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PHAROL, SGPS S.A., formerly Portugal Telecom, SGPS, S.A., is an open company. PHAROL's assets include Oi, S.A., debt securities of Rio Forte Investments S.A. (Rio Forte) and the Call Option of Oi. The Company manages its direct and indirect interest in Oi, S.A. The Company's subsidiaries include Bratel BV, Bratel Brasil, S.A., PTB2, S.A. and Pharol Brasil.