NOS SGPS

Capital/Financing Update • Jul 29, 2015

NOS, SGPS, S.A. (Public Company) Registered Offices: Rua Actor António Silva 9 - Campo Grande, parish of Lumiar 1600-404 Lisbon Registration number before the Companies Registrar of Lisbon and tax payer number 504 453 513 Registered Share Capital: EUR 5,151,613.80

Bonds Issuance and Commercial Paper Programme Renewal

Lisbon, 29 July 2015 - Pursuant to article 249, paragraph 2, subparagraph d, of the Portuguese Securities Code (Código dos Valores Mobiliários), NOS, SGPS, S.A. (NOS or the Company) hereby informs that it has secured one Bond Issue and one new commercial paper programme:

• New "NOS Floating Rate Notes 2015-2019" Bonds, in the amount of 50 million euros, $\bullet$ organized and placed by CaixaBank, with a bullet maturity in June 2019 (4 years) and paying interest at a floating rate corresponding to a spread of 95 bps plus the Euribor 6 Months rate, and with the first coupon due in January 2016;
• Renewal of commercial paper line in the amount of 30 million euros, contracted with Caixa $\bullet$ Geral de Depósitos/Caixa BI, which matures in July 2019.

These transactions represent another important step in fulfilling NOS' financing strategy.

This information is also available on NOS' Investor Relations website at www.nos.pt/ir.

Lisbon, 29 July 2015

Contacts Maria João Carrapato Head of Investor Relations Email: ir@nos.pt Tel.: +351 21 782 47 25 Fax: +351 21 782 47 35