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Notice to the Market

Oi S.A. - In Judicial Reorganization
CNPJ/MF Nº 76.535.764/0001-43
NIRE 33.30029520-8
Publicly-Held Company

NOTICE TO THE MARKET

S&P rating

Oi S.A. - In Judicial Reorganization ("Company") informs its shareholders and the market in general that Standard & Poor’s ("S&P") announced today its research update on the credit ratings attributed to the Company. S&P raised its global scale corporate credit ratings to CCC+ from D and its national scale ratings to brB from D. At the same time, S&P reaffirmed that all debt ratings remain at D, considering the conclusion of the defaulted-debt exchanges is still subject to other jurisdictions’ approvals of the reorganization plan, which can take several months. S&P also affirmed that the outlook on the corporate credit ratings is positive and indicated it could further raise these ratings in the next 12 months if Oi implements the reorganization plan as approved, at the same time as the risks of appeal or intervention to the existing plan minimize.

Rio de Janeiro, March 22, 2018.

Oi S.A. - In Judicial Reorganization
Carlos Augusto Machado Pereira de Almeida Brandão
Chief Financial Officer, Investor Relations Officer

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(¹) This translation is still subject to the auditors review

(¹) This translation is still subject to the auditors review

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