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

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2 Important Notice 2 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 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.

3 From incumbent to attacker 3 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

4 PT Multimédia Today A Strong Growth Platform 4 Highlights No.1 Pay-TV operator in Portugal: Cable + DTH 100% coverage Leading content No.2 broadband operator in Portugal leader in footprint Nascent voice service launched in January 2007 No.1 in Audiovisuals and Cinema Exhibition Subscriber base Pay-TV Cable: 1,081k DTH: 440k Broadband 387k Voice 54k RGU per sub (including DTH) 1.29 RGU per sub (excluding DTH) ,521k Key financials 2006 revenues million 2006 y-o-y 9M 07 y-o-y Audiovisuals Cinemas 5% 7% Revenue % % EBITDA % % Margin 31.7% 32.4% Pay-TV and Broadband 88% Leading media and communications company with multiple growth opportunities 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

5 Strong growth is already a reality at PTM 5 RGUs 000s Blended ARPU RGU per cable sub % CAGR 1,754 1,827 1,842 1, % CAGR ,449 1,479 1,480 1, M 2007 Pay-TV subscribers RGUs M 2007 Revenue EBITDA 1 million % CAGR million % CAGR 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

6 and unique financial performance in the Portuguese market 6 Higher revenues (+8% vs 9M06), driven by RGU s and ARPU growth million y.o.y translates into high EBITDA growth. million y.o.y +7% +8% +8% +8% +7% +8% Q.07 2Q.07 3Q.07 1Q.07 2Q.07 3Q.07 And a controlled level of CAPEX 1 million leads to increasing EBITDA - CAPEX million y.o.y -39% -49% -33% y.o.y 103% 137% 71% Q.07 2Q.07 3Q.07 1Q.07 2Q.07 3Q Q 2006 includes 19 million from the leasing of additional transponders.

7 PTM Market Positioning Offers Significant Growth Opportunities 7 Pay-TV Broadband Fixed Telephony Market volume (2005) 470m 670m 1,400m PTM clients ( 000, Septemebr 07) 1, PTM market share 80% 25% ~1% PTM network coverage 100% 63% 61% GROWTH POTENTIAL Source: ANACOM Statistics 2005

8 Advanced and Scalable Network in Place 8 Cable network 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 enabled 98% bi-directional, enabling broadband services 96% VoIP compliant 45% 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 analysed Superior long term broadband capability Additional fibre deployment in 2006 / 2007 is enabling an improvement in quality of service and delivery of higher speeds DTH platform Nationwide coverage of TV services through satellite network 7 transponders from Hispasat Conditional access system by Nagra

9 Leading content offering 9 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)

10 Benefits of Spin-Off from Portugal Telecom 10 Operational autonomy and independent management 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 Greater regulatory flexibility 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 Increased competitiveness and agility Strategic flexibility PT Multimedia strategy sole focus Greater strategic flexibility for management, including targeted acquisitions Increased flexibility in shareholder remuneration

11 Growing Revenues, Stable Costs 11 Operating leverage Trends million Significant incremental revenues without ramp up in SG&A Revenue up 31% 2002 to 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 Revenues Operating Costs Note: and 2003 data as reported under Portuguese GAAP. All data excludes contribution of Media Business (Lusomundo Media) sold in 2005

12 Financial Flexibility 12 Net debt/ EBITDA LTM x 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 Liberty Global Virgin Media Sogecable Telenet Premiere Source : Company Data, Datastream, Equity Research Reports Notes 1. Excludes impact of acquisition of Bragatel, Pluricanal Leiria, and Pluricanal Santarém EBITDA LTM = EBITDA 9M 07 + EBITDA 2006 EBITDA 9M 06. BSkyB PT PTM¹ Multimedia Polska

13 Well Defined Growth Opportunities 13 Further develop Pay-TV market Underpenetrated broadband market Penetration at 41% vs. 60% European average 1 Add further local and exclusive content to attract subscribers and up-sell Develop on-demand platform Broadband penetration below European average 1 Coverage strength and DOCSIS 3.0 potential of cable network Exploit telephony opportunity 1.4 billion Portuguese fixed telephony market: 3x size of Pay-TV market Voice launched in January 2007: 54,000 subscribers by 3Q-07 without number portability Lynchpin service: cut off incumbent from customer Reap benefits of bundling Implement off cable network strategy Cross-sell between Pay-TV, broadband and voice underexploited to date Differentiates PT Multimédia in the market Reduces churn and drives Pay-TV and broadband penetration Enables multi-play economies Expand addressable broadband and voice market Bundling with DTH Pay-TV services Note: 1. Source: Economist Intelligence Unit

14 Well positioned for future value creation 14 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

15 Next Steps Oct to 7 Nov Spin-off Effective End 2007 / Beg 2008 Deadline for Corporate Name Change Jan 2008 Investor Day Feb 2008 PT Multimédia 2007 Full Year Results

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