Continued growth in customers, revenues and traffic with improvement in consolidated profitability.

Sonae.com SGPS, SA Rua Henrique Pousão 432 7º Piso 4460-841 Senhora da Hora Portugal Telefone (+351) 93 100 20 00 Fax (+351) 93 100 22 34 www.sonae.com Consolidated Results for the Third Quarter 2001 Oporto, Portugal, 29 th October 2001 Continued growth in customers, revenues and traffic with improvement in consolidated profitability. Change KEY OPERATING HIGHLIGHTS 3Q00 2Q01 3Q01 3Q01/3Q00 3Q01/2Q01 Optimus subscribers (EoP - thousands) 1.153 1.650 1.791 +55% +8,5% Optimus ARPU (euros) 33,9 28,2 29,4-13% +4,3% Novis active customers indirect access (30 37.146 66.942 89.009 +140% +33% days) Direct accesses installed 158 554 791 +400% +43% Traffic on Novis Network (millions of mins) 329 544 563 +71% +3,5% Clix active dial-up users (30 days) 157.753 203.364 216.387 +37% +6,4% Clix monthly page-views (EoP - millions) 19 44 51 +168% +16% KEY FINANCIAL HIGHLIGHTS (thousands of euros) Consolidated Turnover 144.628 175.709 192.848 +33% +9,8% Stand-alone Optimus Turnover 125.325 146.011 166.457 +33% +14% Novis Turnover 10.258 22.619 25.124 n.c. +11% Clix Turnover n.c. 2.436 5.022 n.c. +106% Publico Turnover 7.846 9.528 7.868 +0,3% -17% Consolidated EBITDA 20.252 11.957 13.088-35% +9,5% Consolidated EBITDA eliminating SAC 113 4.581 4.933 +4.265% +7,7% deferral Consolidated CAPEX 33.288 36.532 39.197 +18% +7,3% Consolidated Net debt (millions of euros) 217 471 485 +124% +3% n.c. : not comparable (in 3Q00 Clix and Novis were not demerged) Today SonaeCom announced consolidated results for the third quarter of 2001. OPERATING HIGHLIGHTS SonaeCom registered strong customer growth: o Optimus increased its customer base by 141 thousand new subscribers (+ 8,5%) ending the period with almost 1,8 million subscribers; 1

o Novis active customer base (last 30 days) increased 33% qoq to over 89 thousand, 55 thousand of which were pre-selected customers at the end of September, up by 142% from 23 thousand at the end of June. o Clix increased its active dial-up users (30 days) by 13 thousand (+6%) to end the quarter with over 216 thousand. Audience of the Clix portal continued to grow increasing to 50,9 million page views in September, up from 44 million in June. Unique visitors rose 26% to 827 thousand in September compared with 655 thousand in June. o Publico s average daily paid circulation during the month reached 56,3 thousand in 3Q01 which compares with 52,6 thousand during 1H01, continuing to stand at the forefront of the daily reference press in Portugal. o WeDo has also been increasing its third-party IT consultancy business and has recently closed an important contract in Brazil, estimated to be worth 3,4 million euros. Traffic continues to increase across the Group: o Total traffic over the Novis network increased to 563 million minutes, up from 544 in 2Q01. Voice traffic increased by 14,6% in the same period. The Clix ISP generated 433 million minutes of traffic in the third quarter. Optimus generated 608 million minutes of traffic in 3Q01, with 179 million SMS transmitted over the network. CONSOLIDATED FINANCIAL HIGHLIGHTS Growth in revenues and profitability: o Consolidated turnover was 193 million euros in 3Q01, up from 176 million euros in 2Q01, an increase of nearly 10%. Cumulative turnover to the end of 3Q01 stood at over 523 million euros. o Consolidated EBITDA for the first 9 months of 2001 stood at 33 million euros representing a consolidated margin of 6%. EBITDA in 3Q01 increased 9,5% from 11,9 million euros in 2Q01 to 13 million euros. o Investment in fixed assets for the period to end of September was 120 million euros, 78 million of which was invested at Optimus and 23 million at Novis. During the third quarter consolidated CAPEX amounted to almost 39 million euros. o At the end of September SonaeCom s consolidated gross debt stood at 553 million euros and net debt stood at 485 million euros. The SonaeCom indivi dual accounts presented a net cash balance of 90 million euros at the end of September, which compares with 135 million at the end of the 1H01. 2

REVIEW OF OPERATIONS OPTIMUS Optimus continues to deliver strong growth in customers and revenues in line with the company s stated strategy. In 3Q01, Optimus grew its subscriber base by 141 thousand net additions, of which 28% were contract customers. With a customer base of almost 1,8 million customers, 1,606 million of which were active, Optimus estimates that it ended the quarter once again gaining market share. Service revenues in 3Q01 increased by 14% to 149 million euros up from 131 million euros in 2Q01. Monthly average revenue per user (ARPU) in 3Q01 was 29,4 euros, up from 28,2 euros in 2Q01 and from the 1H01 ARPU of 27,8 euros. Average revenues per minute of billed airtime (MoU) evolved positively up to 0,24 euros from 0,23 euros in the previous quarter. Along with the gain in market share and customers Optimus registered consistent improvement in profitability. EBITDA eliminating SAC deferral margin grew by 1,2 pp to 12,9% up from 11,7% in 2Q01. Cash operating margin per user, the difference between ARPU and CCPU (monthly cash cost per user) grew to 2,2 euros and improved by 69% compared with the 2Q01 margin of 1,3. Revenues from data amounted to 9,7 mn euros in 3Q01, circa 9,8% of customer revenues, which compares with 9,8 mn euros in 2Q01. The slight reduction in revenues is due mainly to the fact that Optimus resolved its SMS billing issue (SMSs that previously were not being charged started to be charged as of mid June) and that it increased SMS prices on some of its tariff plans. These changes naturally temporarily impacted volumes of SMS sent and data revenues. NOVIS Novis customer base delivered encouraging growth in the quarter and the market segment on which Novis focuses, SMEs, delivered strong growth with customers up by 31% to 4,2 thousand customers. Although growth in the lower revenue segments of the market has also been positive, Novis firmly believes that the future of the business model in Portugal lies in exploring the higher margin SME and SOHO segment, markets which Novis believes it is leading. This market approach is led by a distribution strategy based on specialized agents channels. Novis has 120 indirect sales representatives promoting the Novis SME offer. Novis increased its total indirect active customers by 33% in 3Q01 to 89 thousand customers compared with 67 thousand in June. More importantly however the ratio of pre-selected customers to active customers increased from 34% to 62%, an indication that Novis customer base is gradually migrating to a contract based relationship rather than a call-by-call selection process. Voice traffic in the quarter increased by 14.6% reflecting the growth in pre-selected customers. The revamping of Novis frame-relay offer provided a favourable environment for growth in direct access connections which increased by 43% in 3Q01 to 791. The rise in turnover in 3Q01 was slightly less than the growth in traffic, 11%, the reason being that as the ratio of pre-selected customers to total active customers increases, so does the weight of lower-priced local calls in the overall traffic mix. IT sales also reflected a natural slowdown during the summer months. Novis now has a fully operational backbone with 685 kms of lit fibre connecting Lisbon to Porto and is activating further routes to connect all major cities. Novis currently channels 10% of its overall traffic over its own backbone and expects to gradually increase this over the coming 12 3

months, as existing fixed-term leased-lines contracts fall away. MAN construction is underway in both Porto and Lisbon and at the end of 3Q01 Novis has an extension of 320 km of active MAN including 146 kms of lit fibre and 174 kms of microwave links. Besides Porto and Lisbon Novis has concentrated its MAN construction on baby MANs that link up to the backbone, the incumbent s local switches and to Optimus major nodes. The baby MANs will be used primarily for transmission but also to allow fibre based access to end customers. Unbundling of the local loop is potentially an important element of the Novis local access strategy. Accordingly the need for clearly viable economical and technical regulatory guidelines is critical. Conditions currently presented by the incumbent to alternative operators are far from satisfactory both in terms of economic viability and in terms of the necessary technical adjustments on the ground. It is fair to say that the process is currently overrunning its announced timetable by 10 months and that the sector is still no closer to a satisfactory framework for offering local access. MATRIX Clix is the leading brand for residential internet access in Portugal. At the end of September, the Clix ISP had 216 thousand dial-up users, active in the last 30 days and the portal had been visited by 827 thousand unique visitors and registered 51 million page views in September. Clix generated a total of 433 million minutes of traffic in 3Q01. The long awaited change from a revenue-sharing model to an interconnect model for the internet access business finally came into effect as of 1 August. For the last two months of 3Q01, Clix started to receive 100% of all revenues generated by Internet traffic over its network and then paid back to the incumbent costs relating to interconnection. As Novis is the infrastructure provider for the SonaeCom Group, Clix then pays a fee to Novis for supplying and maintaining the ISP network. The immediate financial effects of the shift to the new model are that Clix s access revenues have increased almost three times (from 35% of local-call rate with the revenue-sharing model to 100% with the new model) and that margins (gross access margin and gross margin net of ISP network charges paid to Novis) have improved significantly. Clix s accounts for 3Q01 reflect only two months of the new model. SonaeCom maintains that it is entitled to the benefits of the change to the new interconnect model as from March 2001 and not only from August, as is currently the case. The defence of this position has been presented to the ICP and an arbitration process is currently underway with the supervision of the regulator. The results presented do not include any additional potential income prior to August. Both the online and offline assets within Matrix suffered the impact of the sector-wide slump in advertising spend. However the effect was particularly obvious for the online vortals whose business models are more dependent on both advertising and e-commerce revenues. Notwithstanding the reduction felt in the advertising market, Publico increased its share of publicity in 3Q01 to 19,3% from 17,5% in the same period last year. Audience continues to show healthy growth and Público stands out as the clear leader in market segments ABC1 in terms of readership metrics for daily newspapers. Publico s turnover in 3Q01 was in line with the same quarter last year although lower than 2Q01, a fact that is explained by the high degree of seasonality in the newspaper advertising revenues. Publico s mix of advertising revenues is strongly biased towards institutional publicity, which typically takes a sharp drop in the summer months. 4

Contrary to the general trend, Publico.pt actually increased advertising revenues in 3Q01 by 17% to 192 thousand euros, which compares with 164 thousand in 2Q01. Audience at Publico.pt naturally reflects the news coverage of the terrorist crisis and during the month of September, the portal received 290 thousand unique visitors compared with 221 thousand in June. Of the other assets within Matrix, exit.online.pt, the Group s online travel vortal, is a showcase example of e-commerce in Portugal. In 3Q01, exit s gross revenues amounted to 716 thousand euros, up 61% on the previous quarter. Also within the online universe, miau.pt started to generate commissions on auctions hosted although the initial income is still relatively small. In total, aggregate e-commerce revenues at Matrix year to end of September amounted to 74 thousand euros and online advertising revenues to 1,3 mn euros. Matrix is a balanced portfolio of online and offline media assets. As such it manages options to invest or to divest in internet related growth opportunities. In order of strategic importance to this portfolio Clix stands out as the most promising investment for the SonaeCom Group and Publico as a protective strategy to have access to quality content. The other online and offline assets within this arm of the business represent a portfolio of options in high potential segments and is managed accordingly. VENTURES The IT sector is in general under some pressure, nevertheless the investment within the Ventures arm of SonaeCom are, on the whole, performing according to plan in terms of revenues and results. WeDo, the systems integration consultancy company for the telecommunications sector, continues to increase third-party revenues and has recently secured a project with the leading private Telco operator in Latin America, Telemar. The project is estimated to be worth 3,4 million euros for WeDo in turnover. Enabler, the systems integration consultancy company for the retail sector is consolidating its position in the UK and establishing its international position as a leading retail solutions provider. Stand-alone turnover at WeDo and Enabler 9 months to September amounted to 13.1 and 12.7 mn euros respectively. REGULATORY ISSUES On the 24 th October, the Portuguese Telecomunication s regulator (ICP) announced a delay of one year, to 31 st December 2002 of UMTS obligations. The ICP has reserved the right to review this position in 3Q02. The news of this formal delay is positive for Optimus as it pushes out its UMTS CAPEX profile. As regards the future competitive landscape, SonaeCom feels that mobile virtual network operator licenses are a market approach that should only be contemplated in a UMTS enabled environment. The regulator has already determined that an additional GSM license shall not be attributed and therefore it is unrealistic to expect that a non-infrastructure based operator may be granted roaming rights onto existing GSM operators in the near term. Optimus and TMN are currently in disagreement regarding the mobile-to-mobile interconnection rate that Optimus is being charged by TMN. Optimus is considering presenting its case to the ICP to request that it arbitrate the issue in order to reach an acceptable mobile-to-mobile interconnection rate for the market as a whole. SonaeCom s case against Portugal Telecom regarding the timing of the change to the interconnection model for internet access is also being analyzed by the ICP in an arbitration process. SonaeCom s accounts reflect the most conservative scenario for the Group in respect of both mobile to mobile interconnect rates and internet access 5

FINANCIAL REVIEW of Third Quarter Results Consolidated Turnover at SonaeCom for the first 9 months of 2001 amounted to 523 million euros. Turnover in the third quarter rose circa 10% on the previous quarter to 193 million euros. Optimus contribution to consolidated turnover in the quarter was 84% and Novis and Matrix contributed 7% each. Consolidated EBITDA eliminating SAC deferral increased 8% in 3Q01. Novis and Matrix are still negative contributors however Optimus contributed positively with growth of 21% on the quarter. Consolidated EBITDA in the quarter increased by 9% to 13 million euros bringing accumulated EBITDA for the first 9 months of 2001 up to 33 million euros. Consolidated EBIT presented losses of 28 million euros in 3Q01 which compare with losses of 27 million euros in 2Q01. Optimus contribution to EBIT improved by 51% to losses of 2 million euros in 3Q01 versus 4 million euros in the previous quarter. Novis is still the most significant contributor to EBIT losses. At the end of September SonaeCom s consolidated gross debt stood at 553 million euros and consolidated net debt was 485 million euros. SonaeCom s individual accounts reflected a net cash position of 90 million euros, which compares with 135 million euros at the end of June. Consolidated net gearing at the end of September was 91%, calculated by expressing net debt as a percentage of equity plus minority interests. Consolidated accumulated CAPEX for the first 9 months of 2001 stands at 120 million euros, of which Optimus had invested 78 million, Novis 23 million and Matrix 5 million. The continued delay and uncertainty surrounding UMTS is the main reason for the delay in investments at Optimus, howeve r Novis CAPEX plans have also been scaled back to incorporate the repositioning of the roll-out of the local access network that is now more focused. OUTLOOK Despite the adverse conditions felt by the telecom industry as a whole, SonaeCom has delivered consolidated revenue growth and has improved overall levels of profitability during 2001. Notwithstanding expectations of continued growth in margins, possible changes in interconnection rates, for both mobile and fixed termination rates, will have a mat erial impact on SonaeCom s future performance. In line with stated strategy, efforts have been made and will continue to be made to reduce costs at subsidiaries to limit cash consumption across the group. As regards funding, Optimus is in the process of raising term bank financing and the Group is looking at additional funding opportunities. Management is comfortable that the Group will obtain the necessary funding for its businesses going forward. In terms of financial and operating performance, providing there is no significant unforeseen deterioration in trading conditions, SonaeCom is confident that it will meet with guidance given to the market at the beginning of the year, namely that it will achieve over 30% growth in revenues for the full year with improvements in operational profitability. 6

APPENDICES All figures are presented in thousands of euros unless otherwise stated. I. SonaeCom Consolidated Accounts and Stand-alone Operational Company Highlights II. Consolidated Net Debt and Proportionate Distribution amongst Operating Companies III. Contributions to Consolidated Accounts IV. Key Operating Statistics 7

APPENDIX I SonaeCom Consolidated Accounts and Stand-alone Operational Company Highlights 8

Sonae Com Consolidated Accounts Profit and Loss highlights 1999 2000 1Q01 2Q01 1H01 3Q01 YTD Turnover 255.306 521.618 154.886 175.709 330.595 192.848 523.443 Service Revenues 220.225 449.149 131.466 154.647 286.113 170.793 456.906 EBITDA 25.779 53.311 8.018 11.957 19.975 13.088 33.063 Capitalised and Deferred Costs 165.331 183.471 42.261 40.841 83.102 45.553 128.655 Deferred Costs (SACs) 125.023 134.509 33.397 32.676 66.073 38.131 104.204 Capitalised Costs 40.308 48.962 8.864 8.165 17.029 7.422 24.451 Deferred Costs written back 41.557 74.606 24.240 25.300 49.540 29.976 79.516 EBITDA eliminating SAC deferral (57.687) (6.592) (1.139) 4.581 3.442 4.933 8.375 Depreciation, Amortisations and Provisions 70.758 117.225 33.510 39.214 72.724 41.453 114.177 EBIT (44.979) (63.914) (25.492) (27.257) (52.749) (28.365) (81.114) Net Results before minorities (6.073) (77.619) (27.046) (29.593) (56.639) (32.306) (88.945) Net Results after minorities 6.174 (43.437) (15.993) (15.848) (31.841) (18.597) (50.438) CAPEX (excluding Capitalised Costs) 214.907 301.464 44.314 36.532 80.846 39.197 120.043 Balance sheet highlights Gross Debt 378.074 498.935 526.346 549.052 549.052 553.358 553.358 Liquidity 1.561 151.288 96.889 77.535 77.535 68.206 68.206 Equity + Minority Interests 299.002 597.205 524.551 494.302 494.302 531.328 531.328 Total Net Assets 826.139 1.327.430 1.308.155 1.326.613 1.326.613 1.377.676 1.377.676 Share capital 150.000 181.000 181.000 181.000 181.000 181.000 181.000 9

STAND ALONE FINANCIAL HIGHLIGHTS Optimus stand alone financial highlights Profit and Loss highlights 1999 2000 1Q01 2Q01 1H01 3Q01 YTD Turnover 241.706 458.281 133.587 146.011 279.598 166.457 446.055 Service Revenues 204.977 400.148 116.836 130.610 247.446 149.163 396.609 EBITDA 28.745 99.193 23.327 23.828 47.155 28.738 75.893 Capitalised and Deferred Costs 138.480 137.138 35.081 34.619 69.700 39.717 109.417 Deferred Costs (SACs) 125.023 122.851 30.371 30.132 60.503 35.688 96.191 Capitalised Costs 13.457 14.287 4.710 4.487 9.197 4.029 13.226 Deferred Costs written back 41.557 72.781 22.783 23.356 46.139 28.382 74.521 EBITDA eliminating SAC deferral (54.721) 49.123 15.739 17.052 32.791 21.432 54.223 Depreciation, amortisation and Provisions 67.986 92.868 25.528 27.683 53.211 29.626 82.837 EBIT (39.241) 6.325 (2.201) (3.855) (6.056) (888) (6.944) Net Results (19.768) (10.895) (5.226) (6.781) (12.007) (5.039) (17.046) CAPEX (excluding capitalised costs 181.686 203.050 25.579 25.864 51.443 28.666 80.109 Balance sheet highlights Gross Debt 349.524 493.837 503.705 523.382 523.382 494.626 494.626 Liquidity 1.314 1.399 616 764 764 89 89 Equity 239.372 270.960 265.734 258.952 258.952 343.348 343.348 Total Net Assets 705.622 930.781 992.694 1.022.003 1.022.003 1.070.156 1.070.156 Share capital 144.651 235.000 235.000 235.566 235.566 325.000 325.000 Novis stand alone financial highlights Profit and Loss highlights 1999 2000 1Q01 2Q01 1H01 3Q01 YTD Turnover 12.508 43.972 19.193 22.619 41.812 25.124 66.936 Service Revenues 12.311 35.691 14.601 18.320 32.921 22.186 55.107 EBITDA (1.464) (33.548) (10.162) (9.852) (20.014) (11.110) (31.124) Capitalised and Deferred Costs 25.622 43.571 5.060 5.368 10.428 4.408 14.836 Deferred Costs (SACs) 11.658 2.279 2.258 4.537 2.107 6.644 Capitalised Costs 25.622 31.913 2.781 3.110 5.891 2.301 8.192 Deferred Costs written back 1.826 1.103 1.504 2.607 1.189 3.796 EBITDA eliminating SAC deferral (1.464) (43.380) (11.338) (10.606) (21.944) (12.028) (33.972) Depreciation, amortisation and Provisions 1.938 19.584 7.711 9.987 17.698 11.025 28.723 EBIT (3.402) (53.132) (17.873) (19.839) (37.712) (22.135) (59.847) Net Results (3.767) (54.840) (18.837) (21.050) (39.887) (23.413) (63.300) CAPEX 34.852 31.035 4.275 7.543 11.818 10.479 22.297 Balance sheet highlights Gross Debt 10.867 68.511 90.984 98.711 98.711 91.942 91.942 Liquidity 4 146 332 367 367 229 229 Equity 32.704 52.754 33.917 12.867 12.867 29.454 29.454 Total Net Assets 73.859 168.962 170.569 165.709 165.709 179.181 179.181 Share capital 2.201 80.000 80.000 80.000 80.000 120.000 120.000 10

Publico stand alone financial highlights 1999 2000 1Q01 2Q01 1H01 3Q01 YTD Profit and Loss highlights Turnover 31.173 33.989 7.610 9.528 17.138 7.868 25.006 Service Revenues 19.845 23.029 4.710 6.577 11.287 4.829 16.116 EBITDA 1.691 2.463 (499) 545 46 (156) (110) Capitalised and Deferred Costs 306 7 101 108 108 Deferred Costs (SACs) Capitalised Costs 306 7 101 108 108 Deferred Costs written back EBITDA eliminating SAC deferral 1.691 2.463 (499) 545 46 (156) (110) Depreciation, amortisation and Provisions 654 1.532 343 1.223 1.566 373 1.939 EBIT 1.037 931 (842) (678) (1.520) (529) (2.049) Net Results 584 1.087 (877) (313) (1.190) (400) (1.590) CAPEX 2.021 187 883 1.070 314 1.384 Balance sheet highlights Gross Debt 3.988 2.600 2.661 3.818 3.818 5.587 5.587 Liquidity 56 2.215 132 72 72 37 37 Equity 2.592 3.679 2.801 2.488 2.488 2.089 2.089 Total Net Assets 15.854 19.042 16.133 18.758 18.758 18.517 18.517 Share capital 18.277 18.277 18.277 18.277 18.277 18.277 18.277 Clix stand alone financial highlights Profit and Loss highlights 1999 2000 1Q01 2Q01 1H01 3Q01 YTD Turnover 3.949 1.964 2.436 4.400 5.022 9.422 Service Revenues 3.949 1.964 2.436 4.400 5.022 9.422 EBITDA (5.442) (3.101) (3.194) (6.295) (2.927) (9.222) Capitalised and Deferred Costs 4.515 891 670 1.561 366 1.927 Deferred Costs (SACs) 3.544 747 286 1.033 336 1.369 Capitalised Costs 971 144 384 528 30 558 Deferred Costs written back 324 354 440 794 405 1.199 EBITDA eliminating SAC deferral (8.662) (3.494) (3.040) (6.534) (2.858) (9.392) Depreciation, amortisation and Provisions 561 315 358 673 422 1.095 EBIT (6.003) (3.416) (3.552) (6.968) (3.349) (10.317) Net Results (6.008) (2.299) (2.298) (4.597) (1.968) (6.565) CAPEX 8 309 658 967 537 1.504 Balance sheet highlights Gross Debt 429 101 101 67 67 Liquidity 3.286 7.621 11.034 11.034 9.574 9.574 Equity 3.888 14.205 18.708 18.708 21.939 21.939 Total Net Assets 15.015 18.672 26.356 26.356 28.781 28.781 Share capital 2.900 15.500 15.500 15.500 15.500 15.500 11

APPENDIX II Consolidated Net Debt and Proportionate Distribution amongst Operating Companies 12

September/2001 - Consolidated Net Debt and proportionate distribuiton amongst operating companies Company Standalone Gross Debt Standalone Shareh. Loan Standalone Cash Stand Alone Net debt Intercompany Loan Contribut. to Net Debt Optimus 494,6 0,0 0,1 494,5 0,0 494,5 Novis 26,9 65,0 0,2 91,7 36,8 54,9 Clix 0,1 0,0 9,6 (9,5) (9,6) 0,1 Matrix ex Clix 3,3 27,5 1,3 29,5 26,2 3,3 Sonae Com Ventures 0,0 0,0 0,0 0,0 0,0 0,0 Other Subsidiaries 0,1 139,0 1,8 137,3 139,1 (1,8) Sonae Com Holding Company 0,2 12,7 102,7 (89,8) (24,0) (65,8) Total Consolidated Net Debt 525,2 244,2 115,7 653,7 168,5 485,2 Junho/2001 - Consolidated Net Debt and proportionate distribuiton amongst operating companies Company Standalone Gross Debt Standalone Shareh. Loan Standalone Cash Stand Alone Net debt Intercompany Loan Contribut. to Net Debt Optimus 523,4 0,0 0,8 522,6 0,0 522,6 Novis 23,9 74,8 0,4 98,3 74,8 23,5 Clix 0,1 0,0 11,0 (10,9) (11,0) 0,1 Matrix ex Clix 1,2 25,2 0,3 26,1 25,2 0,9 Sonae Com Ventures 0,0 0,0 0,0 0,0 0,0 0,0 Other Subsidiaries 0,4 118,3 0,1 118,6 118,5 0,1 Sonae Com Holding Company 0,1 15,5 150,6 (135,0) (59,2) (75,8) Total Consolidated Net Debt 549,1 233,8 163,2 619,7 148,3 471,4 Março/2001 - Consolidated Net Debt and proportionate distribuiton amongst operating companies Company Standalone Gross Debt Standalone Shareh. Loan Standalone Cash Stand Alone Net debt Intercompany Loan Contribut. to Net Debt Optimus 503,7 0,0 0,7 503,0 0,0 503,0 Novis 21,5 69,5 0,3 90,7 69,5 21,2 Clix 0,4 0,0 7,6 (7,2) (7,5) 0,3 Matrix ex Clix 0,1 11,8 0,1 11,8 11,9 (0,1) Sonae Com Ventures 0,0 0,0 0,0 0,0 0,0 0,0 Other Subsidiaries 0,6 116,3 1,2 115,7 116,3 (0,6) Sonae Com Holding Company 0,0 7,5 178,9 (171,4) (77,1) (94,3) Total Consolidated Net Debt 526,3 205,1 188,8 542,6 113,1 429,5 13

APPENDIX III Operational Company Contributions to Consolidated Accounts 14

Optimus' contributions to consolidated results 1999 2000 1Q01 2Q01 1H01 3Q01 YTD Turnover 239.948 453.146 130.753 143.621 274.374 162.392 436.766 Service Revenues 204.907 395.951 114.004 128.210 242.214 145.109 387.323 EBITDA 29.988 92.050 23.621 23.525 47.146 27.589 74.735 Capitalised and Deferred Costs 138.770 136.848 35.081 34.619 69.700 39.717 109.417 Deferred Costs (SACs) 125.023 122.851 30.371 30.132 60.503 35.688 96.191 Capitalised Costs 13.747 13.997 4.710 4.487 9.197 4.029 13.226 Deferred Costs written back 41.557 72.781 22.783 23.356 46.139 28.382 74.521 EBITDA eliminating SAC deferral (53.478) 41.980 16.033 16.749 32.782 20.283 53.065 Depreciation, Amortisations and Provisions 67.986 92.875 25.528 27.683 53.211 29.626 82.837 EBIT (37.998) (825) (1.907) (4.158) (6.065) (2.037) (8.102) Net Results after minorities (18.538) (8.175) (2.237) (2.005) (4.242) (2.630) (6.872) CAPEX (excluding Capitalised Costs) 181.686 203.050 25.263 25.955 51.218 26.990 78.208 Novis' contributions to consolidated results 1999 2000 1Q01 2Q01 1H01 3Q01 YTD Turnover 12.167 34.234 10.863 14.053 24.916 12.782 37.698 Service Revenues 12.157 27.265 7.092 11.353 18.445 11.049 29.494 EBITDA (2.597) (31.009) (9.889) (10.019) (19.908) (10.144) (30.052) Capitalised and Deferred Costs 25.622 42.207 5.157 4.941 10.098 4.864 14.962 Deferred Costs (SACs) 0 11.658 2.279 2.258 4.537 2.107 6.644 Capitalised Costs 25.622 30.549 2.878 2.683 5.561 2.757 8.318 Deferred Costs written back 0 1.826 1.103 1.504 2.607 1.189 3.796 EBITDA eliminating SAC deferral (2.597) (40.841) (11.065) (10.773) (21.838) (11.062) (32.900) Depreciation, Amortisations and Provisions 2.224 18.086 6.982 9.229 16.211 10.268 26.479 EBIT (4.821) (49.095) (16.871) (19.248) (36.119) (20.412) (56.531) Net Results after minorities (4.607) (28.348) (9.639) (11.901) (21.540) (11.674) (33.214) CAPEX (excluding Capitalised Costs 32.566 28.930 4.427 7.529 11.956 10.749 22.705 Matrix' contributions to consolidated results * 1999 2000 1Q01 2Q01 1H01 3Q01 YTD Turnover 0 27.212 9.552 12.099 21.651 12.859 34.510 Service Revenues 0 18.907 6.652 9.148 15.800 9.820 25.620 EBITDA 0 (3.299) (4.492) (3.561) (8.053) (3.319) (11.372) Capitalised and Deferred Costs 0 2.099 1.804 1.291 3.095 626 3.721 Deferred Costs (SACs) 0 0 747 286 1.033 336 1.369 Capitalised Costs 0 2.099 1.057 1.005 2.062 290 2.352 Deferred Costs written back 0 0 354 440 794 405 1.199 EBITDA eliminating SAC deferral 0 (3.299) (4.885) (3.407) (8.292) (3.365) (11.657) Depreciation, Amortisations and Provisions 0 1.856 666 1.941 2.607 1.120 3.727 EBIT 0 (5.155) (5.158) (5.502) (10.660) (4.439) (15.099) Net Results after minorities 0 (3.207) (3.228) (3.026) (6.254) (2.809) (9.063) CAPEX (excluding Capitalised Costs) 0 2.731 1.514 2.375 3.889 1.061 4.950 * Matrix includes, for 2001, Sonae Matrix SGPS, Clix, Público and Público.pt. 15

APPENDIX IV Key Operating Statistics 16

KEY OPERATIONAL HIGHLIGHTS - SONAE COM Optimus 1999 2000 1Q01 2Q01 1H01 3Q01 Subscribers (EoP) thousands 817 1.410 1.511 1.650 1.791 Subscribers Net additions thousands 539 593 101 139 240 141 % pre-paid subscribers (EoP) 83,2% 81,5% 82,0% 81,9% 81,1% ARPU euro 30,7 32,1 27,4 28,2 27,8 29,4 MoU (minutes of use) 132 126 117 121 119 120 Revenue per minute (ARPU/MoU) euro 0,23 0,25 0,24 0,23 0,23 0,24 CCPU (Cash Cost / sub / month) euro 41,1 30,4 24,8 26,9 25,8 27,2 Data as % of Service Revenues (AoP) 1,0% 3,1% 8,0% 7,5% 7,7% 6,5% Data as % of Customer Revenues (AoP) 1,0% 5,3% 10,4% 10,3% 10,3% 9,8% # SMS sent / month / user - 12,2 32,2 30,4 31,3 25,7 Total # SMS / month / user - 17,6 44,9 43,3 44,2 35,3 Novis 1999 2000 1Q01 2Q01 1H01 3Q01 Total Active Customers Indirect Access (EoP) - 50.722 59.728 66.942 89.009 Residential - 36.134 42.337 48.978 70.148 SOHO - 13.496 15.137 14.401 13.974 SME - 842 1.932 3.216 4.202 Corporate - 250 322 347 685 Customers with pre-selection activated (EoP) - 3.781 11.551 22.843 55.195 Total Customers Direct Access (EoP) 129 197 288 407 500 Fixed Wireless Access (FWA) - 58 119 187 225 Excluding FWA clients 129 139 169 220 275 Total Direct Access Installed (EoP) 230 365 554 791 Fixed Wireless Access (FWA) 92 178 278 334 Excluding FWA clients 138 187 276 457 FWA (EoP) - - # of base stations installed - 18 21 21 21 # of base stations in operation - 11 15 20 20 FWA territory coverage (sqkm) - 308 478 483 483 Fibre Backbone kms (EoP) - Extension - 674 685 Fibre Pairs installed - 1.018 1.018 # points of presence - 50 50 MAN kms (Lisbon + Porto) (EoP) - Fibre Cable Installed (route kms) - 57 146 Fibre Pairs installed - 1.666 2.364 Microwave links - 114 174 Traffic data (millions of minutes) - 1.435 489 544 1.033 563 IT / Outsourcing activities (EoP) - PC's under management - 5.600 8.500 8.800 9.200 Systems / servers under management - 360 375 442 461 o.w. Housed / hosted at Novis - 240 300 329 332 17

Matrix 1999 2000 1Q01 2Q01 1H01 3Q01 Clix Active dial-up users (last 30 days) (EoP) 126.894 176.775 189.112 203.364 216.387 Registered customers (EoP) 172.178 641.209 758.608 878.714 994.318 Page-views / month (EoP) millions 8 25 39 44 50,9 Total minutes connection time thousands (quarter) 119.760 1.366.620 395.400 416.880 812.280 433.006 Advertising revenues (k euros) 17,5 1006,6 208 307 515 186 Unique visitors - homepage (EoP) 214.271 596.459 618.751 654.660 827.417 Access Revenues (individual accounts) k euros - 6160 1856 1957 3813 4720 Publico.pt Page-views / month (EoP) millions 5,5 11,5 12,6 12 12,3 Unique visitors (EoP) homepage 58.867 170.042 265.611 220.775 290.000 Advertising revenues k euros - 178,9 115 164 279 192 Content Revenues k euros - 367,1 164 184 348 166 Miau.pt Page-views / month (EoP) millions - - 3,9 3,3 3,7 Unique visitors (EoP) - - 87.400 62.993 81.442 Advertising Revenues k euros - - 12 35 47 28 Subscribers (EoP) - 32.184 42.200 54.576 65.800 Gross Transaction Value k euros - 1.624 2.470 3.541 6.011 2.477 Listed Items (EoP) - 6.925 14.660 15.180 19.095 Publico Average paid circulation 51.992 53.198 53.928 51.310 52.619 56.278 Market share of readership 16,3% 15,4% 15,0% 14,7% 14,8% n.a. Market share of publicity 17,3% 18,5% 17,6% 20,3% 19,1% 19,3%* Gross advertising reven. (individual acc.) 2.449 28.311 5.645 7.726 13.371 5.633 Net advertising revenues (individual acc.) 1.880 21.756 4.407 6.082 10.489 4.445 Exit.online.pt Page-views /month (EoP) millions 0,94 1,44 0,828 Total Gross Revenues (k euros) 198 445 643 716 Gross Booking (k euros) 163 436 599 689 Registered users thousands (EoP) 31 57,1 79 Nº of Bookings 383 535 918 942 Other vortals ** Page-views /month (EoP) millions 2,7 2,7 1,6 Total Revenues (k euros) 114,1 119 82,2 Unique visitors (EoP) 129.076 129.076 139.288 Registered users (EoP) 40.195 40.195 56.617 * July and August / ** Includes Level.pt, Casaglobal.pt, Crediglobal.pt and Bikini.pt Numbers corrected from last quarter 18

C o n s o l i d a t e d b a l a n c e s h e e t a s a t 3 0 S e p t e m b e r 2 0 0 1 a n d 2 0 0 0 (Amounts expressed in Euro) 30 September 2001 30 September 2000 ASSETS A DP NA NA NON-CURRENT ASSETS Intangible Assets Start-up costs 133.868.752 88.782.193 45.086.559 71.537.086 Research and development costs 9.869.630 4.128.389 5.741.241 1.141.948 Brands and patents 3.411.981 2.179.398 1.232.583 2.070.660 Work in progress 128.006.522-128.006.522 18.452.889 Goodwill arising on consolidation - - - 52.000.324 275.156.885 95.089.980 180.066.905 145.202.906 Tangible Assets Land 774.389-774.389 774.389 Buildings 124.431.006 26.539.819 97.891.187 88.631.309 Plant and machinery 438.712.292 110.531.186 328.181.106 276.768.278 Vehicles 146.538 82.507 64.031 61.547 Tools 1.111.544 649.240 462.304 408.236 Fixtures and fittings 116.177.265 53.792.228 62.385.037 46.431.316 Other tangible assets 957.345 133.679 823.666 35.639 Work in progress 26.259.682-26.259.682 14.556.399 708.570.061 191.728.659 516.841.402 427.667.112 Investments Shares held in group companies 6.910.485-6.910.485 3.862.591 Loans to group companies 12.594.377-12.594.377 1.392.983 Shares held in associated companies 4.470.928-4.470.928 4.357.992 Loans to associated companies 6.812.457-6.812.457 - Loans to other companies 24.316-24.316 - Securities and other financial investments 12.890.302-12.890.302 148.742 Advances for financial investments 50.422-50.422 333.731 43.753.287-43.753.287 10.096.039 CURRENT ASSETS Inventories Raw materials, secondary and consumables 1.150.003-1.150.003 637.025 Goods for resale 41.589.033 5.347.670 36.241.363 41.055.122 Advances for purchases 13.220-13.220-42.752.256 5.347.670 37.404.586 41.692.147 Debtors - Short Term Trade debtors 142.072.182-142.072.182 65.534.083 Doubtful debtors 31.702.749 31.702.749 - - Group companies 47.615-47.615 3.402 Other shareholders - - - 180 Advances to trade creditors 1.278.527-1.278.527 373.994 State and other public bodies 13.860.673-13.860.673 15.357.369 Other debtors 8.366.186-8.366.186 5.763.655 197.327.932 31.702.749 165.625.183 87.032.681 Short Term Investments Other treasury investments 67.234.260-67.234.260 180.076.017 Cash Cash at Bank 908.163-908.163 3.043.420 Cash in hand 63.676-63.676 51.556 971.839-971.839 3.094.976 Accrued Income and Prepayments Accrued income 124.548.462-124.548.462 104.747.509 Prepayments 241.230.200-241.230.200 189.361.783 365.778.662-365.778.662 294.109.292 Total depreciation 286.818.639 Total provisions 37.050.419 Total Assets 1.701.545.182 323.869.058 1.377.676.124 1.188.971.169

The Chief Accountant The Board of Directors