Here is the answer I got from PT regarding the ADR dividend fees. It included the webpage for the agreement allowing the charges. I still think there are extremely high and show the greed of the banks.
From: Susana Maria Botelheiro Guerreiro (email@example.com) Sent: Mon 7/16/12 10:20 AM To: Cc: Nuno Vieira (firstname.lastname@example.org) Dear Jerome
The charges of the Depositary are disclosed in Section 5.9 of the Deposit Agreement, which is the tri-party agreement among the Depositary, Portugal Telecom, and holders of Portugal Telecom ADRs. The total fees are removed from the net dividend amount prior to distribution to the ADR holders, as described in the Deposit Agreement (a link to a public copy of the Deposit Agreement on the SEC's website (filed by Portugal Telecom on December 29, 2008) is here: http://www.sec.gov/Archives/edgar/data/944747/000101915508001060/portugaltelecomcumltivedacom.htm).
There was a $0.04 per ADR fee assessed on the most recent dividend by BNY Mellon, as Depositary. The fee amounts to a $0.02 per ADR cash dividend distribution fee and $0.02 per ADR annual Depositary Service Fee.
However, for the fiscal year of 2011, the total dividend paid was $0.8157446 per DR (gross USD Rate): $0.273602 per DR paid in January and $0.542144 per DR paid in June, so the combined ADR fees as a percentage of the total dividend were 4.903%.