Exhibit 2.23  FINAL TERMS  13 July 2012  Portugal Telecom, SGPS, S.A. (incorporated with limited liability under the laws of the Portuguese Republic)  Issue of up to 400,000,000 6.25 per cent. Notes due 2016(1) under the 7,500,000,000 Euro Medium Term Note Programme  The Offering Circular referred to below (as completed by these Final Terms) has been prepared on the basis that, except as provided in sub-paragraph (ii) below, any offer of Notes in any Member State of the European Economic Area which has implemented the Prospectus Directive (each, a Relevant Member State) will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of the Notes.  Accordingly any person making or intending to make an offer of the Notes may only do so:  (i)in circumstances in which no obligation arises for the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer; or  (ii)in those Public Offer Jurisdiction mentioned in Paragraph 35 below of Part A below, provided such person is one of the persons mentioned in Paragraph 35 below of Part A below and that such offer is made during the Offer Period specified for such purpose therein.  Neither the Issuer nor any Manager has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances.  The expression Prospectus Directive means Directive 2003/71/EC, as amended.  PART A  CONTRACTUAL TERMS  Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Offering Circular dated 1 June 2012 which constitutes a base prospectus for the purposes of the Prospectus Directive.  This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Offering Circular.  Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Offering Circular.  The Offering Circular is available for viewing at, and copies may be obtained from the registered office of the Issuer at Av. Fontes Pereira de Melo, no. 40, 1069-300 Lisbon, Portugal.  1.

Issuer:

Portugal Telecom, SGPS, S.A.2.

(a)  Series Number:

27(b)  Tranche   Number:

Not Applicable  
 (1)  Note: These are Notes issued under the 7,500,000,000 Euro Medium Term Note Programme and do not constitute obrigações issued under Portuguese law.


3.

Specified Currency or Currencies

Euro ()4.

Aggregate Nominal Amount

Up to 400,000,000. It is anticipated that   the results of the Offer, including the final Aggregate Nominal Amount of the   Notes to be issued on the Issue Date, will be published by the Issuer on its   website (www.telecom.pt) and on the website of the Comissão do Mercado de   Valores Mobiliários (CMVM)   (www.cmvm.pt) on or around 24 July 20125.

Issue Price:

100 per cent. of the Aggregate Nominal Amount6.

(a)  Specified Denominations:

1,000(b)  Calculation   Amount:

1,0007.

(a)  Issue   Date

26 July 2012(b)  Interest   Commencement Date:

Issue Date8.

Maturity Date

26 July 20169.

Interest Basis:

6.25 per cent. Fixed Rate(further particulars specified below)10.

Redemption/Payment Basis:

Redemption at par11.

Change of Interest Basis or Redemption   Payment Basis:

Not Applicable12.

Put/Call Options

Not ApplicableFor the avoidance of doubt, Condition 7(e) is Not   Applicable13.

(a)
Status of the   Notes:

Senior(b)
Date Board and   Executive Committee approvals for issuance of Notes obtained:

21 June 201214.

Method of distribution:

Syndicated  PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE  15.

Fixed Rate Note Provisions

Applicable(a)
Rate of Interest

6.25 per cent. per annum payable   semi-annually in arrear(b)
Interest Payment   Date(s)

26 January and 26 July in each year   up to and including the Maturity Date(c)
Fixed Coupon   Amount:

31.25 per Calculation Amount(d)
Broken Amount(s):

Not Applicable(e)
Day Count   Fraction:

30/360(f)
Determination   Date(s):

Not Applicable(g)
Other terms   relating to the method of calculating interest for Fixed Rate Notes:

None  2


16.

Floating Rate Note Provisions

Not Applicable17.

Zero Coupon Note Provisions:

Not Applicable18.

Index Linked Interest Note Provisions:

Not Applicable19.

Dual Currency Note Provisions

Not Applicable  PROVISIONS RELATING TO REDEMPTION  20.

Issuer Call:

Not Applicable21.

Investor Put:

Not Applicable22.

Final Redemption Amount:

1,000 per Calculation Amount23.

Early Redemption Amount(s) payable on   redemption for taxation reasons or on event of default and/or the method of   calculating the same (if required or if different from that set out in   Condition 7(f)):

Condition 7(f) applies  GENERAL PROVISIONS APPLICABLE TO THE NOTES  24.

Form of Notes:(a)  Form:

Book Entry Notes; nominativas(b)  New   Global Note:

No25.

Additional Financial Centre(s) or other   special provisions relating to Payment Days:

Not Applicable26.

Talons for future Coupons or Receipts to be   attached to Definitive Bearer Notes (and dates on which such Talons mature):

Not Applicable27.

Details relating to Partly Paid Notes: amount   of each payment comprising the Issue Price and date on which each payment is   to be made and consequences of failure to pay, including any right of the   Issuer to forfeit the Notes and interest due on late payment:

Not Applicable28.

Details relating to Instalment Notes:(a)  Instalment   Amount(s):

Not Applicable(b)  Instalment   Date(s):

Not Applicable29.

Redenomination applicable:

Redenomination not applicable30.

Other final terms:

Not Applicable  3


DISTRIBUTION  31.

(a)
If syndicated,   names and addresses of Managers as placement agents:

Banco BPI, S.A.
Largo Jean Monnet, 1  4th floor
1269-067 Lisbon
PortugalBanco Comercial Português, S.A.
Avenida José Malhoa, 27  1o
1099-010 Lisbon
PortugalBanco Espírito Santo de Investimento, S.A.
Rua Alexandre Herculano, 38
1269-161 Lisbon
PortugalBarclays Bank PLC - Sucursal em Portugal
Avenida do Colégio Militar, 37 F, 13.o Andar,   Torre
Oriente
1500-180 Lisbon
PortugalCaixa  Banco de Investimento, S.A.
Rua Barata Salgueiro, 33
1269-057 Lisbon
Portugal(the Joint Lead Managers)Banco ActivoBank, S.A.
Rua   Augusta, 84
1149-023 Lisbon
PortugalBanco   Espírito Santo, S.A.
Avenida da Liberdade, 195
1250-142 Lisbon
PortugalBanco Electrónico de Serviço Total, S.A.
Praça Marquês de Pombal, 3  3o
1250-161 Lisbon
PortugalBanco   Espírito Santo dos Açores, S.A.
Rua Hintze Ribeiro, 2  8o
9500-049 Ponta Delgada
PortugalBanco Português de Investimento, S.A.
Rua Tenente Valadim, 284
4100-474 Oporto
PortugalCaixa Geral de Depósitos, S.A.
Avenida João XXI, 63
1000-300 Lisbon
Portugal(the Co-Managers   and, together with the Joint Lead Managers, the Managers)The Managers will make all reasonable efforts   to  4


procure subscribers for the Notes. The   Managers are not obliged to subscribe for or purchase any Notes. See further   paragraph 7 Terms and Conditions of the Offer   in Part B below(b)  Date   of Placement Agreement:

27 June 2012(c)  Stabilising   Manager(s) (if any):

Not Applicable32.

If non-syndicated, name and address of   relevant Dealer:

Not Applicable33.

Total commission and concession:

The amount of the placement commission   depends on the Aggregate Nominal Amount of Notes issued and the Aggregate   Nominal Amount of Notes placed by each Manager and will be calculated   according to standard banking practice. The Issuer estimates that the average   fees payable to the Managers will be around 1.42% of the amount of Notes   issued.34.

U.S. Selling Restrictions:

Reg. S Compliance Category 2; TEFRA C35.

Non exempt Offer:

An offer of the Notes (the offer) may be made by the Managers other than pursuant to   Article 3(2) of the Prospectus Directive in Portugal (the Public Offer Jurisdiction) during the period from and   including 8.30 a.m. (Lisbon time) on 2 July 2012 to and including   3.00 p.m. (Lisbon time) on 20 July 2012 (the Offer   Period). See further Paragraph 7 of Part B below.36.

Additional Selling Restrictions:

Not Applicable  PURPOSE OF FINAL TERMS  These Final Terms comprise the final terms required for issue and public offer in the Public Offer Jurisdiction and admission to trading on Euronext Lisbon pursuant to the 7,500,000,000 Euro Medium Term Note Programme of Portugal Telecom International Finance B.V. and Portugal Telecom, SGPS, S.A.  RESPONSIBILITY  The Issuer accepts responsibility for the information contained in these Final Terms.  Signed on behalf of the Issuer:  By:Duly authorised  5


PART B  OTHER INFORMATION  1.

LISTING AND ADMISSION TO   TRADINGListing and Admission to trading:

Application will be made by the Issuer (or on   its behalf) for the Notes to be admitted to trading on Euronext Lisbon with   effect from the Issue Date.2.

RATINGSRatings:

The Notes to be issued have not been   specifically rated.The ratings of the Programme in respect of   Notes with a maturity of more than one year are as follows:Fitch Ratings Ltd.: BBBMoodys Investors Service Espãna SA: Ba2Standard & Poors Credit Market   Services France SAS: BB+A BBB rating by Fitch Ratings Ltd.   indicates that expectations of default risk are currently low. The capacity   for payment of financial commitments is considered adequate but adverse   business or economic conditions are more likely to impair this capacity.Obligations rated Ba by Moodys Investors   Service Espãna SA are judged to be speculative and are subject to substantial   credit risk. Moodys appends numerical modifiers 1, 2 and 3 to each generic   rating classification from Aa to Caa. The modifier 2 indicates a mid-range   ranking of the generic Ba rating category.An obligation rated BB by   Standard & Poors Credit Market Services France SAS is less   vulnerable to non-payment than other speculative issues. However, it faces   major ongoing uncertainties or exposure to adverse business, financial, or   economic conditions which could lead to the obligors inadequate capacity to   meet its financial commitment on the obligation. The plus (+) sign shows the   relative standing of the obligation within the major rating category.The above disclosure reflects the ratings   allocated to Notes of the type being issued under the Programme generally and   not the rating of this specific Series of Notes.Each such rating agency is established in the   European Union and is registered under Regulation (EC) No. 1060/2009 (as   amended).  6


3.

INTERESTS OF NATURAL AND LEGAL   PERSONS INVOLVED IN THE ISSUESave for any fees payable to the Managers, so   far as the Issuer is aware, no person involved in the issue of the Notes has   an interest material to the offer.4.

REASONS FOR THE OFFER,   ESTIMATED NET PROCEEDS AND TOTAL EXPENSES(i)
Reasons for the offer

See Use of Proceeds   in the Offering Circular(ii)
Estimated net proceeds:

The estimated net proceeds will depend on the   final aggregate nominal amount of the offer and shall be calculated as the   Issue Price less the estimated total expenses (as described in (iii) below)   and the commissions payable to the Managers (including taxes).(iii)
Estimated total expenses:

39,500 consisting of:Listing fees  4,500Other fees  35,0005.

YIELDIndication of yield:

6.348 per cent. per annumCorresponds to the internal rate of return (IRR) of an investment in the Notes at the Issue Price,   assuming that the Notes are held until maturity and reimbursed at 100 per   cent. of their nominal amount and assuming that the semi-annual coupons   received are reinvested at an interest rate equivalent to the IRR. The yield   is calculated at the Issue Date on the basis of the Issue Price. It is not an   indication of future yield.6.

OPERATIONAL INFORMATION(i)
ISIN   Code:

PTPTCYOM0008(ii)
Common   Code:

080071043(iii)
Any clearing system(s) other than   Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme and the   relevant identification number(s) and Interbolsa-Sociedade Gestora   Sistemas de Liquidação & de Sistemas Centralizados de Valores   Mobiliários, S.A., as operator of the Central de Valores Mobiliários:

Not Applicable(iv)
Delivery:

Delivery against payment(v)
Names and addresses of additional Paying   Agent(s) (if any):

Citibank International plc
Sucursal em Portugal
Rua Barata Salgueiro 30-4
1269-056 Lisbon
Portugal(vi)
Intended to be held in a manner which would   allow Eurosystem eligibility:

YesNote that the designation yes simply means   that the Notes are intended upon issue to be registered with Interbolsa-Sociedade Gestora de Sistemas de Liquidação & de   Sistemas Centralizados de  7


Valores Mobiliários, S.A.in its capacity as securities settlement system and   does not necessarily mean that the Notes will be recognised as eligible   collateral for Eurosystem monetary policy and intra-day credit operations by   the Eurosystem either upon issue or at any or all times during their life.   Such recognition will depend upon satisfaction of the Eurosystem eligibility   criteria.7.

TERMS AND CONDITIONS OF THE   OFFEROffer Price:

Issue PriceConditions to which the offer is subject:

1. If the aggregate number of Notes   subscribed for multiplied by the Specified Denomination of each Note (being 1,000)   exceeds the applicable maximum aggregate nominal amount of this   Series the following successive criteria will apply:(i) first - each investor will receive 5   (five) Notes (each Note representing 1,000 in nominal amount of the Notes)   or, if the number of Notes applied for is less than 5 (five), such lesser   number. If the aggregate number of Notes available is not sufficient to   satisfy such allotment of 5 (five) Notes per investor, the Notes will be   allocated by priority of date of application, with priority being given to   the applications first received on the centralised system of Euronext Lisbon   (all applications received on the same business day having equal priority).   Subscription applications received on the business day on which the   applicable maximum aggregate nominal amount of this Series is exceeded   will be satisfied by lottery.(ii) second  the amount remaining after   the application of (i) above will be allocated by priority of date of   application, priority being given to the applications first received on the   centralised system of Euronext Lisbon (all applications received on the same   business day having equal priority). Subscription applications received on   the business day on which the Aggregate Nominal Amount of this Series of   Notes is exceeded, will be allocated an additional number of Notes   proportional to the total number of Notes of that subscription application   not yet satisfied in accordance with the first criteria referred in   (i) above in allotments of 1 (one) Note, rounded downwards.(iii) third  the amount remaining after   the application of (i) and (ii) above will be allocated  8


by successive allotments of 1 (one)   additional Note to the remaining subscription applications that after   application of (i) and (ii) above are not yet satisfied and are   closer to the possibility to having an additional allotment of 1 (one) Note.   If the number of available Notes is not sufficient to satisfy this criteria,   the subscription applications will be satisfied by lottery.2. Subscription applications may be cancelled   or amended by a subscriber up to (and including) 3 p.m. (Lisbon time) on   17 July 2012.3. TheCMVMof Portugal has received the certificate of approval attesting that   the Offering Circular has been drawn up in accordance with the Prospectus   Directive.4. The final Aggregate Nominal Amount of this   Series of Notes will correspond to the aggregate nominal amount of the   Notes subscribed by the relevant subscribers, even if the same is lower than   400,000,000.Description of the application process:

Applications for the subscription of Notes   may be made by a prospective subscriber in Portugal to the Managers or to any   financial intermediary duly authorised in Portugal.Each prospective subscriber in Portugal should ascertain from the   relevant Manager or financial intermediary duly authorised in Portugal when   such Manager or financial intermediary duly authorised in Portugal will   require receipt of cleared funds from it in respect of its application for   the subscription of any Notes and the manner in which payment should be made   to such Manager or financial intermediary duly authorised in Portugal.Details of the minimum and/or maximum amount   of application:

The minimum amount of any application is the   Specified Denomination and the maximum amount of any application is the   Aggregate Nominal Amount of this Series of Notes.Description of possibility to reduce   subscriptions and manner for refunding excess amount paid by applicants:

It may be necessary to reduce subscriptions   and allocate Notes in accordance with the criteria described in item 2 of Conditions to which the offer is subject.Excess application monies will be returned   (without interest) by wire transfer to the bank account as detailed on the   application form or by any other method as the Manager or the financial   intermediary duly authorised in Portugal deems to be appropriate.Details of the method and time limits for   paying up

Notes will be available on a delivery versus  9


and delivering the Notes:

payment basis.The Issuer estimates that the Notes will be   delivered to the subscribers respective book-entry securities accounts on or   around the Issue Date.Manner in and date on which results of the   offer are to be made public:

The results of the offer will be calculated   at a special trading session of the regulated market operated by Euronext   Lisbon, expected to take place on 24July 2012.The results of the offer will be made public   on 24 July 2012 by means of a notice published by the Issuer on its   website (www.telecom.pt) and on the website of the CMVM (www.cmvm.pt).Procedure for exercise of any right of   pre-emption, negotiability of subscription rights and treatment of   subscription rights not exercised:

Not ApplicableCategories of potential investors to which   the Notes are offered and whether tranche(s) have been reserved for   certain countries:

Offers may be made by the Managers to any   person residing or established in Portugal.Process for notification to applicants of the   amount allotted and the indication whether dealing may begin before   notification is made:

Applicants in Portugal will be notified   directly by the relevant Manager or the financial intermediary duly   authorised in Portugal of the success of their application.Dealing in the Notes may commence on the   Issue Date.Amount of any expenses and taxes specifically   charged to the subscriber or purchaser:

Commissions: Each Manager or the financial   intermediary duly authorised in Portugal may charge a commission (the Commission) to subscribers in accordance with its own   terms, which are available for consultation, from time to time, on the   website of the CMVM (www.cmvm.pt).Apart from the Offer Price and the above   Commissions, and otherwise as disclosed in the Offering Circular the Issuer   is not aware of any expenses and taxes specifically charged to a subscriber   in Portugal. The Issuer is not responsible for, and will not be liable for,   any expenses and taxes specifically charged to a subscriber in Portugal.For details of withholding taxes applicable   to subscribers in Portugal, see the section entitled Portugal   in the section entitled Taxation in   the Offering Circular.Name(s) and address(es), to the extent   known to the Issuer, of the placers in the various countries where the offer   takes place.

The Managers set out in paragraph   31(a) of Part A above  10