PHAROL, SGPS, S.A.

Capital/Financing Update • Jul 15, 2021

Announcement | Lisbon | 15 July 2021

Notice to the Market disclosed by Oi

PHAROL, SGPS S.A. hereby informs on the Notice to the Market disclosed by Oi, S.A., according to the company's announcement attached hereto.

Oi S.A. – In Judicial Reorganization

CNPJ/ME nº 76.535.764/0001-43 NIRE 33.3.0029520-8 Publicly-held Company

NOTICE TO THE MARKET

Oi S.A. – In Judicial Reorganization ("Oi" orthe "Company"), in compliance with the provisions of CVM Instruction No. 358/02, hereby informs its shareholders and the market in general that, in continuity to its financing strategy approved in the Judicial Recovery Plan Amendment, it has engaged financial institutions with the objective to evaluating capital raising alternatives for the Company in the domestic or international debt capital markets in connection with the potential refinancing of the 1st series of debentures of Oi Movel S.A. (DIP) which matures in January of 2022.

The Company will keep its shareholders and the market informed of the development of the subject matter of this Notice.

Rio de Janeiro, July 14, 2021.

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