Announcement | Lisbon | 10 October 2020

Notice to the Market disclosed by Oi

PHAROL, SGPS S.A. hereby informs on the Notice to the Market disclosed by Oi, S.A., according to the company's announcement attached hereto.

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, reducing the issuer credit rating from "CC" to "SD" on a global scale and from "brCC" to "SD" on a national scale. The 'CCC-' issue-levelrating is unchanged. The agency pointed out that it does not assign outlooks to 'SD' or 'D' issuer credit ratings because they express a condition and not a forward-lookingopinion of default probability. S&P also informed that will reassess the company's credit profile in the next few days.

Rio de Janeiro, October 9, 2020.

Oi S.A. - In Judicial Recovery

Camille Loyo Faria

Chief Financial Officer and Investor Relations Officer

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Pharol SGPS SA published this content on 10 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 October 2020 23:49:04 UTC