PHAROL, SGPS, S.A.

Legal Proceedings Report • Jul 28, 2020

Announcement | Lisbon | 28 July 2020

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 Corporate Taxpayers' Registry (CNPJ/ME) No. 76.535.764/0001-43 Board of Trade (NIRE) No. 33.300.29520-8 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 VIC DTVM S.A and Victor Adler, with the following information:

"Rio de Janeiro, July 24, 2020.

Oi S.A. – In Judicial Reorganization Rua Humberto de Campos, 425 – 8th Floor Leblon – Rio de Janeiro RJ, Brazil – 22430-190

Att. Mr. Carlos Augusto Pereira de Almeida Brandão Investor Relations Officer

Dear Officer,

VIC DTVM S/A (Corporate Taxpayer's Registry (CNPJ) No. 14.388.516/0001-60) and VICTOR ADLER (Individual Taxpayer's Registry (CPF) No. 203.840.097-00), each with offices and domiciled at Rua da Assembleia, 10, grupo 2701, City Centre, City and State of Rio de Janeiro, in their respective capacities as shareholders of the Company under management or representing a common interest, hereby, pursuant to Article 12 of CVM Instruction No. 358, dated January 3, 2002, inform that, as a result of stock lending transactions executed on July 22, 2020, their joint interest in the Company was reduced to 7,400,000 preferred shares, representing approximately 4.7% of the total preferred shares and 0.1% of the Company's capital stock.

The interest held by the undersigned is not intended to change the management structure or composition of the Company's control. The undersigned herein clarify that they do not hold any other securities or derivative financial instruments backed by the Company's shares, whether by physical delivery or cash settlement. In addition, the undersigned clarify that they are not party to any agreement or contract that regulates the exercise of voting rights or the purchase and sale of the Company's securities.

We request that this notice be duly published in accordance with the applicable laws.

Sincerely,

By:______(signature of proxy)______ VIC DTVM S/A VICTOR ADLER"

Rio de Janeiro, July 24, 2020.

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