1. 11
MODERN TIMES GROUP
CAPITAL MARKETS DAY 2013
CREATING LONG-TERM SHAREHOLDER VALUE
Mathias Hermansson
CHIEF FINANCIAL OFFICER

2. 2
MATHIAS HERMANSSON
JOINED MTG IN 1999
Appointed as Chief Financial Officer of MTG in March 2006
Served as Group Financial Controller between 2001 and 2006
Has held various senior financial positions at Viasat Broadcasting,
MTG Radio and former MTG subsidiary CDON Group AB
Previously served as Finance Director at former subsidiary Metro
International S.A.’s North American operations
Joined MTG in 1999 as a management trainee after working for
Unilever in Sweden
Favourite app: Fischer-Price Puppy Play
Best lap: Match Race sailing pre-starts…

3. 3
OUR CORNER STONES TO VALUE CREATION
GROWTH
GEOGRAPHICAL
EXPANSION &
COUNTRIES
DIGITAL CONTENT

4. 4
LONG TERM GROWTH STORY
Total EBIT excluding discontinued operations and one-offs
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
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Revenues EBIT* Margin
SEKm

5. 5
Tight Program Inventory control & management
Continued seasonality within calendar years
Asset light business model with a low Capex as percentage of revenue.
Capex focused on Digital
ASSET LIGHT AND STRONG WORKING CAPITAL MANAGEMENT…
WORKING CAPITAL AS % OF SALES CAPEX DEVELOPMENT
0%
2%
4%
6%
8%
10%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Working capital as % of sales
SEKm
0
50
100
150
200
250
300
350
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
2005 2006 2007 2008 2009 2010 2011 2012
Capital expenditure % of sales

6. 6
Continued high cash generation & conversion
All time high cash conversion 2012
Enables us to
Make cost efficient larger commitments
Invest in several key areas simultaneously
Deliver strong returns to Shareholders
…RESULTING IN A HIGHLY CASH GENERATIVE BUSINESS
0%
20%
40%
60%
80%
100%
0
500
1,000
1,500
2,000
2,500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Net operating cash flow % of EBITDA converted
SEKm

7. 7
Distributed a value of over SEK 8.1bn in dividends and share distributions
Commitment to distribute at least 30% of recurring net profit as annual ordinary dividend
BALANCING INVESTMENTS WITH SHAREHOLDER RETURN
34 %
14 %
8 %
25 %
19 %
DISTRIBUTED VALUE OF SEK 8.1BN SINCE 2006
Ordinary dividend
Extra dividend
Share buy-back
CDON distribution
Metro distribution

8. 8
SIGNIFICANT VALUE CREATION LAST 10 YEARS
15%
10 YEAR
ANNUAL TSR
Sales +10 CAGR
EBIT +24% CAGR
Average ROCE 25%
Total dividend SEK 8.1 bn
Total Return
OMXSB 12%
STOXX Europe 600: 7%
STOXX Europe 600 Media: 5%
Top of the European Broadcasting industry

9. 9
UNIQUE POSITION ENABLES COMPETITIVE ADVANTAGE
LONG TERM
SHAREHOLDER BASE
STRONG BALANCE SHEET
ENABLES LONG TERM
STRATEGY
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
NET DEBT / LTM EBITDA
Strong and long term
shareholder structure with
16 of our top 50 largest
shareholders holds > 50%
of the capital & 68% of
votes and has been with
us for the last 5 years

10. SIGNIFICANT INVESTMENTS IN 2012 & 2013
TO DRIVE LONG TERM VALUE CREATION
INVESTMENTS OF 1 800 MSEK =
13% OF 2012 SALES
GEOGRAPHICAL
EXPANSION
DIGITAL CONTENT
…OF WHICH 1 250 MSEK
IN ORGANIC GROWTH
…OF WHICH 550 MSEK
IN M&A ACTIVITIES
10

11. RESEARCH AND CONSUMER DRIVEN APPROACH
ORGANIC INVESTMENTS IN SPORTS CONTENT
Regular monitoring of sports opportunities & interests rankings
Existing rights
New rights
Market & consumer research for major sports rights
Subscribers dynamics in DTH, 3rd party networks and Viaplay
Price elasticity among existing and new customers
Churn effects
Scenario modelling
Outcomes of buying all or parts of the sport right
Outcomes of different competitor actions
Model scenarios based on past experiences
Building the case:
Building a thorough business case
Monetization of the rights through Free/Pay/Online business models
Incremental revenue opportunities
11

12. 2. Valuation needs
3. Identify content
4. Acquire &
produce content
5. Evaluate content
utilization
1. Content needs
Visual Planner aggregates need
for more than 30 channels with 3-
8 years visibility
Research used to estimate
revenue potential
Studio,
independents,
rights and/or OP
with sturdy
approval process
Centrally managed
acquisition and
coordination of content
purchases
Usage & views vs cost
SYSTEMATIC CONTENT ACQUISITION PROCESS
ORGANIC INVESTMENTS IN US & LOCAL CONTENT
12
Free-TV Scandinavia
Pay-TV Nordic
Online
Free-TV Emerging Markets
Pay-TV Emerging Markets

13. MARKET
ASSESSMENT
LEGAL &
REGULATORY
BUSINESS &
STRATEGY
PLAN
OPERATIONAL
PREPARATION
Key info
sources
Macro-
economic
data
General
market info
Market
dynamics
Competition
analysis
Market
decision
criteria
Regulatory
environment
Market
sizing
approach
General
assessment
Corporate
law
Media law Tax law
Share-
holding
structures
Rational/
Time
horizon
10 yr plan Investment ROI
Execution
plan
Decisions
Risk
Opportunity
Engage central
support
functions…
…content
acquisition
…play-out
distribution
technology
…research &
marketing
Office and
Org setup
Local play-
out setup
…other support
functions
EXECUTION
EXTENSIVE EXPERIENCE IN NEW BUSINESS LAUNCHES…
ORGANIC GROWTH THROUGH GREEN FIELD LAUNCH IN GHANA
13

14. 0
50
100
150
200
250
300
350
400
450
…RESULTING IN SUCCESSFUL EXECUTION
ORGANIC GROWTH THROUGH GREEN FIELD LAUNCH IN GHANA
SALES CAGR 59%
COST CAGR 13%
14
INDEXED SALES & COST DEVELOPMENT

15. SIGNIFICANT INVESTMENTS IN 2012 & 2013
TO DRIVE LONG TERM VALUE CREATION
INVESTMENTS OF 1 800 MSEK =
13% OF 2012 SALES
GEOGRAPHICAL
EXPANSION
DIGITAL CONTENT
…OF WHICH 1 250 MSEK
IN ORGANIC GROWTH
…OF WHICH 550 MSEK
IN M&A ACTIVITIES
15

16. A DISCIPLINED APPROACH TO M&A
INTEGRATED PART OF OUR BUSINESS
16
SCREENING INTEGRATIONEXECUTION
Rooted in strategy
Based on the corner stones:
Geographical expansion
(in-market consolidation)
Digital (people, tech,
capabilities)
Content (key themes)
Disciplined execution model
Clear responsibilities and decision
making
Systematic control of valuation
levels
Continuous preparedness to walk-
away
PMI as key value driver
Focus on maintaining and increasing
strengths of target
Tailored integration planning
Realistic view on synergies and timing
Day 1 & 100 day plans

17. SCREENING TO INTEGRATION
WIDE SCREENING PROCESS TO FIND INVESTMENTS
17
Geographicalexpansion/
In-marketconsolidation
Digital
Content
60
24
18 17
11
4 4 1 2
Numberoftargetsin2012
SCREENING INTEGRATIONEXECUTION

18. FIRSTROUNDPREPARATORYPHASESECONDROUND
Initial local decision
Decline
Watch list
Project start-upProject start-up meeting
Resource allocation
Initial due diligence
Walk-away
Pro-active search & In-bound (reactive)
Local or Central initiation
1st round steering committee
Initial integration plan
Due diligence
Valuation (sign-off procedure)
Key risks, anti-corruption
Indicative bid
Walk-away
2nd round steering committee
Integration plan
Full due diligence
Valuation update (sign-off procedure)
Bid structure
Recommended final bid
Walk-away
Board approval
Final offer and deal structure
Bid
Sign
Close
EXTERNAL
EXECUTION
DISCIPLINED TRANSACTION PROCESS
18

19. EXECUTION
UNDERSTANDING VALUE VS. PRICE
19
SEK
8.6bn
SEK
5.4bn
2008 2012
Aggregated TV ad markets in MTG’s CEE territories (2012 vs peak year 2008)
SEK 3.2bn or 60%
growth potential
Higher than normal
multiples should not be a
deterrent IF believing in a
market recovery

20. 20
EXECUTION
IMPACT OF STRENGTHENED M&A CAPABILITIES
Number of M&A transactions per year H2-12 to H1-13
AcquisitionsDisposals
5
2
4
5
3
7
1
2 2
5
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2
2013
(2)
(1) (1) (1) (1)
(2)
(1)

21. INTEGRATION
WHERE MOST VALUE SITS…
21
Price at acquisition
based on 2011 (LTM)
Delivery 2012 (CY) Expected 2013 (CY+1)
11.0x
Competitive price
8.2x
Delivering the plan
<5.5x
Significant value
EV / EBITDA multiples of key transactions 2012
MTG currently at 8.7x EV / 2013e EBITDA

22. SIGNIFICANT INVESTMENTS IN 2012 & 2013
TO DRIVE LONG TERM VALUE CREATION
INVESTMENTS OF 1 800 MSEK =
13% OF 2012 SALES
GEOGRAPHICAL
EXPANSION
300 MSEK
DIGITAL
670 MSEK
CONTENT
830 MSEK
22

23. 23
Expect continued strong cash generation
Accelerated investments in mainly M&A initiatives
Systematic and research driven investment approach
Proven track record in value creation
Commitment to balance shareholder return with re-investments in
Countries, Digital & Content
INVESTING FOR THE FUTURE

24. 24
THANK YOU