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Important Notice

This communication is not an offer to sell or the solicitation of an offer to buy any securities.

The presentation contains 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 beliefs and assumptions of our management and on information available to management at the time such statements were made. Forward-looking statements include (a) information concerning possible or assumed future results of our operations, earnings, industry conditions, demand and pricing for our products and other aspects of our business 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 involve risks and uncertainties that are difficult to predict. 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, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements.

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.

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From incumbent to attacker

Getting closer to our customer :

Service, Fairness, Content, Convergence, Technology Innovation, Dynamic Marketing

Leveraging content and technology to differentiate product offer

Expand the number of customers and RGUs per customer

Focus on operational efficiency: People, Processes, Systems, Network, Cost reduction

Business development: deliver revenue and profitability growth hand on hand

Get our people and our shareholders excited about our future

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PT Multimédia Today – A Strong Growth Platform

Highlights Subscriber base

2006 revenuesKey financials

9M 07 2006

Pay-TV and Broadband

88%

Audiovisuals 5%Cinemas

7%

Pay-TV

Broadband

Voice

Leading media and communications company with multiple growth opportunities

RGU per sub (including DTH) — 1.29

RGU per sub (excluding DTH) — 1.41

Cable: 1,081k

387k

54k

1,521kNo.1 Pay-TV operator in Portugal: Cable + DTH100% coverageLeading content

No.2 broadband operator in Portugal—leader in footprint

Nascent voice service launched in January 2007

No.1 in Audiovisuals and Cinema Exhibition

DTH: 440k

y-o-y€ million

Revenue 666.5 6.1% 527.6 7.9%

EBITDA1 211.1 8.1% 171.0 8.9%

Margin 31.7% 32.4%

y-o-y

Note:1. PT Multimédia defines "EBITDA" as Income before financials and income taxes + Workforce reduction programme costs + Impairment losses +/- Losses (gains) on disposals of fixed assets +/- Other costs (income) + Depreciation and amortization.

EBITDA is not an IFRS measure, is not a substitute for net income or other IFRS measures of performance and may be calculated differently from similarly titled measures used by other companies

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1,5211,449 1,4801,479

2004 2005 2006 9M 2007

Strong growth is already a reality at PTM …

RGUs Blended ARPU

EBITDA1Revenue

4.2% CAGR

‘000s €

7.1% CAGR

178.8211.1195.3

2004 2005 2006

666.5628.5598.8

2004 2005 2006

5.5% CAGR8.7% CAGR

€ million € million

RGU per cable sub 1.411.341.321.29

1,754 1,827 1,842

Pay-TV subscribers RGUs

1,96230.9

25.429.1

27.6

2004 2005 2006 9M 2007

Note:1. PT Multimédia defines "EBITDA" as Income before financials and income taxes + Workforce reduction programme costs + Impairment losses +/- Losses (gains) on disposals of fixed assets +/- Other costs (income) + Depreciation and amortization.

EBITDA is not an IFRS measure, is not a substitute for net income or other IFRS measures of performance and may be calculated differently from similarly titled measures used by other companies

… and unique financial performance in the Portuguese market

172.4 178.3 176.9

1Q.07 2Q.07 3Q.07

54.1 60.1 56.8

1Q.07 2Q.07 3Q.07

20.5 20.3 23.4

1Q.07 2Q.07 3Q.07

€ million€ million

€ million

1 2Q 2006 includes 19€million from the leasing of additional transponders.

€ million

y.o.y

33.639.8

33.4

1Q.07 2Q.07 3Q.07

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Higher revenues (+8% vs 9M06), driven by RGU’s and ARPU growth …

… translates into high EBITDA growth.

And a controlled level of CAPEX1… … leads to increasing EBITDA - CAPEX

+7% +8% +8% +8% +7% +8%

-39% -49% -33% 103% 137% 71%y.o.y

y.o.yy.o.y

7PTM Market Positioning Offers Significant Growth Opportunities

Fixed Telephony

Source: ANACOM Statistics 2005

PTM clients(‘000, Septemebr’07)

GROWTH POTENTIAL

Market volume(2005)

PTM market share

PTM network coverage 100% 63% 61%

80% 25% ~1%

1,521 387 54

€470m €670m €1,400m

BroadbandPay-TV

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Advanced and Scalable Network in Place

2.7 million homes passed mainly in the most densely populated and highest income regions of Portugal (60% of total TV households, estimated around 80% of GDP)

100% digitally enabled98% bi-directional, enabling broadband services96% VoIP compliant45% estimated overlap with Cabovisão’s network

Network enabled for the roll-out of new services and broadband speed increases with low capex requirements

Docsis 1.1 in place and upgrade to Docsis 3.0 / wideband is being analysedSuperior long term broadband capability

Additional fibre deployment in 2006 / 2007 is enabling an improvement in quality of service and delivery of higher speeds

Nationwide coverage of TV services through satellite network

7 transponders from Hispasat

Conditional access system by Nagra

Cable network

DTH platform

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Leading content offering

Currently broadcast 104 channels, having several exclusive rights for Portugal

Joint control of key sports contracts through Sport TV

Domestic football

European Champions League

Other European Leagues

Partnership with FTA operators to produce local content

Contracts with key major Hollywood studios and independent producers

Leverage Audiovisuals rights distribution relationships and Cinema’s Network

Large subscriber base is an advantage when competing for new exclusive content (i.e. HD content) and new distribution models (i.e. VOD)

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Benefits of Spin-Off from Portugal Telecom

Ability to price services independent of regulation directed at Portugal Telecom

Increased flexibility of broadband offering

Number portability to be introduced in 2007 expected to boost growth further

Greater regulatory flexibility

Independent, dedicated and fully focused management

Effective competition with Portugal Telecom across all services

Ability to implement off-network strategy

Review of telecom and programming costs

Operational autonomy and independent management

PT Multimedia strategy sole focus

Greater strategic flexibility for management, including targeted acquisitions

Increased flexibility in shareholder remuneration

Strategic flexibility

Increased competitiveness

and agility

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Growing Revenues, Stable Costs

€ millionSignificant incremental revenues without ramp up in SG&A

Revenue up 31% 2002 to 2006

Costs up just 5.8% over the same period

Opportunity to further leverage network and customer base assets

Further cost and investment reduction opportunities

Programming costs (strong leverage from flat fees)

Potential acquisition of network assets from PTC

Operating leverage Trends

431 423 420433

666628

599

553

507

456

2002 2003 2004 2005 2006

Revenues Operating Costs

Note:1. 2002 and 2003 data as reported under Portuguese GAAP. All data excludes

contribution of Media Business (Lusomundo Media) sold in 2005

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Financial Flexibility

Net debt/ EBITDA LTM

Source : Company Data, Datastream, Equity Research ReportsNotes1. Excludes impact of acquisition of Bragatel, Pluricanal Leiria, and Pluricanal Santarém

EBITDA LTM = EBITDA 9M 07 + EBITDA 2006 – EBITDA 9M 06.

Low debt levels also allows for financial flexibility in order to pursue:

Incremental network expansion and new service development

Well placed to participate in consolidation opportunities (if value enhancing)

Shareholder remuneration

1.01.0

1.71.7

3.03.23.4

4.6

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Well Defined Growth Opportunities

€1.4 billion Portuguese fixed telephony market: 3x size of Pay-TV marketVoice launched in January 2007: 54,000 subscribers by 3Q-07 without number portabilityLynchpin service: cut off incumbent from customer

Exploit telephony

opportunity

Reap benefits of bundling

Implement off cable network

strategy

Cross-sell between Pay-TV, broadband and voice – underexploited to dateDifferentiates PT Multimédia in the marketReduces churn and drives Pay-TV and broadband penetrationEnables multi-play economies

Expand addressable broadband and voice marketBundling with DTH Pay-TV services

Under-penetrated broadband

market

Broadband penetration below European average1

Coverage strength and DOCSIS 3.0 potential of cable network

Further develop Pay-TV market

Penetration at 41% vs. 60% European average1

Add further local and exclusive content to attract subscribers and up-sellDevelop on-demand platform

Note:1. Source: Economist Intelligence Unit

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Well positioned for future value creation

Well defined growth opportunities across all services

Benefiting from the spin-off from Portugal Telecom

Advanced network offers product and cost advantages vs. incumbent

Ownership of key content in Sports and Entertainment

Growing revenues but stable costs allowing for margin improvement in the coming years

Lean capital structure providing operational, financial and strategic flexibility

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Next Steps

Jan 2008

End 2007/ Beg 2008

30 Oct to7 Nov Spin-off Effective

Investor Day

Deadline for Corporate Name Change

Feb 2008 PT Multimédia 2007 Full Year Results

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