Oi S.A. - In Judicial Reorganization

Corporate Taxpayers' Registry (CNPJ/ME) No. 76.535.764/0001-43

Board of Trade (NIRE) No. 33.3.0029520-8

Publicly-Held Company

NOTICE TO THE MARKET

Rating Outlook S&P

Oi SA - In Judicial Recovery ("Oi" or "Company") hereby informs its shareholders and the market in general that the rating agency Standard & Poors ("S&P") announced today the review of the credit rating attributed to the Company, raising the issuer credit rating from "SD" to "CCC+" on a global scale and from "SD" to "brBB" on a national scale with stable outlook. In addition, the issue-levelrating also increased from "CCC-"to "CCC+". The agency pointed out that the stable outlook reflects the view that Oi does not face short-termliquidity pressures.

Rio de Janeiro, October 16, 2020.

Oi S.A. - In Judicial Recovery

Camille Loyo Faria

Chief Financial Officer and Investor Relations Officer

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Oi SA em Recuperação Judicial published this content on 16 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 October 2020 01:49:06 UTC