[PDF40KB]

Portugal Telecom, SGPS S.A. ("PT") hereby informs that it was notified by Banco Espírito Santo, S.A. ("BES") that the latter and Avistar, SGPS, S.A. ("Avistar"), a company wholly owned by BES, made the following transaction on financial instruments related to PT shares (the value of such instruments is determined in accordance with the market value of the underlying asset):

Type of deal Type Trade date Maturity date Quantity Cpty. Name
Equity OTC options Buy 18-01-2013 21-02-2013 1,000,000 Avistar
Equity OTC options Sell 18-01-2013 21-02-2013 1,000,000 BES

PT was further informed that BES and Avistar are persons closely related to PT's Non Executive Directors Joaquim Goes and Amílcar de Morais Pires as they are also Directors of BES, and Amílcar de Morais Pires is the Chairman of the Board of Directors of Avistar. Therefore, each of those PT Non Executive Directors has the obligation to notify PT of such transactions pursuant to paragraph 4, b) of article 248-B of the Portuguese Securities Code.

This announcement is pursuant to article 248-B of the Portuguese Securities Code and article 14 of the CMVM Regulation no. 5/2008 and follows a communication received from Banco Espírito Santo, S.A., a public company with registered office at Avenida da Liberdade, 195, 1250-142 Lisbon, Portugal, with a share capital of Euro 5,040,124,063.26, registered in the Lisbon Commercial Registry Office under corporation number 500 852 367.

Contacts:Nuno Vieira, Investor Relations Director
nuno.t.vieira@telecom.pt
Tel.: +351 21 500 1701
Fax: +351 21 500 0800
distributed by