MTG reported financial results for Q4 and FY 2012. In Q4, sales were stable year-over-year at constant FX while OPEX increased. EBIT was SEK 514 million excluding associated company income. For FY 2012, sales increased 1% at constant FX while OPEX also increased. EBIT was SEK 1,695 million excluding associated company income. MTG expects its Nordic pay-TV business to grow revenues in 2013 and report an EBIT margin of 10-12% for the year.

1. Modern Times Group
MTG
Fourth Quarter & FY 2012
Financial Results
CHAPTER NAME
1

2. Forward looking statements
Forward-looking information and Safe Harbour Statement under the U.S. Private Securities Litigation
Reform Act of 1995
This report contains forward-looking information based on the current expectation of MTG management.
Although management deems that the expectations presented by such forward-looking information are
reasonable, such forward-looking information is subject to risks and uncertainties and no guarantee can be
given that these expectations will prove correct. Accordingly, the actual future outcome could vary considerably
when compared to what is stated in the forward-looking information, due to such factors as described above in
the Risks & Uncertainties section.
2

3. 3

4. Q4 2012
• Sales stable y-o-y at constant FX SEK mn
• Sales up 4% y-o-y at constant FX when excluding 4,000 40%
discontinued or sold operations 3,711 3,620
• OPEX up y-o-y at constant FX 3,500 35%
• Following investments in the Nordic and Emerging 3,000 30%
Markets pay-TV businesses, and up even more when
excluding discontinued or sold operations 2,500 25%
• EBIT before associated company income of
SEK 514 (551) mn 2,000 20%
• Total EBIT of SEK 476 (-2,515) mn including 1,500 15%
SEK -38 (116) mn of associated company income &
SEK -3,182 mn of non-recurring items in 2011 1,000 10%
• PTP of SEK 467 (-2,519) mn 551 514
500 5%
• Including SEK -7 (43) mn negative non-cash
impact of change in value of option element of CDON 0 0%
convertible bond Q4 2011 Q4 2012
• Net income of SEK 378 (-2,564) mn & basic EPS of SEK Revenue EBIT* EBIT margin
5.25 (-38.87)
* EBIT excluding associated income
• Key executive management changes to strengthen team
• Cash flow from operations up 12% y-o-y to
SEK 583 (519) mn
4 • Net debt down to SEK 1 mn from SEK 634 mn in Q3

5. FY 2012
• Sales up 1% y-o-y at constant FX
SEK mn
• Up 3% y-o-y at constant FX when excluding
16,000 40%
discontinued or sold operations
• OPEX up y-o-y at constant FX 14,000 13,473 13,336 35%
• Up even more when excluding discontinued or sold 12,000 30%
operations during 2012
• EBIT before associated company income of 10,000 25%
SEK 1,695 (1,933) mn
8,000 20%
• Total EBIT of SEK 2,124 (-615) mn, including
SEK 429 (634) of associated company income & 6,000 15%
non-recurring items of SEK -3,182 mn
• PTP of SEK 2,034 (-727) mn 4,000 10%
1,933 1,695
• Including SEK -15 (14) negative non-cash impact of 2,000 5%
change in value of option element of CDON
convertible bond 0 0%
FY 2011 FY 2012
• Net income of SEK 1,594 (-1,289) mn & basic EPS of
SEK 22.93 (-19.98) Revenue EBIT* EBIT margin
• Received SEK 208 (319) mn of dividends from CTC Media * EBIT excluding associated income
• Cash flow from operations of SEK 1,655 (1,853) mn
• Board of Directors to propose 11% increase in annual
ordinary dividend to SEK 10.00 (9.00) to AGM in May 2013
5

6. Forward Expectations
As previously announced, the Group continues to expect its Nordic pay-TV business to
grow its revenues at constant exchange rates in 2013, and to report an operating (EBIT)
margin of approximately 10-12% for the full year 2013. The segment margin is expected
to increase in 2014.
The Group also continues to expect the previously announced investments in its
Emerging Market pay-TV operations to result in lower profitability levels in 2013 and
expects rising profitability levels in 2014. However, when combining the Group’s
decision to reduce its investments in its Ukrainian pre-paid satellite service, as the
package and pricing structures are reviewed in the context of a highly competitive
market environment, with higher ingoing mini-pay subscription balances at the
beginning of the year, the segment is expected to achieve a breakeven EBIT result for
the full year 2013. This compares with the Group’s previous expectations for the
segment to report an operating (EBIT) loss of less than SEK 50 million for the full year
2013.
6

7. 7

8. Free-TV Scandinavia
Financial Highlights
SEK mn
1,400 50%
• Sales down 6% y-o-y at constant FX in Q4 & down 1,240
1,147 45%
4% in 2012 1,200
40%
• Decline in Danish TV advertising market 1,000 35%
800 30%
• Lower audience shares and high sold out
25%
ratios for the Group’s combined channels in 600 20%
each country
400 282 15%
• Norwegian & Swedish TV ad markets 250
10%
expected to have grown in Q4 200
5%
0 0%
Q4 2011 Q4 2012
• OPEX down 6% y-o-y in Q4 & up 1% for FY
SEK mn Revenue EBIT EBIT margin
• OPEX was down slightly less y-o-y in the
5,000 50%
quarter at constant FX, but up more y-o-y for 4,393
4,500 4,157 45%
FY at constant FX
4,000 40%
• The underlying y-o-y development in the 3,500 35%
quarter followed the deferral of certain 3,000 30%
programming investments into 2013 2,500 25%
2,000 20%
1,500 1,077 15%
• EBIT margin of 21.8% (22.7%) in Q4 & 1,000 793 10%
19.1% (24.5%) for FY 500 5%
0 0%
8 FY 2011 FY 2012

9. Free-TV Scandinavia
Operating Highlights
Sweden Commercial Audience Share (15-49)
• Higher y-o-y ratings for the TV8 and TV10 channels
but lower viewing shares for TV6 and for TV3 50%
• TV3’s prime time target audience share was up y-o-y in
45%
Q4 following scheduling improvements
40%
35%
Denmark
• Lower ratings for the TV3 and TV3+ channels, but 30%
higher ratings for TV3 PULS
• Both TV3+ and TV3 PULS reported higher y-o-y 25%
prime time ratings in Q4
20%
15%
Norway
• Lower ratings for both TV3 and Viasat4 following 10%
weaker than anticipated performance of a number of
certain local productions
• Combined CSOV up y-o-y in December & in prime-time
Sweden Norway Denmark
9

10. Free-TV Scandinavia
Operating highlights
Sweden
• Prime-time CSOV up y-o-y in Q4 as a result of strenghtened schedules
• Spring schedules have been launched & feature both successful formats from 2012 and new acquired &
locally produced content
• Up-front negotiations on-going & gross rate card prices are up
• New distribution agreements signed with Telenor for TV10 to be included in basic package in
Bredbandsbolaget IPTV and Canal Digital Cable from mid-year 2013 – to drive channel penetration from
approximately 73% in Q4 2012 to approximately 77% later in 2013
Denmark
• TV 3 ratings up in key prime-time slots in Q4
• Recent channel distribution agreements with Boxer and Canal Digital Satellite to push penetration of TV3 to
79% in Feb and TV3 PULS to 57% in July, from 67% and 46% respectively today & to drive audience and
market shares
• TV3 available on Boxer DTT platform from January 2013 & TV3 PULS to be available from July
• Sales cooperation to sell advertising airtime on Viacom’s MTV and VH1 channels as part of MTG media
house
Norway
• Launch of TV3 HD & Viasat4 HD in Canal Digital’s cable TV offering
• Signed agreement with Canal Digital to make a third, yet to be launched, free-TV channel available to Canal
Digital’s large installed cable TV customer base later in the year – enables implementation of multi-channel
media strategy in Norway
10

11. Pay-TV Nordic
Financial Highlights
SEK mn
• Sales up 2% y-o-y in Q4 & up 4% for FY 1,400 50%
1,221 1,244
45%
• Up 3% y-o-y at constant FX in Q4 & up 5% 1,200
for FY 40%
1,000 35%
• Positive FX movements, higher HD and
Viaplay subscriber intake & one-off pay-per- 800 30%
view revenues from boxing title fight in 25%
Denmark 600 20%
• OPEX up 7% y-o-y for both periods 400 15%
246
198 10%
• Up more at constant FX for both periods 200
5%
• Investments in premium movie and sports 0 0%
content and Viaplay platform, as well as Q4 2011 Q4 2012
SEK mn
Viasat Film rebranding & launch of Revenue EBIT EBIT margin
6,000 50%
additional HD and catch-up channels
4,925 45%
• EBIT margin of 15.9% (20.1%) in Q4 & 16.9% 5,000 4,730
40%
(19.5%) for FY
35%
4,000
• As previously announced, the Group continues to 30%
expect its Nordic pay-TV business to grow its 3,000 25%
revenues at constant exchange rates in 2013, and
20%
to report an operating (EBIT) margin of 2,000
15%
approximately 10-12% for the full year 2013. The
923 834 10%
segment margin is expected to increase in 2014 1,000
5%
11 0 0%
FY 2011 FY 2012

12. Pay-TV Nordic
Operating Highlights
Premium subscribers
1,200
• Overall subscriber base up when including
Viaplay 1,000
• New Viaplay apps launched on Apple iOS & 800
Thousands
Android platforms, & Viaplay now available on 600
Microsoft Xbox 360 & Sony PlayStation3
400
• Overall premium subscriber base, when
excluding the undisclosed and growing Viaplay 200
online subscriber base, was lower q-o-q 0
and y-o-y as anticipated
• 3’rd party subscriber base up both q-o-q
and y-o-y & added 7,000 net new
Satellite subscribers 3'rd party network subscribers
subscribers in the quarter, but did not fully
compensate for the decline in the satellite Value added services
subscriber base 400
350
• Strengthened Danish offering by signing a 300
Thousands
number of channel distribution agreements to 250
carry all free-TV channels on the Danish platform 200
& C More Entertainment channels 150
100
• Premium satellite ARPU up 4% y-o-y in Q4 and
50
up 1% q-o-q 0
• Positive y-o-y and q-o-q development due
to price increases and ongoing HD
12 subscriber intake
ViasatPlus HDTV Multi-room

13. Content Leadership
TV & Movies…
1’st
Pay International titles
Local titles
2’nd
Pay

14. Content Leadership
…And Premium Sports
* **
* In Sweden & Denmark
** In Denmark & Norway

15. Free-TV Emerging Markets
Financial Highlights
• Total sales up 8% y-o-y in Q4 & 3% for FY at constant SEK mn Free-TV Emerging Markets
FX
2,500
• Continued sales growth and increased 2,073 2,035
advertising market shares in almost all operating 2,000
territories
1,500
• OPEX down y-o-y in Q4 but up at constant FX &
down for FY at both reported & constant FX
1,000 675
655
• Improved operating profit y-o-y for both periods &
substantially increased operating margins of 15.4% for 500
104 156
Q4 and 7.7% for FY 67 32
0
Q4 2011 Q4 2012 FY 2011 FY 2012
Revenue EBIT
• Baltics, Czech & Bulgarian sales up 7% y-o-y in Q4
& up 2% for FY SEK mn Baltics, Czech Republic & Bulgaria
2,000 1,845 1,874
• Up 12% in Q4 & up 7% for FY at constant FX 1,800
• Combined OPEX up 2% y-o-y in Q4 & down 2% for FY 1,600
& up at constant FX 1,400
1,200
• Consolidation of the LNT operations and 1,000
investments in the Czech Republic 800 591 630
600
• EBIT up 35% y-o-y in Q4 & up 50% for FY, with 400
186
increased EBIT margins of 16.9% (13.4%) and 9.9% 200 79 106 124
(6,7%) for FY 0
Q4 2011 Q4 2012 FY 2011 FY 2012
15 Revenue EBIT

16. Free-TV Emerging Markets
Operating Highlights
Baltics Commercial Audience Share
70%
• Sales up 39% y-o-y in Q4 at constant FX and up 16%
for the year 60%
• Consolidation of LNT in Latvia & higher sales in
Lithuania, with stable y-o-y sales 50%
in Estonia
40%
• Pan-Baltic commercial target audience share of 48.5%
(42.6%) 30%
Czech Republic
20%
• Sales up 4% y-o-y in Q4 at constant FX and up 5% for
the year 10%
• CSOV up y-o-y following higher ratings for Prima Cool
and Prima Love
• Launch of Prima Zoom
Estonia (15-49) Latvia (15-49)*
• Launch of sales cooperation with Barrandov
Lithuania (15-49) Czech Republic (15-54)
Bulgaria Bulgaria (18-49)
• Sales up 5% y-o-y in Q4 at constant FX and up 1% for
FY
• Combined CSOV up significantly both y-o-y & q-o-q
* MTG has included the LNT channels in its reported combined CSOV in
following increased investments in successful locally Latvia with effect from Q3 2012
produced programming
• Launch of sales cooperation to sell TV ad air time on a
16
number of channels

17. Pay-TV Emerging Markets
Financial Highlights
• Sales up 14% y-o-y in Q4 & 15% for FY SEK mn
• Up 19% y-o-y at constant FX both in the quarter & 300 50%
271
up15% for FY 45%
OPEX up 15% y-o-y in Q4 & up 5% for FY 250 237 40%
• Lower than anticipated y-o-y increase in segment 35%
200
OPEX in Q4 primarily reflected general & 30%
administrative cost savings and renegotiation of
content rights, which to some extent offset the 150 25%
previously announced investments in Russian & 20%
Ukrainian pay-TV content, HD channels & pre-paid 100
15%
satellite service in Ukraine
10%
• EBIT of SEK 5 (7) y-o-y in the quarter, and SEK 144 (49) for 50
5%
FY & EBIT margin of 1.9% (2.8%) in Q4 & 13.6% (5.3%) for 7 5
FY 0 0%
Q4 2011 Q4 2012
• The Group also continues to expect the previously SEK mn Revenue EBIT EBIT margin
announced investments in its Emerging Market pay-TV 1,200 50%
operations to result in lower profitability levels in 2013 and 1,062 45%
expects rising profitability levels in 2014. However, when 1,000 922 40%
combining the Group’s decision to reduce its investments in
its Ukrainian pre-paid satellite service, as the package and 35%
800
pricing structures are reviewed in the context of a highly 30%
competitive market environment, with higher ingoing mini- 600 25%
pay subscription balances at the beginning of the year, the
segment is expected to achieve a breakeven EBIT result for 20%
400
the full year 2013. This compares with the Group’s previous 15%
expectations for the segment to report an operating (EBIT) 10%
200 144
loss of less than SEK 50 million for the full year 2013 5%
49
17
0 0%
FY 2011 FY 2012

18. Pay-TV Emerging Markets
Operating Highlights
Satellite subscribers
600
• 52,000 net new subscribers added y-o-y &
41,000 q-o-q, following seasonally high subscriber
Thousands
intake on the Russian and Ukrainian satellite
platforms 500
• Wholesale channel business added over 19 mn
subscriptions y-o-y & over 8 million subscriptions
q-o-q 400
• Particularly high growth in the Russian base
• The Group has been selling a premium package of Satellite subscribers
five HD channels (including its three newly launched
HD movie channels) in Russia, Ukraine and the CIS Mini-pay TV subscriptions
90,000
since the beginning of December & 2 major Russian
cable TV networks have already signed contracts to
80,000
Thousands
distribute the new HD channel package
70,000
60,000
50,000
40,000
18 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012

19. Russia & Ukraine
Set for continued growth
Russia – Pay-TV Satellite Ukraine – Pay-TV Satellite
Millions Thousands
Households1 Households1
16 1,200
14
1,000
12
10 800
8 600
6
400
4
2 200
0 0
Russia - Cable & IPTV Households2 Ukraine - Cable & IPTV Households2
Millions Thousands
30
5,000
25
4,000
20
3,000
15
10 2,000
5 1,000
0
0
19
Source: Screen Digest 2013 data; 1: Including low-ARPU satellite lik e Tricolor; in Russia 2: Including social cable

20. Wholesale Channel Business
Evolution with channel package
• Channels available in Russia,
Ukraine & CIS
• Approximately 1.3 million potential HD
enabled households potentially
addressable
• Rapid expansion of HD expected
• Already signed deals with two major
Russian networks
Exclusive Premium Content from major Hollywood Studios
20

21. Other Businesses
Highlights
• Comprises MTG’s Radio operations in Norway & SEK mn
Sweden and MTG Studios content production 500
businesses 450
450
400
• Sales down 2% y-o-y in the quarter & up 1% for FY at 350 316
constant FX when excluding the contribution of the 300
Bet24 operations 250
200
150
• The y-o-y development in the quarter reflected a
100
decline in Swedish radio advertising sales as the 32
Group’s operation of 20 NRJ licenses in Sweden 50
0
came to an end 0
Q4 2011 Q4 2012
SEK mn
Revenue EBIT
1,800 1,674
• Profits substantially down y-o-y in Q4 and for FY
1,600
1,418
• The y-o-y development in the quarter reflected 1,400
increased production costs for the MTG 1,200
Studios operations, which were offset to an 1,000
extent by the lower costs for the Radio 800
600
• Paprika Latino consolidated from 17 September 2012 400
200 114
6
0
21 FY 2011 FY 2012

22. 22

23. Income Statement
• Depreciation & amortisation charges of
SEK 57 (38) mn in Q4 & 147 (183) for the Q4 Q4 FY FY
(SEK mn) 2012 2011 2012 2011
year
Net sales 3,620 3,711 13,336 13,473
• Net interest charges down y-o-y to
SEK 0 (-15) mn in Q4 & SEK -34 (-59) mn EBIT before associated
for FY 514 551 1,695 1,933
company income
• Y-o-y change in other financial items
Associated company income -38 116 429 634
included SEK -7 (43) mn non-cash financial
impact in Q4 & SEK -15 (14) mn for the year Non-recurring items - -3,182 - -3,182
from the change in value of the option
element of the SEK 250 mn CDON Group EBIT 476 -2,515 2,124 -615
convertible bond between the balance sheet
dates Net interest & other financial
-8 -4 -90 -112
items
• Effective tax rate of 19% in Q4 & 23%
Income before tax 467 -2,519 2,034 -727
for the year
Tax -89 -46 -440 -561
• Revaluation of deferred tax liabilities
in Sweden due to change in Net income 378 -2,564 1,594 -1,289
corporate tax from 1 Jan 2013
Basic EPS 5.25 -38.87 22.93 -19.98
• Positive effects from prior years
Diluted EPS 5.24 -38.88 22.87 -20.01
23

24. Cash Flow
• Cash flow from operations included receipt of SEK
included the receipt of SEK 51 (90) million and
SEK 208 (319) million of dividend payments from Q4 Q4 FY FY
CTC Media for the respective periods (SEK mn) 2012 2011 2012 2011
Cash flow from
583 519 1,655 1,853
operations
• Investment in shares amounted to SEK 41 (-) in
Q4 & SEK 315 (-) mn for the year & comprised the
Changes in working
acquisition of Paprika Latino content production 238 588 261 -56
capital
business, the LNT free-TV business in Latvia &
communications operator Zitius Net cash flow from
821 1,107 1,915 1,797
operations
• CAPEX equivalent to 1% of Group net sales for Cash flow used in
-115 -29 -351 -115
the FY investing activities
Cash flow used in
-411 -966 -1,274 -1,737
financing activities
• Cash flow from investing activities of SEK -115
(-29) mn in Q4 & SEK -351 (-115) mn for the year Net change in
cash & cash 294 112 291 -55
equivalents
24

25. Financial Position
• Total borrowings of SEK 953 (1,566) mn as at 31 Dec 31 Dec
31 Dec 2012 & cash & cash equivalents of (SEK mn) 2012 2011
SEK 748 (470) mn
Non-current assets 6,098 5,612
• Net debt of SEK 1 (797) mn as at 31 Dec 2012
Current assets 5,595 5,668
& available liquid funds of SEK 6,448 (5,528)
mn 11,692 11,281
Total assets
• SEK 1,903 (1,878) mn book value of 37.9%
shareholding in CTC media & public equity
Shareholders’ equity 5,134 4,350
market value of 3,035 mn as at the last
business day of 2012 1,751 2,168
Long-term liabilities
Current liabilities 4,808 4,763
Net debt / EBITDA ratio
Total equity & liabilities 11,692 11,281
1.2 1.2
1.1
0.8
0.7 0.7
0.6
0.3 0.3 0.3 0.3
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
25
10 10 10 10 11 11 11 11 12 12 12 12

26. 26
CHAPTER NAME

27. Summary
• Emerging Markets operations on track & performing strongly with
audience & market share gains
• Positive revisions to forward expectations for Emerging Markets pay-TV
business
• Viaplay online pay-TV service continues to grow strongly
• Focused on challenges in Scandinavian free-TV to re-take audience &
market shares
• Strengthened the executive management team
• Continued strong cash generation enables strong financial position of
almost zero net debt at year end
• Proposing increased ordinary dividend of SEK 10.00 krona to AGM in May
2013
• Reviewing both organic investment projects & acquisition opportunities in
both existing & new markets
27

28. For further information, please visit www.mtg.se or contact:
MTG Investor Relations
Tel: +44 7768 440 414 / +44 7590 098 188
Email: investor.relations@mtg.se
28