Qualified Holding

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Portugal Telecom, SGPS, S.A. ("PT") hereby informs that it was notified of the following regarding a qualified holding of UBS AG:

A) 5% threshold exceeded (30 January 2014)

On 30 January 2014, UBS AG, Zurich and Basel acquired a total of 1,744,077 PT ordinary shares, over the counter. As a result of such transaction, UBS AG held a qualified holding corresponding to a total of 45,958,433 PT ordinary shares representing 5.13% of PT's share capital and corresponding voting rights as follows:

  • 30,898,866 shares representing 3.45% of the share capital and voting rights in PT were held by UBS AG;
  • 6,590,023 shares representing 0.74% of the share capital and voting rights in PT were held in the name of UBS AG on behalf of several of its clients;
  • 8,469,544 shares representing 0.94% of the share capital and voting rights in PT were held by the following subsidiaries of UBS AG:
    • CCR Asset Management: 1,265,840 PT shares;
    • UBS Financial Services Inc.: 23,332 PT shares;
    • UBS Fund Management (Switzerland) AG: 744,997 PT shares;
    • UBS Fund Services (Luxembourg) SA: 4,984,370 PT shares;
    • UBS Global Asset Management (Australia) Ltd: 12,538 PT shares;
    • UBS Global Asset Management (Hong Kong) Ltd: 606,230 PT shares;
    • UBS Global Asset Management (Japan) Ltd: 348,215 PT shares;
    • UBS Global Asset Management (Singapore) Ltd: 27,438 PT shares;
    • UBS Global Asset Management (UK) Ltd: 335,866 PT shares;
    • UBS Global Asset Management Life Ltd: 120,718 PT shares.

B) Position fell below 5% threshold (31 January 2014)

On 31 January 2014, UBS AG, Zurich and Basel, disposed a total of 2,309,506 PT ordinary shares, over the counter. As a result of such transaction, UBS AG now holds a qualified holding corresponding to a total of 43,648,928 PT ordinary shares representing 4.87% of PT's share capital and corresponding voting rights as follows:

  • 28,590,951 shares representing 3.19% of the share capital and voting rights in PT are held by UBS AG;
  • 6,588,433 shares representing 0.73% of the share capital and voting rights in PT are held in the name of UBS AG on behalf of several of its clients;
  • 8,469,544 shares representing 0.94% of the share capital and voting rights in PT are held by the following subsidiaries of UBS AG:
    • CCR Asset Management: 1,265,840 PT shares;
    • UBS Financial Services Inc.: 23,332 PT shares;
    • UBS Fund Management (Switzerland) AG: 744,997 PT shares;
    • UBS Fund Services (Luxembourg) SA: 4,984,370 PT shares;
    • UBS Global Asset Management (Australia) Ltd: 12,538 PT shares;
    • UBS Global Asset Management (Hong Kong) Ltd: 606,230 PT shares;
    • UBS Global Asset Management (Japan) Ltd: 348,215 PT shares;
    • UBS Global Asset Management (Singapore) Ltd: 27,438 PT shares;
    • UBS Global Asset Management (UK) Ltd: 335,866 PT shares;
    • UBS Global Asset Management Life Ltd: 120,718 PT shares.

This statement is pursuant to the terms and for the purposes of article 17 of the Portuguese Securities Code, following communications received by fax from UBS AG, P.O. Box8098 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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