Exhibit 2.14  FINAL TERMS  29 October 2009  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 750,000,000 5.00 per cent. Notes due 4 November 2019 under the 7,500,000,000 Global Medium Term Note Programme with the benefit of a Keep Well Agreement given by Portugal Telecom SGPS, S.A. (incorporated with limited liability under the laws of the Portuguese Republic) and with the benefit of a Keep Well Agreement given by PT Comunicações, S.A. (incorporated with limited liability under the laws of the Portuguese Republic)  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 17 December 2008 and the supplement to the Offering Circular dated 3 February 2009 which together constitute 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 as so supplemented. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms, the Offering Circular and the supplement to the Offering Circular. The Offering Circular and the supplement to the Offering Circular are available for viewing at the registered office of the Issuer.  1.

Issuer:

Portugal Telecom International Finance B.V.2.

(a)           Series Number:

25(b)           Tranche Number:

13.

Specified currency   or Currencies

Euro ()4.

Aggregate Nominal   Amount(a)           Series:

750,000,000(b)           Tranche:

750,000,0005.

Issue Price of   Tranche:

99.629 per cent. of the Aggregate Nominal   Amount6.

Specified   Denominations:

50,000 and integral multiples of 1,000 in   excess thereof up to and including 99,000. No Notes in definitive form will   be issued with a denomination above 99,000.  1


7.

(a)Issue Date:

2 November 2009(b)           Interest Commencement Date:

2 November 20098.

Maturity Date

4 November 20199.

Interest Basis:

5.00 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

Investor Put
(further particulars specified below and in   the Appendix)13.

(a)Status of the Notes:

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

26 October 200914.

Method of   distribution:

SyndicatedPROVISIONS   RELATING TO INTEREST (IF ANY) PAYABLE15.

Fixed   Rate Note Provisions

Applicable(a)           Rate(s) of Interest

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

4 November in each year up to and   including the Maturity Date, the first Interest Payment Date being 4   November 2010. There will be a long first coupon from and including the   Issue Date to but excluding 4 November 2010(c)           Fixed Coupon Amount(s):

On each Interest Payment Date other than the   Interest Payment Date falling on 4 November 2010 the following Fixed   Coupon Amount shall be paid on the Notes: 50 per 1,000 in nominal amount(d)           Broken Amount(s)

On the Interest Payment Date falling on 4   November 2010 the following broken amount shall be payable on the Notes:   50.274 per 1,000 in nominal amount(e)           Day Count Fraction:

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

4 November 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 Applicable  2


PROVISIONS   RELATING TO REDEMPTION20.

Issuer Call

Not Applicable21.

Investor Put

Applicable, in accordance with the terms set   out in the Appendix22.

Final Redemption   Amount of Each Note:

Par23.

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)):

As set out in Condition 7(e)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   Dates:

Not Applicable26.

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 (if any) 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)           Installment Amount(s):

Not Applicable(b)           Installment Date(s):

Not Applicable29.

Other terms or   special conditions:

See Appendix30.

Redenomination:

Redenomination not applicableDISTRIBUTION31.

(a)If syndicated, names of Managers:

Banco Espírito Santo de Investimento, S.A.
Banco Santander Totta, S.A.
Barclays Bank PLC
Caixa - Banco de Investimento, S.A.
UBS Limited(b)           Stabilising Manager (if any):

Not Applicable  3


32.

If non-syndicated,   name of relevant Dealer:

Not Applicable33.

Netherlands/worldwide   selling restrictions:

As set out in the Offering Circular34.

Additional selling   restrictions:

Not Applicable35.

Whether TEFRA D or   TEFRA C rules applicable or TEFRA rules not applicable:

TEFRA D  LISTING AND ADMISSION TO TRADING APPLICATION  These Final Terms comprise the final terms required to list and have admitted to trading the issue of Notes described herein pursuant to the 7,500,000,000 Global Medium Term Note Programme of Portugal Telecom International Finance B.V.  RESPONSIBILITY  The Issuer hereby accepts responsibility for the information contained in these Final Terms.  Signed on behalf of the Issuer:By:By:  4


PART B  OTHER INFORMATION  1.

LISTING(i)            Listing and admission to trading:

Application has been made for the Notes to be   admitted to trading on the London Stock Exchanges Regulated Market and   listing on the Official List of the UK Listing Authority with effect from the   Issue Date.(ii)           Estimate   of total expenses related to admission to trading:

£3,6502.

RATINGSRatings:

The Notes to be issued have been rated:S & P:   BBB (Stable)Moodys: Baa2 (Stable)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.

YIELDIndication of yield:

5.048 per cent.The yield is calculated at the Issue Date on   the basis of the Issue Price. It is not an indication of future yield.5.

OPERATIONAL   INFORMATION(i)            ISIN Code:

XS0462994343(ii)           Common   Code:

046299434(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(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

Yes  5


which   would allow Eurosystem eligibility:Note 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


APPENDIX  REDEMPTION OPTION FOR CHANGE OF CONTROL  The Conditions shall be deemed amended by the deletion of Condition 7(d) (Redemption at the option of the Noteholders (Investor Put)) and the substitution therefor of the following wording:  If at any time while the Notes remain outstanding (i) a Change of Control occurs at any time and (ii) a Rating Downgrade occurs during the Change of Control Period as a result of that Change of Control (together, a Put Event), the holder of any Note will have the option (unless, prior to the giving of the Put Event Notice referred to below, the Issuer gives notice to redeem the Notes in accordance with Condition 7(b) (Redemption for tax reasons)) to require the Issuer to redeem such Note on the Mandatory Redemption Date at its principal amount together with interest accrued to, but excluding, the Mandatory Redemption Date.  Upon PT becoming aware that a Put Event has occurred, PT shall promptly notify the Issuer of such fact and the Issuer shall give notice to the Noteholders in accordance with Condition 14 (Notices) (a Put Event Notice) specifying the nature of the Put Event and the circumstances giving rise to it and the procedure for exercising the option set out in this Condition 7(d).  To exercise the option to require redemption of a Note under this Condition 7(d) the holder of that Note must, if this Note is in definitive form and held outside Euroclear and Clearstream, Luxembourg, deliver such Note, on any business day in the city of the specified office of the relevant Paying Agent falling within the Put Period, at the specified office of any Paying Agent, accompanied by a duly signed and completed notice of exercise in the form (for the time being current) obtainable from the specified office of any Paying Agent (a Put Option Notice) and in which the holder must specify a bank account (or, if payment is required to be made by cheque, an address) to which payment is to be made under this Condition 7(d). The Note should be delivered together with all Coupons appertaining thereto maturing after the Mandatory Redemption Date failing which an amount will be deducted from the payment to be made by the Issuer on redemption of the Notes corresponding to the aggregate amount payable in respect of such missing Coupons.  If this Note is represented by a Global Note or is in definitive form and held through Euroclear or Clearstream, Luxembourg, to exercise the right to require redemption or, as the case may be, purchase of a Note under this Condition 7(d) the holder of the Note must, within the Put Period, give notice to the Agent of such exercise in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on his instruction by Euroclear or Clearstream, Luxembourg or any common depositary for them to the Agent by electronic means) in a form acceptable to Euroclear and Clearstream, Luxembourg from time to time and, if this Note is represented by a Global Note, at the same time present or procure the presentation of the relevant Global Note to the Agent for notation accordingly.  The Paying Agent to which such Note and Put Option Notice are delivered will issue to the holder concerned a non transferable receipt (a Put Option Receipt) in respect of the Note so delivered.  The Issuer shall redeem the Notes in respect of which Put Option Receipts have been issued on the Mandatory Redemption Date, unless previously redeemed and purchased.  Payment in respect of any Put Option Receipt will be made on the Mandatory Redemption Date by transfer to the bank account (if any) specified in the Put Option Notice and in every other case on or after the Mandatory Redemption Date, in each case against presentation and surrender or (as the case may be) endorsement of such Put Option Receipt at the specified office of any Paying Agent in accordance with the provisions of this Condition 7(d).  7


The Issuer shall redeem each Note in respect of which a valid Put Option Receipt has been delivered on the Mandatory Redemption Date, unless previously redeemed and purchased.  For the purposes of this Condition:  A Change of Control shall be deemed to have occurred each time (whether or not approved by the Management Board or Supervisory Board of PT) that any person or any persons acting in concert, other than a holding company whose shareholders are or are to be substantially similar to the pre-existing shareholders of PT, directly or indirectly, gains Control of PT, provided that the sale by the Portuguese Republic of any of the 500 A shares of PT held by the Portuguese Republic on the Issue Date shall not itself for this purpose be treated as any such Change of Control.  Change of Control Periodmeans the period commencing on the Date of Announcement and ending on the 120th day following the Date of Announcement.  Controlof an entity A means the acquisition of more than 50 per cent. of voting rights of A, whether directly or indirectly and whether obtained by ownership of share capital or the holding of voting rights.  Date of Announcementmeans the date of the public announcement that a Change of Control has occurred.  Investment Grade Ratingmeans a rating of at least BBB- (or equivalent thereof) in the case of S&P or a rating of at least Baa3 (or equivalent thereof) in the case of Moodys or the equivalent in the case of any other Rating Agency.  Investment Grade Securitiesmeans Rated Securities which have an Investment Grade Rating from each Rating Agency that assigns a rating to such Rated Securities.  Mandatory Redemption Dateis the seventh day following the last day of the Put Period.  Put Periodmeans the period from, and including, the date of a Put Event Notice to, but excluding, the 45th day following the date of the Put Event Notice or, if earlier, the eighth day immediately preceding the Maturity Date;  Rated Securitiesmeans, at any time:  (a)the Notes; or  (b)if, at, or at any time after, the beginning of the Change of Control Period, the Notes do not or cease to have a rating by any Rating Agency, such other comparable long-term debt of the Issuer selected by the Issuer from time to time (but with effect from the Date of Announcement) for the purpose of this definition which possesses a rating by any Rating Agency.  Rating Agencymeans Standard and Poors Rating Services, a division of The McGraw-Hill Companies, Inc. (S&P) and Moodys Investors Services Limited (Moodys) or any of their respective successors or any other rating agency of equivalent international standing specified from time to time by the Issuer.  Rating Downgrademeans either:  (a)during the Change of Control Period:  (i)any rating assigned to the Rated Securities is withdrawn; or  8


(ii)(if the Rated Securities are Investment Grade Securities on the Date of Announcement) the Rated Securities cease to be Investment Grade Securities; or  (iii)(if the Rated Securities are not Investment Grade Securities on the Date of Announcement) any rating of the Rated Securities is either (i) lowered by any Rating Agency below an Investment Grade Rating or (ii) lowered one full rating notch by any Rating Agency (for example from BB+ to BB by S&P and Ba1 to Ba2 by Moodys or such similar lower of equivalent rating),  provided that no Rating Downgrade shall occur unless the Rating Agency withdrawing or lowering the rating announces or confirms that the withdrawal or lowering was the result, in whole or in part, of the relevant Change of Control; or  (b)on the Date of Announcement there are no Rated Securities and:  (i)the Issuer does not use all reasonable endeavours to obtain, within 45 days of the Date of Announcement, a rating for the Notes or such other comparable long-term debt of the Issuer selected by the Issuer from a Rating Agency; or  (ii)the Issuer does use such endeavours, but, at the expiry of the Change of Control Period, there are still no Investment Grade Securities and the Rating Agency announces or confirms in writing that its declining to assign an Investment Grade Rating was the result, in whole or in part, of the relevant Change of Control.  9