1 1

30 JULY 2010

1H10

RESULTS ANNOUNCEMENT 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

1. Continued Strong

Operating Performance

4 4

+ 9.5% Operating Revenues

+15.9% EBITDA

+41.7% Net Profit

572 thousand triple play subs; 49% penetration

100k ZON Fibra customers

700k fixed voice subs

ARPU +6.2%

11th consecutive quarter of growth and ahead of

expectations

Highlights of 2Q10

5 5

#1 or #2 in all Key Markets

Position

1Q10 Market

Share

2Q10

Subscribers

Triple Play

Pay TV

Broadband

Fixed Voice

45%(E)

62%

33%

18%

572 thousand

1.6 million

650 thousand

692 thousand

6 6 6

Almost 50% of cable subs with 3P services

RGUs per Sub [Units]

571.9 thousand customers subscribe to ZON’s 3P bundles and another 186.3 thousand to

2P bundles.

Triple play penetration increased by 3.4 p.p. in 2Q10 to 49%

Each customer, on average, subscribes to 2.31 services, compared with 2.02 a year ago.

ZON cable customer profile [%]

33%49%

23%16%

44% 35%

2Q09 2Q10

Triple Play Double Play Single Play

2,02 2,10 2,172,26 2,31

2Q09 3Q09 4Q09 1Q10 2Q10

+14.7%

7 7

Leading TV Clear leader in HD

• We have the largest HD offer in Europe

• We have the best channels

Clear leader in 3D

• The first 3D channel

• The first live golf and football broadcasts

in 3D in Portugal

The largest video club in Portugal

• 3 thousand titles in cataogue

• The largest HD catalogue

Widgets launched in 2Q10

• 5.5 million clicks

• 270 thousand ZON Boxes accessed

service

1,6

0,7

62%

25%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0, 0

0, 2

0, 4

0, 6

0, 8

1, 0

1, 2

1, 4

1, 6

1, 8

ZON # 1 # 2

Pay TV customer base 2Q10 and Market

Share 1Q10 [Millions, %]

7

Portuguese Premier League Sponsorship

• Premier League main sponsor, jointly

with Sagres

• Greater brand awareness and showcase

of leadership in HD and 3D in this

segment

8 8

Strong uptake of digital services

Strong uptake of digital services with 743

thousand ZON HD Boxes installed

Around 60% of digital customer base

already have the new HD ZON Box,

enabling use of new TV features:

• HD viewing,

• Pause Live TV

• VoD

• Widgets

• EPG

•PVR

ZON HD Boxes installed [Thousands]

292,3

417,4

545,5

662,9742,7

10%

20%

30%

40%

50%

60%

70%

0

100

200

300

400

500

600

700

800

2Q09 3Q09 4Q09 1Q10 2Q10

2.5x

8

9 9

Leading Next Generation Services

In 1Q10, ZON already had an implied share of NGN services of almost 60%

In 2Q10, ZON launched a new generation of its internet gateway, ZON Hub, which enables

broadband connectivity of up to 200 Mbps around the house and PBX functionalities.

ZONs WiFi network has proven to be a real success with over 100 thousand access points

spread around the country

Broadband customer mix [Thousands, %]

Broadband Subs and Penetration of

cable base [Thousands, %]

100k

ZON

Fibra

subs in

July

572,6

650,1

49%

56%

30%

35%

40%

45%

50%

55%

60%

65%

70%

200

250

300

350

400

450

500

550

600

650

700

2Q09 2Q10

+13.6%

9

10% 8%

50% 46%

39%32%

0,7% 14%572,6 650,1

520, 0

540, 0

560, 0

580, 0

600, 0

620, 0

640, 0

660, 0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2Q09 2Q10

2 Mbps 5 - 10 Mbps 20 -30 Mbps ≥ 50 Mbps

10 10

The strongest growing fixed voice operator

700k fixed voice subs in July

Fixed Voice Subs and

Penetration [Thousands, %]

Fixed voice subs increased by almost 45% in 2Q10 compared with the previous year and in

July surpassed 700 thousand.

We are already the second largest operator in terms of subscribers with a market share of

18% at the end of 1Q10. ZON is the only major operator presenting growth.

Mobile subs grew to 92.3 thousand, 59 thousand more than in 2Q09.

Fixed Voice net adds 1Q09-

1Q10 [Thousands]

478,6

692,0

41%

58%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0, 0

100, 0

200, 0

300, 0

400, 0

500, 0

600, 0

700, 0

800, 0

2Q09 2Q10

226,7

195,5

ZON Market

10

+44.6%

33,4

92,3

2Q09 2Q10

2.8x

Mobile Subscribers [Thousands]

11 11

Growth delivering Value

Blended ARPU increased 6.2% y.o.y. to 35.6 euros, driven by growth in RGUs and 3P

penetration.

On average, a 3P customer generates an ARPU that is 2.1x greater than a 1P customer.

In 2Q10, ARPU also benefitted from the 2-3% price increase across the board that was

announced in 1Q10 and implemented 1 May, 2010.

Blended ARPU [Euros]

Multiple service ARPU premium [ARPU Single Play = 1]

1,0

2,1

1P 3P

11

33,634,0

35,0 35,235,6

2Q09 3Q09 4Q09 1Q10 2Q10

+6.2%

12

The greatest coverage

with the highest bandwidth

Network independence

Greater operational flexibility

and cost efficiency

Eurodocsis 3.0 upgrade almost complete

2,8 million homes with up to 200 Mbps

Systems migrated to a new ZON data centre in

2Q10

Project underway in 2010/2011 to migrate site

currently on incumbent premises to ZON

premises

Focus on leading NGN momentum

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13

The best customer service

Complaints in 2009 [source DECO]

ANACOM reports that our

main competitor has 2.5 x

more complaints than

ZON

Complaints / 1,000 services in 2009 [Source ANACOM]

13

1,8

4,9

Cable - ZON IPTV

1.3231.794

2.644

4.492

ZON Operator

A

Operator

B

Operator

C

14 14

1.7 million tickets sold in 2Q10, increase in average revenue per ticket of 5% to 4.6

euros

Digitalization project complete thus enabling higher operational and cost efficiency

The largest number of 3D projection systems in Portugal: 60 3D screens, an average of

2 screens per multiplexer.

Around 26% tickets sold is for a 3D movie

Leadership in 3D and Digitalization

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15 15

Leading cinema distribution

ZON Lusomundo distributed 8 of the 10 films that beat the 200k spectator mark in 1H10.

Dreamia’s market share of total audience increased to 5.4% at the end of 1H10,

compared with 4.7% at the end of 1H09.

Audience of Dreamia’s children’s channels within the total audience for children’s

channels increased to 61.7% (13.7% of total cable audience).

Share of cinema distribution revenues 2Q10 [%]

15

ZON60,4%

Columbia23,8%

Castello Lopes6,3%

Others9,5%

16 16

ZAP launch in Angola

We are reinforcing our offer with a number of very

relevant channels, such as Sony / AXN, FOX, Panda,

SIC Notícias, TVI Internacional, Económico TV, ZAP

Novelas.

As from August 1, we will be broadcasting Sport TV

Africa, exclusive to ZAP’s network with exclusivity of the

Portuguese Football League, “Liga ZON Sagres”

We recently launched a very targeted marketing

campaign with a focus on the local market, and we are

in the process of strengthening our network of own

stores and distribution agents.

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17

2. Supported by

Solid Financial Indicators

18 18 18

Revenues driven by RGU and ARPU growth

Operating Revenues [Millions of Euros]

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

394,8429,7

1H09 1H10

197,4

216,2

2Q09 2Q10

+9.5%

179,2

197,6

2Q09 2Q10

+8.8%

356,9

390,2

1H09 1H10

+9.3%

+10.2%

19 19

24,4

27,8

1H09 1H10

27,4

34,5

1H09 1H10

Improving Sequential Trends in Audiovisuals

and Cinema Revenues Audiovisuals Revenues [Millions of Euros]

Cinema Revenues [Millions of Euros]

13,1

19,0

2Q09 2Q10

11,812,1

2Q09 2Q10

+2.3% +44.6%

+25.9% +13.6%

20 20 20

Focus on efficiency and cost discipline Operating Costs 2Q10 / 2Q09 [Millions of Euros]

131,6140,0

2Q09 2Q10

+6.4%

266,4280,1

1H09 1H10

+5.2%

Operating Costs

(millions of euros) 1H10 Δ % Drivers

Higher fixed and mobile traffic interconnection charges and telecom capacity due to higher volume of traffic

Higher programming costs related with the introduction of new channels and some new HD content

Increase in royalty charges at Audiovisuals and Cinemas due to increase level of activity and royalty charges

Other Operating Costs 92.9 (0.6%) Remained flat over 1H09, a clear sign of cost discipline in general and administrative areas

Lower sales commission charges, due to more efficient mix of sales channels Commercial Costs 34.6 (11.4%)

W&S 28.8 5.0%

Direct Costs 123.8 16.4%

5.0% y.o.y. increase, but stable q.o.q.

Operating Costs 1H10 / 1H09 [Millions of Euros]

21 21 21

128,4

149,5

32,5%

34,8%

30, 0%

31, 0%

32, 0%

33, 0%

34, 0%

35, 0%

36, 0%

37, 0%

38, 0%

50, 0

70, 0

90, 0

110, 0

130, 0

150, 0

170, 0

1H09 1H10

65,8

76,2

33,3%

35,3%

30, 0%

31, 0%

32, 0%

33, 0%

34, 0%

35, 0%

36, 0%

37, 0%

38, 0%

30, 0

35, 0

40, 0

45, 0

50, 0

55, 0

60, 0

65, 0

70, 0

75, 0

80, 0

2Q09 2Q10

Operational Profitability, Solid EBITDA growth

+15.9% +16.5%

EBITDA and EBITDA Margin 2Q10 / 2Q09 [Millions of Euros, %]

EBITDA and EBITDA Margin 1H10 / 1H09 [Millions of Euros, %]

22 22

Net Income – 22.9 million euros in 1H10 Net Income 2Q10 / 2Q09 [Millions of Euros]

Net Income 1H10 / 1H09 [Millions of Euros]

9,6

13,6

2Q09 2Q10

+41.7%

16,8*

22,9

1H09 1H10

+36.2%

* Net Income adjusted for the capital gain resulting from the sale of the 40% in Lisboa TV in 1Q09.

(millions of euros) 1H10 Δ % Drivers

Higher operational investment in customer terminal equipment

Remained flat QoQ

Not directly comparable to 1H09 due to capital gain from sale of 40% stake in Lisboa TV in 1Q09

Net Interest charges decreased by 21% yoy due to lower level of gross debt and lower interest rate environment

Equity Consolidation of negative Net Income of Angolan operation in the amount of 2.3 million euros in 1H10

Significant YoY decrease in 1H10 due to impact of capital gain from sale of 40% stake in Lisboa TV in 1Q09

Positive impact of increase in corporate tax in deferred taxes and tax benefits for investments in research and development and NGN Income Taxes (70.4%)

D&A 105.2 22.6%

Net Financial Expenses 16.2 n.a.

(3.9)

23 23

Decline in Recurrent CAPEX

Focus on operational and cost efficiency -

impact of lower average cost of terminal

equipment

Increase in the proportion of equipment

reinjected in to the distribution chain.

Recurrent CAPEX, % of Operating

Revenues [Millions of Euros, %]

Increase in non-recurrent CAPEX due to

investment in own network to replace

infrastructure currently leased from the

incumbent and to the investment to build

ZON’s data centre which started operating

in 2Q10

Total CAPEX [Millions of Euros]

41,5

14,9 44,9

56,3

2Q09 2Q10

Baseline CAPEX Non-Recurrent CAPEX

+25.4%

20,9 16,8

0,93,6

23,0 21,1

44,9 41,5

2Q09 2Q10

Terminal Equipment Other Baseline CAPEX

Pay TV, BB and Voice Infrastructure

(7.6)%

23% 19%

24 24 24

Sound Capital Structures and Adequate Debt

Maturity

2,2x

2,3x

2,6x

1H10

2009

1H09

Net Financial Debt [Millions of Euros]

Net Financial Debt / EBITDA [X]

615,8

24,1

39,4

49,9

72,7

54,0

4,0

635,7

2009

Working Capital

EBITDA -CAPEX

Dividends Paid

Sale/ Acq of Own Shares

Long Term Contracts

Other Items

1H10

25

3. Wrap Up

26 26

Continued strong operational momentum

Leading the deployment of NGN networks: 2.8 million homes passed with Eurodocsis 3.0,

delivering broadband speeds of up to 200 Mbps

One of the fastest growing operators in the sector:

Total Operating Revenue growth of +9.5%

Clear focus on profitability:

EBITDA is growing well above Revenues at +15,9%

A rational, customer driven investment strategy, focused on reducing costs whilst at the

same time increasing operational flexibility and independence from the incumbent

operator.

Wrap-up

27

Appendix

Financial Highlights

Operational Highlights

28 28 28

Financial Highlights

(Millions of Euros) 2Q09 2Q10 ∆ y.o.y. 1H09 1H10 ∆ y.o.y.

Operating Revenues 197.4 216.2 9.5% 394.8 429.7 8.8%

Pay TV, Broadband and Voice 179.2 197.6 10.2% 356.9 390.2 9.3%

Audiovisuals 13.1 19.0 44.6% 27.4 34.5 25.9%

Cinema Exhibition 11.8 12.1 2.3% 24.4 27.8 13.6%

Other (6.8) (12.4) 83.2% (14.0) (22.8) 63.4%

EBITDA 65.8 76.2 15.9% 128.4 149.5 16.5%

Income from Operations 25.9 24.1 (7.2%) 42.6 44.3 4.1%

NET INCOME 9.6 13.6 41.7% 29.1 22.9 (21.2%)

CAPEX 44.9 56.3 25.4% 90.6 110.2 21.6%

EBITDA minus CAPEX 21.6 19.9 (7.9%) 40.2 39.4 (2.1%)

Net Financial Debt 638.8 635.7 (0.5%) 638.8 635.7 (0.5%)

EBITDA margin (%) 33.3% 35.3% 1.9pp 32.5% 34.8% 2.3pp

CAPEX as % of Revenues 22.7% 26.0% 3.3pp 22.9% 25.6% 2.7pp

Net Financial Debt / EBITDA [x] 2.6x 2.2x n.a. 2.6x 2.2x n.a.

29 29 29

Operational Highlights

30

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