Qualified Holding  - Bestinver



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Portugal Telecom, SGPS S.A. ("PT SGPS") informs that Bestinver Gestión, S.A., SGIIC ("Bestinver") now holds less than 2% of the voting rights corresponding to the share capital of PT SGPS.

This holding results from the disposal by Bestinver Bolsa, F.I.M. and by Bestinfond F.I.M, on 31 October 2014, of 1,379,637 PT SGPS ordinary shares representing 0.15% of PT SGPS' share capital. As a result of such transaction, Bestinver now holds an interest corresponding to 17,771,945 PT SGPS ordinary shares representing 1.98% of PT SGPS' share capital and corresponding voting rights. Additionally, PT SGPS was informed that the disposal of 961,585 PT SGPS ordinary shares occurred on regulated market and the disposal of 418,052 PT SGPS ordinary shares occurred outside of regulated market.

Bestinver is a fund management company in connection with the investment institutions it manages and represents exercising the voting rights attached to their holdings. Additionally, Bestinver has been granted a power of attorney to exercise the voting rights attached to the shares under the property of the pension funds Bestinver Empleo, F.P., Bestinver Ahorro Fondo de Pensiones, Bestinver Empleo III Fondo de Pensiones, Bestinver Prevision F.P., Bestinver Global F.P. and Bestinver Empleo II, F.P., which are managed by Bestinver Pensiones EGFP, S.A..

PT SGPS was further informed that the shares reported in this disclosure are held by the following entities:

Investment Institutions and Pension Funds

Shares

% Voting Rights

Bestinver Empleo, F.P.

26,599

0.003%

Bestinver Bolsa, F.I.M.

7,037,679

0.79%

Bestinver Ahorro Fondo de Pensiones

386,889

0.04%

Bestinver Empleo III Fondo de Pensiones

6,199

0.001%

Bestinver Hedge Value Fund, FIL

925,490

0.10%

Bestinver Prevision F.P.

43,872

0.005%

Bestinver Grandes Compañías, F.I.

589,527

0.07%

Bestinver Global F.P.

1,099,521

0.12%

Bestinver Mixto, F.I.M.

526,646

0.06%

Bestvalue F.I.

1,141,161

0.13%

Divalsa de Inversiones SICAV

25,498

0.003%

Bestinver SICAV-Bestinfund

239,173

0.03%

Bestinver Empleo II, F.P.

8,633

0.001%

Bestinver Futuro EPSV

20,936

0.002%

Bestinver SICAV - Iberian

862,225

0.10%

Bestinver Renta F.I.M.

153,613

0.02%

Bestinfond F.I.M.

4,511,248

0.50%

Soixa SICAV S.A.

760,989

0.08%

Total

17,771,945

1.98%

This statement is pursuant to the terms and for the purposes of article 17 of the Portuguese Securities Code, following information received from Bestinver, with registered office at Calle Juan de Mena, n. º 8, 28014 Madrid, Spain.

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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