Presentation from Modern Times Group's 2011 Capital Markets Day on 26 May 2011 at the Emirates Stadium in North London.

1. 1
CHAPTER NAME

2. Our pay TV strategy is to play in three areas to secure scale,
profitability and long term growth
Current universe As % of MTG
Platform Strategy
size pay-TV
• Grow ARPU by raising prices &
1. DTH satellite 20% of HHs High
sell add-on services
• Grow subscriber base as triple
2. Virtual operator ~50% of HHs Moderate
play pay-TV penetration rises
• Capitalise on first mover
3. Online/OTT 100% of HHs Low advantage to grow subscriber
base, service offering & ARPU
Product life cycle (conceptual)
Subscribers
Satellite Virtual operator Online/OTT
Time
2

3. We are today operating along a “traditional” value chain
• A linear value chain for the linear TV era
• Customers typically have two relationships – we control both:
– The payment relationship with the platform / network operator
– The emotional relationship with the TV channels / content
Studios / content Content Channels Platform / network
owners distributors operators
• MTG’s role in the traditional value chain is as:
– Channel broadcaster
– DTH satellite operator
– Virtual operator within 3rd party cable and IPTV networks
3

4. Generating growth in the satellite universe by raising prices
and adding services
Pay TV premium pricing,
700 Sweden (SEK)
• Our satellite business provides scale & a stable base:
600
– Satellite has maintained its ~20% share of total pay TV 33 %
subscribers in Scandinavia 500
400
• Room for further price increases: 300 Viasat
– We have consistently increased prices each year 200 Canal Digital
– We are still the clear premium price market leader Boxer
100
Basic Mid tier Mid+sport
Ext. basic Mid+movie Gold
• Strong uptake of add-on services:
– HD TV
– Multi-room Add-on services, Scandinavia
40%
• Additional potential of new services: 30%
– Video on demand 20%
– 3D TV
10%
– Portability / multi-screen access
0%
2008 2009 2010 2011
4 Sources: Viasat Broadcasting research PVR Multi-room HD

5. Our “virtual operator” model generates subscriber growth
outside the satellite universe
Viasat premium
• We have signed “virtual operator” subscribers, Scandinavia
agreements with the major cable
1 200
and IPTV operators in Scandinavia
1 000 CAGR 5.9 %
800
• Agreements provide direct sales
access to end-users in 3rd party 600
networks 400
200
• Enabling us to market and sell our 0
own pay-TV packages to a new 2006 2007 2008 2009 2010
universe of potential subscribers DTH satellite 3rd party networks
5 Sources: Viasat Broadcasting research

6. Structural changes are also growing the virtual operator universe
• The virtual operator universe will continue to grow and further extend our footprint :
– IPTV will grow with the rising penetration of bundled voice / data / TV offerings
– Cable and IPTV operators will digitalise the large analogue cable universe
Illustration of anticipated development of
competitive landscape
IPTV
Platform market shares
Cable - digital Growing universe
for virtual
operator model
Cable - analogue
Pay DTT + Free view DTT
Satellite/DTH
Time
6

7. Over-the-top (OTT) technology is changing the traditional model
Online distribution – Over-the-top
• Everyone can now have an end-user relationship
• Opens up for the market to new entrants
Studios/content
Network operators
owners
TV channels Hardware OEMs
Content distributors Online services
There is more need than ever for an aggregator
• Risk for confusion as end-users do not know or care who produced Spiderman
• All they care about is:
– Easy access to content they want, when they want and where they want
– Paying money to one (or few) trusted suppliers
Our aim is to be the iTunes of video - an easy to use & convenient
one-stop-shop for premium content at a reasonable price
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8. Content remains king in the OTT world
Sample exclusive MTG content
Movies Sport Brands
• Premium content is the driver of
consumer choice & willingness
to pay
• Exclusive content is the differentiator
• Local content is key
• Powerful and differentiated brands are
the quality stamps
8

9. OTT – the opportunity
Potential universe,
Scandinavia (m HHs)
8.3
• Increase footprint for our pay TV
business
New addressable
universe
3.0
• Retain end-user relationship and
1.6
reduce dependency on network
gatekeepers
DTH IPTV & digital Broadband
universe cable universe universe
• Generate incremental revenues from
on-demand services
Net Nordic pay-TV subscriber
intake Jan. 2010 – Mar. 2011 (000s)
• Adding to our pay TV subscriber base: 83
– OTT SVOD accounted for ~35 % of
MTG’s total net Nordic pay TV
subscriber intake between Jan 2010 & 28
Mar 2011
DTH
Virtual OTT
operator
9 Sources: Viasat research
-32

10. High quality broadband infrastructure in place
Internet penetration ( % of households)
100% 88%
• High Internet penetration level 80%
70%
75% 65%
– Internet penetration of 88% in
Scandinavia is amongst the highest in 50%
the world 25%
0%
Scandinavia US United European
• Large proportion of consumer devices
Kingdom Union
already web-enabled
Bandwidth required for Viaplay
• High broadband access speeds 4
92% of Swedish households have
– Average household broadband more than 2 Mb/s internet access
access speed of 9-11 Mb/s in Sweden 3
– The majority of households already Mbit/s 2
have sufficient broadband speeds to
receive high quality online services 1
0
PCs Mobiles Tablets Connected Set-top
(iPhone/Android) TVs boxes
Lowest quality Highest quality
Source: Eurostat, Broadband and Connectivity – Households (ISOC_BDE15B_H), April 2011;
10 Swedish Post & Telestyrelsen; Strategy Analytics, Broadband Service Provider Performance
Benchmarking: North America Q4 2010

11. Viaplay is the umbrella brand for our OTT services
• Aggregating premium content behind a
subscription – online pay TV
• Viaplay is an online one-stop-shop for
premium TV, Sports and Movies
– More than 1,000 SVOD* movies every month
– More than 4,000 TVOD* movies
– 1,000 sport events every year
– TV-series and premium local productions
from MTG’s free TV channels
Notes: Subscription video on demand (SVOD);
11 Transaction video on demand (TVOD)

12. Industry context
Subscription
(SVOD) 3. SVOD
Free-TV Catch-up Premium
content content
1. AVOD
2. TVOD
Transaction
(TVOD)
12

13. We are not only platform agnostic but also device agnostic
Multi-screen access
TV set-top Smart
boxes phones
• Enjoy one “mother” subscription on any device
• Access the subscription online anywhere PC/Mac
Tablets
(portability offered to any subscriber - DTH as
well as Viaplay)
Web-connected
• Access all services on demand anytime TV-sets Game consoles
OTT set-top
boxes
Viaplay – the evolution of
television
Yesterday Today
13

14. Exploring new frontiers & identifying new universes
Well positioned for continued growth:
• Unique benefits from integrated business model – valid for all
distribution forms
• Unique volume opportunities in 3rd party networks
• Viaplay – unique market leading product for next generation
pay TV
Jacob’s space cab
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