Oi S.A. - In Judicial Reorganization

CNPJ/ME 76.535.764/0001-43

NIRE 33.30029520-8 PUBLICLY HELD COMPANY

EXCERPT OF MINUTES OF THE 378th BOARD OF DIRECTORS

EXTRAORDINARY MEETING HELD ON MARCH 19, 2024

As Secretary of the Board of Directors Meeting, I CERTIFY that the single item on the Agenda "Terms and conditions of the Restructuring Term Sheet - proposal for the revised judicial reorganization plan to be presented in the records of the judicial reorganization process" of the Minutes of the 378th Meeting of the Board of Directors of Oi S.A.- In Judicial Reorganization held on March 19, 2024, at 5:00 p.m., by video conference, pursuant to article 29, paragraph 1 of the Company's bylaws, reads as follows:

"The meeting was installed by the Chairman of the Board, in relation to the Agenda item, following the discussions of this Board in which negotiations with creditors for the restructuring of the Company's debts have been presented and discussed, the Company representatives and its external advisors updated the members of the Board of Directors on the progress of the ongoing negotiations, as well as on the special hearing designated by the 7th Business Court held on March 11, 2024, involving the Debtors, the creditors of the Ad Hoc Group ("AHG"), and the suppliers with take-or-pay contracts, with the participation of the Public Ministry and the Judicial Administration, aimed at stimulating consensus regarding a viable plan to be voted on at the General Creditors' Meeting ("GCM") scheduled for March 25, 2024. The most updated terms and conditions of the Restructuring Term Sheet presented by the Company were detailed and presented, highlighting the specific relevant points where progress has been made with creditors and the points still not agreed upon. Material was then presented, available on the Board of Directors' governance portal, which provides a comparison between the following proposals: (i) Oi's proposal of March 9, 2024, presented at the aforementioned hearing on March 11, 2024; (ii) AHG creditors' proposal received on March 16, 2024; and (iii) Oi's counterproposal presented on March 18, 2024, with the aim of converging on a consensual proposal that is sustainable to support the ongoing operations of the Debtors and their economic and financial viability. Following this, and within the same spirit, updated terms and conditions to be considered in a revised version of the Debtors' judicial reorganization plan ("New JRP") were submitted for approval by the board members, as per material also available on the Board's governance portal. The Directors, after extensive discussion of the proposal with the Company's representatives and present advisors, considering (a) the fiduciary duty of the administrators to propose and seek a plan that can not only be approved by creditors but also be viable from an economic and financial perspective; (b) the history of the negotiations held; (c) the need to provide new funds to the Company, so that it can continue to fulfill its obligations

and make the necessary investments; and (d) the efforts and engagement of the Debtors in seeking a consensual solution and creditor adherence to a viable plan to be presented and voted on by creditors at the GCM; unanimously decided, with the abstention of councilor Raphael Manhães recorded, to approve the terms and conditions of a New JRP. Possible flexibilities that may be offered by the Company's representatives in the final negotiations to be held, if the creditors do not accept the terms and conditions already approved by the Board were also submitted, discussed, and unanimously approved by the Board of Directors, with the abstention of councilor Raphael Manhães recorded. (…)"

The totally of the members of the Board of Directors were present in the meeting and signing members Mr. Eleazar de Carvalho Filho (Chairman), Mr. Marcos Grodetzky, Mr. Paulino do Rego Barros Jr., Mr. Henrique J. Fernandes Luz (represented by Mr. Marcos Grodetzky), Ms. Claudia Quintella Woods, Mr. Armando Lins Netto, Mr. Mateus Affonso Bandeira, Mr. Rapahel Manhães and Mr. Rodrigo Modesto de Abreu (represented by Mr. Eleazar de Carvalho Filho). The representatives of ANATEL, Mr. Luis Claudio Santana Santoro and Mr. Paulo de Avelar Henrique Nicolau, were also present.

Rio de Janeiro, March 19, 2024.

Daniella Geszikter Ventura

Secretary of the Meeting

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Oi SA em Recuperação Judicial published this content on 29 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2024 02:15:04 UTC.