Oi S A : Valuation Report of Oi Móvel

Oi Móvel S.A. - Under Judicial Reorganization

Valuation Report of the Accounting Shareholders' Equity

calculated through the accounting books.

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To Shareholders and Managers

Oi Móvel S.A. - Under Judicial Reorganization

ST North Commercial Sector, Block 03, Block A - Y/N

Floor Ground-Part 2 - Ed. Estação Tel. Centro Norte

North Wing - Brasília/DF

Accounting organization data

1. Meden Consultoria Empresarial Ltda. ("Meden Consultoria"), a company established in the city of Rio de Janeiro, RJ, at Rua Primeiro de Março, nº 23, floor 2, registered in the National Register of Legal Entities of the Ministry of Finance under nº 27.936.447/ 0001-23, registered with the Regional Accounting Council of the State of Rio de Janeiro under No. CRC/RJ-008590/O-0, represented by its undersigned partner, Mr. Fellipe Franco Rosman, accountant, bearer of ID No. 20.258.186-4, registered with the CPF under No. 111.411.507-00 and with the Regional Accounting Council of Rio de Janeiro under No. CRC/RJ130003/O-8, resident and domiciled in Rio de Janeiro - RJ, with an office at the same address as the represented, appointed by the management of Oi Móvel SA - Under Judicial Recovery ("Company"), to carry out the valuation of the book value of its shareholders equity on September 30, 2021, in accordance with the Brazilian accounting practices..

Purpose of evaluation

2. The valuation of the Company's accounting shareholders' equity on September 30, 2021 is intended to support the incorporation of its shareholders' equity by its parent company Oi SA - Under Judicial Reorganization, registered under CNPJ No. 76.535.764/0001-43 for purposes of complying with articles 226 and 227 of Law nº 6.404/76 (Lei das SA).

Management's responsibility for accounting information

3. The Company's management is responsible for the bookkeeping of the books and preparation of accounting information in accordance with Brazilian accounting practices, as well as for the relevant internal controls that it has determined as necessary to allow the preparation of such accounting information free from material

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distortion, regardless if caused by fraud or error. The summary of the main accounting practices adopted by the Company is described in annex II of the appraisal report.

Scope of work and responsabilities of the accountant

1. Our responsibility is to express a conclusion on the book value of the Company's shareholders equity as of September 30, 2021, based on the work carried out in accordance with the CTG 2002 Technical Communiqué, approved by the Federal Accounting Council (CFC), which provides for the application of examination procedures in the balance sheet for the issuance of an appraisal report. Thus, we carry out the examination of the aforementioned Company's balance sheet in accordance with the applicable accounting standards, which require compliance with ethical requirements by the accountant and that the work be planned and carried out with the objective of obtaining reasonable assurance that the calculated net equity for the preparation of our valuation report is free from material misstatement.
2. The issuance of an appraisal report involves the execution of selected procedures to obtain evidence regarding the amounts recorded. The procedures selected depend on the accountant's judgment, including the assessment of the risks of material misstatement of equity, regardless of whether caused by fraud or error. In this risk assessment, the accountant considers the internal controls relevant to the preparation of the Company's balance sheet to plan the procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal controls. The work also includes evaluating the adequacy of accounting policies used and the reasonableness of accounting estimates made by management. We believe that the evidence obtained is sufficient and appropriate to support our conclusion.

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Conclusion

6. Based on the work carried out, we conclude that the value of BRL 1,073,718,901.02 (one billion, seventy-threemillion, seven hundred and eighteen thousand, nine hundred and one reais and two cents), according to the balance sheet on September 30, 2021, recorded in the accounting books and summarized in the Annex I, represents, in all material respects, the accounting value of the shareholders equity of the Company, evaluated in accordance with Brazilian accounting practices.

Rio de Janeiro, December 3rd 2021.

FELLIPE

FRANCO ROSMAN:11 141150700

Assinado de forma digital por FELLIPE FRANCO ROSMAN:111411507 00

Dados: 2021.12.03 16:42:12 -03'00'

Meden Consultoria Empresarial Ltda.	Fellipe Franco Rosman
CRC/RJ-008590/O-0	Accountant
	CRC/RJ-130003

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ANNEX I

Balance sheet drawn up on September 30, 2021 of the Company for purposes of incorporation of the Shareholders' Equity by Oi S.A. - Under Judicial Reorganization.

Oi Móvel S. A. - In Judicial Reorganization

Balance Sheet (in BRL)	Balance as of
09/30/2021
CURRE N T ASSE TS	7. 971. 799. 321,06
Cash and cash equivalents	1.831.008.997,09
Financial investments	4.422.076,66
Accounts Receivable	3.349.588.539,61
Inventory	12.727.961,00
Taxes recoverable	103.605.983,08
Other taxes	292.246.302,64
Dividends and Interest on Equity	819.571.495,25
Prepaid expenses	917.135.752,14
Suppliers in advance	387.880.590,41
Other assets	253.611.623,18
N ON -CURRE N T ASSE TS	19. 061. 034. 425,31
LON G -TE RM ACHIE VE ABLE ASSE TS	1. 532. 456. 062,88
Financial investments at fair value	6.749.536,92
Other taxes	495.848.384,00
Deposits and court blocks	204.541.746,78
Prepaid expenses	755.436.867,61
Other assets	69.879.527,57
IN VE STME N TS	3. 168. 095. 847,79
BTCM - Brasil Telecom Comunicação Multimídia S.A. (40.63%)	3.152.845.402,88
Other investments	15.250.444,91
FIXE D ASSE TS	13. 271. 760. 047,96
IN TAN G IBLE	1. 088. 722. 466,68
TOTAL ASSE TS	27. 032. 833. 746,37

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