PORTUGAL TELECOM : Qualified Holding

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Portugal Telecom, SGPS, S.A. ("PT") hereby informs that UBS AG now holds less than 5% of the share capital of PT.

On 26 June 2014, UBS AG, Zurich and Basel disposed of a total of 1,300,264 PT ordinary shares, over the counter. As a result of such transaction, UBS AG holds a qualified holding corresponding to a total of 43,728,253 ordinary shares representing 4.88% of PT's share capital and corresponding voting rights, as follows:

• 26,060,719 shares representing 2.91% of the share capital and voting rights in PT are held by UBS AG;
• 8,870,872 shares representing 0.99% of the share capital and voting rights in PT are held in the name of UBS AG on behalf of several of its clients;
• 8,796,663 shares representing 0.98% of the share capital and voting rights in PT are held by the following subsidiaries of UBS AG:

o CCR Asset Management: 1,535,840 PT shares;
o UBS Financial Services Inc.: 137,109 PT shares;
o UBS Fund Management (Switzerland) AG: 251,627 PT shares;
o UBS Fund Services (Luxembourg) SA: 6,308,946 PT shares;
o UBS Global Asset Management (Australia) Ltd: 12,538 PT shares;
o UBS Global Asset Management (Japan) Ltd: 304,033 PT shares;
o UBS Global Asset Management (Singapore) Ltd: 27,438 PT shares;
o UBS Global Asset Management (UK) Ltd: 39,799 PT shares;
o UBS Global Asset Management Life Ltd: 179,333 PT 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 by fax from UBS AG, Postfach 8098 Zurich, Switzerland.

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