Material Fact: Oi Announces Change in Management

Jun 20, 2013, 19:55 ET from Oi S.A.

RIO DE JANEIRO, June 20, 2013 /PRNewswire/ -- Oi S.A. ("Oi"), pursuant to art. 157, §4, of Law No. 6,404/76, and in accordance with CVM Instruction No. 358/02 and best corporate governance practices, notifies its shareholders and the market in general of the departure of its Chief Financial (CFO) and Investor Relations Officer, Mr. Alex Zornig, and its Chief Operating Officer (COO), Mr. James Meaney.

Mr. Bayard Gontijo, Treasury Director, will serve as interim Chief Financial and Investor Relations Officer until the position is permanently filled.

Investor Relations Department
Oi S.A.