Shearman & Sterling has acted for Parpública-Participações Públicas (SPGS), S.A. (“Parpública”) in connection with the offering and sale by Parpública of 47,253,834 ordinary shares of CTT – Correios de Portugal, S.A. (“CTT”), the national postal service of Portugal, representing approximately 31.5% of CTT's share capital and Parpública's remaining stake in CTT, as part of the final stage of the Portuguese Government's privatisation of CTT. The offering was conducted by means of an accelerated bookbuilding private placement to institutional investors within and outside of Portugal in reliance on Regulation S under the US Securities Act and to qualified institutional buyers in the United States pursuant to Rule 144A under the US Securities Act. The shares are listed on Euronext Lisbon, and closing occurred on 10 September 2014.