This document discusses MTG's operations and growth opportunities in Africa. It provides an overview of Joseph Hundah, the EVP of MTG's African operations, and highlights strong economic growth trends in sub-Saharan Africa. MTG has had success with its Viasat1 channel in Ghana, which has experienced 60% sales growth. MTG plans to launch a channel in Tanzania in Q4 2013, which is among the top 10 growth economies in the world. The document also notes opportunities for TV production, format development, and mobile/online content across Africa as broadband and smartphone access expands rapidly.

1. 11
MODERN TIMES GROUP
CAPITAL MARKETS DAY 2013
BUILDING IN AFRICA
BUILDING A MEDIA HOUSE IN A FAST
GROWING REGION
Joseph Hundah
EXECUTIVE VICE PRESIDENT OF THE
GROUP’S AFRICAN OPERATIONS

2. 2
JOSEPH HUNDAH
JOINED MTG IN 2011
Born 1972
EVP of the African operations in November 2012
CEO of MTG’s African operations since joining the Group in 2011.
Previously worked for South African pay-TV operator M-Net and
Supersport
Managing Director of the MultiChoice satellite pay-TV platform in
Nigeria.
Favourite APP: 3D mini-golf challenge
Best lap: Marathon des sables in under 2 days

3. CAGR GDP GROWTH OF 6,4%
GDP GROWTH 2011-2018
CAGR POPULATION GROWTH OF 2,7%
POPULATION GROWTH 2011-2018
3
SUB-SAHARAN AFRICA
STRONG UNDERLYING GROWTH IN KEY SSA MARKETS…
Source: IMF World Economic Outlook April 2013, Economist Intelligence Unit, GSMA Mobile Observatory 2012
7 out 10 fastest growing economies 2011-2015 are Sub-Saharan
Improved fiscal management on government level
Generally more favorable investment climate
Significant FDI growth
Mobile phone penetration at +60%
6.4%
4.9%
1.5% 1.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
SSA BRICS G7 Euro Area
2.7%
0.8%
0.5%
0.2%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
SSA BRICS G7 Euro Area

4. INDEXED TV AD MARKET GROWTH
INDEX 2007 = 100
AD SPEND PER CAPITA (US$)
SIGNIFICANT UPSIDE
4
SUB-SAHARAN AFRICA
…AND ADVERTISING MARKETS LOOK EVEN MORE PROMISING
Source: Internal MTG estimates
Market CAGR will be in the 10-15% interval over the coming years
TV advertising markets driven primarily by telcos, FMCGs, beverages and banks
Ad spend per capita significantly lagging behind that of e.g. CEE & Russia
Growing middle class, growing levels of disposable income and growing urbanization represents a great opportunity for MTG
0
50
100
150
200
250
300
350
2007 2008 2009 2010 2011
Average (GH, KN, NG, TZ) Western Europé CEE
31
25
2.1 0.8 0.7 0.5 0.3
0
5
10
15
20
25
30
35
Russia CEE Kenya Nigeria Ghana Uganda Tanzania

5. -
100
200
300
400
500
2009 2010 2011 2012
INDEXED SALES MTG AFRICA CAGR = 41%
-600%
-400%
-200%
0%
2009 2010 2011 2012
INDEXED EBIT MARGIN MTG AFRICA
FREE-TV FOOTPRINT
5
MTG AFRICA
OVERVIEW OF CURRENT OPERATIONS
Source: Internal MTG estimates
PAY–TV PRODUCTION

6. 6
VIASAT1 GHANA
ONE OF THE FASTEST GROWING DEPLOYMENTS IN MTG HISTORY
Source: Internal MTG estimates
Sales = 60% CAGR
Clear No.2 channel in the Ghanaian market with 24% CSOV (15-49)
Raising the standards for TV productions through partnership with MAP
Approximately 50% local content currently with aim to increase to 70%
Significant upside when Ghana goes digital, due to increased penetration., with opportunity to launch additional channels
0%
5%
10%
15%
20%
25%
30%
0
50
100
150
200
250
300
350
400
450
Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13
SALES INDEX Q1’10 = 100
Indexed Sales Market Share

7. 7
SUB-SAHARAN AFRICA
…AND ADVERTISING MARKETS LOOK EVEN MORE PROMISING
TV PRODUCTION MAPs core business
FORMAT DEVELOPMENT 6 new formats created in last 6 months. 5 currently in production
FACILITATION Assist international format owners with execution in SSA
CALL TV Low cost productions. Multi-country approach likely to yield significant revenue
MOBILE TV Target niche markets, e.g. finance, agriculture and jobs
TV PRODUCTION AND
FORMAT DEVELOPMENT
PRODUCTION
FACILITATION
CALL TV MOBILE CONTENT

8. Tanzanians watch 163 minutes of TV per day (similar number to Europe)
Big 4 constellation similar to Ghana, with ITV being market leader
News rated most popular program category by far
+80% of high income earners consume TV on weekly basis
Strong local language affiliation - Swahili
8
TANZANIA – LAUNCH Q4-2013
AMONG TOP 10 GROWTH ECONOMIES 2011-2015 IN THE WORLD
TANZANIA KEY FACTS LAUNCH APPROACHDEMOGRAPHICS
Capital: Dodoma Economic center: Dar
GDP/capita PPP: US$ 1,400
GDP growth 2012: 7%
TV ATT ad market size in 2012 = SEK 120m
TV DTT ad market CAGR 2013-2018 = 20%
TV DTT ad market size in 2018 = SEK 200m
Population: 48m
0-14yrs: 45%
Urban population: 26%
Male / female: 51% / 49%
30% Christian, 35% Muslim
DTT FTA channel
Main cities migrated to DTT during H1
2013 50% penetration
General entertainment channel targeting
urban A15-49 – focus on news
Four main players in the market

9. 9
AFRICAN ONLINE MARKET
EXPLOSIVE GROWTH DRIVEN BY MOBILE BROADBAND
Source: PWC - South African Entertainment and Media Outlook 2012-2016, AT Kearney - GSMA Mobile Observatory 2012
An estimated 250m people will have access to broadband in SSA by 2016
The roll-out of 3G (and soon 4G/LTE) paired with affordable smartphones and laptops has already provided a viable
alternative to fixed broadband, in the form of internet enabled handsets and wireless modems / dongles
Kenyan data revenues have increased at an impressive 67% CAGR over the last four years , and now represent 26%
of total mobile market revenue
BROADBAND HHS IN AFRICA (MN)
23,4% CAGR 2007-2016
MOBILE BROADBAND CONNECTIONS
118% CAGR 2006-2015
0
5
10
15
20
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fixed Broadband HHs Dial-Up HHs

10. 10
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