NOS SGPS — M&A Activity 2020

Oct 22, 2020

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 various agreements were reached today, between NOS Comunicações, S.A. and NOS Technology S.A., on one hand, and VODAFONE PORTUGAL, COMUNICAÇÕES PESSOAIS, S.A., on the other, regarding the sharing of mobile network support infrastructure (passive infrastructures such as towers and poles) and active mobile network elements (active radio equipment such as antennas, amplifiers and remaining equipment).

These agreements have the following characteristics:

a) the agreements have a nationwide scope with diverse geographical application according to the higher or lower level of population density. In higher density geographies, typically larger urban areas, the parties will pursue synergies by sharing support infrastructure. In lower density areas, typically rural and interior locations, in addition to shared use of support infrastructure, the parties will also share active mobile network.

b) the agreements focus on assets currently held, or that may be held by each party in the future, and on existing 2G, 3G and 4G technology. Incorporation of 5G technology in these agreements will depend on eac to deploy this technology.

c) the agreements do not encompass spectrum sharing between the operators and each party will maintain exclusive strategic control of its networks, thus ensuring full competitive, strategic and commercial independence and the ability to differentiate in terms of customer service and provision.

Each party retains the ability to develop its mobile communications network independently.

These agreements will enable NOS to invest more efficiently by capturing value through synergies. NOS will also be able to deploy its mobile network faster and in a more environmentally responsible way, thus benefitting customers and remaining stakeholders.

Sharing of mobile infrastructure represents an important contribution towards greater geographical cohesion and digital inclusion, both of which are essential to the sustainable development of the country.

www.nos.pt/ir.

Lisbon, 22 October 2020

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