Oi S A : Notice to Shareholders - New 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"), in addition to the information disclosed in the Notice to Shareholders dated February 23, 2021, hereby informs its shareholders and the market in general that, it received new correspondence, on this date, from its shareholder VICTOR ADLER and VIC DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS S.A, with the appointment of Ms. Cristiane do Amaral Mendonça to serve as an alternate member of Oi's fiscal council, subject to a vote by holders of Oi's preferred shares, replacing Mr. Marco Antônio de Almeida, who had been nominated by such shareholders for the aforementioned position in the correspondence sent on February 22, 2021. The curriculum vitae and other information of the new nominee is attached to this Notice to Shareholders.

The Company informs that such alternate candidate, as well as the effective candidate, 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 26, 2021.

Oi S.A. - In Judicial Reorganization

Camille Loyo Faria

Chief Financial Officer and Investor Relations Officer

Rio de Janeiro, February 26, 2021

Oi S.A.

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

At. Ms. Camille Loyo Faria - Investor Relations Officer

Ref.: Change in the nomination of candidate for the Fiscal Council

Dear Ms. Officer,

VICTOR ADLER, duly qualified in the correspondence sent on February 22, 2021, requires the replacement of Mrs. MARCO ANTÔNIO DE ALMEIDA LIMA by CRISTIANE DO AMARAL MENDONÇA in the substitution of the indicated plate. Therefore, the slate indicated for the vacancy referred to in item "a", of paragraph 4, of Article 161 of Law No. 6,404, of 1976, in which the shareholders holding preferred shares vote, is formed by RAPHAEL MANHÃES MARTINS, as a Member of the Fiscal Council and CRISTIANE DO AMARAL MENDONÇA, as respective alternate.

The complete qualification, the curriculum and other mandatory declarations of CRISTIANE DO AMARAL MENDONÇA, in the form of the current legislation, can be found in the annex.

It is requested that the material of the Meeting and the Remote Vote Bulletin be disclosed already contemplating the modification now required .

Sincerely,

VICTOR ADLER

VIC DISTRIBUIDORA DE TÍTULOS E VALORES MOBILIÁRIOS S/A

Raphael Manhães Martins OAB/RJ No 147.187

DECLARATION

I, CRISTIANE DO AMARAL MENDONÇA, brazilian, single, accountant, bearer of identity card No. 12160820-2, issue by IFP/RJ, with taxpayer identification number (CPF/MF) 088.727.147-29, with address at Godofredo Silva street, 64, Vila Kosmo, Rio de Janeiro/RJ, pursuant to art. 2 of CVM (Brazilian Securities Commission) Instruction 367/02, declare under the penalties of the law that, if I am elected to the position of Alternate Member of the Fiscal Council of OI S.A., I will be able to sign the Term of

Investiture concerning such that rule, attesting that: (i) I am not hindered by a special law, or convicted for bankruptcy, malfeasance, bribery, concussion, embezzlement, crime against the popular economy, public faith or property, or criminal penalty prohibiting, even temporarily, access to public positions, as provided for in paragraph 1 of article 147 of Law no. 6,404 / 76; (ii) I am not condemned to the suspension or temporary disqualification penalty applied by the CVM (Brazilian Securities

Commission), which makes me ineligible for management positions in a publicly-held company, as established in paragraph 2 of article 147 of Law no. 6,404 / 76; (iii) to the best of my knowledge, I comply with the requirement of unblemished reputation established by paragraph 3 of article 147 of Law No. 6,404 / 76; and (iv) I do not occupy a position in a company that can be considered a competitor of the company, and I do not have, nor do I represent conflicting interest with that of the company, in the form of items I and II of paragraph 3 of art. 147 of Law No. 6,404/76.

I declare, finally, under the penalties of the law, in accordance with art. 10 of ICVM 481/09 (with wording given by ICVM No. 561/15) and according to items 12.9 and 12.10 of the Reference Form in Annex 24 of ICMV 552/14, to have no marital relationship, common law marriage or kinship up to the 2nd degree with administrators of OI S.A, its subsidiaries and their controlling shareholders, as well as not having a relationship of subordination, provision of services or control, in the last three fiscal years, with a controlled company, indirect or direct controller, supplier, customer, debtor or creditor of OI S.A.

Rio de Janeiro, February 24, 2021

Cristiane do Amaral Mendonça

CPF 088.727.147-29

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:

Date of Birth 07/10/1980

Name

Age 40

Profession Accountant

088.727.147-29

Term of Office

AGM 2022

Indication if you are an Independent Member Yes

To be defined
Other Positions held in the	Indication if Elected by the
Company	Controller
Does not apply	No
Number of Consecutive Offices
0

Fiscal Council

AGM 2021

Professional Experience

Degree in Accounting from Faculdade Presbiteriana Mackenzie and Post-graduate degree in Auditing, Controllership and Finance from Fundação Getulio Vargas (FGV)

Eternit SA (March / 2017 to April / 2020) - Tax Advisor - Understanding the company's business, issuing opinions, recommendations, drafting opinions, auditing accounts and management activities, as well as receiving of complaints. The verification of compliance with legal and statutory obligations by management, knowledge of budget proposals, provide opinions on the use and commitment of company resources, including, without limitation, the maintenance of working capital, in order to maintain the company's financial health and future profits and dividends. Primary focus is the management of administrators, complemented by knowledge of the business, its execution (budget, performance, etc.), business risks and fraud (with a structure for managing risks and opportunities) and a structure of internal controls.

VIC DTVM SA (May / 2016 to present) - Compliance, my activities are fraud prevention, information security, business continuity plans, compliance with tax and management accounting policies, risk and people management, attention to internal audits and external monitoring of the areas of internal audit, internal controls, operations and Risk. Assistance to the regulatory entities (CVM, Central Bank of Brazil, BSM) and monitoring of the validation of internal processes.

BKR-LoQes Machado Audit Jan / 2014 to 2016)

Senior Auditor, where my duties were to carry out audit tests, inventory procedures, internal controls, validation of equity accounts through accounting review, compliance with international standards (IFRS), compliance; voucher tests, confirmations, verification of commercial, tax and auxiliary books of the institution, examination of records to verify that such records are supported by the underlying documents; investigate the accounting and financial operations carried out, verifying checks, receipts, invoices and other documents, to prove their accuracy.

You can carry out specific audits to determine possible accounting irregularities in the institution. Preparation of Recommendation Reports (REC), analysis of explanatory notes and validation of such notes for issuing the final opinion. Auditing experience in large companies in the industrial, financial and agribusiness sectors.

Declaration of Possible Convictions