Excerpt of the 158th Meeting of the Board of Directors, Held on May 24, 2017
(World News Brazil)

Oi S. A. - In Judicial Reorganization Corporate Taxpayers` Registry ( CNPJ/MF) No. 76.535. 764/0001 - 43 Board of Trade (NIRE) No. 33 .300 .29520 - 8 Publicly- Held Company EXCERPT OF THE MINUTES OF THE 158th MEETING OF THE BOARD OF DIRECTORS HELD ON MAY 24 , 2017. As secretary of the Board of Directors, I hereby CERTIFY that items (2) and (6) of the Minutes of the 158th Meeting of the Board of Directors of Oi S.A. - In Judicial Reorganization, held on May 24, 2017, at 9:30 a.m. at Praia de Botafogo No. 300, 11th floor, room 1101, Botafogo - Rio de Janeiro (RJ), reads as follows: "Moving to item (2) of the Agenda, the Directors unanimously decided to elect Mr. Carlos Augusto Machado...