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Portugal Telecom, SGPS S.A. (“PT”) was informed by Barclays Plc of amendments to previously disclosed qualified holdings in PT.

PT was informed that Barclays Capital Securities Ltd (a subsidiary of Barclays Plc) acquired:

1. On 16 December 2009, three financial instruments by way of forward contracts each with an expiration date of 16 December 2010, representing 356,929 shares, 206,371 shares and 3,315,892 shares in PT, which in total amounts to 3,879,192 shares or 0.43% of the company’s share capital and voting rights; and
2. On 12 January 2010, a financial instrument by way of a forward contract with an expiration date of 5 April 2010, representing 5,900,000 shares in PT or 0.66% of the company’s share capital and voting rights.

Additionally PT was informed by Barclays Plc that due to a data-feed issue these contracts were not included in previous qualified holding notifications made to PT.

The table below provides a summary of both the previously disclosed and the amended positions of Barclays Plc, following the acquisition of referred financial instruments concerning PT shares.

Current holding

It was further informed that as of 14 June 2010 Barclays Plc held a qualified holding of 22,272,374 PT shares or 2.48% of the voting rights corresponding to the share capital of PT, as follows:

1. Barclays Plc owned, jointly with other entities with which it is in a domain or group relationship, 18,358,036 shares representing 2.05% of PT’s share capital and corresponding voting rights;
2. Barclays Capital Securities Ltd held three financial instruments by way of a forward contracts with an expiration date of 16 December 2010, representing 356,929 shares, 206,371 shares and 3,315,892 shares in PT corresponding in total to 3,879,192 PT ordinary shares or 0.43% of the voting rights and two call options with expiration dates of 7 and 9 July 2010, corresponding to, respectively, 13,401 PT ordinary shares representing 0.001% of the voting rights and 21,745 PT ordinary shares representing 0.002% of the voting rights.

Moreover, on 14 June 2010, Barclays Capital Securities Ltd unwound a forward contract with an expiration date of 18 August 2010, representing 10,100,000 PT shares or 1.13% of the voting rights corresponding to the share capital of PT and, on the same date, acquired 10,100,000 PT shares or 1.13% of the voting rights corresponding to the share capital of PT.

Additionally, PT was informed that the abovementioned holding is attributed to Barclays Plc through the following entities:

• Barclays Bank Plc: 494,164 ordinary shares representing 0.05% of the share capital and voting rights in PT;
• Barclays Bank SA: 104,855 ordinary shares representing 0.01% of the share capital and voting rights in PT;
• Barclays Capital Inc: 108,820 ordinary shares representing 0.01% of the share capital and voting rights in PT;
• Barclays Capital Luxembourg SaRL: 250,000 ordinary shares representing 0.03% of the share capital and voting rights in PT;
• Barclays Capital Securities Ltd: 21,002,025 ordinary shares (corresponding to 17,087,687 ordinary shares and 3,914,338 ordinary shares via financial instruments), representing 2.34% of the share capital and voting rights in PT;
• Barclays Wealth Managers Portugal – SGFIM S.A.: 312,510 ordinary shares representing 0.04% 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 a communication received on 16 June 2010, from Barclays Plc, with head office at 1 Churchill Place, London E14 5HP, United Kingdom.