Exhibit 2.23  FINAL TERMS  8 May 2013  Portugal Telecom International Finance B.V.  (a private company with limited liability incorporated under the laws of The Netherlands and having its corporate seat in Amsterdam, The Netherlands)  Issue of 1,000,000,000 4.625 per cent. Notes due 8 May 2020  under the 7,500,000,000  Euro Medium Term Note Programme.  with the benefit of a Keep Well Agreement given by  Portugal Telecom, SGPS, S.A.  and with the benefit of a Keep Well Agreement given by  PT Comunicações, S.A.  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 (Directive 2003/71/EC) (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, Herikerbergweg 238, 1101 CM Amsterdam Zuidoost, The Netherlands.  1.

Issuer:

Portugal Telecom International Finance B.V.2.

(a)
Series Number:

29(b)
Tranche Number:

13.

Specified currency or Currencies

Euro ()4.

Aggregate Nominal Amount(a)
Series:

1,000,000,000(b)
Tranche:

1,000,000,0005.

Issue Price of Tranche:

100.00 per cent. of the Aggregate Nominal   Amount6.

(a)
Specified   Denominations:

100,000 and integral multiples of 1,000 in   excess thereof up to and including 199,000. No Notes will be issued in a   denomination above 199,000(b)
Calculation   Amount:

1,0007.

(a)
Issue Date

10 May 2013(b)
Interest   Commencement Date;

10 May 2013  1


8.

Maturity Date

8 May 20209.

Interest Basis:

4.625 per cent. Fixed Rate10.

Redemption/Payment Basis:

Redemption at par11.

Change of Interest Basis or Redemption   Payment Basis:

Not Applicable12.

Put/Call Options

Investor Put  Change of Control13.

(a)
Status of the   Notes:

Senior(b)
Date of Board   approval for issuance of Notes obtained:

6 May 201314.

Method of distribution:

SyndicatedPROVISIONS   RELATING TO INTEREST (IF ANY) PAYABLE15.

Fixed Rate Note Provisions

Applicable(a)
Rate of Interest

4.625 per cent. per annum payable annually in   arrear(b)
Interest Payment   Date(s)

8 May in each year up to and including   the Maturity DateThere will be a short first coupon in respect   of the period from and including the Interest Commencement Date to but   excluding 8 May 2014(c)
Fixed Coupon   Amount:

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

46.00 per Calculation Amount, payable on the   Interest Payment Date falling on 8 May 2014(e)
Day Count   Fraction:

Actual/Actual (ICMA)(f)
Determination   Date(s):

8 May in each year(g)
Other terms   relating to the method of calculating interest for Fixed Rate Notes:

None16.

Floating Rate Note Provisions

Not Applicable17.

Zero Coupon Note Provisions:

Not Applicable18.

Index Linked Interest Note Provisions:

Not Applicable19.

Dual Currency Note Provisions

Not ApplicablePROVISIONS   RELATING TO REDEMPTION20.

Issuer Call:

Not Applicable21.

Investor Put:

Applicable as per Condition 7(e) of the   Terms and Conditions(a)
Optional   Redemption Date(s):

As set out in the Terms and Conditions(b)
Optional   Redemption Amount(s) and method, if any, of calculation of such   amount(s):

1,000 per Calculation Amount(c)
Notice period (if   other than as set out in the Terms and Conditions):

As set out in the Terms and Conditions  2


22.

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)):

As set out in Condition 7(f)GENERAL   PROVISIONS APPLICABLE TO THE NOTES24.

Form of Notes:(a)
Form:

Bearer Notes:Temporary Bearer Global Note exchangeable for   a Permanent Bearer Global Note which is exchangeable for Definitive Bearer   Notes only upon an Exchange Event(b)
New Global Note:

Yes25.

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

London26.

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

No27.

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 ApplicableDISTRIBUTION31.

(a)
If syndicated,   names of Managers:

Banco Espírito Santo de Investimento, S.A.,
Sucursal en España
BNP Paribas
Caixa  Banco de Investimento, S.A.
HSBC Bank plc
Merrill Lynch International(b)
Stabilising   Manager(s) (if any):

Merrill Lynch International32.

If non-syndicated, name of relevant Dealer:

Not Applicable33.

U.S. Selling Restrictions:

Reg. S Compliance Category 2   TEFRA D34.

Additional Selling Restrictions:

Not Applicable  3


PURPOSE OF FINAL TERMS  These Final Terms comprise the final terms required for issue and admission to trading on the London Stock Exchanges regulated market and the Official List of the UK Listing Authority of the Notes described herein 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: Carlos Manuel Mendes Fidalgo Moreira da CruzBy:Duly   authorised  4


PART B  OTHER INFORMATION  1.

LISTING AND ADMISSION TO   TRADING(i)
Listing   and Admission to trading:

Application has been made by the Issuer (or   on its behalf) for the Notes to be admitted to trading on, the London Stock   Exchanges regulated market and listed on the Official List of the UK Listing   Authority) with effect from 10 May 2013(ii)
Estimate of total expenses related to   admission to trading:

£3,6502.

RATINGSRatings:

The Notes to be issued have been rated Ba2   (negative) by Moodys Investors Service España SA, BB (negative) by Standard &   Poors Credit Market Services France SAS and BBB (negative) by Fitch Ratings   Ltd.Moodys Investors Service España SA, Standard &   Poors Credit Market Services France SAS and Fitch Ratings Ltd. are   established in the European Union and are registered under Regulation (EC)   No. 1060/2009 (as amended). As such Moodys Investors Service España SA,   Standard & Poors Credit Market Services France SAS and Fitch   Ratings Ltd. are included in the list of credit rating agencies published by   the European Securities and Markets Authority on its website in accordance   with such Regulation3.

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 offer4.

REASONS FOR THE OFFER,   ESTIMATED NET PROCEEDS AND TOTAL EXPENSESReasons for the offer

See Use of Proceeds   in the Offering Circular5.

YIELDIndication of yield:

4.625 per cent.The yield is calculated at the Issue Date on   the basis of the Issue Price. It is not an indication of future yield6.

OPERATIONAL INFORMATION(i)
ISIN   Code:

XS0927581842(ii)
Common   Code:

092758184(iii)
Any clearing system(s) other than   Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme and the   relevant identification number(s):

Not Applicable  5


(iv)
Delivery:

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

Not Applicable(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 deposited with one of the ICSDs   as common safekeeper 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  6