Our corporate governance system is comprised of our Bylaws, corporate structure, organizational structure, policies, procedures and practices, and the provisions provided in the Judicial Reorganization Plan for Empresas Oi, ratified by the Judicial Reorganization Court in 2018. Our performance complies with the recommendations of the Brazilian Corporate Governance Code for Publicly Listed Companies.

The Company’s Bylaws, approved in September 2018 and amended on April 26, 2019, contains high standards of corporate governance, among which we highlight the following:

• convertibility of preferred shares, when and under the conditions approved by the Board of Directors;
• minimum 20% of independent board members, pursuant to the terms of the Novo Mercado Regulation;
• prohibition to accumulate roles as Chairman of the Board and CEO, or any other key executive role;
• the Board of Directors’ must comment on any public offer regarding the acquisition of Oi shares;
• a public offering for acquisition of shares must be carried out in the event the Company cancels its registration as a publicly-held company or withdraws from the Level 1 of Corporate Governance, except if it enters into the Level 2 of Corporate Governance or the Novo Mercado segment; and
• disputes and controversies must be resolved through arbitration with the Market Arbitration Chamber.