Modern Times Group MTG AB is a media company operating across four segments: Free-TV Scandinavia, Pay-TV Nordic, Free-TV Emerging Markets, and Pay-TV Emerging Markets. Over the past decade, MTG has grown its revenues from SEK 8 billion to SEK 14 billion through organic growth and acquisitions. MTG has a balanced revenue mix between advertising sales and subscription revenues. Going forward, MTG aims to continue growing its premium pay-TV subscriber base and capturing new opportunities from technology changes in the media industry.

1. Modern Times Group MTG AB
“A Modern Media Group
for Modern Times”
March 2012
1

2. MTG = Made To Grow
+ Operationally Geared
Revenues (SEK million)* EBIT (SEK million)*
16,000 3,000
14,000
2,500
12,000
2,000
10,000
8,000 1,500
6,000
1,000
4,000
500
2,000
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Introduction
2 *Continuing operations excluding associated company income &
non-recurring items

3. Unrivalled Broadcast Footprint
Spanning 4 continents
Operating 28 free-TV channels in 10 countries &
Introduction
3
38 pay-TV channels in 34 countries

4. Four Broadcasting Segments
Free-TV Pay-TV Free-TV Pay-TV
Scandinavia Nordic Emerging Markets Emerging Markets
• 9 channels • 4 satellite platforms • 18 channels • 5 satellite platforms –
• Virtual operator in 3rd Baltics, Ukraine & Russia
party networks • 20 channels on 3rd party
Sweden Estonia networks
Norway Latvia
Lithuania
Denmark
Bulgaria
Czech
Hungary
Ghana
Introduction
4

5. Balanced Revenue Mix
Integrated Operator Benefits
Segmental revenue mix 2011 revenue mix
100%
9%
80%
44%
60%
47%
40%
20%
0%
2006 2007 2008 2009 2010 2011
Free-TV Scandinavia Pay-TV Nordic Emerging Markets Advertising Subscription B2B / B2C
• Balanced revenue mix of cyclical advertising sales & linear subscription sales
• Unparalleled efficiency due to control of content, packaging, pricing & distribution
Introduction
5

6. 6
Free-TV Scandinavia

7. Market Position
Macro Profile
GDP growth TV Ad spend per capita (USD)
200
10.00%
5.00% 150
0.00%
100
-5.00%
-10.00% 50
0
Sweden Norway Denmark UK US
2009 2010 2011
2009 2010 2011
TV as % of total Ad market TV viewing minutes per day (3+)
50.0% 310.0
40.0% 260.0
30.0% 210.0
Free-TV Scandinavia
20.0% 160.0
10.0%
110.0
Denmark Sweden Norway UK US
Sweden Norway Denmark UK US
7 2009 2010 2011
2009 2010 2011

8. Market Position
Digitalisation Complete
Scandinavian TV landscape
(2010)
IPTV;
9%
DTT;
19%
Scandinavian TV landscape
(2005) Norway –
1 Dec 2009
Denmark – Cable;
1 Nov 2009 Satellite; 52%
Cable; 55% Sweden –
1 Feb 2008 19%
Satellite;
19%
DTT; 7%
Free-TV Scandinavia
Analogue
Terrestrial;
20%
8

9. Market Position
Primary Challenger
Sweden Norway Denmark
Position #2 #3 #2
National penetration   
Combined commercial
35.8 22.4 24.1
audience share (15-49)
Free-TV Scandinavia
Catch-up services Yes Yes Yes
Sold on ’bundled’ basis Yes Yes Yes
9

10. The Opportunity
Breaking the Monopoly
Free-TV Scandinavia
10

11. Seizing the Opportunity
The “Media House” Model (Sweden)
Complementary channel profiles Average weekly reach (15-49)
Old & Male Old & Female 100%
90%
80% -1%
+22%
70%
60% +8%
50%
40%
30%
20%
10%
Young & Male Young & Female
0%
2003 2011
Free-TV Scandinavia
Source: MMS
11

12. The Next Phase
Untapped Potential
Regional share of total advertising Total regional advertising
(NOK / DKK / SEK billion)
15 Print; 63% Direct
advertising,
14%
10
SEK 14 bn
5
Internet;
14%
0 Radio; 4%
TV; 5%
40% 60% 50% Regional TV advertising
• Expansion of number of regional broadcast zones from
6 to 19 in Q1 2012
MTG; 7%
• Bundled TV, Radio & Internet Ad sales package with TV4; 87%
dedicated sales force of 120 people SEK 700 mn
Free-TV Scandinavia
• Local Ad prices as much as 2x national prices
Other; 6%
12 Source: IRM Media, Regional market report, April 2011

13. Free-TV Scandinavia
Operating Results
(SEK million)
• Overall shortage of inventory supply driving up
annual contract & spot prices 5,000 50%
4,500 45%
• Sales only down 1% at constant exchange rates in
2009 recession & up 16% again in 2010 recovery 4,000 40%
3,500 35%
• Sales up 6% at constant exchange rates in 2011,
with EBIT margin of 25% 3,000 30%
2,500 25%
2,000 20%
1,500 15%
1,000 10%
500 5%
0 0%
2006 2007 2008 2009 2010 2011
Free-TV Scandinavia
Revenue EBIT EBIT margin
13

14. 14
Free-TV Emerging Markets

15. Market Position
Macro Profile
15% GDP growth 20% TV ad spend development
10% 10%
5% 0%
0% -10%
Estonia
Lithuania
Latvia
Czech Republic
Hungary
Bulgaria
-5% -20%
Hungary
Estonia
Lithuania
Latvia
Bulgaria
Czech Republic
-10% -30%
-15% -40%
-20% -50%
2009 2010 2011 2009 2010 2011
50 TV ad spend per capita (USD) TV viewing (minutes per day)
45 350
40
300
35
30 250
25 200
Free-TV Emerging Markets
20 150
15
100
10
5 50
0 0
Czech Hungary Estonia Lithuania Latvia Bulgaria Czech Hungary Estonia Lithuania Latvia Bulgaria
Republic Republic
2009 2010 2011 2009 2010 2011

16. Market Position
Incumbent or Primary Challenger
Czech
Estonia Latvia Lithuania Bulgaria Hungary Ghana Russia
Republic
Position #1 #1 #1 #2 #2 #3 - #4
Combined
commercial
42.0% 37.2 44.0% 27.7% 28.1% 8.1% 18.8% 16.1%
audience share
(15-49) (15-49) (15-49) (15-54) (18-49) (18-49) (15-49) (6-54)
(target
demographic)
Catch-up services Yes Yes Yes No Yes No No Yes
Free-TV Emerging Markets
Sold on ’bundled’
Yes Yes Yes Yes Yes Yes N/A N/A
basis
16

17. Scale Operations in Key Markets
Baltics, Czech Republic, Bulgaria
Commercial Audience Share Financial performance (SEK million)
50%
2,000 30%
40% 25%
1,600
30% 20%
1,200 15%
20%
800 10%
10% 5%
400
0% 0%
2006 2007 2008 2009 2010 2011 0 -5%
2008 2009 2010 2011
Czech Republic (15-54) Bulgaria (18-49)
Hungary (18-49) Pan-Baltic (15-49)
Revenue EBIT EBIT margin
• Clear market leadership in Baltics with >43% pan-Baltic target group share of viewing as advertising
Free-TV Emerging Markets
spending returned to growth in 2011
• Investments in schedule & new Prima Love channel boosted target audience share in Czech
Republic & enabled advertising market share gains in low growth environment in 2011
• Stable combined audience share in Bulgaria but no recovery in advertising spending in 2011
17

18. Free-TV Emerging Markets
Operating Results
(SEK million)
2,500
• Sales up 8% at constant exchange rates in 2011 &
profits for the full year
2,000
• Ongoing investments in Hungary, Ghana &
Slovenia off-set profits in Baltics, Czech Republic
& Bulgaria 1,500
• Anticipated return to high growth & high margins
but recovery currently lagging W Europe 1,000
• Well-positioned overall in often duopolistic markets
500
0
2006 2007 2008 2009 2010 2011
-500
Free-TV Emerging Markets
Revenue EBIT
18

19. Participating in Russian Growth
CTC Media
• 38.1% shareholding in Russia’s leading 25% Audience share (4+)
independent TV broadcaster 20%
• Equity stake acquired for USD 83 million -
15%
equity market value of ~ USD 0.7 billion
10%
• Co-Chairmanship & total of 4 Board seats
• 3 national Russian TV networks & 1.5x combined 5%
power ratio = ~19% TV advertising market share 0%
• Sales up 9% y/y in ruble terms to USD 766 million
in 2011 with OIBDA margin of 32.5%
• Cash dividend payments of USD 130 million in
2011 & USD 80 million in 2012
CTC Media Russian Ad sales growth Operating results (USD millions)
(RUB) 800,000
48% 700,000
600,000
Free-TV Emerging Markets
32% 33% 500,000
400,000
19% 300,000
16%
200,000
100,000
-3% 0
2007 2008 2009 2010 2011
19 2006 2007 2008 2009 2010 2011
Ad sales EBIT

20. 20
Pay-TV Nordic

21. Market Position
Premium Content Provider of
Choice
• MTG & 3rd party Free-TV channels
• MTG thematic sports channels – Viasat Football, Viasat Hockey, Viasat Motor,
Viast Golf, Viasat Sport HD
• MTG thematic movie channels – Viasat Film, Viasat Film Action, Viasat Film Nordic, Viasat
Film Family, Viasat Film Drama & Viasat Film Classic
• MTG thematic documentary channels – Viasat History, Viasat Nature,
Viasat Explorer, Viasat Crime
• Leading 3rd party premium channels – music, news, documentaries, kids, nature etc
• MTG & 3rd party HD channels
Pay-TV Nordic
21

22. The Evolving Opportunity
Technology Changes Consumer
Behaviour
Gatekeeper
Virtual Operator
Owned & Operated Viasat Channels in Independent
in 3rd Party
Satellite Platform 3rd Party Networks Internet
B’band Networks
Environment
Pay-TV Nordic
22

23. Seizing the Opportunity
The “Platform Agnostic” Approach
Premium subscriber development (000’s)
1,200
1,000
800
600
400
200
0
2006 2007 2008 2009 2010 2011
DTH Satellite 3'rd party network
1991 Jun 2008 Oct 2009 Mar 2010 Jun 2010
Pay-TV Nordic
23
*IPTV subscribers only for 2006-2008; total 3’rd party network subscribers for 2009 and 2010

24. Seizing the Opportunity
Growing Viasat...ellite
1,000 Premium satellite subscribers (000’s) 6,000 Premium satellite ARPU (SEK)
5,000
800
4,000
600
3,000
400
2,000
200 1,000
0 0
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011
350 Value-added services (000’s) • Operating in Europe’s most competitive &
300 digitalised pay-TV market
250 • Satellite gradually losing share to other
200 distribution forms BUT Viasat gaining market
150 share in the satellite environment
100 • Clear premium pay-TV market leader
50 • Low churn levels following acquisition of key
Pay-TV Nordic
sports rights + new channel launches
0
dec-07 dec-08 dec-09 dec-10 dec-11 • Steadily rising premium satellite ARPU due to
price rises & increasing penetration of VAS
Multi-room PVR HD
24

25. Seizing the Opportunity
Entertainment “at your Command”
First to Market with Full Service
‘Over-The-Top’ Solution Mobile
Set -Top Box
• Anytime
Access all services ‘on demand’
• Anywhere
Access subscription online Tablet Media
Players
• Any Device
Enjoy subscription on multiple PC/Mac
devices in and out of home
Game consoles
Embedded
TV Set
Applications OTT Set-Top box
Pay-TV Nordic
25

26. Pay-TV Nordic
Operating Results
(SEK million)
• Top line growth driven by 3rd party subscriber 5,000 50%
acquisition & rising satellite premium ARPU
4,500 45%
• Margins stable due to combination of underlying 4,000 40%
improvement with investments in sports rights,
3,500 35%
new technologies & additional channels
3,000 30%
• Highly cash generative & proven resilience to 2,500 25%
economic cycle
2,000 20%
• Revenues up 8% at constant exchange rates in 1,500 15%
2011 with increased operating margin of 20%
1,000 10%
500 5%
0 0%
2006 2007 2008 2009 2010 2011
Revenue EBIT EBIT margin
Pay-TV Nordic
26

27. 27
Pay-TV Emerging Markets

28. Market Position
Pioneering New Frontiers
2003 2004 2005 2006 2007 2008 2009 2010 2011
Countries 7 11 15 22 23 24 25 25 28
Channels 2 3 5 6 7 8 10 15 19
Satellite
28
Baltics Ukraine Russia
platforms

29. Seizing the Opportunity
Growing the Subscriber Base
Satellite subscribers (000’s) Mini-pay subscriptions (millions)
600 70,000
500 60,000
400 50,000
300 40,000
200 30,000
100 20,000
0 10,000
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011
• Viasat is the only satellite Pay-TV operator in the • Business launched in 2003 with sale of Viasat
Baltics – premium offering with stable subscriber movie & documentary channels to
base & ARPU 3rd party networks in C&E Europe
• Includes Ukrainian platform since Q1 2008 & • Nearly 65 million subscriptions to
Russian platform since Q1 2010 19 Viasat movie, documentary and sports
Pay-TV Emerging Markets
channels to ~2,500 3rd party networks in
28 countries including US
• Launch of 4 pay-TV channels in Africa &
2 HD channels in CEE, Russia & CIS
29

30. Pay-TV Emerging Markets
Operating Results
(SEK million)
• Top line growth currently driven by volume 1,000 50%
(addition of satellite subscribers & mini-pay
subscriptions) rather than value (low prevailing 900 45%
ARPU levels)
800 40%
• Profitability of mini-pay channels business 700 35%
supports ongoing investments in Ukrainian &
600 30%
Russian satellite platforms
500 25%
• Profitability impacted by full consolidation &
ongoing investments in Ukrainian platform from 400 20%
July & inclusion of Russian platform from February
300 15%
• Business highly geared to subscriber growth & 200 10%
ARPU increases
100 5%
• Revenues up 13% at constant exchange rates in 0 0%
2011, with operating margin of 5% 2006 2007 2008 2009 2010 2011
Pay-TV Emerging Markets
Revenue EBIT EBIT margin
30

31. 31

32. Financial Performance
Flexible Position
Income Cash flow Financial position
SEK millions FY 2010 SEK millions FY 2011 SEK millions FY 2011
Sales 13,473 Net cash flow from Total debt 1,592
1,797
operations
EBIT (incl. Associates) 2,544 Cash & equivalents 795
-115
Pre-tax profit Cash flow to investing
-727
Net debt 797
Net income from Cash flow to financing -1,737
-1,289 Net debt / LTM
continuing operations 0.3x
underlying EBITDA
Total net incl Net change in cash &
-1,289 -55
discontinued ops cash equivalents Available liquid funds 5,528
• FY2011 results impacted by SEK - • Cash flow from operations stable y/y in • SEK 1.5 billion of SEK 6.5 billion
3,182 million of non-recurring items 2011 unsecured 5 year revolving multi-
currency credit facility drawn as at
• Annual tax rate of 25-30% • Receipt of USD 49 mn (SEK 319 mn) 31 December 2011
of dividends from CTC Media in 2011
& intention to pay USD 80 mn in 2012 • CAPEX running at <1% of sales
32

33. Capital Allocation
Reinvesting in Growth
Cash flows from Scandinavia invested into
Emerging Markets
• 1997: Launch of Baltic Free-TV operations
• 2000: Acquisition of 95% of Hungarian operation
• 2001: Acquisition of 75% of DTV in Russia
• 2002: Acquisition of 36% of CTC Media in Russia
• 2003: Launch of Mini-Pay business
• 2004: Launch of Baltic Pay-TV platform
• 2005: Acquisition of 50% of Prima TV in Czech Republic
• 2006: Acquisition of 100% of Slovenian operation
• 2007: Acquisition of 50% of Diema channels in Bulgaria
• 2008: Acquisition of 50% of pay-TV platform in Ukraine
• 2008: Acquisition of 100% of Nova TV in Bulgaria
• 2008: Launch of channel in Ghana (W Africa)
• 2010: Acquisition of 50% of pay-TV platform in Russia
• 2010: Acquisition of additional 35% of Viasat Ukraine
Financial Resources
- Combined with ongoing launch of Free-TV & Pay-TV
channels every year
33

34. Capital Allocation
Shareholder Returns
• 29% Return On Capital Employed for 2011 Annual Cash dividends (SEK)
16
14
• 30% Return On Equity for 2011
12
10
• Increased cash dividend of SEK 9.00 per
share proposed to AGM in May 2012 8
6
• Board of Directors has adopted dividend 4
policy to distribute at least 30% of recurring 2
net profit to shareholders as annual 0
ordinary dividend 2007 2008 2009 2010 2011
Ordinary Extraordinary Proposed
Financial Resources
34

35. 35

36. The Lean & Mean
Broadcasting Machine
• Operationally geared growth company with balanced & diversified revenue mix
• Driving growth primarily through organic expansion & start-ups
• Challenger to incumbents in structurally evolving markets
• Successful multi-channel, multi-platform, multi-territory media house model
• Efficient integrated operating structure yields competitive advantage & synergies
• Investing healthy cash flows from Nordic region into emerging markets
• Strict cost control, cash management & capital allocation
• Strong & flexible financial position
• Delivering enhanced shareholder returns
Summary
36

37. For Further Information, please visit www.mtg.se or contact:
MTG Investor Relations
Tel: +44 7768 440 414 / +44 759 009 8188
Email: investor.relations@mtg.se
Nasdaq OMX: ‘MTGA’, ‘MTGB’
Contact information
37