OIBR.C Oi SA

RIO DE JANEIRO, Jan. 29, 2015 /PRNewswire/ -- Oi S.A. ("Oi" or the "Company" -  Bovespa: OIBR3, OIBR4; NYSE: OIBR and OIBR.C), in accordance with article 157, paragraph 4 of Law No. 6,404/76 and the Brazilian Securities and Exchange Commission (Comissao de Valores Mobiliarios – CVM) Instruction No. 358/02, informs its shareholders and the market that the Board of Directors has approved the cancellation of the Shareholder Compensation policy for the fiscal years 2013-2016, that was previously disclosed in the Material Fact dated August 13, 2013, therefore remaining subject only to the provisions of Law No. 6,404/76 and the Company's by-laws.

Oi S.A.
Bayard De Paoli Gontijo
Chief Executive Officer,
Chief Financial Officer and Investor Relations Officer

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SOURCE Oi S.A.