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OI S.A.

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Oi S A : Valuation Report BTCM

04/21/2021 | 11:50am EDT

Brasil Telecom Comunicação Multimídia S.A.

Valuation Report of certain assets and liabilities assessed

through the accounting books.

1

To Shareholders and Managers

Brasil Telecom Comunicação Multimídia S.A. 12,901 Avenida das Nações Unidas

West Tower - Conjunto 2701 - 27th floor Chacara Itaim - São Paulo / SP

Accounting organization data

1. Meden Consultoria Empresarial Ltda. ("Meden Consultoria"), a company established in the city of Rio de Janeiro, RJ, at 23, Rua Primeiro de Março, 2nd floor, registered in the National Register of Legal Entities of the Ministry of Finance under nº 27.936.447 / 0001 - 23, registered with the Regional Accounting Council of the State of Rio de Janeiro under number CRC / RJ-008590 /O-0, represented by its undersigned partner, Mr. Fellipe Franco Rosman, accountant, bearer of ID n 20.258.186-4, registered with the CPF under number 111.411.507-00 and with the Regional Accounting Council of Rio de Janeiro under number CRC / RJ130003 / O-8, resident and domiciled in Rio de Janeiro - RJ, with an office at the same address as the one represented, appointed by the management of Brasil Telecom

Comunicação Multimídia SA ("Company") to assess the book value of the net assets formed by certain assets and liabilities recorded in Cash and Cash Equivalents, Fixed Assets and Current Liabilities of the Company.

Valuation Objective

2. The appraisal report of the net assets formed by certain assets and liabilities recorded in the Company's Cash and Cash Equivalents, Fixed Assets and Current Liabilities as of December 31, 2020, aims to split up the net assets that will be transferred to its parent company Oi SA - In Judicial Recovery ("Oi SA") registered with CNPJ nº 76.535.764 / 0001- 43, in accordance with the provisions of articles 226 and 229 of Law nº 6.404 / 76 (Lei das SA).

Management's responsibility for accounting information

3. The Company's management is responsible for the bookkeeping and preparation of accounting information in accordance with Brazilian accounting practices, as well as for the relevant internal controls that it determined necessary to allow the preparation of such accounting information free of material misstatement, regardless if caused by fraud or error.

2

The summary of the main accounting practices adopted by the Company is described in Attachment II of the appraisal report.

Scope of work and accountant's responsibility

  1. Our responsibility is to express a conclusion on the book value of the net assets formed by the assets and liabilities identified above as of December 31, 2020, based on the work carried out in accordance with the Technical Communication CTG 2002, approved by the Federal Council of Accounting (CFC), which provides for the application of examination procedures applied to the accounts that record certain assets and liabilities that are included in the annex to this report and that on that date were recorded in the Company's balance sheet. Thus, we carry out the examination of said net assets in accordance with the applicable accounting standards, which require compliance with ethical requirements by the accountant and that the work is planned and carried out with the objective of obtaining reasonable assurance that the net assets covered by our report assessment is free from material misstatement.
  2. The issuance of an appraisal report involves the execution of selected procedures to obtain evidence regarding the amounts recorded. The selected procedures depend on the judgment of the accountant, including the assessment of the risks of material misstatement in the net assets, regardless of whether caused by fraud or error. In this risk assessment, the accountant considers the internal controls relevant to the preparation of the Company's balance sheet to plan the procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of these internal controls of the Company. The work also includes assessing the adequacy of the accounting policies used and the reasonableness of the accounting estimates made by management. We believe that the evidence obtained is sufficient and appropriate to support our conclusion.

3

Conclusion

6. Based on the work performed, we concluded that the value of Cash and cash equivalents, and Fixed assets of R$ 32,667,235.75 (thirty-two million, six hundred and sixty-seven thousand, two hundred and thirty-five reais and seventy-five cents) and Current Liabilities in the amount of R$ 32,667,235.75 (thirty-two million, six hundred and sixty-seven thousand, two hundred and thirty-five reais and seventy-five cents) recorded in the Company's books, represents, in all the relevant aspects, the book balance of the net assets to be spun off and transferred to Oi SA, evaluated in accordance with Brazilian accounting practices.

Rio de Janeiro, March 28rd, 2021.

Meden Consultoria Empresarial Ltda. CRC/RJ-008590/O-0

FELLIPE

Assinado de forma

FRANCO

digital por FELLIPE

FRANCO

ROSMAN:11

Dados: 2021.03.28

141150700

ROSMAN:11141150700

13:55:16 -03'00'

Fellipe Franco Rosman

Contador

CRC/RJ-130003/O-8

4

ATTACHMENT I

Table showing the booked assets and liabilities recorded in the Company's Cash and cash equivalents, Fixed assets and Current Liabilities, assessed as of December 31, 2020, which will be spun off and transferred to Oi S.A ..

Brasil Te le com Comunicação Multimídia S. A.

Saldos e m

31/12/2020

Financial Accounts

SP UN -OFF

BALAN CE

SHORT TE RM ASSE TS

14, 535. 26

Cash and cash equivalents

14,535.26

LON G TE RM ASSE TS

32,652,700. 49

FIXE D ASSE TS

32,652,700. 49

- Terminal equipments

1,087.36

- Access network

15,279.89

- Transmission equipment

20,461,313.45

- Energy equipment

20,057.39

- Climatization equipment

304,595.59

- Surveillance and security equipment

41,778.26

- Tools and instruments

-

- IT

11,662,204.96

- Vehicles

-

- Furniture

93,417.19

- Improvements in Third Party Goods

52,966.40

- Other fixed assets

-

SP UN -OFF ASSE TS

32,667,235. 75

SHORT TE RM LIABILITIE S

32,667,235. 75

Suppliers - national

18,296,090.80

Accounts payable

14,371,144.95

SP UN -OFF LIABILITIE S

32,667,235. 75

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Oi SA em Recuperação Judicial published this content on 21 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2021 15:49:02 UTC.


© Publicnow 2021
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