NOS SGPS S A : , SGPS, SA informs on announcement received today from its shareholder Sonaecom, SGPS, S.A.

(Translation from the Portuguese original)

NOS, SGPS, S.A.

Rua Ator António Silva, no. 9, Campo Grande 1600-404 Lisboa

Comissão do Mercado de Valores Mobiliários

Departamento de Supervisão de Mercados, Emitentes e Informação

Rua Laura Alves, no. 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,

Sonaecom - SGPS, SA ("Sonaecom") hereby informs, in the terms and for the purposes set forth in article 16 of the Portuguese Securities Code and articles 1, subparagraph c) and 2 of CMVM Regulation no. 5/2008, that at ZOPT - SGPS, SA ("ZOPT") Shareholders' General Meeting held today, it was decided to proceed with the amortisation of Sonaecom's shareholding in that company and with the reimbursement of the supplementary contributions made by Sonaecom, in exchange for the delivery of shares representing 26.075% of NOS' share capital.

As a result of the aforementioned amortisation, Sonaecom is no longer a shareholder of ZOPT, which is now fully owned by Unitel International Holdings, BV and Kento Holding Limited, companies which are controlled by Isabel dos Santos.

Sonaecom further informs that as a result of this transaction, the total number of voting rights is reduced and the attribution title of said voting rights held by Sonaecom in NOS is changed, being directly attributable to Sonaecom, in the terms set forth in subparagraphs a) and e) of paragraph 1 of article 20 the Portuguese Securities Code, a shareholding of 26.075% of the share capital of NOS, represented by 134 322 268 ordinary shares which will be directly held by

(Translation from the Portuguese original)

Sonaecom, who will also receive an amount in cash in exchange for the aforementioned amortisation, once the relevant procedures are concluded.

This shareholding is also attributable to the entities in a control relationship with Sonaecom, namely SONTEL BV, Sonae Investments BV, Sonae SGPS, SA and Efanor Investimentos, SGPS, SA, pursuant to article 20 paragraph 1 and article 21 both of the Portuguese Securities Code, by virtue of said control relationship.

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

Our best regards.

Maia, 28th September 2022

By Sonaecom,

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: Sonaecom, SGPS, SA	City and country of registered office (if applicable): Maia, Portu-
	gal

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	26.075%		26.075%	5151613
threshold was
crossed or reached
Position of previous
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		1,343,222		26,075%
SUBTOTAL A	1,343,222			26,075%

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