PORTUGAL TELECOM : Qualified Holding and Long Position - Barclays Bank

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Portugal Telecom, SGPS S.A. ("PT") informs that it was notified by Barclays Plc that, in addition to the long position that was already previously held, this entity now also holds a qualified holding corresponding to more than 2% of PT's share capital and voting rights.

This change resulted from an early termination of a cash settled swap over 20,000,000 PT shares and subsequent purchase, over the counter, of 20,000,000 PT shares. These transactions were executed on 22 April 2014 by Barclays Capital Securities Limited.

As a result of such transactions, Barclays Plc's now holds a qualified holding corresponding to 30,800,291 ordinary shares representing 3.44% of PT's share capital and corresponding voting rights and a long position corresponding to 31,070,120 ordinary shares representing 3.47% of PT's share capital and corresponding voting rights.

It was further communicated that Barclays Capital Securities Limited currently holds the following financial instruments:

Finally, PT was informed that Barclays Plc holds the qualified holding and long position identified above as follows:

• Barclays Wealth Managers Portugal - SGFIM S.A.: 93,000 ordinary shares held, representing 0.01% of the share capital and voting rights in PT;
• Barclays Bank Plc: 162,945 ordinary shares held, representing 0.02% of the share capital and voting rights in PT;
• Barclays Capital Inc: 926,826 ordinary shares held, representing 0.10% of the share capital and voting rights in PT;
• Barclays Capital Securities Limited: 29,617,520 ordinary shares held, representing 3.30% of the share capital and voting rights in PT, and 269,829 ordinary shares via cash settled financial instruments, representing 0.03% of the share capital and voting rights in PT.

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 Barclays Plc, a company incorporated under the laws of the United Kingdom, with registered office at 1 Churchill Place, London E14 5HP, United Kingdom.

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