PRESS RELEASE

Oi hires consultancy to implement capex plan

By
Monday, December 3, 2018

Notice to the Market

Oi S.A. - In Judicial Reorganization ("Oi" or the "Company") informs its shareholders and the market in general that it has engaged the Oliver Wyman consultancy to act as PMO (Project Management Office) to implement the Oi Capex Plan pursuant to the Judicial Reorganization Plan, which provides for an average investment of R$7 billion yearly for a three-year cycle. Oliver Wyman will provide expertise to ensure quick and efficient execution monitoring and control of investments with the best potential return on investments. Oliver Wyman is a global leader in management consulting, specializing in strategy, operations, risk management and organizational transformation.

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Oi's purpose is to ensure that its executive team has all the support and reference tools in the market necessary to achieve the strategic business objectives, which are based on the project of mass-market high-speed broadband, in particular through fiber-optic to the customer's home (FTTH), in the Company's area of operation, seeking to maximize the existing assets profitability, as well as to promote the expansion of its 4.5G service access network and prepare the transition of Oi's network to 5G service access when this technology is available in Brazil.

Throughout 2018, Oi has anticipated the beginning of the investment cycle provided for in the Oi Incremental Capex Plan, leveraging the strength and capillarity of its network, allowing for progress of projects for the expansion of high-speed broadband service, especially through fiber-optic, and the expansion of the mobile access network. The Company is focused on resuming competiveness and improving customer experience and has already invested approximately R$4 billion in the first nine months of this year. With this project, Oi plans to bring fiber-optic connection to 10 million homes (Homes Passed) by the end of 2021.

The Company will keep its shareholders and the market informed on any material development of the subject matter of this Notice to the Market.

Rio de Janeiro, December 3, 2018.

Oi S.A. - In Judicial Reorganization

Carlos Augusto Machado Pereira de Almeida Brandão

Chief Financial Officer and Investor Relations Office