ANATEL Approves Portugal Telecom and TISA Swap Holdings in Telesp, Fixed and Telesp Celular.Business and Technology Editors LISBON, Portugal--(BUSINESS WIRE)--Nov. 8, 2000 Portugal Telecom Portugal Telecom (Euronext: PTC, NYSE: PT) is the biggest telecommunications operator in Portugal. It operates mainly in Portugal and Brazil. It also has a significant presence in Morocco, Guinea-Bissau, Cape Verde, Mozambique, Timor-Leste, Angola, Kenya, the People's Republic (BVL BVL bovine viral leukosis. : PTCO.IN; NYSE NYSE See: New York Stock Exchange : PT), the Portuguese telecommunications company, today announced that ANATEL ANATEL Agencia Nacional de Telecomunicacoes (Brazil) (the Brazilian regulator) has approved the swap of Portugal Telecom's stake in Telesp Participacoes (Fixed) ("Telesp") for Telefonica Internacional SA ("TISA Tisa, river: see Tisza. ") stake in Telesp Celular Participacoes ("Telesp Celular"). The swap relates to TISA's 35.8% direct and indirect stake in Portelcom Participacoes (which holds ordinary shares in Telesp Celular only) and Portugal Telecom's 23% indirect stake in SP Telecomunicacoes Holding. Additionally, Portugal Telecom will receive approximately US$ 59.9 million. Portugal Telecom's economic interest in Telesp Celular recently increased from 29.9% to 36.2% following Telesp Celular rights issue, and after this swap Portugal Telecom's economic interest in Telesp Celular increased to 41.2%. Appendix - Portugal Telecom interest in Telesp Celular This information is also available on PT's website at www.telecom.pt Portugal Telecom is listed on the Lisbon and New York Stock Exchanges New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and traded on London SEAQ SEAQ See: Stock Exchange Automated Quotation System International. Information may be accessed on the Reuters 2000 Service under the symbols PT and PTCO.IN, on Bloomberg and Quotron under the symbol PT. Appendix - Portugal Telecom interest in Telesp Celular
billion of shares
Common % of Preferred % of % of
PT Holding in TCP Shares Total Shares Total Total Total
----------------- ------ ----- --------- ----- ----- -----
Before
Rights Issue 98.6 67.7% 26.1 9.6% 124.7 29.9%
After
Rights Issue 113.2 70.7% 52.8 17.7% 165.9 36.2%
After Swap
(Current Position) 136.2 85.1% 52.8 17.7% 189.0 41.2%
Total Share
Capital of TCP 160.1 100.0% 298.2 100.0% 458.4 100.0%
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