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WRAP-UP AZeinal Bava| Chief E

Lisbon, 2

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IMPORTANT NOTICE

This release contains forward-looking statements within the meaning of the U

Securities Litigation Reform Act of 1995. Such forward-looking statements arestatements of historical facts, and reflect goals of the company's management

The words "anticipates," "believes," "estimates," "expects," "forecasts," "intends,""predicts, "projects" and "targets" and similar words are intended to identify tforward-looking statements, which necessarily involve known and unknown runcertainties. Accordingly, the results of operations of the company to be ach

be different from the company's current goals and the reader should not placereliance on these forward-looking statements. Forward-looking statements spof the date they are made, and the company does not undertake any obligatiothem in light of new information or future developments.

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NETWORKS AND INFRASTRUTUREKey take-aways

End of network and infrastructure investment cycle to meet custand monetise on data growth

Best coverage, best speeds and highest reliability enablinnovative services and best customer experience across all se

Build out of a fully convergent, all-IP network to provide sea

high-quality access on all platforms in a cost efficient w

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BUSINESS-TO-CONSUMERKey take-aways

Residential transformation leveraging on advanced TV services,bundles and superior customer experience with fibre

Explore convergence to grow market share leveraging on uniqnamely customer base, brands, sales channels, targeting and e

Strategy focused on mobile data and tiered flat pricing pla

drive usage in personal mobile

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BUSINESS-TO-BUSINESSKey take-aways

Comprehensive B2B offering critical to address increasingly segmcomplex demands from enterprises

Uniquely positioned to build new data revenue streams from thopportunities in cloud

Clear understanding of the key success factors to explore new

opportunities, namely skills, partnerships and executio

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OPERATIONSKey take-aways

IT transformation is playing a key role in improving efficiencenabling convergence

Efficiency improvements from IT, FTTH and 4G will continue tocost reduction and profitability

Productivity improvements with rollout of new generation ne

increased IT utilisation and field force transformation

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INNOVATIONKey take-aways

Structured management of capital allocation with an integinnovation roadmap

Competitive time to market with successful launches inew opportunity areas

Partnerships with global innovators and with leading Portuguese

to create an innovation ecosystem and share risks

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UNIQUELY POSITIONED TO CREATE VALUETHROUGH THE NEXT CYCLE

COPEXChurnShare-of-wallet

Fibre penetration

Efficiency gainsdriven by IT andprocessvirtualisation

Improvingefficiency of touchpoints

Fibre and triple-play penetration

Flat rate andsmartphonepenetration

Customerexperience andretention

New B2C services(e.g., cloud, VAS on

TV, mobile data)

New B2B solutions(e.g., cloud, IT out-sourcing M2M andadvanced solutions)

Market share

(customers)

Grow householdpenetration

Captureconvergence cross-selling opportunity

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WRAP-UP A

Zeinal Bava| Chief E

Lisbon, 2