Sao Paulo, February 11, 2014 -- Moody's Investors Service ("Moody's") said today that yesterday's announced commitment from a syndicate of Brazilian and international banks to subscribe to BRL 6.0 billion of the capital increase proposed as part of the steps of the Oi S.A. and Portugal Telecom SGPS, S.A. ("PT", Ba2/on review for possible upgrade) merger reduces the overall uncertainty surrounding the closing of the merger transaction announced on October 2nd, 2013. This announcement comes in addition to the BRL 2.0 billion that was announced in October, 2013 and has already been committed by Oi's current controlling shareholders and an investment vehicle managed and administered through Banco BTG Pactual S.A. (D+/Baa3/sta), thus guaranteeing the upper amount of the 7.0 to 8.0 billion range, of the initial capital increase amount expectation by Oi.

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