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

Home , NOS (Portuguese company), Nowo

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

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

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

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

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

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

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

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

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

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

UMA NOS TV Hybrid Set-Top Box Internet equipments

16 Institutional Presentation

Customer centric value propositions

Personalized customer-base management

Explore segments and channel opportunities

Take advantage of technological disruptions

17 Institutional Presentation

18 Institutional Presentation

19 Institutional Presentation

20 Institutional Presentation

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

Full duplex (N+0) Distributed architecture

DOCSIS 3.1

Mbps

10 GPON

Footprint Evolve HFC + Grow FttH 22 Institutional Presentation

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

2015 2016 2017 2018 2019

Cost per Home (FttH – NOS) Cost per Home (FttH – Total) VDF to NOS NOS to VDF 23 Institutional Presentation

% 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

4 February 2020 14 April 2020 • •

• •

• • • ≈ • • ≈ ≈

25 Institutional Presentation

+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

User Throughput Voice Quality Drop Call

24% 100% 23%

Before After Before After Before After

implemented “Excellent” retention rate

27 Institutional Presentation

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

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

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

1 2 3

30 Institutional Presentation

1 2 3 wbcsd 4

31 Institutional Presentation

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

Consolidated Revenues (YoY, %) Telco Revenues (YoY, %)

Audiovisuals Revenues (YoY, %) Cinema Exhibition Revenues (YoY, %)

35 Note: Growth rates as reported in each period. Institutional Presentation

Fixed Growth [2014-2019] Mobile Growth [2014-2019] NOS Network OPEX [M €]

36 Institutional Presentation

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

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

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

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 Institutional Presentation

Dividend Per Share [Euro Cents]

Payout as % of Net Income [%] Payout as % of Free Cash Flow [%]

41 42 Agenda

NOS at a Glance 3

Executing on Strategy 10

Financial Highlights 28

Results Update 1Q20 38

Appendix 63 43 Results Update 1Q20

•

44 Agenda

Results Update 1Q20

iii

45 Results Update 1Q20

Fixed Access Pay TV – Net Adds [Thousands] Fixed BB and Fixed Voice – Net Adds [Thousands] Mobile – Net Adds [Thousands]

46 Results Update 1Q20

NOS Ntw Expansion / Fixed Pay TV Net Adds [Thousands] Fixed Residential Churn [Rebased, 1Q15 = 100]

47 Results Update 1Q20

Convergent+Integrated Penetration Convergent+Integrated Sub, RGUs/Sub [Thousands, Unit] of Fixed Access Subs [%] Fixed Residential ARPU [Euros]

1,000.0 10.0

950.0 9.0

900.0 8.0

850.0 7.0

800.0 6.0

750.0 5.0

700.0 4.0

650.0 3.0

600.0 2.0

550.0 1.0

500.0 0.0

48 Results Update 1Q20

Traffic Evolution [%]

≈ ≈

49 Results Update 1Q20

•

[Millions of Euros]

• • •

•

50 Results Update 1Q20

51 Results Update 1Q20

Open Stores [%] Traffic in Stores [%] New Pay TV Customer Sales [Sales Channels Split, %]

52 Results Update 1Q20

NOS Cinema Tickets Sold [Millions] NOS Cinema YoY Growth [%]

53 Agenda

Results Update 1Q20

iii

54 Results Update 1Q20

55 Results Update 1Q20

56 Agenda

Results Update 1Q20

iii

57 Results Update 1Q20

Consolidated Revenues and YoY Change [Millions of Euros, %] Telco Revenues and YoY Change [Millions of Euros, %] AV & Cinema Revenues and YoY Change [Millions of Euros, %]

380.0 5.0% 40.0 40.0% 7.0%

360.0 4.0% 6.0% 35.0 400.0

30.0%

5.0% 340.0 3.0%

30.0

4.0%

320.0 2.0% 20.0%

350.0

25.0

3.0%

300.0 1.0%

20.0 10.0% 2.0%

280.0 0.0% 300.0

1.0%

15.0

260.0 -1.0% 0.0%

0.0%

10.0

240.0 -2.0% 250.0 -1.0%

-10.0%

5.0 220.0 -3.0% -2.0%

200.0 -4.0% 200.0 -3.0% 0.0 -20.0%

58 Results Update 1Q20

Telco Revenue Growth [%] Consumer, Business, Wholesale & Others YoY Change [%]

59 Results Update 1Q20

Consolidated EBITDA, EBITDA Margin [Millions of Euros, %] Telco EBITDA, EBITDA Margin [Millions of Euros, %] AV & Cinema EBITDA, EBITDA Margin [Millions of Euros, %]

190.0 100.0% 170.0 60.0% 18.0 120.0%

90.0% 16.0 55.0%

170.0

150.0 100.0%

80.0%

14.0

50.0%

150.0 70.0%

130.0 12.0 80.0%

45.0%

60.0%

130.0 10.0

50.0% 110.0 40.0% 60.0%

8.0

110.0

40.0%

35.0%

90.0 6.0 40.0%

30.0% 90.0

30.0%

4.0

20.0%

70.0 20.0%

70.0 25.0% 2.0 10.0%

50.0 0.0% 50.0 20.0% 0.0 0.0%

60 60 Results Update 1Q20

Consolidated Net Income [Millions of Euros] Cost Breakdown Below EBITDA [Millions of Euros]

20.0

0.0

(20.0)20.0 0.0 (40.0) (20.0) (60.0) (40.0) (80.0) (60.0)

(100.0)(80.0)

(100.0)(120.0) (120.0)

61 61 Results Update 1Q20

Total, Telco and AV & Cinema CAPEX Excl. Leasing Contracts [Millions of Euros] Technical CAPEX [Millions of Euros, %] Customer CAPEX, % of Telco Revenues [Millions of Euros, %]

38.0 50.0%

37.0 45.0%

36.0 40.0%

35.0 35.0%

34.0 30.0%

33.0 25.0%

32.0 20.0%

31.0 15.0%

30.0 10.0%

29.0 5.0%

28.0 0.0%

62 62 Results Update 1Q20

EBITDA – Total, CAPEX Total Excl. Leasings [Millions of Euros] Operating Cash Flow [Millions of Euros] Free Cash Flow [Millions of Euros]

90.0 70.0 60.0

80.0

60.0

50.0

70.0

50.0

60.0 40.0

40.0 50.0

30.0

40.0 30.0

30.0 20.0

20.0

10.0

0.0 0.0 0.0

63 Results Update 1Q20

Net Financial Debt, Net Financial Debt/EBITDA After Leases [Millions of Euros, X] Average Cost of Debt [%]

1,375.0 4.0x

3.5x

1,175.0

3.0x

975.0

2.5x

775.0 2.0x

1.5x

575.0

1.0x

375.0

0.5x

175.0 0.0x

64 Agenda

Results Update 1Q20

iii

65 Results Update 1Q20

1 April 2020 14 April 2020 • • • • • • • • •

• •

66 67 Agenda

NOS at a Glance 3

Executing on Strategy 10

Financial Highlights 28

Results Update 1Q20 38

Appendix 63 68 Institutional Presentation

69 Institutional Presentation

70 Institutional Presentation

Population (1) 10,276,617 - GDP per Capita (Current Prices) (2) 19,632.45 -

(3) GDP Growth 2019 +2.2% - Eurodocsis 3.0 Brand (MHz) GDP Growth Forecaste 2020 (3) -3.7% - Upstream 5 to 65 GDP Growth Forecast 2021 (3) +0.7% -

(3) GDP Growth Forecast 2022 +3.1% - 110 to 750/860 Downstream (40% coverage) 1st Homes (4) 4,148,007 - Pay TV (4) 4,114,823 99.2% Broadband (4) 4,007,053 95.7% Technology Frequency Mhz Allocated Type Renewal Fixed Voice (4) 4,603,101 90.4%

(4) Mobile incl BB and Voice 17,267,726 168.0% 2G-GSM 900 (GSM-P) 15,6 FDD 2027 Mobile Broadband (4) 8,095,113 78.8% 3G-UMTS 2,100 30 FDD 2033 Smartphone Penetration (5) 75% - 4G-LTE 800 20 FDD 2027 PC Penetration (1) 71.5% - 4G-LTE 1,800 28 FDD 2027 NOS Fixed Access Homes Passed: 4,646,123 4G-LTE 2,600 40 FDD 2027

(1) Source: INE (2) Source: IMF (3) Source: Bank of Portugal (4) Source: ANACOM. Pay TV, Broadband and Fixed Voice: residential penetration (5) Source: Marktest.

71 Institutional Presentation

Evolution to Remote Phy / Mac Phy in HFC network starting point >1,000 homes 10-100 homes order to move fibre deeper into the network as needed

Capacity is managed in Removes active elements 32-128 homes an efficient “need to” basis 100 – 1,000 homes from the network (less opex) Docsis 3.1 is the current norm Is a step function deployment strategy 72 Institutional Presentation

Standalone Shared (with VDF) AVERAGE ARPU AND CUSTOMER PROFILES

Penetration >25% >15% 40% Peak funding reached 4P 35 – 40 € 60% in first 2 years – network Market 3P CAPEX and SAC Share

CAPEX AVERAGE SAC

HH 3-4 years to reach target Density penetration Installation + Other FttH Cost Per ≈100-250€ ≈100€ 350 – 400 € Home Passed 2014-2017

Sales Target IRR 18% CPE commissions

73 Institutional Presentation

Best user experience Compact and multi- 3G to 4G network Gbps ready network, IoT technology architecture reconversion and 5G evolutionary Significant reinforcement of capacity and coverage, in line 2G/3G/4G Equipment 3G network converted Layers of 4G capacity and with traffic and customer enabling more efficient to 4G, keeping pace new funcionalities enable growth network resource with handset migration evolution to Gbps IoT HW management, reduced ready for NB IoT Focus on 4G technology energy consumption and Quick response operating costs and less investment 5G evolutionary network

By the end of the project, we will have the most advanced network in Portugal with a significant advantage in terms of future CAPEX requirements

74 Institutional Presentation

Source NOS estimates, Company reports and ANACOM. As from 1Q18, ANACOM have changed criteria and therefore previous periods may not be directly comparable. 75 Institutional Presentation

Total Market Net Adds [Thousands] PT Vodafone Nowo

Source: Anacom. As from 1Q18, ANACOM have changed criteria and therefore previous periods may not be directly comparable. 76 Institutional Presentation

Total Market Net Adds [Thousands] PT Vodafone Nowo

Source: Anacom. As from 1Q18, ANACOM have changed criteria and therefore previous periods may not be directly comparable. 77 Institutional Presentation

Total Market Net Adds [Thousands] PT Vodafone Nowo

Source: Anacom. As from 1Q18, ANACOM have changed criteria and therefore previous periods may not be directly comparable. 78 Institutional Presentation

Total Market Net Adds [Thousands] PT Vodafone Others

Source: Anacom. As from 1Q18, ANACOM have changed criteria and therefore previous periods may not be directly comparable. Market Shares of Active Accesses with Usage Excl M2M and PC/Tablet/Pen/Router. 79 Institutional Presentation

Total Portuguese Telecom Market Revenues [€millions]

6,050

5,050

4,050

3,050

2,050

1,050

Source: Anacom. 80 Institutional Presentation

PT Vodafone Nowo

Source: Anacom. As from 1Q18, ANACOM have changed criteria and therefore previous periods may not be directly comparable. 81 Institutional Presentation

1,5% 0,8% 0,8% 0,6% 0,5% 0,5% ZOPT SGPS, SA FREE FLOAT 3,6% 10,8%

1,1% 0,2% 0,3% DECEMBER 2019 Shareholders Nr of % Share (NASDAQ BI-ANNUAL (Last Update: 15 May 2020) Shares Capital SHAREHOLDER ID, 4,6% % OF SHARE CAPITAL) ZOPT, SGPS, SA 268,644,537 52.15%

Banco BPI, S.A. 25,803,574 5.01% 6,7% 3,2% MFS Investment Management 11,049,477 2.14%

Norges Bank 10,891,068 2.11% Portugal US UK Norway Spain Luxembourg Others 198,772,724 38.58% Switzerland Belgium France Sweden Italy Germany Rest of Europe Rest of World

82 Institutional Presentation

Ângelo Paupério

Miguel Almeida

Remuneration Committee José Pedro Pereira da Costa

Ana Paula Marques

Statutory Auditor Board of Directors Fiscal Board Jorge Graça

Luís Nascimento

Company Secretary Manuel Ramalho Eanes Ana Rita Ferreira Rodrigues Cernadas

Ethics Committee Executive Commitee António Domingues

António Lobão Teles Audit and Finance Commission António Lobo Xavier

Catarina Tavira Van-Dúnem Corporate Governance Commission Cristina Maria de Jesus Marques

João Torres Dolores Appointment and Evaluation Commitee Joaquim Oliveira

José Carvalho de Freitas

Maria Cláudia Azevedo 83 Institutional Presentation

Executive members of the Board

Vice-President CEO Vice-President – CFO Executive board member

Miguel Almeida José Pedro Pereira da Costa Ana Paula Marques

Executive board member Executive board member Executive board member

Luís Nascimento Manuel Ramalho Eanes Jorge Graça

84 Institutional Presentation

recording

[+2€ = 3GB; +5 € = 5GB; +9€ = 10 GB]

85 Institutional Presentation

Source: Apritel, Portuguese Telecom Operators Association. VAT and PPP applied. Analysis as of July 2019. 86 Institutional Presentation

INVESTOR RELATIONS TEAM Rua Ator António Silva, 9 Maria João Carrapato maria.carrapato@nos.pt 1600-404 Lisboa, Portugal

Henrique Rosado [email protected] +351 21 782 47 25 +351 21 782 47 35 Clara Teixeira [email protected] [email protected]

87 88