NOS SGPS

Capital/Financing Update • Mar 14, 2018

NOS, SGPS, S.A. Public Company Registered Office: Rua Ator António Silva 9 Campo Grande 1600-404 Lisbon Share Capital: 5,151,613.80 Euros Registered in the Commercial Registry Office of Lisbon and Corporation no. 504 453 513

ANNOUNCEMENT

NOS assigned investment grade long-term credit rating by Standard & Poor´s and Fitch

Lisbon, 14 March 2018 - NOS has today received its first long-term corporate credit rating, and was assigned investment grade rating by Standard & Poor´s Global Ratings (Standard & Poor´s) and Fitch Ratings (Fitch).

Standard & Poor´s has assigned BBB- long term issuer credit rating to NOS with a stable Outlook.

Fitch has assigned BBB long term issuer credit rating to NOS also with a stable Outlook.

Standard & Poor´s highlights N postpaid mobile services, thanks to well invested networks and a strong brand, which have resulted in Poor´s e sheet, a

Fitch considers NOS´ rating to consistent with the BBB rated Fitch also states that shareholder returns underline financial metrics ali .

By achieving investment grade long term issuer credit rating, with both Standard & Poor´s and Fitch, NOS reinforces the conditions to further diversify its sources of funding, extend average debt maturity and continue to reduce the already low average cost of debt.

This information is also available on NOS www.nos.pt/ir.

Lisbon, 14 March 2018

Contacts Maria João Carrapato Head of Investor Relations Email: ir@nos.pt Tel.: +351 21 782 4725 Fax: +351 21 782 4735