If you are neither a Qualified Holder nor a Non-Qualified Holder or otherwise did not make a valid Recovery Election under the Amended and Restated Information and Election Statement dated February 14, 2018 (the “Election Statement”), then you are only entitled to receive the Default Recovery with respect to the Bondholder Credits represented by your Notes (as defined in the Election Statement). In addition, Bondholders that have made valid Recovery Elections under the Election Statement with respect to their Bondholder Credits, but do not participate in the Qualified Recovery Settlement and/or the Non-Qualified Recovery Settlement will only be entitled to receive the Default Recovery with respect to the Bondholder Credits represented by their Notes. Oi expects to provide instructions as to how these Bondholders can provide proofs of holdings allowing Oi to include the beneficial owners of the Default Recovery entitlements on a register to be kept by Oi to facilitate payment of amounts due under these Default Recovery entitlements when due. Bondholders entitled to receive the Default Recovery do not need to do anything to receive the Default Recovery until it receives further instructions from Oi.
