PowerPoint Presentation...Mobile Traffic Mobile Subs Mobile Traffic / Sub Institutional Presentation Growth in the number of subscribers and in traffic per subscriber led to fixed

11

3Q20

22

Agenda

Results Update 3Q20 43

Focus on technological differentiation and market relevance 10

NOS at a Glance 3

Appendix 66

Financial Highlights 34

ESG – A core strategic driver 28

3

44

Agenda



NOS at a Glance 3

Appendix 66



55

1998

Launch of Optimus The 3rd Mobile operator in the market

2007

Spin-off of ZON, the largest Pay TV player in Portugal, (previously PT Multimedia) from Portugal Telecom Group

2013

27 August Merger between ZON and Optimus

2015

Next generation network expansion

2017

FttH Network sharing agreement signed with Vodafone

2014

14 May Rebranding to

2016

Premium sport Content Sharing Agreement signed with PT, Vodafone and Nowo

Reduction stake in Sport TV to 25%

NOS AT A GLANCECOMPANY MILESTONES Back to

Top

2020

Letter of Intent signed with Vodafone to negotiate mobile network sharing agreement

Disposal of NOS International Carrier Services

Disposal of NOS Towering to Cellnex

August - Sonae SGPS, S.A. announces dissolution of ZOPT (pending) and purchase of additional 7.38%

Institutional Presentation

66

NOS AT A GLANCEMAIN OPERATIONS Back to

Top

€67 M€33 M

NOSAudiovisuais

(100%)

€69 M€23 M

NOS Cinemas

(100%)

€1,381 M€584 M

NOS Comunicações

(100%)

ZAP(equity consolidation)

(30%)€176 M

Sport TV (equity consolidation)

(25%)€188 M

Dreamia(equity consolidation)

(50%)€176 M

NOS Group€ 1,458M

€ 640 M

€ M Revenues

€ M EBITDA

2019


77

NOS AT A GLANCE STRATEGIC GUIDELINES Back to

Top


…underpinned byinnovative

products andservices, unique

customerexperience and

best-in-classoperationalefficiency…

NOS has a strong market position

and a unique combination of assets and skills…

…and fulfil ourcommitment

towards a more sustainable and

equitable society.

…which will be complemented and

leveraged to reinforceour competitive

positioning …

…that will enableus to deliver

attractive and sustainableshareholder

remuneration, while preserving a

strong balance sheet…

88

91%Mkt

Penetration

NOS39.4%

Altice39.9%

Vodafone17.0%

Nowo3.6%

92%Mkt.

Penetration

NOS33.3%

Altice45.1%

Vodafone18.0%

Nowo3.0%

98%Mkt.

Penetration

NOS35.2%

Altice40.4%

Vodafone20.4%

Nowo3.6%

166%Mkt.

Penetration

NOS25.5%

Altice40.9%

Vodafone30.7%

Others2.9%

91%Mkt

Penetration

NOS37.5%

Altice40.2%

Vodafone18.8%

Nowo3.5%

3,464M€

Total Mkt Ytd

NOS32.9%

Altice38.9%

Vodafone25.7%

Nowo1.8%

NOS AT A GLANCEA STRONG MARKET POSITION IN A RELATIVELY MATURE MARKET

Source: ANACOM. Pay TV, Fixed Broadband and Fixed Voice: residential penetration

Back to

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Pay TV, Total Market 4.2 subs [% Subs, Anacom Data 3Q20] Fixed BB, Total Market 4.1M subs [% Subs, Anacom Data 3Q20] Multiple Play Bundles, Total Market 3.7 Subs [% Subs, 2Q20]

Fixed Voice, Total Market 5.2M accesses [% Subs, Anacom Data 3Q20] Mobile, Total Market 17.1M subs [% Subs, Anacom Data 3Q20] Retail Revenues [YtD; FY19]


99

98% 95%

168%

64%

86%

126%

Pay TV Fixed BB Mobile

3,650 3,638 3,603

3,451 3,464

2015 2016 2017 2018 2019

-1.0% -4.2% +0.4%

NOS AT A GLANCETHE PORTUGUESE TELCO MARKET IS HIGHLY COMPETITIVE, MATURE AND WELL PENETRATED

European AvaragePortugal

Source: Market Regulators. European average includes Sweden, Spain, UK, France and Germany.

Back to

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55.9%57.9%

59.8%

1Q18 2018 2019

NOS, Convergent + Integrated Penetration [%] Service Penetration [2019, %] Total Market Retail Revenues, YoY Change [Millions of Euros; % ]

-0.3%


1010

Back to

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Source: Apritel, Portuguese Telecom Operators Association. VAT and PPP applied. Analysis as of July 2019.

Average

France Portugal Germany Austria Spain Ireland Hungary Estonia Netherlands UK Belgium

Average

France Portugal Austria Germany Ireland UK Estonia Spain Belgium Netherlands Hungary

3P

4P

NOS AT A GLANCEREFERENCE PRICES IN PORTUGAL ARE AMONGST THE LOWEST IN EUROPE


1111

20%

17%

16%

34%

17%

2012 2013 2014 2015 2016 2017 2018 2019

SpainPortugal 3 Main Operators UK France Germany

79%

86%

15%

57%

10%

Portugal Spain UK France Germany

NOS AT A GLANCEPORTUGAL IS ONE OF THE MOST INVESTED MARKETS IN THE SECTOR WITH EXTENSIVE FIXED NGN COVERAGE AND OVERLAP

Sources: Market Regulators; Operator Reports; FttH Council Europe.

Back to

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FTTH

(3.6M)

FTTH

(5.4M)

FTTH (1.6M) / DOCSIS 3.1 (3.0 M)

Total (4.8M)

HFC /

DOCSIS

3.0 (0.9M)

ADSL

DTH

Competitor C

Competitor B

Competitor A

NOS

Homes Passed by Operator and Techonology FttH Availability [%, 2019] Capex as % of Revenues [ % ]


12

Focus ontechnological

differentiation andmarket relevance

1313

Agenda



NOS at a Glance 3

Appendix 66



1414

A long track record of innovation

IRIS

2011

YoutubeLeanback

2017

RDK STB 4K

2016

nPVR

2014

7 Day Restart

2013

UMA New

Interface

2018

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCEINNOVATION IS AT THE CORE OF OUR SERVICES

NOS Play

2015

Back to

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New generation of internet

equipments

2019

UMAApple TV

set-top box & Woo

2020


1515

UMA

Voted best TV user interface (UI)in Portugal since 2017

UMA TV with over 180 channels inside the home, videoclub rentals, purchases and access to content of the past 7 days

Ultra HD 4K content, voice control and user profiles, with recommendations of programmes suited

Nplay the best series and movies OTT

Exclusive launch of YouTube inside UMA in 2017 and first to launch Youtube native app in HTML 5 for TV

Interface upgrade with more content and better experience with an exclusive UI for children

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCERAPIDLY CHANGING CONSUMER TRENDS AND PREFERENCES - THE BEST TV EXPERIENCE Back to

Top

NOS TV

Voted best OTT platform in Portugal, since 2017, in Android & IOS Portuguese store

Replicates UMA TV experience with over 120 channels providing access to videoclub, 7 days automatic recording across all devices

- transfer content from any platform to the TV screen

- pause live TV and continue viewing in any other platform

The only OTT platform in Portugal offering the picture in picture (pip) feature

The first TV app in Portugal to provide 4K content

Apple TV with UMA

First operator in the world to integrate Apple TV 4K HDR 64GB in rental TV packages

Access to the best channels and features of the UMA TV experience

Access to over 2 thousand Apps, likeNetflix, HBO, AmazonPrime and muchmore

Guarantee the latest version of the Apple TV box

Remote with touch control for fasterand more fluid navigation

Video broadcast quality


1616

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCERAPIDLY CHANGING CONSUMER TRENDS AND PREFERENCES - THE BEST TECHNOLOGY Back to

Top

RDK middleware enhanced, matching the experience of other large telcos with over 600 million devices

Better quality for a fraction of the cost (knowledge sharing)

Longer life cycle at customer premises, due to IP based technology and cloud upgrade enabled software

OTT Ready

4k and the best video technology

Voice Control on cloud allowing for constant self-learning and consequent enhancements

Hybrid Set-Top Box Internet equipments

GiGA routers - New generation of routers, for both FttH and HFC networks, enabling upgrades in commercial offers to 1GB

New routers in the portfolio off-the-shelf approach,guaranteeing better time to market and more maturesolutions

Offers with higher throughput in Upstream, enabled by increased capacity in DOCSIS 3.1 Upstream and Downstream

WOO

First 100% digital telco technology in Portugal

WOO has an offer centered on mobile and fixed internet services, in addition to mobile voice

WOO app - Customers can manage their internet service, check their balance and requesttechnical assistance whenevernecessary. Chat available 24/7

When data limit is reached, internet connection is stillavailable and guaranteed, at a reduced speed of 64kb/sec, still allowing messaging appsand email usage


https://rdkcentral.com/

17

Back to

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Focus on Digital Commercial Channels

Updating CPE ExperienceCustomized Customer

ManagementImproving Content

Consumption Experience

Growth in Equipments Category

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCEB2C: GROWTH THROUGH INNOVATION AND NEW OPPORTUNITIES WHILE MANAGING CUSTOMER VALUE AND IMPROVING NPS

Explore Opportunities to Grow On Mobile Standalone

Customer centric value propositions

Personalized customer-base management

Take advantage of technological disruptions

Explore segments and channel opportunities


18

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCEB2C: PIONEERING INNOVATION AND FOCUS ON ADDRESSING THE FUTURE Back to

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Wide range of equipments(smartphones, TVs,

and 0% interest rates financing options available

NOS Card enhances competitive advantage

wide cinema network

FttH and DOCSIS network grid ready for

speeds up to 1Gbps

First and only telco in Portugal where clients

can choose from different mobile plans

in-bundle

Award-winning 5G ready mobile network

Only telco in Portugal with a TV channel

developed inhouse (NOS STUDIOS)

Digital first approach driving massification of

usage across all businesses (e.g. selfcare app = 30% penetration)

market challenger, has an innovative approach

through strong partnerships (Uber,

Revolut

First Portuguese operator to integrate

AppleTV as main Set Top Box on its TV Offer

Pioneer Portuguese Telecom to launch the

first WiFI Mesh solution with IA (partnership with

PLUME)


19

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCEB2B: A PARTNER FOR BUSINESSES TRANSFORMATION Back to

Top

Protection of existing revenues and accounts whilst expanding the base and penetration of IT, Data Analytics Services, Managed Services, namely

SAP Hana and IoT solutions

Investment in technological assets and network to enable best in class delivery

of telco, IT and IoT solution services, namely taking first steps tests, with

CEEIA and Matosinhos City in pioneering technology solutions in real 5G environments at a national level

Evolution of the hybrid cloud and multi-cloud value proposition, materialized in

strategic partnerships with the main public cloud providers and in the

migration and management of hybrid architectures for large Corporate clients

Successful growth of IoT and Business Analytics solutions in key corporate accounts, reflecting the trust our clients place in our innovative M2M and business intelligence services

Launch of value proposals to accelerate digital transformation of businesses within the context of the COVID-19 pandemic, namely as regards mobility and implementation of game-changing technological solutions for communications , security and workplace management

-media campaign presenting NOS customers that are Transformers, changing their companies for the better. One example is Carris (Lisbon transport operator), which has 42 thousand users and 5TB of data on NOS Wi-Fi on their buses, available for free for their customers.


20

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCEB2B: A PARTNER FOR BUSINESSES TRANSFORMATION Back to

Top

Vila Nova de Famalicão becomesa Smart City with NOS

SOL and Pixels Camp open innovation programs identified

new startups for IoT and Analytics pilots

Pioneering technology solutions in real 5G environments

Creation of the #stayathomemobility patterns sharing and analysis under the COVID-19

context

Launch of gas smartmeteringpilot initiatives with NB-IoT

technology


2121

Better segmentation with greater use of analytics and targeted sales channels

Central Pro and Contact CenterVirtual solutions for professional

management calls

Wi-Fi ProProvides tailor made

professional Wifisolutions for SMEs

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCEB2B: GREATER SEGMENTATION IN SMES, FOCUS ON SERVICE LEVELS, CUSTOMER EXPERIENCE AND DIGITAL OFFERS

Transformation of operating and service model and focus on customer service and satisfaction

Offer simplification and focus on segment relevant innovation with more solutions that allow companies to adapt and embrace innovation in their channel strategy

Back to

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Greater focus on communication with clients and non-clients, indicating how these solutions can change their businesses

Power Wi-FiA simple solution that

ensures wi-fi throughout the

company

AudioconferênciaSolution to organize virtual call meetings between employees,

customers and suppliers.

Microsoft 365Multiple collaboration

and productivitysolutions developed byMicrosoft to promote

greater team agility andperformance

Ementa Digital ProGuarantees contactless

interactions in coffee shops, restaurants and

pubs through digital

management

Câmara Térmica ProSolution to measure

and monitor the temperature of

individuals through a thermal camera

Powered by

Professional equipments

Professional notebooks and tablets, with the

Windows Pro operating system, without initial

investment.

Equipments -monthly installmentsRange of smartphones, TVs and Laptops with

low monthly payments and zero interest.

Cafés e Restaurantes

Offer that integrates the most relevant Sports contents


2222

Evolve HFC Grow FttH+

Full duplex(N+0)

Distributedarchitecture

DOCSIS 3.1

10 GPON

Footprint

Mbps

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCENETWORK: INVESTING IN LONG TERM COMPETITIVENESS OF FIXED NETWORK - GOING TO DEEP FIBRE Back to

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2323

50

139

257296

343382

453493

560

618

61

149

277317

361

424461

509550

613

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20

FttH Swap: HP delivered to date (cumulative)CAPEX Per Home FttH Network (NOS, DST and VDF)

VDF to NOS NOS to VDF

2.6 million FttH households to be swapped withVodafone until 2022 (1.2 million NOS, 1.4 million Vodafone)

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCENETWORK: INVESTMENT SHARING AS AN ECONOMICALLY RATIONAL CHOICE Back to

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0

50

100

150

200

250

(Euro)

201920162015 2017

Cost per Home (FttH – NOS)

Cost per Home (FttH – Total)

-60%

2018


2424

0.2

5.0

3.33.6

3.9 4.14.4

4.6 4.7 4.8 4.8 5.0 5.1 5.2

2014 2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E 2024E 2025E

3.2%

9.4%

15.3%

18.2%

26.6%

32.6% 33.2%35.0%

37.8%

2014 2015 2016 2017 2018 2019 1Q20 2Q20 3Q20

NOS FttH Evolution (NOS, DST and VDF) [Million Homes]% NOS Homes Passed with FttH

HFC FTTH

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCE

Note: FttH includes DST and Vodafone

Back to

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2525

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCESUCCESSFUL COMPLETION OF TOWER DEAL AND LONG-TERM AGREEMENT WITH CELLNEXSIGNIFICANT VALUE CREATION AND FURTHER REINFORCEMENT OF CAPITAL STRUCTURE

Back to

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550 Million euros

proceeds over 6Y

Million Euros alreadyreceived in 3Q20

2000

+ 400

Towers sold in equitytransaction

Towers additionalperimeter over next

6Y

SIGNIFICANT VALUE CREATION

with deal closedat high end of range

for comparabletransactions

TRANSACTION MULTIPLE

significantly aboveNOS trading multiples

2626

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCESTRATEGIC MOBILE NETWORK SHARING DEAL REACHED WITH VODAFONE Back to

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01More efficient deployment and running of all technologies, current and future

02More Environmentally and Socially Responsible

03Increased coverageand network quality

Independent Transmission

High Density areasTwo independent Networks

Independent RAN installed on

shared sites (Owned or leased)

Passive infrastructure

Sharing

IndependentTransmission

Build / WS rental

Low Density areasSingle shared network

Single RAN network on Shared sites

Passive infrastructure

Sharing

2727

Before After Before After Before After

Carrier aggregation implemented > 60% “Excellent” 99.6% retention rate

23%

24%

100%

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCENETWORK: MOBILE MODERNIZATION DRIVING SIGNIFICANT PERFORMANCE IMPROVEMENT Back to

Top

User Throughput Voice Quality Drop Call


28

FOCUS ON TECHNOLOGICAL DIFFERENTIATION AND MARKET RELEVANCEOPERATING MODEL TRANSFORMATION: COMPANY-WIDE PROGRAMME AGGREGATING AROUND 60 INITIATIVES

Digital

Data Management & Adv. Analytics

RPA & AI

New Ways of Working

TRANSFORMATION PROGRAMME

CustomerLighthouse

Next Gen Marketing & Sales

CustomerService 4.0

Service Failure Avoidance and Mgmt

Offer Simplification

Segment of One

RelationshipLifecycle Management

E2E Process Integrity

New Service Models

Smart Network and Operations

Zero Waste

Simplify & Automate

Customer Experience Offer and Business Model Customer Centric Processes Fitness Enablers

Back to

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STRATEGIC AMBITION

CORE OBJECTIVES

Revolutionize Customer Centricity focusing on quality and experience

1.

Build a Fitter Operating Model

2.

Achieve NPS leadership

Boost digital weight on total client interactions

Capture recurring cash savings


29

ESG A core strategic driver

3030

Agenda



NOS at a Glance 3

Appendix 66



3131

ESG A CORE STRATEGIC DRIVERESG: SUSTAINABILITY IS A CORE PILLAR OF OUR STRATEGIC PLAN Back to

Top

We add value and we are sustainable: NOS is committed to helping develop society by providing innovative and accessible products and services, whilst acting in a responsible and ethical manner towards all our stakeholders

commitments:

1Act in a responsible manner towards and engage proactively with our employees, customers, suppliers, financial stakeholders and community at wide

2Reduce our environmental footprint and develop products and services that help other organizations reduce theirs

3Develop products and services designed to improve quality of life for individuals and society in general


3232


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NOS is a signatory to a number of initiatives that enhance our strategic commitment to sustainability

4European Green Capital Commitment Lisbon 2020We have joined up with the Lisbon City Council to make Lisbon a benchmark in environmental sustainability, setting out actions in such areas as the circular economy, mobility, energy, raising awareness and mobilizing people.

2

United Nations: Business Ambition for 1.5ºCWe have set specific goals to reduce greenhouse gas emissions, goals that are essential to slow down global warming. We are committed to adopt a science based target reduction objective by the end of 2021.

3World Business Council for Sustainable

Guide to Human RightsWe seek to respect human rights in the search for positive transformations in the lives of our staff and the communities impacted by our business activities.

wbcsd1United Nations Global CompactWe actively contribute towards the 10 principles of the United Nations Global Compact and the Sustainable Development Objectives (SDOs).


3333


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The way we do business and how we act in the market and society are governed by ethical principles and values which underpin our ambition and the growth objectives that we wish to achieve.

3Plan for Gender EqualityReflects our commitment to meritocracy, in all its forms and how we put it into practice.

2Sustainability Requirements for Suppliers and PartnersGuidelines that reflect the essential elements of our position, commitment and performance in relation to sustainability, and which must be adopted by NOS Suppliers and Partners.

1Code of EthicsSets out the principles and rules that govern NOS

and external relationships with stakeholders.

4Privacy PolicyGuarantees the confidentiality of our

line with international standards and best practices, reinforcing business confidence and security.


https://www.nos.pt/institucional/EN/Sustainability/action/Documents/Plano%20Igualdade%20de%20Genero_20190307_vf2_com%20foto%20(1)_EN.pdf

https://www.nos.pt/institucional/EN/Sustainability/action/Documents/Requisitos%20Sustentabilidade%20Fornecedores%20e%20Parceiros%20v5.0%C2%AD_EN.PDF

https://www.nos.pt/institucional/EN/Sustainability/Documents/NOS%20Code%20of%20Ethics%202020.pdf

https://www.nos.pt/institucional/EN/Sustainability/action/Pages/Privacy-Policy.aspx

3434


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Sharing and recognition: In 2020, we shared our ESG practices with independent entities and otherstakeholders, proving that we make a difference with customers, suppliers, employees and communities. Weare proactively engaging with leading agencies to reinforce public awareness around our ESG strategy andcontinuous development.

2

VigeoEirisIn 2020, we reached a global score of 60/100 in the VigeoEiris ESG Rating, with our ESG performance considered

NOS SGPS 5th/41 in the Telecommunications sector (Europe).

1Carbon DisclosureProject (CDP)In 2020, we participated for the first time in the ClimateProgram and are currentlyawaiting final score which willbe publicly disclosed. Ourresponse is publicly disclosed.

3

Sustainability ReportFor the third consecutive year, we share, with all stakeholders, the

performance in the economic, environmental and social dimensions.

35

3636

Agenda



NOS at a Glance 3

Appendix 66



3737

-7.3%

19.3%2.9% 5.1% -1.1%

10.0%

-69.3%

2014 2015 2016 2017 2018 2019 9M20

-3.6%

22.0%

0.5% 0.3%-12.0%

5.3%

-42.2%

2014 2015 2016 2017 2018 2019 9M20

-3.0%

4.4% 4.9%3.1%

1.1% 1.5%

-7.2%

2014 2015 2016 2017 2018 2019 9M20

-2.7%

3.8% 5.1% 3.1%1.5% 1.1%

-3.8%

2014 2015 2016 2017 2018 2019 9M20

FINANCIAL HIGHLIGHTSREVENUE PERFORMANCE DRIVEN PRIMARILY BY TELECOMS BUSINESS. 2020 IMPACTED BY COVID-19. Back to

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FY191,458 M

FY191,381 M

FY1967 M

FY1969 M

Note: Growth rates as reported in each period.

Consolidated Revenues (YoY, %)

+2.9%CAGR

Audiovisuals Revenues (YoY, %)

+2.6%CAGR

Telco Revenues (YoY, %)

+2.9%CAGR

+7.0%CAGR

Cinema Exhibition Revenues (YoY, %)

COVID-19Impact

COVID-19Impact

COVID-19Impact

COVID-19Impact


3838

2014 2019

FINANCIAL HIGHLIGHTSDESPITE STRONG GROWTH IN TRAFFIC, SUBSCRIBERS AND COVERAGE, UNIT COSTDECLINES AND OPERATIONAL EFFICIENCIES HAVE LED TO MATERIAL OPEX SAVINGS

Back to

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3.5x

1.4x

2.4x

Fixed Traffic Fixed BB Subs Fixed Traffic / Sub

+28%CAGR

+7%CAGR

+19%CAGR

+43%CAGR

+8%CAGR

+32%CAGR

+0.4%

+0.1%CAGR

Fixed Growth 2014 → 2019 Mobile Growth 2014 → 2019 NOS Network OPEX [M €]

9.7x

1.3x

7.3x

Mobile Traffic Mobile Subs Mobile Traffic / Sub


Growth in the number of subscribers and in traffic per subscriber led to fixed and mobile traffic being 3.5x and 9.7x greater in 2019 than in 2014, respectively.

Through unit cost declines and operational efficiencies, network OPEX increased by only 0.4% in the same period.

3939

420M

Programming

Traffic + Interconn

Other

FINANCIAL HIGHLIGHTSLONG TERM TRANSFORMATION PROGRAMME TARGETING NON-DIRECT COST BASE Back to

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Other

CommercialCosts

CustomerRelated

W&S

Supplies & ExternalServices

Support +Maintenance

399M

Direct Costs [M €] Non-Direct Costs [M €]Total OPEX [M €]

818.3 818.4

2018 2019


4040

181.2192.6

11.5% 12.0%

6.0%

8.0%

10. 0%

12. 0%

14. 0%

16. 0%

100.0

120.0

140.0

160.0

180.0

200.0

220.0

2018 2019

622.3640.0

43.2%43.9%

41. 0%

42. 0%

43. 0%

44. 0%

45. 0%

46. 0%

47. 0%

380.0

430.0

480.0

530.0

580.0

630.0

680.0

2018 2019

FINANCIAL HIGHLIGHTSSOLID EBITDA PERFORMANCE, OUTGROWING REVENUES AND STRONG FCF CONVERSION RATE Back to

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567.2583.9

41.4%42.3%

38. 0%

39. 0%

40. 0%

41. 0%

42. 0%

43. 0%

44. 0%

45. 0%

46. 0%

47. 0%

380.0

430.0

480.0

530.0

580.0

630.0

2018 2019

180.4

146.8

9.7% 9.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10. 0%

12. 0%

14. 0%

16. 0%

18. 0%

20. 0%

0.0

20. 0

40. 0

60. 0

80. 0

100.0

120.0

140.0

160.0

180.0

200.0

2018 2019

Non-Recurrent Impact

+2.8%YoY

+6.3%YoY

Consolidated EBITDA and Margin (Millions of Euros, %) Telco EBITDA and Margin (Millions of Euros, %)

+2.9%YoY

OCF Incl. Leasings, % of Revenues (Millions of Euros, %) FCF Bef. Dividends, Recurrent FCF as % of Revenues (Millions of Euros)

+5.3%YoY

Recurrent FCF Growth


4141

346 344

28 3050 70

424 444

2018 2019

Telco CAPEX AV & Cinema Leasings

346 344

28 3050 70

424 444

2018 2019

200

(14.6%)

203

(14.7%)

146

(10.7%)

141

(10.2%)

346 344

2018 2019

CPE

Installation

Commissions& Others

FINANCIAL HIGHLIGHTSTELCO CAPEX HAS REMAINED RELATIVELY STEADY, WITH WEIGHT OF TECHNICAL CAPEX INCREASING Back to

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+4.8%YoY

Total CAPEX Including Leasings (Millions of Euros) Telco CAPEX Excl Leasings, % of Telco Revenues (Millions of Euros, %)

+1.4%YoY

2019 Customer CAPEX Breakdown (%) 2019 Technical CAPEX Breakdown (%)

NW Exp, substitution,

int. proj. & others

Baseline

193 200

148 146

341 346

2018 2019

Technical Customer Related

141M 203M


4242

2.0%1.9%

1.7%1.6% 1.7%

1.5%1.4%

1.3%1.1%

1.3%1.2%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20

Average Cost of Debt [%]

Net Financial Debt, Net Financial Debt/EBITDA AL [€millions, X]

Investment Gradecredit rating in 1Q18

(reaffirmed in 1Q20 by S&P) recognizes operational prospects and financial

stability

BBB-Stable

Outlook

Fitch

BBBStable

Outlook

FINANCIAL HIGHLIGHTSCONTINUED STRENGTH OF BALANCE SHEET AND FURTHER REDUCTION IN COST OF DEBT Back to

Top

595 M Cash & Liquidity Position

1,0431,094

771

1.9x 1.9x

1.4x

1.2x

1.4x

1.6x

1.8x

2.0x

2.2x

2.4x

500

600

700

800

900

1,000

1,100

1,200

2018 2019 9M20

Net Debt, Net Debt/EBITDA [€millions, X]


1,295 1,347 1,348

2.1x 2.1x2.2x

1.2x

1.4x

1.6x

1.8x

2.0x

2.2x

2.4x

2.6x

2.8x

3.0x

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

2018 2019 9M20

4343

FINANCIAL HIGHLIGHTSA TRACK RECORD OF ATTRACTIVE SHAREHOLDER REMUNERATION WHILST MAINTAINING BALANCE SHEET AND COMPETITIVE STRENGTH

Back to

Top

Dividend Per Share [Euro Cents]

Payout as % of Net Income [%] Payout as % of Free Cash Flow [%]

14.0 16.020.0

30.035.0

27.8

2014 2015 2016 2017 2018 2019

97% 100%114%

125% 127%

100%

2014 2015 2016 2017 2018 2019

115%

247%

190%

116% 100% 98%

2014 2015 2016 2017 2018 2019


4444

3Q20

45

Agenda



NOS at a Glance 3

Appendix 66



46

Agenda

Results Update 3Q20

Strong underlying telco performance shows business resilience through pandemic

NOS operates in one of the most competitive and technologically developed markets in Europe

Differentiation through Product and Service innovation and technological leadership

Financial recovery quarter on quarter,with solid telco performance, costefficiency and reinforced balance sheet

i

ii

iii

iv

472Q20 Earnings Presentation

STRONG UNDERLYING TELCO PERFORMANCE SHOWS BUSINESS RESILIENCE THROUGH PANDEMIC

STRONG TELCO PERFORMANCE REFLECTING DEFENSIVE NATURE OF BUSINESS Back to

Top


39,7 42,3

-4,0

22,8

102,1

3Q19 4Q19 1Q20 2Q20 3Q20

Pay TVNet Adds kk

BroadbandNet Adds kk

MobileNet Adds kk

1,452thousand customersend 3Q20



14,3

7,3

5,33,9

8,5

3Q19 4Q19 1Q20 2Q20 3Q20

12,6 12,2

10,2

15,3

11,7

3Q19 4Q19 1Q20 2Q20 3Q20



NETWORK EXPANSION AND LOWER YOY CHURN CONTINUE TO SUPPORT GOOD PAY TV PERFORMANCE Back to

Top


Thousands

NOS Network Expansion, Fixed Pay TV Net Adds

Rebased, 1Q15 = 100

FixedResidentialChurn

76

4127

50

106

18

94 4

100

5

10

15

20

25

30

0

20

40

60

80

100

120

3Q19 4Q19 1Q20 2Q20 3Q20

9684 80 74 78

8979 75 73 76 72 74

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

3Q

20

76

4127

50

106

18

94 4

100

5

1 0

1 5

2 0

2 5

3 0

0

2 0

4 0

6 0

8 0

1 0 0

1 20

3Q19 4Q19 1Q20 2Q20 3Q20

New HH Passed Fixed Access Pay TV Net Adds



CONSUMERS PREFER CONVERGENT OFFERS WITH AN INTEGRATED VALUE PROPOSITION Back to

Top


Just 10% of TELCO revenues are generated by stand-alone mobile servicewith the vast majority of consumers subscribing to convergent bundles

NOS CONVERGENT+INTEGRATED SUBSCRIBERS% NOS fixed subscribers

4P180 channels

61.3%

200 Mbps Unlimited 1 SIM Card 2 GB

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

3Q

20

50

Agenda

Results Update 3Q20





i

ii

iii

iv


NOS OPERATES IN ONE OF THE MOST COMPETITIVE AND TECHNOLOGICALLY DEVELOPED MARKETS IN EUROPE

PORTUGAL LEADS IN NEXT GENERATION FIXED AND MOBILE SERVICE PENETRATION Back to

Top


66

5653

5149

45 45

4038

34 3432

29 2825

2321 21 20 19

1715 14 13

11

6

2 1

Sw

ed

en

Po

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ga

l

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Hu

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Be

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s

La

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De

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Ma

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lan

d

Fin

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d

Ge

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Slo

ve

nia

Cze

ch

Re

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Un

ite

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Fra

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Slo

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kia

Es

ton

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Ita

ly

Bu

lga

ria

Cro

ati

a

Cy

pru

s

Gre

ec

e

245

189

172170

164164162

153 151

142139136135132 131128128127127127125123122

117113 112109108

Sw

ed

en

Es

ton

ia

Fin

lan

d

Po

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l

De

nm

ark

Ita

ly

Au

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Lit

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an

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s

La

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Ma

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kia

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nia

Ro

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Sp

ain

Hu

ng

ary

Cro

ati

a

Mobile Services Penetration 2019, %Penetration ofFixed Broadband Services

2020, % ofHouseholds

EU Average

137%

Source: European Commission, Digital Economy and Society Index 2019

EU Average

26%



AND IS AT THE FOREFRONT OF NEXT GENERATION NETWORK COVERAGE IN EUROPE Back to

Top


99.8%Mobile VoiceService Coverage1

1. NOS network population coverage at the end of 2019

4G Coverage

EU

96%Portugal

96%

8887

77

7270

6864 63 63

61 6159

54

38 38 38 3836 35

3230 29

24 23

13 139

41 1 0

La

tvia

Po

rtu

ga

l

Sp

ain

Sw

ed

en

Slo

va

kia

Ice

lan

d

De

nm

ark

Lu

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mb

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rg

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nia

Lit

hu

an

ia

No

rwa

y

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s

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itze

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Un

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Be

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Cy

pru

s

Gre

ec

e

Fixed Gigabit Network Coverage % of Homes

Source: DES 2020, Report on Portugal. https://ec.europa.eu/digital-single-market/en/scoreboard/portugal,

Mobile Network Coverage2020, %

EU Average

30%



PRICES IN PORTUGAL ARE AMONG THE LOWEST IN EUROPE Back to

Top


19,0

21,6 22,023,3

26,3 26,928,3

29,0 29,7 30,030,0

44,4

47,4

59,964,9

67,6

74,278,2

80,6 81,882,3

87,8

100,3

Source: Deloitte, July 2019. Includes VAT and PPP.

Po

rtu

ga

l

Fra

nc

e

Est

on

ia

Ge

rma

ny

Au

stri

a

Ire

lan

d

Sp

ain

UK

Be

lgiu

m

Ne

the

rla

nd

s

Hu

ng

ary

Ge

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ny

Ita

ly

UK

Au

stri

a

Be

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m

Est

on

ia

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ga

l

Fra

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lan

d

Gre

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e

Sp

ain

Ne

the

rla

nd

s

Average price of 4P BundlesMonthly,

Average price of Fixed Broadband100 Mbps, Monthly,

Average

75Average

26

54

Agenda

Results Update 3Q20





i

ii

iii

iv


DIFFERENTIATION THROUGH PRODUCT AND SERVICE INNOVATION AND TECHNOLOGICAL LEADERSHIP

PROVIDING THE BEST COMMUNICATION AND ENTERTAINMENT SOLUTIONS FOR THE HOME Back to

Top


THE BEST INTERNET

Launch of Giga router and new power WiFi

THE BEST TV EXPERIENCE

UMA voted Product of the year 2020 -3rd year running

Launch of Apple TV 4K box with UMA interface

FOREFRONT OF INNOVATION

IoT offers for Consumer Market 5G ready

GIGA ROUTER

NEWPOWER WIFI(PLUME)

APPNOS NET



B2B - PARTNERS FOR BUSINESS TRANSFORMATION, FOCUS ON CLIENT PROXIMITY Back to

Top


3,1%

3,3%

3,6%

4,3%

4,1%

4,1%

4,8%

5,2%

5,5%

6,4%

6,5%

1Q

18

2Q

18

3Q

18

4Q

18

1Q

19

2Q

19

3Q

19

4Q

19

1Q

20

2Q

20

3Q

20

Data & IT services driving increased revenuesData & IT Revenues as % of B2B Customer Revenues

UnifiedCommunication(NOS UC)

SecurityOperationCentre (SOC)

Videoconferenceas a Service (VCaaS)

Infrastructureas a Service (IaaS)

Helping customers prepare for new ways of working

Service dematerialization

More flexible and holistic security architectures

Proliferation of cloud solutions(Anytime, anyplace, from any device)

Hybrid work models

Contactless



STRATEGIC PARTNERSHIPS WITH THE MAJOR HYPER-CLOUD PLATFORMS TO PROVIDE HYBRID AND MULTI-CLOUD SOLUTIONS

Back to

Top


Internal Users

Corporate Customers

SME Customers

VirtualizationTechnologyOn-premises

Private CloudsOn-premises

PublicClouds

Partnership with the main public cloud providers

Private cloud solutions supporting thedesign of sophisticated hybrid architectures

High bandwidth, direct and secure connections to the main public cloud providers

Logical and physical security based on experienceas operator and integrated with cloud solutions

End-to-end service capable of respondingto customers needs and business criticality

NOS CLOUDManagement Platform (CMP)



FTTH DEPLOYMENT ONGOING AND ON TRACK TO REACH NATIONWIDE COVERAGE Back to

Top


3,33 2,98

0,410,62

1,40

1Q17 3Q20

NGN fixed coverageMillions of homes

Traffic evolutionBefore and after lockdown

B E S T I N C L A S S N E T W O R K S PROVIDING OUTSTANDING RESILIENCE TO INCREASED TRAFFIC DEMANDS

3.95Mil l ionhomes

4.796Mil l ionhomes

38% FttHpenetration

1,811 k FttH households

+106kHH coveredin 3Q20

Fixed DataTraffic Mobile Data Traffic

Pre-COVID19 Post-COVID19 Pre-COVID19 Post-COVID19

FttH Only

HFC + FttH

HFC Only



POSTPONEMENT OF BLOCKBUSTER LAUNCHES AFFECTING A&C PERFORMANCE Back to

Top


2 764

477

3Q19 3Q20

POSTPONED POSTPONED

POSTPONED POSTPONED POSTPONED

SUCCESSIVE POSTPONEMENTOF BLOCKBUSTER LAUNCHES BEHIND POOR AUDIENCE LEVELS

Cin

em

a T

icke

t S

ale

sY

oy

%M

on

thly

Tic

ket

Sa

les

Th

ou

san

ds

Au

dio

vis

ua

ls R

ev

en

ue

sM

illio

ns

of

Eu

ros

7,8

18,2

3Q19 3Q20

617 578

652

954

614 681

1 109 1 033

622828

697884

683 693

1510 0 0 51

189 237

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2019 2020

-83%

-57%



STRATEGIC FOCUS ON SUSTAINABILITY AND RESPONSIBLE MANAGEMENT PUBLICLY RECOGNIZED WITH VIGEO RANKING IN AUGUST

Back to

Top


40

60+50%

RANK IN SECTOR

#10/24

#5/41

4 PERFORMANCE LEVELS

00 WEAK 30 LIMITED 50 ROBUST 60 ADVANCED

0 100

2020

2018

61

Agenda

Results Update 3Q20





i

ii

iii

iv


FINANCIAL RECOVERY QUARTER ON QUARTER, WITH SOLID TELCO PERFORMANCE, COST EFFICIENCY AND REINFORCED BALANCE SHEET

QUARTERLY RECOVERY IN YEARLY REVENUE GROWTH, ALBEIT STILL PRESSURED BY CINEMAS Back to

Top


15,6%

1,8%

-15,5%

-69,2%-66,9%

3Q19 4Q19 1Q20 2Q20 3Q20

TelcoYoY %

AV & CinemaYoY %

ConsolidatedYoY %

-0,1%

0,3%

-2,2%

-7,8%

-1,4%

0,3%1,0% 0,5%

-3,0%

-12,1%

-6,4%-4,9%

3Q19 4Q19 1Q20 2Q20 3Q20 3Q20*3Q19 4Q19 1Q20 2Q20 3Q20 3Q20*

* Adjusted, excluding roaming revenues.



TELCO REVENUES EXCLUDING ROAMING SHOW RESILIENCE IN CURRENT CONTEXT Back to

Top


2.4%

-54%

Telco Revenues Excluding RoamingMillions of Euros

Impact of Roaming Revenues

Roaming RevenuesYoY 3Q20 / 19

Roaming Revenues / Telco Revenues FY19

+0.5% +1.9% -6.8% +0.3%

337.7336.6 1.2 1.3 1.4

3Q19 Consumer Business WS & Others 3Q20



OPEX SAVINGS HELPING TO REDUCE REVENUE PRESSURES Back to

Top


EBITDAMillions of Euros

EBITDA3Q20 / 3Q19 YoY %

-7.0% TelcoConsolidated C & AV

160.6172.7 23.6

2.4 9.0

3Q19 Revenues DirectCosts

Non-DirectCosts

3Q20

-7.0%-1.0%

-67.4%



RELEVANT SAVINGS ACHIEVED IN CINEMA BUSINESS Back to

Top


Less royalties paid and COGS (Direct Costs) due to lower level of activity

Rental contract renegotiations

Non-renewal of temporary staff contracts

Cinema Exhibition OPEX3Q19 / 3Q20, Rebased

32

100 45

58 6 2

3Q19 Film Rental COGS Rents W&S Others 3Q20



NET INCOME DECLINE ON THE BACK OF LOWER EBITDA MAINLY AT THE CINEMA & AUDIOVISUALS DIVISION AND DUE TO HIGHER D&A

Back to

Top


Consolidated Net IncomeMillions of Euros

Cost Breakdown Below EBITDAMillions of Euros

-7.9%

Sh

are

of

JV r

esu

lts

D &

A

Oth

er

ex

pe

nse

s

Ne

t F

in.

Ex

pe

nse

s

Inc

om

eT

ax

es

3Q193Q20

47,9

5,4

-10,4

45,3 44,1

3Q19 4Q19 1Q20 2Q20 3Q20

1,0

(97,5)

(6,9) (6,8)(15,1)

0,6

(103,6)

(4,3) (5,3) (4,0)



PICK-UP IN TELCO CAPEX REFLECTING QUARTERLY FTTH ACCELERATION AND INCREASE IN COMMERCIAL ACTIVITY

Back to

Top


Total CAPEXMillions of Euros

Telco Technical CAPEXMillions of Euros

Telco Customer CAPEXMillions of Euros

83.6 89.781.8 79.4

92.0

8.710.0

6.4 4.1

5.892.2

99.7

88.283.5

97.8

3Q19 4Q19 1Q20 2Q20 3Q20

Telco C & AV

30.6 34.229.8

39.832.4

16.918.4

18.78.2

19.2

47.5

52.648.5 48.0

51.6

3Q19 4Q19 1Q20 2Q20 3Q20

Baseline NW Exp/Subst

36.1 37.033.4

31.4

40.5

3Q19 4Q19 1Q20 2Q20 3Q20



INCREASE IN CAPEX AND DECLINE OF EBITDA IMPACTING OCF, RECEIVAL OF PAYMENT FROM TOWER DEAL

Back to

Top


* Adjusted for the one-off impact of the NOS Towering disposal in Working Capital in 3Q20 in the amount of 20.4 million euros.

Telco EBITDA - CAPEXMillions of euros

Consolidated OCFMillions of euros

Free Cash Flow Bef. DividendsMillions of euros

73,4

32,2

60,0

73,263,5

3Q19 4Q19 1Q20 2Q20 3Q20

44,42,4

34,6 53,5

382,1

3Q19 4Q19 1Q20 2Q20 3Q20

57,9

20,4

44,4

62,4

51,2*

3Q19 4Q19 1Q20 2Q20 3Q20

20.4

30.8



BALANCE SHEET STRENGTH AND OPERATIONAL PERFORMANCE SUFFICIENT TO MEET FUTURE COMMITMENTS AND SUSTAIN ATTRACTIVE LEVEL OF SHAREHOLDER REMUNERATION

Back to

Top


Net Financial Debt / EBITDA After Leases

1.4 x

Cash & Liquidityposition

595

Average Costof Debt

1.2 %

Net Financial Debt Net Financial Debt / EBITDAMillions of Euros, x

Average Cost of Debt%

1 089.3 1 093.6 1 062.11 009.4

771.51.9x 1.9x 1.9x 1.8x

1.4x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

175.0

275.0

375.0

475.0

575.0

675.0

775.0

875.0

975.0

1 075.0

1 175.0

3Q19 4Q19 1Q20 2Q20 3Q20

1.4%1.3%

1.1%1.3% 1.2%

3Q19 4Q19 1Q20 2Q20 3Q20

7070

Appendix

7171

Agenda



NOS at a Glance 3

Appendix 66



7272

(Millions of Euros) 1Q19 2Q19 3Q19 4Q19 2019 1Q20 2Q20 3Q20

Operating Revenues 355.9 365.6 370.5 366.4 1,458.4 345.4 321.3 346.9

0.4% 3.0% 1.0% 0.5% 1.2% (3.0%) (12.1%) (6.4%)

Telco 340.4 347.0 347.4 346.6 1,381.4 332.9 319.9 342.7

0.9% 2.1% (0.1%) 0.3% 0.8% (2.2%) (7.8%) (1.4%)

Consumer Revenues 244.2 244.7 248.3 253.1 990.3 244.0 236.3 248.3

Business Revenues 72.1 69.6 71.3 75.4 288.4 72.0 67.0 71.3

Wholesale and Others 24.1 32.7 27.8 18.2 102.8 16.9 16.5 23.1

Audiovisuals & Cinema Exhibition 25.8 29.1 33.6 30.3 118.8 21.8 8.9 11.1

Other (10.3) (10.5) (10.5) (10.6) (41.8) (9.3) (7.6) (6.9)

EBITDA 160.2 171.2 172.7 135.9 640.0 152.7 157.9 160.6

2.1% 2.5% 1.8% 5.5% 2.8% (4.6%) (7.8%) (7.0%)

EBITDA Margin 45.0% 46.8% 46.6% 37.1% 43.9% 44.2% 49.1% 46.3%

Telco 146.9 158.2 157.0 121.9 583.9 141.8 152.6 155.5

2.7% 2.6% 1.0% 6.3% 2.9% (3.4%) (3.5%) (1.0%)

EBITDA Margin 43.1% 45.6% 45.2% 35.2% 42.3% 42.6% 47.7% 45.4%

Cinema and Audiovisuals 13.3 13.0 15.7 14.0 56.0 10.9 5.3 5.1

EBITDA Margin 51.6% 44.8% 46.7% 46.3% 47.2% 50.1% 58.8% 46.0%

Net Income 42.5 47.7 47.9 5.4 143.5 (10.4) 45.3 44.1

CAPEX Excl. Leasing Contracts 87.3 95.2 92.2 99.7 374.4 88.2 83.5 97.8

EBITDA - CAPEX Excl. Leasing Contracts 72.9 76.1 80.4 36.2 265.6 64.5 74.3 62.8

Net Financial Debt 1,003.4 1,130.3 1,089.3 1,093.6 1,093.6 1,062.1 1,009.4 771.5

CAPEX as % of Revenues 24.5% 26.0% 24.9% 27.2% 25.7% 25.5% 26.0% 28.2%

Net Financial Debt / EBITDA After Lease Payments [x] 1.8x 2.0x 1.9x 1.9x 1.9x 1.9x 1.8x 1.4x

APPENDIXFINANCIAL HIGHLIGHTS Back to

Top


7373

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20

Homes Passed 4,449 4,495 4,571 4,613 4,640 4,690 4,796 4.9%

Total RGUs 9,509 9,538 9,614 9,687 9,708 9,761 9,886 2.8%

Pay TV 1,617 1,617 1,631 1,639 1,644 1,648 1,656 1.5%

Fixed Broadband 1,383 1,389 1,402 1,414 1,425 1,440 1,452 3.5%

Fixed Voice 1,728 1,729 1,739 1,748 1,757 1,767 1,769 1.8%

Mobile 4,750 4,769 4,809 4,851 4,847 4,870 4,972 3.4%

Convergent+Integrated Customers 896 907 915 931 942 958 968 5.8%

% of Fixed Access Customers 58.5% 59.2% 59.1% 59.8% 60.2% 61.0% 61.3% 2.2pp

Net Adds

Homes Passed 55 45 76 41 27 50 106 38.8%

Total RGUs (24) 29 76 74 21 53 125 64.3%

Pay TV (7) 0 14 7 5 4 8 (40.8%)

Fixed Broadband 3 7 13 12 10 15 12 (6.5%)

Fixed Voice (3) 1 9 10 8 10 3 (71.6%)

Mobile (18) 20 40 42 (4) 23 102 157.2%

Convergent+Integrated Customers 6 11 8 16 12 15 10 31.1%

APPENDIXOPERATIONAL HIGHLIGHTS Back to

Top

TE

LC

O


7474

APPENDIXPORTUGAL FACT SHEET

Population (1) 10,295,909 -

GDP per Capita (Current Prices) (2) 19,632.45 -

GDP Growth 2019 (3) +2.2% -

GDP Growth Forecaste 2020 (2) -10.0% -

GDP Growth Forecast 2021 (2) +6.5% -

GDP Growth Forecast 2022 (2) +4.8% -

1st Homes (4) 4,148,007 -

Pay TV (4) 4,202,586 90.5%

Broadband (4) 4,114,910 98.2%

Fixed Voice (4) 4,761,383 91.9%

Mobile incl BB and Voice(4) 17,064,789 166.1%

Mobile Broadband (4) 8,082,862 78.7%

Smartphone Penetration (5) 75% -

PC Penetration (1) 71.5% -

NOS Fixed Access Homes Passed: 4,795,984

PORTUGAL

(1) Source: INE (2) Source: IMF (3) Source: Bank of Portugal (4) Source: ANACOM. Pay TV, Broadband and Fixed Voice: residential penetration (5) Source: Marktest.

Back to

Top


7575

Centralizedarchitecture

HFC network starting point >1,000 homes

=

32-128 homes

Nodesplitting

100 – 1,000 homes

Capacity is managed inan efficient “need to” basis

Docsis 3.1 is the current norm

FttH

Removes active elementsfrom the network (less opex)

Is a step function deployment strategy

Fibre to the last amplifier

Evolution to Remote Phy / Mac Phy in order to move fibre deeper into the network as needed

10-100 homes

APPENDIXDEEP FIBRE: HOW WE GET THERE Back to

Top


7676

Standalone Shared (with VDF)

Penetration

Market Share

CAPEX

HH Density

FttH Cost Per Home Passed

≈100-250€2014-2017

≈100€

>15%>25%4P

40%

3P

60%35 – 40 €

AVERAGE SAC

CPE

350 – 400 €

Sales commissions

Installation + Other

Peak funding reached in first 2 years – network CAPEX and SAC

3-4 years to reach target penetration

Target IRR 18%

AVERAGE ARPU AND CUSTOMER PROFILES

APPENDIXDRIVERS OF FIXED NETWORK EXPANSION DECISION Back to

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7777

Best user experience

Significant reinforcement of capacity and coverage, in line with traffic and customer growth

Focus on 4G technology

Better data QoE in 4Gand better voice quality

Voice and Data Reinforced

Single-RAN Technology

Compact and multi-technology architecture

2G/3G/4G Equipment enabling more efficient network resource management, reduced energy consumption and operating costs

CAPEX and OPEX efficiency

2100Refarming

3G to 4G network reconversion

3G network convertedto 4G, keeping pacewith handset migration

Quick responseand less investment

3G network capacity and spectrum reconversion

Gbps ready network, IoT and 5G evolutionary

Layers of 4G capacity and new funcionalities enable evolution to Gbps IoT HW ready for NB IoT

5G evolutionary network

New offers; increased future competitiveness

NewFunctionalities

APPENDIXMOBILE: TECHNOLOGIES DEPLOYED ARE MORE EFFICIENT AND ENABLE PROGRESSIVE EVOLUTION Back to

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7878

NOS PT Vodafone Nowo

4Q13 3Q20 4Q13 3Q20 4Q13 3Q20 4Q13 3Q20

48% 39% 42% 40% 4% 17% 7% 4%

36% 35% 50% 40% 7% 20% 6% 4%

31% 33% 56% 45% 6% 18% 5% 3%

13% 26% 46% 41% 39% 31% 0% 2%

41% 38% 46% 40% 6% 19% 7% 4%

50% 33% 25% 37% 11% 24% 14% 6%

APPENDIXNOS IS A LEADING PLAYER IN THE PORTUGUESE MARKET A MATURE, CONVERGENT MARKET

Portuguese Market

Total Market

4Q13 3Q20Service

Penetration

Pay TV Subs (mln) 3.2 4.2 101.3%

Fixed BB Subs (mln) 2.6 4.1 98.2%

Fixed Voice Accesses (mln) 4.5 5.2 91.9%

Mobile Subs (mln) 16.7 17.1 166.1%

3,4&5P Bundle Subs (mln) 2.0 3.8 90.6%

NGN Homes Passed (mln) 6.4 14.4 -

TOTAL MARKET MARKET SHARES

Source NOS estimates, Company reports and ANACOM. As from 1Q18, ANACOM have changed criteria and therefore previous periods may not be directly comparable.

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7979

49

181 176

145

119140 147

123

2013 2014 2015 2016 2017 2018 2019 9M20

APPENDIXTELECOMS MARKET IN PORTUGAL PAY TV ANACOM DATA

Total Market Net Adds [Thousands] PT Vodafone Nowo

Source: Anacom. As from 1Q18, ANACOM have changed criteria and therefore previous periods may not be directly comparable.

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47.8% 43.9% 43.7% 43.5% 42.6% 41.2% 40.1% 39.4%

41.5% 42.1% 40.5% 38.9% 38.3% 39.2% 39.6% 39.9%

3.5%

7.6%10.5% 12.8% 14.3% 15.1% 16.3% 17.0%

7.1%

6.2% 5.1% 4.7% 4.7% 4.3% 3.9% 3.6%

2013 2014 2015 2016 2017 2018 2019 9M20

Pay TV # 2013 2014 2015 2016 2017 2018 2019 9M20

NOS 1,516 1,472 1,542 1,598 1,616 1,620 1,636 1,656

Altice 1,316 1,411 1,429 1,429 1,452 1,541 1,615 1,677

Vodafone 111 255 370 470 542 594 665 714

Nowo 225 208 180 173 178 169 159 151

Others 3 7 7 4 4 8 4 4

Total 3,171 3,352 3,528 3,673 3,792 3,932 4,079 4,203

Pay TV % 2013 2014 2015 2016 2017 2018 2019 9M20

NOS 47.8% 43.9% 43.7% 43.5% 42.6% 41.2% 40.1% 39.4%

Altice 41.5% 42.1% 40.5% 38.9% 38.3% 39.2% 39.6% 39.9%

Vodafone 3.5% 7.6% 10.5% 12.8% 14.3% 15.1% 16.3% 17.0%

Nowo 7.1% 6.2% 5.1% 4.7% 4.7% 4.3% 3.9% 3.6%

Others 0.1% 0.2% 0.2% 0.1% 0.1% 0.2% 0.1% 0.1%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


8080

APPENDIXTELECOMS MARKET IN PORTUGAL FIXED BROADBAND ANACOM DATA


PT Vodafone Nowo

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174

290 284

233199 210

183147

2013 2014 2015 2016 2017 2018 2019 9M20

36.2% 34.7% 36.4% 37.4% 37.3% 36.7% 35.7% 35.2%

50.4% 48.1%44.0%

40.9% 39.5% 40.0% 40.3% 40.4%

6.7%11.3%

14.8%17.3% 18.6% 19.2% 20.0% 20.4%

6.4% 5.5% 4.4% 4.2% 4.3% 3.9% 3.7% 3.6%

2013 2014 2015 2016 2017 2018 2019 9M20

Total Market Net Adds [Thousands]

Fixed BB # 2013 2014 2015 2016 2017 2018 2019 9M20

NOS 930 992 1,144 1,262 1,333 1,389 1,416 1,448

Altice 1,294 1,375 1,383 1,381 1,412 1,514 1,599 1,662

Vodafone 172 323 465 584 665 727 794 839

Nowo 164 157 138 142 154 148 147 148

Others 8 11 13 7 11 8 12 16

Total 2,568 2,858 3,142 3,376 3,575 3,785 3,968 4,115

Fixed BB % 2013 2014 2015 2016 2017 2018 2019 9M20

NOS 36.2% 34.7% 36.4% 37.4% 37.3% 36.7% 35.7% 35.2%

Altice 50.4% 48.1% 44.0% 40.9% 39.5% 40.0% 40.3% 40.4%

Vodafone 6.7% 11.3% 14.8% 17.3% 18.6% 19.2% 20.0% 20.4%

Nowo 6.4% 5.5% 4.4% 4.2% 4.3% 3.9% 3.7% 3.6%

Others 0.3% 0.4% 0.4% 0.2% 0.3% 0.2% 0.3% 0.4%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


8181

Fixed Voice NA 2013 2014 2015 2016 2017 2018 2019 9M20

NOS -18 -5 128 125 39 30 -26 1

Altice -52 -77 -131 -121 -62 144 -19 20

Vodafone 76 151 140 113 74 64 63 -4

Nowo -20 -15 -10 -10 -8 -6 -10 16

Others -14 5 -32 -4 0 11 5 0

Total -28 59 96 103 44 243 14 33

-28

5996 103

44

243

1433

2013 2014 2015 2016 2017 2018 2019 9M20

APPENDIXTELECOMS MARKET IN PORTUGAL FIXED VOICE ANACOM DATA

PT Vodafone Nowo


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31.2% 30.7% 32.8% 34.7% 35.2% 34.1% 33.5% 33.3%

56.4% 54.0%50.1%

46.5% 44.8% 45.5% 45.0% 45.1%

6.4%9.6%

12.4% 14.5% 15.9% 16.4% 17.6% 18.0%

5.0% 4.6% 4.3% 4.0% 3.8% 3.5% 3.3% 3.0%

2013 2014 2015 2016 2017 2018 2019 9M20


Fixed Voice % 2013 2014 2015 2016 2017 2018 2019 9M20

NOS 31.2% 30.7% 32.8% 34.7% 35.2% 34.1% 33.5% 33.3%

Altice 56.4% 54.0% 50.1% 46.5% 44.8% 45.5% 45.0% 45.1%

Vodafone 6.4% 9.6% 12.4% 14.5% 15.9% 16.4% 17.6% 18.0%

Nowo 5.0% 4.6% 4.3% 4.0% 3.8% 3.5% 3.3% 3.0%

Others 1.0% 1.1% 0.4% 0.3% 0.3% 0.5% 0.6% 0.6%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


8282

APPENDIXTELECOMS MARKET IN PORTUGAL MOBILE ANACOM DATA

PT Vodafone Others

Source: Anacom. As from 1Q18, ANACOM have changed criteria and therefore previous periods may not be directly comparable. Market Shares of Active Accesses with Usage Excl M2M and PC/Tablet/Pen/Router.

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642

1,290

521

964

638511

218

-33

2013 2014 2015 2016 2017 2018 2019 9M20

12.8%16.4%

19.7%22.4% 23.4% 24.1% 24.7% 25.5%

46.4% 45.9% 45.3% 43.7% 43.7% 42.9% 42.1% 40.9%38.8%35.7% 33.4% 31.9% 30.5% 30.5% 30.5% 30.7%

2.0% 2.0% 1.6% 2.0% 2.4% 2.5% 2.7% 2.9%

2013 2014 2015 2016 2017 2018 2019 9M20


Mobile # 2013 2014 2015 2016 2017 2018 2019 9M20

NOS 402 726 975 1,325 1,533 1,702 1,873 1,925

Altice 1,456 2,033 2,242 2,584 2,863 3,030 3,193 3,088

Vodafone 1,218 1,581 1,653 1,886 1,998 2,154 2,313 2,318

Others 63 89 79 118 157 177 205 219

Total 3,138 4,428 4,950 5,914 6,552 7,063 7,584 7,550

Mobile % 2013 2014 2015 2016 2017 2018 2019 9M20

NOS 12.8% 16.4% 19.7% 22.4% 23.4% 24.1% 24.7% 25.5%

Altice 46.4% 45.9% 45.3% 43.7% 43.7% 42.9% 42.1% 40.9%

Vodafone 38.8% 35.7% 33.4% 31.9% 30.5% 30.5% 30.5% 30.7%

Others 2.0% 2.0% 1.6% 2.0% 2.4% 2.5% 2.7% 2.9%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%


8383

5,7395,349

5,136

4,417 4,374 4,3484,139 4,126

50

1,050

2,050

3,050

4,050

5,050

6,050

2012 2013 2014 2015 2016 2017 2018 2019

APPENDIXTELECOMS MARKET IN PORTUGAL TELCO MARKET REVENUES EVOLUTION Back to

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Total Portuguese Telecom Market Revenues [€millions]

Source: Anacom. Retail revenues only published by ANACOM as from 2015.


3,650 3,638 3,603 3,451 3,464

50

1,050

2,050

3,050

4,050

5,050

6,050

2015 2016 2017 2018 2019

Retail Portuguese Telecom Market Revenues [€millions]

8484

Revenues # 2015 2016 2017 2018 2019

NOS 1,062 1,102 1,135 1,132 1,140

Altice 1,588 1,524 1,434 1,356 1,347

Vodafone 865 899 933 863 890

Nowo 95 80 68 72 62

Others 40 33 32 28 24

Total 3,650 3,638 3,603 3,451 3,464

APPENDIXTELECOMS MARKET IN PORTUGAL RETAIL REVENUES ANACOM DATA

PT Vodafone Nowo

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29.1% 30.3% 31.5% 32.8% 32.9%

43.5% 41.9% 39.8% 39.3% 38.9%

23.7% 24.7% 25.9% 25.0% 25.7%

2.6% 2.2% 1.9% 2.1% 1.8%

2015 2016 2017 2018 2019

Revenues % 2015 2016 2017 2018 2019

NOS 29.1% 30.3% 31.5% 32.8% 32.9%

Altice 43.5% 41.9% 39.8% 39.3% 38.9%

Vodafone 23.7% 24.7% 25.9% 25.0% 25.7%

Nowo 2.6% 2.2% 1.9% 2.1% 1.8%

Others 1.1% 0.9% 0.9% 0.8% 0.7%

Total 100.0% 100.0% 100.0% 100.0% 100.0%

Revenues yoy 2016 2017 2018 2019

NOS 3.8% 3.0% -0.3% 0.7%

Altice -4.0% -5.9% -5.4% -0.7%

Vodafone 3.9% 3.9% -7.6% 3.2%

Nowo -15.7% -14.5% 5.9% -14.0%

Others -18.5% -1.0% -14.9% -12.2%

Total -0.3% -1.0% -4.2% 0.4%


8585

Shareholders (Last Update: 24 August 2020)

Nr ofShares

% ShareCapital

ZOPT, SGPS, SA *1 268,644,537 52.15%

Sonae, SGPS, S. A.*2 38,000,000 7.38%

MFS Investment Management 11,049,477 2.14%

Norges Bank 10,891,068 2.24%

Others 186,576,298 38.23%

TOTAL 515,161,380 100.00%

APPENDIXNOS SHAREHOLDER STRUCTURE

9,6%

5,4%

4,2%

2,7%

1,1%

0,9%

0,8%0,8%

0,7% 0,3%0,1%

0,7%0,9%

US UK SpainNorway Portugal FranceSweden Belgium GermanySwitzerland Luxembourg Rest of EuropeRest of World

INSTITUTIONAL SHAREHOLDERS BY GEOGRAPHY

DECEMBER 2020

(NASDAQ SHAREHOLDER ID, % OF SHARE CAPITAL)

FREE FLOATZOPT SGPS, SA

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*1 Sonae announced an agreement for the dissolution of ZOPT on 19 August 2020*2 As per announcement made to the CMVM on 19 August 2020.


SONAE

8686

Chairman Ângelo Paupério

Chief Executive Officer Miguel Almeida

Vice-President - CFO José Pedro Pereira da Costa

Executive Board Member Daniel Beato

Executive Board Member Filipa Carvalho

Executive Board Member Jorge Graça

Executive Board Member Luís Nascimento

Executive Board Member Manuel Ramalho Eanes

Non-Executive Board MemberAna Rita Ferreira Rodrigues Cernadas

Non-Executive Board Member António Domingues

Non-Executive Board Member António Lobo Xavier

Non-Executive Board Member Catarina Tavira Van-Dúnem

Non-Executive Board Member Cristina Maria de Jesus Marques

Non-Executive Board Member João Torres Dolores

Non-Executive Board Member Joaquim Oliveira

Non-Executive Board Member José Carvalho de Freitas

Non-Executive Board Member Maria Cláudia Azevedo

APPENDIXNOS GOVERNANCE MODEL

General Meeting

Remuneration Committee

Statutory Auditor

Company Secretary

Ethics Committee

Board of Directors Fiscal Board

Executive Commitee

Audit and Finance Commission

Corporate Governance Commission

Appointment and Evaluation Commitee

MEMBERS

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8787

APPENDIXSEASONED MANAGEMENT TEAM WITH A LONG-STANDING EXPERIENCE IN TELECOMS

20 years experience in the Telecom market

MBA in Insead

Miguel Almeida

CEO

Executive members of the Board


MBA in Insead

José Pedro Pereira da Costa

Vice-President – CFO


MBA in IESE Business School

Daniel Beato

Executive board member


MBA in Insead

Luís Nascimento



MBA in Insead

Manuel Ramalho Eanes



MBA in Kellog

Jorge Graça


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MBA in UniversidadeCatólica Portuguesa


Filipa Carvalho

8888

NOS 3

Sem Limites Max

NOS 3

NOS 4

APPENDIXSEGMENTED CONVERGENT BUNDLES

200MbpsNOS Wi-Fi included

+ additionalSIM card, doubles

the data allowance

1 SIM cardFree calls and SMS

EU Roaming 3k minutes 2GB of BB per card, shareable

[+2€ = 3GB; +5 € = 5GB; +9€ = 10 GB]

UnlimitedNational and 50

internationaldestinations

UMA180 channels

NOS Studios

1000h recording

120 channels30MbpsNOS Wi-Fi included

3000 minutes national

destinations; 1000 minutes internationaldestinations

TV BB Fixed Voice Mobile Monthly Fee

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1 SIM card Max SpeedUnlimited calls and SMS

EU Roaming+SIM card, doubles

the data allowance

UMA180 channels

NOS Studios

1000h recording




150 channelsHD Box

1000h recording


8989

Mobile

Fixed

Mobile + Fixed

Fixed

Mobile + Fixed

APPENDIXWOO TARIFF PLANS

100Mbps


TV BB Fixed Voice Mobile Monthly Fee

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1 SIM card1000 minutes / SMS

10 GB data



10 GB data

1 Gbps

1 Gbps


10 GB data

9090

NOS, SGPS, S.A.

Rua Ator António Silva, 91600-404 Lisboa, Portugal

APPENDIXCONTACTS

José Pedro Pereira da Costa - CFO

INVESTOR RELATIONS AND SUSTAINABILITY TEAM

Maria João Carrapato

Henrique Rosado

Clara Teixeira

[email protected]

[email protected]

[email protected]

Ph.: +351 21 782 47 25

Fax: +351 21 782 47 35

[email protected]

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Carla Sampaio [email protected]


mailto:[email protected]





9191

3Q20