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Portugal Telecom SGPS, S.A . (PT)
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PT » Topics » 34.1. Changes in the consolidation perimeter

This excerpt taken from the PT 20-F filed Mar 27, 2009.

34.1. Changes in the consolidation perimeter

        The changes in the consolidation perimeter in 2008 include primarily the impact of the consolidation of Telemig in 1 April 2008 amounting to Euro 184,237,137 (Note 2), and also the impacts of the sales of Archways and China Pathway Logistics.

        In 2007, the changes in the consolidation perimeter are mainly related to the sales of TV Cabo Macau and Lea Louise, while discontinued operations are related to PT Multimedia, following the approval of the spin-off of this business at the Annual General Meeting of Portugal Telecom held on 27 April 2007, which was concluded on 7 November 2007.

F-83

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Portugal Telecom, SGPS, SA

Notes to the Consolidated Financial Statements (Continued)

As at 31 December 2008

(Amounts stated in Euros, except where otherwise stated)

34. Tangible assets (Continued)

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