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Portugal Telecom, SGPS S.A. (“PT”) hereby informs that Deutsche Bank AG (“DB AG”) now holds less than 2% of the voting rights corresponding to the share capital of PT.

Such new holding resulted from the disposal by DB AG, on 13 August 2010, of 139,627 PT ordinary shares in an over the counter transaction. As a result of such transaction, DB AG now holds, directly and indirectly, a total of 17,827,991 ordinary shares representing 1.989% of PT’s share capital and corresponding voting rights.

Additionally, PT was informed that such holding is attributed to DB AG through the following entities:

• DB AG: 10,890,434 ordinary shares representing 1.216% of the share capital and voting rights in PT;
• Deutsche Asset Management Investmentgesellschaft mbH: 65,428 ordinary shares representing 0.007% of the share capital and voting rights in PT;
• Deutsche Asset Management (Japan) Limited: 345 ordinary shares representing 0.00004% of the share capital and voting rights in PT;
• Deutsche Investment Management Americas Inc: 90,417 ordinary shares representing 0.01% of the share capital and voting rights in PT;
• DWS Investment GmbH: 5,929,521 ordinary shares representing 0.661% of the share capital and voting rights in PT;
• DWS Investment SA, Luxembourg: 764,389 ordinary shares representing 0.085% of the share capital and voting rights in PT;
• Frankfurt-Trust Investment-Gesellschaft mBH: 82,757 ordinary shares representing 0.009% of the share capital and voting rights in PT;
• DWS Investments (Spain), S.G.I.I.C., S.A.: 4,700 ordinary shares representing 0.001% of the share capital and voting rights in PT.

This statement is pursuant to the terms and for the purposes of article 17 of the Portuguese Securities Code, following communication received on 4 October 2010 from Deutsche Bank AG London, with offices at 23 Great Winchester Street, London EC2P 2AX, United Kingdom.