Each holder of the common shares of the Company (“Common Shares”) and/or preferred shares of the Company (“Preferred Shares”) as of 6:00 p.m. (Brasília time) on November 19, 2018 (the “Share Record Date”) will be granted 1.333630 transferable preemptive rights to subscribe for Common Shares (“New Common Shares”) for each Common Share or Preferred Share held by such holder (the “Common Share Rights”).

Only whole numbers of Common Share Rights will be issued and all entitlements will be reduced to the next lower number of whole Common Share Rights.

Each Common Share Right will entitle its holder to subscribe for one New Common Share at the subscription price of R$1.24 (the “Common Share Subscription Price”) in cash.

Holders of Common Share Rights will be entitled to exercise Common Share Rights during the period commencing at 10:00 a.m. (Brasília time) on November 22, 2018, and ending at 6:00 p.m. (Brasília time) on December 26, 2018 (the “Share Rights Expiration Time”).

Each holder of American Depositary Shares, each representing five Common Shares (the “Common ADSs”) as of 5:00 p.m. (New York City time) on November 21, 2018 (the “ADS Rights Record Date”) will be granted 1.333630 transferable preemptive rights to subscribe for Common ADS for each Common ADS held by such holder (“Common ADS Rights”).

Each holder of American Depositary Shares, each representing one Preferred Share (the “Preferred ADSs”) as of the ADS Rights Record Date will be granted 0.266726 Common ADS Rights.

Only whole numbers of Common ADS Rights will be issued and all entitlements will be reduced to the next lower number of whole Common ADS Rights.

Each Common ADS Right will entitle its holder to subscribe for one Common ADS at the subscription price of the U.S. dollar equivalent of R$6.20 (the “ADS Subscription Price”), which is equal to five times the Common Share Subscription Price of R$1.24, in cash. The exchange rate applied to determine the U.S. dollar equivalent of the ADS Subscription Price will be the exchange rate assigned by The Bank of New York Mellon, as ADS Rights Agent (the “ADS Rights Agent”), which will be around the time the Brazilian custodian of the Common Shares and Preferred Shares underlying the Common ADSs and Preferred ADSs (the “ADS Custodian”) exercises its Common Share Rights.

To validly subscribe for Common ADSs, you will need to deposit with the ADS Rights Agent, in cash, US$2.03 per Common ADS subscribed or requested (the “ADS Deposit Amount”), which is equal to US$1.69 (the U.S. dollar equivalent of five times the Common Share Subscription Price based on the closing rate for the sale of U.S. dollars against the real as reported by the Brazilian Central Bank on October 26, 2018, the date on which the board of directors of Oi authorized the Rights Offer) per Common ADS subscribed or requested, plus 20% of such amount to cover (1) currency rate fluctuations from October 26, 2018 to the date on which the ADS Rights Agent converts currency in connection with the exercise by the ADS Custodian of the Common Share Rights underlying the Common ADS Rights, (2) the ADS Depositary’s issuance fee of US$0.05 per New Common ADS, and (3) any other applicable fees, expenses or taxes.

Holders of Common ADS Rights will be entitled to exercise Common ADS Rights during the period commencing at 9:00 a.m. (New York City time) on November 26, 2018, and ending at 5:00 p.m. (New York City time) on December 17, 2018 (the “Common ADS Rights Expiration Time”). Brokers and other securities intermediaries may set their own cutoff dates and times to receive exercise instructions that may be earlier than the Common ADS Rights Expiration Time. Therefore, holders of Common ADS Rights that hold through brokers or other securities intermediaries should contact those brokers or other securities intermediaries to determine the cut-off dates and times that apply to them.

Common Share Rights and Common ADS Rights not validly exercised will expire without value and without compensation.

If not all of the New Common Shares are taken up initially in the Rights Offer as a result of the subscription of the New Common Shares to which holders of Common Share Rights (including the ADS Custodian) are entitled, holders of Common Share Rights and Common ADS Rights who exercised their Common Share Rights or Common ADS Rights, as the case may be, and manifested their intention to do so will also have the ability to acquire up to all of the New Common Shares not taken up initially in the Rights Offer (the “Excess Common Shares”), or Common ADSs representing the Excess Common Shares, respectively. If requests for subscription for Excess Common Shares (including requests for Excess New Common Shares by the ADS Custodian) exceed the available number of Excess Common Shares, the Excess Common Shares will be allocated in accordance with the pro ration mechanism described in the Prospectus. Fractional entitlements to New Common Shares or New Common ADSs will be reduced to the nearest whole number of New Common shares or New Common ADSs, as the case may be.

The Common Share Rights will trade on the B3 S.A. – Brasil, Bolsa, Balcão under the trading symbol “OIBR1” during the period from 10:00 a.m. (Brasília time) on November 22, 2018 to 6:00 p.m. (Brasília time) on December 17, 2018.

The Common ADS Rights will trade “when issued” on the New York Stock Exchange beginning at 9:30 a.m. (New York City time) on November 19, 2018, and the Common ADSs are expected to trade “Ex-Rights” on the New York Stock Exchange beginning at 9:30 a.m. (New York City time) on November 20, 2018. The Common ADS Rights are expected to begin trading for normal settlement on the New York Stock Exchange (NYSE:OIBR RT) at 9:30 a.m. (New York City time) on November 27, 2018. Trading in Common ADS Rights will cease at 4:00 p.m. (New York City time) on December 12, 2018.