Audit Report


1. We have examined the financial statements of ICP - Autoridade Nacional de Comunicações (ICP-ANACOM), which comprise the Balance Sheet as at 31 December 2009, (which demonstrates a total of 112,920,032 euros and total equity capital amounting to 52,941,910 euros, including net results of 14,597,596 euros), the Demonstration of results by category and function, and the cash flow Statement for the financial year then ended, as well as the corresponding Annexes.


2. It is the responsibility of the Management Board to prepare financial statements that give a true and fair view of the financial position of ICP - Autoridade Nacional de Comunicações (ICP-ANACOM), the results of its operations and cash flows, as well as to adopt appropriate policies and accounting criteria and to maintain an adequate internal control system.

3. It is our responsibility to provide a professional and independent opinion, on the basis of our audit, of these financial statements.


4. Our examination was performed in compliance with the Technical Standards and Statutory Audit Guidelines issued by the Register of Auditors, which require that such audit be planned and performed to obtain reasonable assurance about whether the financial statements are free of material misstatement. This examination included: (i) verification, on a test basis, of evidence supporting the amounts and disclosures comprised in the financial statements, as well as the evaluation of estimates, based on methods and criteria defined by the Management Board, used for the preparation thereof; (ii) the assessment of the suitability of the adopted accounting policies and the disclosure thereof, having regard to circumstances; (iii) the assessment of whether the principle of continuity should apply; and (iv) the evaluation of whether the overall presentation of the financial statements is appropriate.

5. We are of the position that our audit provides a reasonable basis for our opinion.


6. In our view, the financial statements, as referred to in paragraph above, give a true and fair view, as regards all materially relevant issues, of the financial position of ICP - Autoridade Nacional de Comunicações (ICP-ANACOM) as at 31 December 2009, the result of its operations and cash flows for the financial year then ended, in conformity with generally accepted accounting principles in Portugal.


7. Notwithstanding the opinion expressed in the previous paragraph, we call attention to the fact that as at 31 December 2009, the financial statements include a provision for other risks and charges in respect of judicial proceedings in progress, brought by third parties against ICP-ANACOM of, approximately, 49 million euros, which was registered with basis in the assessment that ICP-ANACOM made of the risks associated with those proceedings. In consideration of their nature and the sums involved, the conclusion of such proceedings involves uncertainties, arising from their complexity and the different interpretations that might be made.

Lisbon, 12 April 2010

PricewaterhouseCoopers & Associados, SROC, Lda.
represented by:

Ricardo Filipe de Frias Pinheiro, R.O.C.