ICP's Notice published in Diário da República no. 49/2001 (III Series), of February 27,

Ministry of Social Equipment

Instituto das Comunicações de Portugal

Notice

Statement of compliance of Portugal Telecom, S.A.'s Cost Accounting System

Instituto das Comunicações de Portugal (ICP) is responsible, under the terms of Paragraph 5 of Ministry of Equipment, Planning and Territorial Administration's Order nr. 15 021/99, of 20 July 1999, Article 35(2) of the Regulations for the Operation of the Fixed Telephone Service, approved by Decree-Law 474/99, of 8 November and Article 29 for the Regulations of the Operation of Public Telecommunications Networks, approved by Decree-Law 290-A/99, of 30 July for stating the compliance of Portugal Telecom, S.A.'s analytical cost accounting system with Paragraph 3 of the said Dispatch, Article 34 of the Regulations for the Operation of the Fixed Telephone Service and Article 29(3) and (4) of the Regulations for the Operation of Public Telecommunications Networks.

Hence, in fulfilment of these terms, it is hereby made public that the statement concerning compliance of Portugal Telecom, S.A.'s analytical cost accounting system, for the 1998 financial year, issued by ICP, is available to all interested parties in the Public Attendance Service of the Instituto das Comunicações de Portugal, Avenida de José Malhoa, 12, 1099-017 Lisbon, between 9.00 and 16.00, from Monday to Friday, and in the ICP's site.

12 February 2001. - ICP Chairman, Luís Filipe Nunes Coimbra Nazaré.