Oi S A : Notice to Shareholders - Nomination of candidates for the Fiscal Council

Oi S.A. - In Judicial Reorganization

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

Board of Trade (NIRE) No. 33.3.0029520-8

Publicly-Held Company

NOTICE TO SHAREHOLDERS

Oi S.A. - In Judicial Reorganization ("Oi" or "Company") hereby informs its shareholders and the market in general that it received from its shareholder, VICTOR ADLER and VIC DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS S.A, the nominations of Messrs. Raphael Manhães Martins and Marco Antônio de Almeida Lima to serve as member and alternate member, respectively, of Oi's fiscal council, subject to a vote by holders of Oi's preferred shares. The curriculum vitae of and other information regarding the abovementioned nominees are attached to this Notice to Shareholders.

The candidates will be included in the Remote Voting Bulletin and Proxy Card, which will be available for voting at Oi's Ordinary General Shareholders' Meeting, to be held on April 30, 2021.

Rio de Janeiro, February 23, 2021.

Oi S.A. - In Judicial Reorganization

Camille Loyo Faria

Chief Financial Officer and Investor Relations Officer

Rio de Janeiro, February 22, 2021

Oi S.A.

Rua do Lavradio, nº 71, Centro, Rio de Janeiro, RJ

At. Ms. Camille Loyo Faria - Investor Relations Officer

Ref.: ANNUAL GENERAL SHAREHOLDERS' MEETING of

2021 - Notice Publicationto Shareholders - Nomination of

candidates for the Fiscal Council

Dear Ms. Officer,

VICTOR ADLER, Brazilian, lawyer, divorced, holder a professional identity card No 21.439, issued by the Brazilian Bar Association OAB/RJ, with taxpayer number (CPF/MF) No 203.840.097-00, domiciled in this city, with an office at Rua da Assembleia , 10 - Grupo 2.701 -

Centro, Rio de Janeiro, RJ (hereinafter, simply, "Victor Adler"), and VIC DISTRIBUIDORA DE

TITULOS E VALORES MOBILIÁRIOS S.A., a company registered with CNPJ/MF under No. 14.388.516/0001-60, headquartered at Rua da Assembleia, nº 10 - Grupo 2701, Centro, City of Rio de Janeiro, State of Rio de Janeiro, CEP: 20.011-901 ("VIC" or, together with Victor Adler,

"Shareholders"), represented in this act by its attorney-in-fact (Annex 1), as shareholder of OI

S.A. (Annex 2), PRESENT, in advance, pursuant to CVM (Brazilian Securities Commission) Instruction 481/09, the appointment of the following candidates for the Fiscal Council, under the terms of art. 161, paragraph 4, item "a" of Law 6,404/76 ("Brazilian Corporate Law"), in which the shareholders who own preferred shares vote: RAPHAEL MANHÃES MARTINS (Annex 3), as a Member of the Fiscal Council and MARCO ANTÔNIO DE ALMEIDA LIMA, as an Alternate Member of Fiscal Council (Annex 4).

The complete qualification, the curriculum and other mandatory declarations, in the form of the current legislation, can be found in the annexes mentioned above.

It should be noted that the purpose of the present election is to enable investors to exercise their voting rights properly. To this end, the company is required to immediately disclose the Notice to

Shareholders determined by the Securities and Exchange Commission ("CVM"), thus giving the same publicity to the nominations of candidates proposed by the controlling shareholder or by the management itself.

Finally, in view of the fulfillment of all legal requirements, it is necessary to include those indicated in the Remote Vote Bulletin, considering the compliance of all requirements for this inquiry.

All communications relating to this document may be made in writing and delivered by electronic mail (E-mail) or through correspondence, with proof of receipt, to the addresses below:

Avenida Epitácio Pessoa, 1.671, Sala 201, Ipanema, Rio de Janeiro, RJ Phone: (21) 2532-4684

At.: Raphael Manhães martins E-mail:rmartins@faoro.adv.br.

Sincerely,

VICTOR ADLER

VIC DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS S/A

Raphael Manhães Martins OAB/RJ No 147.187

Oi S.A.

ITEMS 12.5 TO 12.10 OF THE REFERENCE FORM

Candidate appointed to the Fiscal Council

12.5 Registration data and professional experience:

12.6 Percentage of Participation in Board Meetings in the last financial year, held by the respective body that occurred after taking office:

100%

12.7 Information mentioned in item 12.5 regarding members of statutory committees, as well as audit, risk, financial and compensation committees, even if such committees or structures are statutory:

He does not participate in any Company committee.

12.8 Information on acting as a member of the statutory committees, as well as the audit, risk, financial and compensation committees:

He does not participate in any Company committee.

12.9. Information on the existence of a marital relationship, stable union or kinship up to the third degree between:

• a. Company's officers

• b. (i) Company's officers and (ii) officers of direct or indirect subsidiaries of the Company

• c. (i) officers of the Company or its direct or indirect subsidiaries and (ii) Company's direct or indirect controllers

d. (i) Company's officers and (ii) officers of the direct and indirect controlling companies of the Company

There is no kinship between the Fiscal Committee and any of the aforementioned persons.

12.10. Information on the relationship of subordination, service or control maintained, in the last 3 fiscal years, between the officers of the Company

a. company controlled, directly or indirectly, by the Company

No.

b. direct or indirect controller of the Company

No.

c. if relevant, supplier, customer, debtor or creditor of the Company, its controlled or controlling persons or subsidiaries of any of these persons

No

Raphael Manhães Martins

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