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Material Fact

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


Oi SA - In Judicial Reorganization ("Oi" or the "Company"), in accordance with Article 157, Paragraph 4, of Law No. 6,404/76 and the provisions of CVM Instruction No. 358/02, hereby informs its shareholders and the market in general that, in line with the implementation of its Strategic Plan for the transformation of its operations, Oi’s financial advisor, Bank of America Merrill Lynch ("BofA"), has received manifestations from third parties interested in the Company’s mobile business.

Such manifestations were made within a market sounding process, which, as already disclosed by Oi, aims to better identify opportunities relating to its mobile assets, and will enable preliminary assessments about the creation of value arising out of a potential sale of such assets. The receipt of these preliminary, non-binding indications from third parties reinforces the Company’s understanding that there is market interest for its mobile telephony operations. As of this moment, however, neither Oi nor any such third party has committed to any such disposition or executed any binding agreement in this respect.

Although its analyses may develop into a potential formal negotiation process in the future, Oi currently continues to analyze all existing alternatives that may maximize the outcome of the implementation of its Strategic Plan. There can be no assurance at this moment that potential negotiations will indeed reach a successful outcome and that a sale transaction will materialize.

Oi reiterates its commitment to comply with the Strategic Plan and to focus on becoming the largest provider of telecommunications infrastructure in Brazil by expanding fiber optics and high-speed internet, offering businesses solutions and preparing for the development into 5G, with a focus on businesses with greater value-added, growth prospects and a vision for the future.

The Company will keep its shareholders and the market informed of any development regarding the subject matter of this Material Fact.

Rio de Janeiro, March 10, 2020.

Oi S.A. - In Judicial Reorganization
Camille Loyo Faria
Chief Financial Officer and Investor Relations Director

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

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