PORTUGAL TELECOM 
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Portugal Telecom, SGPS S.A. ("PT") hereby informs that it was notified of the following regarding a long position of Credit Suisse Group AG:
A) 2% threshold exceeded (15 October 2013)
This change was due to an additional securities borrowing of 1,761,363 PT ordinary shares, made on 15 October 2013.
As a result, Credit Suisse Group AG's long position corresponded to 18,825,213 ordinary shares representing 2.10% of PT's share capital and corresponding voting rights. Such position was attributed to Credit Suisse Group AG as follows:
- Credit Suisse Funds AG: 362,172 ordinary shares held, representing 0.04% of PT's share capital and corresponding voting rights;
- Credit Suisse Fund Management S.A.: 13,498 ordinary shares held, representing 0.002% of PT's share capital and corresponding voting rights;
- Credit Suisse Life (Bermuda) Ltd: 120,850 ordinary shares held, representing 0.01% of PT's share capital and corresponding voting rights;
- Credit Suisse Securities (USA) LLC: 33,179 ordinary shares held, representing 0.004% of PT's share capital and corresponding voting rights;
- Credit Suisse Securities (Europe) Ltd: 9,220,738 ordinary shares held, representing 1.03% of PT's share capital and corresponding voting rights, and 9,074,776 ordinary shares via exclusively cash settled financial instruments, representing 1.01% of PT's share capital and corresponding voting rights.
PT was further informed 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 | 7,036,853 | 0.78% |
One Equity Swap cash settled | 13 April 2015 | 55,343 | 0.01% |
One Equity Swap cash settled | 7 April 2015 | 550,000 | 0.06% |
One Equity Swap cash settled | 31 December 2014 | 36,896 | 0.004% |
One Equity Swap cash settled | 28 November 2014 | 25,797 | 0.003% |
One Equity Swap cash settled | 28 November 2014 | 10,600 | 0.001% |
One Equity Swap cash settled | 5 November 2014 | 771 | 0.0001% |
One Equity Swap cash settled | 20 October 2014 | 700,000 | 0.08% |
One Equity Swap cash settled | 17 October 2014 | 37,910 | 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 long position (starting with the highest level) was as follows: Credit Suisse Group AG, Credit Suisse AG, Credit Suisse Asset Management International Holding Ltd, Credit Suisse Funds AG, Credit Suisse Holdings (USA) Inc., Credit Suisse (USA) Inc., Credit Suisse Securities (USA) LLC, 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.
B) Interest fell below 2% threshold (16 October 2013)
This change was due to a reduction of securities borrowed in 1,228,152 PT ordinary shares, made on 16 October 2013.
As a result, Credit Suisse Group AG's position corresponded to 17,574,960 ordinary shares representing 1.96% of PT's share capital and corresponding voting rights. Such position was attributed to Credit Suisse Group AG as follows:
- Credit Suisse Funds AG: 362,172 ordinary shares held, representing 0.04% of PT's share capital and corresponding voting rights;
- Credit Suisse Fund Management S.A.: 13,498 ordinary shares held, representing 0.002% of PT's share capital and corresponding voting rights;
- Credit Suisse Life (Bermuda) Ltd: 120,850 ordinary shares held, representing 0.01% of PT's share capital and corresponding voting rights;
- Credit Suisse Securities (Europe) Ltd: 8,002,509 ordinary shares held, representing 0.89% of PT's share capital and corresponding voting rights, and 9,075,931 ordinary shares via exclusively cash settled financial instruments, representing 1.01% of PT's share capital and corresponding voting rights.
PT was further informed 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 | 7,036,853 | 0.78% |
One Equity Swap cash settled | 13 April 2015 | 55,343 | 0.01% |
One Equity Swap cash settled | 7 April 2015 | 550,000 | 0.06% |
One Equity Swap cash settled | 31 December 2014 | 36,896 | 0.004% |
One Equity Swap cash settled | 28 November 2014 | 36,397 | 0.004% |
One Equity Swap cash settled | 5 November 2014 | 771 | 0.0001% |
One Equity Swap cash settled | 20 October 2014 | 700,000 | 0.08% |
One Equity Swap cash settled | 17 October 2014 | 39,065 | 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) was 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.
C) 2% threshold exceeded (17 October 2013)
This change was due, as informed by Credit Suisse Group AG, to a reduction of securities lending in the amount of 1,332,269 PT ordinary shares, made on 17 October 2013.
As a result, Credit Suisse Group AG's long position corresponded to 19,095,387 ordinary shares representing 2.13% of PT's share capital and corresponding voting rights. Such position was attributed to Credit Suisse Group AG as follows:
- Credit Suisse Funds AG: 362,172 ordinary shares held, representing 0.04% of PT's share capital and corresponding voting rights;
- Credit Suisse Fund Management S.A.: 13,498 ordinary shares held, representing 0.002% of PT's share capital and corresponding voting rights;
- Credit Suisse Life (Bermuda) Ltd: 120,850 ordinary shares held, representing 0.01% of PT's share capital and corresponding voting rights;
- Credit Suisse Securities (Europe) Ltd: 9,520,720 ordinary shares held, representing 1.06% of PT's share capital and corresponding voting rights, and 9,078,147 ordinary shares via exclusively cash settled financial instruments, representing 1.01% of PT's share capital and corresponding voting rights.
PT was further informed 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 | 7,036,853 | 0.78% |
One Equity Swap cash settled | 13 April 2015 | 55,343 | 0.01% |
One Equity Swap cash settled | 7 April 2015 | 550,000 | 0.06% |
One Equity Swap cash settled | 31 December 2014 | 36,896 | 0.004% |
One Equity Swap cash settled | 28 November 2014 | 36,397 | 0.004% |
One Equity Swap cash settled | 5 November 2014 | 771 | 0.0001% |
One Equity Swap cash settled | 20 October 2014 | 700,000 | 0.08% |
One Equity Swap cash settled | 17 October 2014 | 41,281 | 0.005% |
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 long position (starting with the highest level) was 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.
D) Interest fell below 2% threshold (18 October 2013)
This change was due to a reduction of securities borrowed in 3,720,307 PT ordinary shares, made on 18 October 2013.
As a result, Credit Suisse Group AG's position corresponded to 15,536,133 ordinary shares representing 1.73% of PT's share capital and corresponding voting rights. Such position was attributed to Credit Suisse Group AG as follows:
- Credit Suisse Funds AG: 362,172 ordinary shares held, representing 0.04% of PT's share capital and corresponding voting rights;
- Credit Suisse Fund Management S.A.: 13,498 ordinary shares held, representing 0.002% of PT's share capital and corresponding voting rights;
- Credit Suisse Life (Bermuda) Ltd: 120,850 ordinary shares held, representing 0.01% of PT's share capital and corresponding voting rights;
- Credit Suisse Securities (Europe) Ltd: 5,928,607 ordinary shares held, representing 0.66% of PT's share capital and corresponding voting rights, and 9,111,006 ordinary shares via exclusively cash settled financial instruments, representing 1.02% of PT's share capital and corresponding voting rights.
PT was further informed 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 | 7,036,853 | 0.78% |
One Equity Swap cash settled | 13 April 2015 | 75,909 | 0.01% |
One Equity Swap cash settled | 7 April 2015 | 550,000 | 0.06% |
One Equity Swap cash settled | 31 December 2014 | 46,330 | 0.005% |
One Equity Swap cash settled | 28 November 2014 | 36,397 | 0.004% |
One Equity Swap cash settled | 5 November 2014 | 771 | 0.0001% |
One Equity Swap cash settled | 20 October 2014 | 700,000 | 0.08% |
One Equity Swap cash settled | 17 October 2014 | 44,140 | 0.005% |
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) was 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 communications received from Credit Suisse Group AG, with registered office at Paradeplatz 8, Postfach, CH-8070 Zurich, Switzerland.
Contacts:Nuno Vieira, Investor Relations Directornuno.t.vieira@telecom.pt
Tel.: +351 21 500 1701
Fax: +351 21 500 0800
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