NOS SGPS

Capital/Financing Update • Jun 8, 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

Commercial Paper and Bonds Issuance

Lisbon, 8 June 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 two new commercial paper programmes and one Bond Issue:

• One new commercial paper programme in the amount of 50 million euros, contracted with Banco Popular, which matures in May 2020;
• . One new commercial paper line also in the amount of 50 million euros, contracted with BBVA, which matures in June 2020;
• New "NOS 2015-2019" Bonds, in the amount of 50 million euros, organized, launched and placed by CaixaBank, with a bullet maturity in June 2019 (4 years) and paying interest at a fixed rate of 1.260% (corresponding to a spread of 95 bps plus the swap rate for 4 years) and with the first coupon due in September 2015.

The proceeds of these operations will be used essentially to reimburse the "ZON MULTIMEDIA 2012-2015" retail bonds which will mature in 19 June 2015.

This transaction represents another important step in fulfilling NOS' financing strategy, positively contributing to its strategic goals, namely i) diversifying its financing sources and instruments, ii) extending the average maturity of its financial debt (which after the reimbursement of the "ZON MULTIMEDIA 2012-2015" retail bonds will stand at over 4 years), and iii) further reducing its average cost of debt.

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

Lisbon, 8 June 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