1

Jørgen Madsen Lindemann

CEO & President

Modern Times Group

Entertainment Across The Board

5 business segments

Sweden

Norway

Denmark

Estonia

Latvia

Lithuania

Bulgaria

Czech Republic

Hungary

Ghana

• 4 satellite platforms

• Virtual operator in

3rd party networks

• 20 channels • 5 satellite platforms –

Baltics, Ukraine & Russia

• 19 channels on 3rd party

networks

• 9 Free-TV channels

Free-TV

Scandinavia

Pay-TV

Nordic

Free-TV

Emerging Markets

Pay-TV

Emerging Markets

• Radio

• Modern Studios +

MAP

Other

Businesses

2

Integrated Group

With a Global footprint

3

32 free-TV channels in 10 countries

Satellite pay-TV platforms in 9 countries

85 million wholesale channel subscriptions

in 34 countries 3

Clear Content Leadership

TV series, movies & premium

sports

4

Local titles

5

Complementary revenue streams

Cyclical & non-cyclical balance

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2006 2007 2008 2009 2010 2011 2012

Free-TV Scandinavia Pay-TV Nordic

Emerging Markets

42.0%

49.0%

9.0%

Advertising

Subscription

B2B / B2C

MTG Revenue split – by source (2012) Revenue split – by segment (2012)

• Operational synergies by centralised broadcast facilities

• Cross-platform content acquisition makes us a more attractive partner for content providers

• Content monetized on free-TV, pay-TV & online & benefits from full exclusivity

• Benefits from cyclical advertising growth mixed with stable pay-TV revenues

Stable Business Model

With long-term profitable growth

6

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Revenues EBIT* Margin

SEK million

• Integrated structure enables Group growth through the whole macroeconomic

cycle, with continued strategic content investments

• Sales CAGR OF 10% between 2002-2012

• EBIT CAGR of 35% between 2002-2012 excluding associated company

income

Strong Financial Position

Increasing dividends & net cash

7

01,0002,0003,0004,0005,0006,0007,000

Liquid funds (incl. Unused credit facilities) Net debt

Net cash position as of Q1 2013 & SEK

6.5 billion of available liquid funds

SEK million

Increasing dividend yield

(SEK million)

• Reinvesting on organic growth

across our territories

• Selective & opportunistic M&A

in Nordic & Emerging markets

• Focus on 3 key areas:

• Content

• Technology

• Countries

363

498 600

667

2010 2011 2012 2013

8

Free-TV

Multichannel Media Houses

In 3 countries

9

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2008 2009 2010 2011 2012

Revenue EBIT EBIT margin

Sweden

0.0%

10.0%

20.0%

30.0%

40.0%

2011 2012

0.0%

10.0%

20.0%

30.0%

2011 2012

0.0%

10.0%

20.0%

30.0%

2011 2012

CSOV % (15-49)

Norway

Denmark

CSOV % (15-49)

CSOV % (15-49)

Financial Performance

SEK million

• #2 position in Sweden & Denmark & #3

position in Norway

• Advertising sold on a bundled ’Media House’

basis with complementary channel positioning

driving incremental reach

• Key deals signed with Canal Digital & Boxer to

extend reach of TV3 & TV3 PULS in Denmark

• 3rd channel to be launched in Norway in 2013

And Emerging Markets Portfolio

With room to grow further

10

Estonia Latvia** Lithuania Czech

Republic Bulgaria Hungary Ghana Russia

Position #1 #1 #1 #2 #2 #3 - #4

Combined

commercial

audience share*

(target

demographic)

39.6%

(15-49)

61.1%

(15-49)

42.3%

(15-49)

38.7%

(15-54)

29.5%

(18-49)

8.6%

(18-49)

n/a

(15-49)

11%***

(6-54)

Sold on bundled

basis Yes Yes Yes Yes Yes Yes n/a n/a

Cath-up services No

* FY 2012

* * Including LNT channels from Q3 2012

*** CTC Network only

Emerging Markets

Operationally geared for recovery

11

Free-TV Emerging Markets

(2012)

Czech Republic, Bulgaria, Baltics

(2012)

-500

0

500

1,000

1,500

2,000

2,500

2008 2009 2010 2011 2012

Revenue EBIT

-5%

0%

5%

10%

15%

20%

25%

30%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2008 2009 2010 2011 2012

Revenue EBIT EBIT margin

SEK million SEK million

• Ongoing strategic investments in content to drive growth

• Incremental margins >50% position the operations well for market recovery

• Significant audience & market share gains in key Czech and Bulgarian territories during

2012 & new sales cooperations to expand bundled media house reach from 2013

Digitalisation Changes The Game

Even playing field presents

opportunities

12

Sweden – 1 Feb 2008

Denmark – 1 Nov 2009

Norway – 1 Dec 2009

Scandinavian TV landscape

(2011)

Cable 52% Satellite

19%

DTT 19%

IPTV 9%

Cable 55%

Satellite 19%

DTT 7%

Analogue Terrestrial

20%

Scandinavian TV landscape

(2005)

Opportunities of Digitalisation

We benefit from fragmentation

13

0%

10%

20%

30%

40%

50%

60%

70%

80%

Bonnier MTG SBS13

2003 2012

-2% +21% +8%

Source: MMS

• Digitalisation pressures audience shares for major channels

• Media house enables increased pricing power for smaller & niche channels

• High power ratios provide barriers to entry to new competitors

0

5

10

15

20

25

30

35

40

45

50

TV3 TV4 Kanal 5 MTG TV4 Group SBS

FY 2002 FY 2012

Commercial audience share

(15-49, Sweden)

Average Weekly Reach

(15-49, Sweden) %

TV Viewing is Expanding Online

MTG’s core audiences are early

adapters

14

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

ComputerScreen

Mobile Phone TV-screen Tablet

92%

83%

1%

1%

16%

7%

Traditional TV Web-TV Mobile-TV

Age 15-24

+16%

+77%

+54%

+278%

Q1 2011 Q1 2012

Age 15-74

Viewing Platform Viewing by Device

With Added Revenue Streams

& higher pricing levels

15

-

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

2010 2011 2012 20130

50

100

150

200

250

300

350

400

450

2010 2011 2012 * 2013* 2014* 2015*

Online TV market Growth

(Sweden)

Number of streams on MTG TV

Play devices

AVOD revenue per viewer and per hour are higher than in traditional linear TV

Price = 2.8x higher online & even higher on mobile

SEK million

MTG Already Leading Online

We are leveraging our strong

traditional brands

16

34.80%

36.70%

Linear Online

Online viewing higher than traditional

linear media house audience share

(Sweden, FY 2012)

Key free-TV brands launched online to

drive viewing & strenghten

engagement

Key free-TV brands launched online to

drive viewing & strenghten

engagement

Making Content Live Longer

By extending product life cycles

17

Linear On-demand

Cross-promotion for brands & other formats

Editorial post-show content & talent

engagement

Channel viewers to other IP’s via online

presence

Increased exposure & reach

Social media integration

Second screen drive engagement

Extends product life cycle

Extra content Previews & teasers

Exploring New Business Models

Web exclusive content

18

+

• Web exclusive AVOD content

production

• Editorial integration in

cooperation with key

advertisers

• Drivers consumer sales:

+70% during campaign

• Absolut Torr now recurring

customer of TV3 Sweden

And Engaging With Our Viewers

19

• Up to 85% of TV viewers use other devices (smartphones, tablets,

laptops) while watching linear content

• Over half of viewers look up related content to what they are watching &

almost half are browsing for products seen on a show or in an ad

• Over a fifth of viewers are chatting about what they are watching on

Facebook & Twitter

• Like.tv second screen companion app presents an opportunity to

facilitate the discourse around TV & connect with the customer

Source: The Guardian,: IMRG, Decipher, Harris Interactive, Google, YouGov, Deloitte

20

Pay-TV

Over 25 Years of Evolution

Moving alongside our customers

21

From one channel in 1987 to 32 free-TV channels, 11 satellite platforms &

comprehensive online presence in 2013

Channel

(Free-TV)

Channels + platform

(Free-TV + Pay-TV)

Channels, platforms &

Over The Top

0

200

400

600

800

1,000

1,200

1,400

2006 2007 2008 2009 2010 2011 2012Q3

Premium satellite 3'rd party network

A platform agnostic approach

22

Sources: Viasat Broadcasting research

Satellite

universe

Scandinavian

satellite virtual

operator universe (IPTV, cable)

~1.6m

households

~4.2m

households

Viasat premium subscribers

(Nordic)

1991 2008 2009 2010 2010 2012

OTT Opens Up a Whole New World

& the space is growing rapidly

23

Satellite Virtual operator Open internet

~1.6m

households

Virtual Operator

~4.2 million

OTT

~9.0 million

Viaplay – Market Leading Offering

On any device

24

• MTG first to market with device independent Over-The-Top (OTT) solution

• Anytime – Access all services whenever you want, on an ‘on-demand’ basis

• Anywhere – Access over the open internet, no gatekeepers

• Any device – On your phone, tablet, PC, smart TV, games console…

Viaplay – Customer Focus

Highly rated in consumer tests

25

Internetworld - Top100

Best Entertainment Site 2012: #2

”For the biggest selection of movies, chose Viaplay.”

- Kritiker.se (extensive test of Viaplay, Netflix and Filmnet)

Expanding Our Service Offering

Viagame

26

• Expanding our offering to encompass other aspects of media

• Cross-promotion, sales synergies, relevant customer databases

Exporting the Pay-TV Model

Broad EE, Russia & CIS exposure

27 27

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Countries 7 11 15 22 23 24 25 25 28 34

Channels 2 3 5 6 7 8 10 15 19 23

Satellite platforms Baltics Ukraine Russia

Popular & Established Brands

Market leading channel portfolio

28 28

Source: TNS Russia 2012, Screen Digest 2012

Top 10 pay-TV channels in Russia (monthly reach, million people)

Share of viewing – Free TV and Viasat channels (Russia, 25-44*)

* Russia 100,000+, 1/1/2012-30/4/2012, 05:00:00 - 29:00:00

13.1

11.3

10.7

10.6

9.5

5.5

3.8

2.8

2.7

2.4

2.0

1.9

1.9

1.9

1.3

0

4

8

12

16

11.0

11.9

12.2

13.2

14.1

15.5

17.9

19.4

20.6

21.2

0 10 20 30

Dom Kino

Sony Entertainment TV

Viasat History

National Geographic

Eurosport

Moya Planeta

Animal Planet

Discovery Channel

TV 1000

TV 1000 Russian Kino

The next step

HD Channel package & Viaplay

29

• Four exclusive key premium content deals signed in Russia, Ukraine & CIS

• New premium HD channel package launched in Russia & Ukraine

• Viaplay launched & available to HD customers and on independent basis

Exclusive Premium Content from major Hollywood Studios

Pay-TV

Investing in Growth

30

Pay-TV Nordic

(2012)

Pay-TV Emerging Markets

(2012)

SEK million SEK million

• Investments in content & Viaplay online pay-TV

platform to drive growth

• Premium satellite ARPU continues to grow due

to expansion of value added services

• 10-12% margin expected for FY2013 &

increased profitability in 2014

• Investments in premium content in Russia,

Ukraine & CIS

• Launched Viaplay in Russia & Ukraine

• Expanding mini-pay business to Africa &

pushing satellite operations in Russia &

Ukraine

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

1,000

2,000

3,000

4,000

5,000

6,000

2006 2007 2008 2009 2010 2011 2012

Revenue EBIT EBIT margin

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

200

400

600

800

1,000

1,200

2006 2007 2008 2009 2010 2011 2012

Revenue EBIT EBIT margin

31