27 JULY 2012

2Q12

RESULTS PRESENTATION

This presentation contains forward looking information, including statements which constitute forward looking statements within the meaning of

the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and assumptions of 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 and pricing 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 the assumptions

and beliefs upon which the forwarding looking statements were based to substantially differ from the expectation predicted herein. These

factors, risks and uncertainties include, but are not limited to, changes in demand for the company’s services, technological changes, 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, actual outcomes and results may

differ materially from the plans, strategy, objectives, expectations, estimates and intentions expressed or implied 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 by Multimedia’s shareholders, (ii) the

market conditions and (iii) the ZON’s financial and accounting position as revealed in the financial statements 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 of new

information or future developments or to provide reasons why actual results may differ. You are cautioned not to place undue reliance on any

forward-looking statements.

ZON Multimedia is exempt from filing periodic reports with the United States Securities and Exchange Commission (“SEC”) pursuant to Rule

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 of certain information

that it has made or is required to make public in Portugal, has filed or is required to file with the regulated market Eurolist 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.

Disclaimer

Stability of Core Triple Play revenues, showing

strong resilience

African JV “ZAP” posting very positive quarter on

quarter growth

Strong FCF improvement led by solid EBITDA

evolution and decline in CAPEX, as anticipated

#1 in Customer Satisfaction in TV services according

to the nationwide customer satisfaction survey 2011

3

2Q12 Highlights

731 thousand Triple Play customers, up 7.7% yoy

160 thousand IRIS customers, 13% of cable customer base, 42.5k net adds in 2Q12 4

Good Triple Play take-up

Acceleration in take-up of high-end IRIS bundles

Triple Play Customers and Penetration [Thousands, %]

571.9

678.5730.9

49.0%

58.6%

60.4%

30%

50%

70%

90%

110%

130%

150%

00

100

200

300

400

500

600

700

800

2Q10 2Q11 2Q12

IRIS net adds [Thousands]

28.3

17.9 18.8

32.1

21.9

42.5

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

5

Leadership in product innovation reinforced with

launch of new ZON IRIS version

New IRIS 2.1 version rolled out to customers

nationwide in July

Seamless Facebook integration

Upgrade to Restart service, now allows the start-over

of any show that finished within the last 2 hours

Other new features: Vertical EPG, Messages, Profiles,

Integrated Search, Related Content,… ...

6

Extension of TV Experience to companion devices

continues

iPhone & Android Remote Control

for ZON IRIS (launch in August)

ZONLINE iPhone

(launched in May)

751.5 thousand Broadband subs

62.1% penetration of customer base

55% offers greater than 20 Mbps

and 35% higher or equal to 30 Mbps

7

Robust net additions in Broadband and Fixed Voice

Broadband Subscribers [Thousands, % of Penetration of Cable Base]

Fixed Voice Subscribers [Thousands; % of Penetration of Cable Base]

947.0 thousand Fixed Voice subs

76.2% penetration of cable customer

base

650.1714.8

751.5

55.7%

61.7% 62.1%

30%

35%

40%

45%

50%

55%

60%

65%

70%

200

300

400

500

600

700

800

2Q10 2Q11 2Q12

692.0

826.8947.0

58.3%

69.6%

76.2%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

00

200

400

600

800

1,000

2Q10 2Q11 2Q12

Basic ARPU from core TV, BB and Voice

services decreased 1.0% yoy

Adjusting for the impact of entry level

offers, basic ARPU would have increased

by 0.9%.

Success of lower ARPU, entry level,

offers and continued pressure from

discretionary premium ARPU (-14.2%) led

to decline in Blended ARPU of 3.2%

8

Resilience of Basic ARPU

Basic, Premium and Blended ARPU [2Q11 = Base 1]

-3.2%

-1.0%

-14.2%

0.80

0.85

0.90

0.95

1.00

1.05

1.10

2Q11 3Q11 4Q11 1Q12 2Q12

Blended ARPU Basic ARPU Premium ARPU

Cinema Exhibition: Challenging market context,

ZON Lusomundo outperforming the market

Source: ZON, ICA – Gross Revenue Data adjusted for VAT rate change in cinema tickets.

Cinema tickets sold and revenue per ticket [Thousands, Euros]

2Q12 Performance of Gross Revenues and Attendance

[%]

Average revenue per ticket: -1.0% in 2Q12

Cinema Exhibition gross revenues were down 13.6% in 2Q12, with the market as a whole

falling by 15.9% yoy

9

2,0942,372 2,260

1,725 1,714

4.9 5.14.8 4.8 4.9

03

04

04

05

05

06

06

07

07

0

500

1000

1500

2000

2500

3000

2Q11 3Q11 4Q11 1Q12 2Q12

Tickets Sold Avg. Revenue Per Ticket

-13.6%

-18.1%-15.9%

-19.8%

Gross Revenue Attendance

ZON Market

Source: ZON, ICA

10 10

ZON Audiovisuais:

Reinforcing leadership in 2Q12

Cinema Distribution gross revenues market share 2Q12 [%]

ZON distributed 8 of the Top 10 movies

shown in cinemas in Portugal in 1H12

59.5% market share of cinema

distribution gross revenues in 2Q12

ZON59.5%

Columbia14.9%

Big Picture 2

16.0%

Others9.5%

11

Growing distribution network

13 own stores

Over 700 agents / points

of sale

Door-to-door sales force

of 200 people in Angola

ZAP – posting excellent results in Angola

ZAP Subscribers

Very strong operational

performance

EBITDA breakeven reached

in 1Q12

ZAP Stores

2Q11 3Q11 4Q11 1Q12 2Q12

2

1213

June

2010

June

2011

June

2012

Strong focus on

Portuguese Language

content

The most recognized

brand in the market

12

ZAP – gaining recognition and popularity in the

Angolan market

Rate of spontaneous advertising awareness,

all sectors [%]

Source: Marktest study April 2012.

ZAP’s campaigns are the 4th most recognized

in the Angolan market…

… and are the clear leaders in the Pay TV sector

Rate of spontaneous advertising awareness,

Pay TV sector [%]

31.3%

17.5%14.3%

11.1%

Mobile

brand

Beverages

brand

Mobile

Brand

93.2%

25.6%

2nd

Pay TV

brand

13 13

Solid revenue performance

Consolidated Operating Revenues [Millions of Euros]

Yoy change in Pay TV, BB and Voice Revenues [%]

Positive consolidated revenue performance yoy: +1.4%

Impact of proportionate consolidation of African JV in 2Q12 of 7.3 million euros

Clear improvement in the sequential evolution of Triple Play revenues

211.5 214.4

2Q11 2Q12

+1.4%

-3.0%-2.5%

-2.8%

-1.9%

-0.3%

-4%

-3%

-2%

-1%

0%

2Q11 3Q11 4Q11 1Q12 2Q12

14

ARPU Revenues Growth [2Q11 = Base 1]

14

Growth in underlying core ARPU revenues

ARPU Revenues split [%]

Basic ARPU revenue growth of 1.0%

Premium revenues down 12.5% yoy putting pressure on total revenues

Premium revenues now represent 15% of ARPU revenues down from 17% in 2Q11

0.80

0.85

0.90

0.95

1.00

1.05

2Q11 3Q11 4Q11 1Q12 2Q12

Total Basic Premium

-1.2%

+1.0%

-12.5%

83% 85%

17% 15%

2Q11 2Q12

Basic Revenues Premium Revenues

15 15

Solid Audiovisuals revenues performance;

Pressure on Cinema revenues

Cinema revenues affected by combination of:

• Macro pressure and consumer environment

• VAT increase (6% to 13%) on cinema tickets

Cinema Revenues [Millions of Euros]

Audiovisuals Revenues [Millions of Euros]

14.4

11.9

2Q11 2Q12

(17.2)%

17.7 17.6

2Q11 2Q12

(0.6)%

16 16

Costs savings materializing

Excluding proportionate consolidation of Angolan JV, OPEX fell by 2.1% to 130.2 million

euros

Consolidated Operating Costs Excluding

Angolan Operation [Millions of Euros]

132.9 130.2

2Q11 2Q12

(2.1)%

17 17

Operating Costs excluding African Operation [Millions of Euros]

Cost savings materializing

W&S Direct Costs Commercial

Costs

Other Op.

Costs

Operating Costs ex Africa

(millions of euros) 2Q12 Δ % Drivers

Other Operating Costs 43.4 (4.8%)Excluding the impact of the consolidation of the African Operation, like for like Other Operating Costs would have decreased by 4.8%

thanks to important savings achieved in several General and Administrative areas, namely customer service, maintenance and repairs

Commercial Costs 14.0 15.2%Excluding the impact of the African Operation commercial costs would have increased by 15.2%, on the back of stronger commercial

activity for the entry level segment

W&S 14.5 0.7%

Direct Costs 58.3 (4.2%)

Excluding the effect of the proportionate consolidation of the African JV as from 1Q12, W&S like for like would have increased by just

0.7% in 2Q12

Excl. the impact of the consolidation of the African JV, like for like direct costs would have fallen by 4.2%, due to a reduction in

Programming Costs of 5.0%, due to the lower level of premium subscriptions, and to an increase in Broadband and Voice traffic

14.4 14.5

2Q11 2Q12

60.9 58.3

2Q11 2Q12

12.1 14.0

2Q11 2Q12

45.5 43.4

2Q11 2Q12

(4.8)%

+15.2%

(4.2)%

+0.7%

18 18

Improvement in core Triple Play EBITDA margin

Core Pay TV, Broadband and Voice margin grew by 0.5pp yoy to 39.0%

Group Margin remained relatively flat due to lower contribution from other domestic

businesses and consolidation of Angolan JV

Group EBITDA, EBITDA Margin [Millions of Euros, %]

Pay TV, Broadband and Voice EBITDA

and EBITDA Margin [Millions of Euros, %]

EBITDA Margin [%]

78.5 78.8

37.1% 36.8%

30%

31%

32%

33%

34%

35%

36%

37%

38%

39%

40%

30

40

50

60

70

80

90

2Q11 2Q12

+0.4%

73.7 74.5

38.5% 39.0%

30%

32%

34%

36%

38%

40%

42%

30

35

40

45

50

55

60

65

70

75

80

2Q11 2Q12

+1.1%

35.4%39.0%

34.3%36.8%

16.1%

12.9%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Pay TV, BB and Voice Group Aud + Cin

19

Net Income [Millions of Euros]

Net Income Growth

9.29.7

2Q11 2Q12

+5.0%

(millions of euros) 2Q12 Δ % Drivers

Other Expenses (0.9) (7.3)%Other Expenses of 0.9 million euros, reflecting mainly curtailment charges incurred in related to the implementation of redundancy

programmes affecting 24 employees that will enable savings in W&S of 1 million euros on an annual basis

In 2Q11 ZON had a negative contribution from the consolidation of the Angolan Operation of 2.3 million euros, which does not appear in

this line anymore.

D&A somewhat lower at 51.5 million euros, compared with 53.3 million euros in 2Q11 although D&A is still relatively high due to the

significant accelerated CAPEX cycle of the 2008-2010 investment cycle

Effective P&L tax rate of 37%, well above the general corporate tax rate of 29.5%. In 2Q12, the tax line reflected a couple of one-off

effects, namely a correction in prior year tax incentive schemes accounted for and an impairment charge which is not deducted for tax

purposes

D&A (51.5) (3.3)%

Net Interest costs and other financial charges registered an increase of 13.9% led by a combination of higher average cost of debt and

financing charges as a result of refinancing secured

Income Taxes (5.8)

(10.7) 2.1%Net Financial Expenses

25.7%

20

Continued reduction of CAPEX to more normalized

levels as forecast

Total CAPEX [Millions of Euros]

Total CAPEX, Total CAPEX / Operating

Revenues [Millions of Euros, %]

CAPEX levels significantly down on previous years as forecast

CAPEX as percentage of total revenues at 12.9% in 2Q12, and at 14.5% as percentage

of Triple Play revenues, in line with the sector average for maintenance and still including

some growth related investment

19.5 17.3

12.1

7.7

2.2

2.7

1.7

35.5

27.7

2Q11 2Q12

Pay TV, BB and Voice Infr. Terminal Equipment

Other Baseline CAPEX Non-Recurrent CAPEX

(21.8)%

35.5

27.7

16.8%

12.9%

00%

05%

10%

15%

20%

25%

00

05

10

15

20

25

30

35

40

2Q11 2Q12

21

Strong improvement in OCF

Operating Cash Flow After Investment [Millions of Euros]

Strong improvement in OCF led by solid EBITDA performance, decline in CAPEX, and

lower Working Capital investment when compared with 2Q11

29.2 0.3

7.7

13.9 51.1

2Q11 ∆ EBITDA ∆ CAPEX ∆ Non-Cash Items and Working Capital

2Q12

+ 22.0 M €

22

Strong FCF generation cycle

Free Cash Flow [Millions of Euros]

(35.5)

(8.7)

3.4

(7.0)(2.0)

(15.1)

37.930.8

16.3

33.6

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

After the accelerated investment cycle between 2008 and 2010, ZON has entered a cycle

of strong Free Cash Flow generation, thanks to its good EBITDA performance and the

normalization of CAPEX levels

23 23

Solid Capital Structure,

2.1x Net Financial Debt / EBITDA

Change in Net Financial Debt [Millions of Euros]

660.4

0.6

49.8

2.4

8.8

5.4

0.0

51.1

644.6

2Q12

Other Items

Dividends Paid

Income TaxesPaid

Net Interest Paid

Long TermContracts

Non-Cash Itemsand Working

Capital

EBITDA-CAPEX

1Q12 Very successful retail bond issue:

200 million euros (158.8% oversubscribed)

Fixed rate of 6,85%

3 year maturity (2012/2015)

Net Financial Debt of 660.4 million euros on 2Q12

Net Financial Debt / EBITDA of 2.1x

Average cost of financing of 4.56% in 1H12

2.26 years of average maturity

24

Good operational performance of the core Triple Play business with

strong take-up of higher value-added bundles, IRIS

Despite slowdown of Premium subscriptions, optimization of cost

structure has enabled continued EBITDA growth

Excellent results of the African business, with EBITDA breakeven in

1Q12 and margin improvement in 2Q12

Strong FCF with good quarterly Cash Flow momentum

Wrap-up

Appendix Financial Highlights

Operational Highlights

26 26

Financial Highlights

(Millions of Euros) 2Q11 2Q12 ∆ y.o.y. 1H11 1H12 ∆ y.o.y.

Operating Revenues 211.5 214.4 1.4% 425.6 428.6 0.7%

Pay TV, Broadband and Voice 191.6 191.0 (0.3%) 387.2 382.8 (1.1%)

Audiovisuals 17.7 17.6 (0.6%) 34.7 34.7 (0.1%)

Cinema Exhibition 14.4 11.9 (17.2%) 28.0 23.7 (15.5%)

International - 7.3 n.a. - 13.7 n.a.

Other (12.2) (13.3) 8.8% (24.3) (26.3) 8.1%

EBITDA 78.5 78.8 0.4% 158.0 158.5 0.3%

EBITDA Margin 37.1% 36.8% (0.4)pp 37.1% 37.0% (0.2)pp

Pay TV, Broadband and Voice 73.7 74.5 1.1% 147.1 150.0 2.0%

EBITDA Margin 38.5% 39.0% 0.5pp 38.0% 39.2% 1.2pp

Cinema and Audiovisuals 4.8 3.8 (21.0%) 10.9 7.8 (29.1%)

EBITDA Margin 15.0% 12.9% (2.1)pp 17.4% 13.3% (4.2)pp

International - 0.6 n.a. - 0.7 n.a.

EBITDA Margin n.a. 7.8% n.a. n.a. 5.4% n.a.

Income from Operations 25.3 27.3 8.2% 49.2 51.0 3.7%

Net Income 9.2 9.7 5.0% 19.4 20.0 3.3%

CAPEX 35.5 27.7 (21.8%) 74.3 57.3 (22.8%)

EBITDA minus CAPEX 43.1 51.1 18.7% 83.8 101.2 20.8%

Net Financial Debt 706.8 660.4 (6.6%) 706.8 660.4 (6.6%)

CAPEX as % of Revenues 16.8% 12.9% (3.8)pp 17.4% 13.4% (4.1)pp

Net Financial Debt / EBITDA [x] 2.3x 2.1x n.a. 2.3x 2.1x n.a.

27 27

Operational Highlights

28

José Pedro Pereira da Costa

CFO

Maria João Carrapato

Head of Investor Relations

ir@zon.pt

ZON Multimedia

Avenida 5 de Outubro, 208

1069-203 Lisboa, Portugal

Tel.: +351 21 782 47 25

Fax: +351 21 782 47 35

Operational Highlights