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Following the press release disclosed by Portugal Telecom, SGPS, S.A. ("PT") on 30 June 2014 in relation to the media reports relating to the treasury application in commercial paper of Rio Forte Investments SA ("Rioforte"), a company of Grupo Espírito Santo ("GES"), PT informs that, having always provided all information requested by Oi S.A. ("Oi), is completely focused on the resolution of this question.

In this context, PT is providing all support to Oi regarding the necessary actions to ensure to Oi the maximum protection of the treasury application in Rioforte's commercial paper.

PT strongly believes that the various parties, PT, Oi and GES, will be able to find the adequate solutions to protect the interests of both PT and Oi shareholders.

Henrique Granadeiro
Chairman of the Board and Chief Executive Officer

Luis Pacheco de Melo
Chief Financial Officer

Contacts: Nuno Vieira, Investor Relations Director
nuno.t.vieira@telecom.pt
Tel.: +351 21 500 1701
Fax: +351 21 500 0800
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