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Deutsche Bank Appointed as Depositary Bank for the Level III NYSE-Listed American Depositary Receipt Program of Portugal Telecom, SGPS, S.A.

Deutsche Bank today announced its appointment as successor depositary bank for the Level III New York Stock Exchange-listed American Depositary Receipt (ADR) program of Portugal Telecom, SGPS, S.A. (Portugal Telecom).

Portugal Telecom (PT) is a global telecommunications operator with 100 million clients worldwide. In Portugal, where it holds a leading position in the markets in which it operates, PT provides a wide portfolio of telecoms, multimedia and IT, and fixed and mobile services, including broadband access, voice and television, acting in all segments of the telecommunications sector: personal, residential, enterprise solutions and wholesale. Portugal Telecom considers itself the leading Portuguese telecoms operator with a wide and solid international presence, particularly in Brazil and Africa. PT has a diversified business portfolio, in which quality and innovation are key aspects, aimed at positioning PT as a leading edge operator in the international arena. Portugal Telecom’s shares are listed on Euronext and its ADRs are listed on the New York Stock Exchange.*

Akbar Poonawala, Head of Global Equity Services at Deutsche Bank, said, “We are very pleased that Portugal Telecom decided to transfer its ADR program to Deutsche Bank. We look forward to working with PT in the management of its program and are committed to providing PT with the highest level of service."

*Source: Portugal Telecom (January 2013)