11

28 JULY 2011

2Q11 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.

33

Triple Play Penetration already in excess of 58.6% (+9.6pp)

RGU growth of 6.7% to around 3.213 million

Cable customer base growth in 2Q11, +2.3 thousand customers

715 thousand Broadband subscribers: 62% penetration (+10.1k)

827 thousand Fixed Voice customers: 70% penetration (+19k) – the only operator in the market posting growth

Continued growth in digital subscribers: 86% subscribers with digital

Good yoy ARPU progression, growth of 0.5% in 2Q11

Good operational performance

44

Good performance of core Pay TV Revenues excluding Premium channel revenue: +1.1% in 2Q11

Decrease in Total Operating Revenues, affected by SportTV disconnections with ZON and the other operators

Good EBITDA performance, with Margin growth of 1.9pp in 2Q11 to 37.1%

Total CAPEX decreased significatively by 37% to 35.5 million euros

Strong CF (EBITDA – CAPEX) improvement, +116.1% to 43.1 million euros, with significant CAPEX reduction

Solid financial performance

55

Leading in Triple Play with 59% penetration

ZON cable customer profile 2Q11[%]

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

Triple Play

58.6%Double

Play14.1%

Single Play

27.3%

66

Resilience in ARPU supported by growth in core basic Triple Play revenues

Blended ARPU[Euros]

ARPU Growth YoY[%]

+0.5%

77

Maintaining leadership in Pay TVGrowth in Cable platform

Source: ZON, ANACOM, Company Reports

Relative size of Pay TV customer base[Thousands]

(2Q11) (2Q11) (1Q11)

Others

(31 May 2011)

88

Digital services still growing well

ZON HD Boxes Installed[Thousands]

+25.1%

86% of ZON customers receive digital services, and the almost 930 thousand HD set top

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

VOD Performance[1Q10 = Base 1]

2.6x

3.3x

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

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

# Videos Revenues

99

Continuing quarterly sequential growth in BB reinforcing position as leading NGN operator

Broadband customer mix[%]

NGN Market Shares[%]

Source: ZON, ANACOM (High speed fixed networks study, 21 February 2011; http://www.anacom.pt/render.jsp?contentId=1072290)

Broadband net adds of 10.1 thousand in 2Q11. Adjusting for network coverage ZON is

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

ZON74,2%

Others26%

2 Mbps4%

5 - 10 Mbps46%20 - 30

Mbps25%

ZON Fibra25%

715k subs

Broadband Market and MarketShares [%]

31.3% 32.2% 33.0% 33.1%

41.6% 44.5% 46.8% 47.2%

12.5% 9.2% 6.4% 6.0%14.6% 14.1% 13.9% 13.7%

1,634 1,865 2,075 2,107

00

500

1,000

1,500

2,000

2,500

00%

20%

40%

60%

80%

100%

120%

2008 2009 2010 1Q11ZON PT Sonaecom Others

1010

ZON@FON: over 400,000 hotspots in Portugal, comparing with 1,600 from largest competitor

ZON@FON has by far the largest WiFi network in Portugal, with over 400,000 hotspots

offering a very important free mobility complement for ZON Fixed Broadband customers

Source: ZON, Company Reports

Number of Hotspots in Portugal

1,600

400,000

IncumbentWifi network

1111

Continued Fixed Voice subscriber growth

Fixed Voice Subs and Penetration[Thousands, %]

Mobile Subscribers[Thousands]

Fixed Voice Market and MarketShares [Thousands, %]

ZON is the only operator growing in the Fixed Voice market recording net adds of 19.3

thousand in 2Q11.

18% 22%

55% 52%

15% 14%

12% 12%

3,546 3,676

3 45 0

3 50 0

3 55 0

3 60 0

3 65 0

3 70 0

0 %

2 0%

4 0%

6 0%

8 0%

1 00 %

1 20 %

1Q10 1Q11

ZON PT Sonaecom Others

+19.5% +28.3%+3.7%

Source: ZON, ANACOM

1212

A quarter of recovery in Cinemas, with more blockbusters than in 1Q11

12

Share of cinema distribution revenues 1H11 [%]

ZON50.6%

Columbia23.7%

Castello Lopes16.3%

Others9.4%

More blockbusters in

2Q11, 2.1 million tickets

sold, +22% yoy

Average revenue per

ticket of 4.9 euros,

+7.4% yoy

ZON Lusomundo distributed 6

of the top 10 movies in 1H11,

with its share of revenues

reaching 50.6%

Performance in Gross

Revenues and Attendance

well above the total market,

according to data from the

Institute For Cinema and

Audiovisuals

Gross Revenue & Attendance Performance 2Q11 [%]

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

1313

ZAP posting good results in Angola

Over 90 thousand active customers by the end of

2Q11, ARPU above 35 USD

Exclusive distribution of Portuguese Football League

and other relevant Sports content

Distribution network with 10 own stores, 350 agents’

points of sale and door-to-door sales force with 150

people

13

14

Financial Review

1515

Slight decline of Total Operating Revenues

15

Consolidated Operating Revenues 2Q11 / 2Q10 [Millions of Euros]

(2.2)% (1.0)%

Consolidated Operating Revenues 1H11 / 1H10 [Millions of Euros]

1616

Good performance of core Triple Play revenues excluding impact of Premium channel revenues

16

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

ARPU Revenues YoY Growth[%]

(3.0)%

1717

A quarter of recovery in Cinemas

17

Audiovisuals Revenues[Millions of Euros]

Cinema Revenues[Millions of Euros]

(6.7)% +18.9%

+0.7% +0.9%

181818

Operating Costs 2Q11 / 2Q10[Millions of Euros]

Cost savings materializing, with reduced levels of churn and commercial activity

(4.5)%(5.0)%

Operating Costs

(millions of euros) 1H11 ∆ % Drivers

Other Operating Costs 89.1 (4.0%)Other operating costs posted a 4% decline due to significant savings in customer service related costs and through cost control of

several G&A areas

Marginal increase in W&S

Reduction resulting from a decrease in programming costs on the back of lower premium channel subscriptions, which more than offset

an increase in traffic and capacity costs due to higher brodband and voice usage

Commercial Costs 27.4 (20.9%)Significant decline in Commercial Costs linked to a lower level of commercial activity and churn, and also to a more efficient use of

available sales channels

W&S 29.1 1.0%

Direct Costs 121.9 (1.6%)

Operating Costs 1H11 / 1H10[Millions of Euros]

191919

Continued strong margin improvement

EBITDA and EBITDA Margin 2Q11 / 2Q10 [Millions of Euros, %]

EBITDA Margin q.o.q.[%]

EBITDA and EBITDA Margin 1H11 / 1H10 [Millions of Euros, %]

31.7%

33.3%34.1%

30.1%

34.3%35.3%

35.9%

33.2%

37.1% 37.1%

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

+3.0% +5.7%

2020

Net Income

Net Income 2Q11 / 2Q10 [Millions of Euros]

(15.4)%(32.2)%

(millions of euros) 1H11 ∆ % Drivers

Negative contribution of 5.1 million euros in 1H11 of Equity Consolidation of Angolan operation, decreasing from 2.8 million euros in

1Q11 to 2.3 million euros in 2Q11

Increase of 3.4% explained by the significant CAPEX of the previous years. Although recurrent levels of CAPEX are now significantly

lower, accumulated investment on the balance sheet will still take some time to flow through the P&L as depreciation.

Normalized level of tax rate at 29.5% for 1H11. 1H10 had been positively affected by the higher corporate tax rate generated on

deferred taxes in 2010 and also by the tax benefit for research and development and Next Generation Networks

D&A 108.8 3.4%

Net Interest charges and other financial expenses of 12.1 million euros

Income Taxes 8.2

20.8 28.6%Net Financial Expenses

109.5%

Net Income 1H11 / 1H10 [Millions of Euros]

2121

Continued reduction of Baseline CAPEX to more normalized levels as forecast

Total CAPEX[Millions of Euros]

Baseline CAPEX[Millions of Euros]

41.5 41.6 45.2 35.9 33.8

14.9 17.8

33.3

2.91.7

56.3 59.4

78.5

38.8 35.5

2Q10 3Q10 4Q10 1Q11 2Q11

Baseline CAPEX Non-Recurrent CAPEX

(37.0)% (18.5)%

2222

Strong improvement in EBITDA – CAPEX with the end of strong investment cycle

EBITDA - CAPEX[Millions of Euros]

20.915.9

-4.7

19.5 19.9 20.1

-5.2

40.743.1

-10

0

10

20

30

40

50

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

2323

Reduction in Supplier balances after peak in CAPEX and OPEX driving WK increase in 2Q

Change 2Q11 / 2Q10 ∆ M € ∆ %

EBITDA + 2.3 +3.0%

CAPEX - 20.8 -37.0%

EBITDA - CAPEX + 23.1 +16.1%

Non-Cash Items in EBITDA - CAPEX and ∆ in WC - 13.5 +91.0%

Operating Cash Flow After Investment + 9.6 +48.3%

48.3% increase in OCF after

Investment to 29.2 million euros

in 2Q11

Reduction in Supplier balances

after 2010 peak in CAPEX and

OPEX

Accounts Payable and CAPEX + OPEX 2Q09-2Q11 [Millions of Euros]

242424

Solid capital structure, 2.3x Net Debt / EBITDA

Change in Net Financial Debt[Millions of Euros]

Improvement led by solid EBITDA and decline in

CAPEX

FY10 Dividend payment made on 6 May

Reduction in supplier balances after 2010 peak in

CAPEX and OPEX

Increase in LTC in 2Q11 of approx.12 million euros

relating to payments of 2011/2012 football season

2.3x Net Debt / EBITDA at the end of 2Q11

25

Wrap-up

2626

� Good operating performance in core Triple Play business, despite adecline in revenues, driven by lower Premium subscriptions

� Continued EBITDA growth, with increased operational leverage androom for further margin improvement

� CAPEX at more normalized levels, with network fully upgraded andreduction in terminal equipment CAPEX due to slowdown ofcommercial activity, success of refurbishment programme andalready high penetration of HD set top boxes

� On track in terms of EBITDA-CAPEX

Wrap-up

27

Appendix

Financial Highlights

Operational Highlights

282828

Financial Highlights

(Millions of Euros) 2Q10 2Q11 ∆ y.o.y. 1H10 1H11 ∆ y.o.y.

Operating Revenues 216.2 211.5 (2.2%) 429.7 425.6 (1.0%)

Pay TV, Broadband and Voice 197.4 191.6 (3.0%) 390.1 387.2 (0.8%)

Audiovisuals 19.0 17.7 (6.7%) 34.5 34.7 0.7%

Cinema Exhibition 12.1 14.4 18.9% 27.8 28.0 0.9%

Other (12.3) (12.2) (0.7%) (22.7) (24.3) 7.2%

EBITDA 76.2 78.5 3.0% 149.5 158.0 5.7%

Income from Operations 24.1 25.3 4.9% 44.3 49.2 11.0%

Net Income 13.6 9.2 (32.2%) 22.9 19.4 (15.4%)

CAPEX 56.3 35.5 (37.0%) 110.2 74.3 (32.6%)

EBITDA minus CAPEX 19.9 43.1 116.1% 39.4 83.8 112.7%

Net Financial Debt 635.7 706.8 11.2% 635.7 706.8 11.2%

EBITDA margin (%) 35.3% 37.1% 1.9pp 34.8% 37.1% 2.3pp

CAPEX as % of Revenues 26.0% 16.8% (9.3pp) 25.6% 17.4% (8.2pp)

Net Financial Debt / EBITDA [x] 2.2x 2.3x n.a. 2.2x 2.3x n.a.

292929

Operational Highlights

2Q10 2Q11 ∆ y.o.y. 1H10 1H11 ∆ y.o.y.

Homes Passed ('000) 3,151 3,223 2.3% 3,151 3,223 2.3%

RGUs ('000) 3,011 3,213 6.7% 3,011 3,213 6.7%

Triple Play Customers 572 678 18.6% 572 678 18.6%

Basic Subscribers 1,577 1,553 (1.5%) 1,577 1,553 (1.5%)

Fixed Broadband 650 715 9.9% 650 715 9.9%

Fixed Voice 692 827 19.5% 692 827 19.5%

Mobile 92 118 28.3% 92 118 28.3%

Blended ARPU (€) 35.6 35.8 0.5% 35.4 35.8 1.1%

Revenues per ticket (€) 4.6 4.9 7.4% 4.6 4.8 5.1%

Tickets sold ('000) 1,717 2,094 22.0% 4,188 4,110 (1.9%)

Pay T

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30

José Pedro Pereira da Costa

CFO

Maria João Carrapato

Head of Investor Relations

ir@zon.pt

ZON MultimediaAvenida 5 de Outubro, 208

1069-203 Lisboa, Portugal

Tel.: +351 21 782 47 25

Fax: +351 21 782 47 35

Contacts