NOS SGPS S A : informs on 2Q23 Consolidated Earnings Announcement

NOS, SGPS, S.A.

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

1600-404 Lisbon

Registered in the Commercial Registry Office of Lisbon

under no. 504 453 513

Share Capital: 855.167.890,80 Euros

Qualified Shareholding

Under the terms and for the purposes of Article 17 of the Portuguese Securities Code ( Código dos Valores Mobiliáriosor CVM ), NOS, SGPS, S.A. ( NOS ) hereby informs that it received the qualified shareholding and change in the attribution title of shares of NOS announcement below from SONAE, SGPS, S.A.

This information is also available on NOSInvestor Relations website in www.nos.pt/ir.

Lisbon, 21 July 2023

Contacts

Maria João Carrapato

Head of Investor Relations & Sustainability

Email:[e-mail]

Tel.: [phone]

Fax: [phone]

(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, 21st July 2023

Subject: Notification regarding the disposal of a qualified shareholding and change in the attribution tittle of the shares of NOS, SGPS, S.A.

Dear Sirs,

Pursuant to and for the purposes of article 16 of the Portuguese Securities Code, Sonae

• SGPS, S.A. hereby attaches form for notification of major holdings. With our best regards.

Maia, 21st July 2023

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, S.A. (PTZON0AM0006)

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

[X] An acquisition or disposal of voting rights

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

[X] Other (please specify): change of voting rights and attribution tittle.

By a purchase and sale agreement executed on July 20, 2023, Sonae SGPS, S.A. ("Sonae") sold 58,204,920 shares representing 11.30% of the share capital of NOS - SGPS, S.A. ("NOS") to Sonaecom - SGPS, S.A. ("Sonaecom").

This sale resulted in a change of attribution tittle of the voting rights inherent to those shares, which ceased to be directly attributed to Sonae and became indirectly attributed to it through Sonaecom, a company controlled by Sonae.

Consequently, the voting rights corresponding to 192,527,188 shares of NOS, held by Sonaecom, are now indirectly attributed to Sonae.

3. Details of person subject to the notification obligation :

Name: Sonae, SGPS, S.A.

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:

20/07/2023

6. 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	37,37%		37,37%	1.925.271
threshold was
crossed or reached
				1

Position of previous notification (if appli- cable)

36,855%

36,855%

2

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	-		1,925,271	-	37,37%
SUBTOTAL A	1,925,271				37,37%

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

Type of financial instrument

Expiration datex

Exercise/ Conversion Period

Number of voting rights that may be acquired if the instrument is exer- cised/ converted.

% of voting rights

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
instrument	datex

Exercise/ Conversion Period

Physical or cash	Number of
settlement	voting rights

% of voting rights

SUBTOTAL B.2

3