3Q11 - Zon

3Q11RESULTS PRESENTATION128 OCTOBER 2011

DISCLAIMERThis presentation contains forward looking information, including statements which constitute forward looking statements within themeaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and assumptionsof our management and on information available to management only as of the date such statements were made.Forward-looking statements include(a) information concerning strategy, possible or assumed future results of our operations, earnings, industry conditions, demand andpricing for our products and other aspects of our business, possible or future payment of dividends and share buy back program; and(b) statements that are preceded by, followed by or include the words “believes”, “expects”, “anticipates”, “intends”, “is confident”, “plans”,“estimates”, “may”, “might”, “could”, “would”, and the negatives of such terms or similar expressions.These statements are not guarantees of future performance and are subject to factors, risks and uncertainties that could cause theassumptions and beliefs upon which the forwarding looking statements were based to substantially differ from the expectation predictedherein. These factors, risks and uncertainties include, but are not limited to, changes in demand for the company’s services, technologicalchanges, the effects of competition, telecommunications sector conditions, changes in regulation and economic conditions. Further,certain forward looking statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actualoutcomes and results may differ materially from the plans, strategy, objectives, expectations, estimates and intentions expressed orimplied in such forward-looking statements. Additionally, some of these statements refer to board proposals to be submitted to ZON -Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. (“Multimedia” or “ZON”) AGM and subject to (i) its approval byMultimedia’s shareholders, (ii) the market conditions and (iii) the ZON’s financial and accounting position as revealed in the financialstatements approved by Multimedia’s AGM.Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light ofnew information or future developments or to provide reasons why actual results may differ. You are cautioned not to place undue relianceon any forward-looking statements.ZON Multimedia is exempt from filing periodic reports with the United States Securities and Exchange Commission (“SEC”) pursuant toRule 12g3-2(b) under the Securities Exchange Act of 1934, as amended. The SEC file number for PT Multimedia’s exemption is No. 82-5059. Under this exemption, ZON Multimedia is required to post on its website English language translations, versions or summaries ofcertain information that it has made or is required to make public in Portugal, has filed or is required to file with the regulated marketEurolist by Euronext Lisbon or has distributed or is required to distribute to its security holders.This presentation is not an offer to sell or a solicitation of an offer to buy any securities.2

75065055045035025015050-50150%130%110%90%70%50%30%Leading in Triple Play with 59.3% penetrationGrowth in 3P customers / Penetration[Thousands, %]ZON cable customer profile 3Q11[%]435.9603.551.9%688.859.3%SinglePlay26.2%36.9%DoublePlay14.6%TriplePlay59.3%3Q09 3Q10 3Q113

Maintaining leadership in Pay TVGrowth in Cable platformPay TV Net Adds[Thousands]Relative size of Pay TV customer base[Thousands]1,5541.4919-3.8-1.5-1.625782-17.1Others3Q10 4Q10 1Q11 2Q11 3Q11 (3Q11) (2Q11) (2Q11) (2Q11)Source: ZON, ANACOM, Company Reports5

Digital services still growing wellZON HD Boxes Installed[Thousands]Penetration of Premium Movies and SportsChannels [%]+16.5%815.6884.7 910.3 928.9 949.945.6% 44.4% 44.1%41.6% 42.9%3Q10 4Q10 1Q11 2Q11 3Q113Q10 4Q10 1Q11 2Q11 3Q11• 87% of ZON customers receive digital services, and the almost 950 thousand HD set topboxes installed are driving the use of higher value services, such as VOD• Recovery of Premium subscribers vs. Previous quarter6

IRIS by ZON Fibra – New Services Launch70 thousand customers installed Award winning usability and interface Advanced and Simultaneous Recording Smart recomendation engine Simplified Search Personalization (Channels, Options,Premiums) Applications (Widgets) Restart TV Favourites list on ZON Videoclub Channel subscription directly on menu7

50403020100350302502015010500Continuing quarterly sequential growth in BBreinforcing position as leading NGN operatorBroadband customer mix[%]Broadband Market and MarketShares [%]ZON@FON Hotspots and Usage[Thousands, Millions of Minutes]120%2,500ZONFibra26%24 Mbps23%725ksubs2 Mbps4%6 - 15Mbps47%100%80%60%40%20%1,634 1,865 2,075 2,12814.6% 14.1% 13.9% 13.3%12.5% 9.2% 6.4% 5.7%41.6% 44.5% 46.8% 47.8%31.3% 32.2% 33.0% 33.2%2,0001,5001,00050091983048720700%2008 2009 2010 1H11ZON PT Sonaecom Others003Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11Active Hotspots Usage: Minutes• Broadband net adds of 10.2 thousand in 3Q11. Adjusting for network coverage ZON iseither #1 or close to #1 in almost all its coverage areas• Leadership in WiFi in PortugalSource: ZON, ANACOM8

80%75%70%65%60%55%50%45%40%Continued Fixed Voice subscriber growthFixed Voice Subs and Penetration[Thousands, %]Fixed Voice Market and MarketShares [Thousands, %]Mobile Subscribers[Thousands]+15.3%+27.4%732.361.7%844.070.7%120%100%80%3,312 3,486 3,664 3,68811.1% 11.7% 11.6% 11.5%18.0% 16.0% 14.5% 14.2%3,8003,7003,600104.7133.43,50060%40%60.4%55.5% 52.6% 51.9%3,4003,3003Q103Q1120%00%10.5% 16.8% 21.2% 22.4%2008 2009 2010 1H113,2003,1003Q103Q11ZON PT Sonaecom Others• ZON is the only operator growing in the Fixed Voice market, recording net adds of 17.3thousand in 3Q11• Strong quarter from the mobile business, with +15.0 thousand net adds in 3Q11Source: ZON, ANACOM9

300250020015001005000605050505050404A good quarter in Cinemas, outperforming themarket once moreCinema Tickets Sold and AverageRevenue Per Ticket [Thousands, Euros]Gross Revenue & AttendancePerformance 9M11 [%]Share of cinema distributionrevenues 9M11 [%]2,6704.82,2422,016 2,0944.94.7 4.72,3725.1-0.1%-3.9%-5.5%-7.1%CastelloLopes12.2%Others8.3%ZON49.2%3Q10 4Q10 1Q11 2Q11 3Q11Tickets SoldAvg. Revenue Per TicketGross RevenueZONMarketAttendanceColumbia30.2%More blockbusters in 3Q11than in 2Q11, 2.372 milliontickets soldAverage revenue per ticketof 5.1 euros, +5.4% yoyPerformance in GrossRevenues and Attendancewell above the total marketin 9M11, according to datafrom the Institute ForCinema and AudiovisualsZON Lusomundo distributed 5of the top 10 movies in 9M11,with its share of revenuesreaching 49.2% - with a smallershare of distribution ofblockbuster movies in 3Q11Source: ZON, ICA [Portuguese Institute For Cinema and Audiovisuals]10

ZAP posting good results in AngolaZAP SubscribersNumber of ZAP stores12137893Q10 4Q10 1Q11 2Q11 3Q113Q10 4Q10 1Q11 2Q11 3Q11Increasing the pace of customeracquisitionARPU > 30 USDOn track to reach operationalbreak-even in 2012Strong growth of commercialnetwork:• 10 ZAP stores in Angola and3 in Mozambique• 390 agent stores in Angolaand 16 in Mozambique• Door-to-door sales force with200 people in Angola11

Financial Review12

Slight decline of Total Operating RevenuesConsolidated Operating Revenues3Q11 / 3Q10 [Millions of Euros]Consolidated Operating Revenues9M11 / 9M10 [Millions of Euros](3.6)%(1.9)%221.6213.7651.3 639.23Q103Q119M109M1113

Good performance of core Triple Playrevenues excluding impact of Premiumchannel revenuesPay TV, Broadband and Voice Revenues[Millions of Euros]ARPU Revenues Growth[1Q10 = Base 1](2.5%)196.3 199.4 195.6 191.6 191.43Q10 4Q10 1Q11 2Q11 3Q111.101.051.00+3.9%+0.1%0.950.900.85-16.6%0.801Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11Total Basic Premium14

Negative quarter yoy, despite sequentialrecoveryCinema Revenues[Millions of Euros]Audiovisuals Revenues[Millions of Euros](10.5)%(12.5)%18.516.520.117.63Q103Q113Q103Q11(3.7)%(4.2)%46.244.554.652.39M109M119M109M1115

Cost savings materializing, with reducedlevels of churn and commercial activityOperating Costs 3Q11 / 3Q10[Millions of Euros]Operating Costs 9M11 / 9M10[Millions of Euros](5.6)%(4.9)%142.1134.1422.2401.63Q103Q119M109M11Operating Costs(millions of euros)9M11 Δ % DriversW&S (44.4) 3.9%Direct Costs (183.1) (2.5%)Commercial Costs (40.5) (22.7%)Other Operating Costs (133.6) (4.0%)Increase mainly related to rise in the average number of employees in the Triple Play business, mainly connected to the strengtheningof the operational team dedicated to developing the corporate market segmentReduction resulting from a decrease in programming costs on the back of lower premium channel subscriptions as well as a reduction inthe total costs in certain channels contracted, which more than offset an increase in traffic and capacity costs due to higher brodbandand voice usageSignificant decline in Commercial Costs linked to a less aggressive competitive and promotional environment, driving lower churn andlower sales related costs and to the lower level of commercial activity; and also to a more efficient use of available sales channelsOther operating costs posted a 4% decline due to significant savings in customer service, maintenance and repair related costs as aresult of the implementation of a number of efficiency improvement measures such as the “Unified Front-End” at the contact center level16

908070605040302045%43%41%39%37%35%33%31%29%27%280230180130803010%90%80%70%60%50%40%30%20%10%0%Continued strong margin improvementEBITDA and EBITDA Margin 3Q11/ 3Q10 [Millions of Euros, %]EBITDA and EBITDA Margin 9M11/ 9M10 [Millions of Euros, %]EBITDA Margin q.o.q.[%]+1.4pp+3.7%37.1% 37.1% 37.2%229.1237.635.3%35.9%79.535.9%73.333.2%79.5 78.5 79.637.1% 37.1% 37.2%35.2%37.2%34.3%31.7%33.3%34.1%33.2%30.1%3Q10 4Q10 1Q11 2Q11 3Q119M109M111Q 2Q 3Q 4QEBITDA Margin 2009 EBITDA Margin 2010 EBITDA Margin 201117

Net IncomeNet Income 3Q11 / 3Q10[Millions of Euros]Net Income 9M11 / 9M10[Millions of Euros]+5.7%(9.6)%8.69.131.628.53Q103Q119M109M11(millions of euros) 9M11 Δ % DriversD&A (164.3) 2.3%Level of Depreciation and Amortization is still explained by the significant CAPEX of the previous years but which will now tend tostabilize over timeNet Financial Expenses(31.2) 17.7%Net Interest charges and other financial expenses of 18.7 million eurosNegative contribution in 9M11 of the Equity Consolidation of Angolan operation in the amount of , decreasing from 2.8 million euros in1Q11 to 2.3 million euros in 2Q11 and 2.0 million euros in 3Q11Income Taxes (12.1)52.2%Normalized level of tax rate at 29.5%18

Continued reduction of Baseline CAPEX tomore normalized levels as forecastTotal CAPEX[Millions of Euros]Baseline CAPEX[Millions of Euros](40.9)%(23.9)%78.559.4 33.317.841.6 45.238.8 35.5 35.12.91.7 3.435.9 33.8 31.741.614.931.73.510.01.523.3 20.23Q10 4Q10 1Q11 2Q11 3Q11Baseline CAPEXNon-Recurrent CAPEX3Q103Q11Pay TV, BB & Voice Infr Other Baseline CAPEX Term Equip19

Strong improvement in EBITDA – CAPEX withthe end of strong investment cycleEBITDA–Total CAPEX and OCF AfterInvestment [Millions of Euros]Free Cash Flow[Millions of Euros]80706050403020100-103Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q1166.544.537.916.96.03.5(1.4)(8.7) (7.0)(15.1)(34.0)3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11EBITDA- Total CAPEXOFC After InvestmentStrongest ever quarterly FCF20

Solid capital structure, 2.1x Net Financial Debt/ EBITDAChange in Net Financial Debt[Millions of Euros]2Q11706.8Improvement led by solid EBITDA and decline inCAPEXEBITDA-CAPEXNon-Cash Itemsand WorkingCapital22.044.5Reversal of the Change in WK after a peak in 2010due to accelerated CAPEX programmeLong TermContracts13.3LTC of 13.3 million euros, a decrease due to thescheduling of the cash paymentsNet Interest Paid7.5Income TaxesPaid8.1Cash tax payments abnormally high, due to 2 incometax pre-payments during 3Q11Other Items0.93Q11668.32.1x Net Financial Debt / EBITDA at the end of 3Q1121

Wrap-up22

Wrap-up Despite the difficult macroeconomic environment, ZON continues topost good results in its domestic businesses Good operational performance of the core Triple Play business Despite the decline in revenues due to slowdown of Premiumsubscriptions, optimization of cost structure has enabled continuedEBITDA growth Strong FCF with strongest ever quarterly Cash Flow Excellent results of the Angolan business, on track for EBITDAbreakeven in 201223

AppendixFinancial HighlightsOperational Highlights24

Financial Highlights(Millions of Euros) 3Q10 3Q11 ∆ y.o.y. 9M10 9M11 ∆ y.o.y.Operating Revenues 221.6 213.7 (3.6%) 651.3 639.2 (1.9%)Pay TV, Broadband and Voice 196.3 191.4 (2.5%) 586.5 578.6 (1.3%)Audiovisuals 20.1 17.6 (12.5%) 54.6 52.3 (4.2%)Cinema Exhibition 18.5 16.5 (10.5%) 46.2 44.5 (3.7%)Other (13.3) (11.9) (10.6%) (36.0) (36.3) 0.6%EBITDA 79.5 79.6 0.1% 229.1 237.6 3.7%Income from Operations 24.1 24.1 0.2% 68.4 73.3 7.2%Net Income 8.6 9.1 5.7% 31.6 28.5 (9.6%)CAPEX 59.4 35.1 (40.9%) 169.6 109.4 (35.5%)EBITDA minus CAPEX 20.1 44.5 121.4% 59.5 128.3 115.7%Net Financial Debt 632.6 668.3 5.6% 632.6 668.3 5.6%EBITDA margin (%) 35.9% 37.2% 1.4pp 35.2% 37.2% 2.0ppCAPEX as % of Revenues 26.8% 16.4% (10.4pp) 26.0% 17.1% (8.9pp)Net Financial Debt / EBITDA [x] 2.2x 2.1x n.a. 2.2x 2.1x n.a.25

Operational Highlights26

ContactsJosé Pedro Pereira da CostaCFOMaria João CarrapatoHead of Investor Relationsir@zon.ptZON MultimediaAvenida 5 de Outubro, 2081069-203 Lisboa, PortugalTel.: +351 21 782 47 25Fax: +351 21 782 47 3527