Rio de Janeiro, November 27, 2020.

B3 S.A. - Brasil, Bolsa, Balcão

Ms. Ana Lucia Pereira

Superintendence of Listings and Monitoring of Issuers (Superintendência de Listagem e Supervisão de Emissores)

c.c.: Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM) Mr. Fernando Soares Vieira - Superintendence of Corporate Relations (Superintendência de Relações com Empresas)

Mr. Francisco José Bastos Santos - Superintendence of Market and Agent Relations (Superintendência de Relações com o Mercado e Intermediários)

Re.: Official Letter B3 1043/2020-SLS

Dear Sirs,

Oi S.A. - In Judicial Reorganization (the "Company" or "Oi") hereby clarifies as follows, in compliance with the Official Letter B3 1042/2020-SLS, dated November 27, 2020, from B3 S.A. - Brasil, Bolsa, Balcão ("B3"), as transcribed below (the "Official Letter"):

"In view of the latest fluctuations observed with respect to the shares issued by this company, the number of trades and the volume traded, as detailed below, we hereby request to be informed by November 27, 2020, about the existence of any fact known by you which may justify them.

Common Shares (ON)

Prices (in R$ per share)

Date

Opening

Minimum

Maximum

Average

Closing

Fluctuations

No.

Amount

Volume (R$)

%

trades

11/13/2020

1.69

1.68

1.80

1.76

1.79

5.91

24,257

205,910,400

362,618,660.00

11/16/2020

1.82

1.80

1.84

1.82

1.83

2.23

32,703

97,806,800

177,893,048.00

11/17/2020

1.83

1.81

1.86

1.83

1.85

1.09

41,436

114,053,600

209,267,467.00

11/18/2020

1.84

1.81

1.85

1.82

1.81

-2.16

16,847

71,340,900

130,065,550.00

11/19/2020

1.80

1.80

1.83

1.81

1.83

1.10

14,802

69,171,800

125,469,122.00

11/20/2020

1.83

1.81

1.83

1.82

1.82

-0.54

17,530

37,623,800

68,481,753.00

11/23/2020

1.84

1.83

1.90

1.86

1.90

4.39

25,339

90,349,700

168,183,846.00

11/24/2020

1.92

1.86

1.95

190

1.86

-2.10

22,948

134,144,000

255,183,836.00

11/25/2020

1.86

1.84

1.98

1.93

1.98

6.45

25,068

157,505,000

303,546,908.00

11/26/2020

2.02

2.00

2.15

2.07

2.08

5.05

46,726

320,475,200

664,380,797.00

Preferred Shares (PN)

Rua Humberto de Campos, 425 - 8th floor

Leblon - Zip Code 22430-190

Rio de Janeiro - RJ

www.oi.com.br

Prices (in R$ per share)

Date

Opening

Minimum

Maximum

Average

Closing

Fluctuations

No.

Amount

Volume (R$)

%

trades

11/13/2020

2.26

2.25

2.37

2.33

2.34

3.53

2,587

8,153,200

18,994,244.00

11/16/2020

2.40

2.36

2.43

2.39

2.39

2.13

2,078

4,830,900

11,543,661.00

11/17/2020

2.38

2.38

2.51

2.44

2.51

5.02

3,347

7,924,300

19,341,928.00

11/18/2020

2.50

2.46

2.55

2.50

2.50

-0.39

2,670

6,399,800

16,021,227.00

11/19/2020

2.49

2.46

2.52

2.50

2.50

0.00

2,936

3,324,600

8,297,124.00

11/20/2020

2.51

2.50

2.63

2.57

2.63

5.20

2,168

5,073,800

13,015,212.00

11/23/2020

2.68

2.63

2.85

2.73

2.85

8.36

4,451

9,111,500

24,903,802.00

11/24/2020

2.87

2.73

2.99

2.91

2.81

-1.40

7,277

18,849,700

54,784,523.00

11/25/2020

2.84

2.81

2.98

2.90

2.96

5.33

4,520

11,763,600

34,169,234.00

11/26/2020*

3.05

2.99

3.12

3.05

3.05

3.04

7,179

21,825,100

66,726,181.00

* Updated as of 5:19 p.m."

In this regard, Oi clarifies that there are no material facts or acts that, in its understanding, might justify possible atypical fluctuations in the number of trades and in the amount of the Company's shares traded other than those already widely disclosed to the market, such as the disclosure of its third quarter results after the closing of the trading session on November12, 2020, the hearings, on November 26, 2020 for the opening of closed bids submitted under the competitive procurement process for the sale of UPI Data Center and UPI Towers, in addition to the expectation in relation to the vote, in the Federal Senate, of Legislative Bill 6229/05 ("New Bankruptcy Law"), which was approved on November 26, 2020.

Oi reaffirms its commitment to keep its shareholders and the market informed with respect to relevant and material aspects of its businesses and reiterates that investors and the market in general should be guided solely by the official disclosures made by the Company.

These are the clarifications we have in connection with the Official Letter, and we remain at your disposal for any further clarification.

Sincerely,

Oi S.A. - In Judicial Reorganization

Camille Loyo Faria

Chief Financial Officer and Investor Relations Officer

Rua Humberto de Campos, 425 - 8th floor

Leblon - Zip Code 22430-190

Rio de Janeiro - RJ

www.oi.com.br

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Oi SA em Recuperação Judicial published this content on 27 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2020 00:48:03 UTC