11

12 MAY 2011

1Q11 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 of 57.6% (+2.5pp)

705 thousand Broadband subscribers: 61% penetration (+14.4k)

808 thousand Fixed Voice customers: 68% penetration (+29.9k)

Continued growth in digital subscribers: 85% subscribers with digital services (+2.2pp)

Good ARPU progression, +1.7% yoy after some dilution in 4Q10 (+2.0% qoq)

Good operational performance

44

Slowdown in consolidated revenue growth, affected by negative yoy performance of cinema revenues

Very strong improvement in EBITDA

Total CAPEX down by 28%, with end of accelerated investment programme of the last 3 years and completion of major non-recurrent

investments in 2010

Strong FCF improvement, driven by EBITDA growth and CAPEX slowdown

Solid financial performance

55

Leading in Triple Play with 57.6% penetration

ZON cable customer profile 1Q11[%]

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

Triple Play

57.6%Double Play

13.9%

Single Play

28.5%

66

ARPU – Recovery after sequential dilution in4Q10

Blended ARPU[Euros]

Multiple service ARPU premium[Euros]

+1.7%

77

Maintaining clear leadership in Pay TV

Source: ZON, ANACOM

Others

(1Q11) (4Q10) (2Q11 =

28 Feb)

(4Q10)

Relative size of Pay TV customer base[Thousands]

88

Digital services still growing well

ZON HD Boxes installed[Thousands]

85% of ZON customers receive

digital services

HD set top boxes installed

represent 70% of the digital cable

subscriber base

Pace of new installations slowing

with net adds of less than 26k

compared with 117k in 1Q10 and

69k in 4Q10

+37.3%

99

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

Broadband customer mix[Thousands, %]

NGN Market Shares[%]

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

ZON74,2%

Others25,8%

134k customers

9% 5%

45% 45%

33%27%

12%23%

635.4 704.7

1Q10 1Q11

2 Mbps 5 - 10 Mbps 20 - 30 Mbps ZON Fibra

47k customers

+10.9%

61% penetration in 1Q11 compared with 54% in 1Q10

1010

Fixed Voice subscriber growth still strong at 25%

Fixed Voice Subs and Penetration[Thousands, %]

Mobile Subscribers[Thousands]

+25.0% +42.5%

11

Upgraded 2.9 million Households to Docsis 3

Significant effort over the last 3 years to build a state-of-the-art Network

11

Cell/Node splits to increase capacity 4 fold

New fiber network and sites (Zon-In)

New Datacenter

HD Boxes and IRIS interface

Completed

Completed

Completed

Completed

70% of HH now with

HD boxes – 85%

digitalization

1212

A more normalized quarter for Cinemas with less blockbusters than in 2010

12

Share of cinema distribution revenues 1Q11 [%]

Cinema Tickets Sold[Thousands]

2 million tickets sold in 1Q11, down 18.4% from

1Q10 but up 3.4% from 1Q09

The decrease in sales is explained primarily by the

significantly lower number of blockbusters in 1Q11

with 2010 being an extraordinarily good year

ZON’s performance was superior to the rest of the

market: total market attendance declined by 21.3%

and total market gross revenues went down by

20.2%

Increase in average revenue per ticket of 2.8% to 4.7

euros.

ZON Lusomundo distributed 6 of the top 10 films in

1Q11 and its share of revenues reached 47%

ZON46.6%

Columbia26.1%

Castello Lopes14.8%

Others3.1%

1313

ZAP posting good results in Angola

Strong customer take-up, over 60k active customers by

the end of 1Q11

During the quarter, ZAP further increased its reach

being distributed by the cable providers in Angola and

Mozambique. ZAP will be distributed potentially to an

additional 20 thousand subscribers

Subscriber growth supported by exclusive distribution of

Portuguese Football League and other key sports content,

and very attractive offer with predominance of Portuguese

language channels

13

14

Financial Review

1515

Slower revenue growth pressured by smaller non-core businesses

15

Consolidated Operating Revenues[Millions of Euros]

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

+0.3% +1.5%

Audiovisuals Revenues[Millions of Euros]

Cinema Revenues[Millions of Euros]

(13.1)%+9.8%

161616

Operating Costs 1Q11 / 1Q10[Millions of Euros]

Cost savings materializing

(4.0)%

Operating Costs

(millions of euros) 1Q11 ∆ % Drivers

Other Operating Costs 43.6 (8.3%)Yoy decline of 8.3% and qoq decline of 5.1%. Yoy reduction was achieved through cost control of several General and Administrative

areas

Increase of 2.7% reflects the marginal increase in lower and mid scale salaries implemented in 2010; 5.4% qoq decrease mainly due to

the provision in 4Q10 of bonuses to be paid in 2011

Marginally lower yoy; posting 4.3% sequential decline mostly as a result of the lower level of costs relating to seasonally lower

advertising revenues shared, less royalty charges due to lower level of activity of the cinema business and lower costs related to DVD

sales Commercial Costs 15.2 (8.9%)

Significant sequential decline of 32%. Yoy decline of 8.9% a result of lower level of commercial activity driving lower sales commissions,

supported by more efficient use of available sales channels, reducing relative the weight of more expensive door-to-door sales channels

W&S 14.7 2.7%

Direct Costs 61.1 (0.8%)

171717

Strong margin improvement

EBITDA and EBITDA Margin 1Q11 / 1Q10[Millions of Euros, %]

EBITDA Margin q.o.q.[%]

+8.5%

31.7%

33.3%34.1%

30.1%

34.3%35.3%

35.9%

33.2%

37.1%

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

1818

Net Income

Net Income 1Q11 / 1Q10[Millions of Euros]

+9.3%

(millions of euros) 1Q11 ∆ % Drivers

Negative contribution of 2.8 million euros in 1Q11 of Equity Consolidation of Angolan operation

Yoy increase of 4.7% explained by accelerated roll-out of terminal equipment and peak in network related CAPEX in 2010. This investment will

flow through the P&L in the coming years with relatively high levels of depreciation, despite significantly lower levels of CAPEX going forward

Tax benefits for development and investments in NGN had a smaller impact in 1Q11 than in 1Q10, thus generating some discrepancies when

comparing quarterly tax rates

D&A 55.6 4.7%

Net Interest charges and other financial expenses of 7.5 million euros

Income Taxes (3.6)

10.3 26.6%Net Financial Expenses

48.8%

1919

CAPEX coming down to more normalized levels as forecast

Total CAPEX[Millions of Euros]

Baseline CAPEX[Millions of Euros]

(28.3)%

50.1 41.5 41.6 45.2 35.9

3.8 14.9 17.8

33.3

2.9

53.9 56.3 59.4

78.5

38.8

1Q10 2Q10 3Q10 4Q10 1Q11

Baseline CAPEX Non-Recurrent CAPEX

(28.0)%

202020

Net Debt and Capital Structure amongst most conservative in class

Net Financial Debt[Millions of Euros]

Net Financial Debt / EBITDA[X]

2.1x

2.1x

1Q11

2010

21

Wrap-up

2222

�Good operating performance in core Triple Play business,

albeit a slowdown being felt, particularly at the start of the

quarter

�Revenues still posting growth, albeit less than in previous

quarters

�Strong EBITDA growth with increased operating leverage,

and room for further margin improvement

�Network fully upgraded and large CAPEX programmes

out of the way

� On track for significant increase in FCF

Wrap-up

23

Appendix

Financial Highlights

Operational Highlights

242424

Financial Highlights

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

Operating Revenues 213.5 214.1 0.3%

Pay TV, Broadband and Voice 192.6 195.6 1.5%

Audiovisuals 15.5 17.1 9.8%

Cinema Exhibition 15.7 13.6 (13.1%)

Other (10.3) (12.1) 17.5%

EBITDA 73.3 79.5 8.5%

Income from Operations 20.3 24.0 18.3%

Net Income 9.3 10.2 9.3%

CAPEX 53.9 38.8 (28.0%)

EBITDA minus CAPEX 19.5 40.7 109.3%

Net Financial Debt 577.2 641.7 11.2%

EBITDA margin (%) 34.3% 37.1% 2.8pp

CAPEX as % of Revenues 25.2% 18.1% (7.1pp)

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

252525

Operational Highlights

1Q10 1Q11 ∆ y.o.y.

Homes Passed ('000) 3,139 3,207 2.2%

RGUs ('000) 2,950 3,181 7.8%

Triple Play Customers 537 666 24.1%

Basic Subscribers 1,588 1,554 (2.1%)

Fixed Broadband 635 705 10.9%

Fixed Voice 646 807 25.0%

Mobile 81 115 42.5%

Blended ARPU (€) 35.2 35.8 1.7%

Revenues per ticket (€) 4.6 4.7 2.8%

Tickets sold ('000) 2,472 2,016 (18.4%)

Pay T

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26

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