The Government approved the final terms of the first stage of the privatisation procedure of the Portuguese postal operator, CTT - Correios de Portugal, S.A. (CTT), which will include the sale of up 70% of the share capital owned by Parpública - Participações Públicas, S.G.P.S., S.A. (Parpública) through an Initial Public Offering (IPO) and a direct institutional sale.

Pursuant to Resolution 72-B/2013, of 18 November 2013, in the IPO, which started on 19 November 2013 and will end on 2 December 2013, Parpública will sell 21,000,000 shares, of which 5,250,000 shares are reserved to CTT group employees. The price of the shares placed in the IPO will be set between € 4.10 and € 5.52, with employees benefiting from a 5% discount. In the direct institutional sale, Parpública will sell 84,000,000 shares to the following banking institutions: Caixa - Banco de Investimento, S.A., J.P. Morgan Securities PLC, Banco Bilbao Viscaya Argentaria, S.A. e Banco Espírito Santo de Investimento, S.A.. The price per share may be higher (but not lower) than the price set out in the IPO.

The Prospectus of the IPO provides that CTT will distribute 90% of its net profit as dividends.