Oi S A : Notice to Shareholders - New Auctions of Shares

Oi S.A. - In Judicial Reorganization

Federal Taxpayers' (CNPJ/ME) No. 76.535.764/0001-43

Board of Trade (NIRE) No. 33.3.0029520-8

Publicly-Held Company

NOTICE TO SHAREHOLDERS

Execution of the 1st Auction of the Fractions Resulting from the Reverse Stock

Split

Oi S.A. - In Judicial Reorganization ("Oi" or the "Company", B3: OIBR3, OIBR4;

OTC: OIBZQ, OIBRQ), following the Notices to Shareholders of December 1, 2022, January 6, 2023 and October 19, 23 and 24, 2023, hereby informs its shareholders and the market in general that auctions were held between October 26 and November 1, 2023 for the sale of fractions of shares resulting from the reverse stock split of all of the Company's common and preferred shares ("Shares"), approved by the shareholders at the Extraordinary General Meeting held on December 1, 2022.

As a result of the auctions, 191,800 preferred shares issued by the Company were sold, totaling an amount of R$324,524.16, net of fees. The date of new auctions for the sale of the Shares still available will be informed in due course.

The net amounts of the sale of the Shares in the auctions will be credited in the name of the holders of the fractions, proportionally to the fractions of common and/or preferred shares held by them, within 7 (seven) business days, as of the last auction that concludes the sale of all the Shares, as follows:

1. Account holders of the Banco do Brasil S.A. ("Banco do Brasil") will have their credit automatically made to a checking account held by them at Banco do Brasil, provided that they have expressed their interest in receiving in a checking account the amounts to which they are entitled and that their records with Banco do Brasil are up to date;
2. Shareholders with shares held in custody at B3's Central Depository, i.e., those who acquired shares through brokerage firms, will have the amounts to

which they are entitled credited directly to B3, which will be in charge of transferring them to shareholders through custody agents;

1. The other eligible shareholders they must request at the Banco do Brasil branch of their relationship or preference the issuance of a payment notice for receipt at the teller or by means of credit in a checking account of other banks, at the expense of these shareholders, upon presentation of the pertinent bank details (bank, branch and current account number); and
2. Shareholders whose shares are blocked or whose registration is outdated: the amount will be retained by the Company and will be at the disposal of the respective shareholder during the period provided by law, and the respective payment will be made exclusively upon presentation of documentation proving release or identification, as the case may be.

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

Rio de Janeiro, October 23 2023.

Oi S.A. - In Judicial Reorganization

Cristiane Barretto Sales

Chief Financial and Investor Relations Officer