Treatment of Shares of Oi Held by Bratel Brasil. Shares issued by Oi and held by Bratel Brasil shall be transferred to the Bratel Brasil shareholders, in the proportion of their equity in Bratel Brasil’s capital stock. With approval of the Merger of Bratel Brasil and its extinguishment, all shares issued by Bratel Brasil, including those held in treasury, shall be cancelled. Oi does not hold any Bratel Brasil shares. 6 Subject to confirmation of Apsis, which shall issue such Valuation Report. 7 This information will only be known after publication of said Valuation Report. CLAUSE SIX – NO INCREASE OF CAPITAL STOCK OF OI AS A RESULT OF THE MERGER OF BRATEL BRASIL
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