders and the market in general that, on this date, the Company engaged Banco BTG Pactual S.A. to act as agent (comissário), pursuant to article 693 of the Brazilian Civil Code, in its own name and on behalf of Oi, to review alternatives with the purpose of enabling a viable proposal for the acquisition of the shares of TIM Participações S.A. indirectly held by Telecom Italia SpA, in compliance with the rules and restrictions provided in law and regulations and decisions issued by the Brazilian National Telecommunications Agency and the Brazilian Administrative Council for Economic Defense, in addition to other applicable regulations.

Oi will keep its shareholders and the market informed of any material events related to the topics discussed in this Material Fact.

Rio de Janeiro, August 26, 2014.

Bayard de Paoli Gontijo
Chief Financial Office and Investor Relations Officer
Oi S.A.

To see the full version of the Material Fact, click here.

(¹) This translation is still subject to the auditors review

(¹) This translation is still subject to the auditors review

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