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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

Oi S.A. - In Judicial Reorganization, pursuant to Article 12 of CVM Instruction No. 358/02, announces that it has received, on this date, correspondence from Goldentree Asset Management LP, with the following information:

"New York, New York — U.S.A., November 13, 2018

OIS.A. - In Judicial Reorganization
Rua Humberto de Campos, 425 - 8º floor
Leblon - Rio de Janeiro
RJ, Brazil - 22430-190
Attn.: Sr. Carlos Augusto Machado Pereira de Almeida Brandão
Chief Financial Officer and Investor Relations Officer

Ref: Disclosure of significant ownership interest in OI S.A. — In Judicial Reorganization

Dear Sirs,

Goldentree Asset Management LP, investment advisor of Goldentree Asset Management Lux Sarl, enrolled in the Brazilian Legal Entities Taxpayers Registry ("CNPJ/MF") under the No. 23.384.203/0001-24, and its related entities and individuals ("Goldentree"), in their capacity as discretionary investment management (administradora de carteiras) outside Brazil, in compliance with the Article 12 of the CVM Instruction No. 358, dated January 3, 2002, as amended ("CVM Instruction 358"), hereby submits, respectfully, the attached information, given the fact that discretionary investment management clients outside Brazil under their administration have achieved ownership interest of 10.0% of all common shares issued by Oi S.A. - In Judicial Reorganization ("Company"), which corresponds to, currently, (i) 23,641,700 common shares; and (ii) 202,742,505 common shares in form of 40,548,501 American Depositary Shares; corresponding to a total of 226,384,205 common shares of the Company.
This is a minority investment that does not involve a change in the composition of corporate control or a specific change in the management structure of the Company other than within the rules of the approved judicial recovery plan and ongoing exercise of voting rights arising out of the shares held. Currently there is no specific percentage of shares that we intend to buy and we may carry out additional purchases. No other related entities of Goldentree hold any interest in the Company. Except for the Warrants, there are no other securities, including convertible debentures, already held, directly or indirectly, by Goldentree, nor any agreement or contract regulating voting rights or the purchase and sale of securities issued by the Company, to which Goldentree is a party.

Please do not hesitate to contact us should you need any further clarifications. For any matters relating to this letter, please contact Citibank Distribuidora de Títulos e Valores Mobiliários S.A. in Brazil, enrolled in the CNPJ/MF under No. 33.868.597/0001-40.

Please do not hesitate to contact us should you need any further clarifications.

Very truly yours,
Goldentree Asset Management LP
(and related entites/individuals/e entidades coligadas e pessoas vinculadas)

Peter Alderman
Vice President"

Rio de Janeiro, November 13, 2018.

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

Click here for the pdf file.

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

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

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