Portugal Telecom S.A.

Henrique Manuel Fusco Granadeiro. First elected 2003. Term expires December 31, 2005. Aged 60. Chief Executive Officer of Lusomundo Media, SGPS, S.A. since 2002; Chief Executive Officer of Di´ario de Not´icias since 2002; Chief Executive Officer of Jornal de Not´icias since 2002; Chief Executive Officer of TSF since 2002; Chief Executive Officer of Jornal do Fund˜ao since 2002; Chief Executive Officer of A¸coreana Ocidental since 2002; Chief Executive Officer of DN da Madeira since 2002; Chairman of the Board of Directors of Aleluia- Cerˆamica Comercio e Ind´ustria S.A since 2001; Member of the Board of Directors of Parfil SGPS S.A. since 2001; Member of the Strategic Council of Banco Finantia since 2001; Member of the Board of Directors of PT Multimedia—Servi¸cos de Telecomunica¸c˜oes e Multimedia, SGPS, S.A. since 2001; Chairman of the Board of Directors of Margrimar—M´armores e Granitos S.A since 1999; Chairman of Marmetal—M´armores e Materiais de Constru¸c˜ao S.A. since 1999; Member of the Board of Directors of Funda¸c˜ao Eug´enio de Almeida during 1992; Member of the Board of Directors of Controljornal SGPS S.A. from 1990 until 2001; Member of the Board of Directors of Sojornal—Sociedade Jornalistica e Editorial S.A from 1990 until 2001; Member of the Board of Directors of Marcepor-M´armores e Cerˆamicas de Portugal S.A during 1990; Chairman of Funda¸c˜ao Eug´enio de Almeida from 1989 until 1992; President of IFADAP— Instituto Financeiro de Apoio ao Desenvolvimento da Agricultura e Pescas from 1987 until 1990; Delegate Chairman of Funda¸c˜ao Eug´enio de Andrade from 1981 until 1987; Member of the Board of Directors of M.N. Tiago, Constru¸c˜oes S.A. during 1981; Member of the Board of Directors of StandartEl´ectrica during 1981; Ambassador of Portugal near O.C.D.E and Chief of the Civil House of the President of Portugal from 1976 until 1979.

Luís Pacheco spent seven years of his career at Portugal Telecom, during which he assumed senior management roles in several subsidiaries and international operations. As group finance director of PT SGPS since 2006, he holds senior management positions at the holding company PT SGPS, as well as at PT PRO and PT ACS and Previsão. He holds overall corporate responsibility for human resources, financial and cash flow operations, fiscal affairs and financial reporting, among others. The current chief financial officer serves also as deputy Chairman of PT Investimentos Internacionais. Prior to joining Portugal Telecom, he served as managing director and invited executive director of BES Investimento, from 1998 to 2002. He had previously held the roles of associate and managing director of UBS Warburg fro, 1994 to 1998. Born in 1966, Luís Pacheco de Melo holds a bachelor’s degree in Civil Engineering from Instituto Superior Técnico at the Technical University of Lisbon and completed a Master in Business Administration from the Business School of the University of Navarra, in Barcelona in 1992.

During his ten-year career with Portugal Telecom, Zeinal Bava contributed decisively to the development of PT’s national and international business activities, as he became the youngest chief executive officer of the largest company in Portugal and one of the youngest in Europe. Zeinal’s career is inevitably coincident with PT’s evolution. He was determinant in business development overseas; he conducted and worked with teams from the main business areas: PT.com, PT Comunicações, PT Multimedia and TMN. He participated in projects which are now key growth tools, such as for example PT PRO, a company aggregating all backoffice and support services of PT Group, which recently started delivering services to third parties. As chief executive officer, Zeinal promotes daily a culture of demand as he envisages the creation of a modern, agile and permanently innovative communications group. Prior to joining PT, Zeinal served as managing director of Merrill Lynch, Deutsche Morgan Grenfell and Warburg Dillon Read banks. Holding a solid experience in the financial sector, he is recognised in international financial markets as one of the best in this industry. Zeinal holds a degree in electrical and electronic engineering from University College London. His engineering training together with an operational approach to each business and an excellent financial expertise enable him a comprehensive view of the reality of PT group’s activity.

Ant´onio Manuel Robalo de Almeida. Manager of the Regulatory Department of Portugal Telecom. Appointed 2003. Aged 48. Manager of Regulatory Department of Portugal Telecom, SGPS, S.A. from 2002 until 2003; Manager of Economic Conditions and Regulatory Coordination of PT Comunica¸c˜oes, S.A. since 2000; Manager of Regulation Department of Portugal Telecom, S.A. from 1997 until 2000; Member of the Board of Main Road/Optimus during 1997; Director of New Telecommunications Business of Sonae Group from 1996 until 1997; Member of the Board of Directors of ICP—Instituto das Comunica¸c˜oes de Portugal from 1989 until 1996; Director of Planning and Development of CTT— Correios e Telecomunica¸c˜oes de Portugal, S.A. from 1986 until 1988; Director of Planning of CTT— Correios e Telecomunica¸c˜oes de Portugal, S.A. from 1985 until 1986; Deputy Director of Planning of CTT—Correios e Telecomunica¸c˜oes de Portugal, S.A. from 1984 until 1985; Head of Training Department of CTT—Correios e Telecomunica¸c˜oes de Portugal, S.A. from 1983 until 1984; Head of Human Resources Planning of CTT—Correios e Telecomunica¸c˜oes de Portugal, S.A. from 1982 until 1983.

Miguel Dias Amaro. Manager of the Internal Audit Department of Portugal Telecom. Appointed 2004. Aged 37. Assistant to the CEO of Portugal Telecom, SGPS, S.A. from 2003 to 2004; Equity Analyst (telecommunications sector) in Esp´irito Santo ByM (Madrid office) from November 2000 until December 2002; Assistant to the Secretary of State for Treasury and Finance from November 1999 until October 2000; Equity Analyst (Retail and Pulp and Paper sectors) in Esp´irito Santo Research from December 1997 until October 1999 (Lisbon office); Head of Sales for Roca Cerˆamica e Com´ercio S.A. from 1994 until 1996; Sales Delegate for Roca Cerˆamica e Com´ercio S.A. from 1991 until 1994.

Nuno Bernardo Ramires Leiria Fialho Prego. Manager of the Investor Relations Department of Portugal Telecom. Appointed 2004. Aged 31. Head of Equity Research and Telecoms Analyst at BCP Investimento from 2001 until 2004; Portfolio Manager of BPI Fundos from 1999 until 2000; Deputy Director in the Research Department of Banco Finantia from 1996 until 1999.

Lu´is Filipe Nunes Cabral Moura. Manager of the Human Resources Department of Portugal Telecom. Appointed 2000. Aged 46. Manager of Human Resources Department of Portugal Telecom, SA from 1998 until 2000; Manager of Banking Supervision Department of Monetary Authority of Macao from 1995 until 1998; Manager of Financial and Human Resources Department of Monetary Authority of Macao from 1993 until 1995; Manager of Human Resources Division of Monetary Authority of Macao from 1991 until 1993; Manager of Macao’s Government Land Department from 1990 until 1991; Manager of Macao’s Government Projects Analysis Department from 1989 until 1990; Operations Research High School Assistant from 1986 until 1989; Economist of a Portuguese Group (SOTRIL) from 1985 until 1986; Economist of Azores’ Planning Department from 1983 until 1985; Adviser of Energy’s Secretary of State from 1983 until 1984; Manager of Plan and Production of Moore Paragon in 1983.

Miguel Augusto Chambel Rodrigues. Manager of the Control Department of Portugal Telecom. Appointed 2004. Aged 34. Manager and Project Leader of the Strategy and Business Development Department of Portugal Telecom, SGPS, S.A. from 2000 until 2004; Member of the Board of Directors of PT Sistemas de Informa¸c˜ao, S.A. from 2003 until 2004; Member of the Board of Directors of PT Ventures, SGPS, S.A. from 2002 until 2004; Project Leader and Consultant at Boston Consulting Group from 1998 until 2000; Analyst at McKinsey and Company from 1993 until 1996.

Carlos Manuel de Lucena e Vasconcellos Cruz. First elected 2002. Term expires December 31, 2005. Aged 46. Chief Executive Officer of Portugal Telecom Investimentos Internacionais—Consultoria Internacional S.A. and PT Ventures, SGPS, S.A. since April 2004; Member of the Board of Directors of PT Corporate—Solu¸c˜oes Empresariais de Telecomunica¸c˜oes e Sistemas, S.A. since June 2003; Chief Executive Officer of PT Comunica¸c˜oes, S.A. from May 2002 until January 2004; Chief Executive Officer of PT Prime, SGPS, S.A. from 2002 until January 2004; Chairman of the Board of Directors of PT Prime, SGPS, S.A. from 2002 until January 2004; Chairman of the Board of Directors of PT Contact—Telemarketing e Servi¸cos de Informa¸c˜ao, S.A. from 2002 until January 2004; Chief Executive Officer of PTM.com, SGPS, S.A. from May 2003 until January 2004; Member of the Board of Directors of PT Compras—Servi¸cos de Consultoria e Negocia¸c˜ao, S.A. since May 2003; Member of the Board of Directors of Funda¸c˜ao Portugal Telecom since March 2003; Member of the Board of Directors of Brasilcel, N.V. since December 2002; Member of the Board of Directors of Portugal Telecom Brasil, S.A. since July 2002; Member of the Board of Directors of TMN—Telecomunica¸c˜oes M´oveis Nacionais, S.A. from June 2002 until May 2003; Member of Board of Directors of Telesp Celular Participa¸c˜oes S.A. since April 2001; Vice-Chairman of Telesp Celular Participa¸c˜oes S.A. since 2001; Member of the Board of Directors of Tele Sudeste Participa¸c˜oes, S.A. since 2003; Member of the Board of Directors of CRT Celular Participa¸c˜oes, S.A. since 2003; Member of the Board of Directors of Tele Leste Participa¸c˜oes, S.A., since 2003; Member of the Board of Directors of Tele Centro Oeste Celular Participa¸c˜oes S.A. since 2003; Chairman and Chief Executive Officer of Telesp Celular S.A. from May 2001 until May 2002; President and Chief Executive Officer of Tradecom, SGPS, S.A. from 2000 until 2001; Executive Board Member of PT Prime, SGPS, S.A. from 2000 until 2001; Invited Professor of Universidade Cat´olica Portuguesa and ISCTE for Post-Graduate Courses and MBA Program from 2000 until 2001; Member of World Board of Dun & Bradstreet Corporation, Executive Vice-President of Dun & Bradstreet Corporation, President and Chief Executive Officer of D&B GMC, Executive Vice President of D&B Europe, President and Chief Executive Officer of D&B Iberia, Vice President of Trans Union Espa˜na Credit Burear S/A from 1997 until 1999; Senior Vice-President of Dun & Bradstreet Corporation, Senior Vice-President of Dun & Bradstreet Europe, President and Chief Executive Officer of D&B Iberia & Middle West, Vice-President of A.P.E.I.N. (Associa¸c˜ao Portuguesa de Empresas de Informa¸c˜ao de Neg´ocio) in 1996; President & Chief Executive Officer of Dun & Bradstreet Ib´eria in 1995; President and Chief Executive Officer of Dun & Bradstreet Portugal, Vice-President of Associa¸c˜ao Portuguesa para a Qualidade from 1990 until 1993; President of ‘‘European Customer Service group’’ of Dun & Bradstreet in 1992; General Director of Dun & Bradstreet France in 1989; General Director of Sales of Dun & Bradstreet France in 1988; Commercial Director of Dun & Bradstreet Portugal in 1987; National Director of Sales of Dun & Bradstreet Portugal in 1986; Director of Sales Department of Dun & Bradstreet Portugal in 1985; Senior Economist of LEASEINVEST from 1983 until 1985; Economist of Finance Ministry of Portugal from 1978 until 1983.

Lu´is Manuel da Costa de Sousa de Macedo. Secretary-General and Company Secretary of Portugal Telecom, SGPS, S.A. Appointed 2002. Aged 55. Member of the Board of PT Ventures, SGPS, S.A. (ex-Portugal Telecom Internacional, SGPS, S.A.) since 2000; Manager of Image and Communication Department of Portugal Telecom Group since 1999; Member of the Board of Directors of Banco Esp´irito Santo do Oriente since 1996; Member of the Board of Directors of AMSCO— African Management Services Company since 1996; Member of Management and Executive Board of Portuguese-Angolan Chamber of Commerce and Industry since 1996; Member of the Fiscal Board of UCCLA-Uni˜ao das Cidades e Capitais de L´ingua Portuguesa since 1996; Chairman of ELO (Associa¸c˜ao Portuguesa para o Desenvolvimento Econ´omico e a Coopera¸c˜ao) since 1996; Assistant Senior Manager of the Board of Directors of Marconi responsible for the Company’s Communication Office from 1995 until 1999; Secretary of State of Portuguese Communities from 1992 until 1995; Chef de Gabinet of Minister of the ‘‘Quality of Life’’ from 1981 until 1982; Management Consultant, Manager of Human Resources, General Secretary and Manager of Central International Corporate Department of Marconi in 1982; Legal Advisor of CIP—Confederation of Portuguese Industry and several other companies and employers’ associations from 1974 until 1982.

Paulo Jorge da Costa Gon¸calves Fernandes. First elected 2000. Term expires December 31, 2005. Aged 38. Member of the Board of Directors of PT Corporate—Solu¸c˜oes Empresariais de Telecomunica¸c˜oes e Sistemas, S.A. since June 2003; Chief Executive Officer of PT Sistemas de Informa¸c˜ao, S.A. since May 2003; Member of the Board of Directors of PT Compras—Servi¸cos de Consultoria e Negocia¸c˜ao, S.A. since May 2003; Member of the Board of Directors of Funda¸c˜ao Portugal Telecom since March 2003; Member of the Board of Directors of Brasilcel, N.V. from December 2002 until July 2003; Vice-Chairman of the Board of Directors of PT Ventures, SGPS, S.A. since December 2002; Member of the Board of Directors of Portugal Telecom Brasil, S.A. since July 2002; Member of the Board of Directors of Telesp Celular Participa¸c˜oes, S.A. since April 10, 2001; Member of the Board of Directors of Tele Sudeste Participa¸c˜oes, S.A. from January 2003 until July 2003; Member of the Board of Directors of CRT Celular Participa¸c˜oes, S.A. from January 2003 until July 2003; Member of the Board of Directors of Tele Leste Participa¸c˜oes, S.A. from January 2003 until July 2003; Member of the Board of Directors of Tele Centro Oeste Celular Participa¸c˜oes, S.A. from January 2003 until July 2003; Chairman of the Board of Directors of PT—Sistemas de Informa¸c˜ao, S.A. since 2000; Partner of McKinsey & Company from 1997 until 2000; Member of McKinsey & Company’s Leadership World Groups for the areas of telecommunications and transportation from 1997 to 2000; Senior Advisor of McKinsey & Company from 1991 until 2000; Partner and Manager of Spades, Lda from 1990 to 1991.

Ant´onio Pedro de Carvalho Viana Baptista. First elected 2000. Term expires December 31, 2005. Aged 46. Member of the Board of Directors of Telesp Celular Participa¸c˜oes, S.A., Tele Leste Celular Participa¸c˜oes, S.A., Tele Sudeste Celular Participa¸c˜oes, S.A., Tele Centro Oeste Participa¸c˜oes, S.A. and Celular CRT Participa¸c˜oes, S.A. since 2003; Member of the Board of Directors of Telef´onica de Argentina, S.A. since 2003, Chairman of the Board of Directors of Telef´onica M´oviles Espa˜na, S.A. since 2003; Member of the Board of Directors of Brasilcel, N.V. since December 2002; Chief Executive Officer of Telef´onica M´oviles, S.A. since 2002; Member of the Board of Directors of Telesp, S.A. since 2001; Supervisory Board Director of Emergia Holding N.V. since 2000; Member of the Board of Directors of Telef´onica de Espa˜na, S.A. since December 2000; Member of the Board of Directors of Telef´onica, S.A. since 2000; Member of Patronato of Fundaci´on Telef´onica since 1999; Member of the Board of Directors of Telef´onica Datacorp, S.A.U. since 1998; Member of the Board of Directors of Telef´onica Per´u Holding since 1998; Member of the Board of Directors of CTC Chile since 1998; Member of the Board of Directors of Telef´onica Internacional, S.A. since 1998; Member of the Board of Directors of BPI from 1991 until 1996; Principal partner of McKinsey & Company from 1985 until 1991 (Madrid/Lisbon office).

Carlos Manuel de Almeida Blanco de Morais. First elected 2003. Term expires December 31, 2005. Aged 46. Professor of the of Lisbon University of Law since 1997; Member of the Board of Funda¸c˜ao D. Pedro IV since 1995; Principal Legal Adviser of the Legal Center near the Portuguese Government since 1993.

Carlos Alberto de Oliveira Cruz. First elected 2002. Term expires December 31, 2005. Aged 63. Member of the Board of Directors of Gerbanca, SGPS, S.A. since March 2003; Chairman of the Board of Directors of Caixa Brasil, SGPS, S.A. since 2001; Vice-Chairman of the Board of Directors of Caixa Geral de Dep´ositos, S.A. from 2000 until April 2004; Vice-Chairman of the Board of Directors of Caixa-Banco de Investimento, S.A. from 2000 until April 2004; Member of the Board of Directors of Unibanco Holdings, S.A. since 2000; Member of the Board of Directors of Banco de Portugal from 1996 until 2000; Representative of Banco de Portugal at Economic Policy Committee from 1996 until 1998; Member of the Board of Directors of Imoleasing from 1989 until 1996; Member of the Board of Directors of Caixa Geral de Dep´ositos, S.A. from 1984 until 1989; Head of International Relations Department of Banco Pinto & Sotto Mayor, S.A. from 1982 until 1983; Member of the Board of Directors of the Portuguese Electricity Company from 1977 until 1982; Secretary of State for Economic Coordination from 1976 until 1977; Delegate to OECD Economic Policy Committee from 1973 until 1975.

Fernando Abril-Martorell. First elected 2001. Term expires December 31, 2005. Aged 42. Member of the Board of Directors of Telecomunica¸c˜oes de S˜ao Paulo—Telesp from 2001 until 2003; Chief Operating Officer of Telef´onica S.A. from 2000 until 2003; Chief Executive Officer of Telef´onica Publicidad e Informaci´on from 1999 until 2000; Chief Financial Officer of Telef´onica, S.A. from 1997 until 1999; Director-General of Corporate Finance of Telef´onica Publicidad e Informaci´on from 1997 until 1999; Head of Treasury Department of JP Morgan from 1987 until 1997.

Fernando Maria Costa Duarte Ulrich. First elected 1998. Term expires December 31, 2005. Aged 52. Member of the Board of Directors of PT Multimedia—Servi¸cos de Telecomunica¸c˜oes e Multimedia, SGPS, S.A. since August 2002; Member of the Board of Directors of SIC since 2000; Member of the Board of Directors of Impresa since 2000; Member of the Board of Directors of Allianz Portugal since 1999; Vice-Chairman of the Board of Directors of BPI-SGPS from 1999 until 2002; Vice-Chairman of the Board of Directors of Banco BPI, S.A. since 1998; Chief Executive Officer of BPI Pens˜oes, S.A. since 1995; Chief Executive Officer of BPI Vida, S.A. since 1991; Chief Executive Officer of BPI Fundos, S.A. since 1990; Vice-Chairman of the Board of Directors of Banco Portuguˆes de Investimento, S.A. since 1989; Vice-Chairman of the Board of Directors of Banco de Fomento & Exterior, SA from 1996 until 1998; Vice-Chairman of the Board of Directors of Banco Borges & Irm˜ao, SA from 1996 until 1998; Executive Director of Banco Fonsecas & Burnay from 1991 until 1996; Vice-Chairman of the Board of Directors of Banco Fonsecas & Burnay, SA from 1988 until 1996; Executive Director of BPI-Banco Portuguˆes de Investimento, SA from 1985 until 1989; Deputy Manager of SPI-Sociedade Portuguesa de Investimentos from 1983 until 1985; Chief of the Cabinet of the Minister of Finance from 1981 until 1983; Member of the Secretariat for the External Economic Cooperation of the Ministry of Foreign Affairs from 1979 until 1980; Portuguese Delegation to the OECD, from 1975 until 1979; Head of the Financial Markets Unit of the weekly newspaper ‘‘Expresso’’ from 1973 until 1974.

Jo˜ao Manuel de Mello Franco. First elected 1998. Term expires December 31, 2005. Aged 57. Member of the Board of Directors of Jos´e de Mello Participa¸c˜oes, SGPS, S.A. since 2002; Vice-Chairman of the Board of Directors of Jos´e de Mello Imobili´aria since 2002; Chairman of the Board of Directors of Jos´e de Mello Residˆencias e Servi¸cos since 2001; Chairman of the Board of Directors of Imop´olis (SGFII) since 2001; Chairman of the Board of Directors of Engimais since 2001; Member of the Board of Directors of International Shipowners Reinsurance Co since 1998; Member of our Superior Board from 1996 until 1997; Chairman of the Board of Directors of Soponata-Sociedade Portuguesa de Navios Tanques, S.A. from 1997 until 2001; CEO and Vice-Chairman of the Board of Directors of LISNAVE from 1995 until 1997; Chairman of the Board of Directors of Marconi from 1994 until 1995; Chairman of the Board of Directors of Guin´e Telecom from 1994 until 1995; Chairman of the Board of Directors of Companhia Santomense de Telecomunica¸c˜oes from 1994 until 1995; Member of the Board of Directors of CN-Comunica¸c˜oes Nacionais S.A. from 1993 until 1995; Chairman of the Directorate of the Portuguese Association for the Development of Communications from 1993 until 1995; Chairman of the Board of Directors of TMN—Telecomunica¸c˜oes M´oveis Nacionais, S.A. from 1991 until 1994; Chairman of the Board of Directors of TLP-Telefones de Lisboa e Porto S.A. from 1989 until 1994; Director of TDC-Tecnologia das Comunica¸c˜oes, Lda. from 1986 until 1989.

Joaquim An´ibal Freixial de Goes. First elected 2000. Term expires December 31, 2005. Aged 37. Member of the Board of Directors of PT Multimedia—Servi¸cos de Telecomunica¸c˜oes e Multimedia, SGPS, S.A. since August 2002; Member of the Board of Directors of Companhia de Seguros Tranquilidade-Vida, S.A. since 2002; Member of the Board of Directors of BEST—Banco Electr´onico de Servi¸co Total, S.A. since May 2001; Member of the Board of Directors of Banco Esp´irito Santo, S.A. since 2000; Member of the Board of Directors of BES.COM, SGPS, S.A. since 2000; Chairman of the Board of Directors of E.S. INTERACTION, Sistemas de Informa¸c˜ao Interactivos, S.A. since 2000; Member of the Board of Directors of ESDATA, Esp´irito Santo Data, SGPS, S.A. since 1999; Member of the Board of Directors of CREDIFLASH, SA since 1999; Head of the Strategic Marketing Department of Banco Esp´irito Santo, S.A. from 1995 until 1999; Head of the Strategic Planning Department of CIMPOR—Cimentos de Portugal, S.A. from 1994 until 1995; Senior Consultant of Roland Berger & Partner from 1992 until 1993; Consultant of Roland Berger & Partner from 1989 until 1992.

Jorge Humberto Correia Tom´e. First elected 2002. Term expires December 31, 2005. Aged 50. Chief Executive Officer of Caixa—Banco de Investimentos, S.A. since 2002; Chairman of the Board of Directors of TREM II—Aluguer de Material Circulante, ACE since 2002; Member of the Board of Directors of Caixa—Banco de Investimentos, S.A. since 2001; Member of the Board of Directors of Caixa Gest˜ao de Patrim´onios since 2001; Member of the Board of Directors of Insurance Companies of BANIF Group: A¸coreana, O Trabalho, O Trabalho Vida and Pension Fund Companies from 1996 until 2001; Partner of Coopers & Lybrand from 1995 until 1996; Manager of International Division of Banco Pinto & Sotto Mayor, S.A. in 1995; Member of the Board of Directors of Banco Pinto & Sotto Mayor, S.A. from 1994 until 1995; Member of the Board of SULPEDIP / PME Investimentos from 1989 until 1994; Junior Manager and Principal Manager of Capital Market Division of Banco Pinto & Sotto Mayor, S.A from 1985 until 1989; Senior Auditor with Coopers & Lybrand from 1980 until 1983; Junior Economist in IAPMEI (Institute for Small and Medium Companies) from 1979 until 1980.

Jorge Maria Bleck. First elected 2002. Term expires December 31, 2005. Aged 50. Chairman of the General Shareholders’ Meeting of Cr´edito Predial Portuguˆes since 2000; Vice-Chairman of the General Shareholders’ Meeting of Banco Santander de Neg´ocios Portugal, S.A since 2000; Vice-Chairman of the General Shareholders’ Meeting of Banco Santander, S.A since 1999; Member of the Board of Directors of Foggia SGPS, S.A. since 2000.

Miguel Ant´onio Igrejas Horta e Costa. First elected 1995. Term expires December 31, 2005. Aged 55. Chief Executive Officer of Portugal Telecom, SGPS, S.A. since May 28, 2002. Chairman of the Board of Directors of Portugal Telecom Investimentos Internacionais—Consultoria Internacional S.A. since April 2004; Chairman of the Board of Directors of PT Prime, SGPS, S.A. since February 2004; Chief Executive Officer of PT Comunica¸c˜oes, S.A. since January 2004; Chairman of the Board of Directors of PT Sistemas de Informa¸c˜ao, S.A. since January 2004; Chairman of the Board of Directors of PT Corporate—Solu¸c˜oes Empresariais de Telecomunica¸c˜oes e Sistemas, S.A. since June 2003; Chairman of the Board of Directors of PT Compras—Servi¸cos de Consultoria e Negocia¸c˜ao, S.A. since May 2003; Chairman of the Board of Directors of Funda¸c˜ao Portugal Telecom since March 2003; Chairman of the Board of Directors of PT Ventures, SGPS, S.A. (ex-Portugal Telecom Internacional, SGPS, S.A.) since December 2002; Chairman of the Board of Directors of PT Multimedia—Servi¸cos de Telecomunica¸c˜oes e Multimedia, SGPS, S.A. since August 2002; Chairman of the Board of Directors of Portugal Telecom Brasil, S.A. since July 2002; Chairman of the Board of Directors of PT M´oveis, SGPS, S.A. and TMN—Telecomunica¸c˜oes M´oveis Nacionais, S.A. since June 2002; Chairman of the Board of Directors of PT Comunica¸c˜oes, S.A. since May 2002; Vice-Chairman of the Executive Committee of Portugal Telecom, SGPS, S.A. from April 2000 until May 2002; Vice-Chairman of the Board of Directors of PT Investimentos, SGPS, S.A. from 1999 until June 22, 2001; Vice-Chairman of the Board of Directors of Telesp Celular Participa¸c˜oes S.A. from 1998 until November 2000; Vice-Chairman of the Board of Directors of PT Multimedia—Servi¸cos de Telecomunica¸c˜oes e Multimedia, SGPS, S.A. from 2000 until 2002; Member of the Board of Directors of Telesp Participa¸c˜oes S.A. from 1998 until November 2000; Member of the Board of Directors of Telesp, S.A. from 1998 until November 2000; Chairman of the Board of Directors of Portugal Telecom Internacional, SGPS, S.A. from 2000 until 2002; Chief Executive Officer of Portugal Telecom Internacional, SGPS, S.A. from 1998 until 2000; Member of the Board of Directors of Telef´onica, S.A. since 1998; Member of the Board of Directors of SIC, S.A. from 1998 until 2000; Member of the Board of Directors of Alian¸ca Atlˆantica Holdings since 1997; Vice-Chairman of the Board of Directors of Portugal Telecom Internacional, SGPS, S.A. from 1996 until 1997; Vice-Chairman of the Board of Directors of Companhia Portuguesa R´adio Marconi S.A. from 1994 until 1995; Non-executive member of the Board of Directors of Portug´alia-Companhia de Transportes A´ereos, S.A. since 1993; Vice-Chairman of the Board of Directors of Banco ESSI, S.A. from 1992 until 1994; Non-executive Member of the Board of Directors of BES Investimento, S.A. since 1999; Chairman and member of the Board of Directors of SIBS-Sociedade Interbanc´aria de Servi¸cos, S.A. from 1991 until 1995; Chairman of the Board of Directors of Euroges-Aquisi¸c˜ao de Cr´editos a Curto Prazo, S.A. since 1991; Member of the Board of Directors of Banco Esp´irito Santo e Comercial de Lisboa from 1990 until 1992; Vice-Chairman of Associa¸c˜ao Industrial Portuguesa from 1990 until 1994; Secretary of State for Foreign Trade from 1987 until 1990; Vice-Chairman of the Board of Directors of CTT and TLP from 1984 until 1987; Chairman of the Board of Directors of Companhia Portuguesa R´adio Marconi S.A. from 1982 until 1984; Director-General of CTT from 1981 until 1982.

Patrick Monteiro de Barros. First elected 2002. Term expires December 31, 2005. Aged 59. Chairman of the Board of Directors of Telexpress Investments Limited since 2002; Member of the Board of Directors of Tosco Corporation from 1995 until 2001; Member of the Board of Directors of Petrogal, Petr´oleos de Portugal from 1995 until 2000; Member of the Board of Directors of Esp´irito Santo Financial Group since 1992; Member of the Board of Directors of Vodafone Portugal from 1992 until 1998; Member of the Board of Directors of Petrocontrol from 1991 until 2000; Chairman and Chief Executive Officer of Argus Resources Ltd. Since 1988; President and Chief Executive Officer of Sigmoil Resources from 1985 until 1988; Senior Vice President of Philipp Brothers from 1985 until 1988; Chairman of the Board of Directors of Protea Holdings Inc. since 1981; Member of the Board of Directors of Sociedade Nacional de Petr´oleos (SONAP) from 1971 until 1975; General manager Supply of Sociedade Nacional de Petr´oleos (SONAP) from 1967 until 1971; Chairman of Funda¸c˜ao Monteiro de Barros since 1966.