Oi S A : Minutes of the 357st Board of Directors

Oi S.A. - In Judicial Reorganization.

CNPJ/ME no. 76.535.764/0001-43

NIRE 33.3.0029520-8

Publicly-Held Company

MINUTES OF THE 357st BOARD OF DIRECTORS

SPECIAL MEETING HELD ON MAY 19, 2023

1. DATE, TIME AND PLACE OF MEETING: On the 19th day of May 2023, at 3:00 p.m., held by a deliberative circuit, pursuant to Article 29, § 1, of the Company's Bylaws.

1. CALL NOTICE: Held by individual messages sent to the Directors, pursuant to Article 28, §1 of the Company's Bylaws.

1. QUORUM AND ATTENDANCE: Attended by all the members of the Board of Directors, who signed at the end. Also attending the meeting were Messrs. Cristiane Barretto Sales, Rogério Takayanagi, Thalles Eduardo Silva Gracelacio da Paixão, Luis Carlos da Costa Plaster, Pedro Andrade França and Daniella Geszikter Ventura, all representing the Company, as well as Mr. Antonio Reinaldo Rabelo Filho, Company´s Consultant.

IV. BOARD: Chairman of the Board: Mr. Eleazar de Carvalho Filho; Secretary: Ms. Luciene Sherique Antaki.

1. AGENDA: Deliberate on the proposal for the consolidated judicial recovery plan of the Oi Group to be presented in the records of the judicial recovery process nº 0809863-36.2023.8.19.0001, in progress before the 7th Business Court of the Judicial District of the Capital of Rio de Janeiro.

VI. DELIBERATIONS: The meeting was installed by the Chairman of the Board, in relation to the Agenda item, in continuity of the meetings of this Board of Directors held on February 28, March 2, 22 and 31, 2023, the proposal for the Company's judicial reorganization plan was presented, Portugal Telecom International Finance B.V. - In Judicial Reorganization and Oi Brasil Holdings Coöperatief U.A - In Judicial Reorganization ("Oi Group" or "Debtors"), to be presented in the records of judicial reorganization process No. 0809863-36.2023.8.19.0001, in progress before the 7th Corporate Court of the Judicial District of State of Rio de Janeiro Capital ("Judicial Reorganization Court"), in compliance with the provisions of art. 53 of Law 11,101/2005 ("Judicial Reorganization Plan" or "Plan"), with a view to overcoming the current economic and financial situation of the Oi Group, the long-term

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Oi S.A. - In Reorganization PlanMinutes of the 357st Board of Directors Meeting held on May 19, 2023.

sustainability of the Company and the continuity of its activities. It was clarified that the Plan reflects the conditions set forth in the Term Sheet with creditors, which is known to this Board and was even publicly disclosed through a Material Fact on March 2, 2023 and the negotiations held, to date, with its main creditors and other stakeholders for restructuring the Debtors' debts. In light of the foregoing, the members of the Company's Board of Directors, by majority, approved the terms and conditions of the Plan, as well as its presentation to the Court of Judicial Reorganization, with the Board of Executive Officers authorized to take the appropriate measures and practice the necessary acts in any and all applicable jurisdictions, including Brazil, Portugal, the United States of America and the United Kingdom, in order to comply with the respective applicable laws. The Board of Director, Raphael Manhães Martins, was defeated, for the reasons already explained at the Board of Directors' meeting held on March 2, 2023.

VII. CLOSING: The supporting material concerning the matters deliberated and the minutes of the Judicial Reorganization Plan was previously forwarded to the Board Members and are filed with the Secretary's office and on the Board's Portal. As there was nothing further to discuss, the Chairman regarded the meeting as closed. And after being read and approved, these minutes were signed by the Board of Directors' attending members and by the secretary.

The totality of the members of the Board of Directors were present at the meeting, which was undersigned by Mr. Eleazar de Carvalho Filho (Chairman), Mr. Marcos Grodetzky, Mr. Henrique José Fernandes Luz, Mr. Paulino do Rego Barros Jr., Ms. Claudia Quintella Woods, Mr. Armando Lins Netto, Mr. Mateus Affonso Bandeira, Mr. Raphael Manhães Martins and Mr. Rodrigo Modesto de Abreu.

This is a precise copy of the original minutes drawn up in the appropriate book.

Rio de Janeiro, May 19, 2023.

Luciene Sherique Antaki

Secretary

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Oi S.A. - In Reorganization PlanMinutes of the 357st Board of Directors Meeting held on May 19, 2023.