Oi S.A. - MATERIAL FACT: Revocation of Suspension of Public Offering

Apr 01, 2014, 22:20 ET from Oi S.A.

RIO DE JANEIRO, April 1, 2014 /PRNewswire/ -- Oi S.A. ("Oi" or the "Company", BM&FBOVESPA: OIBR3, OIBR4; NYSE: OIBR and OIBR.C), in compliance with article 157, paragraph 4 of Law No. 6,404/76 and CVM Instruction No. 358/02 and, in addition to the Material Fact dated as of March 27, 2014, notifies its shareholders and the market in general that as of the date hereof, Oi received the Official Letter No. 153/2014 from the Brazilian Securities Commission (Comissao de Valores Mobiliarios – CVM) ("CVM"), whereby the CVM informed Oi of the revocation of the suspension of Oi's public offering, whose request for registration is under review by the CVM (the "Offering").

Given the CVM's decision to revoke the suspension, the Company discloses that it will resume the Offering and will maintain the market promptly informed.

Bayard De Paoli Gontijo

Chief Financial Officer and Investor Relations Officer