1

5 business segments

Intro

duct

ion

Sweden

Norway

Denmark

Estonia

Latvia

Lithuania

Bulgaria¹

Czech

Hungary

Ghana

• 4 satellite platforms • Virtual operator in 3rd

party networks

• 19 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 • Content production

Other Businesses

3

Spanning 4 continents

Intro

duct

ion 28 free-TV channels in 10 countries

Satellite pay-TV platforms in 9 countries Over 66 million mini-pay subscriptions in 34 countries

0%3%6%9%12%15%18%21%24%27%30%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Revenues EBIT EBIT-margin

4

Revenues & EBIT

6%

15%

21% 21%

29%

34% 31%

15%

25% 29%

Total EBIT excluding discontinued operations and one-offs; ROIC excluding non-recurring items.

Return on capital employed

MTG = Made To Grow

SEK million

Intro

duct

ion

5

2011 revenue mix Segmental revenue mix

• Balanced revenue mix of cyclical advertising sales & linear subscription sales

• Unparalleled efficiency due to control of content, packaging, pricing & distribution

With a balanced revenue mix

Intro

duct

ion

0%

20%

40%

60%

80%

100%

2006 2007 2008 2009 2010 2011

Free-TV Scandinavia Pay-TV NordicEmerging Markets

44% 47%

9%

Advertising Subscription B2B / B2C

Content remains King

6

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

MTG RTL SBS Bonnier CME Mediaset

MTG TV channels broadcast 472,372 hours of entertainment in 2011 = 20,000 days of programming!

Intro

duct

ion

Hours broadcast

Pay-TV Free-TV Channel Distribution SVOD Co-finance

With multiple windows

7

*

Intro

duct

ion

From physical… to digital… to streaming in the ‘cloud’

And the industry is changing fast

8

Source: Screen Digest

Music

Print

Video

Amazon sold more Kindle books than paperback books in 2011

Digital music sales accounted for >50% of total worldwide music sales in 2011

Online movie viewership set to more than double in 2012, whilst physical viewing predicted to remain stable

Intro

duct

ion

8

9 Free

-TV

Sca

ndin

avia

10

More channels available

SWEDEN DENMARK NORWAY

Competing for 162 viewing minutes per day

Competing for 198 viewing minutes per day

Competing for 166 viewing minutes per day Fr

ee-T

V S

cand

inav

ia

From onechannel in 1987 to over 50 in 2012

130

140

150

160

170

180

190

200

11

People watching more TV

Average Viewing Time per Day (minutes)

2007 2011

+ 5 minutes

+ 50 minutes

+ 21 minutes

Free

-TV

Sca

ndin

avia

12

Increasing TV’s ad market share

2011

2008

Sweden Denmark Norway

20.0%

22.1%

17.2%

19.2%

19.5%

20.9%

Free

-TV

Sca

ndin

avia

60

70

80

90

100

110

120

2008 2009 2010 201175%

80%

85%

90%

95%

100%

2008 2009 2010 2011

13

And driving demand levels

Market Sold Out Ratios in prime time Market cost per thousand (indexed)

Free

-TV

Sca

ndin

avia

Source: MTG research

0

10

20

30

40

50

60

70

2004 2005 2006 2007 2008 2009 2010 2011

14

Enabling MTG to close the gap

CSOV 15-49 Perceived penetration (not actual)

2008 2011

86% 88%

2008 2011

86% 88%

2008 2011

39%

66%

2008 2011

0% 47%

Free

-TV

Sca

ndin

avia

Source: MMS

0%

10%

20%

30%

40%

50%

60%

70%

80%

Bonnier MTG SBS

15

By building the media house

Average Weekly Reach (15-49)

2003 2011

Old & Male Old & Female

Young & Male Young & Female

Complementary Channel Profiles

Source: MMS

Free

-TV

Sca

ndin

avia

-2% +19% +8%

Source: MMS

16

Regional share of total advertising (NOK / DKK / SEK billion)

50% 40% 60%

0

5

10

15

Total regional advertising (SEK 15 bn)

• Number of regional TV3 Sweden broadcast zones increased from 6 to 19 on February 27th 2012

• Bundled TV, Radio & Internet Ad sales package with dedicated sales force of 120 people as of March 2012

• Local Ad prices as much as 2.13x national prices • Local TV ad market up 22% y/y in 2011, compared to

2.5% y/y growth for total local ad market

With more to come

Source: IRM Media, Regional market report,2012 & MTG estimates

Free

-TV

Sca

ndin

avia

TV4, 84%

MTG, 9%

Other, 7%

Regional TV advertising (SEK 860 mn)

Print, 63% Direct advertising,

14%

Internet, 14%

Radio, 4% TV, 5%

21.9%

21.2%

25.9%

24.5%

20%

22%

24%

26%

28%

30%

3,000,000

3,200,000

3,400,000

3,600,000

3,800,000

4,000,000

4,200,000

4,400,000

4,600,000

2008 2009 2010 2011

17

Best in class growth & margin

SEK thousands

Operating margin Total revenue

Free

-TV

Sca

ndin

avia

80

90

100

110

120

130

140

150

2008 2009 2010 2011 2012 2013 2014 201580

90

100

110

120

130

140

150

2008 2009 2010 2011 2012 2013 2014 2015

80

90

100

110

120

130

140

150

2008 2009 2010 2011 2012 2013 2014 2015

18D

A clear market opportunity

GDP Growth Total Ad Market Growth TV Ad Market Growth

• GDP growth + Total ad market growth + TV ad market growth

• + audience share gains • + channel launches • + penetration gains • + AVOD • + mini-pay

= long term sustained market outperformance

Free

-TV

Sca

ndin

avia

19 Free

-TV

Em

ergi

ng M

arke

ts

20

Well-positioned

Estonia Latvia Lithuania

Czech Republic Bulgaria Hungary Ghana Russia

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

Combined commercial audience share (target demographic)

42.0% (15-49)

37.2 (15-49)

44.0% (15-49)

27.7% (15-54)

28.1% (18-49)

8.1% (18-49)

18.8% (15-49)

16.1% (6-54)

Catch-up services Yes Yes Yes Yes Yes No No Yes

Sold on ’bundled’ basis Yes Yes Yes Yes Yes Yes N/A N/A

Free

-TV

Em

ergi

ng M

arke

ts

With scale operations in key markets

21

Financial performance (SEK million) (Baltics, Czech Republic & Bulgaria)

Commercial Audience Share

• Clear market leadership in Baltics with >43% pan-Baltic target group share of viewing as advertising 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

Free

-TV

Em

ergi

ng M

arke

ts

-5%

0%

5%

10%

15%

20%

25%

30%

0

400

800

1,200

1,600

2,000

2008 2009 2010 2011

Revenue EBIT EBIT margin

0%

10%

20%

30%

40%

50%

2006 2007 2008 2009 2010 2011

Czech Republic (15-54)

Bulgaria (18-49)

Pan-Baltic (15-49)

And equivalent consumer pricing

Bulgaria Germany

81.97 BGN 44.6 EUR = 41.9 EUR

Shopping list

EUR Salami 3.48 Frozen fish 8.55 Coffee 5.34 Chocolate 2.24 Vodka 8.91 Shower Gel 1.39 Detergent 2.8 Powder 11.89

Shopping list BGN Salami 4.79 Frozen fish 10.43 Coffee 11.82 Chocolate 4.14 Vodka 23.99 Shower Gel 2.75 Detergent 8.46 Powder 15.59

Difference: -6.4%

Source: METRO Cash & Carry monthly catalogues

22 Free

-TV

Em

ergi

ng M

arke

ts

But lower contact cost

CPT dynamics (2011)

Source: MTG research

Free

-TV

Em

ergi

ng M

arke

ts

23

And media spend per capita

24

TV Ad spend per capita (SEK’000, 2011)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Source: IMF, Zenith Optimedia 2012

Free

-TV

Em

ergi

ng M

arke

ts

So the opportunity is clear

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Estonia Latvia LithuaniaBulgaria Czech Hungary

TV Ad market has outperformed Nominal GDP development by a factor of 1.28

GDP growth in MTG EM territories (indexed)

Forecast GDP growth in MTG CEE territories

0

100

200

300

400

500

600

GDP TV Ad Market MTG Sales

20 Source: IMF, TNS/MTG estimates

Free

-TV

Em

ergi

ng M

arke

ts

0

1

2

3

4

5

6

7

8

9

10

Returning market opportunity

26

CEE TV ad markets where MTG is present

SEK 8.6 billion

SEK 6.4 billion

2008 2011

SEK 2.2 billion

Sources: Zenith Optimedia 2012/MTG Estimates

Free

-TV

Em

ergi

ng M

arke

ts

27 Pay-

TV N

ordi

c

28

Technology changes behaviour

Owned & Operated Satellite Platform

Viasat Channels in 3rd Party Networks

Virtual Operator in 3rd Party Networks

Gatekeeper Independent

Internet Environment

Pay-

TV N

ordi

c

0%

3%

6%

9%

12%

15%

2007 2008 2009 2010 20110

50

100

150

200

250

300

350

Dec-11Dec-10Dec-09Dec-08Dec-07

Multi-room PVR HD

0

1,000

2,000

3,000

4,000

5,000

6,000

2006 2007 2008 2009 2010 20110

200

400

600

800

1,000

2006 2007 2008 2009 2010 2011

29

Growing viasat…ellite

Pay-

TV N

ordi

c

Premium satellite ARPU (SEK)

Value-added services (000’s)

Premium satellite subscribers (000’s)

Satellite subscription price increases (Nordic)

30

Sources: Viasat Broadcasting research

0

200

400

600

800

1 000

1 200

2006 2007 2008 2009 2010 2011DTH satellite 3rd party networks

Viasat premium subscribers (Nordic)

Scandinavian satellite universe

Scandinavian satellite & Virtual

Operator agreements (IPTV, cable)

~1.6m households

~4.2m households

2008 2009 2010 2010 1991

A platform agnostic approach

Pay-

TV N

ordi

c

31

Entertainment at your command

First to Market with Full Service ‘Over-The-Top’ Solution

• Anytime

Access all services ‘on demand’

• Anywhere Access subscription online

• Any Device Enjoy subscription on multiple devices in and out of home

Pay-

TV N

ordi

c

Set -Top Box

PC/Mac

Mobile

Tablet Media Players

OTT Set-Top box

Game consoles Embedded

TV Set Applications

Opens up a whole new universe

32

90% of Swedish households have over 2 MB/s broadband connection speeds

Satellite ~1.6 million

Virtual Operator ~4.2 million

OTT ~9.0 million

Pay-

TV N

ordi

c

Best in class performance

33

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

2006 2007 2008 2009 2010 2011

Revenue EBIT EBIT margin

(SEK million)

Pay-

TV N

ordi

c

34 Pay-

TV E

mer

ging

Mar

kets

Expanding horizons

35

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 platforms Baltics Ukraine Russia

36

Multi-dimensional opportunities

Satellite pay-TV households in Eastern Europe (million)

Source: Screen Digest 2012

Cable & IPTV households, Eastern Europe (2011, million)

0

5

10

15

20

25

30

35

40

Pay-

TV E

mer

ging

Mar

kets

0

10

20

30

40

50

60

37

Seizing the Opportunity

Pay-

TV E

mer

ging

Mar

kets

Mini-pay subscriptions (millions) Viasat satellite subscribers Baltics, Ukraine, Russia (000’s)

0

100

200

300

400

500

600

2006 2007 2008 2009 2010 201110,000

20,000

30,000

40,000

50,000

60,000

70,000

2006 2007 2008 2009 2010 2011

38 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

Establishing leading positions

Pay-

TV E

mer

ging

Mar

kets

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

To grow with the flow

39 Source: MTG Data

0100200300400500600700800900

1000

2007 2008 2009 2010 2011

Revenue EBIT

Total segment revenue & EBIT (SEK million)

Revenue split 2011

44%

56%

Satellite Channels

Pay-

TV E

mer

ging

Mar

kets

40

41

Cash is king

Net operating cash flow (SEKm)

0%

20%

40%

60%

80%

100%

0

500

1,000

1,500

2,000

2,500

Net operating cash flow

% of EBITDA converted

Dividends received from CTC Media (SEKm)

Capi

tal a

lloca

tion

0

20

40

60

80

100

120

140

42

0

1,000

2,000

3,000

4,000

5,000

0

1,000

2,000

3,000

4,000

5,000

6,000

(SEKm) (SEKm)

Net Debt Available Liquid Funds

Enables deleveraging

Capi

tal a

lloca

tion

43

• Primary focus is on growth and reinvesting cash flow into operations + M&A

• Balanced with TSR commitment – reflected in newly adopted policy to distribute at least 30% of recurring net profit as annual ordinary dividend

Cash distribution (SEK)

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

2006 2007 2008 2009 2010 2011

Buybacks (value per share)

CDON spin-off

Extraordinary dividend pershareOrdinary dividend per share

Net cash flow per share

EPS adj (excluding one-offs)

30% of EPS adj (excluding one-offs)

And shareholder returns

Capi

tal a

lloca

tion

44

For Further Information, please visit www.mtg.se or contact:

MTG Investor Relations

Tel: +46 736 99 29 81/ +44 759 009 8188

Email: investor.relations@mtg.se

Nasdaq OMX: ‘MTGA’, ‘MTGB’

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