PORTUGAL TELECOM : Change in the composition of the qualified holding - BES

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Portugal Telecom, SGPS S.A. ("PT") informs that it was notified of a change in the composition of the qualified holding held by Banco Espírito Santo, S.A. ("BES").

This change resulted of the execution of an agreement, on an over-the counter transaction, on 16 July 2014, of 90,000,000 ordinary shares representing 10.04% of PT's share capital and corresponding voting rights held Avistar, SGPS, S.A. ("Avistar"), a company wholly owned by BES, in favour of BES.

As a consequence, the qualified holding corresponding to 90,145,122 ordinary shares, representing 10.06% of the share capital and corresponding voting rights in PT, is attributed to BES as follows:

• BES: 90,004,218 PT ordinary shares;
• Entities in a control or group relationship with BES: 120,688 PT ordinary shares;
• Members of BES' corporate bodies: 20,216 PT ordinary shares.

This statement is pursuant to the terms and for the purposes of articles 17 of the Portuguese Securities Code and 2 of the Portuguese Securities Commission Regulation no. 5/2008, following a communication received from BES, with registered office at Avenida da Liberdade, n.º 195, 1250-142 Lisboa, Portugal.

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