Global Reporting Initiative (GRI)

This fi rst sustainability report was elaborated in accordance

with the guidelines of the Global Reporting Initiative, under the highest

standards of quality.

GRI Table

The table referring to GRI’s indicators and its index can be found

in page 117 of this report.

Analysis Period

This report comprises the data of 2004. References to actions

and commitments established during the fi rst quarter of 2005 are also

included. Since PT Group is formed by several companies with rather

different existence terms, the time series divulged in this report do not

always comprise the same periods of time. This is due to the longer record

that some of the group’s companies possess, having therefore a greater

amount of information.

Auditing and accuracy of the included data

All the information included in this report has undergone a process

of examination, according to GRI’s directives concerning the credibility

and quality of the report’s contents, as well the auditing guidance

provided by an independent body.

Criteria and defi nitions used in costs and economic,

environmental and social benefi ts accounting

Concerning economic and social data, costs and benefi ts account

is based on Portuguese accounting rules, fi scal system and labour rights

legislation. As far as environmental benefi ts are concerned,

PT Comunicações and TMN have created their own internal methodologies.

These methodologies are the basis of the values displayed,

regarding the investment made in this area.

www.telecom.pt

A channel that is always available, for your suggestions.

So that we may continue to improve our Sustainability Report.