Exhibit 2.9  PRICING SUPPLEMENT  23rd March, 2005  Portugal Telecom International Finance B.V.  (a private company with limited liability incorporated under the laws of The Netherlands and having its statutory seat in Amsterdam, The Netherlands) Issue of 500,000,000 4.375 per cent. Notes due 2017 under the 5,000,000,000 Global Medium Term Note Programme  This document constitutes the Pricing Supplement relating to the issue of Notes described herein.  Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions set forth in the Offering Circular dated 12th July, 2004. This Pricing Supplement must be read in conjunction with such Offering Circular.  1.

(i)Series Number:

18(ii)Tranche Number:

12.

Specified Currency   or Currencies:

euro ()3.

Aggregate Nominal   Amount:Tranche:

500,000,000Series:

500,000,0004.

Issue Price of   Tranche:

99.798 per cent.5.

Specified   Denomination:

50,000 per Note   (see also item 28)6.

(i)Issue Date and Interest Commencement Date:

24th March, 20057.

Maturity Date:

24th March, 20178.

Interest Basis:

4.375 per cent.   Fixed Rate9.

Redemption/Payment   Basis:

Redemption at par10.

Change of Interest   Basis or Redemption/ Payment Basis:

Not Applicable11.

Put/Call Options:

Not Applicable  1


12.

Listing:

Application has   been made for the Notes to be listed on the Official List of the Financial   Services Authority as competent authority under the Financial Services and   Markets Act 2000 and to be admitted to trading on the London Stock Exchange   plcs market for listed securities13.

Method of   distribution:

SyndicatedPROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE14.

Fixed Rate Note   Provisions

Applicable(i)Rate of Interest:

4.375 per cent.   per annum payable annually in arrear(ii)Interest Payment Date(s):

24th March in   each year from and including 24th March, 2006 to and including the Maturity   Date(iii)Fixed Coupon Amount:

2,187.50 per   50,000 in nominal amount(iv)Broken Amount:

Not Applicable(v)Day Count Fraction:

Actual/Actual   (ISMA)(vi)Determination Date:

24th March in   each year(vii)Other terms relating to the method of   calculating interest for Fixed Rate Notes:

Not Applicable15.

Floating Rate Note   Provisions

Not Applicable16.

Zero Coupon Note   Provisions

Not Applicable17.

Index Linked   Interest Note Provisions

Not Applicable18.

Dual Currency Note   Provisions

Not ApplicablePROVISIONS RELATING TO REDEMPTION19.

Issuer Call

Not Applicable20.

Investor Put

Not Applicable  2


21.

Final Redemption   Amount

Par22.

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(e)):

Not ApplicableGENERAL PROVISIONS APPLICABLE TO THE NOTES23.

Form of   Notes:

Bearer Notes:

Temporary Bearer   Global Note exchangeable for a Permanent Bearer Global Note which is   exchangeable for Definitive Notes only upon an Exchange Event.24.

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

Not Applicable25.

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

No26.

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 (if any) of failure   to pay, including any right of the Issuer to forfeit the Notes and interest   due on late payment:

Not Applicable27.

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

Not Applicable(ii)Instalment Date(s):

Not Applicable28.

Other terms or   special conditions:

Each Note is   issued with the Specified Denomination of 50,000 per Note.

For so long as the   Notes are represented by a Bearer Global Note and Euroclear and Clearstream,   Luxembourg so permit, the Notes shall be tradeable in minimum nominal amounts   of 50,000 and integral multiples of 1,000 thereafter.  3


If Definitive   Bearer Notes are required to be issued in the limited circumstances specified   in the Permanent Bearer Global Note they will only be printed and issued in   denominations of 50,000.Accordingly, if   Definitive Bearer Notes are required to be issued, a Noteholder holding Notes   having an original nominal amount which cannot be fully represented by   Definitive Bearer Notes in the denomination of 50,000 will not be able to   receive a Definitive Bearer Note in respect of the original nominal amount of   the Notes by whichthe original   nominal amount of such holding of Notes exceeds the next lowest integral   multiple of 50,000, the (Excess Amount)   and will not be able to receive interest or principal in respect of the   Excess Amount. Furthermore, at any meetings of Noteholders while Notes are   represented by a Bearer Global Note any vote cast shall only be valid if it   is in respect of 50,000 in nominal amount and no vote may be cast in respect   of any smaller nominal amount.29.

Redenomination:

Redenomination not   applicableDISTRIBUTION30.

(i)If syndicated, names of   Managers:

Merrill Lynch   International
Morgan   Stanley & Co.International Limited
Banco BPI, S.A.
Banco Espírito   Santo de Investimento, S.A.
Caixa - Banco de   Investimento, S.A.
ABN AMRO Bank N.V.
Barclays Bank PLC
BNP Paribas
Dresdner Bank AG   London Branch(ii)Stabilising Manager (if   any):

Merrill Lynch   International31.

If non-syndicated,   name of relevant Dealer:

Not Applicable  4


32.

Netherlands/worldwide   selling restrictions:

The Notes   (including rights representing an interest in a Note in global form) may only   be offered anywhere in the world,   as part of their initial distribution or as part of any re-offering, and this   Pricing Supplement may only be distributed and circulated, and any offer of   the Notes shall only be announced in writing (whether electronically or   otherwise) anywhere in the world,   to individuals or legal entities who or which trade or invest in securities   in the conduct of a business or profession (Professional Investors, which includes banks, securities   intermediaries (including dealers and brokers), insurance companies, pension   funds, collective investment institutions, central governments, large   international and supranational organisations, other institutional investors   and other parties, including treasury departments of commercial enterprises,   which as an ancillary activity regularly invest in securities), provided that   each of the Managers has undertaken with the Issuer that it will be made   clear/mentioned upon making any such offers and from any and all documents or   advertisements in which the forthcoming offering of the Notes is publicly   announced anywhere in the world,   that the offer is exclusively made to such Professional Investors.33.

Additional selling   restrictions:

Italy

The offering of   the Notes has not been cleared by CONSOB (the Italian Securities Exchange   Commission) pursuant to Italian securities legislation and, accordingly each   Manager has represented and agreed that, no Notes will be offered, sold or   delivered, nor will copies of the Offering Circular or of any document   relating to the Notes be distributed in the Republic of Italy, except:

(a)to professional investors   (operatori qualificati) as defined in   Article 31, second paragraph, of CONSOB Regulation No. 11522 of 1st   July, 1998, as amended; or  5


(b)in circumstances which are exempted from the   rules on solicitation of investments pursuant to Article 100 of   Legislative Decree No. 58 of 24th February, 1998 (the Financial Services Act) and Article 33, first   paragraph, of CONSOB Regulation No. 11971 of 14th May, 1999, as amended.

Any offer, sale or   delivery of the Notes or distribution of copies of the Offering Circular or   any other document relating to the Notes in the Republic of Italy under (a) or   (b) above must be:

(i)made by an investment firm, bank or financial   intermediary permitted to conduct such activities in the Republic of Italy in   accordance with the Financial Services Act and Legislative Decree   No. 385 of 1st September, 1993 (the Banking   Act); and

(ii)in compliance with Article 129 of the   Banking Act and the implementing guidelines of the Bank of Italy, as amended   from time to time, pursuant to which the issue or the offer of securities in   the Republic of Italy may need to be preceded and followed by an appropriate   notice to be filled withthe Bank of Italy   depending, inter alia, on the aggregate   value of the securities issued or offered in the Republic of Italy and their   characteristics; and(iii)in compliance with any other applicable   laws and regulations.OPERATIONAL INFORMATION34.

Any clearing   system(s) other than Euroclear, Clearstream, Luxembourg or The   Depository Trust Company:

Not Applicable35.

Delivery:

Delivery against   payment36.

Additional Paying   Agent(s) (if any):

Not Applicable  6


ISIN:XS0215828913  Common Code:021582891  LISTING APPLICATION  This Pricing Supplement comprises the details required for the issue of Notes described herein to be admitted to the Official List and to trading by the London Stock Exchange plc pursuant to the listing of the 5,000,000,000 Global Medium Term Note Programme of Portugal Telecom International Finance B.V.  RESPONSIBILITY  The Issuer hereby accepts responsibility for the information contained in this Pricing Supplement.  Signed on behalf   of the Issuer:By:Duly   authorised  7