NOS SGPS S A : 26-03-21 - NOS informs on General Shareholders Meeting

NOS, SGPS, S.A.

(Publicly Traded Company)

Registered Office: Rua Actor António Silva, 9 - Campo Grande, Lumiar,

1600-404 Lisbon , Registered at the Companies Register in Lisbon under Tax Identification Number 504.453.513

Share Capital: EUR 5,151,613.80

Notice to Convene

Important information: COVID-19

Portugal has been subject to successive states of emergency due to the spread of the Coronavirus (COVID-19). With a national vaccination programme still in the early stages, herd immunity not yet established and a high risk of contagion, it is proposed that the Annual General Meeting of Shareholders takes place under the same conditions as those of the 2020 Annual General Meeting.

The current legal framework (according to the common understanding of the Securities Market Commission (CMVM), the Portuguese Institute of Corporate Governance (IPCG), and set out in the "Recommendations on General Meetings" of the Association of Listed Companies (AEM)), allows virtual General Meetings to be held. Under the recommondations, "Holding general meetings via remote

communication means is, in this context, a highly recommended solution and one that, among the available options, ensures the most prudent consideration of the interests at stake",.

With this, and the safety of meeting attendees in mind, NOS has decided to hold its Annual General Meeting of Shareholders, as they did in 2020, exclusively by telematic means, and to replace postal voting by electronic voting, under the terms detailed below.

NOTICE TO CONVENE

ANNUAL GENERAL MEETING OF SHAREHOLDERS

Notice is hereby given to Shareholders of NOS, SGPS, S.A. ("Company" or "NOS") to attend the Annual General Meeting on 21 April 2021 at 3.30pm, to be held exclusively by telematic means, as detailed below, with the following agenda:

Item one: To approve the individual and consolidated Annual Report, Financial Statements and other documents, including the Company's Corporate Governance Report and consolidated non-financial statements for the year 2020;

Item two: To approve distribution and allocation of profits relating to the financial year of 2020;

Item three: To assess the Company's management and supervisory bodies;

Item four: To approve the remuneration policy for members of the Company's management and supervisory bodies, as presented by the Remuneration Committee;

Item five: To authorise the Board of Directors to acquire and dispose of own shares on behalf of the Company and its subsidiaries;

Item six: To authorise the Board of Directors to acquire and dispose of own bonds on behalf of the Company and its subsidiaries;

Item seven: To ratify the co-option of members of the Board of Directors for the current term of office (2019 to 2021).

The above proposals for resolution will be available for consultation on the Company's website, www.nos.pt/institucional, and on the Portuguese Securities Market Commission website, www.cmvm.pt, from the date of issue of this Notice. The other preparatory information for the General Meeting, as required by Article 289(1) of the Portuguese Companies Code and in Article 21-C(1) of the PortugueseSecurities Code, will also be availablewww.nos.pt/institucional,from the same date.

forconsultation,ontheCompany'swebsiteIn order to streamline procedures, the Company will accept all documentation pertaining to the participation of Shareholders and/or their representatives in the Annual General Meeting to be submitted by email. This includes declarations of intent to participate, shareholding certificates to be issued by financial intermediaries, letters of representation and/or any other additional documentation. It is the sole responsibility of Shareholders and/or their representatives to guarantee the authenticity and security of the documents submitted electronically, and whenever possible, these documents should include a qualified digital signature or equivalent.

In order to ensure that the Shareholders' right to information is met, reports may be requested in advance of the General Meeting, such that Shareholders are fully informed prior to voting (electronically or by email).

During the course of the General Meeting, Shareholders may also, under the terms set out below, request such information, to enable them to acquire an informed opinion on the matters subject to deliberation.

In general terms, the Company may refuse to disclose any information that it deems could cause serious harm to the Company, to any related company, or which could imply a breach of confidentiality, as imposed by law.

In order to encourage electronic voting and correspondence, Shareholders (i) may, from the date of publication of this Notice, request clarifications on the matters proposed for resolution, using the email [e-mail], and (ii) take advantage of an extended voting period, with voting possible between 8 and 18 April.

Legal and statutory requirements for participation and exercise of voting rights

In accordance with the law and the Company's Articles of Association (in particular Article 11 of these articles):

• − The General Meeting of Shareholders may only be attended by Shareholders with voting rights and persons who have been authorised or invited by the Chairman of the Board of the General Meeting. Every 100 shares correspond to one vote.

• − Shareholders are entitled to attend, discuss and vote at the General Meeting provided that, as of midnight (GMT) on 14 April (the "Record Date", corresponding to the fifth trading day prior to the General Meeting) they hold shares that grant them, according to the law and the Company's Articles of Association, at least one vote. Shareholders holding fewer shares may combine their shares in order to jointly reach or exceed the required quantity of shares to vote as a Shareholder group, represented by one of the group members.

• − The right to participate and vote at the General Meeting is not affected by any transfer of shares after the Record Date, or by any block on trading of these shares that may be imposed between the Record Date and the date of the General Meeting.

• − Shareholders must state their intent to participate in the General Meeting, in writing and no later than 11.59 pm (GMT) on 13 April, to the financial intermediary where their their share account is registered, and may, for this purpose, use the form available on the website (**). The submission of this declaration is considered to comply with the formalities provided for in Article 23-C(3) of the Portuguese Securities Code, and waives the requirement for a specific declaration to the Chairman of the General Meeting on the same date.

• − Financial intermediaries that are informed of their clients' intent to participate in the General Meeting must submit information on the number of shares registered in the name of their client on the Record Date, to the Chairman of the Board of the General Meeting (*) by 11.59 pm (GMT) on the Record date (i.e. 14 April 2021), using the following email address:[e-mail].

• − Shareholders who have declared their intent to attend the General Meeting, and who transfer any ownership of their shares at a time between the Record Date and the end of the General Meeting, must immediately inform the Chairman of the Board of the General Meeting (*) and the Portuguese Securities Commission (CMVM).

• − Shareholders may only participate and vote in the General Meeting if (i) they have advised the financial intermediary with whom their share account is registered of their intent to participate in the General Meeting, in writing and no later than 11:59 pm (GMT) on 13 April, and (ii) the information on the number of shares registered in the client's name on the Record Date is submitted by the above mentioned financial intermediary, in a suitable format, to the Chairman of