PORTUGAL TELECOM : Qualified holding and long position - Morgan Stanley

Qualified holding and long position - Morgan Stanley

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

This change is due to a reduction of a borrowed position in 2,500,000 PT ordinary shares by MS Equity Financing Services (Luxembourg) S.a.r.l., made on 11 October 2013. As a result, Morgan Stanley's holding corresponds now to 15,818,907 ordinary shares representing 1.76% of PT's share capital and corresponding voting rights.

Additionally, PT was informed that the holding is held as follows:

Holdings in ordinary shares:

• Morgan Stanley & Co. International plc: 8,245,641 ordinary shares representing 0.92% of the share capital and voting rights in PT;
• Morgan Stanley & Co. LLC: 5,226,783 ordinary shares representing 0.58% of the share capital and voting rights in PT;
• Morgan Stanley Capital Services LLC: 9,484 ordinary shares representing 0.001% of the share capital and voting rights in PT;
• Morgan Stanley Smith Barney LLC: 339,534 ordinary shares representing 0.04% of the share capital and voting rights in PT;
• MS Equity Financing Services (Luxembourg) S.a.r.l.: 1,290,394 ordinary shares representing 0.14% of the share capital and voting rights in PT.

Holdings in financial instruments:

• Morgan Stanley & Co. International plc: 707,071 ordinary shares (via bond exchangeable into shares already in issue) representing 0.08% of the share capital and voting rights in PT.

PT was further informed that the parent company Morgan Stanley controls Morgan Stanley & Co. International plc, Morgan Stanley & Co. LLC, Morgan Stanley Capital Services LLC, MS Equity Financing Services (Luxembourg) S.a.r.l. and Morgan Stanley Smith Barney LLC through the following chains of companies:

• Morgan Stanley & Co. International plc: Morgan Stanley International Holding Inc., Morgan Stanley International Limited, Morgan Stanley Group (Europe) and Morgan Stanley UK Group;
• Morgan Stanley & Co. LLC: Morgan Stanley Capital Management LLC and Morgan Stanley Domestic Holdings Inc;
• Morgan Stanley Capital Services LLC:  Morgan Stanley Capital Management LLC and Morgan Stanley Domestic Holdings Inc;
• Morgan Stanley Smith Barney LLC: Morgan Stanley Capital Management LLC, Morgan Stanley Domestic Holdings Inc, Morgan Stanley & Co. LLC, MS Alpha Holdings LLC, Morgan Stanley JV Holdings LLC and Morgan Stanley Smith Barney Holdings LLC;
• MS Equity Financing Services (Luxembourg) S.a.r.l.:  Morgan Stanley International Holdings Inc..

This statement is pursuant to the terms and for the purposes of articles 17 of the Portuguese Securities Code and 2 and 2-A of the Portuguese Securities Commission Regulation no. 5/2008, following a communication received from Morgan Stanley & Co. International plc, with registered office at 25 Cabot Square, Canary Wharf, London E14 4QA, United Kingdom.

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