At the request of the market regulator, CMVM, following the news that were published in the Saturday edition of Diário Económico and Jornal Globo, the Board of Directors of Portugal Telecom clarifies that: (1) the Board of Directors neither met nor discussed these issues and, as such, has not taken any initiative nor mandated any party to negotiate with third parties any (i) merger with the Brazilian operator “Oi” or any related society, nor (ii) direct or indirect acquisition of a stake in “Oi” or any related society, as mentioned in the referred news, and (2) as such, the Board of Directors of Portugal telecom clarifies that it is not specifically studying any concrete acquisition or merger in the Brazilian market.