Oi S A : Notice to the Market - Response to the CVMB3 Official Letter

Rio de Janeiro, January 25, 2023.

B3 S.A. - Brasil, Bolsa, Balcão

Ms. Ana Lucia Pereira

Superintendence of Issuers Listings and Monitoring (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 176/2023-SLS

Dear Sirs,

Oi S.A. - In Judicial Reorganization (the "Company" or "Oi") hereby clarifies as follows, in compliance with the Official Letter B3 176/2023-SLS, dated January 25, 2023, 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 securities issued by this company, the number of trades and the volume traded, as detailed below, we hereby request to be informed by January 26, 2023, 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
12/01/2023	1.41	1.26	1.43	1.33	1.26	-12.5	10,528	24,179,600	32,151,845.00
13/01/2023	1.26	1.15	1.26	1.2	1.23	-2.38	11,538	21,108,500	25,401,369.00
16/01/2023	1.21	1.14	1.22	1.17	1.15	-6.5	5,393	12,787,400	15,007,411.00
17/01/2023	1.1	1.08	1.3	1.16	1.19	3.47	10,859	27,505,200	31,855,466.00
18/01/2023	1.19	1.11	1.23	1.17	1.12	-5.88	4,181	13,696,200	15,956,614.00
19/01/2023	1.11	1.09	1.13	1.11	1.1	-1.78	4,494	11,602,300	12,864,068.00
20/01/2023	1.1	1.09	1.28	1.17	1.28	16.36	6,041	21,866,900	25,489,481.00
23/01/2023	1.3	1.26	1.44	1.34	1.27	-0.78	14,551	22,909,400	30,603,710.00
24/01/2023	1.25	1.23	1.59	1.43	1.56	22.83	9,219	27,219,800	38,962,874.00
25/01/2023*	1.54	1.52	2.02	1.83	2.02	29.48	8,147	25,502,100	46,858,813.00

Preferred Shares (PN)

Prices (in R$ per share)

Date	Opening	Minimum	Maximum	Average	Closing	Fluctuations	No.	Amount	Volume (R$)
						%	Trades
12/01/2023	4.87	4.3	4.89	4.49	4.3	-11.7	679	280,000	1,257,734.00
13/01/2023	4.25	3.95	4.28	4.06	4.1	-4.65	483	297,600	1,208,694.00
16/01/2023	4.1	3.78	4.1	3.89	3.78	-7.8	371	185,800	722,199.00
17/01/2023	3.76	3.44	4.09	3.76	3.7	-2.11	642	300,400	1,129,653.00
18/01/2023	3.69	3.45	3.82	3.66	3.45	-6.75	419	283,700	1,039,607.00
19/01/2023	3.44	3.35	3.57	3.43	3.4	-1.44	250	95,500	327,906.00
20/01/2023	3.4	3.36	3.74	3.55	3.66	7.64	452	296,500	1,051,776.00
23/01/2023	3.66	3.55	4	3.71	3.58	-2.18	342	200,300	742,794.00
24/01/2023	3.5	3.46	4.28	4	4.11	14.8	969	522,300	2,087,303.00
25/01/2023*	4.09	4	4.93	4.62	4.93	19.95	1,008	598,200	2,767,608.00

* Updated by 11:12 a.m."

In this regard, Oi clarifies that there are no material facts or acts that, to 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.

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

Cristiane Barretto Sales

Chief Financial Officer and Investor Relations Officer