PHAROL, SGPS S.A., formerly Portugal Telecom, SGPS, S.A., is a capital management company. The Company manages its direct and indirect holding of approximately 27.5% interest in Oi, S.A. (Oi). Oi is a provider of telecommunication services in Brazil. The Company holds stakes in the controlling shareholders of Oi, which essentially hold only shares of Oi. The Company directly or indirectly holds 100% of the holding companies, including Bratel BV (Bratel), Bratel Brasil S.A. (Bratel Brasil), PTB2, S.A. (PTB2) and Marnaz, S.A. (Marnaz). The Company's subsidiaries, Bratel, Bratel Brasil, Marnaz and PTB2, are engaged in the management of investments. Its other subsidiaries include Portugal Telecom Brasil, S.A., Portugal Telecom Inovacao Brasil, Ltda., PT Imobiliaria, SA, Openideia Marrocos, S.A., Portugal Telecom Europa, S.P.R.L. and Timor Telecom, SA, among others.