PHAROL, SGPS, S.A.

Investor Presentation • Jul 19, 2021

Announcement | Lisbon | 19 July 2021

Material Fact disclosed by Oi

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

STRATEGIC PLAN TRIENNIUM 22-

WIT H T HE MAR KET CONFERENCE CALL

IMPORTANT NOTICE

1

This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and the applicable Brazilian regulations. Statements that are not historical facts, including statements regarding the beliefs and expectations of Oi – under Judicial Reorganization ("Oi" or "Company"), business strategies, future synergies, cost savings, future costs and future liquidity are forward-looking statements.

The words "will", "may", "should", "could", "anticipates", "intends", "believes", "estimates", "expects", "forecasts", "plans," "aims" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. There is no guarantee that the expected events, tendencies or expected results will actually occur. Such statements reflect the current views of the Company's management and are subject to a number of risks and uncertainties. These statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, corporate approvals, operational factors and other factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. All forward-looking statements attributable to the Company or its affiliates, or persons acting on their behalf, are expressly qualified in their entirety by the cautionary statements set forth in this notice. Undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made.

Except as required under the Brazilian and U.S. federal securities laws and the rules and regulations of the CVM, the SEC or other regulatory authorities in other applicable jurisdictions, the Company and its affiliates do not have any intention or obligation to update, revise or disclose any changes to any of the forward-looking statements herein in order to reflect current or future events or their developments, changes in assumptions or changes in other factors affecting the forward-looking statements herein. You are advised, however, to consult any further disclosures the Company makes on related subjects in reports and communications that the Company files with the CVM and the SEC.

SINCE 2018, OI HAS BEEN PAVING THE WAY which WILL TAKE IT BACK TO GROWTH

• Debt Restructuring
• Cash Protection
• New Governance
• Capital Increase
• Operational Recovery
• Investment Resumption

JR PLAN STRATEGIC TRANSFORMATION PLAN

• Focus on Core
• Legacy Optimization
• Assets Sale / M&A
• Funding
• Simplification and Operational Efficiency

2016-2018 2019-2020 2020-2021

NEW STRATEGIC MODEL AND AMENDMENT TO JRP

• Future Vision and Return to Growth
• Structural Separation
• UPIs Sales
• Reconfiguration

Transformation history

EXPANSIO

OI BRAND

FTTH

N

77% consideration among Oi Fiber customers(1) versus 34% of Broad Band customers in general

HCs (1Q/21)

Fiber customers(1) versus 24% of Broad Band customers in general

Fiber customers(1) 4% versus 16% of Broad Band customers in general

3

CREDIBILITY

MARKET TRANSPARENCY, DELIVERING ON COMMITMENTS

J U L 2 1 Notes: (1) Data correspond to the growth in percentage of Oi's consideration and preference indexes in the Total of the study sample versus Total Oi Fiber Customers and a drop in the percentage of rejection of Oi considering the difference of the Total of the study sample versus Total Oi Fiber Customers. Study with quantitative methodology carried out by Ipsos at the request of Oi Movel SA, with national coverage, from 04 to 18/01, 04 to 24/02 and 04 to 24/03. 2919 interviews were carried out in the total quarter (Jan to Mar 2021), with 960 interviews in January-21, 979 interviews in February-21 and 980 interviews in March-21, with a sampling error margin of 3.16 percentage points (pp), 3.13 percentage points and 3.13 percentage points respectively.

J U L 2 1

... AND RECOVERY OF BRAND PERCEPTION WITH CUSTOMERS I was surprised by a call from Oi to ask if I had any problems, as I had unplugged the fiber device for a few hours – amazing the proactive customer service! Connection stability, speed and support. Should something happen, service via website or phone is very good 4Q20 1Q21 The guy who went to install was super professional. He described all my contracted services. Impeccable service quality. Anything I asked he would answer and that's it. He didn't need to ask anyone. He knew what he was talking about. We felt confident with the technician, who was well prepared, with solid answers. Transformation history

1Q21

4

7,265

65%

The divestment and funding/refinancing programs have made it possible to finance Oi's transformation with a strong focus on fiber

R\$ 34.6 BN

R\$ 14.1 BN

DIVESTMENT PROGRAM

2020 Unitel – R\$ 4.2Bn 2020/2021 Real Estate – R\$ 0.3Bn 2021 UPI Towers – R\$ 1.1Bi 2021 UPI Data Centers – R\$ 0.3Bn 2021/2022 UPI Mobile – R\$ 15.8Bn 2021/2022 UPI Infra Co – R\$ 12.9Bn In progress UPI TV Co

FUNDING/REFINANCING PROGRAM

2019 Capital Increase – R\$ 4.0Bn 2020 Oi Mobile Debentures – R\$ 2.5Bn 2021 Infra Co Convertible Debentures – R\$ 2.5Bn 2021 Mobile Bridge Loan¹ – R\$ 2.0Bn 2020/2021 PIS/COFINS Credits – R\$ 3.1Bn

In progress DIP refinancing

CAPEX FOR THE LAST 5 YEARS

7,813

And now we enter the FINAL phase of our transformation

OI Group after M&A operations

NEW Oi: REINFORCING OUR STRATEGY AND EXECUTION

SIMPLICITY AND OPERATIONAL EFFICIENCY

Reorganized company, simpler, lighter and more efficient

LIGHT and AGILE company, focused on the future, asset light

SIMPLE offers that MAKE SENSE in the customer's life

COST REDUCTION and SIMPLIFICATION through legacy reduction and structural separation

CLIENT

Simplicity leading to full focus on customer service – for offers and operations

DIGITAL FIRST and OMNICHANNEL support

approaches

Accelerated Time-to-Market with MODULAR PORTFOLIO

DATA DRIVEN & ANALYTICS in all

CENTRIC DIVERSIFIED REVENUE

Leveraging Oi's scale and assets to develop and capture new revenue in multiple areas

Enhancement of NEW B2C BUSINESSES

Development of NEW VERTICALS leveraged by Oi's competitive differentials

Oi Soluções: ORCHESTRATOR OF ITC and IT SOLUTIONS

On fiber, results and high nps show the possibility to increase revenue per hc

J U L

OI FIBER RAMP

In the municipalities where OI operates with FTTH, OI has been gaining market share in the UBB² market and fighting for net adds leadership with the ISPs

Mkt Share UBB² (128

OI FIBER LEADERSHIP AND VALUE CAPTURE

2 1 Source: ANATEL Base of May/21 || Oi Comptroller || Notes: (1) Large operators were considered individually and small operators were consolidated (according to ANATEL classification) || (2) Considered speed above 34 Mbps (3): Municipalities with Oi Fiber operation

B2C+SME: plan maintains expansion of hcs and arpu expansion through the sale of higher speeds and new services up-selling

MAIN NUMBERS – FTTH B2C + SMALL ENTERPRISES

MAIN VALUE GENERATION LEVERS

Sale of higher speeds and new services leveraging the HC ARPU

C. Transformation in the business model through greater digitization and analytics D.

Building an ecosystem of partners to offer dedicated services to Retail and with focused offers for the SME segments:

• Digital Marketing (eg.: Aceleraí)
• Online Sales (eg.: OiList)
• Security
• Oi Expert
• Vertical Solutions

STRATEGIC PLAN NEW OI - TRIENNIUM 22- 24

J U L 2 1 Note: (1) Calculated with accesses from all BUs (2) Comprises Fixed, BB and TV Source: Oi Controllership, Anatel.

~700

2

IT Revenue

202 2023

/ Total B2B 26% 47%

…..ANCHORED ON IT GROWTH

CAGR 21%

WITHIN OI SOLUTIONS

In B2B, Oi soluções offsets the reduction in legacy voice and connectivity revenues with the growth of it solutions, with the potential to be one of the major players in the segment

~1,250

IT Revenue (R\$ Million)

2024 2025

1 2

oi IS ALREADY DEVELOPING NEW REVENUE streams BASED ON ITS UNIQUE ASSETS AND SCALE...

PORTFOLIO AND ECOSYSTEM BUILDOUT

1 3

J U L 2 1

Notes: : (1) Of these, 1.2MM of SME RGUs (2): 3.3 thousand Municipalities served by SEREDE (3) Door to door partners

... CONNECTING PARTNERS AND CUSTOMERS THROUGH A multi-sided STRATEGY THAT BRINGS DIGITAL TO PHYSICAL

J U L 2 1

Notes: : (1) Of these, 1.2MM of SME RGUs (2): 3.3 thousand Municipalities served by SEREDE (3) Door to door partners

1. New Revenue Sources Beyond Connectivity

DIVERSIFICATION EXAMPLES Year of Diversification 2010 2015 2008 2015 2005 2016 2015 2016 2008 2015 2007 2007 2006 Structural Separation - - - - 2005 - - 2015 - - 2018 - 2002 2018 % of New Revenues (1) 43% 36% 35% 32% 31% 22% 21% 20% 13% 7% 39% 39% 38% Initial OBJECTIVE CALLS FOR between BRL 1.0 and 1.5 billion of incremental revenue by 2024 MARKET SIZE 2020 CUSTOMERS Digital Home(2) R\$ 4Bn Content(2) R\$ 7Bn Logistic(3) R\$ 23Bn Retail Online(4) R\$ 126Bn Gaming(2 R\$ 4Bn Telemedicine R\$ 3Bn Credit Card(5) & Insurance(6) R\$ 49Bn SELLERS EXAMPLES OF CUSTOMER VALUE Oi Fiber 400 Mbps R\$ 149.90 / Mth Client A – R\$ 199.70 / month BUSINESS VERTICALS OI PLAY R\$ 29.90 / Mth Client B – R\$ 699.80 at month X Client C – R\$ 239.80 at month Y R\$ 19.90 / Mth Oi Fiber 1Gbps R\$ 499.90 / Mth R\$ 199.90 R\$ 199.90 R\$ 39.90 / Mth Devices Smart Home Telemedicine Health Recurring Revenue Headphone Oi 2024 revenue target R\$ 1.0-1.5Bn

STRATEGIC PLAN NEW OI - TRIENNIUM 22- 24

J U L

2 1 Notes: (1) Safaricom, AT&T, Singtel, BT, Telstra, Deustche Telekom, O2 and Orange data refer to the period 2018-2020; Docomo and Verizon are for the period 2017-2019; TDC, SK Telecom and Jio refer to the period 2018-2019 (2) Statista data (3) Data extrapolated from IBGE (Post Office and Delivery); (4) Neotrust data; (5) Abecs Data (6) SUSEP Life and Home Insurance Data

To unlock this value, New oi will reorganize itself FOR EXECUTION

Transition and Management of the

(Copper / DTH and Mobile)

Innovation, incubation, new revenue streams

Legacy Base

VALUE GENERATION

B2C and SME

Oi Solutions

STRUCTURING CAPABILITIES

+

CHANNELS e-Commerce, stores, PAP, Telesales, Oi Place, O2O, Partners

CUSTOMER SERVICE Tahto + Oi Place + Joice + APPs Oi + WA

DIGITAL ANALYTICS Big Data, Automation, Pods, Prototyping

FILD TEAMS Local technical presence, logistics Serede

MORE THAN BRL 1B OF ADDITIONAL SAVINGS (ANNUALIZED) IN NEW COST CUTTING PROGRAM

1 7

DCO 2.0

With the change of model, Oi started a cost reduction program with the objective of delivering additional savings of MORE THAN BRL 1B annually

IN 2019, WE ANNOUNCED A MAJOR COST REDUCTION PROGRAM (DCO 1.0) DELIVERING BEYOND THE BRL 1B WE HAD INITIALLY PROJECTED

STRATEGIC PLAN NEW OI - TRIENNIUM 22- 24

The reduction program associated with the M&As aims to transform the company's cost structure in order to make the new oi much lighter, agile and sustainable

1. Concession RESOLUTION

Model migration and arbitration are two critical elements to reduce THE IMPACT OF REDUCING LEGACY REVENUE

THE BA;ANCE OF TOTAL REVENUES AND COSTS AND FUTURE SUSTAINABILITY OF STFC IS A PRECEDENT CONDITION FOR MIGRATION FROM THE PUBLIC TO THE PRIVATE REGIME

MIGRATION FROM CONCESSION TO AUTHORIZATION SHOULD SIGNIFICANTLY REDUCE STFC CASH AND OPEX CONSUMPTION

ARBITRATION PROCESS MAY GENERATE POSITIVE IMPACT OF SEVERAL R\$ BILLION

EBITDA² INFRA CO

According to market benchmarks, Infra Co can be traded at multiples greater than 10x EBITDA

CAPITAL STRUCTURE

Possible IPO as a future alternative

(10 * (EBITDA(2) 2025) * ~40% stake ~R\$ 9 Bn ~R\$ 22 Bn ^³

Oi)

EV Infra Co for New Oi Oi's Current Mkt Cap

Infra co FTTH expansion model / oi allows efficient, competitive and future proof growth

Unique physical presence:

• Field force with over 20.000 technicians
• Presence in over 3.000 municipalities

Largest fiber network in Brazil:

• ~400 thousand km of optic fiber
• Metropolitan network in over 2,000 cities

Architecture focused on quality and efficiency:

• High reliability, availability and performance
• Network topology prepared to future growth and a lower TCO

CURRENT TOTAL COST PER HP ENSURES TECHNICAL SUPERIORITY AND GROWTH CAPACITY, WITH LOWER TCO COMPARED TO OTHER MARKET ALTERNATIVES

IN short, To build the New Oi, the company has been overcoming different types of execution challenges

RJ CHALLENGE

• New governance
• JR Plan amendment approved with vast majority and in execution
• JR exit estimated for 1H22 after conclusion of M&A operations

M&A

• Towers and Data Centers concluded
• Mobile and Infra Co executed on schedule
• TV Co in progress
• Structural Separation in progress

CHALLENGE FUNDING CHALLENGE

• Consent to implement the financial alternatives provided for in the amendment to the JR Plan
• Infra Co Bridge raised
• Mobile Bridge signed
• Bonds refinancing in preparation

OPERATIONAL CHALLENGE

• Continue to expand fiber connectivity core business
• Accelerate new revenue streams both on B2B and B2C leveraging extensive customer base and existing assets
• Drastically reduce costs to make them aligned with the new company size
• Address Concession sustainability
• Ensure Infra Co success

J U L 2 1

NEW Oi: evolution of MAIN operational INDICATORS ¹

13% -

15%

2024

New Oi 2024

17% -

EBITDA

19%

New Business 2024

• HC CAGR of ~31% between 21-24 possibly reaching ~8MM in 2024 • Average revenue CAGR² per HC of ~11% between 21-24, possibly reaching ~R\$94/month • Oi Solutions revenues stable at ~R\$ 2.6Bn, with IT revenues possibly growing its share to ~40% in 2024 • Legacy revenues can reduce to ~R\$0.5Bn in 2024 • New revenues possibly reaching ~R\$1.5Bn in 2024 GUIDANCE ON KEY INDICATORS R\$ 14,8bn - R\$ 15,5bn NET REVENUE R\$ 1,9bn - R\$ 2,3bn New Oi 2024

• EBITDA margin of the new business could reach ~20% by the end of 2024 (~18% for the full year) and continuing the growth trend with expected stabilization at ~25%.
• EBITDA Margin of New Oi (including legacy) could reach ~16% by the end of 2024 (~14% for the full year).
• Legacy costs expected to no longer burdening New Oi from 2026 onwards
• CAPEX/Revenue starting at ~14%, possibly reaching ~7.8% in 2024 and expected to stabilize at even lower levels from 2026 onwards

NOTE: (1) The guidances described herein represent the Company's expectations and projections, which were based on reasonable assumptions and are subject to variations due to several factors, many of which are not and will not be under the Company's control. (2)B2C + small companies;

EBITDA

New Oi MARGIN

NEW Oi: CAPITAL STRUCTURE READJUSTEMENT

)

DEBT STRUCTURE (CURRENT¹

2 4

new OI: CONTINUING TO EVOLVE in the esg agenda objectives

Oi's ESG objectives prioritize adherence to 12 of the 17 existing SGDs ¹, aiming to be a reference at ESG MSCI rating

ENVIROMENTA L

100% renewable sources energy matrix (solar, biomass, biogas, PCHs)

Recovery capacity growth and equipment reuse

Oi Futuro Institute: Social impact on Education, Innovation and Cultural programs, focusing on inclusion and diversity; Internal programs of diversity and inclusion

GOVERNANCE

WOB (Women on Board) stamp obtained in 2021; Obtain Pro-Ethics Stamp in 2023; Return to B3 index: ISE

Note: (1) The 17 Sustainable Development Goals (SDGs) were established by the United Nations (UN) in 2015 and comprise a global agenda for the construction and implementation of public policies that aim to guide humanity until 2030