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2. The largest broadcast footprintNow spanning 4 continents 66 channels in 33 countries Reaching 125 million viewers 28 Free-TV channels in 11 countries Satellite Pay-TV platforms in 9 countries 38 Pay-TV channels sold over 3rd party cable & satellite networks in 32countries2 3. Four Broadcasting Segments Free-TV Pay-TV Free-TV Pay-TVScandinaviaNordic Emerging MarketsEmerging Markets 9 Free-TV channels 4 satellite platforms 19 Free-TV channels 5 satellite platforms Virtual operator in 3rdBaltics, Ukraine3 & Russia2 party cable & IPTV 19 channels included in 3rdSweden networks Estonia party pay-TV packagesNorwayLatviaLithuaniaDenmarkBulgaria Czech Hungary SloveniaGhana3 Ownership: 95%; 50%; 3 85% 4. Integrated structurePresent across the spectrum Occupying the centralFree-TVmarket position to which all modernMulti-channel Multi-channelbroadcasters aspiremedia house media houseLinear distributionLinear distribution Owner, packager, on all platforms via terrestrialdistributor & pricer of content acrossN Addition of catch- Addition of catch-E multiple marketso up servicesup services m Mre adr rig k Aggregator of Free-c Own satellitei e TV & Pay-TVs Own satelliten t platforms platforms channels & content g s across all majorVirtual operator indistribution platforms Pay channels3rd party networksincluded in 3rd Newly launchedparty cable &OTT servicesatellite networks Constantly leveraging content & channelPay-TV offering to expand into new markets4 5. Unique profile Integrated broadcaster # of Catch-up /Company Free-TV Pay-TV PositionCountriesOTTAntena31 Yes NoYes IncumbentITV1 Yes NoYes IncumbentM6 1 Yes NoYes ChallengerMediaset 2 YesYesYes IncumbentProSiebenSat.1 8 Yes NoYes ChallengerRTL 10 Yes NoYes IncumbentTF11 Yes NoYes IncumbentCME6 Yes NoYes IncumbentCTC Media3 Yes NoYes ChallengerTVN Poland 1 YesYesYes ChallengerYesBSkyB2 No No- DTH & BroadbandYes:Sky Deutschland2 No No IncumbentDTH & 3rd party networks Yes: 11 Yes: DTH & packageYes: Unique33supplier in 9 countries & range of content Challengercountriesmini-pay in 32 countries& offering5 6. Balanced revenue mixCreates competitive advantageSegmental revenue mix100% Balanced revenue mix of cyclical80%advertising sales & linear60%subscription sales40%20% Unparalleled efficiency due to 0%control of content, packaging,20062007 200820092010pricing & distribution Free-TV Scandinavia Pay-TV Nordic Emerging Markets Integrated operating structure yields 2010 revenue mixsynergies & leverage11% Enables proven resilience to Advertising 43%economic downturns Subscription46% B2B / B2C6 7. Delivering profitable growth MTG = Made To Grow Revenues (SEK million)* EBIT (SEK million)*14 0002 50012 0002 00010 000 8 0001 500 6 0001 000 4 000 500 2 000 0 0 2002 2003 2004 2005 2006 2007 2008 2009 20102002 2003 2004 2005 2006 2007 2008 2009 2010 7*Continuing operations excluding associated company income &non-recurring items 8. Ahead of western peersWith emerging market exposureEstimated Sales Growth - 201320%18%16%14%MTG target of more than 10% annual organic sales12% growth10% 8% 6% 4% 2% 0%8Source: BoAML sell-side research for peer group & sell-side consensus for MTG 9. In line with strategic objectives Annual organic sales growth of more than 10%12% y/y growth at constant exchange rates in 2010 Operating profit margin of more than 20% for Viasat Broadcasting(even excluding associated company income) 17% operating profit margin in 2010 excluding CTC Media & 21% including CTC Media (22% for combined Nordic operations) Increasing proportion of Emerging Market sales & operating income 22% of Group revenues & 20% of Group operating income from Emerging Markets in 2010 Generation of healthy ROE & ROCE30% ROE & 25% ROCE in 2010 Generation of healthy Total Shareholder ReturnsTSR of 34% for the full year 2010 & 27% for period 1 Jan 08 - 31 Mar 119 10. Set for continued profitablegrowth Sales growth & resilient profitability through the cycle due to balancedrevenue mix, geographical diversification & challenger status High levels of operating leverage due to efficient integrated operatingstructure, with strict cost-control & cash management Asset light model with low gearing levels enables re-investment in growth(organic & M&A) & rising TSR Focused broadcasting group with consistent & independent long-term strategy10 11. Free-TV growth driversStructural tail wind still blowing in Free-TV ScandinaviaScandinavia(SEK million)5 000 50% Principal challenger Media house model & strategy 4 000 40% Favourable macro environment 3 000 30% TV viewing time increasing 2 000 20% TV gaining advertising market1 000 10%share 00% AVOD, local & bundled sales add 20062007 200820092010new dimension RevenueEBIT EBIT margin (SEK million)Well-positioned for recovery in emerging Free-TV Emerging Marketsmarkets2 500 Incumbent or challenger2 000 Media house model & strategy 1 500 Typically incumbent +1 structure 1 000 TV viewing time increasing 500 TV has high share of media spend0 Low CPT vs. W European markets-500 2006 2007 20082009201011 RevenueEBIT 12. Pay-TV growth drivers Pay-TV ScandinaviaPremium Content Provider of Choice in(SEK million)Nordics 5 000 50% Solid satellite foundation with ARPU 4 000 40% growth from price increases and VAS penetration 3 000 30% Platform agnostic as virtual operator 2 000 20% with growing subscriber base in 3rd 1 000 10% party cable & IPTV networks Device agnostic following launch of 0 0% industry-first OTT offering2006 2007 20082009 2010 RevenueEBITEBIT marginReversing the model in Emerging Markets(SEK million) Successful high growth mini-pay Pay-TV Emerging Markets1 00050% channel business across 28 countries Growing mini-pay subscriber base with 800 40% low ARPU just entered Africa 600 30% Mini-pay channel business profits being reinvested in development of satellite400 20% platforms 200 10% Russia & Ukraine = ideal satellite markets due to large geographical area 00% & low levels of competition2006 2007 20082009 201012 Revenue EBITEBIT margin 13. Content is KingNordic satellite platform examplePremium3rd partyViasat 13 Basic 14. Making it big in HollywoodAnd with independent studios14 15. Buying windows are changing Favouring integrated playersUS theatrical releaseDVD salesDVD Rentals TVOD Pay Per ViewPay-TV 1st window, SVOD / Catch-upPay-TV 2nd window, SVOD / Catch-upFree-TV 1st window SVOD/Catch-up SVOD Library H1 H2H1H2 H1H2 H1 H2 H1 H2H1H2Year 1 Year 2Year 3 Year 4Year 5Year 615 16. First ever cross-over dealFree-TV deal with Pay-TV rightsCONTENTRIGHTSPLATFORMSExclusive for Internet to PC & STBFree-TV channelsMobile Phones Catch-up Free-TV channelsSatelliteSVOD TerrestrialTVOD Cable & IPTV4 year deal with Fox Hollywood studio includes SVOD, Catch-Up and series renewals - approximately 1,600 hours of premium contentIncludes Free-TV premiers of all Fox theatrical feature releases Wall Street: Money Never Sleeps, Black Swan, Never Let Me Go, The Chronicles Of Narnia: The Voyage Of The Dawn Treader, Gullivers Travels, and X-Men: First ClassIncludes all new Fox TV series from 2012 slate16 17. Unparalleled sports offeringLong term relationships17 18. Constant & consistent expansion The channel factory 2006 2007 2008 2009 2010 2011 Free-TV Pay-TVHD-TV18 19. CTC MediaA new long-term local partner Follows positive discussions with Russian authorities & new local partner New shareholders agreement signed with CTC Media and Telcrest withsimilar terms to existing Alfa agreement Waived pre-emption right to purchase Alfas 25.2% shareholding for USD27.097 per share or USD 1,072 million in total Shares now being acquired by Telcrest owned by Mediaset LLC, CJCSNational Media Group, Abit Holdings Limited and OJSC Surgutneftegas,which are all affiliates of Bank Rossiya, and Itera Media Limited Board of Directors to continue to have 9 members 3 from MTG (includingco-Chairmanship); 3 from Telcrest (including co-Chairmanship); & 3 non-executive Directors19 20. Established Management TeamAverage of >10 years at MTGHans-Holger MathiasAndersLaurence Martin MarcAlbrechtHermansson NilssonMiall-dAot Lewerth Zagar President & CFOCOO Chief of StaffChief of StaffCOO ViasatCEO Free-TV Pay-TVBroadcastingEmployed 1997 Employed 1999 Employed 1992Employed 2002 Employed 2001Employed 2001 ManfredHein EspenJrgen IrinaPetraAronsson HattestadMadsenGofman Colleen Head of MTG CEO MTG CEO MTG CEO MTG Head of Sweden Norway DenmarkRussia & CIS Administration20Employed 1993- Employed 2001 Employed 1994Employed 2002- Employed 2002 1995 & 2008 2004 & 2008 21. Todays Agenda09.00 09.15 Welcome & Registration09.15 10.00 A Modern Media Group for Modern Times Hans-Holger Albrecht, CEO10.00 10.45 Investing in Growth Mathias Hermansson, CFO10.45 11.15 Coffee Break11.15 12.15 Entertainment At Your Command Martin Lewerth, Chief of Staff Pay-TV12.15 13.00 Pioneering New FrontiersIrina Gofman, CEO Russia & CIS13.00 14.30 Lunch14.30 15.15 Free-TV Scandinavia 3.0 Manfred Aronsson, CEO SwedenHein-Espen Hattestad, CEO Norway15.15 16.00 Eastern PromisesAnders Nilsson, COO16.00 16.30 Summary & Wrap-up Hans-Holger Albrecht, CEO16.30 19.30 Hospitality in Diamond Club Lounge18.00 19.30 Capital Markets Day Cup Final20.00 Dinner at Diamond Club Lounge21 22. 22