NOS SGPS S A : 28-09-22 - NOS informs on announcement received from its shareholder Sonae, SGPS, S.A.

(Translation from the Portuguese original)

NOS, SGPS, S.A.

Rua Ator António Silva, n.º 9, Campo Grande 1600-404 Lisboa

Comissão do Mercado de Valores Mobiliários

Departamento de Supervisão de Mercados, Emitentes e Informação

Rua Laura Alves, n.º 4 - Apartado 14258

1064-003 Lisboa

Maia, 28th September 2022

Subject: Notification regarding disposal of qualified shareholding and change in the attribution title of NOS SGPS SA shares

Dear Sirs,

Pursuant to and for the purposes of article 16 of the Portuguese Securities Code and articles 1, subparagraph c) and 2 of CMVM Regulation no. 5/2008, Sonae - SGPS, S.A. ("Sonae") informs that, as communicated by its subsidiary Sonaecom - SGPS, S.A. ("Sonaecom"), at the Shareholders General Meeting of ZOPT - SGPS, S.A. ("ZOPT") held today, it was decided to proceed with the amortization of Sonaecom's participation in that company, and the reimbursement of the supplementary contributions made by Sonaecom, against the delivery of the shares representing 26.075% of the share capital of NOS - SGPS, SA ("NOS").

Under the aforementioned amortization, Sonaecom ceases to be a shareholder of ZOPT, which is now fully owned by Unitel International Holdings, BV and Kento Holding Limited, companies controlled by Isabel dos Santos.

As a result of the transaction referred to above, the total is reduced and the attribution to Sonaecom of the voting rights held in NOS is changed, becoming, in accordance with subparagraphs a) and e) of paragraph 1 of article 20 the Portuguese Securities Code, directly attributable to Sonaecom 26.075% of the share capital of that company, represented by 134 322 268 common shares.

(Translation from the Portuguese original)

Accordingly, Sonae is now attributed a total shareholding of approximately 36.8% of the share capital and voting rights of NOS, resulting from Sonae's direct ownership of the company and from being attributed an indirect ownership of the voting rights pertaining to the aforementioned shareholding of 26.075% that will be directly held by Sonaecom once the relevant procedures are concluded.

It is herewith attached the form for notification of major holdings.

With our best regards.

Maia, 28 September 2022

By Sonae,

Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer andto the competent authority)

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are at- tached:

NOS SGPS SA (PTZON0AM0006)

2. Reason for the notification (please tick the appropriate box or boxes):

[ ] An acquisition or disposal of voting rights

[ ] An acquisition or disposal of financial instruments [ ] An event changing the breakdown of voting rights

1. Other (please specify): alteration of voting rights and attribution tittle, in the terms specified in the notifi- cation to which this form is an Appendix

3. Details of person subject to the notification obligation :

Name: Sonae, SGPS, SA	City and country of registered office (if applicable): Maia, Portugal

1. Full name of shareholder(s) (if different from 3.):
2. Date on which the threshold was crossed or reached: 28/09/2022
3. Total positions of person(s) subject to the notification obligation:

	% of voting rights at-	% of voting rights		Total number of
	through financial instru-	Total of both in %
	tached to shares (to-	voting rights of is-
	ments	(7.A + 7.B)
	tal of 7.A)	suer
	(total of 7.B.1 + 7.B.2)
Resulting situation
on the date on which	36.855%		36.855%	5151613
threshold was
crossed or reached
Position of previous	59.52%		59.52%
notification (if appli-
cable)

1

7. Notified details of the resulting situation on the date on which the threshold was crossed or reachedi:

A: Voting rights attached to shares

Class/type of	Number of voting rights		% of voting rights
shares
ISIN code (if possi-	Direct		Indirect	Direct	Indirect
(Art 9 of Directive		(Art 10 of Directive	(Art 9 of Directive	(Art 10 of Directive
ble)
2004/109/EC)		2004/109/EC)	2004/109/EC)	2004/109/EC)
PTZON0AM0006	555.245		1.343.222	10,780%	26,075%
SUBTOTAL A	1.898.467	36,855%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC

			Number of voting rights
Type of financial in-	Expiration	Exercise/	that may be acquired if	% of voting rights
strument	datex	Conversion Period	the instrument is exer-
			cised/ converted.

SUBTOTAL B.1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC

Type of financial	Expiration	Exercise/	Physical or cash	Number of
Conversion Pe-	% of voting rights
instrument	datex	settlement	voting rights
riod

SUBTOTAL B.2

2