1 1

28 OCTOBER 2011

3Q11 RESULTS PRESENTATION

2

DISCLAIMER

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.

3 3

Leading in Triple Play with 59.3% penetration

ZON cable customer profile 3Q11 [%]

Growth in 3P customers / Penetration [Thousands, %]

Triple Play

59.3%

Double Play

14.6%

Single Play

26.2%435.9

603.5688.8

36.9%

51.9%

59.3%

30%

50%

70%

90%

110%

130%

150%

-50

50

150

250

350

450

550

650

750

3Q09 3Q10 3Q11

4 4

Resilience in ARPU supported by growth in

core basic Triple Play revenues

Blended ARPU, Triple Play Penetration [Euros, %]

ARPU Evolution [3Q10 = Base 1]

0.80

0.85

0.90

0.95

1.00

1.05

1.10

3Q10 4Q10 1Q11 2Q11 3Q11

Blended ARPU Basic ARPU Premium ARPU

+0.4%

+3.6%

-14.1%

Basic ARPU growth of 3.6%

31.0

36.0

6.3%

59.3%

00%

10%

20%

30%

40%

50%

60%

70%

80%

90%

28.00

29.00

30.00

31.00

32.00

33.00

34.00

35.00

36.00

37.00

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

Blended ARPU 3Play Penetration

5 5

Maintaining leadership in Pay TV

Growth in Cable platform

Source: ZON, ANACOM, Company Reports

Relative size of Pay TV customer base [Thousands]

1,554

919

25782

Others

(2Q11)

Pay TV Net Adds [Thousands]

-3.8-1.5

-17.1

-1.6

1.4

3Q10 4Q10 1Q11 2Q11 3Q11 (2Q11) (3Q11) (2Q11)

6 6

Digital services still growing well

ZON HD Boxes Installed [Thousands]

• 87% of ZON customers receive digital services, and the almost 950 thousand HD set top

boxes installed are driving the use of higher value services, such as VOD

• Recovery of Premium subscribers vs. Previous quarter

Penetration of Premium Movies and Sports

Channels [%]

815.6884.7 910.3 928.9 949.9

3Q10 4Q10 1Q11 2Q11 3Q11

+16.5%

45.6%44.4% 44.1%

41.6%42.9%

3Q10 4Q10 1Q11 2Q11 3Q11

7 7 7

IRIS by ZON Fibra – New Services Launch

70 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 menu

8 8

Continuing quarterly sequential growth in BB

reinforcing position as leading NGN operator

Broadband customer mix [%]

ZON@FON Hotspots and Usage [Thousands, Millions of Minutes]

Source: ZON, ANACOM

• Broadband net adds of 10.2 thousand in 3Q11. Adjusting for network coverage ZON is

either #1 or close to #1 in almost all its coverage areas

• Leadership in WiFi in Portugal

Broadband Market and Market

Shares [%]

2 Mbps4%

6 - 15 Mbps47%

24 Mbps23%

ZON Fibra26%

725k

subs

31.3% 32.2% 33.0% 33.2%

41.6% 44.5% 46.8% 47.8%

12.5% 9.2% 6.4% 5.7%14.6% 14.1% 13.9% 13.3%

1,634 1,865 2,075 2,128

00

500

1,000

1,500

2,000

2,500

00%

20%

40%

60%

80%

100%

120%

2008 2009 2010 1H11

ZON PT Sonaecom Others

9

198

487

30

207

0

50

100

150

200

250

300

350

0

100

200

300

400

500

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Active Hotspots Usage: Minutes

9 9

Continued Fixed Voice subscriber growth

Fixed Voice Subs and Penetration [Thousands, %]

Mobile Subscribers [Thousands]

Fixed Voice Market and Market

Shares [Thousands, %]

• ZON is the only operator growing in the Fixed Voice market, recording net adds of 17.3

thousand in 3Q11

• Strong quarter from the mobile business, with +15.0 thousand net adds in 3Q11 Source: ZON, ANACOM

+15.3%

104.7

133.4

3Q10 3Q11

+27.4%

732.3

844.0

61.7%70.7%

40%

45%

50%

55%

60%

65%

70%

75%

80%

150

250

350

450

550

650

750

850

950

3Q10 3Q11

10.5% 16.8% 21.2% 22.4%

60.4% 55.5% 52.6% 51.9%

18.0% 16.0% 14.5% 14.2%

11.1% 11.7% 11.6% 11.5%3,312 3,486 3,664 3,688

3,100

3,200

3,300

3,400

3,500

3,600

3,700

3,800

00%

20%

40%

60%

80%

100%

120%

2008 2009 2010 1H11

ZON PT Sonaecom Others

10 10

A good quarter in Cinemas, outperforming the

market once more

10

Share of cinema distribution

revenues 9M11 [%]

More blockbusters in 3Q11

than in 2Q11, 2.372 million

tickets sold

Average revenue per ticket

of 5.1 euros, +5.4% yoy

ZON Lusomundo distributed 5

of the top 10 movies in 9M11,

with its share of revenues

reaching 49.2% - with a smaller

share of distribution of

blockbuster movies in 3Q11

Performance in Gross

Revenues and Attendance

well above the total market

in 9M11, according to data

from the Institute For

Cinema and Audiovisuals

Gross Revenue & Attendance

Performance 9M11 [%]

Source: ZON, ICA [Portuguese Institute For Cinema and Audiovisuals]

-0.1%

-5.5%

-3.9%

-7.1%

Gross Revenue Attendance

ZON Market

ZON49.2%

Columbia30.2%

Castello Lopes12.2%

Others8.3%

Cinema Tickets Sold and Average

Revenue Per Ticket [Thousands, Euros]

2,670

2,2422,016 2,094

2,372

4.84.7 4.7

4.9

5.1

04

04

05

05

05

05

05

06

0

500

1000

1500

2000

2500

3000

3Q10 4Q10 1Q11 2Q11 3Q11

Tickets Sold Avg. Revenue Per Ticket

11 11

ZAP posting good results in Angola

11

ZAP Subscribers Number of ZAP stores

Increasing the pace of customer

acquisition

ARPU > 30 USD

On track to reach operational

break-even in 2012

Strong growth of commercial

network:

• 10 ZAP stores in Angola and

3 in Mozambique

• 390 agent stores in Angola

and 16 in Mozambique

• Door-to-door sales force with

200 people in Angola

3Q10 4Q10 1Q11 2Q11 3Q11

78

9

1213

3Q10 4Q10 1Q11 2Q11 3Q11

12

Financial Review

13 13

Slight decline of Total Operating Revenues

13

Consolidated Operating Revenues

3Q11 / 3Q10 [Millions of Euros]

(1.9)%

Consolidated Operating Revenues

9M11 / 9M10 [Millions of Euros]

651.3 639.2

9M10 9M11

221.6213.7

3Q10 3Q11

(3.6)%

14 14

Good performance of core Triple Play

revenues excluding impact of Premium

channel revenues

14

Pay TV, Broadband and Voice Revenues [Millions of Euros]

ARPU Revenues Growth [1Q10 = Base 1]

196.3 199.4 195.6 191.6 191.4

3Q10 4Q10 1Q11 2Q11 3Q11

(2.5%)

0.80

0.85

0.90

0.95

1.00

1.05

1.10

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

Total Basic Premium

+0.1%

+3.9%

-16.6%

15 15

Negative quarter yoy, despite sequential

recovery

15

Audiovisuals Revenues [Millions of Euros]

Cinema Revenues [Millions of Euros]

20.1

17.6

3Q10 3Q11

(12.5)%

18.516.5

3Q10 3Q11

(10.5)%

54.652.3

9M10 9M11

(4.2)%

46.244.5

9M10 9M11

(3.7)%

16 16 16

Operating Costs 3Q11 / 3Q10 [Millions of Euros]

Cost savings materializing, with reduced

levels of churn and commercial activity

Operating Costs 9M11 / 9M10 [Millions of Euros]

142.1

134.1

3Q10 3Q11

(5.6)%

422.2401.6

9M10 9M11

(4.9)%

Operating Costs

(millions of euros) 9M11 Δ % Drivers

Other Operating Costs (133.6) (4.0%)Other operating costs posted a 4% decline due to significant savings in customer service, maintenance and repair related costs as a

result of the implementation of a number of efficiency improvement measures such as the “Unified Front-End” at the contact center level

W&S (44.4) 3.9%

Direct Costs (183.1) (2.5%)

Commercial Costs (40.5) (22.7%)Significant decline in Commercial Costs linked to a less aggressive competitive and promotional environment, driving lower churn and

lower sales related costs and to the lower level of commercial activity; and also to a more efficient use of available sales channels

Increase mainly related to rise in the average number of employees in the Triple Play business, mainly connected to the strengthening

of the operational team dedicated to developing the corporate market segment

Reduction resulting from a decrease in programming costs on the back of lower premium channel subscriptions as well as a reduction in

the total costs in certain channels contracted, which more than offset an increase in traffic and capacity costs due to higher brodband

and voice usage

17 17 17

Continued strong margin improvement

EBITDA and EBITDA Margin 3Q11

/ 3Q10 [Millions of Euros, %]

EBITDA Margin q.o.q. [%]

EBITDA and EBITDA Margin 9M11

/ 9M10 [Millions of Euros, %]

229.1 237.6

35.2%37.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

30

80

130

180

230

280

9M10 9M11

+3.7%

31.7%

33.3%

34.1%

30.1%

34.3%

35.3%35.9%

33.2%

37.1% 37.1% 37.2%

1Q 2Q 3Q 4Q

EBITDA Margin 2009 EBITDA Margin 2010 EBITDA Margin 2011

+1.4pp

79.573.3

79.5 78.5 79.6

35.9%

33.2%

37.1% 37.1% 37.2%

27%

29%

31%

33%

35%

37%

39%

41%

43%

45%

20

30

40

50

60

70

80

90

3Q10 4Q10 1Q11 2Q11 3Q11

18 18

Net Income

Net Income 3Q11 / 3Q10 [Millions of Euros]

Net Income 9M11 / 9M10 [Millions of Euros]

(millions of euros) 9M11 Δ % Drivers

Negative contribution in 9M11 of the Equity Consolidation of Angolan operation in the amount of , decreasing from 2.8 million euros in

1Q11 to 2.3 million euros in 2Q11 and 2.0 million euros in 3Q11

Level of Depreciation and Amortization is still explained by the significant CAPEX of the previous years but which will now tend to

stabilize over time

Normalized level of tax rate at 29.5%

D&A (164.3) 2.3%

Net Interest charges and other financial expenses of 18.7 million euros

Income Taxes (12.1)

(31.2) 17.7%Net Financial Expenses

52.2%

8.69.1

3Q10 3Q11

31.628.5

9M10 9M11

(9.6)% +5.7%

19 19

Continued reduction of Baseline CAPEX to

more normalized levels as forecast

Total CAPEX [Millions of Euros]

Baseline CAPEX [Millions of Euros]

41.6 45.2 35.9 33.8 31.7

17.8

33.3

2.91.7 3.4

59.4

78.5

38.8 35.5 35.1

3Q10 4Q10 1Q11 2Q11 3Q11

Baseline CAPEX Non-Recurrent CAPEX

23.3 20.2

3.51.5

14.9

10.0

41.6

31.7

3Q10 3Q11

Pay TV, BB & Voice Infr Other Baseline CAPEX Term Equip

(23.9)% (40.9)%

20 20

Strong improvement in EBITDA – CAPEX with

the end of strong investment cycle

EBITDA–Total CAPEX and OCF After

Investment [Millions of Euros]

Free Cash Flow [Millions of Euros]

16.9

6.0

(34.0)

(8.7)

3.5

(7.0)(1.4)

(15.1)

37.9

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

44.5

66.5

-100

1020304050607080

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

EBITDA- Total CAPEX OFC After Investment

Strongest ever quarterly FCF

21 21 21

Solid capital structure, 2.1x Net Financial Debt

/ EBITDA Change in Net Financial Debt [Millions of Euros]

668.3

0.9

8.1

7.5

13.3

22.0

44.5

706.8

3Q11

Other Items

Income TaxesPaid

Net Interest Paid

Long TermContracts

Non-Cash Itemsand Working

Capital

EBITDA-CAPEX

2Q11Improvement led by solid EBITDA and decline in

CAPEX

Reversal of the Change in WK after a peak in 2010

due to accelerated CAPEX programme

LTC of 13.3 million euros, a decrease due to the

scheduling of the cash payments

Cash tax payments abnormally high, due to 2 income

tax pre-payments during 3Q11

2.1x Net Financial Debt / EBITDA at the end of 3Q11

22

Wrap-up

23 23

Wrap-up

Despite the difficult macroeconomic environment, ZON continues to

post good results in its domestic businesses

Good operational performance of the core Triple Play business

Despite the decline in revenues due to slowdown of Premium

subscriptions, optimization of cost structure has enabled continued

EBITDA growth

Strong FCF with strongest ever quarterly Cash Flow

Excellent results of the Angolan business, on track for EBITDA

breakeven in 2012

24

Appendix

Financial Highlights

Operational Highlights

25 25 25

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% 2.0pp

CAPEX 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.

26 26 26

Operational Highlights

27

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

Contacts