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Portugal Telecom, SGPS S.A. ("PT") hereby announces that its directors João Nuno de Oliveira Jorge Palma and José Pedro Cabral dos Santos informed that Caixa Geral de Depósitos, S.A. ("CGD") (a company where those directors are managers pursuant to paragraph 4, b) of article 248-B of the Portuguese Securities Code) has made the following transaction on PT shares:

TRANSACTION:

Type of transaction: Disposal of shares
Date:24 October 2013
Location: Accelerated bookbuilding
Unit Price:Euro 3.48
Volume:54,771,741
No. of PT shares directly and indirectly held by CGD after the relevant transaction: 1,405,812

This announcement is pursuant to articles 248-B of the Portuguese Securities Code and 14 of the Portuguese Securities Regulation no. 5/2008.

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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