On April 27, 2007, Brasil Telecom Participações S.A. announced the approval of the reverse stock split in the ratio of one thousand (1,000) existing shares to one (1) share of the respective type, with the capital stock now being represented by 363,969,213 shares, of which 134,031,688 are common and 229,937,525 are preferred.

The number of shares held by all shareholders who owned or eventually came to own shares of Brasil Telecom in the period prior to 2007 changed after the reverse stock split.

Subsequently, on November 18, 2014, Oi S.A. issued a Notice to Shareholders to inform its shareholders and the market in general of the approval of the proposal for the Reverse Stock Split, in accordance with Article 12 of Law 6,404/76, of the Company’s common and preferred shares in the ratio of 10:1, so that each batch of ten shares of each type is grouped into a single share of the same type.