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Portugal Telecom, SGPS S.A. ("PT") informs that Credit Suisse Group AG now holds less than 2% of PT's share capital and voting rights.

Such change is due to an additional securities lending of 3,193,326 PT ordinary shares, made on 10 October 2013.

Additionally, PT was informed that Credit Suisse Group AG's position now corresponds to 17,122,061 ordinary shares representing 1.91% of PT's share capital and corresponding voting rights. Such position is attributed as follows:

1. Credit Suisse Funds AG: 374,172 ordinary shares held, representing 0.04% of PT's share capital and corresponding voting rights.
2. Credit Suisse Fund Management S.A.: 13,498 ordinary shares held, representing 0.002% of PT's share capital and corresponding voting rights.
3. Credit Suisse Life (Bermuda) Ltd: 120,850 ordinary shares held, representing 0.01% of PT's share capital and corresponding voting rights.
4. Credit Suisse Securities (Europe) Limited: 7,643,893 ordinary shares held, representing 0.85% of PT's share capital and corresponding voting rights, and 8,969,648 ordinary shares via exclusively cash settled financial instruments, representing 1.00% of PT's share capital and corresponding voting rights.

PT was further information that the exclusively cash settled financial instruments identified above were as follows:

Financial Instruments Term

Nr. of Shares

% of share capital and voting rights

One Equity Swap cash settled

2 October 2017

7,032,203

0.78%

One Equity Swap cash settled

13 April 2015

20,460

0.002%

One Equity Swap cash settled

7 April 2015

550,000

0.06%

One Equity Swap cash settled

31 December 2014

13,640

0.002%

One Equity Swap cash settled

20 October 2014

700,000

0.08%

One Equity Swap cash settled

17 October 2014

32,739

0.004%

One Equity Swap cash settled

13 October 2014

8,929

0.001%

One Equity Swap cash settled

8 September 2014

 611,677

0.07%

The legal entity chain concerning this position (starting with the highest level) is as follows: Credit Suisse Group AG, Credit Suisse AG, Credit Suisse Asset Management International Holding Ltd, Credit Suisse Funds AG, Credit Suisse Holding Europe (Luxembourg) S.A., Credit Suisse Fund Management S.A., Credit Suisse Life (Bermuda) Ltd., Credit Suisse Investments (UK), Credit Suisse Investment Holdings (UK) and Credit Suisse Securities (Europe) Limited.

This statement is pursuant to the terms and for the purposes of article 2-A of the Portuguese Securities Market Commission Regulation nr. 5/2008, following a communication received from Credit Suisse Group AG, with registered office at Paradeplatz 8, Postfach, CH-8070 Zurich, Switzerland.

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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