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 share capital of PT.

This change resulted from the disposal on 31 October 2013, of 2,425,695 PT ordinary shares by Morgan Stanley & Co. International plc. As a result, Morgan Stanley now holds a holding corresponding to a total of 15,109,851 ordinary shares representing 1.69% of PT's share capital and corresponding voting rights.  Additionally, PT was informed that this holding is as follows:

Holdings in PT ordinary shares:

• Morgan Stanley & Co. International plc: 8,549,956 ordinary shares representing 0.95% of the share capital and voting rights in PT;

• Morgan Stanley & Co. LLC: 4,565,693 ordinary shares representing 0.51% of the share capital and voting rights in PT;

• Morgan Stanley Smith Barney LLC: 163,696 ordinary shares representing 0.02% of the share capital and voting rights in PT;

• MS Equity Financing Services (Luxembourg) S.a.r.l.: 1,499,417 ordinary shares representing 0.17% of the share capital and voting rights in PT.

Holdings in financial instruments:

• Morgan Stanley & Co. International plc: 331,089 ordinary shares via bond exchangeable into shares already in issue, representing 0.04% 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, 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;

• MS Equity Financing Services (Luxembourg) S.a.r.l.:  Morgan Stanley International 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.

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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