9 MAY 2013

1Q13

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

Record Take up of IRIS, with net adds of 50 thousand in 1Q13, reaching

285 thousand subs

IRIS voted the best TV product of the year by consumers and

Timewarp the best new TV product in terms of marketing and

innovation

ZON voted the best TV, Broadband and Fixed Voice provider by ECSI

(European Customer Satisfaction Index)

Strengthened position in Business segment with major new corporate

accounts being signed up

Sequential growth in quarterly revenues of core Pay TV, BB and Voice

business, +0.9% over the previous quarter

Highest ever quarterly EBITDA and EBITDA-CAPEX

African JV posting very strong growth with revenues in 1Q13 up 56%

yoy

3

1Q13 Highlights

1Q13

Operating Review

50 thousand IRIS net-adds in 1Q13, the best quarter since launch. IRIS customers now

represent 36% of the Triple Play base

781.5 thousand Triple Play customers, up 9.2% yoy representing 64.6% of cable

customers 5

Record net-adds in IRIS, 65% Triple Play penetration

Triple Play Customers and Penetration of Cable

Base [Thousands, %]

IRIS customers and Penetration of Triple Play

Customer Base [Thousands, %]

Net Adds

[Thousands]

666.0715.7

781.5

57.6%

59.4%

64.6%

30%

50%

70%

90%

110%

130%

150%

00

100

200

300

400

500

600

700

800

1Q11 1Q12 1Q13

28.346.2

65.0

97.0118.9

161.5

193.0

234.8

284.4

4%7%

9%14%

17%

22%26%

30%

36%

-5%

5%

15%

25%

35%

45%

55%

-35

15

65

115

165

215

265

315

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

28.3 17.9 18.8 32.1 21.9 42.6 31.4 41.8 49.6 +7.5%

+9.2%

ECSI (European Customer

Satisfaction Index) : ZON #1 in

customer satisfaction in all 3

services – Pay TV, BB and Voice

Consumers voted IRIS the best

Triple Play service of the year

and Timewarp the best new TV

product in terms of innovation and

marketing

TV Connect Industry awards –

ZON Online voted the best TV on

the move service

6

An award winning interface and service – the best

Triple Play offer and most satisfied customers

Continuously innovating with the launch of the best

content and most relevant features

Launch of new smartphone APP that

automatically identifies available ZON@FON

hotspots with simplified login process

ZON customers can access, for free, over

500 thousand WiFi hotspots in Portugal and

7 million around the world

Launch of new channels, some of which

exclusive to ZON:

Globo (brazilian series and movies,

general entertainment) *

+TVI (national/TVI produced

content) *

Disney Junior

Canal Q (portuguese comedy)

7

* Exclusive

Growth in Corporate and SME

Technical offer and commercial team have been strengthened

Tendering for relevant contracts in Public and Corporate sectors

Differentiated, integrated services at very competitive costs

Leveraging capillarity and sophistication of ZON’s Next Generation Network

In 1Q13 an important contract to provide fixed communications to a large retail

bank in Portugal was won

8

Broadband net adds of 10 thousand,

bringing the total customer base to 800

thousand

66.2% penetration of cable base

63% subscribe offers greater than 20

Mbps and 45% higher or equal to 30 Mbps 9

Growing in Broadband and Fixed Voice

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

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

Fixed Voice net adds of 9.4 thousand,

bringing the total customer base to 986

thousand

79.9% penetration of cable customer

base

704.7748.6

799.9

61.0% 62.1%66.2%

30%

35%

40%

45%

50%

55%

60%

65%

70%

200

300

400

500

600

700

800

1Q11 1Q12 1Q13

807.5921.4 985.8

68.2%

74.9%79.9%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

00

200

400

600

800

1,000

1Q11 1Q12 1Q13

Basic ARPU from core Pay TV, BB and

Voice services increased 1.3% yoy and

by 3.4% in comparison with the previous

quarter

Adjusting for the impact of entry level

offers, basic ARPU would have grown by

2.9% yoy

Premium channel subscriptions, primarily

sports, still weighing negatively on ARPU

Positive impact of price increase in 1Q13

10

Sequential improvement in ARPU

Basic, Premium and Blended ARPU [1Q12 = Base 1]

-0.4%

+1.3%

-10.6%

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1Q12 2Q12 3Q12 4Q12 1Q13

Blended ARPU Basic ARPU Premium ARPU

Cinema Exhibition: a tough market, ZON performing

better than sector in terms of revenues

Source: ZON, ICA

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

1Q13 Performance of Gross Revenues and Attendance

[%]

Ticket sales increased yoy by 3.5% although average revenue per ticket fell -4.1% in 1Q13

mainly due to lower mix of 3D movies and less bar sales

Cinema Exhibition gross revenues were down 0.7% in 1Q13, with the market as a whole

declining by 10.8% yoy 11

1,725 1,714

2,383

1,9921,784

4.8 4.9 4.9 4.7 4.6

03

04

04

05

05

06

06

07

07

0

500

1000

1500

2000

2500

3000

1Q12 2Q12 3Q12 4Q12 1Q13

Tickets Sold Avg. Revenue Per Ticket

-0.7%

3.5%

-10.8%

-8.9%

Gross Revenue Attendance

ZON Market

Source: ZON, ICA

12 12

ZON Audiovisuais:

Reinforcing leadership in Cinema Distribution

Cinema Gross Revenues by Distributor - Market Share 1Q13 [%]

Audiovisuals revenues remained stable

and ZON maintained leading position

ZON distributed 4 of the Top 10 movies

shown in cinemas in Portugal in 1Q13

55.8% market share of cinema

distribution gross revenues in 1Q13

ZON55.8%

Columbia12.4%

Big Picture 2

22.8%

Others9.0%

13

ZAP – Strong performance

ZAP continues to post a very positive performance in terms of customer growth

Ranks as one of the leading brands in Angola: #4

Increased distribution network:

Present in 10 of the largest Angolan provinces

Almost 1,000 distribution agents

200 door-to-door sales people

New channels launched: Bola TV, +TVI, ZAP Viva and Fight Network

1Q13

Financial Performance

15 15

Very encouraging revenue performance (1)

Consolidated Operating Revenues [Millions of Euros]

Marginally positive consolidated revenue performance yoy: +0.1% in 1Q13

Stable quarterly revenue trends with slight qoq decrease of 0.2% in 1Q13

+0.1%

214.2 214.3

1Q12 1Q13

(0.2)%

214.7 214.3

4Q12 1Q13

16

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

16

Very encouraging revenue performance (2)

Sequential quarterly growth of 0.9% in Pay TV, BB and Voice and a reduction in pace of

yoy decline to -1.8%

(1.8)%

191.9 188.4

1Q12 1Q13

+0.9%

186.8 188.4

4Q12 1Q13

17

ARPU Revenue Growth [1Q12 = Base 1]

17

Improvement in ARPU revenue trends

ARPU Revenue split [%]

Encouraging sequential improvement in basic flat-fee ARPU revenues, supported by price

increase in 1Q13, resilience of core subscriptions

Continued pressure from premium subscription revenues although pace of yoy decline

slowed in 1Q13 to -11.5% (compared with -13.8% in 4Q12)

-1.5%

+0.3%

-11.5%

0.80

0.85

0.90

0.95

1.00

1.05

1Q12 2Q12 3Q12 4Q12 1Q13

Total Basic Premium

85% 86%

15% 14%

1Q12 1Q13

Basic Revenues Premium Revenues

18 18

Audiovisuals and Cinema revenues remained stable yoy at 17.1 million and 11.8 million

euros respectively

The market environment remains very tough in this segment however ZON is posting

better performance than the market as a whole, thus reinforcing its market share

Cinema Revenues [Millions of Euros]

Audiovisuals Revenues [Millions of Euros]

17.1 17.1

1Q12 1Q13

+0.1%

11.8 11.8

1Q12 1Q13

+0.2%

Audiovisuals and Cinema revenues: performance

ahead of the market, despite challenging

environment

19 19

ZAP already making relevant contribution

Revenues from ZON’s African JV in Angola in Mozambique grew by 55.8% to 33.4 million

euros in 1Q13 (ZON’s 30% stake represented 10 million euros)

International Revenues (30% stake in ZAP) [Millions of Euros]

6.47.3

9.1 8.810.0

1Q12 2Q12 3Q12 4Q12 1Q13

+55.8%

20 20

Cost savings materializing

Group-wide efforts to contain and adjust the cost structure to the challenging environment

are delivering results

OPEX fell by 2.5% to 131.2 million euros in 1Q13 with important savings being achieved in

practically all relevant cost lines

Excluding consolidation of ZAP, consolidated operating costs would have fallen further by

3%

Consolidated Operating Costs [Millions of Euros]

134.5131.2

1Q12 1Q13

(2.5)%

21 21

Operating Costs [Millions of Euros]

Cost savings materializing

W&S Direct Costs Commercial

Costs

Other Op.

Costs

Operating Costs

(millions of euros) 1Q13 Δ % Drivers

Other Operating Costs 43.9 (3.8%)3.8% decrease thanks to continued cost discipline driving savings in areas such as support services, maintenance and repairs and other

SGA

Commercial Costs 14.3 (11.5%)Decrease of 11.5% explained by a continued decrease in the level of sales commissions and marketing costs led by cost saving

initiatives

W&S 13.3 (6.5%)

Direct Costs 59.6 2.0%

ZON is making efforts to accommodate normal staff attrition levels without hiring. In the cinema business in particular, the number of

employees per multiplex has been adjusted down, along with the implementation of other cost and efficiency measures.

Increase mainly due to a higher level of traffic and capacity related costs and some increased cost of programming due to the launch of

some new exclusive channels and higher operating activity yoy. However sequential quarterly trends reflect a decline of 6% in Direct

Operating costs as a result of the efforts in recent quarters to achieve savings in these areas.

14.3 13.3

1Q12 1Q13

(6.5)%

58.4 59.6

1Q12 1Q13

+2.0%

16.2 14.3

1Q12 1Q13

(11.5)% 45.7 43.9

1Q12 1Q13

(3.8)%

22 22

Best quarterly EBITDA ever

Core Pay TV, Broadband and Voice margin grew by 3pp yoy to 42.2%, the best ever

quarterly level and a reflection of the ability to contain costs and improve efficiency

Group Margin grew by 1.6pp despite dilution from the other lower margin domestic

businesses. Although dilutive, ZAP’s EBITDA margin of almost 30% was already

remarkable given that breakeven was achieved just one year ago

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

Pay TV, Broadband and Voice EBITDA

and EBITDA Margin [Millions of Euros, %]

EBITDA Margin [%]

79.783.1

37.2%

38.8%

30%

31%

32%

33%

34%

35%

36%

37%

38%

39%

40%

30

40

50

60

70

80

90

1Q12 1Q13

+4.4%

75.379.5

39.2%

42.2%

30%

32%

34%

36%

38%

40%

42%

44%

30

40

50

60

70

80

1Q12 1Q13

+5.6% 37.3%42.2%

37.1% 38.8%

21.5%

12.3%

2.6%

29.9%

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

Pay TV, BB and Voice Group Aud + Cin * International

* Adjusted for 2.9 million euros one-off provision

23

Net Income [Millions of Euros]

Strong Net Income Growth of 12.5% yoy

(millions of euros) 1Q13 Δ % Drivers

Yoy decline of 2.3% to 54.6 million euros however in line with the previous quarterD&A 54.6 (2.3)%

Income Taxes 4.3 (7.4%)Income Taxes amounted to 4.3 million euros, representing an effective P&L tax rate of 27% which is slightly less than the normal corporate

tax rate of close to 29% due to the fact that the Angolan operation does not generate corporate tax

Net Financial Expenses 12.3 46.9%

Net Financial Expenses higher in 1Q13 at 12.3 million euros compared with 8.3 million euros in 1Q12, although just 6.2% higher than in

4Q12. The yoy increase is a result of a progressively higher average cost of interest as some of ZON’s older and less expensive financing

lines matured and with the entrance of the new retail bonds issued in June 2012. This effect is partially compensated by the lower average

level of consolidated debt

10.3

11.6

1Q12 1Q13

+12.5%

24

CAPEX stable at between 13-15% of Pay TV,

Broadband and Voice revenues

Total CAPEX [Millions of Euros]

Total CAPEX, Total CAPEX / Pay TV, BB and Voice

Revenues [Millions of Euros, %]

CAPEX levels significantly down on previous years as forecast

As percentage of Pay TV, BB and Voice revenues, CAPEX was 13.6% in 1Q13, still

including some growth related investment as well as non-recurrent CAPEX due to the

upgrade to MPEG4 in the DTH business

19.212.2

9.1

9.6

1.3

1.9

29.625.7

2.0

1Q12 1Q13

Pay TV, BB and Voice Infr. Terminal Equipment

Other Baseline CAPEX Non-Recurrent CAPEX

29.625.7

15.4%13.6%

00%

05%

10%

15%

20%

25%

30%

00

05

10

15

20

25

30

1Q12 1Q13

(13.1)% (13.1)%

25

Strong improvement in FCF generation

EBITDA - CAPEX [Millions of Euros]

Strong improvement in EBITDA-CAPEX led by the continously resilient EBITDA

performance and the decline in CAPEX, as forecast

Free Cash Flow generation was 15.6 million euros. Adjusted for the one-off, upfront

payment of 20 million euros under the renewal of the Portuguese Football League contract

for 3 additional football seasons ending July 2016, FCF would have more than doubled

to 35.6 million euros

Free Cash Flow [Millions of Euros]

50.1 51.154.5

34.1

57.4

1Q12 2Q12 3Q12 4Q12 1Q13

+14.7%

16.3

33.6

9.9

46.7

15.6

35.6

20.0

1Q12 2Q12 3Q12 4Q12 1Q13

+118.8%

Portuguese

Football

League

Contract

renewal

upfront

payment

26 26

Solid Capital Structure, deleveraging to

1.9x Net Financial Debt / EBITDA

Change in Net Financial Debt [Millions of Euros]

589.7

1.6

1.5

10.2

24.9

4.0

57.4

605.0

1Q13

Other Items

Income Taxes Paid

Net Interest Paid

Long Term Contracts

Non-Cash Items andWorking Capital

EBITDA-CAPEX

2013

Net Financial Debt of 589.7 million euros at the end

of 1Q13

Net Financial Debt / EBITDA of 1.9x

Average cost of debt of 5.55% in 1Q13

1.7 years of average maturity

27 27

Wrap-up

Excellent financial and operating performance. Sequential improvement in core

3P revenues and very strong take-up of IRIS

Best ever quarter in terms of EBITDA and Operating FCF generation, led by

efforts to adjust the cost structure and improve operating efficiency

Continued strong pace of growth in African JV

Important milestones achieved in merger process with almost unanimous

approval by ZON’s Shareholder Meeting and waiver by CMVM of mandatory

tender offer. Pending non-opposition from the Competition Authority (AdC)

Appendix Financial Highlights

Operational Highlights

29 29

Financial Highlights

(Millions of Euros) 1Q12 1Q13 ∆ y.o.y.

Operating Revenues 214.2 214.3 0.1%

Pay TV, Broadband and Voice 191.9 188.4 (1.8%)

Audiovisuals 17.1 17.1 0.1%

Cinema Exhibition 11.8 11.8 0.2%

International 6.4 10.0 55.8%

Other (13.0) (13.0) 0.0%

EBITDA 79.7 83.1 4.4%

EBITDA Margin 37.2% 38.8% 1.6pp

Pay TV, Broadband and Voice 75.3 79.5 5.6%

EBITDA Margin 39.2% 42.2% 3.0pp

Cinema and Audiovisuals 4.2 0.7 (84.5%)

EBITDA Margin 14.6% 2.3% (12.3)pp

International 0.2 3.0 n.a.

EBITDA Margin 2.6% 29.9% 27.2pp

Income from Operations 23.7 28.5 20.1%

Net Income 10.3 11.6 12.5%

CAPEX 29.6 25.7 (13.1%)

EBITDA minus CAPEX 50.1 57.4 14.7%

Net Financial Debt 644.6 589.7 (8.5%)

CAPEX as % of Revenues 13.8% 12.0% (1.8)pp

Net Financial Debt / EBITDA [x] 2.1x 1.9x n.a.

30 30

Operational Highlights

Note: Figures refer to Portuguese Operations

31

José Pedro Pereira da Costa

CFO

Maria João Carrapato

Head of Investor Relations

ir@zon.pt

ZON Multimedia

Rua Ator António Silva, 9

1600-404 Lisboa, Portugal

Tel.: +351 21 782 47 25

Fax: +351 21 782 47 35

Operational Highlights