PHAROL, SGPS, S.A.

Capital/Financing Update • Sep 13, 2019

Announcement | Lisbon | 13 September 2019

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.

Corporate Taxpayers' Registry (CNPJ/MF) No. 76.535.764/0001-43 Board of Trade (NIRE) No. 33.300.29520-8 Publicly-Held Company

NOTICE TO THE MARKET S&P rating

Oi S.A. (BOVESPA: OIBR3, OIBR4; NYSE: OIBR.C, OIBR) (the "Company" or "Oi") discloses to its shareholders and the market in general that Standard & Poor's announced today its review of the credit rating attributed to the Company, maintaining the long-term global scale credit rating B and downgrading the outlook from Stable to Negative and the long-term domestic scale credit rating from brA to brA-.

Rio de Janeiro, September 12, 2019.

Oi S.A. – In Judicial Reorganization

Carlos Augusto Machado Pereira de Almeida Brandão Chief Financial Officer and Investor Relations Officer