1. 1
CHAPTER NAME

2. Martin Niclas
Lewerth Ekdahl
EVP of Pay-TV CEO
and Technology of Viaplay
Born 1973 Born 1970
Joined MTG in 2001 Joined MTG in 2002
What I love: Being prepared & planning What I love: Football
properly
What I hate: Losing
What I hate: Football
Favourite quote: “Stand facing the sun and
Favourite quote: “It always seems the shadows fall behind you.”
impossible until its done.”
2

3. Best in class operating
performance
(SEK million)
5,000 50%
4,500 45%
4,000 40%
3,500 35%
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
Revenue EBIT EBIT margin
3

4. The entertainment landscape is
changing fast & fundamentally
From physical… to digital… to streaming in the ‘cloud’
Movie viewership in the U.S1
Video (Number of views /
transactions (bn))
3.4
2.6 2.4
1.4
Music 2011 2012
Movies online Physical video
Digital music sales accounted
for >50% of total worldwide
music sales in 2011
Print
Amazon sold more Kindle books
than paperback books in 2011
4
Source: 1) Screendigest

5. Video is driving IP traffic growth
Global IP traffic growth (PB / month)
60 000
Video
50 000
40 000 Internet video
File sharing
30 000 Web, email, and data
Video calling
20 000
Online gaming
10 000 Voice over IP (VoIP)
Other
0
2010 2011 2012 2013 2014 2015
5
Source: Cisco VNI, 2011

6. And the media landscape is
evolving rapidly
6

7. Creating order out of chaos
Pay
models
Proprietary
Closed networks ecosystems TVOD (transaction) SVOD (subscription)
Walled Open
gardens Internet
AVOD/Free VOD (advertising)
Broadcasters
Advertising
(free) models
7 Existing structures New structures

8. Scandinavia is the cradle of
broadband
Internet penetration Average actual download
(% of households)1 speeds (Mbps)4
91%
83% 24
74% 73%
16 15
13
Sweden UK US EU-27 Sweden UK EU-27 US
Internet access speed >30 Mbps 3 Mobile broadband penetration
15% (% of population) 94% (% of population)2
66%
44%
7%
35%
1% 1%
Sweden EU-27 UK US Sweden US UK EU-27
Sources:1) Eurostat, OECD (for US, as of June 2011) 2) OECD, June 2011, European Commission (for EU-27); 3) Eurostat, FCC (for US, as of Dec 2010, Tier: <10Mbps,
10-25Mbps, >25Mbps); 4) netindex.com, test data between 29 Apr - 28 May 2012, Solon

9. And our strategy is evolving
accordingly
Pay-TV Life Cycle
Channel Virtual
Subscribers
Satellite wholesale operator Over The Top
Time
9

10. But traditional platforms still
dominate
Nordic platform market shares (millions of Households)
12
IPTV
10
Analogue terrestrial Digital Terrestrial
8
Satellite
6
4
Cable
2
0
2003 2004 2005 2006 2007 2008 2009 2010 2011
10
Sources: Screendigest, Solon

11. Satellite is about value growth
not volume growth
Nordic satellite premium Nordic satellite premium
subscribers (000’s) ARPU (SEK)
800 5 000
CAGR -2.1 %
CAGR 6.6 %
600 4 500
400 4 000
200 3 500
0 3 000
2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011
11

12. With consistent price increases
& room for more
Annual satellite subscription price Sweden price benchmark (SEK)
increases (Nordic)
12% 1 000
11%
900
10%
800
8% 7% 700
6%
6% 600
5%
4% 500
4%
400
2% 300
0% 200
2007 2008 2009 2010 2011 Ext. basic Mid tier Mid+movie Mid+sport Total
Viasat Canal Digital
Boxer Telia
SKY UK DIRECTV
12
Source: Viasat Broadcasting research

13. And rising penetration of add-on
services
Penetration of add-on services, Nordic satellite platform
60%
50% HD
40% Multi-room
30%
PVR
20%
Viasat box Viaplay
10%
Multi-screen Viaplay
0%
2007 2008 2009 2010 2011 2012
HD PVRs 3D
13
Sources: Viasat Broadcasting research

14. And we’ve now become a ‘Virtual
Operator’ in 3rd party networks
Viasat premium
subscribers (Nordic)
1 200
1 000
800
~4.2m
600
households
~1.6m 400
households
200
Scandinavian Scandinavian
satellite satellite & Virtual 0
universe Operator agreements 2006 2007 2008 2009 2010 2011
(IPTV, cable) DTH satellite 3rd party networks
1991 2008 2009 2010 2010
14
Sources: Viasat Broadcasting research

15. So…how does this look in
profitability terms?
Indicative schematic
Gross margin
YR1 YR2 YR3 YR4
DTH Virtual Operator
15

16. Martin Niclas
Lewerth Ekdahl
EVP of Pay-TV CEO
and Technology of Viaplay
Born 1973 Born 1970
Joined MTG in 2001 Joined MTG in 2002
What I love: Being prepared & planning properly What I love: Football
What I hate: Football What I hate: Losing
Favourite quote: “It always seems impossible Favourite quote: ”Stand facing the sun and the
until its done.” shadows fall behind you.”
16

17. Viaplay opens up a whole new
universe
Satellite Satellite + Virtual Over The Top
operator
1.6 million 4.2 million 9 million
households households households
17

18. As we make TV content
available anytime & anywhere
Smart phones
Tablets
PC/Mac
Smart TV-sets Game consoles
18 TV set-top boxes
OTT STB

19. With a compelling content
offering
19

20. At competitive price points
OFFERED FOR FREE OR DISCOUNTED TO
VIASAT SATELLITE SUBSCRIBERS
199 SEK
99 SEK
49 SEK
20

21. That has become the preferred
choice of Swedish consumers
21

22. With a balanced geographical &
package split
Viaplay by geography Viaplay by package type
22

23. Available on more and more
smart TVs
~40% of TV’s sold are web connected
> 1 million Smart TVs to be sold in 2012
Viaplay soon available on 70% of
Smart TVs
10% of Viaplay subs already use
Smart TVs
23

24. And now we take it a step further
Viaplay streaming box
Viaplay to your TV
25 linear channels
DTT connection
Full-blown media center
* * * *
*
24
* Available via terrestrial signal

25. And with limited cannibalization
• 24% of Viaplay subscribers have not had Pay-TV subscriptions
before
• 10% have not had Pay-TV subscriptions for the last 6 months
- of which, 50% previously had a Viasat subscription
• So…only 5% of new Viaplay subscribers are potentially
cannibalizing Viasat
• …and 95% do not cannibalize our existing satellite business
25

26. So… How does this look in
profitability terms?
Indicative schematic
26

27. What next?
• Make available on increasing number of devices
• Maintain long term premium content leadership
• Roll out Viaplay box
• Enhance content discovery and recommendation
• Enable offline mode
• Expand into new territories
27

28. 28
CHAPTER NAME