Excerpt of the Minutes of the 159th Meeting of the Board of Directors, Held on June 21, 2017
(World News Brazil)

Oi S.A. - In Judicial Reorganization CNPJ/MF 76.535.764/0001-43 NIRE 33.30029520-8 PUBLICLY-HELD COMPANY EXCERPT OF THE MINUTES OF THE 159RD BOARD OF DIRECTORS MEETING HELD ON JUNE 21, 2017 In my capacity as secretary of the meeting of the Board of Directors, I hereby CERTIFY that item (5) of the Minutes of the 159th Meeting of the Board of Directors of Oi S.A. - In Judicial Reorganization held on June 21, 2017 at 9:30 a.m. , at Praia de Botafogo No. 300, 11th floor, room 1101, Botafogo - Rio de Janeiro (RJ), contains the following excerpt: `Finally, moving on to item (5) of the Agenda,...