P&L ULL Residencial P&L ULL Residencial

2007 2008 2007 LA LNA AVG

RECEITAS ULL AVG ULL AVG
ARPU 40.1 38.4 SERVICE REVENUES 40.1 40.1 40.1
Recurrent

Recurrent
SERVICE COSTS 13.8 14.3 SERVICE COSTS 13.8 13.8 13.8
SERVICE MARGIN 26.3 24.1 SERVICE MARGIN 26.3 26.3 26.3
66% 63% 66% 66% 66%
CONTRIBUTION MG 16.8 13.5 PRODUCTION MARGIN 16.8 16.8 16.8
42% 35% 42% 42% 42%

2007 2008
Setup costs

Setup costs
CAPU ULL AVG ULL AVG
ACQUISITION COSTS 288 389 ACQUISITION COSTS 275 321 288
Payback sem CAPEX 17 29 Payback sem CAPEX (m) 16 19 17 0.88

2007 2008 Split de activação 71.00% 29.00%

ULL AVG ULL AVG
Churn 1.9% 3.1% Churn 1.90% 1.90% 1.90%
LT 53 32 LT 53 53 53
WACC 8% 8% WACC 8% 8% 8%
LTV 456 1 LTV 468 422 455
2.52% 3.84% 2.90% média churn jan-jun08 (dados CRM)
2007: % split de angariação: 40% 12Mb; 60% 24Mb.
2008: % split de angariação: 10% 4Mb; 35% 12Mb; 55% 24Mb.

CAPEX 5.48% CAPEX 155.0 155.0

Payback com CAPEX (m) Payback com CAPEX (m) 26 28

 P&L ULL Residencial P&L ULL Residencial
2008
4 Mb 12 Mb 24 Mb AVG LA LNA AVG
SERVICE REVENUES 25.9 33.6 43.7 38.4 SERVICE REVENUES 38.4 38.4 38.4
ULL Voice 7.8 7.2 9.0 8.2 ULL Voice 8.2 8.2 8.2
Operator revenues 1.7 1.7 1.7 1.7 = forecast Operator revenues 1.7 1.7 1.7
ULL Net 16.5 24.7 33.0 28.4 ULL Net 28.4 28.4 28.4
SERVICE COSTS 12.5 13.0 15.5 14.3 SERVICE COSTS 14.3 14.3 14.3
Recurrent

Recurrent
Interconnection Voice 3.5 4.0 6.5 5.3 Interconnection Voice 5.3 5.3 5.3
Monthly fee to PT 9.0 9.0 9.0 9.0 Valor real ainda está mais elevado Monthly fee to PT 9.0 9.0 9.0
SERVICE MARGIN 13.5 20.6 28.2 24.1 SERVICE MARGIN 24.1 24.1 24.1
52% 61% 65% 63% 63% 63% 63%
PRODUCTION COSTS 10.0 10.4 10.9 10.6 PRODUCTION COSTS 10.6 10.6 10.6

PRODUCTION MARGIN 3.5 10.2 17.3 13.5 PRODUCTION MARGIN 13.5 13.4 13.4
13% 30% 40% 35% 35% 35% 35%
ACQUISITION COSTS 294 344 435 389 ACQUISITION COSTS 371 434 390
Setup costs

Setup costs
ACTIVAÇÃO 117 117 117 117 ACTIVAÇÃO 92 175 117
ANGARIAÇÃO 171 221 312 266 ANGARIAÇÃO 273 253 267
Outr custos Aquis/Angar 5 5 5 5 Outr custos Aquis/Angar 5 5 5
Payback sem CAPEX 84 34 25 29 Payback sem CAPEX (m) 28 32 29 0.88
Split de activação 10% 35% 55% Split de activação 70% 30%
Churn 3.1% 3.1% 3.1% 3.1% 3.18% Churn 2.1% 5.4% 3.1%
LT 32 32 32 32 LT 48 19 32
WACC 8% 8% 8% 8% WACC 8% 8% 8%
LTV -193 -47 66 1 LTV 179 -201 1

* % split de angariação: 10% 4Mb; 35% 12Mb; 55% 24Mb. 2.52% 3.84% 2.92% média churn jan-jun08 (dados CRM)

CAPEX 155.0 155.0 155.0 CAPEX 155.0 155.0

Payback com CAPEX (m) 128 49 34 Payback com CAPEX (m) 39 44

 P&L ULL Residencial P&L ULL Residencial
4 Megas 12 Megas 24 Megas LA LNA
SERVICE REVENUES 25.9 33.6 43.7 38.4 SERVICE REVENUES 38.4 38.4 38.4
ULL Voice 7.8 7.2 9.0 8.2 ULL Voice 8.2 8.2
Invoiced traffic 7.05 6.4 8.26 7.5 Invoiced traffic 7.5 7.5
Voice fee 0.0 0.0 0.0 Voice fee 0.0 0.0
Others 0.73 0.73 0.73 0.7 VALIDAR; forecast = 0,93€ Others 0.7 0.7
Operator revenues 1.7 1.7 1.7 1.7 = forecast Operator revenues 1.7 1.7
ULL Net 16.5 24.7 33.0 28.4 ULL Net 28.4 28.4
SERVICE COSTS 12.5 13.0 15.5 14.3 SERVICE COSTS 14.3 14.3 14.3
Interconnection Voice 3.5 4.0 6.5 5.3 Interconnection Voice 5.3 5.3
Monthly fee to PT 9.0 9.0 9.0 9.0 Valor real ainda está mais elevado Monthly fee to PT 9.0 9.0
SERVICE MARGIN 13.5 20.6 28.2 24.1 SERVICE MARGIN 24.1 24.1 24.1
Recurrent

Recurrent
52% 61% 65% 62% 63% 63%
PRODUCTION COSTS 10.0 10.4 10.9 10.6 PRODUCTION COSTS 10.6 10.6 10.6
NETWORK 4.8 4.8 4.8 4.8 NETWORK 4.8 4.8
IS / IT 2.1 2.1 2.1 2.1 IS / IT 2.1 2.1
CUSTOMER SERVICE 1.6 1.6 1.6 1.6 CUSTOMER SERVICE 1.6 1.6
LOYALTY 0 0 0 0.0 LOYALTY 0.0 0.0
Other Rec. Marketing & Commercial Costs
0.0 0.0 0.0 0.0 Other Rec. Marketing & Commercial Costs 0.0 0.0
0.0
OTHER 1.6 2.0 2.5 2.2 OTHER 2.2 2.2
Financial Costs 0.3584 0.4 0.4 Financial Costs 0.4 0.4
Bad Debt 1.2 1.6 2.1 Bad Debt 1.8 1.8

PRODUCTION MARGIN 3.5 10.2 17.3 13.5 PRODUCTION MARGIN 13.5 13.4 13.4
13% 30% 40% 35% 35%
ACQUISITION COSTS 296.9 346.9 437.9 391.9 ACQUISITION COSTS 370.8 433.9 392.3
ACTIVAÇÃO 120.5 120.5 120.5 120.5 ACTIVAÇÃO 92.3 175.4 120.5
PT PT 53.1 91.5
PT LL Setup PT LL Setup 39.9 48.0 48.2
PT Line setup PT Line setup 0.0 61.0
Portabilidade Portabilidade 5.7 0.0
Outsourcing Instalações clientes Outsourcing Instalações clientes 0.0 50.0 avg valor outsourcing (há desperdicio)
Outsourcing Avarias Activações Clientes Outsourcing Avarias Activações Clientes 7.5 7.5
Receitas de Activação (Net e Voz) Receitas de Activação (Net e Voz) 0.0 75.0 82.5 inclui instalação linha (avg LNA)
OUTSOURCING OUTSOURCING 0.6 11.1
NETWORK NETWORK 10.1 29.3
Co-instalação na Central (co-localização fisica) Co-instalação na Central (co-localização fisica) 9.3 9.3
Outsourcing Avarias Activações - Rede Outsourcing Avarias Activações - Rede 0.9 7.3
Outsourcing Gestão Projecto (OAT) Outsourcing Gestão Projecto (OAT) 0.0 12.7

IS / IT IS / IT 8.5 8.5
Cliente - Activis Cliente - Activis 4.3 4.3 4.3
Rede - Dimension (Cramer) Rede - Dimension (Cramer) 4.2 4.2 4.2
0.0
CUSTOMER SERVICE CUSTOMER SERVICE 20.0 35.0 25.1
Unidade Contacto 11.0 11.0 11.0 Unidade Contacto 11.0 11.0
SAC 10.2 10.2 10.2 SAC 10.2 10.2
Centro Correspondência 0.8 0.8 0.8 Centro Correspondência 0.8 0.8
Setup costs

Setup costs

Unidade Operações 14.2 14.2 14.2 Unidade Operações 14.2 14.2

Activações & Apoio Comercial 13.8 13.8 13.8 Activações & Apoio Comercial 13.8 13.8
Facturação 0.0 0.0 0.0 Facturação 0.0 0.0
Controlo Crédito 0.4 0.4 0.4 Controlo Crédito 0.4 0.4
Unidade Desenvolvimento 0.0 0.0 0.0 Unidade Desenvolvimento 0.0 0.0
Custos Gerais CC 0.0 0.0 0.0 Custos Gerais CC 0.0 0.0
ANGARIAÇÃO 170.9 220.9 311.9 265.9 ANGARIAÇÃO 273.1 253.1 266.3
Revenues -19.4 -19.4 -70.4 -47.5 Revenues -47.5 -47.5 -47.5
Marketing 36.0 36.0 36.0 36.0 Marketing 36.0 36.0 36.0
Advertising 20.7 20.7 20.7 Advertising 20.7 20.7
Merchandising 15.2 15.2 15.2 Merchandising 15.2 15.2
Outros Custsos 0.0 0.0 0.0 Outros Custsos 0.0 0.0
Commisions 75.0 125.0 165.0 142.0 CAPU 1Q08 Comercial 150.0 130.0 143.2
Outros custos comerciais 31.9 31.9 31.9 31.9 Outros custos comerciais 31.9 31.9
Telemarketing 18.1 18.1 18.1 Telemarketing
Espaço 9.8 9.8 9.8 Espaço
Promoters 3.5 3.5 3.5 Promoters
Outros Custos Comerciais 0.5 0.5 0.5 Outros Custos Comerciais 0.5 0.5
Logistica 8.6 8.6 8.6 8.6 Logistica 8.6 8.6 8.6
Armazém 2.9 2.9 2.9 Armazém 2.9 2.9
Transportes 4.3 4.3 4.3 Transportes 4.3 4.3
Equipa Logistica & Outros 1.4 1.4 1.4 Equipa Logistica & Outros 1.4 1.4

OUTROS CUSTOS Aquisição/Angariação5.5 5.5 5.5 OUTROS CUSTOS Aquisição/Angariação 5.5 5.5
Imposto de Selo 5.0 5.0 5.0 Imposto de Selo 5.0 5.0
Serviço GOM -0.7 -0.7 -0.7 Serviço GOM -0.7 -0.7
Georeferenciação 1.1 1.1 1.1 Georeferenciação 1.1 1.1

Payback sem CAPEX (m) 85 34 25 29 Payback sem CAPEX (m) 28 32 29

10% 35% 55% 66% 34%
Churn 2.60% 2.60% 2.60% 2.60% Churn 2.52% 3.84% 2.97% média churn jan-jun08 (dados CRM)
LT 38.5 38.5 38.5 38.5 LT 39.7 26.0 33.7
WACC 8% 8% 8% 8% WACC 8% 8% 8%
LTV -178.8 -0.7 147.7 63.1 LTV 96.8 -114.3 11.9

CAPEX 155.0 155.0 155.0 CAPEX 155.0 155.0

Payback com CAPEX (m) 129 49 34 Payback com CAPEX (m) 39 44

ARPU 4Mb 7.05
ARPU 12Mb 6.43
ARPU 24Mb 8.26
8.46

CPU 4Mb 3.48

CPU 12Mb 3.99
CPU 24Mb 6.50
3.71

4Q07
Voice fee 0.8
Portability 0.8
Discounts -0.1
1.5
 Jan-08 Feb-08 Mar-08 Apr-08
EOP Churn EOP Churn EOP Churn EOP Churn
LNA 25828 1032 27576 561 28623 944 25937 2156
4.0% 2.0% 3.3% 8.3%
LA 119755 2864 119791 2461 118820 3302 116275 4064
2.4% 2.1% 2.8% 3.5%
Grand Total 145583 3896 147367 3022 147443 4246 142212 6220.08
2.7% 2.1% 2.9% 4.4%

28.57
 May-08 Jun-08 Jul-08
EOP Churn EOP Churn EOP Churn
29881 494 30092 1167 28686 4774
1.7% 3.9% 16.6% 5.69 5.69%
116635 2149 117376 3075 115691 2380
1.8% 2.6% 2.1% 2.46%
146516 2643.02 147468 4242 144377 7154
1.8% 2.9% 5.0% 2.46 3.09%
 P&L ULL Residencial
2008
Produto TVCABO
SERVICE REVENUES 21.4
ULL Voice 7.2
Invoiced traffic 7.0
Voice fee 0.0
Others 0.7
Operator revenues 1.7
ULL Net 12.5
Recurrent

SERVICE COSTS 12.5

Interconnection Voice 3.5
Monthly fee to PT 9.0
Internet Traffic 0.0

SERVICE MARGIN 8.9

42%

PRODUCTION COSTS 9.8

PRODUCTION MARGIN -0.8

-4%
Setup costs

ACQUISITION COSTS 246

Payback sem CAPEX -290

Com TP Noites Com TP Clix Sem Limtes
24.7 26.0
10.5 11.8
6.4 4.8
3.3 6.2
0.7 0.7
1.7 1.7
12.5 12.5

13.0 13.0
4.0 4.0
9.0 9.0
0.0 0.0

11.7 13.0
47% 50%

9.9 10.0

1.8 3.0
7% 12%

246 246

137 82