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NOS Play New of Internet IRIS Restart STB 4K Leanback Interface Equipments Set-Top Box

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1 Agenda NOS at a Glance 3 Executing on Strategy 10 Financial Highlights 28 Results Update 1Q20 38 Appendix 63 2 3 Agenda NOS at a Glance 3 Executing on Strategy 10 Financial Highlights 28 Results Update 1Q20 38 Appendix 63 4 Institutional Presentation Back to Top Launch of Optimus 27 August Next generation network expansion FttH Network sharing agreement The 3rd Mobile Merger between signed with Vodafone operator in the ZON and market Optimus Spin-off of ZON, the 14 May Premium sport Content Sharing Letter of Intent signed with largest Pay TV player Rebranding to Agreement signed with PT, Vodafone and Vodafone to negotiate mobile in Portugal, Nowo network sharing agreement (previously PT Multimedia) from Portugal Telecom Reduction stake in Sport TV to 25% Disposal of NOS Towering to Group Cellnex Disposal of NOS International Carrier Services 5 Institutional Presentation Back to Top NOS Group NOS € M Revenues €1,381 M Comunicações € M EBITDA € 1,458M €584 M (100%) € 640 M NOS NOS Audiovisuais €67 M €69 M Cinemas (100%) €33 M €23 M (100%) Dreamia ZAP Sport TV €176 M (equity consolidation) €176 M (equity consolidation) €188 M (equity consolidation) (50%) (30%) (25%) 6 Institutional Presentation Back to Top Pay TV, Total Market 4.1M subs [% Subs, Anacom Data 1Q20] Fixed BB, Total Market 4.0M subs [% Subs, Anacom Data 1Q20] Multiple Play Bundles, Total Market 3.7 Subs [% Subs, 1Q20] Vodafone Vodafone Vodafone Nowo Nowo Nowo 98% 96% Altice 89% Altice Altice NOS NOS NOS Fixed Voice, Total Market 5.1M accesses [% Subs, Anacom Data 1Q20] Mobile, Total Market 17.3M subs [% Subs, Anacom Data 1Q20] Retail Revenues [YtD; FY19] Vodafone Vodafone Nowo Vodafone 90% 168% 3,464 Altice Altice Altice M€ Nowo Others NOS NOS NOS Source: ANACOM. Pay TV, Fixed Broadband and Fixed Voice: residential penetration 7 Institutional Presentation Back to Top NOS, Convergent + Integrated Penetration [%] Service Penetration [%] Total Market Retail Revenues, YoY Change [Millions of Euros; % ] Portugal European Avarage Source: Market Regulators. European average includes Sweden, Spain, UK, France and Germany. 8 Institutional Presentation Back to Top Homes Passed by Operator and Techonology FttH Availability [%, 2019] Capex as % of Revenues [ % ] Sources: Market Regulators; Operator Reports; FttH Council Europe. 9 10 Agenda NOS at a Glance 3 Executing on Strategy 10 Financial Highlights 28 Results Update 1Q20 38 Appendix 63 11 Institutional Presentation Back to Top NOS has a …which will be …supported by benchmark …that will enable complemented and operational efficiency that us to leveraged to will of drive margin growth and assets and skills… within a strategy focused while on domestic market maintaining a strong share growth… balance sheet… 12 Institutional Presentation Back to Top Telco Revenue Market Share 33% 33% 31% 29% 30% 25% 26% 26% 2018 Target Note: Retail Revenue Market Shares reported by ANACOM used as from 2015. 13 Institutional Presentation Back to Top Residential Fixed Access ARPU, Fixed Access Convergent Penetration [Euros, %] Relative Performance of Pay TV, Fixed BB, Fixed Voice and Mobile RGUs [Rebased, 1=1Q14] 70.0% 45.0 60.0% 40.0 50.0% 40.0% 35.0 30.0% 30.0 20.0% 25.0 10.0% 20.0 0.0% Note: Converged + Integrated Fixed Access Subscriber penetration used from 1Q18. 14 Institutional Presentation Back to Top A History of Innovation 2011 2013 2014 2015 2016 2017 2018 2019 2020 New UMA v2 UMA generation 7 Day RDK Youtube hybrid nPVR NOS Play New of internet IRIS Restart STB 4K Leanback Interface equipments set-top box 15 Institutional Presentation Back to Top UMA NOS TV Hybrid Set-Top Box Internet equipments 16 Institutional Presentation Back to Top Customer centric value propositions Personalized customer-base management Explore segments and channel opportunities Take advantage of technological disruptions 17 Institutional Presentation Back to Top 18 Institutional Presentation Back to Top 19 Institutional Presentation Back to Top 20 Institutional Presentation Back to Top Central Pro Wi-Fi Pro IT Solutions Virtual solution Provides tailor made IaaS and Data centre for professional professional WiFi solutions services, Managed management calls for SMEs Services Security and IT Governance Better segmentation with greater use of analytics and targeted sales channels Transformation of operating and service model and focus on customer service and satisfaction Offer simplification and focus on segment relevant innovation with more IT based solutions 21 Institutional Presentation Back to Top Full duplex (N+0) Distributed architecture DOCSIS 3.1 Mbps 10 GPON Footprint Evolve HFC + Grow FttH 22 Institutional Presentation Back to Top CAPEX Per Home FttH Network (NOS, DST and VDF) FttH Swap: HP delivered to date (cumulative) 2.6 million FttH households to be swapped with (Euro) Vodafone until 2022 (1.2 million NOS, 1.4 million Vodafone) 250 200 150 -60% 100 50 0 2015 2016 2017 2018 2019 Cost per Home (FttH – NOS) Cost per Home (FttH – Total) VDF to NOS NOS to VDF 23 Institutional Presentation Back to Top % NOS Homes Passed with FttH NOS FttH Evolution (NOS, DST and VDF) [Million Homes] HFC FTTH (NOS) Note: FttH includes DST and Vodafone 24 Institutional Presentation Back to Top 4 February 2020 14 April 2020 • • • • • • • ≈ • • ≈ ≈ 25 Institutional Presentation Back to Top +200% 4G capacity Improve 3G Increased 4G capacity and and 4G data QoE coverage in 92.5% (indoor coverage) and 99% (outdoor coverage) of the network + data coverage (99% of population Option to gradually refarm 2100Mhz (+4G capacity and 3G network renewal) covered) Future Proof 4G network Enable new 4G offers over 150/50M Complete modernization of 3G network Global network optimization + voice coverage + Voice Capacity / EDGE data + 2G capacity (TRX): 25% Improvement of voice 15% of sites with reinforced coverage call quality Global network optimization plan Decrease in dropped calls 26 Institutional Presentation Back to Top User Throughput Voice Quality Drop Call 24% 100% 23% Before After Before After Before After implemented “Excellent” retention rate 27 Institutional Presentation Back to Top TRANSFORMATION PROGRAMME STRATEGIC AMBITION Revolutionize Customer Service Failure Customer Next Gen Customer Centricity focusing on Lighthouse Marketing & Sales Service 4.0 Avoidance and Mgmt 1. quality and experience Offer Segment Relationship Simplification of One Lifecycle Management 2. Build a Fitter Operating Model E2E Process New Smart Network and Operations Integrity Service Models Zero Simplify CORE OBJECTIVES Waste & Automate Digital Achieve NPS leadership Data Management & Adv. Analytics RPA & AI Boost digital weight on total client interactions New Ways of Working Capture recurring cash Customer Experience Offer and Business Model Customer Centric Processes Fitness Enablers savings 28 Institutional Presentation Back to Top Focus on vision Main focus on Main focus on Main focus on 100 and ambition initiative design implementation monitoring and set-up and planning and capture of quick wins boosting impacts 80 All initiatives in monitoring mode 60 rd nd Launch of 3 2 wave initiatives wave initiatives 40 into execution Launch of 2nd wave mode initiatives 1st wave initiatives 1st wave initiatives into monitoring mode 20 into execution mode Launch of 1st wave initiatives 0 FY17 FY18 FY19 FY20 FY21 FY22 29 Institutional Presentation Back to Top 1 2 3 30 Institutional Presentation Back to Top 1 2 3 wbcsd 4 31 Institutional Presentation Back to Top 1 2 3 4 32 33 Agenda NOS at a Glance 3 Executing on Strategy 10 Financial Highlights 28 Results Update 1Q20 38 Appendix 63 34 Institutional Presentation Back to Top Consolidated Revenues (YoY, %) Telco Revenues (YoY, %) Audiovisuals Revenues (YoY, %) Cinema Exhibition Revenues (YoY, %) 35 Note: Growth rates as reported in each period. Institutional Presentation Back to Top Fixed Growth [2014-2019] Mobile Growth [2014-2019] NOS Network OPEX [M €] 36 Institutional Presentation Back to Top Total OPEX [M €] Direct Costs [M €] Non-Direct Costs [M €] Commercial Costs Other Customer Related Support + Maintenance W&S Supplies & External Services 37 Institutional Presentation Back to Top Consolidated EBITDA and Margin (Millions of Euros, %) Telco EBITDA and Margin (Millions of Euros, %) 630.0 47.0% 680.0 47.0% 46.0% 580.0 45.0% 630.0 46.0% 44.0% 530.0 580.0 45.0% 43.0% 42.0% 530.0 44.0% 480.0 41.0% 480.0 43.0% 40.0% 430.0 39.0% 430.0 42.0% 380.0 38.0% 380.0 41.0% OCF Incl. Leasings, % of Revenues (Millions of Euros, %) FCF Bef. Dividends, Recurrent FCF as % of Revenues (Millions of Euros) Recurrent FCF Growth 220.0 200.0 20.0% 16.0% 180.0 18.0% 200.0 160.0 16.0% 14.0% 140.0 14.0% 180.0 120.0 12.0% 12.0% 160.0 100.0 10.0% 80.0 8.0% 10.0% 140.0 60.0 6.0% 40.0 4.0% 8.0% 120.0 20.0 Non2.0% -Recurrent Impact 100.0 6.0% 0.0 0.0% 38 Institutional Presentation Back to Top Total CAPEX Including Leasings (Millions of Euros) Telco CAPEX Excl Leasings, % of Telco Revenues (Millions of Euros, %) 2019 Customer CAPEX Breakdown (%) 2019 Technical CAPEX Breakdown (%) 39 Institutional Presentation Back to Top Net Financial Debt, Net Financial Debt/EBITDA AL [€millions, X] Net Debt, Net Debt/EBITDA [€millions, X] Cash & Liquidity Position 1,200 1,400 3.0x 2.4x 1,300 2.8x 1,100 1,200 2.6x credit rating in 1Q18 2.2x 1,000 1,100 2.4x (reaffirmed in 1Q20 by S&P) 2.0x 900 1,000 2.2x recognizes operational 1.8x 900 2.0x 800 prospects and financial 800 1.8x 1.6x 700 700 1.6x stability 1.4x 600 600 1.4x 500 1.2x 500 1.2x Average Cost of Debt [%] Stable Outlook Stable Outlook 40
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    13 November 2020 2QFY21 Results Update | Sector: Media Sun TV Network Estimate changes CMP: INR443 TP: INR530(+20% ) Buy TP change Rating change EBITDA supported by lower opex; Subscription Bloomberg SUNTV IN revenues trend higher Equity Shares (m) 394 Sun TV’s 2QFY21 revenue recovered with 2% YoY decline (in-line) v/s 45% M.Cap.(INRb)/(USDb) 174.6 / 2.3 decline in 1QFY21. This was attributed to stronger ad revenues and resilient 52-Week Range (INR) 520 / 260 1, 6, 12 Rel. Per (%) -8/-30/-24 subscription revenues. EBITDA grew 7% (5% above est.) with cost 12M Avg Val (INR M) 1124 rationalization. We have revised up our FY21E EBITDA by 7% on lower-than-estimated cost Financials & Valuations (INR b) in 2QFY21. Our FY22E revenue/EBITDA estimates are largely maintained; we Y/E March FY20 FY21E FY22E factor in 11%/14% growth over FY20. Revival in earnings and a low Sales 34.0 32.0 37.7 valuation make it attractive. Maintain Buy. EBITDA 22.4 21.4 25.5 Adj. PAT 13.7 14.0 16.2 Revenue down 2.3% YoY (in-line); EBITDA up 7% YoY (5% beat) EBITDA Margin (%) 65.7 66.9 67.7 SUN TV’s 2QFY21 revenues declined 2.3% YoY to INR7.6b (in-line), v/s 45% Adj. EPS (INR) 34.8 35.5 41.1 decline in 1QFY21. Advertisement revenue recovered – down 29% v/s 67% EPS Gr. (%) -1.7 2.0 15.8 in 1QFY21; subscription revenue grew 14%. BV/Sh. (INR) 142.7 149.3 161.6 Production costs / Employee expenses were down 35%/3% YoY, while SG&A Ratios Net D:E -0.6 -0.7 -0.8 was up 8% YoY.