PORTUGAL 08 2013 Feb. MEDIA Media Update (Prime) time to buy Impresa

YE13 Price Latest Upside Risk Mkt Cap Avg Daily
We updated our Media valuations (Impresa, Media Capital and Cofina) Rec. Target (€) Price (€) Potential Rating (€mn) Vol 3m (k) following fine tune in Media Market estimates, postponed RTP private-owned Impresa 0.80 0.44 82% Buy High 74 44.5 Media Capital 2.45 0.87 182% - - 74 0.0 to 2017 and updated WACC. Overall, all Media players were revised upwards, Cofina 0.58 0.57 1% Neutral High 58 16.4 strongly benefiting from updated Portuguese Sovereign 10-year Government Prices as at 07-February -2013 Bonds (to 8% from 10%) while benefits from postponed RTP privatization scenario to 2017 (from 2H13) were partially offset by downwards revision in advertising market.

2010 2011 2012E 2013E
Changes in Media market estimates & new RTP privatization scenario led us believe Impresa keep showing a Buy opportunity (price target €0.80 YE13, Impresa Buy recommendation, High Risk) while Cofina (price target €0.58 YE13, Turnover (€ mn) 271.1 249.8 229.8 221.3 Neutral recommendation, High Risk) lowered speculative angle penalized by EBITDA (€ mn) 33.7 22.3 20.1 24.6 reduced possibility to have a FTA TV channel. Net Income (€ mn) 10.1 -35.1 1.9 2.0
We updated our Impresa`s valuation model based on latest figures, updated EPS (€) 0.06 -0.21 0.01 0.01 advertising markets estimated growth and revised WACC calculation . Impresa P / E (x) 23.4 -2.3 39.5 36.7 px target was revised upwards from €0.55 YE13 to €0.80 YE13, Buy EV / EBITDA (x) 14.5 9.2 8.5 7.1 recommendation, High Risk. Fine-tune in estimates (€0.05 increase in px Media Capital target) reflected postponing RTP privatization to 2017 (which was partially Turnover (€ mn) 249.0 224.4 182.1 175.3 offset by downwards revisions in estimated revenues and an increasing tough EBITDA (€ mn) 39.5 28.6 37.3 29.9 environment) while changes in WACC had a €0.20 positive impact on px Net Income (€ mn) 12.4 1.2 10.2 10.4 target (following the decline of the Portuguese Sovereign 10Y Government EPS (€) 0.15 0.01 0.12 0.12 Bonds, we updated the local sovereign yield to 8% from 10%. P / E (x) 27.3 119.7 7.2 7.1
We fine-tuned our Cofina`s valuations, based on latest figures, revised EV / EBITDA (x) 11.5 8.1 4.8 5.2 media market estimates and updated WACC. Our Cofina`s price target Cofina was revised upwards to €0.58 YE13 from €0.51 YE13 (Neutral Turnover (€ mn) 136.3 126.7 115.2 109.0 recommendation, High Risk). Fine-tune in estimates (€0.05 decrease in px EBITDA (€ mn) 23.1 19.8 15.7 14.4 target) reflected an increasing tough scenario in press (both on Newspapers Net Income (€ mn) 5.02 4.8 6.0 5.2 and Magazines) while changes in WACC had a €0.12 positive effect. EPS (€) 0.05 0.05 0.06 0.05
We revised upwards Media Capital price target to €2.45 YE13 from €2.15 P / E (x) 14.1 16.2 8.9 10.3 YE13 (keeping no recommendation, given low free-float: 0.26%). Updated EV / EBITDA (x) 9.6 8.4 9.2 9.6 px target benefited from fine-tune in estimates (+€0.05 positive effect) while Source: Company data and Millennium investment banking changes in WACC had a €0.25 positive impact on price target. Prices as at 07-February-2013
Following increasing austerity measures from 2013 State Budget, we revised

downwards our Media market advertising growth estimates in Portugal (2012 from -13% to -18%; 2013 from -6.6% to -7.2%, penalized by downwards revision in FTA TV from-13% % to -19% in 2012). Recall we estimate a 0.0%

CAGR 11-21 (from 0.5%). We expect Internet will keep positive trend while Press and FTA TV will strongly decline. Since we estimate revenues (advertising & circulation) will keep negative trend (no credible alternative revenues), we believe Media Players will have to keep strong costs Av. José Malhoa, 27 – 5º management. 1099-010 Lisboa
Portuguese Government decided to postpone “sine die” a possible sale via Telephone +351 21 721 8000 privatization/concession of state-owned channel RTP1 while expects an Facsimile + 351 21 721 8000 advertising market recovery. In our new base case scenario, we are assuming

that RTP will be privatized from 2016 (impact on 2017 numbers). João Flores + 351 21 0037830 [email protected]

All prices are those of the end of the trading session unless otherwise indicated. For important Disclosure and Disclaimer go to the second last page.

Millennium investment banking Media 08 February 2013

Contents

3 Investment Case

5 RTP

8 Advertising market

12 Advertising market – Future trends

13 Impresa

23 Media Capital

33 Cofina

42 Diclosures

2

Millennium investment banking Media 08 February 2013

Investment case

We updated our Media valuations (Impresa, Media Capital and Cofina) following fine tune in Media Market estimates postponed RTP private-owned to 2017 and updated WACC. Overall, all Media players were revised upwards, strongly benefiting from updated Portuguese Sovereign 10-year Government Bonds (to 8% from 10%) while benefits from postponed RTP privatization scenario to 2017 (from 2H13) were partially offset by downwards revision in advertising market. Changes in Media market estimates & new RTP privatization scenario led us believe Impresa keep showing a Buy opportunity while Cofina lowered speculative angle penalized by reduced possibility to have a FTA TV channel.

Following increasing austerity measures from 2013 State Budget, we revised downwards our Media market advertising growth estimates in Portugal (2012 from -13% to -18%; 2013 from -6.6% to -7.2%, penalized by downwards revision in FTA TV from-13% % to -19% in 2012). Recall we estimate a 0.0% CAGR 11-21 (from 0.5%). We expect Internet will keep positive trend while Press and FTA TV will strongly decline. Since we estimate revenues (advertising & circulation) will keep negative trend (no credible alternative revenues), we believe Media Players will have to keep strong costs management.

Media companies:

i) We updated our Impresa`s valuation model based on latest figures, updated advertising markets estimated growth and revised WACC calculation. Impresa price target was revised upwards from €0.55 YE13 to €0.80 YE13, Buy recommendation, High Risk. Fine-tune in estimates (€0.05 increase in price target) reflected postponing RTP privatization to 2017 (which was partially offset by downwards revisions in estimated revenues and an increasing tough environment both in advertising & circulation) while changes in WACC had a €0.20 positive impact on price target (following the decline of the Portuguese Sovereign 10-year Government Bonds, we updated the local sovereign yield to 8% from 10%.

ii) We fine-tuned our Cofina`s valuations, based on latest figures, revised media market estimates and updated WACC. Our Cofina`s price target was revised upwards to €0.58 YE13 from €0.51 YE13 (Neutral recommendation, High Risk). Fine-tune in estimates (€0.05 decrease in price target) reflected an increasing tough scenario in press (both on Newspapers and Magazines) while changes in WACC had a €0.12 positive effect (following the decline of the Portuguese Sovereign 10-year Government Bonds, we updated the local sovereign yield to 8% from 10%. Overall, Cofina`s numbers are being influenced by a recessive macroeconomic context that is strongly felt in private consumption. Therefore, the advertising investment recorded significant decreases, with the advertisers postponing and reducing their investment decisions.

iii) We revised upwards Media Capital price target to €2.45 YE13 from €2.15 YE13 (keeping no recommendation, given low free-float: 0.26%). Updated price target benefited from fine-tune in estimates (+€0.05 positive effect) while changes in WACC had a €0.25 positive impact on price target (following the decline of the Portuguese Sovereign 10-year Government Bonds, we updated the local sovereign yield to 8% from 10%.

3

Millennium investment banking Media 08 February 2013

Triggers:

i) Keep costs cutting measures

We believe Media companies will have to keep strong costs control policies, given major downside risks on revenues (worsening macro-economic scenario from austerity measures, consumer’s reaction / negative impact to the government austerity measures). We expect Portuguese Media players will keep facing a very tough environment: i) top line is under pressure (2 digits decline in advertising market ); ii) there are no major alternatives to revenues from Portugal (very difficult to enter Brazilian market; low scale business in Portuguese spoken countries, Angola, Mozambique); iii) alternative revenues from Internet are still low scale business and iv) receiving licensing fees from Google (similar to French agreement) seems not probable at short/medium term.

i) SIC showed strong prime-time numbers

SIC/Impresa posted strong audience shares in prime-time in January, reaching 2nd place (1st FTA). Overall, numbers are potentially positive to SIC, which kept recovering primetime (and all-day) audience shares while state-owned channel RTP keep showing bad numbers. We highlight SIC kept benefiting from prime-time soap and daily news strong audience shares while state-owned channel RTP keep showing bad numbers.

We highlight GfK is fine-tuning panel of households (to be ready by month-end). Recall GfK increased younger generations weigh in Television Audience Measurement panel of households from March 2012 (audience shares from FTA channels with an older profile RTP1 and TVI were penalized while SIC and Cable were benefited) thus it will not be a surprise if updated panel of households slightly penalizes SIC audience shares while benefits RTP1 and TVI.

WACC

We kept our WACC approach in order to better capture specific country risks and also to discriminate between temporary shocks and more structural changes. We differentiate between WACC applied to the first half of the explicit period (2013-15), WACC applied to second half of explicit period (2016-21) and WACC applied to terminal value in order to discriminate between temporary shocks and more structural changes, such as the increase in the Portuguese sovereign yield spread. This approach is explained below in more detail. The outcome of this revision is that we are now applying a WACC to the first 3 years of the explicit period (2013- 2015), a different WACC to the last years of the explicit period (2016-2021), and another WACC to the terminal value (please see tables in pages 18, 28, 38. Under this approach, both the cost of equity and cost of debt are calculated in a different way, as explained hereafter.

4

Millennium investment banking Media 08 February 2013

RTP

Government postponed RTP privatization

Portuguese Government decided to postpone “sine die” a possible sale via privatization/concession of state- owned channel RTP1 while expects an advertising market recovery. We highlight FTA advertising market slumped c30% since 2010. Meanwhile Government decided to start a restructuration (reaching €42mn) to reduce RTP costs, since Government grants will be reduced this year by €40mn (and eliminated in 2014). According to the press, restructuration will include reducing c600 employees (currently RTP Group has c2.200). From 2014, RTP revenues will come mainly from Broadcasting Contribution Tax (€140mn p.a) and Advertising (€30mn-€40mn p.a.).

In our new base case scenario, we are assuming that RTP will be privatized from 2016, following next general election which will be held on 2015 (unless Government steps down earlier). RTP, SIC and RTP will have 12 minutes advertising per hour from 2016 (currently SIC and TVI have 12 min adv per hour while state-owned RTP has 6 min adv per hour). Recall we were expecting a RTP privatization by year end. Recall the Minister Assistant and of Parliamentary Affairs (Miguel Relvas) wanted to decide RTP privatization scenario till the end of 2012.

Regardless of the party in the Government, (PSD or PS) we believe Government will always want to increase competition in Media (via increasing overall available advertising minutes per hour) in order to reduce influence of Media groups. Recall the previous left-wing government from Socialist Party (PS) wanted a 5th channel while current Government from Social Democratic Party (PSD) wants to privatize RTP.

Recall our Media valuations have embedded increasing overall available advertising min per hour by 20% in 2017, thus its neutral if additional minutes will came from extra 6 min advertising per hour in RTP (from 6min/RTP + 12 min/SIC + 12 min/TVI to 12min/RTP + 12 min/SIC + 12 min/TVI) or via a new private channel with 12 min / advertising per hour (assuming RTP1 becomes advertising-free).

RTP will stop receiving Government grants from 2014

RTP is funded by television advertising revenues, government grants, and the “broadcasting contribution tax” (which is incorporated in electricity bills). According to the Minister Assistant and of Parliamentary Affairs (Miguel Relvas), state-owned channel RTP will stop receiving Government grants in order to reduce Portugal`s Budget deficit. From 2014 major revenues from RTP will come from Broadcasting contribution tax and advertising revenues (6 min adverting per minute or 12 minutes advertising per minute). Overall, it`s Neutral/positive to private media players, since it could reduce competitiveness of RTP programs (reflecting lower budget)

Furthermore, we believe there`s room to reduce “broadcasting contribution tax” in order to minimizing impact on household income from expected rising electricity costs. We highlight RTP “broadcasting contribution tax” (c€155mn in 2012) and advertising revenues (€32mn in 2012) compares with Impresa / SIC TV revenues in 2011 (€164mn, including cable news channel SIC Noticias) and Media Capital / TVI TV revenues (€151.4mn),

5

Millennium investment banking Media 08 February 2013

Revenues breakdown

€mn 2008 2009 2010 2011 2012E 2013E RTP Group 298 306 309 317 305 260 Government grants 118 119 121 89 92 52 Broadcasting Contribution Tax 110 115 110 151 155 155 Advertising 51 49 50 40 30 24 Cable 12 14 14 14 14 Others 20 11 14 24 15 15 Revenues per employe 0.126 0.129 0.128 0.145 SIC (Impresa`s TV unit) 172 155 173 164 158 158 Advertising 109 93 106 97 87 83 Others 62 63 67 67 71 74 Revenues per employe 0.252 0.256 0.280 0.272 Advertising Revenues per employe 0.160 0.153 0.172 0.160 TVI (Media Capital`s TV unit) 168 157 159 151 142 137 Advertising 153 135 135 121 96 90 Others 15 21 24 30 46 47 Revenues per employe 0.367 0.294 0.286 0.274 Advertising Revenues per employe 0.334 0.254 0.243 0.220 *6min advertising per hour; 12min adv / hour from 1H13 **2013 State Budget Source: Company Data, Millennium bcp investimento

Costs breakdown

€mn 2008 2009 2010 2011 2012E 2013E RTP Group 272 283 272 266 Personnel Costs 112 113 103 108 # employees 2376 2374 2412 2183 Programming Costs 101 108 114 105 98 60 Programming Costs RTP1 70 54 Programming Costs RTP2 21 5 Others 59 62 55 53 Costs per employe 0.114 0.119 0.113 0.122 Personnel Costs per employe 0.047 0.048 0.043 0.049 SIC (Impresa`s TV unit) 155 133 148 142 136 135 Personnel Costs 30 27 27 28 26 26 # employees 682 608 617 604 Programming Costs 80 75 81 76 73 71 Others 44 32 40 37 36 38 Costs per employe 0.227 0.218 0.240 0.234 Personnel Costs per employe 0.045 0.044 0.044 0.046 TVI (Media Capital`s TV unit) 124 113 113 117 109 110 Personnel Costs 23 24 24 25 23 24 # employees 459 533 555 553 Programming Costs + Others 100 88 89 92 85 86 Costs per employe 0.269 0.212 0.204 0.211 Personnel Costs per employe 0.051 0.046 0.043 0.045 Source: Company Data, Millennium bcp investimento

6

Millennium investment banking Media 08 February 2013

KPI

€mn 2008 2009 2010 2011 2012E 2013E RTP Group Revenues 298 306 309 317 305 260 Costs 272 283 272 266 # employees 2376 2374 2412 2183 EBITDA 26.4 23.1 36.6 50.9 Financials -60.8 -26.6 -7.1 7.0 Net Income -46.9 -24.2 15.1 18.9 Impresa Group Revenues 273 253 271 250 230 221 Costs 254 220 237 228 210 197 # employees 1435 1314 1305 1262 EBITDA 19 33 34 22 20 25 Financials -16 -12 -12 -13 -13 -13 Net Income -27 8 10 -35 2 2 Media Capital Group Revenues 287 268 249 224 182 175 Costs 249 230 222 208 156 150 # employees 1328 1805 1677 1632 EBITDA 53 50 39 29 37 30 Financials -9 -9 -5 -6 -9 -8 Net Income 20 18 12 1 10 10 Source: Company Data, Millennium bcp investimento

Ratios

2008 2009 2010 2011 2012E 2013E RTP Group Revenues / # employees 0.13 0.13 0.13 0.15 Revenues (ex- Gov. Grants) / # employees 0.08 0.08 0.08 0.10 EBITDA / # employees 0.01 0.01 0.02 0.02 EBITDA margin 8.9% 7.6% 11.9% 16.1% Operational costs / EBITDA 10.3 12.2 7.4 5.2 Personnel costs / EBITDA 4.2 4.9 2.8 2.1 Impresa Group Revenues / # employees 0.19 0.19 0.21 0.20 EBITDA / # employees 0.01 0.03 0.03 0.02 EBITDA margin 7.1% 13.1% 12.4% 8.9% 8.8% 11.1% Operational costs / EBITDA 13.1 6.6 7.0 10.2 10.4 8.0 Personnel costs SIC / EBITDA 1.8 1.2 1.1 1.2 1.2 1.1 Media Capital Group Revenues / # employees 0.22 0.15 0.15 0.14 EBITDA / # employees 0.04 0.03 0.02 0.02 EBITDA margin 18.3% 18.7% 15.9% 12.8% 20.5% 17.1% Operational costs / EBITDA 4.7 4.6 5.6 7.2 4.2 5.0 Personnel costs TVI / EBITDA 0.5 0.6 0.5 0.7 0.7 0.9 Source: Company Data, Millennium bcp investimento

7

Millennium investment banking Media 08 February 2013

Advertising Market

Trends

Following increasing austerity measures from 2013 State Budget, we revised downwards our Media Market advertising growth estimates in Portugal (2012 from -13% to -18%; 2013 from -6.6% to -7.2%, penalized by downwards revision in FTA TV from-13% % to -19% in 2012). Recall we estimate a 0.0% CAGR 11-21 (from 0.5%). We expect Internet will keep positive trend while Press and FTA TV will strongly decline.

We updated our advertising market status quo: increased available advertising minute per hour in state-owned RTP1 to 12 min/hour from 2017 in order to offer the same conditions to all private-owned channels. Recall current TV advertising market is 30 min/hour (6min RTP1 + 12min SIC + 12min TVI), thus we believe RTP1 will change to 12min/hour (12+12+12), increasing downside risks in overall advertising prices (TV, press, radio). Recall we estimated a RTP1 privatization by end-2013 in our previous scenario.

As we do not believe that adverting will increase in the same proportion as the number of minutes, we therefore conclude that (all else equal) the increase in TV advertising offer should mean a decrease of the incumbents’ advertising revenues. That said, the impacts will depend of the target universe, contents and aggressiveness (including prices). Nevertheless, expected lower prices in TV advertising could turn it more attractive and competitive, inducing replacement from others (radio, press). Despite the efforts from actual players to diversify revenues, and being not so dependent of TV advertising, increasing available advertising minutes per hour is potentially negative to the current channels.

Audience convergence as central scenario

We kept rising cable audience shares in our base scenario, reflecting increasing numbers and effects from changes to GfK from Marktest.

Our base case scenario assumes a convergence in audience shares between SIC and TVI in 2020 (both 20.7% audience shares) which benefited from a more favourable media scenario via a less aggressive RTP competitor (budget constraints). New FTA channel (5 th channel) remains excluded from our media scenario (not a realistic scenario) while Cable audience shares kept positive trend, reflecting a favourable environment. In this process, we saw a retreat in viewing for all the “historical” generalist analogue channels.

The long-term decline in the market share of generalist analogue channels continued in the major European countries as they lose space progressively to specialist channels broadcast through multi-channel TV platforms. We highlight expected increasing audience share numbers in alternative platforms, reflecting new cable channels (Bola TV, SIC K, TVI 24, Benfica TV, temporary channels …), growing competition from operators offering triple- play (TV Cabo / Zon Multimédia and Meo / Portugal Telecom) and attractive new technologies (HD, 3D,…). FTA channels power-ratios should increase, since growing cable audience shares will be partly (not totally) favourable to cable advertising shares. Advertisers in cable channels usually target specific groups (young generations, sports, autos…) while FTA channels reach a wider audience.

8

Millennium investment banking Media 08 February 2013

Portugal - Power ratio estimated evolution 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4

0.2 FTA TVI SIC RTP1 Cable/Other 0.0

Source: Company data and Millennium investment banking

9

Millennium investment banking Media 08 February 2013

Audience shares 11-15E 15-21E 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E Chg Chg Audience Share 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% TVI 30.0% 30.0% 29.0% 30.5% 28.7% 27.4% 25.7% 24.4% 25.2% 24.6% 24.0% 23.4% 22.5% 21.9% 21.3% 20.7% 20.7% -1.7% -3.3% SIC 27.2% 26.1% 25.1% 24.9% 23.4% 23.4% 22.7% 21.9% 23.0% 22.7% 22.4% 22.1% 21.2% 21.3% 21.0% 20.7% 20.7% -0.3% -1.7% RTP 1 23.6% 24.5% 25.2% 23.8% 24.0% 24.2% 21.6% 15.0% 13.0% 13.1% 13.2% 13.3% 14.8% 15.1% 15.4% 15.7% 16.0% -8.4% 2.8% RTP 2 5.0% 5.4% 5.2% 5.6% 5.8% 5.3% 4.5% 3.4% 2.7% 2.6% 2.5% 2.4% 2.3% 2.2% 2.1% 2.0% 2.0% -2.0% -0.5% New FTA Channel 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% na na Other (Cable,...) 14.2% 14.0% 15.4% 15.2% 18.2% 19.7% 25.5% 35.3% 36.1% 37.0% 37.9% 38.8% 38.8% 39.5% 40.2% 40.9% 40.6% 12.4% 2.7% Source: Company data and Millennium investment banking

Audience shares 11-15E 15-21E 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 201 6E 2017E 2018E 2019E 2020E 2021E - previous Chg Chg Audience Share 100% 100% 100% 100% 100% 100% 100% 100% 100% 1 00% 100% 100% 100% 100% 100% 100% 100% TVI 30.0% 30.0% 29.0% 30.5% 28.7% 27.4% 25.7% 24.3% 24.2% 23. 7% 23.2% 22.7% 22.2% 21.7% 21.2% 20.7% 20.7% -2.5% -2.5% SIC 27.2% 26.1% 25.1% 24.9% 23.4% 23.4% 22.7% 21.5% 21.4% 21. 3% 21.2% 21.1% 21.2% 20.9% 20.8% 20.7% 20.7% -1.5% -0.5% RTP 1 23.6% 24.5% 25.2% 23.8% 24.0% 24.2% 21.6% 14.8% 14.4% 1 4.3% 14.2% 14.1% 14.0% 13.9% 13.8% 13.7% 13.6% -7.4% -0.6% RTP 2 5.0% 5.4% 5.2% 5.6% 5.8% 5.3% 4.5% 3.4% 2.7% 2.6% 2.5% 2. 4% 2.3% 2.2% 2.1% 2.0% 2.0% -2.0% -0.5% New FTA Channel 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% na na Other (Cable,...) 14.2% 14.0% 15.4% 15.2% 18.2% 19.7% 25.5 % 36.0% 37.3% 38.1% 38.9% 39.7% 40.5% 41.3% 42.1% 42.9% 43.0% 13.4% 4.1% Source: Company data and Millennium investment banking

10

Millennium investment banking Media 08 February 2013

FTA advertising CAGR CAGR 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 201 6E 2017E 2018E 2019E 2020E 2021E market 11-15E 15-21E FTA 302.4 308.2 316.6 313.5 276.5 283.8 250.0 202.5 188.3 195.9 199.8 205.8 208.9 214.1 216.2 218.4 221.7 -5.5% 1.7% TVI 136.3 144.3 146.6 153.1 135.2 134.9 121.4 96.0 90.0 93.4 94.7 96.7 90.4 89.9 86.5 84.1 80.7 -6.0% -2.6% SIC 118.3 115.8 115.8 109.2 92.7 99.0 89.0 78.3 74.0 77.4 78.7 81.3 79.2 79.2 80.0 79.7 80.5 -3.0% 0.4% RTP 47.8 48.1 54.2 51.2 48.6 49.9 39.6 28.2 24.3 25.1 26.4 27.8 39.3 45.0 49.7 54.6 60.5 -9.7% 14.8% New FTA Channel 0.0 0.0 0.0 0.0 0.0 YoY -0.6% 1.9% 2.7% -1.0% -11.8% 2.6% -11.9% -19.0% -7.0% 4.0% 2.0% 3.0% 1.5% 2.5% 1.0% 1.0% 1.5% TVI 6.5% 5.9% 1.6% 4.4% -11.7% -0.2% -10.0% -20.9% -6.3% 3.8% 1.4% 2.1% -6.5% -0.6% -3.8% -2.8% -4.0% SIC -6.3% -2.1% 0.0% -5.7% -15.1% 6.7% -10.1% -12.0% -5.5% 4.6% 1.7% 3.3% -2.6% 0.1% 1.0% -0.4% 0.9% RTP -4.4% 0.6% 12.7% -5.5% -5.1% 2.7% -20.6% -28.7% -13.7% 3.0% 5.2% 5.3% 41.3% 14.5% 10.6% 9.8% 10.8% New FTA Channel na Share TVI 45.1% 46.8% 46.3% 48.8% 48.9% 47.5% 48.6% 47.4% 47.8% 47.7% 47.4% 47.0% 43.3% 42.0% 40.0% 38.5% 36.4% SIC 39.1% 37.6% 36.6% 34.8% 33.5% 34.9% 35.6% 38.7% 39.3% 39.5% 39.4% 39.5% 37.9% 37.0% 37.0% 36.5% 36.3% RTP 15.8% 15.6% 17.1% 16.3% 17.6% 17.6% 15.8% 13.9% 12.9% 12.8% 13.2% 13.5% 18.8% 21.0% 23.0% 25.0% 27.3% New FTA Channel 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Source: Company data and Millennium investment banking

FTA advertising CAGR CAGR 2005 2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 201 6E 2017E 2018E 2019E 2020E 2021E market 11-15E 15-21E - previous FTA 302.4 308.2 316.6 313.5 276.5 283.8 250.0 217.5 202.3 208 .4 212.5 216.8 220.0 225.5 227.8 230.1 233.5 -4.0% 1.6% TVI 136.3 144.3 146.6 153.1 135.2 134.9 121.4 104.0 93.1 93.8 93.5 93.2 92.4 92.5 91.1 89.7 88.7 -6.3% -0.9% SIC 118.3 115.8 115.8 109.2 92.7 99.0 89.0 81.5 74.0 74.8 78.6 80.2 81.4 83.4 85.4 87.4 88.7 -3.0% 2.0% RTP 47.8 48.1 54.2 51.2 48.6 49.9 39.6 32.0 35.2 39.8 40.4 43.4 46.2 49.6 51.3 52.9 56.0 0.5% 5.6% New FTA Channel 0.0 0.0 0.0 0.0 0.0 YoY -0.6% 1.9% 2.7% -1.0% -11.8% 2.6%-11.9%-13.0% -7.0% 3.0 % 2.0% 2.0% 1.5% 2.5% 1.0% 1.0% 1.5% TVI 6.5% 5.9% 1.6% 4.4% -11.7% -0.2%-10.0%-14.4% -10.5% 0.8 % -0.3% -0.3% -0.9% 0.1% -1.5% -1.5% -1.1% SIC -6.3% -2.1% 0.0% -5.7% -15.1% 6.7%-10.1% -8.4% -9.2% 1.0 % 5.1% 2.0% 1.5% 2.5% 2.4% 2.3% 1.5% RTP -4.4% 0.6% 12.7% -5.5% -5.1% 2.7%-20.6%-19.1% 9.9% 13.1 % 1.5% 7.4% 6.6% 7.4% 3.3% 3.2% 5.9% New FTA Channel na Share TVI 45.1% 46.8% 46.3% 48.8% 48.9% 47.5% 48.6% 47.8% 46.0% 45. 0% 44.0% 43.0% 42.0% 41.0% 40.0% 39.0% 38.0% SIC 39.1% 37.6% 36.6% 34.8% 33.5% 34.9% 35.6% 37.5% 36.6% 35. 9% 37.0% 37.0% 37.0% 37.0% 37.5% 38.0% 38.0% RTP 15.8% 15.6% 17.1% 16.3% 17.6% 17.6% 15.8% 14.7% 17.4% 19. 1% 19.0% 20.0% 21.0% 22.0% 22.5% 23.0% 24.0% New FTA Channel 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Source: Company data and Millennium investment banking

11

Millennium investment banking Media 08 February 2013

Advertising market – future trends

CAGR CAGR % 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E Net Advertising market 11-15E 11-21E – growth rates Total 4.0% -1.0% -13.7% 1.2% -10.0% -17.5% -7.2% 3.3% 3.7% 4.3% 3.7% 4.2% 3.4% 2.4% 2.7% -4.8% 0.0% Free-to-air TV 2.7% -1.0% -11.8% 2.6% -11.9% -19.0% -7.0% 4.0% 2.0% 3.0% 1.5% 2.5% 1.0% 1.0% 1.5% -5.5% -1.2% Press 3.0% -8.5% -24.7% -9.3% -19.7% -25.0% -18.0% 0.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% -11.1% -3.7% Radio -8.8% -8.6% -8.0% 0.2% 1.0% -8.0% -5.0% 1.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% -2.7% -0.2% Outdoors 4.9% 0.5% -14.7% -5.0% -9.0% -30.0% -15.0% 0.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% -11.5% -3.1% Cinema 0.6% 0.5% -28.1% -3.0% -13.0% -30.0% -20.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -13.5% -5.6% Internet 87.0% 51.7% 15.5% 24.3% 10.0% 4.5% 6.0% 7.0% 10.0% 10.0% 10.0% 10.0% 10.0% 5.0% 5.0% 6.9% 7.7% Cable & Others 14.0% 10.6% -14.4% 18.9% -3.8% 0.0% 2.0% 5.0% 10.0% 10.0% 10.0% 10.0% 8.0% 5.0% 5.0% 4.2% 6.4% Previous -13.1% -6.6% 2.8% 3.7% 3.8% 3.6% 4.2% 3.4% 2.4% 2.6% -3.5% 0.5% Free-to-air TV -13.0% -7.0% 3.0% 2.0% 2.0% 1.5% 2.5% 1.0% 1.0% 1.5% -4.0% -0.7% Press -25.0% -18.0% 0.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% -11.1% -3.7% Radio -1.5% -1.0% 1.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 0.0% 0.9% Outdoors -25.0% -15.0% 0.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% -10.0% -2.4% Cinema -25.0% -15.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -10.6% -4.4% Internet 5.0% 7.0% 7.0% 10.0% 10.0% 10.0% 10.0% 10.0% 5.0% 5.0% 7.2% 7.9% Cable & Others 3.5% 5.0% 5.0% 10.0% 10.0% 10.0% 10.0% 8.0% 5.0% 5.0% 5.8% 7.1% Change -4.4pp -0.6pp 0.5pp 0.0pp 0.5pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp -1.3pp -0.5pp Free-to-air TV -6.0pp 0.0pp 1.0pp 0.0pp 1.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp -1.5pp -0.5pp Press 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp Radio -6.5pp -4.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp -2.7pp -1.1pp Outdoors -5.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp -1.5pp -0.7pp Cinema -5.0pp -5.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp -2.8pp -1.2pp Internet -0.5pp -1.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp -0.4pp -0.2pp Cable & Others -3.5pp -3.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp 0.0pp -1.7pp -0.7pp Source: Company data, media agencies and Millennium investment banking

Total advertising market – (€mn) 750

600

450

300

150

0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Free-to-air TV Press Radio Outdoors Cinema Internet Cable & Others

Source: Company data, media agencies and Millennium investment banking

Share of total advertising 100% market – 90% (%) 80% 70% 60% 50% 40% 30% 20% 10% 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Free-to-air TV Press Radio Outdoors Cinema Internet Cable & Others

Source: Company data, media agencies and Millennium investment banking

12

Millennium investment banking Media 08 February 2013

Impresa

We updated our Impresa`s valuation model based on latest figures, updated advertising markets estimated growth and revised WACC calculation. Impresa price target was revised upwards from €0.55 YE13 to €0.80 YE13, Buy recommendation, High Risk.

Fine-tune in estimates (€0.05 increase in price target) reflected postponing RTP privatization to 2017 (which was partially offset by downwards revisions in estimated revenues and an increasing tough environment both in advertising & circulation) while changes in WACC had a €0.20 positive impact on price target (following the decline of the Portuguese Sovereign 10-year Government Bonds, we updated the local sovereign yield to 8% from 10%.

Costs cutting is crucial…

All in all, Impresa will face a tough environment (both in advertising and circulation) thus we believe company will have to keep strong costs control to recover operational numbers. We believe advertising revenues in press will not return to the levels pre-Leman (recovery in advertising will be done via TV, cable and net), thus its will necessary to keep a strong costs control policy. We highlight Impresa showed in the last quarters an uncharacteristic cost cutting profile which must be company`s usual profile

According to the news, Impresa reduced its Press portfolio in October. Company decided to close three women`s magazines (“Casa Claudia; Casa Claudia Ideias; Arquitectura & Construção”) and two auto magazines (Autosport; Volante). Furthermore, two sites were closed (“Relvado; My Games”). The cost cutting will reach central departments (financial/accounting, marketing,…).

Based on Impresa`s latest reestructuring charges (2010) and newsflow, we expect numbers could reach €3.0Bn to €3.5Bn in 4Q12 while it will reduce costs by €4.5mn annually (Publishing unit the most benefited) above €2mn.

Advertising revenues both in TV and press are estimated to keep negative trend (page19), thus additional cost cutting measures are necessary not to penalize operational numbers. We expect increasing audience shares from cable channels will benefit Impresa, since SIC Notícias leads audience shares in cable news channels. On costs side, we estimate company will keep strong costs control policy in order to recover operational numbers, which will lead to higher margins in a depressed top line environment. We expect operational costs will decline c8% in 2012 (reached -4.2% in 2011) reflecting a more efficient cost cutting policy and a company more focused on costs side than in the past.

Publishing business unit is also showing negative trends, penalized by declining advertising and circulation revenues. Furthermore, Digital operational numbers are showing some difficulties to keep in positive territory, penalized by a tough environment (declining revenues / higher costs).

Impresa 4Q12 earnings will be disclosed on March 25th. We expect Impresa will keep facing a very tough environment, penalized by declining advertising revenues, thus operational numbers are expected to decline.

13

Millennium investment banking Media 08 February 2013

Impresa- Breakdown of Breakdown of changes in price target changes in price target 0.90 + € 0.20 € 0.80

0.75 € 0.55 + € 0.05 0.60

0.45

0.30

0.15

0.00 Previous valuation Change in estimates Change in WACC New YE13 price target (YE13)

Source: Millennium investment banking

Dividends

We do not estimate Impresa will pay dividends at medium term. We expect company will pay dividends from 2015, reflecting a postponed recovery scenario.

€ million 2010 2011 2012E 2013E 2014E 2015E 2021E Dividends paid 0.0 0.0 0.0 0.0 0.0 0.0 -16.3 Payout Ratio 0.0% 0.0% 0.0% 0.0% 0.0% 50.0% 80.0% Dividend per Share (€) 0.00 0.00 0.00 0.00 0.00 0.03 0.11 Source: Company data and Millennium investment banking

14

Millennium investment banking Media 08 February 2013

New Estimates Old Estimates Change Impresa- € million 2011 2012E 2013E 2015E 2021E 2012E 2013E 2015E 2021E 2012E 2013E 2015E 2021E Estimates revision – Revenues 249.8 229.8 221.3 235.2 269.3 235.5 225.3 239.3 282.3 -2.4% -1.8% -1.7% -4.6% P&L Television 164.1 158.5 157.7 169.1 194.3 161.1 156.5 167.7 200.9 -1.6% 0.8% 0.8% -3.3% Publishing 81.6 69.3 61.5 63.4 71.4 71.8 66.2 68.2 76.9 -3.6% -7.1% -7.1% -7.1% Others & Inter-segments 4.1 2.0 2.1 2.7 3.6 2.6 2.7 3.4 4.5 -20.1% -20.1% -20.1% -20.1% Cash Costs -227.5 -209.6 -196.7 -202.6 -219.4 -212.7 -203.4 -208.2 -232.2 -1.4% -3.3% -2.7% -5.5% Television -141.5 -136.1 -134.6 -141.2 -153.5 -136.7 -135.4 -141.7 -160.7 -0.5% -0.6% -0.4% -4.5% Publishing -78.2 -70.4 -60.0 -59.0 -62.8 -72.1 -65.4 -63.5 -67.6 -2.3% -8.3% -7.1% -7.1% Others & Inter-segments -7.8 -3.1 -2.1 -2.4 -3.1 -3.8 -2.6 -3.1 -3.9 -19.7% -20.1% -20.1% -20.1% EBITDA 22.3 20.1 24.6 32.6 49.9 22.8 21.9 31.1 50.1 -11.7% 12.4% 4.8% -0.3% Television 22.6 22.3 23.1 27.9 40.8 24.4 21.0 26.0 40.2 -8.3% 9.5% 7.3% 1.5% Publishing 3.4 -1.2 1.5 4.4 8.6 -0.3 0.8 4.8 9.2 313.5% 93.9% -7.1% -7.1% Others & Inter-segments -3.7 -1.0 0.0 0.3 0.5 -1.2 0.1 0.3 0.7 -19.0% -20.1% -20.1% -20.1% Margin 8.9% 8.8% 11.1% 13.9% 18.5% 9.7% 9.7% 13.0% 17.7% -0.9pp 1.4pp 0.9pp 0.8pp Television 13.8% 14.1% 14.6% 16.5% 21.0% 15.1% 13.5% 15.5% 20.0% -1.0pp 1.2pp 1.0pp 1.0pp Publishing 4.1% -1.7% 2.4% 7.0% 12.0% -0.4% 1.2% 7.0% 12.0% -1.3pp 1.3pp 0.0pp 0.0pp Others & Inter-segments -91.8% -49.5% 2.0% 10.0% 15.0% -48.9% 2.0% 10.0% 15.0% -0.6pp 0.0pp 0.0pp 0.0pp D&A -8.2 -7.2 -7.2 -7.2 -7.0 -7.2 -6.9 -7.0 -6.9 -0.8% 4.7% 3.6% 1.1% Impairment -33.3 -0.5 0.0 0.0 0.0 -0.5 0.0 0.0 0.0 nm nm nm nm EBIT -19.2 12.4 17.4 25.4 43.0 15.0 15.0 24.1 43.2 -17.4% 16.0% 5.2% -0.6% Financials -13.4 -13.4 -13.3 -12.8 -9.5 -13.4 -13.5 -13.4 -9.5 -0.5% -1.7% -4.4% 0.0% EBT -32.6 -0.9 4.1 12.5 33.4 1.6 1.4 10.7 33.7 -158.7% 182.4% 17.3% -0.7% Disc. Operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm Income taxes -2.4 2.8 -2.0 -3.3 -7.9 -0.5 -0.4 -2.8 -7.9 -707.0% 423.0% 17.3% -0.8% EBM -35.0 1.9 2.0 9.2 25.6 1.1 1.1 7.9 25.7 65.3% 93.4% 17.3% -0.7% Minorities 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 -0.2 -0.2 -90.3% -90.3% -90.3% -90.3% Net Income -35.1 1.9 2.0 9.2 25.5 1.0 0.9 7.7 25.5 90.8% 128.0% 19.8% 0.1% Source: Company data and Millennium investment banking

CAGR CAGR % 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E Impresa- 11-15E 15-21E KPI Consolidated figures Revenues YoY -7.3 7.1 -7.9 -8.0 -3.7 3.4 2.8 3.5 1.3 2.3 2.5 1.9 2.3 -1.5% 2.3% EBITDA Margin 13.1 12.4 8.9 8.8 11.1 11.8 13.9 15.2 15.8 17.2 17.5 18.3 18.5 0.1pp 0.0pp Capex as % of revenues 2.0 2.2 3.1 1.1 1.1 2.1 2.2 2.2 2.2 2.2 2.2 2.2 1.8 -0.1pp 0.0pp EBITDA-Capex as % of revenues 11.1 10.2 5.8 7.7 10.0 9.6 11.7 13.1 13.7 15.0 15.3 16.1 16.7 0.2pp 0.1pp TV Revenues YoY -9.4 11.3 -5.1 -3.5 -0.5 4.1 3.0 4.0 1.0 2.3 2.6 1.8 2.4 0.7% 2.3% EBITDA Margin 14.6 14.5 13.8 14.1 14.6 15.5 16.5 18.0 18.5 20.0 20.0 21.0 21.0 0.0pp 0.0pp Capex as % of revenues 2.3 3.0 4.0 1.1 1.1 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.0 -0.1pp 0.0pp EBITDA-Capex as % of revenues 12.3 11.4 9.8 13.0 13.5 13.0 14.0 15.5 16.0 17.5 17.5 18.5 19.0 0.1pp 0.1pp Publishing Revenues YoY -9.8 1.7 -12.7 -15.1 -11.2 1.1 2.0 2.0 2.0 2.0 2.0 2.0 2.0 -1.6% 2.0% EBITDA Margin 16.7 10.9 4.1 -1.7 2.4 2.0 7.0 8.0 9.0 10.0 11.0 11.5 12.0 0.1pp 0.1pp Capex as % of revenues 0.4 0.4 0.9 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 -0.1pp 0.0pp EBITDA-Capex as % of revenues 16.3 10.4 3.2 -2.3 1.8 1.4 6.4 7.4 8.4 9.4 10.4 10.9 11.4 0.2pp 0.1pp Others & Inter-Segments Revenues YoY -49.8 5.0 15.0 10.0 10.0 7.0 5.0 4.0 2.0 2.0 -13.6% 7.4% EBITDA Margin -49.5 2.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 15.0 nm 0.1pp Capex as % of revenues 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 nm 0.0pp EBITDA-Capex as % of revenues -66.5 -15.0 -7.0 -7.0 -7.0 -7.0 -7.0 -7.0 -7.0 -2.0 nm -0.2pp Source: Company data and Millennium investment banking

15

Millennium investment banking Media 08 February 2013

CAGR CAGR Impresa- % 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E KPI (before) Consolidated figures Revenues YoY -7.3 7.1 -7.9 -5.7 -4.3 2.2 3.9 3.1 2.7 3.0 2.9 2.7 2.4 -1.1% 2.8% EBITDA Margin 13.1 12.4 8.9 9.7 9.7 10.8 13.0 14.4 15.4 17.1 17.4 17.5 17.7 0.1pp 0.1pp Capex as % of revenues 2.0 2.2 3.1 2.1 2.1 2.5 2.5 2.2 2.2 2.2 2.2 2.2 1.9 0.0pp 0.0pp EBITDA-Capex as % of revenues 11.1 10.2 5.8 7.6 7.6 8.3 10.5 12.1 13.1 14.8 15.1 15.3 15.9 0.2pp 0.1pp TV Revenues YoY -9.4 11.3 -5.1 -1.9 -2.9 2.4 4.6 3.4 2.9 3.4 3.2 3.0 2.6 0.5% 3.1% EBITDA Margin 14.6 14.5 13.8 15.1 13.5 14.5 15.5 17.0 18.0 20.0 20.0 20.0 20.0 0.0pp 0.0pp Capex as % of revenues 2.3 3.0 4.0 2.5 2.5 3.0 3.0 2.5 2.5 2.5 2.5 2.5 2.0 -0.1pp -0.1pp EBITDA-Capex as % of revenues 12.3 11.4 9.8 12.6 11.0 11.5 12.5 14.5 15.5 17.5 17.5 17.5 18.0 0.1pp 0.1pp Publishing Revenues YoY -9.8 1.7 -12.7 -12.0 -7.9 1.1 2.0 2.0 2.0 2.0 2.0 2.0 2.0 -1.6% 2.0% EBITDA Margin 16.7 10.9 4.1 -0.4 1.2 2.0 7.0 8.0 9.0 10.0 11.0 11.5 12.0 0.1pp 0.1pp Capex as % of revenues 0.4 0.4 0.9 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 -0.1pp 0.0pp EBITDA-Capex as % of revenues 16.3 10.4 3.2 -1.1 0.5 1.3 6.3 7.3 8.3 9.3 10.3 10.8 11.3 0.2pp 0.1pp Others & Inter-Segments Revenues YoY -37.1 5.0 15.0 10.0 10.0 7.0 5.0 4.0 2.0 2.0 -6.0% 6.7% EBITDA Margin -48.9 2.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 15.0 nm 0.1pp Capex as % of revenues 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 nm 0.0pp EBITDA-Capex as % of revenues -65.9 -15.0 -7.0 -7.0 -7.0 -7.0 -7.0 -7.0 -7.0 -2.0 nm -0.2pp Source: Company data and Millennium investment banking

Old Estimates Changes Impresa- Main € million 2011 2012E 2013E 2015E 2021E 2012E 2013E 2015E 2021E 2012E 2013E 2015E 2021E changes in TV operating Revenues 164.1 158.5 157.7 169.1 194.3 161.1 156.5 167.7 200.9 -1.6% 0.8% 0.8% -3.3% performance Advertising revenues 96.9 87.1 83.2 89.4 97.4 90.3 83.3 89.3 105.7 -3.5% 0.0% 0.1% -7.8% SIC channels 43.1 45.1 46.4 49.3 58.4 44.8 46.0 48.9 58.0 0.7% 0.7% 0.7% 0.7% Others 24.1 26.3 28.0 30.4 38.5 26.0 27.1 29.4 37.2 1.0% 3.3% 3.3% 3.3% Cash costs -141.5 -136.1 -134.6 -141.2 -153.5 -136.7 -135.4 -141.7 -160.7 -0.5% -0.6% -0.4% -4.5% Personnel costs -27.7 -26.5 -25.8 -27.1 -29.4 -27.0 -26.4 -27.6 -31.4 -1.8% -2.4% -2.1% -6.2% Programming costs -76.4 -73.3 -71.3 -74.8 -81.3 -71.8 -71.5 -74.8 -84.9 2.1% -0.3% 0.0% -4.2% Other costs -37.4 -36.3 -37.5 -39.3 -42.8 -38.0 -37.5 -39.2 -44.5 -4.3% 0.0% 0.3% -3.9% EBITDA 22.6 22.3 23.1 27.9 40.8 24.4 21.0 26.0 40.2 -8.3% 9.5% 7.3% 1.5% EBITDA Margin 13.8% 14.1% 14.6% 16.5% 21.0% 15.1% 13.5% 15.5% 20.0% -1.0pp 1.2pp 1.0pp 1.0pp ------Detail on Programming costs ------TV deferred rights (BS) 43.1 43.1 43.1 43.1 43.1 43.1 43.1 43.1 43.1 0.0% 0.0% 0.0% 0.0% Change in TV rights 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm "All in" Prog. Costs -76.9 -73.3 -71.3 -74.8 -81.3 -71.8 -71.5 -74.8 -84.9 2.1% -0.3% 0.0% -4.2% % of ad. + thematics -55% -55% -55% -54% -52% -53% -55% -54% -52% 2.3pp -0.3pp -0.2pp 0.3pp Source: Company data and Millennium investment banking

16

Millennium investment banking Media 08 February 2013

CAGR CAGR Impresa- TV - € million 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E detailed operating evolution Revenues 185.2 171.5 155.4 173.0 164.1 158.5 157.7 164.1 169.1 175.8 177.5 181.5 186.3 189.7 194.3 0.7% 2.3% SIC TV advertising 115.8 109.2 92.7 105.9 96.9 87.1 83.2 87.1 89.4 93.0 92.1 93.4 95.3 95.8 97.4 -2.0% 1.4% Thematic channels 32.9 38.1 42.5 42.1 43.1 45.1 46.4 47.8 49.3 51.1 52.5 53.9 55.4 56.9 58.4 3.4% 2.9% Others 36.5 24.3 20.2 25.0 24.1 26.3 28.0 29.2 30.4 31.6 32.9 34.2 35.6 37.0 38.5 5.9% 4.0% Cash Costs -149.4 -154.7 -132.8 -148.0 -141.5 -136.1 -134.6 -138.7 -141.2 -144.1 -144.6 -145.2 -149.0 -149.9 -153.5 -0.1% 1.4% Personnel costs -31.2 -30.5 -26.7 -27.2 -27.7 -26.5 -25.8 -26.6 -27.1 -27.6 -27.7 -27.8 -28.6 -28.7 -29.4 -0.6% 1.4% Programming Costs -76.2 -80.2 -74.6 -81.3 -76.4 -73.3 -71.3 -73.5 -74.8 -76.3 -76.6 -76.9 -78.9 -79.4 -81.3 -0.5% 1.4% Other Costs -42.0 -44.0 -31.5 -39.5 -37.4 -36.3 -37.5 -38.6 -39.3 -40.2 -40.3 -40.5 -41.5 -41.8 -42.8 1.3% 1.4% EBITDA 35.8 16.9 22.7 25.0 22.6 22.3 23.1 25.4 27.9 31.6 32.8 36.3 37.3 39.8 40.8 5.4% 6.5% EBITDA margin 19.3% 9.8% 14.6% 14.5% 13.8% 14.1% 14.6% 15.5% 16.5% 18.0% 18.5% 20.0% 20.0% 21.0% 21.0% YoY (€mn) Revenues 21.2 -13.6 -16.1 17.6 -8.9 -5.7 -0.8 6.5 5.0 6.7 1.7 4.1 4.8 3.4 4.6 SIC TV advertising 0.0 -6.6 -16.5 13.2 -9.1 -9.8 -3.9 3.8 2.3 3.6 -0.9 1.3 1.9 0.5 1.6 Thematic channels 1.7 5.2 4.4 -0.4 1.0 2.0 1.3 1.4 1.5 1.8 1.4 1.4 1.5 1.5 1.5 Others 19.5 -12.2 -4.1 4.8 -0.8 2.1 1.8 1.2 1.2 1.2 1.3 1.3 1.4 1.4 1.5 Cash Costs -17.2 -5.3 21.9 -15.2 6.5 5.4 1.5 -4.1 -2.5 -2.9 -0.5 -0.6 -3.8 -0.8 -3.6 Personnel costs -3.6 0.7 3.8 -0.6 -0.5 1.2 0.7 -0.8 -0.5 -0.6 -0.1 -0.1 -0.7 -0.2 -0.7 Programming Costs -1.1 -4.0 5.6 -6.7 4.9 3.1 2.0 -2.2 -1.3 -1.6 -0.3 -0.3 -2.0 -0.4 -1.9 Other Costs -12.6 -2.0 12.5 -8.0 2.1 1.1 -1.2 -1.1 -0.7 -0.8 -0.1 -0.2 -1.1 -0.2 -1.0 EBITDA 4.0 -18.9 5.8 2.3 -2.4 -0.3 0.7 2.4 2.5 3.7 1.2 3.5 1.0 2.6 1.0 YoY (%) Revenues 12.9% -7.4% -9.4% 11.3% -5.1% -3.5% -0.5% 4.1% 3.0% 4.0% 1.0% 2.3% 2.6% 1.8% 2.4% SIC TV advertising 0.0% -5.7% -15.1% 14.2% -8.5% -10.1% -4.4% 4.6% 2.7% 4.1% -1.0% 1.5% 2.1% 0.5% 1.6% Thematic channels 5.3% 15.8% 11.6% -1.0% 2.4% 4.6% 2.9% 3.1% 3.1% 3.7% 2.7% 2.7% 2.7% 2.7% 2.7% Others 115.2% -33.5% -16.7% 23.5% -3.4% 8.8% 6.7% 4.3% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% Cash Costs 13.0% 3.5% -14.2% 11.5% -4.4% -3.8% -1.1% 3.0% 1.8% 2.1% 0.4% 0.4% 2.6% 0.6% 2.4% Personnel costs 13.0% -2.2% -12.5% 2.1% 1.8% -4.5% -2.5% 3.0% 1.8% 2.1% 0.4% 0.4% 2.6% 0.6% 2.4% Programming Costs 1.4% 5.2% -7.0% 8.9% -6.0% -4.0% -2.8% 3.0% 1.8% 2.1% 0.4% 0.4% 2.6% 0.6% 2.4% Other Costs 42.6% 4.8% -28.3% 25.3% -5.4% -2.9% 3.3% 3.0% 1.8% 2.1% 0.4% 0.4% 2.6% 0.6% 2.4% EBITDA 12.5% -52.9% 34.4% 10.4% -9.5% -1.3% 3.3% 10.3% 9.7% 13.4% 3.8% 10.6% 2.6% 6.9% 2.4% Source: Company data and Millennium investment banking

CAGR CAGR € million 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E Impresa- 11-15E 15-21E Publishing - detailed Revenues 91.7 95.6 91.9 93.5 81.6 69.3 61.5 62.2 63.4 64.7 66.0 67.3 68.6 70.0 71.4 -6.1% 2.0% operating evolution Advertising revenues 53.5 55.5 44.8 44.4 36.7 29.7 25.3 25.8 26.3 26.8 27.4 27.9 28.5 29.0 29.6 -8.0% 2.0% Sales of publications 26.9 32.4 34.5 37.4 34.5 30.7 27.5 27.5 28.1 28.6 29.2 29.8 30.4 31.0 31.6 -5.1% 2.0% Other revenues 11.3 7.7 12.6 11.6 10.3 8.8 8.7 8.9 9.0 9.2 9.4 9.6 9.8 10.0 10.2 -3.3% 2.0% Cash Costs -78.1 -89.7 -80.3 -83.3 -78.2 -70.4 -60.0 -60.9 -59.0 -59.5 -60.0 -60.6 -61.1 -62.0 -62.8 -6.8% 1.1% Personnel costs -23.1 -23.6 -24.7 -24.7 -23.4 -21.8 -20.0 -19.1 -18.8 -19.2 -19.1 -19.4 -19.5 -19.8 -20.1 -5.3% 1.1% Cost of sales -16.1 -16.3 -15.5 -15.6 -14.8 -10.6 -10.0 -10.3 -9.6 -9.9 -9.9 -10.0 -10.1 -10.2 -10.4 -10.3% 1.4% Other costs -39.0 -49.8 -40.0 -43.0 -40.0 -38.0 -30.0 -31.5 -30.6 -30.5 -31.0 -31.2 -31.4 -31.9 -32.4 -6.5% 0.9% EBITDA 15.5 5.9 11.7 10.1 3.4 -1.2 1.5 1.2 4.4 5.2 5.9 6.7 7.6 8.1 8.6 7.2% 11.6% EBITDA margin 12.0% 6.2% 12.7% 10.9% 4.1% -1.7% 2.4% 2.0% 7.0% 8.0% 9.0% 10.0% 11.0% 11.5% 12.0% YoY (€mn) Revenues -2.6 -33.0 -3.7 1.6 -11.9 -12.3 -7.8 0.7 1.2 1.3 1.3 1.3 1.3 1.4 Advertising revenues 4.9 -18.1 -10.7 -0.5 -7.7 -7.0 -4.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 Sales of publications -4.9 -10.8 2.1 2.9 -2.9 -3.8 -3.2 0.0 0.6 0.6 0.6 0.6 0.6 0.6 Other revenues -2.6 -4.0 4.8 -0.9 -1.3 -1.5 -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Cash Costs 5.2 23.4 9.4 -3.1 5.1 7.8 10.4 -0.9 2.0 -0.5 -0.5 -0.5 -0.5 -0.9 Personnel costs -0.8 8.1 -1.1 0.0 1.3 1.6 1.8 0.9 0.3 -0.4 0.1 -0.3 -0.2 -0.2 Cost of sales 2.1 7.7 0.8 -0.1 0.8 4.1 0.6 -0.3 0.7 -0.3 -0.1 0.0 -0.1 -0.1 Other costs 3.9 7.6 9.8 -3.0 3.0 2.0 8.0 -1.5 0.9 0.1 -0.5 -0.2 -0.2 -0.5 EBITDA 2.7 -9.5 5.7 -1.5 -6.8 -4.5 2.7 -0.2 3.2 0.7 0.8 0.8 0.8 0.5 YoY (%) Revenues -2.0% -25.6% -3.9% 1.7% -12.7% -15.1% -11.2% 1.1% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Advertising revenues 7.1% -24.6% -19.2% -1.0% -17.2% -19.0% -15.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Sales of publications -10.2% -25.0% 6.5% 8.5% -7.7% -11.0% -10.5% 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Other revenues -17.8% -34.2% 62.7% -7.4% -11.4% -15.0% -1.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Cash Costs -4.4% -20.7% -10.5% 3.8% -6.1% -9.9% -14.8% 1.5% -3.2% 0.9% 0.9% 0.9% 0.9% 1.4% Personnel costs 2.6% -25.6% 4.6% 0.0% -5.2% -7.0% -8.2% -4.4% -1.7% 1.9% -0.3% 1.3% 1.0% 1.2% Cost of sales -8.0% -32.0% -4.7% 0.5% -5.4% -28.0% -6.0% 2.9% -7.0% 3.2% 0.7% 0.2% 1.4% 1.3% Other costs -6.4% -13.3% -19.6% 7.5% -6.9% -5.0% -21.1% 5.0% -2.9% -0.4% 1.7% 0.8% 0.7% 1.6% EBITDA 20.8% -61.8% 97.2% nm -66.9% ###### ###### -16.5% ###### 16.6% 14.8% 13.3% 12.2% 6.6% Source: Company data and Millennium investment banking

17

Millennium investment banking Media 08 February 2013

Value to Previous Impresa- € million EV Stake Method Weight Implied Multiple Revision Sum -of -the -parts Impresa EV Television 287.2 100.0% 287.2 DCF 81% EV/EBITDA 13 12.5x 248.6 16% Publishing 61.4 100.0% 61.4 DCF 17% EV/EBITDA 13 41.2x 58.5 5% Holding&Adjustments 2.0 100.0% 2.0 DCF 1% 1.3 nm Non-Operating Assets 5.2 BV 1% 5.2 0% Sum-of-the-Parts 355.8 100% EV/EBITDA 13 14.5x 313.6 13% Adjusted Net Debt YE12 (including financial leasings) 218.5 221.0 -1% Minorities 0.0 P/BV 11 -0.6x -0.3 Equity Value 137.4 92.9 Number of shares (mn) 168.0 168.0 Price Target - YE13 (€/ share) 0.80 0.55 45% Source: Millennium investment banking

Impresa - Discount New Assumptions Previous Assumptions rates 2013-2015 2016-2021 Terminal value 2012-2015 2016-2021 Terminal value Risk-Free Rate 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Country risk premium 7.50% 4.50% 1.50% 10.50% 6.00% 1.50% Market Premium 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Unlevered Beta 0.95 0.95 0.95 0.95 0.95 0.95 Levered Beta 1.24 1.24 1.24 1.24 1.24 1.24 Cost of Equity* 17.99% 14.27% 10.55% 21.71% 16.13% 10.55% Cost of Debt ** 9.00% 7.50% 6.00% 9.00% 7.50% 6.00% Corporate Tax Rate 29.0% 29.0% 29.0% 29.0% 29.0% 29.0% After-tax Cost of Debt 6.39% 5.32% 4.26% 6.39% 5.32% 4.26% Leverage 30% 30% 30% 30% 30% 30% WACC 14.51% 11.59% 8.67% 17.11% 12.89% 8.67% Perpetuity Growth Rate 2.52% 2.52% Real perpetuity growth rate 1.00% 1.00% LT Inflation 1.50% 1.50% WACC-g 6.15% 6.15% Source: Millennium investment banking *Cost of equity is calculated as the sum of the risk free rate plus country risk premium and market risk premium, the latter two multiplied by the levered beta. Risk free rate is the German 10-year Government bond yield. Country risk premium results from the difference between the local Sovereign yield and the German 10-year Government bond yield multiplied by a volatility factor (ratio that relates equity with bonds volatility). For country risk premium in perpetuity, we assume that the German and local 10-year sovereign yields will converge to respective last 10-year averages. Market risk premium is set at 5%. **Cost of debt before tax is the debt spread (long-term issuances) over the German 10-year sovereign rate.

18

Millennium investment banking Media 08 February 2013

Impresa - Shareholder Shareholder Structure- Sep 30th 2012 structure Economic # Shares Voting Rights Stake Impreger - SGPS* 87,042,994 51.81% 51.81% Direct stake 84,514,588 50.31% 50.31% Management 2,528,406 1.51% 1.51% Grupo Ongoing 40,362,214 24.03% 24.03% Direct stake 2,180,000 1.30% 1.30% Investoffice 32,282,214 19.22% 19.22% CTN 5,880,000 3.50% 3.50% Administrative body 20,000 0.01% 0.01% Madre - SGPS 8,344,362 4.97% 4.97% BPI 6,210,498 3.70% 3.70% Direct stake 6,200,000 3.69% 3.69% BPI + BPI Vida 10,498 0.01% 0.01% Own Shares 0 0.00% 0.00% Free Float 26,039,932 15.50% 15.50% Total Shares 168,000,000 Voting Shares 168,000,000 *held by Balseger (99 .99 % Pinto Balsemão , Impresa `s Chairman /CEO ) Source: Company data; Millennium investment banking

CAGR CAGR € million 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E Impresa – DCF 11-15E 15-21E - TV EBIT 19.4 17.1 17.2 17.7 20.0 22.5 26.2 27.5 31.0 32.0 34.7 35.7 7.1% 8.0% (-) Taxes on EBIT -5.1 -4.5 -4.6 -4.7 -5.3 -6.0 -6.9 -7.3 -8.2 -8.5 -9.2 -9.5 7.1% 8.0% (+) Non-Cash Items 5.6 5.6 5.1 5.4 5.4 5.4 5.4 5.3 5.3 5.2 5.1 5.1 -0.6% -1.1% (-) Capital Expenditure -5.2 -6.5 -1.7 -1.7 -4.1 -4.2 -4.4 -4.4 -4.5 -4.7 -4.7 -3.9 -10.3% -1.4% (-) Working Capital Changes -1.0 -0.5 -0.8 -0.8 -0.8 -0.8 -0.9 -0.9 -0.9 -0.9 -0.9 -1.0 14.0% 2.3% Free Operating Cash Flow 13.7 11.1 15.2 15.8 15.2 16.9 19.4 20.2 22.6 23.2 24.9 26.5 11.1% 7.8% Discount Factor 1.00 0.87 0.76 0.68 0.61 0.55 0.49 0.44 0.40 PV of Explicit Period 112.9 PV of Terminal Value 174.3 Enterprise Value 287.2 Revenues Growth 11.3% -5.1% -3.5% -0.5% 4.1% 3.0% 4.0% 1.0% 2.3% 2.6% 1.8% 2.4% 0.6% 1.0% FCFF As a % of Revenues 7.9% 6.7% 9.6% 10.1% 9.3% 10.0% 11.1% 11.4% 12.5% 12.4% 13.2% 13.6% EBITDA Margin 14.5% 13.8% 14.1% 14.6% 15.5% 16.5% 18.0% 18.5% 20.0% 20.0% 21.0% 21.0% Capex to Sales 3.0% 4.0% 1.1% 1.1% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% Source: Millennium investment banking

CAGR CAGR Impresa - DCF € million 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E - Publishing EBIT 9.4 2.7 -1.8 1.0 0.9 4.1 4.8 5.5 6.3 7.1 7.6 8.1 11.1% 12.3% (-) Taxes on EBIT -2.6 -0.7 0.5 -0.3 -0.2 -1.1 -1.3 -1.5 -1.7 -2.0 -2.1 -2.2 11.1% 12.3% (+) Non-Cash Items 0.8 0.7 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 -14.2% 2.0% (-) Capital Expenditure -0.4 -0.7 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 -14.7% 2.0% (-) Working Capital Changes 0.5 0.5 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 -9.7% 2.0% Free Cash Flow to the Firm 7.6 2.4 -0.7 1.2 0.9 3.3 3.8 4.3 4.9 5.5 5.9 6.3 8.1% 11.5% Discount Factor 1.00 0.87 0.76 0.68 0.61 0.55 0.49 0.44 0.40 PV of Explicit Period 20.20 PV of Terminal Value 41.17 Enterprise Value 61.4 Revenues Growth 1.7% -12.7% -15.1% -11.2% 1.1% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% FCFF As a % of Revenues 8.2% 2.9% -1.0% 1.9% 1.5% 5.1% 5.9% 6.6% 7.3% 8.0% 8.4% 8.8% EBITDA Margin 10.9% 4.1% -1.7% 2.4% 2.0% 7.0% 8.0% 9.0% 10.0% 11.0% 11.5% 12.0% Capex to Sales 0.4% 0.9% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% Source: Millennium investment banking

19

Millennium investment banking Media 08 February 2013

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 € million 1Q12 2Q12 3Q12 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E Impresa – P&L - quarterly YoY YoY YoY YoYE YoYE YoYE YoYE YoYE evolution Revenues 52.6 63.6 51.0 62.6 50.5 61.3 49.0 60.4 -9% -8% -9% -7% -4% -4% -4% -4% Television 36.0 44.4 34.3 43.8 35.9 43.9 34.3 43.6 -6% -1% -4% -3% 0% -1% 0% 0% Publishing 15.9 19.1 16.0 18.3 14.1 16.9 14.2 16.3 -13% -15% -17% -15% -11% -11% -11% -11% Other & Inter-Seg. 0.7 0.2 0.6 0.5 0.6 0.6 0.5 0.5 -36% -87% -33% 8% -22% nm -23% -16% Operating Cash Costs -51.5 -54.3 -49.2 -54.6 -49.8 -52.0 -47.7 -47.7 -10% -11% -6% -4% -3% -4% -3% -13% Television -34.7 -36.3 -32.4 -32.8 -34.3 -35.8 -32.0 -32.5 -6% -6% 0% -3% -1% -1% -1% -1% Publishing -15.9 -17.3 -16.3 -21.0 -14.5 -15.9 -15.0 -14.6 -14% -14% -14% 2% -8% -8% -8% -31% Other & Inter-Seg. -1.0 -0.6 -0.6 -0.9 -1.0 -0.3 -0.6 -0.6 -44% -71% -52% -67% 0% -54% 13% -26% EBITDA 1.1 9.4 1.7 8.0 0.7 9.3 1.3 12.7 46% 19% -51% -22% -35% -1% -24% 59% Margin 2.0% 14.7% 3.4% 12.8% 1.4% 15.2% 2.7% 21.0% 0.8pp 3.3pp -2.9pp -2.3pp -0.7pp 0.4pp -0.7pp 8.3pp Television 1.3 8.1 1.9 11.0 1.6 8.1 2.3 11.1 -18% 28% -43% -2% 19% 0% 17% 2% Publishing 0.0 1.7 -0.2 -2.7 -0.5 1.0 -0.8 1.7 nm -23% nm nm nm -42% nm nm Other & Inter-Seg. -0.3 -0.4 0.0 -0.3 -0.4 0.3 -0.2 -0.2 -58% -39% nm -84% 57% nm nm -43% Depreciation -2.0 -1.8 -1.7 -1.7 -1.9 -1.8 -1.8 -1.8 -8% -12% -14% -15% -5% -1% 5% 5% Impairments 0.0 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm nm nm nm nm EBIT -0.9 7.0 0.0 6.3 -1.2 7.5 -0.5 10.9 -37% nm -98% 43% 31% 7% nm 74% Margin -1.7% 11.0% 0.1% 10.0% -2.3% 12.2% -1.0% 18.1% 0.7pp 45.5pp -2.7pp 3.5pp -0.6pp 1.2pp -1.0pp 8.1pp Financial Results -3.2 -3.3 -3.5 -3.3 -3.1 -3.2 -3.5 -2.8 12% -17% 16% -8% -4% -3% -1% -15% EBT -4.1 3.8 -3.5 3.0 -4.3 4.3 -4.0 8.1 -4% nm nm nm 3% 15% 13% nm Margin -7.9% 5.9% -6.9% 4.7% -8.5% 7.1% -8.1% 13.4% -0.4pp 46.0pp -4.2pp 3.5pp -0.6pp 1.2pp -1.2pp 8.7pp Discont. Operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm nm nm nm nm Income Taxes 0.8 -1.6 1.0 2.5 -0.9 -0.9 0.2 -0.4 -5% 2% nm nm nm -42% -81% nm Minorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -65% -41% -87% nm nm nm nm nm Net Profit -3.3 2.2 -2.5 5.5 -5.2 3.4 -3.8 7.7 -4% nm 71% nm 56% 56% 53% 41% Margin -6.3% 3.5% -4.9% 8.8% -10.3% 5.6% -7.8% 12.8% -0.4pp 45.8pp -2.3pp 10.2pp -3.9pp 2.1pp -2.9pp 4.0pp Source: Company data and Millennium investment banking

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Impresa – P&L – € million 1Q12 2Q12 3Q12 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E YoY YoY YoY YoYE YoYE YoYE YoYE YoYE quarterly evolution – Cons. Revenues 52.6 63.6 51.0 62.6 50.5 61.3 49.0 60.4 -9% -8% -9% -7% -4% -4% -4% -4% breakdown by business area Advertising 25.7 36.4 23.4 31.4 23.9 33.8 21.7 29.2 -16% -10% -14% -12% -7% -7% -7% -7% Thematic channels 11.2 11.3 11.3 11.3 11.5 11.6 11.6 11.6 5% 1% 4% 8% 3% 3% 3% 3% Circulation 7.5 7.4 8.4 7.4 6.7 6.6 7.5 6.7 -11% -12% -11% -10% -11% -11% -11% -11% Other 8.1 8.6 7.9 12.5 8.3 9.3 8.1 13.0 -2% -4% -8% -2% 3% 8% 3% 4% Cash Costs -51.5 -54.3 -49.2 -54.6 -49.8 -52.0 -47.7 -47.7 -10% -11% -6% -4% -3% -4% -3% -13% EBITDA 1.1 9.4 1.7 8.0 0.7 9.3 1.3 12.7 46% 19% -51% -22% -35% -1% -24% 59% Margin 2.0% 14.7% 3.4% 12.8% 1.4% 15.2% 2.7% 21.0% 0.8pp 3.3pp -2.9pp -2.4pp -0.7pp 0.4pp -0.7pp 8.3pp TV Revenues 36.0 44.4 34.3 43.8 35.9 43.9 34.3 43.6 -6% -1% -4% -3% 0% -1% 0% 0% Advertising 19.1 27.2 17.3 23.5 18.3 26.0 16.5 22.5 -14% -7% -11% -9% -4% -4% -4% -4% Thematic channels 11.2 11.3 11.3 11.3 11.5 11.6 11.6 11.6 5% 1% 4% 8% 3% 3% 3% 3% Other 5.7 5.9 5.7 9.0 6.1 6.3 6.1 9.6 4% 32% 3% 3% 7% 7% 7% 7% Cash Costs -34.7 -36.3 -32.4 -32.8 -34.3 -35.8 -32.0 -32.5 -6% -6% 0% -3% -1% -1% -1% -1% EBITDA 1.3 8.1 1.9 11.0 1.6 8.1 2.3 11.1 -18% 28% -43% -2% 19% 0% 17% 2% Margin 3.7% 18.2% 5.7% 25.0% 4.4% 18.3% 6.6% 25.5% -0.5pp 4.1pp -3.9pp 0.1pp 0.7pp 0.1pp 1.0pp 0.5pp Publishing Rev. 15.9 19.1 16.0 18.3 14.1 16.9 14.2 16.3 -13% -15% -17% -15% -11% -11% -11% -11% Advertising 6.6 9.2 6.1 7.9 5.6 7.8 5.2 6.7 -19% -17% -21% -20% -15% -15% -15% -15% Circulation 7.5 7.4 8.4 7.4 6.7 6.6 7.5 6.7 -11% -12% -11% -10% -11% -11% -11% -11% Other 1.8 2.4 1.6 3.0 1.7 2.4 1.6 3.0 1% -18% -27% -14% -1% -1% -1% -1% Cash Costs -15.9 -17.3 -16.3 -21.0 -14.5 -15.9 -15.0 -14.6 -14% -14% -14% 2% -8% -8% -8% -31% EBITDA 0.0 1.7 -0.2 -2.7 -0.5 1.0 -0.8 1.7 nm -23% nm nm nm -42% nm nm Margin 0.0% 9.0% -1.5% -14.5% -3.4% 5.8% -5.4% 10.7% 1.3pp -0.9pp -3.5pp -19.1pp -3.4pp -3.2pp -3.9pp 25.3pp Other & Inter-Seg. 0.7 0.2 0.6 0.5 0.6 0.6 0.5 0.5 -36% -87% -33% 0% -22% nm -23% -16% InfoPortugal 0.7 0.5 0.4 0.3 0.5 0.5 0.4 0.4 89% 47% 14% -38% -27% -5% -1% 23% Other 0.0 -0.3 0.2 0.2 0.1 0.1 0.1 0.1 -97% nm -65% nm 94% nm -72% -77% Cash Costs -1.0 -0.6 -0.6 -0.9 -0.6 -0.6 -0.6 -0.6 -44% -71% -52% -67% -35% -1% 13% -26% EBITDA -0.3 -0.4 0.0 -0.3 -0.1 -0.1 -0.2 -0.2 -58% -39% nm -85% -67% -79% nm -43% Margin -39.0% -210.5% 2.9% -58.4% -16.4% -16.4% -42.2% -40.0% 20.3pp -164.6pp 38.9pp 322.6pp 22.7pp 194.1pp -45.1pp 18.4pp Source: Company data and Millennium investment banking

20

Millennium investment banking Media 08 February 2013

Impresa –FY12 earnings – € million FY11 FY12E YoYE 4Q11 3Q12 4Q12E YoYE QoQE P&L Revenues 249.8 229.8 -8% 67.2 51.0 62.6 -7% 23% Television 164.1 158.5 -3% 45.1 34.3 43.8 -3% 27% Publishing 81.6 69.3 -15% 21.5 16.0 18.3 -15% 14% Other & Inter-Seg. 4.1 2.0 -50% 0.5 0.6 0.5 0% -8% Opex -227.5 -209.6 -8% -57.0 -49.2 -54.6 -4% 11% Television -141.5 -136.1 -4% -33.9 -32.4 -32.8 -3% 1% Publishing -78.2 -70.4 -10% -20.5 -16.3 -21.0 2% 29% Other & Inter-Seg. -7.8 -3.1 -61% -2.6 -0.6 -0.9 -67% 50% EBITDA 22.3 20.1 -10% 10.2 1.7 8.0 -22% nm Margin 8.9% 8.8% -0.2pp 15.1% 3.4% 12.8% -2.4pp 9.4pp Television 22.6 22.3 -1% 11.2 1.9 11.0 -2% nm Publishing 3.4 -1.2 nm 1.0 -0.2 -2.7 nm nm Other & Inter-Seg. -3.7 -1.0 -73% -2.0 0.0 -0.3 -85% nm Depreciation -8.2 -7.2 -12% -2.0 -1.7 -1.7 -15% 0% Impairments -33.3 -0.5 nm -3.8 0.0 0.0 nm #DIV/0! EBIT -19.2 12.4 nm 4.4 0.0 6.3 43% nm Margin -7.7% 5.4% 13.1pp 6.5% 0.1% 10.0% 0.5pp nm Financial Results -13.4 -13.4 0% -3.6 -3.5 -3.3 -7% -6% EBT -32.6 -0.9 -97% 0.8 -3.5 3.0 nm nm Margin -13.1% -0.4% 12.7pp 1.2% -6.9% 4.7% nm nm Discont. operations 0.0 0.0 nm 0.0 0.0 0.0 nm nm Income Taxes -2.4 2.8 nm -1.8 1.0 2.5 nm nm Minorities 0.0 0.0 3% 0.0 0.0 0.0 nm nm Net Profit -35.1 1.9 nm -1.0 -2.5 5.5 nm nm Margin -14.0% 0.8% 14.8pp -1.5% -4.9% 8.8% 10.2pp 13.6pp Source: Company data and Millennium investment banking

Impresa –FY12 earnings – € million FY11 FY12E YoYE 4Q11 3Q12 4Q12 YoYE QoQE operating Cons. Revenues 249.8 229.8 -8% 67.2 51.0 62.6 -7% 23% performance breakdown Advertising 133.6 116.8 -13% 35.8 23.4 31.4 -12% 34% Thematic channels 43.1 45.1 5% 10.4 11.3 11.3 8% 0% Circulation 34.5 30.7 -11% 8.3 8.4 7.4 -10% -11% Other 38.5 37.1 -4% 12.7 7.9 12.5 -2% 58% Cash Costs -227.5 -209.6 -8% -57.0 -49.2 -54.6 -4% 11% EBITDA 22.3 20.1 -10% 10.2 1.7 8.0 -22% nm Margin 8.9% 8.8% -0.2pp 15.1% 3.4% 12.8% -2.4pp 9.4pp TV Revenues 164.1 158.5 -3% 45.1 34.3 43.8 -3% 27% Advertising 96.9 87.1 -10% 26.0 17.3 23.5 -9% 36% Thematic channels 43.1 45.1 5% 10.4 11.3 11.3 8% 0% Other 24.1 26.3 9% 8.7 5.7 9.0 3% 57% Cash Costs -141.5 -136.1 -4% -33.9 -32.4 -32.8 -3% 1% EBITDA 22.6 22.3 -1% 11.2 1.9 11.0 -2% nm Margin 13.8% 14.1% 0.3pp 24.9% 5.7% 25.0% 0.1pp 19.4pp Publishing 81.6 69.3 -15% 21.5 16.0 18.3 -15% 14% Advertising 36.7 29.7 -19% 9.8 6.1 7.9 -20% 29% Circulation 34.5 30.7 -11% 8.3 8.4 7.4 -10% -11% Other 10.3 8.8 -15% 3.5 1.6 3.0 -14% 87% Cash Costs -78.2 -70.4 -10% -20.5 -16.3 -21.0 2% 29% EBITDA 3.4 -1.2 nm 1.0 -0.2 -2.7 nm nm Margin 4.1% -1.7% -5.8pp 4.6% -1.5% -14.5% -19.1pp -13.1pp Other & Inter-Seg. 4.1 2.0 -50% 0.5 0.6 0.5 0% -8% DGSM 2.2 0.3 -87% 0.1 -0.3 0.3 nm nm InfoPortugal 1.6 1.9 22% 0.5 0.4 0.3 -38% -20% Other 0.3 0.1 -68% -0.1 0.4 0.0 nm -92% Cash Costs -7.8 -3.1 -61% -2.6 -0.6 -0.9 -67% 50% EBITDA -3.7 -1.0 -73% -2.0 0.0 -0.3 -85% nm Margin -91.8% -49.5% 42.3pp -381.0% 2.9% -58.4% 322.6pp -61.2pp Source: Company data and Millennium investment banking 21

Millennium investment banking Media 08 February 2013

CAGR 11- CAGR 15- Impresa - Balance sheet € million 2010 2011 2012E 2013E 2014E 2015E 2021E 15E 21E Assets 484.4 441.8 433.6 427.4 426.2 425.1 421.2 -1.0% -0.2% Non-current assets 394.2 357.9 353.4 348.7 346.4 344.2 335.1 -1.0% -0.4% Goodwill / Intangibles 337.6 303.1 303.1 303.1 303.1 303.1 303.1 0.0% 0.0% Fixed assets 37.0 37.9 33.3 28.5 26.2 24.0 14.9 -10.8% -7.7% Investments 6.1 6.2 6.2 6.2 6.2 6.2 6.2 0.0% 0.0% Other 13.5 10.6 10.8 10.8 10.8 10.8 10.8 0.5% 0.0% Deferred TV rights 42.6 43.1 43.1 43.1 43.1 43.1 43.1 0.0% 0.0% Current assets 47.7 40.8 37.1 35.6 36.8 37.8 43.1 -1.9% 2.2% Inventories 2.8 3.3 2.5 2.4 2.4 2.4 2.6 -7.1% 1.3% Accounts receivable 32.0 29.0 26.6 25.7 26.5 27.3 31.2 -1.5% 2.3% Other 5.9 4.3 4.0 3.8 3.9 4.0 4.6 -1.5% 2.3% Cash & equivalents 6.9 4.3 4.0 3.8 3.9 4.0 4.6 -1.5% 2.3% Equity 159.1 123.8 125.7 127.7 132.6 141.8 188.2 3.5% 4.8% Minority Interests -0.2 0.1 0.0 0.0 0.0 0.0 0.0 nm 3.5% Liabilities 325.6 318.0 307.9 299.7 293.6 283.2 233.1 -2.8% -3.2% Financial debt 238.4 236.3 222.4 220.3 214.2 204.9 146.1 -3.5% -5.5% Accounts payable 35.1 38.0 35.0 32.8 33.7 33.8 36.6 -2.9% 1.3% Other 52.1 43.7 50.5 46.6 45.7 44.5 50.3 0.5% 2.1% Source: Company data and Millennium investment banking

CAGR CAGR Impresa - Income € million 2010 2011 2012E 2013E 2014E2015E 2021E 11-15E 15-21E statement Operating Revenues 271.1 249.8 229.8 221.3 228.7 235.2 269.3 -1.5% 2.3% Cash Costs -237.5 -227.5 -209.6 -196.7 -201.8 -202.6 -219.4 -2.9% 1.3% EBITDA 33.7 22.3 20.1 24.6 26.9 32.6 49.9 10.0% 7.4% Depreciation and Amortisation -8.1 -8.2 -7.2 -7.2 -7.2 -7.2 -7.0 -3.0% -0.6% EBIT 25.6 -19.2 12.4 17.4 19.7 25.4 43.0 nm 9.2% Net Financials -11.9 -13.4 -13.4 -13.3 -13.0 -12.8 -9.5 -1.1% -4.9% EBT 13.7 -32.6 -0.9 4.1 6.8 12.5 33.4 nm 17.8% Taxes -3.8 -2.4 2.8 -2.0 -1.8 -3.3 -7.9 8.4% 15.4% EBM 9.9 -35.0 1.9 2.0 5.0 9.2 25.6 nm 18.5% Minority Interests 0.1 0.0 0.0 0.0 0.0 0.0 0.0 3.5% 3.5% Net Income 10.1 -35.1 1.9 2.0 5.0 9.2 25.5 nm 18.6% Net Earnings 10.1 -35.1 1.9 2.0 5.0 9.2 25.5 nm 18.6% EPS (€) 0.06 -0.21 0.01 0.01 0.03 0.05 0.15 nm 17.9% Source: Company data and Millennium investment banking

CAGR CAGR Impresa - Cash-flow € million 2010 2011E 2012E 2013E 2014E 2015E 2021E statement 11-15E 15-21E Cash Flow from Operations 23.6 -28.1 16.0 4.5 11.1 15.5 40.4 nm 17.3% Cash Flow from Investing -6.4 26.7 -2.4 -2.5 -4.9 -5.1 -5.9 nm 2.7% Cash Flow from Financing -16.1 -63.5 -14.0 -2.2 -6.1 -9.3 -27.4 -38.1% 19.7% Free Cash Flow to Equity 15.4 1.3 14.0 2.0 6.2 10.4 34.5 69.6% 22.0% Dividends paid 0.0 0.0 0.0 0.0 0.0 0.0 -18.6 nm nm Source: Company data and Millennium investment banking

Impresa – CAGR CAGR € million 2010 2011 2012E 2013E 2014E 2015E 2021E Leverage Indicators 11-15E 15-21E EBITDA 33.7 22.3 20.1 24.6 26.9 32.6 49.9 10.0% 7.4% Capex 6.0 7.8 2.5 2.5 4.9 5.1 4.9 -10.2% -0.5% EBITDA-Capex 27.7 14.5 17.6 22.1 22.0 27.5 45.0 17.4% 8.5% EBITDA-Capex-Dividends 27.7 14.5 17.6 22.1 22.0 22.9 24.5 12.2% 1.1% Financial Costs, Net -11.7 -14.3 -14.2 -14.2 -14.0 -14.1 -10.9 -0.4% -4.2% Net Debt 231.4 232.0 218.5 216.5 210.3 200.8 141.5 -3.5% -5.7% Net Debt / EBITDA (x) 6.9 10.4 10.8 8.8 7.8 6.2 2.8 -12.3% -12.1% Net Debt / Equity (x) 1.5 1.9 1.7 1.7 1.6 1.4 0.8 -6.8% -10.0% Net Debt / Capital Employed (x) 0.6 0.6 0.6 0.6 0.6 0.6 0.4 -1.5% -5.1% EBITDA / Financial Costs (x) -2.9 -1.6 -1.4 -1.7 -1.9 -2.3 -4.6 10.4% 12.0% Source: Company data and Millennium investment banking 22

Millennium investment banking Media 08 February 2013

Media Capital

We revised upwards Media Capital price target to €2.45 YE13 from €2.15 YE13 (keeping no recommendation, given low free-float: 0.26%).

Updated price target benefited from fine-tune in estimates (+€0.05 positive effect) while changes in WACC had a €0.25 positive impact on price target (following the decline of the Portuguese Sovereign 10-year Government Bonds, we updated the local sovereign yield to 8% from 10%.

Overall, TVI is being threatened by SIC/Impresa as most watched TV station in Portugal while it`s increasingly focused on cable TV. We highlight following rising audience shares in cable news channel TVI24, TVI will start further cable channels: +TVI and TVI Ficção are on the pipeline. Audiovisual segment reflects an overall decline in TV activity while Entertainment segment is showing some difficulties (penalized by illegal downloadings). We highlight radio is showing encouraging numbers, benefiting from rising audience shares and growing advertising numbers.

We expect Media Capital will disclose 4Q12 Earnings on the 2 nd half of February. Earnings will reflect tough environment, penalized by declining advertising revenues.

MCP - Breakdown of changes in price 3.60 Breakdown of change in price target target (€) + € 0.25 2.70 € 2.15 + € 0.05 € 2.45

1.80

0.90

0.00 Previous valuation (YE13) Change in estimates Changes in WACC New YE13 price target

Source: Millennium investment banking

23

Millennium investment banking Media 08 February 2013

MCP - Shareholder Shareholder Structure - Sep 30th 2012 structure Economic Voting # Shares Stake Rights Vertix (100% Prisa) 71,576,289 84.69% 84.69% PortQuay West (Pais do Amaral) 8,451,318 10.00% 10.00% Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra 4,269,869 5.05% 5.05% Own Shares 0 0.00% 0.00% Free Float 215,704 0.26% 0.26% Total Shares 84,513,180 Voting Shares 84,513,180 Source: Company data and Millennium investment banking

New Estimates Old Estimates Change MCP € million 2011 2012E 2013E 2015E 2021E 2012E 2013E 2015E 2021E 2012E 2013E 2015E 2021E – Estimates revision Revenues 224.4 182.1 175.3 193.0 197.3 179.0 165.3 176.9 194.5 1.7% 6.1% 9.1% 1.4% TV 151.4 142.0 137.1 149.2 144.9 141.6 127.5 133.4 141.9 0.3% 7.6% 11.8% 2.1% Audiovisual 81.0 51.4 46.3 50.1 57.2 52.6 52.6 56.9 65.1 -2.3% -12.1% -12.1% -12.1% Entertainment 11.8 5.4 5.0 5.4 6.5 5.1 5.3 5.7 6.8 4.7% -5.7% -5.0% -5.0% Radio 14.5 13.3 13.8 15.1 15.7 13.9 13.8 15.0 15.6 -4.5% 0.5% 0.4% 0.5% Other -34.3 -29.9 -26.9 -26.7 -26.9 -34.3 -33.8 -34.1 -34.9 -12.7% -20.6% -21.7% -22.9% Cash Costs -195.7 -144.8 -145.4 -153.8 -158.1 -145.7 -135.3 -140.0 -155.2 -0.6% 7.5% 9.8% 1.9% TV -116.8 -108.6 -109.7 -114.8 -113.0 -111.9 -102.0 -102.7 -110.7 -2.9% 7.6% 11.8% 2.1% Audiovisual -85.9 -48.3 -44.0 -45.3 -51.5 -49.7 -49.0 -51.5 -58.6 -2.8% -10.2% -12.1% -12.1% Entertainment -13.0 -5.1 -4.7 -5.1 -6.5 -4.9 -5.0 -5.5 -6.8 3.6% -6.6% -6.0% -5.0% Radio -12.3 -11.3 -11.5 -12.8 -14.1 -11.7 -11.4 -12.7 -14.1 -2.8% 0.5% 0.4% 0.5% Other 32.3 28.6 24.4 24.3 26.9 32.6 32.1 32.4 34.9 nm nm nm nm EBITDA 28.6 37.3 29.9 39.2 39.2 33.3 30.0 36.9 39.3 11.8% -0.4% 6.3% -0.3% TV 34.6 33.4 27.4 34.3 31.9 29.7 25.5 30.7 31.2 12.2% 7.6% 11.8% 2.1% Audiovisual -4.9 3.1 2.3 4.8 5.7 2.9 3.7 5.4 6.5 6.6% -37.2% -12.1% -12.1% Entertainment -1.3 0.3 0.2 0.3 0.0 0.2 0.2 0.2 0.0 nm nm 18.7% nm Radio 2.2 1.9 2.3 2.3 1.6 2.2 2.3 2.2 1.6 -13.4% 0.5% 0.4% 0.5% Other -2.0 -1.3 -2.4 -2.4 0.0 -1.7 -1.7 -1.7 0.0 nm nm 40.9% nm Margin 12.8% 20.5% 17.1% 20.3% 19.8% 18.6% 18.2% 20.8% 20.2% 1.8pp -1.1pp -0.5pp -0.4pp TV 22.8% 23.5% 20.0% 23.0% 22.0% 21.0% 20.0% 23.0% 22.0% 2.5pp 0.0pp 0.0pp 0.0pp Audiovisual -6.1% 6.0% 5.0% 9.5% 10.0% 5.5% 7.0% 9.5% 10.0% 0.5pp -2.0pp 0.0pp 0.0pp Entertainment -10.7% 5.0% 5.0% 5.0% 0.0% 4.0% 4.0% 4.0% 0.0% 1.0pp 1.0pp 1.0pp nm Radio 15.4% 14.5% 17.0% 15.0% 10.0% 16.0% 17.0% 15.0% 10.0% -1.5pp 0.0pp 0.0pp 0.0pp Other 5.8% 4.5% 9.0% 9.0% 0.0% 5.0% 5.0% 5.0% 0.0% -0.5pp 4.0pp 4.0pp 0.0pp D&A -11.8 -11.4 -5.1 -4.7 -4.2 -11.0 -5.2 -4.8 -4.4 3.7% -3.0% -1.1% -5.4% EBIT 16.8 25.9 24.8 34.4 35.0 22.3 24.8 32.1 34.8 15.9% 0.2% 7.4% 0.3% Financial Results -6.5 -9.0 -7.6 -6.8 -5.7 -8.3 -6.9 -6.2 -5.0 8.4% 8.7% 10.2% nm EBT 10.4 16.9 17.3 27.6 29.3 14.0 17.9 25.9 29.8 20.2% -3.2% 6.7% -1.9% Taxes -8.4 -6.7 -6.9 -10.1 -10.1 -5.4 -6.6 -9.0 -9.5 22.8% 4.6% 13.0% 6.1% EBM 2.0 10.2 10.4 17.5 19.2 8.6 11.3 16.9 20.3 18.6% -7.7% 3.4% -5.6% Minority Interests -0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm Disc. Operations nm nm nm nm nm nm nm nm nm nm nm nm nm Net Income 1.2 10.2 10.4 17.5 19.2 8.6 11.3 16.9 20.3 18.6% -7.7% 3.4% -5.6% Source: Company data and Millennium investment banking

24

Millennium investment banking Media 08 February 2013

CAGR CAGR % 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E MCP - Key performance 11-15E 15-21E indicators Consolidated figures Revenues YoY 29.2 -6.8 -7.0 -9.9 -18.8 -3.7 5.7 4.2 3.9 -0.5 2.2 0.6 0.7 -4.5 -3.7% 0.4% EBITDA Margin 18.3 18.7 15.9 12.8 20.5 17.1 19.5 20.3 21.0 20.0 19.3 19.1 19.1 19.8 0.1pp 0.0pp Capex as % of revenues 7.3 2.7 4.4 3.8 2.5 2.4 2.5 2.5 2.4 2.5 2.4 2.4 2.5 2.5 -0.1pp 0.0pp EBITDA-Capex as % of revenues 11.1 16.0 11.4 9.0 18.0 14.7 17.1 17.8 18.6 17.6 16.9 16.7 16.6 17.3 0.2pp 0.0pp TV Revenues YoY 5.1 -7.0 1.3 -4.5 -6.2 -3.4 5.1 3.5 3.9 -1.6 2.0 -0.1 0.0 -6.8 -0.4% -0.6% EBITDA Margin 26.6 27.9 28.5 22.8 23.5 20.0 22.0 23.0 24.0 23.0 22.0 22.0 22.0 22.0 0.0pp 0.0pp Capex as % of revenues 6.8 2.3 2.9 1.3 1.4 1.4 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 0.0pp 0.0pp EBITDA-Capex as % of revenues 19.8 25.6 25.6 21.6 22.1 18.6 20.5 21.5 22.5 21.5 20.5 20.5 20.5 20.5 0.0pp 0.0pp Audiovisual Revenues YoY 13.7 -13.0 3.2 -43.7 -9.0 -0.4 3.4 3.0 2.5 1.4 2.0 2.0 2.0 -11.3% 2.7% EBITDA Margin 9.5 11.4 9.2 -6.1 6.0 5.0 9.0 9.5 9.5 9.5 10.0 10.0 10.0 10.0 nm 0.0pp Capex as % of revenues 7.5 1.4 4.4 7.2 3.5 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 -0.2pp 0.0pp EBITDA-Capex as % of revenues 2.0 9.9 4.8 -13.3 2.5 1.7 5.7 6.2 6.2 6.2 6.7 6.7 6.7 6.7 nm 0.0pp Entertainment Revenues YoY 60.9 -27.0 -37.9 -32.7 -54.3 -7.9 5.0 4.0 3.0 3.0 3.0 3.0 3.0 3.0 -17.7% 3.6% EBITDA Margin 4.7 -24.9 -45.9 -10.7 5.0 5.0 5.0 5.0 5.0 5.0 6.0 7.0 7.5 8.0 nm 0.1pp Capex as % of revenues 0.4 0.3 1.6 0.0 0.0 0.0 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1.3pp 0.0pp EBITDA-Capex as % of revenues 4.3 -25.2 -47.4 -10.7 5.0 5.0 4.5 4.5 4.5 4.5 5.5 6.5 7.0 7.5 nm 0.1pp Radio Revenues YoY 1.2 -4.3 3.0 4.5 -8.5 4.1 4.5 4.3 1.6 -0.9 1.5 1.5 1.5 -1.0 0.9% 0.8% EBITDA Margin -11.7 2.1 -17.8 15.4 14.5 17.0 16.0 15.0 14.0 13.0 12.0 10.0 10.0 10.0 0.0pp -0.1pp Capex as % of revenues 10.2 9.7 7.1 3.3 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 0.1pp 0.0pp EBITDA-Capex as % of revenues -21.9 -7.6 -24.9 12.2 10.5 13.0 12.0 11.0 10.0 9.0 8.0 6.0 6.0 6.0 0.0pp -0.1pp Others Revenues YoY -228.7 44.1 -14.6 5.1 -12.8 -10.3 -1.0 0.5 0.5 -0.2 0.3 0.1 0.1 0.0 -6.1% 0.2% EBITDA Margin 3.7 -2.2 11.2 5.8 -4.5 -9.0 -9.0 -9.0 -9.0 -9.0 -9.0 -9.0 -9.0 -9.0 nm 0.0pp Capex as % of revenues -3.9 -1.6 -3.1 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 0.0pp 0.0pp EBITDA-Capex as % of revenues 7.5 -0.7 14.4 6.6 -3.7 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 -8.2 nm 0.0pp Source: Company data and Millennium investment banking

CAGR CAGR MCP - Key performance % 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E indicat ors (before) Consolidated figures Revenues YoY 29.2 -6.8 -7.0 -9.9 -20.2 -7.7 3.7 3.2 2.6 1.9 2.3 1.4 1.1 0.3 -5.8% 1.9% EBITDA Margin 18.3 18.7 15.9 12.8 18.6 18.2 20.1 20.8 21.4 20.6 19.9 19.7 19.6 20.2 0.1pp 0.0pp Capex as % of revenues 7.3 2.7 4.4 3.8 2.6 2.6 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 -0.1pp 0.0pp EBITDA-Capex as % of revenues 11.1 16.0 11.4 9.0 16.0 15.5 17.4 18.1 18.7 17.9 17.2 17.0 17.0 17.5 0.2pp 0.0pp TV Revenues YoY 5.1 -7.0 1.3 -4.5 -6.5 -10.0 2.6 2.0 2.0 1.6 2.0 0.8 0.3 -0.4 -3.1% 1.2% EBITDA Margin 26.6 27.9 28.5 22.8 21.0 20.0 22.0 23.0 24.0 23.0 22.0 22.0 22.0 22.0 0.0pp 0.0pp Capex as % of revenues 6.8 2.3 2.9 1.3 1.4 1.4 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 0.0pp 0.0pp EBITDA-Capex as % of revenues 19.8 25.6 25.6 21.6 19.6 18.6 20.5 21.5 22.5 21.5 20.5 20.5 20.5 20.5 0.0pp 0.0pp Audiovisual Revenues YoY 13.7 -13.0 3.2 -42.1 -1.6 1.8 3.4 3.0 2.5 1.4 2.0 2.0 2.0 -8.4% 2.7% EBITDA Margin 9.5 11.4 9.2 -6.1 5.5 7.0 9.0 9.5 9.5 9.5 10.0 10.0 10.0 10.0 nm 0.0pp Capex as % of revenues 7.5 1.4 4.4 7.2 3.5 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 3.3 -0.2pp 0.0pp EBITDA-Capex as % of revenues 2.0 9.9 4.8 -13.3 2.0 3.7 5.7 6.2 6.2 6.2 6.7 6.7 6.7 6.7 nm 0.0pp Entertainment Revenues YoY 60.9 -27.0 -37.9 -32.7 -56.4 2.3 4.5 3.8 3.0 3.0 3.0 3.0 3.0 3.0 -16.6% 3.6% EBITDA Margin 4.7 -24.9 -45.9 -10.7 4.0 4.0 4.0 4.0 4.0 5.0 6.0 7.0 7.5 8.0 nm 0.1pp Capex as % of revenues 0.4 0.3 1.6 0.0 0.0 0.0 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1.3pp 0.0pp EBITDA-Capex as % of revenues 4.3 -25.2 -47.4 -10.7 4.0 4.0 3.5 3.5 3.5 4.5 5.5 6.5 7.0 7.5 nm 0.1pp Radio Revenues YoY 1.2 -4.3 3.0 4.5 -4.2 -1.0 4.5 4.3 1.6 -0.9 1.5 1.5 1.5 -1.0 0.8% 0.8% EBITDA Margin -11.7 2.1 -17.8 15.4 16.0 17.0 16.0 15.0 14.0 13.0 12.0 10.0 10.0 10.0 0.0pp -0.1pp Capex as % of revenues 10.2 9.7 7.1 3.3 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 0.1pp 0.0pp EBITDA-Capex as % of revenues -21.9 -7.6 -24.9 12.2 12.0 13.0 12.0 11.0 10.0 9.0 8.0 6.0 6.0 6.0 0.0pp -0.1pp Others Revenues YoY -228.7 44.1 -14.6 5.1 -0.1 -1.3 0.4 0.5 0.4 0.4 0.4 0.3 0.3 0.3 -0.1% 0.4% EBITDA Margin 3.7 -2.2 11.2 5.8 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 -5.0 nm 0.0pp Capex as % of revenues -3.9 -1.6 -3.1 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 0.0pp 0.0pp EBITDA-Capex as % of revenues 7.5 -0.7 14.4 6.6 -4.2 -4.2 -4.2 -4.2 -4.2 -4.2 -4.2 -4.2 -4.2 -4.2 nm 0.0pp Source: Company data and Millennium investment banking

25

Millennium investment banking Media 08 February 2013

Pct MCP – € million EV Method WeightImplied Multiple Previous Change Sum -of -the -parts Change Television 270.1 DCF 91% EV/EBITDA 13 9.8x 243.0 27.2 11% Audiovisual 25.0 DCF 8% EV/EBITDA 13 10.8x 30.6 -5.6 -18% Entertainment 2.4 DCF 1% EV/EBITDA 13 9.6x 3.0 -0.7 -22% Radio 8.5 DCF 3% EV/EBITDA 13 3.6x 8.8 -0.3 -4% Other 1 -10.2 DCF -3% -9.3 -0.9 10% Total 295.8 100% EV/EBITDA 13 9.9x 276.1 19.6 7% Adjusted Net Debt YE12* 82.2 86.6 Dividends 8.2 6.9 Equity Value 205.4 182.7 22.8 12% Number of shares 84.5 84.5 Price Target YE 13 (€/share ) 2.45 2.15 0.3 14% *not included loans to Prisa Source: Company data and Millennium investment banking

CAGR CAGR € million 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E MCP -DCF – 11-15E 15-21E TV EBIT 39.1 28.6 28.0 24.7 28.9 32.5 35.3 33.3 32.4 32.3 32.3 30.1 3.3% -1.3% (+) Non-Cash Items 6.1 6.0 5.4 2.7 2.8 1.8 1.9 1.8 1.9 1.9 1.9 1.7 -26.2% -0.5% (-) Taxes on EBIT -10.4 -7.6 -7.4 -6.6 -7.7 -8.6 -9.4 -8.8 -8.6 -8.6 -8.6 -8.0 3.3% -1.3% (-) Capital Expenditure -4.7 -1.9 -2.0 -1.9 -2.2 -2.2 -2.3 -2.3 -2.3 -2.3 -2.3 -2.2 3.7% -0.5% (-) Working Capital Changes 10.3 -12.9 10.2 4.2 -0.4 -0.6 -0.6 0.2 0.6 0.0 0.0 -2.0 -54.1% 22.9% Free Cash Flow to the Firm 40.5 12.2 34.2 23.2 21.4 22.9 24.9 24.2 23.9 23.3 23.3 19.7 17.1% -2.4% Discount Factor 1.00 0.88 0.77 0.69 0.62 0.56 0.50 0.45 0.41 PV of Explicit Period 135.8 PV of Terminal Value 134.4 Enterprise Value 270.1 Revenues Growth 1.3% -4.5% -6.2% -3.4% 5.1% 3.5% 3.9% -1.6% 2.0% -0.1% 0.0% -6.8% -0.7% -0.4% FCFF As a % of Revenues 25.5% 8.0% 24.1% 16.9% 14.9% 15.3% 16.1% 15.9% 15.4% 15.0% 15.0% 13.6% EBITDA Margin 28.5% 22.8% 23.5% 20.0% 22.0% 23.0% 24.0% 23.0% 22.0% 22.0% 22.0% 22.0% Capex to Sales 2.9% 1.3% 1.4% 1.4% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Source: Company data and Millennium investment banking

CAGR CAGR € million 2010 2011 2012E 2013E 2015E 2016E 2017E 2018E 2019E 2020E 2021E MCP - DCF 11-15E 15-21E - Audiovisual EBIT 5.5 -8.1 -0.7 0.2 3.6 3.7 3.9 4.3 4.4 4.7 4.8 nm 5.2% (+) Non-Cash Items 3.0 3.1 3.8 2.1 1.2 1.2 1.2 1.1 1.1 0.9 0.9 -21.4% -4.4% (-) Taxes on EBIT -1.4 2.1 0.2 -0.1 -0.9 -1.0 -1.0 -1.1 -1.2 -1.2 -1.3 nm 5.2% (-) Capital Expenditure -4.1 -5.9 -1.8 -1.5 -1.7 -1.7 -1.7 -1.8 -1.8 -1.9 -1.9 -27.1% 2.2% (-) Working Capital Changes 5.9 -6.9 3.7 1.4 -0.2 -0.2 0.1 0.2 0.0 0.0 -0.8 -59.1% 26.2% Free Cash Flow to the Firm 8.9 -15.6 5.2 2.2 2.0 2.0 2.3 2.7 2.5 2.5 1.8 nm -1.7% Discount Factor 1.00 0.77 0.69 0.62 0.56 0.50 0.45 0.41 PV of Explicit Period 12.9 PV of Terminal Value 12.1 Enterprise Value 25.0 Revenues Growth -15.0% -11.7% -36.5% -10.0% 4.0% 3.0% 2.5% 2.0% 2.0% 2.0% 2.0% FCFF As a % of Revenues 9.7% -19.2% 10.1% 4.7% 3.9% 3.9% 4.4% 5.0% 4.6% 4.5% 3.1% EBITDA Margin 9.2% -6.1% 6.0% 5.0% 9.5% 9.5% 9.5% 10.0% 10.0% 10.0% 10.0% Capex to Sales 4.4% 7.2% 3.5% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% Source: Company data and Millennium investment banking

26

Millennium investment banking Media 08 February 2013

CAGR CAGR MCP - DCF € million 2010 2011 2012E 2013E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E - Entertainment EBIT -8.2 -1.4 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.5 nm 12.3% (+) Non-Cash Items 0.2 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -41.0% 0.1% (-) Taxes on EBIT 2.2 0.4 0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 nm 12.3% (-) Capital Expenditure -0.3 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -30.8% 3.0% (-) Working Capital Changes 1.1 -1.0 0.4 0.2 0.0 0.0 0.0 0.1 0.0 0.0 -0.2 -62.1% 46.3% Free Cash Flow to the Firm -5.0 -1.9 0.6 0.3 0.2 0.2 0.2 0.3 0.3 0.3 0.2 nm -0.8% Discount Factor 1.00 0.77 0.69 0.62 0.56 0.50 0.45 0.41 PV of Explicit Period 1.3 PV of Terminal Value 1.0 Enterprise Value 2.4 Revenues Growth -37.9% -32.7% -54.3% -7.9% 4.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% FCFF As a % of Revenues -28.6% -16.4% 10.3% 6.3% 2.9% 3.3% 3.7% 5.0% 4.7% 5.1% 2.3% EBITDA Margin -45.9% -10.7% 5.0% 5.0% 5.0% 5.0% 5.0% 6.0% 7.0% 7.5% 8.0% Capex to Sales 1.6% 1.0% 1.0% 0.7% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% Source: Millennium investment banking

CAGR CAGR MCP - DCF € million 2010 2011 2012E 2013E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E - Radio EBIT -4.8 0.3 0.3 1.6 1.8 1.9 1.8 1.7 1.4 1.5 1.4 62% -3% (+) Non-Cash Items 2.3 2.0 1.7 0.7 0.5 0.2 0.2 0.2 0.1 0.1 0.1 -30% -20% (-) Taxes on EBIT 1.3 -0.1 -0.1 -0.4 -0.5 -0.5 -0.5 -0.4 -0.4 -0.4 -0.4 62% -3% (-) Capital Expenditure -1.0 -0.5 -0.5 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 -0.6 6% 1% (-) Working Capital Changes 0.9 -1.2 1.0 0.4 -0.1 -0.1 0.0 0.1 0.0 0.0 -0.2 -53% 24% Free Cash Flow to the Firm -1.3 0.5 2.3 1.8 1.1 1.0 0.9 0.8 0.6 0.6 0.3 25.0% -17.9% Discount Factor 1.00 0.77 0.69 0.62 0.56 0.50 0.45 0.41 PV of Explicit Period 6.1 PV of Terminal Value 2.4 Enterprise Value 8.5 Revenues Growth 3.0% 4.5% -8.5% 4.1% 4.3% 1.6% -0.9% 1.5% 1.5% 1.5% -1.0% 0.9% 1.1% FCFF As a % of Revenues -9.4% 3.2% 17.2% 13.0% 7.5% 6.3% 6.0% 5.5% 3.5% 3.5% 2.2% EBITDA Margin -17.8% 15.4% 14.5% 17.0% 15.0% 14.0% 13.0% 12.0% 10.0% 10.0% 10.0% Capex to Sales 7.1% 3.3% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%

Source: Millennium investment banking

CAGR CAGR € million 2010 2011 2012E 2013E 2015E 2016E 2017E 2018E 2019E 2020E 2021E MCP - DCF 11-15E 15-21E - Others EBIT -4.3 -2.5 -1.8 -1.9 -3.6 -3.5 -3.4 -3.4 -3.6 -3.8 0.0 9.9% -100.0% (+) Non-Cash Items 0.7 0.5 0.5 -0.5 1.2 1.1 1.0 1.0 1.2 1.4 0.0 24.5% -100.0% (-) Taxes on EBIT 1.2 0.7 0.5 0.5 1.0 0.9 0.9 0.9 0.9 1.0 0.0 9.9% -100.0% (-) Capital Expenditure -1.0 -0.3 -0.3 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -6.1% 0.1% (-) Working Capital Changes -2.1 2.9 -2.2 -0.8 0.1 0.0 0.0 -0.1 0.0 0.0 0.3 -56.7% 20.3% Free Cash Flow to the Firm -5.7 1.3 -3.3 -3.0 -1.6 -1.7 -1.8 -1.8 -1.7 -1.6 0.1 nm #NUM! Discount Factor 1.00 0.77 0.69 0.62 0.56 0.50 0.45 0.41 PV of Explicit Period -10.8 PV of Terminal Value 0.6 Enterprise Value -10.2 Revenues Growth -14.6% 5.1% -12.8% -10.3% 0.5% 0.5% -0.2% 0.3% 0.1% 0.1% 0.0% -200.5% -203.0% FCFF As a % of Revenues 17.3% -3.8% 10.9% 11.0% 5.8% 6.4% 6.7% 6.8% 6.3% 6.1% -0.3% EBITDA Margin 11.2% 5.8% -4.5% -9.0% -9.0% -9.0% -9.0% -9.0% -9.0% -9.0% -9.0% Capex to Sales -3.1% -0.8% -0.8% -0.8% -0.8% -0.8% -0.8% -0.8% -0.8% -0.8% -0.8% Source: Millennium investment banking

27

Millennium investment banking Media 08 February 2013

MCP - Discount New Assumptions Previous Assumptions rates assumptions 2013-2015 2016-2021 Terminal value 2012-2015 2016-2021 Terminal value Risk-Free Rate 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Country risk premium 7.50% 4.50% 1.50% 10.50% 6.00% 1.50% Market Premium 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Unlevered Beta 0.90 0.90 0.95 0.90 0.90 0.95 Levered Beta 1.17 1.17 1.24 1.17 1.17 1.24 Cost of Equity* 17.17% 13.65% 10.55% 20.69% 15.41% 10.55% Cost of Debt ** 9.00% 7.50% 6.00% 9.00% 7.50% 6.00% Corporate Tax Rate 29.0% 29.0% 29.0% 29.0% 29.0% 29.0% After-tax Cost of Debt 6.39% 5.32% 4.26% 6.39% 5.32% 4.26% Leverage 30% 30% 30% 30% 30% 30% WACC 13.94% 11.15% 8.67% 16.40% 12.39% 8.67% Perpetuity Growth Rate 2.52% 2.52% Real perpetuity growth rate 1.00% 1.00% LT Inflation 1.50% 1.50% WACC-g 6.15% 6.15% Source: Millennium investment banking *Cost of equity is calculated as the sum of the risk free rate plus country risk premium and market risk premium, the latter two multiplied by the levered beta. Risk free rate is the German 10-year Government bond yield. Country risk premium results from the difference between the local Sovereign yield and the German 10-year Government bond yield multiplied by a volatility factor (ratio that relates equity with bonds volatility). For country risk premium in perpetuity, we assume that the German and local 10-year sovereign yields will converge to respective last 10-year averages. Market risk premium is set at 5%. **Cost of debt before tax is the debt spread (long-term issuances) over the German 10-year sovereign rate.

CAGR CAGR MCP - TV – € million 20102011 2012E 2013E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E operating performance Revenues 158.6 141.2 142.0 118.0 149.2 155.0 152.6 155.6 155.4 155.4 144.9 1.4% -0.5% Advertising 134.9 121.4 96.0 90.0 94.7 96.7 90.4 89.9 86.5 84.1 80.7 -6.0% -2.6% Other 23.7 19.8 46.0 28.0 54.4 58.3 62.1 65.7 68.9 71.3 64.2 28.8% 2.8% Cash Costs 113.4 116.8 108.6 109.7 114.8 117.8 117.5 121.4 121.2 121.2 113.0 -0.4% -0.3% EBITDA 45.2 34.6 33.4 27.4 34.3 37.2 35.1 34.2 34.2 34.2 31.9 -0.2% -1.2% YoY Revenues 1.3% -10.9% 0.5% -16.9% 21.4% 3.9% -1.6% 2.0% -0.1% 0.0% -6.8% Advertising -0.2% -10.0% -20.9% -6.3% 1.4% 2.1% -6.5% -0.6% -3.8% -2.8% -4.0% Variation of Production nm nm nm nm nm nm nm nm nm nm nm Other 10.7% -16.4% 132.4% -39.1% 85.2% 7.0% 6.6% 5.7% 4.9% 3.5% -10.0% Cash Costs 0.5% 3.1% -7.0% 1.0% 2.2% 2.6% -0.3% 3.3% -0.1% 0.0% -6.8% EBITDA 3.3% -23.5% -3.5% -17.8% 8.2% 8.4% -5.7% -2.4% -0.1% 0.0% -6.8% EBITDA Margin 28.5% 24.5% 23.5% 23.2% 23.0% 24.0% 23.0% 22.0% 22.0% 22.0% 22.0% Source: Millennium investment banking

CAGR CAGR € million 2010 2011 2012E 2013E2015E 2016E 2017E 2018E 2019E 2020E 2021E MCP - Audiovisual 11-15E 15-21E – operating performance Revenues 91.7 81.0 51.4 46.3 50.1 51.6 52.8 53.9 55.0 56.1 57.2 -11.3% 2.2% Production 86.2 75.3 47.8 43.0 46.6 47.9 49.1 50.1 51.1 52.2 53.2 -11.3% 2.2% Other 5.5 5.7 3.6 3.2 3.5 3.6 3.7 3.8 3.8 3.9 4.0 -11.3% 2.2% Cash Costs 83.3 85.9 48.3 44.0 45.3 46.7 47.8 48.5 49.5 50.5 51.5 -14.8% 2.2% EBITDA 8.4 -4.9 3.1 2.3 4.8 4.9 5.0 5.4 5.5 5.6 5.7 nm 3.1% YoY Revenues -15.0% -11.7% -36.5% -10.0% 4.0% 3.0% 2.5% 2.0% 2.0% 2.0% 2.0% Advertising -12.7% -12.6% -36.5% -10.0% 4.0% 3.0% 2.5% 2.0% 2.0% 2.0% 2.0% Other -39.9% 3.0% -36.5% -10.0% 4.0% 3.0% 2.5% 2.0% 2.0% 2.0% 2.0% Cash Costs -13.0% 3.2% -43.7% -9.0% 3.4% 3.0% 2.5% 1.4% 2.0% 2.0% 2.0% EBITDA -31.1% -158.5% -162.4% -25.0% 9.8% 3.0% 2.5% 7.4% 2.0% 2.0% 2.0% EBITDA Margin 9.2% -6.1% 6.0% 5.0% 9.5% 9.5% 9.5% 10.0% 10.0% 10.0% 10.0% Source: Millennium investment banking

28

Millennium investment banking Media 08 February 2013

CAGR CAGR MCP - Entertainment € million 2010 2011 2012E 2013E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E – operating performance Revenues 17.5 11.8 5.4 5.0 5.4 5.6 5.7 5.9 6.1 6.3 6.5 -17.7% 3.0% Other 17.5 11.8 5.4 5.0 5.4 5.6 5.7 5.9 6.1 6.3 6.5 -17.7% 3.0% Cash Costs 25.5 13.0 5.1 4.7 5.1 5.3 5.5 5.6 5.7 5.8 5.9 -20.7% 2.5% EBITDA -8.0 -1.3 0.3 0.2 0.3 0.3 0.3 0.4 0.4 0.5 0.5 nm 11.4% YoY Revenues -37.9% -32.7% -54.3% -7.9% 4.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Other -37.9% -32.7% -54.3% -7.9% 4.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Cash Costs -27.4% -48.9% -60.8% -7.9% 4.0% 3.0% 3.0% 1.9% 1.9% 2.4% 2.4% EBITDA 14.4% nm nm -7.9% 4.0% 3.0% 3.0% 23.6% 20.2% 10.4% 9.9% EBITDA Margin -45.9% -10.7% 5.0% 5.0% 5.0% 5.0% 5.0% 6.0% 7.0% 7.5% 8.0% Source: Millennium investment banking

CAGR CAGR MCP - Radio € million 2010 2011 2012E 2015E2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E – operat ing performance Revenues 13.9 14.5 13.3 15.1 15.3 15.1 15.4 15.6 15.9 15.7 0.9% 0.7% Advertising 12.7 13.3 12.5 14.2 14.4 14.2 14.5 14.7 14.9 14.7 1.7% 0.6% Other 1.1 1.2 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 -8.2% 2.2% Cash Costs 16.3 12.3 11.3 12.8 13.1 13.2 13.5 14.1 14.3 14.1 1.1% 1.7% EBITDA -2.5 2.2 1.9 2.3 2.1 2.0 1.8 1.6 1.6 1.6 0.2% -5.9% YoY Revenues 3.0% 4.5% -8.5% 4.3% 1.6% -0.9% 1.5% 1.5% 1.5% -1.0% Advertising 2.3% 4.2% -6.1% 4.3% 1.5% -1.1% 1.5% 1.5% 1.5% -1.2% Other 11.6% 7.8% -35.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0% Cash Costs 24.0% -25.0% -7.5% 5.5% 2.8% 0.2% 2.7% 3.8% 1.5% -1.0% EBITDA nm nm -14.1% -2.3% -5.2% -8.0% -6.3% -15.4% 1.5% -1.0% EBITDA Margin -17.8% 15.4% 14.5% 15.0% 14.0% 13.0% 12.0% 10.0% 10.0% 10.0% Source: Millennium investment banking

CAGR CAGR MCP - Other € million 2010 2011 2012E 2013E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E – operating performance Revenues -32.6 -34.3 -29.9 -26.9 -26.7 -26.9 -26.8 -26.9 -26.9 -26.9 -26.9 -6.1% 0.1% EBITDA -3.7 -2.0 -1.3 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 -2.4 4.9% 0.1% YoY Revenues -14.6% 5.1% -12.8% -10.3% 0.5% 0.5% -0.2% 0.3% 0.1% 0.1% 0.0% EBITDA nm nm -32.2% 79.4% 0.5% 0.5% nm nm nm 0.1% 0.0% EBITDA Margin 11.2% 5.8% 4.5% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% Source: Millennium investment banking

29

Millennium investment banking Media 08 February 2013

MCP –FY12 € million FY11FY12EYoYE 4Q11 3Q124Q12E YoYE QoQE – Earnings Operating Revenues 224.4 182.1 -19% 57.1 41.2 50.0 -12% 21% TV 151.4 142.0 -6% 41.5 31.8 40.9 -1% 29% Audiovisual 81.0 51.4 -37% 19.1 11.2 11.3 -41% 1% Entertainment 11.8 5.4 -54% 1.6 1.7 1.4 -10% -17% Radio 14.5 13.3 -8% 3.5 3.0 3.3 -6% 11% Other -34.3 -29.9 -13% -8.6 -6.5 -7.0 -19% 7% Cash Costs -195.7 -144.8 -26% -55.7 -34.1 -36.3 -35% 6% TV -116.8 -108.6 -7% -29.9 -24.1 -27.9 -6% 16% Audiovisual -85.9 -48.3 -44% -28.4 -11.3 -11.2 -61% -1% Entertainment -13.0 -5.1 -61% -2.3 -1.8 -1.2 -45% -31% Radio -12.3 -11.3 -7% -3.0 -2.8 -2.7 -8% -2% Other 32.3 28.6 -12% 7.8 5.9 6.8 -13% 16% EBITDA 28.6 37.3 30% 1.4 7.1 13.7 nm 93% Margin 12.8% 20.5% 7.7pp 2.5% 17.1% 27.3% 24.8pp 10.2pp TV 34.6 33.4 -4% 11.6 7.7 13.0 12% 68% Audiovisual -4.9 3.1 nm -9.3 -0.1 0.1 nm nm Entertainment -1.3 0.3 nm -0.7 -0.1 0.2 nm nm Radio 2.2 1.9 -14% 0.5 0.2 0.6 5% nm Other -2.0 -1.3 -32% -0.8 -0.7 -0.2 -77% -73% D&A -11.8 -11.4 -3% -3.0 -2.9 -2.8 -6% -3% EBIT 16.8 25.9 54% -1.6 4.2 10.8 nm nm Net Financials -6.5 -9.0 39% -2.0 -2.3 -2.0 2% -12% EBT 10.4 16.9 63% -3.6 1.8 8.8 nm nm Taxes -8.4 -6.7 -21% -4.2 -0.4 -4.0 -4% nm EBM 2.0 10.2 nm -7.8 1.4 4.7 nm nm Minority Interests -0.8 0.0 nm 0.6 0.0 0.0 nm #DIV/0! Net Income 1.2 10.2 nm -7.2 1.4 4.7 nm nm Source: Company data and Millennium investment banking

MCP –FY12 € million FY11FY12E YoYE 4Q11 3Q124Q12E YoYE QoQE – operating performance Consolidated Revenues 224.4 182.1 -19% 57.1 41.2 50.0 -12% 21% breakdown Advertising 138.2 111.4 -19% 37.5 23.0 30.7 -18% 33% Other 86.2 70.7 -18% 19.6 18.2 19.3 -1% 6% Cash Costs -195.7 -144.8 -26% -55.7 -34.1 -36.3 -35% 6% EBITDA 28.6 37.3 30% 1.4 7.1 13.7 869% 93% Margin 12.8% 20.5% 7.7pp 2.5% 17.1% 27.3% 24.8pp 10.2pp TV 151.4 142.0 -6% 41.5 31.8 40.9 -1% 29% Advertising 121.4 96.0 -21% 33.1 19.6 26.8 -19% 37% Other 30.0 46.0 53% 8.3 12.2 14.1 69% 15% Cash Costs -116.8 -108.6 -7% -29.9 -24.1 -27.9 -6% 16% EBITDA 34.6 33.4 -4% 11.6 7.7 13.0 12% 68% Margin 22.8% 23.5% 0.7pp 28.0% 24.3% 31.7% 3.7pp 7.4pp Audiovisual 81.0 51.4 -37% 19.1 11.2 11.3 -41% 1% Advertising 0.0 0.0 nm 0.0 0.0 0.0 nm nm Other 81.0 51.4 -37% 19.1 11.2 11.3 -41% 1% Cash Costs -85.9 -48.3 -44% -28.4 -11.3 -11.2 -61% -1% EBITDA -4.9 3.1 -162% -9.3 -0.1 0.1 -101% -248% Margin -6.1% 6.0% 12.1pp -48.6% -0.6% 0.9% 49.5pp 1.5pp Entertainment 11.8 5.4 -54% 1.6 1.7 1.4 -10% -17% Advertising 0.0 0.0 nm 0.0 0.0 0.0 nm nm Music & Event produc. 4.3 4.8 12% 1.2 1.7 1.4 21% -16% Cinema & Video 7.5 0.6 -92% 0.4 0.0 0.0 -100% -100% Other 0.0 0.0 nm 0.0 0.0 0.0 nm nm Cash Costs -13.0 -5.1 -61% -2.3 -1.8 -1.2 -45% -31% EBITDA -1.3 0.3 -121% -0.7 -0.1 0.2 -125% -262% Margin -10.7% 5.0% 15.7pp -43.7% -6.3% 12.2% 55.9pp 18.5pp Radio 14.5 13.3 -8% 3.5 3.0 3.3 -6% 11% Advertising 13.3 12.5 -6% 3.4 2.8 3.1 -7% 13% Other 1.2 0.8 -35% 0.2 0.2 0.2 5% -13% Cash Costs -12.3 -11.3 -7% -3.0 -2.8 -2.7 -8% -2% EBITDA 2.2 1.9 -14% 0.5 0.2 0.6 5% 221% Margin 15.4% 14.5% -0.9pp 15.5% 6.0% 17.4% 1.9pp 11.3pp Other -34.3 -29.9 -13% -8.6 -6.5 -7.0 -19% 7% Advertising 3.5 2.9 -16% 1.0 0.7 0.7 -28% 6% Other -37.8 -32.8 -13% -9.6 -7.2 -7.7 -20% 7% Cash Costs 32.3 28.6 -12% 7.8 5.9 6.8 -13% 16% EBITDA -2.0 -1.3 -32% -0.8 -0.7 -0.2 -77% -73% Margin 5.8% 4.5% -1.3pp 9.1% 10.2% 2.6% -6.5pp -7.7pp Source: Company data and Millennium investment banking

30

Millennium investment banking Media 08 February 2013

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 € million 1Q12 2Q12 3Q12 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E MCP – P&L YoY YoY YoY YoYE YoYE YoYE YoYE YoYE – Quarterly evolution Operating Revenues 40.0 50.9 41.2 50.0 37.3 49.2 40.1 48.8 -25% -21% -16% -12% -7% -3% -3% -2% TV 29.5 39.8 31.8 40.9 28.9 38.3 30.9 39.1 -17% -5% -2% -1% -2% -4% -3% -4% Audiovisual 15.3 13.5 11.2 11.3 11.0 13.0 11.0 11.3 -20% -41% -43% -41% -28% -4% -2% 0% Entertainment 1.1 1.2 1.7 1.4 0.8 0.9 1.7 1.5 -69% -69% -41% -10% -25% -20% 2% 3% Radio 3.0 4.0 3.0 3.3 3.1 4.1 3.1 3.5 -11% -4% -13% -6% 4% 4% 4% 4% Other -8.8 -7.6 -6.5 -7.0 -6.6 -7.2 -6.7 -6.5 6% -7% -29% -19% -26% -6% 2% -7% Cash Costs -35.8 -38.5 -34.1 -36.3 -35.9 -39.6 -33.4 -36.5 -23% -21% -23% -35% 0% 3% -2% 1% TV -27.0 -29.6 -24.1 -27.9 -27.3 -29.9 -24.3 -28.2 -11% 2% -13% -6% 1% 1% 1% 1% Audiovisual -13.2 -12.6 -11.3 -11.2 -10.5 -12.0 -10.5 -11.0 -26% -39% -40% -61% -21% -5% -7% -2% Entertainment -1.3 -0.8 -1.8 -1.2 -1.2 -0.7 -1.7 -1.1 -65% -79% -44% -45% -8% -8% -8% -8% Radio -2.9 -2.9 -2.8 -2.7 -2.9 -3.0 -2.8 -2.8 -11% 2% -12% -8% 1% 1% 1% 1% Other 8.6 7.4 5.9 6.8 6.0 6.0 5.9 6.6 3% 0% -33% -13% -30% -18% 1% -3% EBITDA 4.2 12.4 7.1 13.7 1.4 9.6 6.6 12.3 -38% -20% 45% nm -67% -22% -6% -10% TV 2.4 10.2 7.7 13.0 1.6 8.4 6.5 10.9 -55% -22% 71% 12% -33% -18% -16% -16% Audiovisual 2.1 1.0 -0.1 0.1 0.5 1.0 0.5 0.3 59% -55% nm nm -76% 4% nm nm Entertainment -0.2 0.4 -0.1 0.2 -0.3 0.2 0.1 0.3 66% nm -69% nm nm -46% nm 81% Radio 0.1 1.0 0.2 0.6 0.2 1.2 0.3 0.7 -24% -18% -30% 5% 75% 13% 51% 19% Other -0.3 -0.2 -0.7 -0.2 -0.6 -1.2 -0.8 0.1 nm -72% 54% -77% nm nm 12% nm D&A -2.8 -2.9 -2.9 -2.8 -1.2 -1.3 -1.3 -1.3 -1% -2% -4% -6% -56% -55% -55% -56% EBIT 1.4 9.5 4.2 10.8 0.1 8.3 5.3 11.0 -65% -25% nm nm -90% -12% 28% 2% Net Financials -2.6 -2.0 -2.3 -2.0 -1.7 -1.7 -1.7 -2.6 nm 60% -3% 2% -36% -19% -29% 27% EBT -1.2 7.5 1.8 8.8 -1.5 6.7 3.7 8.4 nm -34% nm nm 27% -10% 99% -4% Taxes 0.2 -2.5 -0.4 -4.0 0.3 -2.2 -0.9 -4.1 nm -26% nm -4% 27% -10% 99% 2% Discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm nm nm nm nm EBM -1.0 5.0 1.4 4.7 -1.2 4.5 2.8 4.4 nm -38% nm nm 27% -10% 99% -8% Minority Interests 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm ##### ##### ##### ##### Net Income -1.0 5.0 1.4 4.7 -1.2 4.5 2.8 4.4 nm -36% nm nm 27% -10% 99% -8% Source: Company data and Millennium investment banking

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 MCP – Operating € million 1Q12 2Q12 3Q12 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E YoY YoY YoYE YoYE YoYE YoYE YoYE YoYE performance Consolidated Revenues 40.0 50.9 41.2 50.0 37.3 49.2 40.1 48.8 -25% -21% -16% -12% -7% -3% -3% -2% - breakdown by business area Advertising 25.3 32.4 23.0 30.7 24.1 30.8 22.0 29.2 -19% -19% -22% -18% -5% -5% -4% -5% Other 14.7 18.5 18.2 19.3 13.2 18.4 18.0 19.6 -34% -25% -8% -1% -10% -1% -1% 1% Cash Costs -35.8 -38.5 -34.1 -36.3 -35.9 -39.6 -33.4 -36.5 -23% -21% -23% -35% 0% 3% -2% 1% EBITDA 4.2 12.4 7.1 13.7 1.4 9.6 6.6 12.3 -38% -20% 45% nm -67% -22% -6% -10% Margin 10.5% 24.3% 17.1% 27.3% 3.7% 19.5% 16.5% 25.2% -2.2pp 0.2pp 7.2pp 24.8pp -6.8pp -4.8pp -0.6pp -2.1pp TV 29.5 39.8 31.8 40.9 28.9 38.3 30.9 39.1 -17% -5% -2% -1% -2% -4% -3% -4% Advertising 21.8 27.8 19.6 26.8 20.4 26.1 18.4 25.2 -22% -21% -23% -19% -6% -6% -6% -6% Other 7.7 12.0 12.2 14.1 8.5 12.2 12.5 13.9 -2% 76% 76% 69% 11% 2% 2% -1% Cash Costs -27.0 -29.6 -24.1 -27.9 -27.3 -29.9 -24.3 -28.2 -11% 2% -13% -6% 1% 1% 1% 1% EBITDA 2.4 10.2 7.7 13.0 1.6 8.4 6.5 10.9 -55% -22% 71% 12% -33% -18% -16% -16% Margin 8.3% 25.7% 24.3% 31.7% 5.6% 21.9% 21.1% 27.8% -6.9pp -5.4pp 10.3pp 3.7pp -2.6pp -3.8pp -3.1pp -3.9pp Audiovisual 15.3 13.5 11.2 11.3 11.0 13.0 11.0 11.3 -20% -41% -43% -41% -28% -4% -2% 0% Advertising 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm nm nm nm nm Other 15.3 13.5 11.2 11.3 11.0 13.0 11.0 11.3 -20% -41% -43% -41% -28% -4% -2% 0% Cash Costs -13.2 -12.6 -11.3 -11.2 -10.5 -12.0 -10.5 -11.0 -26% -39% -40% -61% -21% -5% -7% -2% EBITDA 2.1 1.0 -0.1 0.1 0.5 1.0 0.5 0.3 59% -55% nm nm -76% 4% nm nm Margin 13.6% 7.1% -0.6% 0.9% 4.5% 7.7% 4.5% 2.8% 6.8pp -2.4pp -5.1pp 49.5pp -9.1pp 0.6pp 5.2pp 1.9pp Entertainment 1.1 1.2 1.7 1.4 0.8 0.9 1.7 1.5 -69% -69% -41% -10% -25% -20% 2% 3% Advertising 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm nm nm nm nm Music & Event produc. 0.8 0.9 1.7 1.4 0.8 0.9 1.7 1.5 6% 13% 7% 21% 3% 3% 3% 3% Cinema & Video 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 -89% -91% -99% nm nm nm nm ##### Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm nm nm nm nm Cash Costs -1.3 -0.8 -1.8 -1.2 -1.2 -0.7 -1.7 -1.1 -65% -79% -44% -45% -8% -8% -8% -8% EBITDA -0.2 0.4 -0.1 0.2 -0.3 0.2 0.1 0.3 66% nm -69% nm nm -46% nm 81% Margin -13.9% 30.7% -6.3% 12.2% -40.6% 20.7% 4.4% 21.5% -11.3pp 34.2pp 5.7pp 55.9pp -26.7pp -10.0pp 10.7pp 9.3pp Radio 3.0 4.0 3.0 3.3 3.1 4.1 3.1 3.5 -11% -4% -13% -6% 4% 4% 4% 4% Advertising 2.8 3.8 2.8 3.1 2.9 3.9 2.9 3.3 0% -3% -14% -7% 4% 4% 4% 4% Other 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 -67% -21% 0% 5% 3% 3% 3% 3% Cash Costs -2.9 -2.9 -2.8 -2.7 -2.9 -3.0 -2.8 -2.8 -11% 2% -12% -8% 1% 1% 1% 1% EBITDA 0.1 1.0 0.2 0.6 0.2 1.2 0.3 0.7 -24% -18% -30% 5% 75% 13% 51% 19% Margin 4.1% 26.3% 6.0% 17.4% 6.9% 28.4% 8.8% 19.8% -0.7pp -4.5pp -1.4pp 1.9pp 2.8pp 2.2pp 2.7pp 2.4pp Other -8.8 -7.6 -6.5 -7.0 -6.6 -7.2 -6.7 -6.5 6% -7% -29% -19% -26% -6% 2% -7% Advertising 0.8 0.8 0.7 0.7 0.8 0.8 0.8 0.8 -6% -12% -16% -28% 0% 2% 22% 12% Cash Costs 8.6 7.4 5.9 6.8 6.0 6.0 5.9 6.6 3% 0% -33% -13% -30% -18% 1% -3% EBITDA -0.3 -0.2 -0.7 -0.2 -0.6 -1.2 -0.8 0.1 nm -72% 54% -77% nm nm 12% nm Margin 3.1% 3.0% 10.2% 2.6% 9.3% 16.1% 11.3% -1.4% 3.6pp -6.9pp 5.5pp -6.5pp 6.2pp 13.1pp 1.1pp -4.0pp Source: Company data and Millennium investment banking

31

Millennium investment banking Media 08 February 2013

CAGR CAGR MCP - Balance Sheet € million 2010 20112012E 2013E 2014E 2015E 2021E 11-15E 15-21E Assets 406.8 377.4 313.9 302.9 305.6 309.3 316.0 -4.9% 0.4% Non-current assets 291.9 290.5 235.5 232.8 233.5 233.9 237.0 -5.3% 0.2% Goodwill 167.1 157.4 157.4 157.4 157.4 157.4 157.4 0.0% 0.0% Intangible assets 20.3 18.7 17.0 16.4 15.9 15.6 16.1 -4.4% 0.6% Tangible assets 30.6 29.0 23.8 23.6 23.5 23.9 29.6 -4.7% 3.6% Deferred income taxes 5.5 5.4 5.4 5.4 5.4 5.4 5.4 0.0% 0.0% Deferred TV rights 66.8 76.4 28.8 27.0 28.0 28.4 24.2 -21.9% -2.6% Other 1.5 3.7 3.2 3.1 3.2 3.3 4.3 -2.8% 4.7% Current assets 114.9 86.9 78.5 70.1 72.1 75.4 79.0 -3.5% 0.8% Trade receivables 53.6 53.3 49.3 43.7 42.1 44.5 47.4 -4.4% 1.1% Other 37.7 21.8 20.0 19.4 22.7 23.2 23.8 1.6% 0.4% Cash & equivalents 23.6 11.8 9.1 7.0 7.4 7.7 7.9 -10.1% 0.4% Equity 125.1 119.9 124.3 126.6 133.3 138.8 146.0 3.7% 0.8% Minority interests 4.0 1.8 0.0 0.0 0.0 0.0 0.0 nm nm Liabilities 277.7 255.7 189.6 176.3 172.3 170.6 170.0 -9.6% -0.1% Financial Debt 111.6 116.6 91.3 80.7 74.4 70.0 72.7 -12.0% 0.6% Trade payables 73.2 62.8 42.5 41.8 41.1 41.5 37.0 -9.8% -1.9% Deferred acquisitions 13.6 0.0 0.0 0.0 0.0 0.0 0.0 nm nm Other 79.3 76.4 55.8 53.8 56.8 59.1 60.4 -6.2% 0.4% Source: Company data and Millennium investment banking

CAGR CAGR MCP - Income € million 2010 2011 2012E 2013E 2014E 2015E 2021E 11-15E 15-21E statement Operating Revenues 249.0 224.4 182.1 175.3 185.3 193.0 197.3 -3.7% 0.4% Cash Costs -209.5 -195.7 -144.8 -145.4 -149.1 -153.8 -158.1 -5.9% 0.5% EBITDA 39.5 28.6 37.3 29.9 36.2 39.2 39.2 8.2% 0.0% Depreciation and Amortisation -12.2 -11.8 -11.4 -5.1 -5.0 -4.7 -4.2 -20.4% -2.0% EBIT 27.3 16.8 25.9 24.8 31.2 34.4 35.0 19.6% 0.2% Net Financials -5.1 -6.5 -9.0 -7.6 -7.1 -6.8 -5.7 1.4% -2.9% EBT 22.2 10.4 16.9 17.3 24.1 27.6 29.3 27.7% 1.0% Taxes -8.6 -8.4 -6.7 -6.9 -9.0 -10.1 -10.1 4.7% 0.0% EBM 13.6 2.0 10.2 10.4 15.1 17.5 19.2 72.9% 1.5% Minority Interests -1.2 -0.8 0.0 0.0 0.0 0.0 0.0 -100.0% nm Net Income 12.4 1.2 10.2 10.4 15.1 17.5 19.2 96.9% 1.5% Net Earnings 12.4 1.2 10.2 10.4 15.1 17.5 19.2 96.9% 1.5% EPS (€) 0.15 0.01 0.12 0.12 0.18 0.21 0.23 96.9% 1.5% Source: Company data and Millennium investment banking

CAGR CAGR MCP - Cash-flow € million 2010 2011 2012E 2013E 2014E 2015E 2021E statement 11-15E 15-21E Cash Flow from Operations 41.7 -5.2 34.8 20.9 19.6 21.5 20.7 nm -0.6% Cash Flow from Investing -5.0 0.0 -4.6 -4.2 -4.6 -4.7 -7.9 293.9% 9.0% Cash Flow from Financing -33.4 -4.5 -32.9 -18.8 -14.6 -16.5 -13.1 38.7% -3.7% Free Cash Flow to Equity 49.4 12.0 38.7 26.9 22.9 28.5 12.7 24.2% -12.6% Dividends paid -16.9 -6.3 -5.8 -8.2 -8.3 -12.1 -17.8 17.9% 6.7% Source: Company data and Millennium investment banking CAGR CAGR MCP – Leverage € million 2010 2011 2012E 2013E 2014E 2015E 2021E Indicators 11-15E 15-21E EBITDA 39.5 28.6 37.3 29.9 36.2 39.2 39.2 8.2% 0.0% Capex 11.0 8.6 4.6 4.2 4.6 4.7 4.9 -13.7% 0.7% EBITDA-Capex 28.5 20.1 32.7 25.7 31.6 34.4 34.2 14.4% -0.1% EBITDA-Capex-Dividends 22.2 14.3 24.6 17.4 19.6 19.6 15.0 8.2% -4.3% Financial Costs, Net 2.9 5.5 5.9 4.5 4.0 3.7 3.6 -9.2% -0.5% Net Debt 88.1 104.7 82.2 73.7 67.0 62.3 64.8 -12.2% 0.7% Net Debt / EBITDA (x) 2.2 3.7 2.2 2.5 1.9 1.6 1.7 -18.8% 0.7% Net Debt / Equity (x) 0.7 0.9 0.7 0.6 0.5 0.4 0.4 -15.3% -0.2% Net Debt / Capital Employed (x) 0.4 0.5 0.4 0.4 0.3 0.3 0.3 -9.5% -0.1% EBITDA / Financial Costs (x) 13.5 5.2 6.3 6.7 9.0 10.6 10.9 19.1% 0.5% Source: Company data and Millennium investment banking

32

Millennium investment banking Media 08 February 2013

Cofina

We fine-tuned our Cofina`s valuations, based on latest figures, fine-tune in media market estimates and updated WACC. Our Cofina`s price target was revised upwards to €0.58 from €0.51 (Neutral recommendation, High Risk). Fine-tune in estimates (€0.05 decrease in price target) reflected an increasing tough scenario in press (both on Newspapers and Magazines) while changes in WACC had a €0.12 positive effect (following the decline of the Portuguese Sovereign 10-year Government Bonds, we updated the local sovereign yield to 8% from 10%.

Overall, Cofina`s numbers are being influenced by a recessive macroeconomic context that is strongly felt in private consumption. Therefore, the advertising investment recorded significant decreases, with the advertisers postponing and reducing their investment decisions.

We expect Cofina will disclose 4Q12 Earnings on the 1 st half of March. Numbers are expected to show declining margins, penalized by negative trend both in advertising and circulation revenues.

We highlight Cofina’s efficient costs control policy in an adverse scenario, thus we believe Cofina`s EBITDA margins will keep showing resilience in a very tough scenario. Cofina`s profile is focused on costs side, thus we expect company will keep showing resilience in margins, even in an increasing adverse scenario. Current press market is very challenging to 2nd and 3rd players, thus Cofina is benefiting from being market leader in major press segments. We expect Cofina`s newspapers advertising will decline 12% in 2013 (-17% in 2012) while magazines advertising will decline 12% (-25% 2012). Newspapers circulation is expected to decline 5% in 2012 (-4% 2013) while magazines are expected to decline 12% (-5% 2013).

Recall Cofina sold in 2011 all stake in Zon Multimedia (which we consider it`s a positive deal), thus 2012 earnings will fully reflect numbers at operating level, removing impact from Zon shares changes. (For further details, please refer to our Snapshot: Cofina - No longer holds any shares in Zon Multimédia – Neutral Impact” that was published on August 2th 2011.

New source of revenues?

Cofina wants to charge for on-line access to sites news (negocios.pt,...), reducing dependence on the cycles of advertising investment, broadening the revenues base. We believe it is a business model difficult to implement and limited success, since early adopters will have the risk of site reads exiting to free on-line access sites. Furthermore, in current increasing tough environment, we do not believe Portuguese consumers are ready to pay for on-line access to sites, which could reduce page viewers (and on-line advertising revenues). It will be an issue in the next years how to charge for on-line access while keeping page viewers.

We believe it would be easier if a company manages the access to several sites (from several competitors) and then the consumers would pay the access (a fee / for page) which would be shared between the company which manages the access to sites and the company which owns the sites. The big question is if the revenues from paid media contents will offset the lower advertising revenues (via lower page viewers).

33

Millennium investment banking Media 08 February 2013

Positive news: diversifying portfolio to TV

Media group Cofina is expected to start in March a new cable channel called “Correio da Manhã TV”. New channel will have a generalist/news profile, in order to leverage current press portfolio (leading daily newspaper in Portugal “Correio da Manhã”; leading daily sports newspaper in Portugal “Record”; weekly newsmagazine “Sábado”; weekly society magazine “Flash”; Market leader in the auto segment "Automotor”;...). We highlight new channel will be exclusive of Portugal Telecom triple play offer “Meo”.

We believe it will be a “low cost” business model (break-even in 2 or 3 years) given declining advertising market (Cofina will hire 80 new workers). New cable channel it’s potentially positive to Cofina, since it will diversify its portfolio which is currently limited to Press (newspapers + magazines). According to the CM TV Director, channel wants to lead cable audience shares (among Portuguese cable news channels) up to 2016 year-end (recall “SIC Noticias” from Impresa leads Portuguese cable news channels while “TVI 24” from Media Capital ranks 2 nd and “RTP Informação” from state-owned RTP ranks 3 rd . Furthermore, it was disclosed programming costs will be below €10mn this year.

Recall Cofina was one of the major interested in RTP`s privatization, thus new channel can be seen as:

i) diversifying portfolio to TV, since Cofina Media portfolio is limited to press

ii) an alternative to RTP privatization which was postponed “sine die”

iii) increasing know-how in TV sector

Estimating TV business unit valuation (we decided to make this analysis, despite being aware of CM TV low visibility)

Based on estimated revenues from cable channels (SIC Noticias and TVI24) we expect revenues from Correio da Manhã TV could reach c€5mn annually, thus using a 1.6x EV/SALES multiple, EV could reach €8mn. The start up capex is estimated to reach c€3mn (low cost structure), thus Cofina`s SoTP increased by €5mn (€8mn - €3mn), therefore Cofina`s valuation rose by €0.05 to €0.51.

Cofina – Breakdown of changes in price target Breakdown of changes € 0.58 in price target + € 0.12 0.60 € 0.51

0.40 - € 0.05

0.20

0.00 Previous valuation Change in estimates Changes in WACC New YE13 price target (YE13)

Source: Millennium investment banking 34

Millennium investment banking Media 08 February 2013

New Estimates Old Estimates Change Cofina – € million 2011 Estimates revision 2012E 2013E 2015E 2021E 2012E 2013E 2015E 2021E 2012 2013 2015 2021 – operating performance Revenues 126.7 115.2 109.0 113.0 123.0 116.9 111.2 114.3 124.2 -1.5% -2.0% -1.1% -0.9% Newspapers 96.7 90.2 85.8 88.6 95.9 90.9 87.1 89.3 96.5 -0.8% -1.5% -0.7% -0.6% Magazines 30.0 25.0 23.3 24.4 27.1 26.0 24.2 25.0 27.7 -3.8% -3.7% -2.3% -2.0% Holding & Adjustments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm Cash Costs -106.9 -99.4 -94.6 -96.9 -106.5 -99.2 -95.5 -97.6 -107.1 0.2% -1.0% -0.8% -0.6% Newspapers -77.0 -74.2 -71.2 -72.6 -79.8 -74.2 -71.7 -73.1 -80.3 -0.1% -0.7% -0.7% -0.6% Magazines -30.0 -25.3 -23.5 -24.2 -26.7 -24.9 -23.8 -24.5 -26.8 1.3% -1.6% -0.9% -0.6% Holding & Adjustments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm EBITDA 19.8 15.7 14.4 16.1 16.5 17.7 15.7 16.7 17.0 -11.1% -8.1% -3.0% -3.0% Newspapers 19.7 16.0 14.6 16.0 16.1 16.7 15.4 16.1 16.2 -3.9% -5.0% -0.9% -0.6% Magazines 0.0 -0.3 -0.2 0.2 0.5 1.0 0.3 0.5 0.9 -129.4% -157.0% -68.5% -46.8% Holding & Adjustments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm Margin 15.6% 13.7% 13.2% 14.3% 13.4% 15.1% 14.1% 14.6% 13.7% -1.5pp -0.9pp -0.3pp -0.3pp Newspapers 20.4% 17.8% 17.0% 18.0% 16.8% 18.3% 17.7% 18.1% 16.8% -0.6pp -0.6pp 0.0pp 0.0pp Magazines 0.1% -1.2% -0.8% 0.7% 1.7% 3.9% 1.3% 2.1% 3.1% -5.1pp -2.1pp -1.4pp -1.4pp Source: Company data and Millennium investment banking

New Estimates Old Estimates Change Cofina- € million 2011 Estimates revision 2012E 2013E 2015E 2021E 2012E 2013E 2015E 2021E 2012 2013 2015 2021 – revenues Revenues 126.7 115.2 109.0 113.0 123.0 116.9 111.2 114.3 124.2 -1.5% -2.0% -1.1% -0.9% Circulation 64.7 60.3 57.7 59.1 63.2 61.1 59.5 60.8 65.0 -1.4% -3.0% -2.9% -2.9% Advertising 49.8 40.4 35.5 36.9 40.6 42.0 37.9 39.3 43.2 -3.8% -6.2% -6.0% -6.0% Ad-ons 12.2 14.5 15.8 17.0 19.2 13.8 13.8 14.1 15.9 5.3% 14.1% 20.2% 20.8% Holding & Adjustments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm Newspapers 96.7 90.2 85.8 88.6 95.9 90.9 87.1 89.3 96.5 -0.8% -1.5% -0.7% -0.6% Circulation 48.9 46.3 44.4 45.3 48.1 46.9 46.0 46.9 49.8 -1.4% -3.4% -3.4% -3.4% Advertising 38.2 31.7 27.9 28.9 31.6 32.5 29.5 30.6 33.4 -2.4% -5.6% -5.6% -5.6% Ad-ons 9.6 12.2 13.4 14.4 16.2 11.5 11.5 11.8 13.3 5.8% 16.4% 22.2% 22.2% Magazines 30.0 25.0 23.3 24.4 27.1 26.0 24.2 25.0 27.7 -3.8% -3.7% -2.3% -2.0% Circulation 15.8 14.0 13.3 13.7 15.0 14.2 13.5 13.9 15.2 -1.7% -1.7% -1.2% -1.2% Advertising 11.6 8.7 7.7 8.0 9.1 9.5 8.4 8.7 9.8 -8.5% -8.5% -7.6% -7.6% Ad-ons 2.6 2.3 2.3 2.6 3.0 2.2 2.3 2.4 2.7 2.3% 2.3% 10.4% 13.6% Source: Company data and Millennium investment banking

35

Millennium investment banking Media 08 February 2013

CAGR CAGR € million 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E2018E 2019E 2020E 2021E Cofina- Newspapers 11-15E 15-21E Revenues 94.8 102.9 98.5 101.5 96.7 90.2 85.8 87.4 88.6 89.8 91.0 92.2 93.4 94.6 95.9 -2.2% 1.3% Circulation 42.7 44.3 46.1 48.3 48.9 46.3 44.4 44.9 45.3 45.8 46.3 46.7 47.2 47.7 48.1 -1.9% 1.0% Advertising 44.0 44.8 40.1 41.0 38.2 31.7 27.9 28.4 28.9 29.3 29.7 30.2 30.6 31.1 31.6 -6.7% 1.5% Alternative Marketing 8.1 13.7 12.3 12.2 9.6 12.2 13.4 14.1 14.4 14.7 15.0 15.3 15.6 15.9 16.2 10.6% 2.0% Cash Costs -76.5 -84.7 -78.0 -78.9 -77.0 -74.2 -71.2 -71.8 -72.6 -73.8 -74.9 -76.1 -77.3 -78.6 -79.8 -1.4% 1.6% EBITDA 18.4 18.2 20.5 22.6 19.7 16.0 14.6 15.7 16.0 16.0 16.0 16.0 16.1 16.1 16.1 -5.1% 0.1% Margin 19.4% 17.6% 20.8% 22.3% 20.4% 17.8% 17.0% 17.9% 18.0% 17.8% 17.6% 17.4% 17.2% 17.0% 16.8% YoY Revenues 3.5% 8.5% -4.3% 3.0% -4.7% -6.7% -4.9% 2.0% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% Circulation 3.9% 3.9% 4.0% 4.8% 1.2% -5.3% -4.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% Advertising 9.6% 1.9% -10.6% 2.3% -6.9% -17.0% -12.0% 2.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Alternative Marketing -22.1% 68.8% -10.2% -1.3% -21.0% 27.0% 10.0% 5.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Cash Costs 2.6% 10.8% -8.0% 1.1% -2.4% -3.6% -4.1% 0.8% 1.2% 1.6% 1.6% 1.6% 1.6% 1.6% 1.6% EBITDA 7.4% -1.1% 13.0% 10.2% -12.7% -18.8% -8.9% 7.3% 2.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% Margin 0.7pp -1.7pp 3.2pp 1.4pp -1.9pp -2.6pp -0.7pp 0.9pp 0.1pp -0.2pp -0.2pp -0.2pp -0.2pp -0.2pp -0.2pp Source: Company data and Millennium investment banking

CAGR CAGR € million 2007 2008 2009 2010 2011 2012E2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E Cofina - Magazines 11-15E 15-21E Revenues 39.8 41.1 35.5 34.8 30.0 25.0 23.3 23.8 24.4 24.9 25.3 25.8 26.2 26.7 27.1 -5.0% 1.8% Circulation 16.2 17.5 17.7 16.7 15.8 14.0 13.3 13.5 13.7 14.0 14.2 14.4 14.6 14.8 15.0 -3.4% 1.5% Advertising 17.9 15.4 12.6 13.9 11.6 8.7 7.7 7.9 8.0 8.2 8.4 8.5 8.7 8.9 9.1 -8.7% 2.0% Alternative Marketing 5.8 8.3 5.2 4.2 2.6 2.3 2.3 2.4 2.6 2.8 2.8 2.9 2.9 3.0 3.0 0.2% 2.5% Cash Costs -37.6 -39.0 -34.7 -34.3 -30.0 -25.3 -23.5 -23.7 -24.2 -24.7 -25.1 -25.5 -25.9 -26.3 -26.7 -5.2% 1.6% EBITDA 2.2 2.2 0.9 0.5 0.0 -0.3 -0.2 0.1 0.2 0.2 0.3 0.3 0.4 0.4 0.5 57.5% 18.6% Margin 5.5% 5.3% 2.5% 1.4% 0.1% -1.2% -0.8% 0.4% 0.7% 0.9% 1.0% 1.2% 1.4% 1.5% 1.7% YoY Revenues 0.3% 3.3% -13.6% -2.0% -13.9% -16.8% -6.8% 2.3% 2.5% 2.0% 1.7% 1.7% 1.7% 1.7% Circulation 0.3% 8.1% 1.4% -5.6% -5.6% -11.5% -5.0% 2.0% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Advertising 19.1% -14.0% -17.9% 10.5% -16.8% -25.0% -12.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Alternative Marketing -32.5% 43.0% -37.3% -19.9% -37.4% -12.0% 2.0% 2.0% 10.0% 5.0% 2.0% 2.0% 2.0% 2.0% Cash Costs -3.5% 3.5% -11.0% -1.0% -12.7% -15.7% -7.2% 1.1% 2.3% 1.8% 1.6% 1.6% 1.6% 1.6% EBITDA 217.2% -0.7% -59.8% -42.5% -94.6% nm -39.4% -157.6% 58.5% 31.3% 21.0% 17.9% 15.7% 14.0% Margin 3.8pp -0.2pp -2.8pp -1.0pp -1.4pp -1.3pp 0.4pp 1.2pp 0.2pp 0.2pp 0.2pp 0.2pp 0.2pp 0.2pp Source: Company data and Millennium investment banking

CAGR CAGR Cofina - KPI % 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2020E 2021E 11-15E 15-21E Consolidated figures Revenues YoY -6.9 1.7 -7.1 -9.1 -5.3 2.0 1.6 1.5 1.4 1.4 -2.8% 1.4% EBITDA Margin 16.0 17.0 15.6 13.7 13.2 14.2 14.3 14.1 13.6 13.4 -0.3pp -0.1pp Capex as % of revenues 0.9 3.1 1.8 1.9 1.9 1.8 1.7 1.5 1.5 1.5 0.0pp 0.0pp EBITDA-Capex as % of revenues 15.1 13.8 13.8 11.8 11.3 12.4 12.6 12.6 12.1 11.9 -0.3pp -0.1pp Newspapers Revenues YoY -4.3 3.0 -4.7 -6.7 -4.9 2.0 1.3 1.3 1.3 1.3 -2.2% 1.3% EBITDA Margin 20.8 22.3 20.4 17.8 17.0 17.9 18.0 17.8 17.0 16.8 -0.6pp -0.2pp Magazines Revenues YoY -13.6 -2.0 -13.9 -16.8 -6.8 2.3 2.5 2.0 1.7 1.7 -5.0% 1.8% EBITDA Margin 2.5 1.4 0.1 -1.2 -0.8 0.4 0.7 0.9 1.5 1.7 0.1pp 0.2pp Source: Company data and Millennium investment banking

36

Millennium investment banking Media 08 February 2013

Cofina – KPI (before) CAGR CAGR % 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2020E 2021E 11-15E 15-21E Consolidated figures Revenues YoY -6.9 1.7 -7.1 -7.7 -4.8 1.3 1.4 1.4 1.4 1.4 -2.5% 1.4% EBITDA Margin 16.0 17.0 15.6 15.1 14.1 14.4 14.6 14.4 13.9 13.7 -0.3pp -0.1pp Capex as % of revenues 0.9 3.1 1.8 1.9 1.9 1.8 1.7 1.5 1.5 1.5 0.0pp 0.0pp EBITDA-Capex as % of revenues 15.1 13.8 13.8 13.2 12.2 12.6 12.9 12.9 12.4 12.2 -0.2pp -0.1pp Newspapers Revenues YoY -4.3 3.0 -4.7 -6.0 -4.2 1.2 1.3 1.3 1.3 1.3 -2.0% 1.3% EBITDA Margin 20.8 22.3 20.4 18.3 17.7 17.9 18.1 17.8 17.0 16.8 -0.6pp -0.2pp Magazines Revenues YoY -13.6 -2.0 -13.9 -13.4 -7.0 1.7 1.7 1.7 1.7 1.7 -4.5% 1.7% EBITDA Margin 2.5 1.4 0.1 3.9 1.3 1.9 2.1 2.3 3.0 3.1 0.5pp 0.2pp Source: Company data and Millennium investment banking

Cofina – € million Value Stake Method Implied Multiple Previous ChangePct Change Sum -of –the -parts Total 144.6 137.4 7.2 5% Newspapers/Magazines 136.2 100.0% DCF EV/EBITDA 13 9.4x 129.0 7.2 6% TV unit 5.0 5.0 Non-operating assets 3.4 BV 3.4 0.0 0% YE12 Net Debt & adjustments 85.4 84.7 0.7 1% YE12 Net Debt 82.1 80.9 1.1 1% Dividends to be paid out in 2013 1.1 1.5 -0.4 -24% Minorities 1.1 BV 1.2 -0.1 -7% Equity Value 59.3 52.8 6.5 12% Number of shares 102.57 102.57 Price Target YE 13 (€ / share ) 0.58 0.51 0.06 12% Source: Company data and Millennium investment banking

CAGR CAGR Cofina - DCF – € million 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 11-15E 15-21E Newspapers and EBIT 18.4 19.5 16.4 12.8 11.3 12.8 13.3 13.6 13.7 13.7 13.7 13.7 13.8 -5.1% 0.6% magazines (+) Non-Cash Items 3.0 3.6 3.4 2.9 3.1 3.0 2.9 2.6 2.6 2.7 2.7 2.7 2.8 -3.8% -0.7% (-) Taxes on EBIT -4.9 -5.2 -4.3 -3.4 -3.0 -3.4 -3.5 -3.6 -3.6 -3.6 -3.6 -3.6 -3.6 -5.1% 0.6% (-) Capital Expenditure -1.2 -4.3 -2.2 -2.2 -2.1 -2.0 -1.9 -1.7 -1.7 -1.8 -1.8 -1.8 -1.8 -3.6% -0.7% (-) Working Capital Changes -5.5 14.8 54.0 -5.6 -0.2 0.0 0.2 0.2 0.2 0.2 0.2 0.2 1.2 -76.2% 38.8% Free Cash Flow to the Firm 9.8 28.5 67.1 4.6 9.2 10.4 10.9 11.1 11.2 11.2 11.2 11.3 12.3 -36.5% 2.0% Discount Factor 1.00 0.87 0.76 0.67 0.60 0.54 0.48 0.43 0.38 9.2 9.0 8.2 7.5 6.7 6.0 5.4 4.8 4.7 PV of Explicit Period 61.5 PV of Terminal Value 74.7 Enterprise Value 136.2 Source: Company data and Millennium investment banking

37

Millennium investment banking Media 08 February 2013

Cofina – New Assumptions Previous Assumptions Discount rates 2013- 2015 2016-2021 Terminal value 2012- 2015 2016-2021 Terminal value Risk-Free Rate 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% assumptions Country risk premium 7.50% 4.50% 1.50% 10.50% 6.00% 1.50% Market Premium 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Unlevered Beta 1.00 1.00 1.00 1.00 1.00 1.00 Levered Beta 1.30 1.30 1.30 1.30 1.30 1.30 Cost of Equity* 18.80% 14.89% 10.98% 22.72% 16.85% 10.98% Cost of Debt ** 9.00% 7.50% 6.00% 9.00% 7.50% 6.00% Corporate Tax Rate 29.0% 29.0% 29.0% 29.0% 29.0% 29.0% After-tax Cost of Debt 6.39% 5.32% 4.26% 6.39% 5.32% 4.26% Leverage 30% 30% 30% 30% 30% 30% WACC 15.08% 12.02% 8.96% 17.82% 13.39% 8.96% Perpetuity Growth Rate 2.52% 2.52% Real perpetuity growth rate 1.00% 1.00% LT Inflation 1.50% 1.50% WACC-g 6.45% 6.45% Source: Company data and Millennium investment banking

*Cost of equity is calculated as the sum of the risk free rate plus country risk premium and market risk premium, the latter two multiplied by the levered beta. Risk free rate is the German 10-year Government bond yield. Country risk premium results from the difference between the local Sovereign yield and the German 10-year Government bond yield multiplied by a volatility factor (ratio that relates equity with bonds volatility). For country risk premium in perpetuity, we assume that the German and local 10-year sovereign yields will converge to respective last 10-year averages. Market risk premium is set at 5%. **Cost of debt before tax is the debt spread (long-term issuances) over the German 10-year sovereign rate.

38

Millennium investment banking Media 08 February 2013

Cofina – Shareholder Structure - Nov 23rd 2012 Economic Voting Shareholder structure # Shares Stake Rights Management (direct stakes) 53,235,618 51.90% 51.90% Ana Rebelo Mendonça Fernandes 15,385,276 15.00% 15.00% Domingos José Vieira de Matos 7,381,112 7.20% 7.20% Paulo Jorge dos Santos Fernandes (Chairman) 9,201,582 8.97% 8.97% Direct stake 3,785,746 3.69% 3.69% Caminho Aberto, SGPS 5,415,836 5.28% 5.28% *Caderno Azul SGPS: 7,392,429 7.21% 7.21% *Caderno Azul SGPS: 7,392,429 7.21% 7.21% Pedro Miguel Matos Borges Oliveira 5,628,291 5.49% 5.49% Pedro Macedo Pinto de Mendonça 854,500 0.83% 0.83% Newshold** 15,464,528 15.08% 15.08% Credit Suisse 5,053,334 4.93% 4.93% Maria João Fernandes Vieira de Matos 2,051,500 2.00% 2.00% Santander - Gestão de Fundos 317,090 0.31% 0.31% Own Shares 0 0.00% 0.00% Free Float 26,443,766 25.78% 25.78% Total Shares 102,565,836 Voting Shares 102,565,836 Source: Company data; Millennium investment banking

*Caderno Azul SGPS: 14,784,857 14.41% 14.41% João Manuel Matos Borges de Oliveira (Management 7,392,429 7.21% 7.21% Carlos Manuel Matos Borges de Oliveira (heirs) 7,392,429 7.21% 7.21% ** held by Pineview Overseas (91.25% stake)

39

Millennium investment banking Media 08 February 2013

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Cofina – € million 1Q12 2Q12 3Q12 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E YoY YoY YoY YoYE YoYE YoYE YoYE YoYE P&L - quarterly evolution Operating Revenues 26.4 29.7 29.5 29.6 25.0 28.1 28.0 28.0 -11% -9% -8% -9% -5% -5% -5% -5% Newspapers 20.5 23.2 23.1 23.5 19.5 21.9 21.9 22.4 -10% -6% -6% -6% -5% -5% -5% -5% Magazines 5.9 6.5 6.5 6.1 5.5 6.2 6.1 5.6 -14% -20% -16% -16% -8% -5% -7% -8% Cash Costs -23.2 -25.9 -25.2 -25.2 -22.1 -24.6 -23.8 -24.0 -8% -7% -6% -7% -4% -5% -5% -5% Newspapers -16.8 -19.1 -18.7 -19.6 -16.3 -18.1 -17.9 -18.8 -6% -1% -4% -4% -3% -5% -4% -4% Magazines -6.3 -6.9 -6.5 -5.6 -5.8 -6.6 -5.9 -5.2 -14% -20% -13% -14% -8% -5% -9% -8% EBITDA 3.2 3.7 4.4 4.4 2.8 3.5 4.1 4.0 -24.5% -21.6% -17.7% -18.5% -12.9% -7.6% -5.3% -8.9% Margin 12.3% 12.6% 14.8% 14.8% 11.3% 12.3% 14.8% 14.3% -15% -14% -10% -11% -8% -2% 0% -4% Newspapers 3.6 4.2 4.4 3.9 3.2 3.9 4.0 3.5 -24% -21% -14% -16% -12% -7% -8% -9% Magazines -0.4 -0.4 0.0 0.5 -0.4 -0.4 0.1 0.5 -16% -17% -96% -32% -12% 0% nm -11% Depreciation -0.8 -0.8 -0.8 -0.5 -0.9 -0.9 -0.9 -0.5 -15% -15% -14% -12% 6% 6% 9% 9% EBIT 2.4 2.9 3.6 3.9 2.0 2.6 3.3 3.5 -27% -23% -18% -19% -19% -11% -8% -11% Margin 9.2% 9.9% 12.1% 13.2% 7.9% 9.3% 11.7% 12.4% -19% -15% -11% -12% -15% -6% -3% -6% Net Financials -1.1 -1.2 -0.8 -1.0 -1.0 -1.0 -0.9 -0.9 nm -65% -61% 18% -10% -15% 2% -6% EBT 1.4 1.8 2.7 2.9 1.0 1.6 2.4 2.5 -79% nm 23% -27% -26% -9% -12% -13% Taxes -1.1 -1.4 -1.2 1.0 -0.9 -1.2 -1.1 0.8 -43% 65% -6% nm -22% -11% -12% -17% EBM 0.3 0.4 1.6 3.9 0.2 0.4 1.4 3.4 -94% nm 61% nm -43% -2% -11% -14% Minority Interests 0.0 -0.1 0.0 -0.1 0.0 -0.1 0.0 -0.1 -42% 55% nm 2% 5% -6% nm -26% Net Income 0.3 0.3 1.6 3.8 0.2 0.3 1.4 3.2 -93% nm 64% nm -37% -1% -13% -14% Source: Company data and Millennium investment banking

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 € million 1Q12 2Q12 3Q12 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E Cofina – YoY YoY YoY YoYE YoYE YoYE YoYE YoYE Operating performance – Consolidated Revenues 26.4 29.7 29.5 29.6 25.0 28.1 28.0 28.0 -11% -9% -8% -9% -5% -5% -5% -5% breakdown by Circulation 14.8 14.9 16.5 14.0 14.2 14.2 15.9 13.4 -7% -6% -7% -7% -4% -5% -4% -4% Advertising 9.4 10.6 9.1 11.3 8.2 9.5 8.0 9.8 -18% -21% -19% -18% -12% -11% -12% -13% business area Alter. Products & Other 2.2 4.1 3.9 4.2 2.6 4.4 4.1 4.7 3% 22% 26% 19% 16% 6% 5% 10% Holding & Adjustments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm nm nm nm nm nm nm nm Cash Costs -23.2 -25.9 -25.2 -25.2 -22.1 -24.6 -23.8 -24.0 -8% -7% -6% -7% -4% -5% -5% -5% EBITDA 3.2 3.7 4.4 4.4 2.8 3.5 4.1 4.0 -25% -22% -18% -18% -12% -8% -5% -9% Margin 12.2% 12.6% 14.8% 14.8% 11.3% 12.3% 14.8% 14.3% -2.3pp -2.0pp -1.7pp -1.8pp -0.9pp -0.3pp 0.0pp -0.6pp Newspapers 20.5 23.2 23.1 23.5 19.5 21.9 21.9 22.4 -9.5% -5.6% -5.7% -6.3% -4.7% -5.4% -4.9% -4.6% Circulation 11.3 11.4 12.7 11.0 10.8 10.9 12.2 10.6 -4.9% -5.3% -5.7% -5.2% -4.2% -4.0% -3.8% -4.1% Advertising 7.5 8.3 7.2 8.7 6.6 7.3 6.3 7.6 -18.3% -17.5% -16.4% -15.8% -11.3% -11.7% -12.3% -12.6% Alter. Products & Other 1.7 3.5 3.2 3.7 2.1 3.7 3.4 4.2 6% 41% 33% 22% 21% 5% 7% 12% Cash Costs -16.8 -19.1 -18.7 -19.6 -16.3 -18.1 -17.9 -18.8 -5.7% -1.4% -3.5% -4.0% -3.0% -5.1% -4.1% -3.9% EBITDA 3.6 4.2 4.4 3.9 3.2 3.9 4.0 3.5 -23.9% -21.2% -13.7% -16.2% -12.4% -6.8% -8.3% -8.6% Margin 17.7% 17.9% 18.9% 16.5% 16.3% 17.7% 18.3% 15.8% -3.3pp -3.5pp -1.8pp -2.0pp -1.4pp -0.3pp -0.7pp -0.7pp Magazines 5.9 6.5 6.5 6.1 5.5 6.2 6.1 5.6 -14% -20% -16% -16% -8% -5% -7% -8% Circulation 3.5 3.6 3.9 3.0 3.4 3.3 3.7 2.9 -13.3% -9.4% -11.6% -11.7% -4.0% -6.1% -5.0% -4.9% Advertising 1.9 2.3 1.9 2.6 1.6 2.1 1.7 2.2 -17.6% -30.4% -26.7% -23.5% -15.9% -8.6% -11.0% -12.9% Alter. Products & Other 0.5 0.6 0.7 0.5 0.5 0.7 0.7 0.5 -6% -31% -1% -1% -1% 16% -4% -4% Cash Costs -6.3 -6.9 -6.5 -5.6 -5.8 -6.6 -5.9 -5.2 -14% -20% -13% -14% -8% -5% -9% -8% EBITDA -0.4 -0.4 0.0 0.5 -0.4 -0.4 0.1 0.5 -16% -17% -96% -32% -12% 0% nm -11% Margin -6.9% -6.4% 0.1% 8.4% -6.6% -6.7% 2.3% 8.1% 0.1pp -0.3pp -3.1pp -2.0pp 0.3pp -0.3pp 2.2pp -0.3pp Source: Company data and Millennium investment banking

40

Millennium investment banking Media 08 February 2013

Cofina – € million FY11FY12E YoYE 4Q11 3Q12 4Q12E YoYE QoQE FY12 earnings – P&L Operating Revenues 126.7 115.2 -9% 32.3 29.5 29.6 -9% 0% Newspapers 96.7 90.2 -7% 25.0 23.1 23.5 -6% 2% Magazines 30.0 25.0 -17% 7.3 6.5 6.1 -16% -6% Cash Costs -106.9 -99.4 -7% -26.9 -25.2 -25.2 -7% 0% Newspapers -77.0 -74.2 -4% -20.4 -18.7 -19.6 -4% 5% Magazines -30.0 -25.3 -16% -6.5 -6.5 -5.6 -14% -14% EBITDA 19.7 15.7 -20% 5.4 4.4 4.4 -18% 0% Margin 15.6% 13.7% -1.9pp 16.6% 14.8% 14.8% -1.8pp 0.0pp Newspapers 19.7 16.0 -19% 4.6 4.4 3.9 -16% -11% Magazines 0.0 -0.3 nm 0.8 0.0 0.5 -32% nm Depreciation -3.4 -2.9 -14% -0.6 -0.8 -0.5 -12% -38% EBIT 16.4 12.9 -21% 4.8 3.6 3.9 -19% 9% Margin 12.9% 11.2% -0.1pp 14.9% 12.1% 13.2% -1.8pp 1.1pp Net Financials -3.0 -4.0 34% -0.8 -0.8 -1.0 18% 18% EBT 13.3 8.8 -34% 4.0 2.7 2.9 -27% 6% Taxes -8.4 -2.6 -69% -4.4 -1.2 1.0 nm nm EBM 4.9 6.2 25% -0.4 1.6 3.9 nm nm Minority Interests -0.1 -0.2 24% -0.1 0.0 -0.1 2% nm Net Income 4.8 6.0 25% -0.6 1.6 3.8 nm nm Source: Company data and Millennium investment banking

Cofina – FY12 earnings € million FY11FY12EYoYE 4Q11 3Q12 4Q12E YoYE QoQE – operating performance breakdown Consolidated Revenues 126.7 115.2 -9% 32.3 29.5 29.6 -8.5% 0.1% Circulation 64.7 60.3 -7% 15.0 16.5 14.0 -6.7% -15.0% Advertising 49.8 40.4 -19% 13.7 9.1 11.3 -17.7% 23.7% Alter. Products & Other 12.2 14.5 19% 3.6 3.9 4.2 18.7% 8.9% Cash Costs -106.9 -99.4 -7% -26.9 -25.2 -25.2 -6.5% 0.0% EBITDA 19.8 15.7 -20% 5.4 4.4 4.4 -18.5% 0.2% Margin 15.6% 13.7% -1.9pp 16.6% 14.8% 14.8% -1.8pp 0.0pp Newspapers 96.7 90.2 -7% 25.0 23.1 23.5 -6.3% 1.7% Circulation 48.9 46.3 -5% 11.6 12.7 11.0 -5.2% -13.0% Advertising 38.2 31.7 -17% 10.4 7.2 8.7 -15.8% 21.0% Alter. Products & Other 9.6 12.2 27% 3.1 3.2 3.7 22.0% 16.4% Cash Costs -77.0 -74.2 -4% -20.4 -18.7 -19.6 -4.0% 4.8% EBITDA 19.7 16.0 -19% 4.6 4.4 3.9 -16.2% -11.3% Margin 20.4% 17.8% -2.6pp 18.5% 18.9% 16.5% -2.0pp -2.4pp Magazines 30.0 25.0 -17% 7.3 6.5 6.1 -16.3% -5.9% Circulation 15.8 14.0 -12% 3.4 3.9 3.0 -11.7% -21.8% Advertising 11.6 8.7 -25% 3.3 1.9 2.6 -23.5% 33.6% Alter. Products & Other 2.6 2.3 -12% 0.5 0.7 0.5 -0.7% -25.5% Cash Costs -30.0 -25.3 -16% -6.5 -6.5 -5.6 -14.4% -13.6% EBITDA 0.0 -0.3 nm 0.8 0.0 0.5 -32.4% nm Margin 0.1% -1.2% -1.3pp 10.3% 0.1% 8.4% -2.0pp 8.2pp Source: Company data and Millennium investment banking

41

Millennium investment banking Media 08 February 2013

CAGR CAGR Cofina - Balance sheet € million 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2021E 11-15E 15-21E Assets 247.5 219.7 174.1 173.0 171.2 170.5 169.7 169.1 168.4 169.7 -0.6% 0.0% Non-current assets 110.9 118.4 114.8 114.1 113.0 112.0 111.1 110.2 109.3 109.7 -0.8% -0.2% Tangible 9.9 10.8 9.6 8.9 7.8 6.8 5.9 5.0 4.1 1.5 -11.5% -20.2% Goodwill 92.0 95.0 93.7 93.7 93.7 93.7 93.7 93.7 93.7 93.7 0.0% 0.0% Investments 4.7 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 5.4 0.0% 7.9% Other 4.3 9.3 8.0 8.0 8.0 8.0 8.0 8.0 8.0 9.0 0.0% 2.0% Current assets 136.6 101.3 59.3 59.0 58.2 58.5 58.7 58.9 59.1 60.0 -0.3% 0.4% Inventories 3.1 4.0 4.1 4.1 4.1 4.1 4.1 4.1 4.1 4.1 0.0% 0.0% Accounts receivables 11.4 12.6 9.2 8.3 7.9 8.1 8.2 8.3 8.4 8.9 -2.8% 1.4% Other 75.8 59.5 6.9 7.4 7.0 7.1 7.2 7.3 7.4 7.8 1.2% 1.3% Cash and equivalents 46.3 25.2 39.2 39.2 39.2 39.2 39.2 39.2 39.2 39.2 0.0% 0.0% Equity 3.7 7.2 11.1 16.1 19.9 25.1 30.3 33.5 35.2 44.2 28.5% 6.5% Minority interests 0.6 0.7 0.8 1.0 1.1 1.3 1.5 1.7 1.9 2.7 17.3% 10.6% Liabilities 243.2 211.8 162.2 156.0 150.2 144.1 138.0 133.9 131.3 122.8 -4.0% -1.9% Financial Debt 201.3 169.1 121.5 121.3 116.4 110.1 103.5 99.0 96.0 84.6 -3.9% -3.3% Accounts payable 12.8 11.5 9.4 9.5 9.6 9.7 9.8 9.9 10.0 10.4 1.0% 1.0% Other 29.2 31.2 31.2 25.2 24.1 24.3 24.6 25.0 25.3 27.8 -5.8% 2.0% Source: Company data and Millennium investment banking

CAGR CAGR Cofina – € million 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2021E 11-15E 15-21E Income statement Operating Revenues 134.1 136.3 126.7 115.2 109.0 111.2 113.0 114.7 116.3 123.0 -2.8% 1.4% Cash Costs -112.7 -113.2 -106.9 -99.4 -94.6 -95.5 -96.9 -98.5 -100.0 -106.5 -2.4% 1.6% EBITDA 21.4 23.1 19.8 15.7 14.4 15.8 16.1 16.2 16.3 16.5 -4.9% 0.4% Depreciation and Amortisation -3.0 -3.6 -3.4 -2.9 -3.1 -3.0 -2.9 -2.6 -2.6 -2.8 -3.8% -0.7% EBIT 18.4 19.5 16.4 12.8 11.3 12.8 13.3 13.6 13.7 13.8 -5.1% 0.6% Net Financials 6.4 -16.4 -3.0 -4.0 -3.7 -3.5 -3.3 -3.1 -3.9 -3.4 2.1% 0.6% EBT 24.8 3.1 13.4 8.8 7.6 9.2 10.0 10.6 9.8 10.4 -7.1% 0.6% Taxes -7.5 2.1 -8.4 -2.6 -2.3 -2.8 -2.7 -2.8 -2.6 -2.8 -24.8% 0.6% EBM 17.3 5.3 5.0 6.2 5.3 6.5 7.3 7.7 7.1 7.6 10.1% 0.6% Minority Interests -0.2 -0.2 -0.1 -0.2 -0.1 -0.2 -0.2 -0.2 -0.2 -0.2 10.1% 0.6% Net Income 17.1 5.0 4.8 6.0 5.2 6.3 7.1 7.5 6.9 7.4 10.1% 0.6% Net Earnings 17.1 5.0 4.8 6.0 5.2 6.3 7.1 7.5 6.9 7.4 10.1% 0.6% EPS (€) 0.17 0.05 0.05 0.06 0.05 0.06 0.07 0.07 0.07 0.07 10.1% 0.6% Source: Company data and Millennium investment banking

CAGR CAGR Cofina – € million 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2021E 11-15E 15-21E Cash -flow statement Cash Flow from Operations 19.7 18.6 63.5 3.5 8.2 9.5 10.3 10.5 10.0 11.6 -36.5% 1.9% Cash Flow from Investing -2.7 -6.1 -0.9 -2.2 -2.1 -2.0 -1.9 -1.7 -1.7 -5.8 19.3% 20.4% Cash Flow from Financing -18.4 -33.7 -48.6 -1.3 -6.2 -7.5 -8.4 -8.8 -8.2 -5.7 -35.5% -6.2% Dividends paid 0.0 -1.0 -1.0 -1.0 -1.3 -1.1 -1.9 -4.2 -5.2 -5.1 16.5% 18.0% CFO+CFI 16.9 12.5 62.6 1.3 6.2 7.5 8.4 8.8 8.3 5.7 -39.4% -6.2% CFO ex-interest+CFI 13.3 35.0 66.6 7.5 12.0 13.0 13.6 13.6 13.9 15.0 -32.7% 1.6% Source: Company data and Millennium investment banking

CAGR CAGR Cofina – € million 2009 2010 2011 2012E 2013E 2014E 2015E 2016E 2017E 2021E 11-15E 15-21E Leverage indicators EBITDA 21.4 23.1 19.8 15.7 14.4 15.8 16.1 16.2 16.3 16.5 -4.9% 0.4% Capex 1.2 4.3 2.2 2.2 2.1 2.0 1.9 1.7 1.7 1.8 -3.6% -0.7% EBITDA-Capex 20.2 18.9 17.5 13.5 12.3 13.8 14.2 14.5 14.5 14.7 -5.1% 0.5% EBITDA-Capex-Dividends 19.3 17.8 16.5 12.2 11.2 11.9 10.0 9.3 9.7 2.2 -11.8% nm Financial Costs, Net 5.0 3.3 3.1 2.6 2.5 2.3 2.0 1.9 2.6 2.2 -9.7% 1.2% Net Debt 154.9 144.0 82.4 82.1 77.2 70.9 64.4 59.8 56.8 45.5 -6.0% -5.6% Net Debt / EBITDA (x) 7.2 6.2 4.2 5.2 5.4 4.5 4.0 3.7 3.5 2.7 -1.1% -6.0% Net Debt / Equity (x) 42.4 20.0 7.4 5.1 3.9 2.8 2.1 1.8 1.6 1.0 -26.8% -11.4% Net Debt / Capital Employed (x) 1.0 0.9 0.9 0.8 0.8 0.7 0.7 0.6 0.6 0.5 -6.4% -5.0% EBITDA / Financial Costs (x) 4.3 7.0 6.4 6.2 5.8 7.0 7.9 8.8 6.2 7.6 5.3% -0.7% Source: Company data and Millennium investment banking

42

Millennium investment banking Media 08 February 2013

Disclosures

This report has been prepared on behalf of Millennium investment banking (Mib), a registered trademark of Banco Comercial Português, S.A. (Millennium bcp).
Millennium bcp is regulated by Comissão de Mercado de Valores Mobiliários.
This report was not shown to the companies.
Neither the companies were aware of the recommendation nor was it changed.
Recommendations: Buy means more than 10% absolute return; Neutral means between 0% and +10% absolute return; Reduce means between -10% and 0% absolute return; Sell means less than -10% absolute return.
Unless otherwise specified, the time frame for price targets included in this report is current year-end or next year-end.
Risk is defined by the analyst’s view in a qualitative way.
Usually we update our models and price targets in between 3 and 9 months.
Millennium bcp prohibits its analysts and members of their households to own any shares of the companies covered by them.
BCP group may have business relationships with the companies mentioned in this report.
Millennium bcp, expects to receive or intends to seek compensations for investment banking services from the companies mentioned in this report.
The views expressed above, accurately reflect personal views of the authors. They have not and will not receive any compensation for providing a specific recommendation or view in this report. There were not any agreements between the companies covered and the analysts regarding the recommendation.
Analysts are paid in part based on the profitability of BCP group, which includes investment banking revenues.
BCP group has more than 2% of Cofina.

Impresa 0.80

0.74

0.67

0.61

0.55

0.48

0.42

0.35

0.29

Buy Neutral Reduce Sell (Unrated) Jul/12 Oct/12 Apr/12 Jan/13 Jun/12 Feb/13 Mar/13 Feb/12 Mar/12 Sep/12 Nov/12 Dec/12 Aug/12 May/12

Recommendation Stock Price Price Target

43

Millennium investment banking Media 08 February 2013

Media Capital 2.45

2.23

2.01

1.79

1.58

1.36

1.14

0.92

0.70

Buy Neutral Reduce Sell (Unrated) Jul/12 Oct/12 Apr/12 Jun/12 Jan/12 Jan/13 Feb/12 Mar/12 Feb/13 Sep/12 Nov/12 Dec/12 Aug/12 May/12

Recommendation Stock Price Price Target

Cofina

0.66

0.61

0.57

0.52

0.48

0.43

0.39

0.34 0.30

Buy Neutral Reduce Sell (Unrated) Jul/12 Oct/12 Apr/12 Jan/13 Jun/12 Feb/13 Mar/13 Feb/12 Mar/12 Sep/12 Nov/12 Dec/12 Aug/12 May/12

Recommendation Stock Price Price Target

DISCLAIMER This information is not an offer to sell or a solicitation to enter into any particular deal or contract. It consists of data compiled by or of opinions or estimates from Banco Comercial Português, S.A. and no representation or warranty is made as to its accuracy or completeness. This information is merely an auxiliary means of analysis to be used by its recipients, who will be solely responsible for its use, including for any losses or damages that may, directly or indirectly, derive from it. Its reproduction is not allowed without permission from the BCP group. The data herein disclosed are merely indicative and reflect the market conditions prevailing on the date they have been collected. Thus, its accuracy and timing must absolutely be confirmed before its usage. Any alteration in the market conditions shall imply the introduction of changes in this report. This information / these opinions may be altered without prior notice and may differ or be contrary to opinions expressed by other business areas of BCP group as a result of using different assumptions and criteria. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. 44

OFFICE LOCATIONS

Millennium investment banking Av. José Malhoa, Lote 27 - 5 1099-010 Lisboa Portugal Telephone +351 21 003 7811 Fax +351 21 003 7819 / 39

Equity Team Luis Feria (Head of Equities)

Equity Research +351 21 115 6220 António Seladas, CFA (Head) Fundamental Analysis Alexandra Delgado, CFA (Telecoms and IT) Antonio Seladas, CFA (Industrials & Small caps) João Flores (Media and Retail) Rita Silva (Banks) Vanda Mesquita (Banks, Utilities and Oil&Gas) Market Analysis Ramiro Loureiro Sónia Martins Telma Santos Publishing Sónia Primo

Prime Brokerage +351 21 003 7855 Vitor Almeida

Equity Trading +351 21 003 7850 Paulo Cruz (Head) Gonçalo Lima Jorge Caldeira Nuno Sousa Paulo Sousa Pedro Ferreira Cruz Pedro Gonçalves Pedro Lalanda Rodrigo Roque Pinho

Equity Derivatives +351 21 003 7890 Jorge Pina (Head) Ana Lagarelhos Diogo Justino Marco Barata Maria Cardoso Baptista, CFA