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We hereby inform that Portugal Telecom, SGPS, SA ( "PT") was notified of the following:

1. On 27 January 2010, Controlinveste Comunicações, SGPS, S.A., within a share capital increase through contributions in kind, transferred the ownership of 20,419,325 PT shares corresponding to 2.28% of PT’s share capital to Controlinveste International S.À.R.L..
2. On 28 January 2010, Controlinveste International S.À.R.L., sold, through a transaction executed over the counter, to Controlinveste Finance International S.A., 20,419,325 PT shares representing 2.28% of PT’s share capital.

PT was further informed that Controlinveste International Finance, S.A. is fully owned by Controlinveste International, S.à.r.l., which is owned by Controlinveste Comunicações, SGPS, S.A. and Olivedesportos – Publicidade, Televisão e Media, S.A., and that Controlinveste Comunicações, SGPS, S.A. is fully owned by Olivedesportos – Publicidade, Televisão e Media, S.A., which, in turn, is fully owned by Sportinveste, SGPS, S.A.. This latter company is fully owned by Controlinveste, SGPS, S.A., which, in turn, is fully owned by Mr. Joaquim Francisco Alves Ferreira de Oliveira. Pursuant to no.1 of article 20 of the Portuguese Securities Code, the voting rights corresponding to the above mentioned 20,419,325 PT shares representing 2.28% of PT’s share capital continue to be attributed to Mr. Joaquim Francisco Alves Ferreira de Oliveira.

This announcement is pursuant to the terms and for the purposes of paragraph 1/c) of article 1 of the CMVM Regulation no. 5/2008, following a communication received from Controlinveste International Finance S.A., Controlinveste Comunicações, SGPS, S.A. and Controlinveste International, S.À.R.L., on 1 February 2010.