2 How significant was the magnitude of the revaluation and how was it reported?

Revaluation of tangible non-current assets Significant accounting policies (extract)

c) Tangible assets In 2008, Portugal Telecom changed the accounting policy regarding the measurement of real estate properties and the ducts infrastructure from the cost model to the revaluation model, since the latter better reflects the economic value of those asset classes (Note 4).

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Balance sheet (extract) 2008 Change in shareholders' equity (excluding minority interests) Balance sheet (extract) 2008 Euro million Total liabilities 31 Dec 2008 31 Dec 2007 12,513.3 11,040.4 Equity before minority interests 235.6 1,338.2 Minority interests (4) 964.2 743.6 Total shareholders' equity 1,199.8 2,081.8 Total liabilities and shareholders' equity 13,713.1 13,122.2 P. 50. Change in shareholders' equity (excluding minority interests) 2008 Equity before minority interests (initial balance) Net income Currency translation adjustments (1) Dividends attributed (2) Acquisition of own stock (3) Net actuarial gains (losses), net of taxes Asset revaluation, net of taxes Other Equity before minority interests (final balance) Change in equity before minority interests Change in equity before minority interests (%) Euro million 1,338.2 581.5 (595.4) (533.2) (904.6) (437.2) 790.7 (4.3) 235.6 (1,102.6) (82.4%)