Financial results presentation from the international entertainment broadcasting group Modern Times Group MTG AB.

1. Maximizing the Power of Entertainment
Modern Times Group MTG AB
First Quarter 2008
22 April 2008

2. Highlights
Record First Quarter Result
Growth Across the Board
Group net sales up 16% to SEK 3,042 mn
Operating income up 27% to SEK 596 mn with increased operating margin of 20%
Viasat Broadcasting net sales up 20% to SEK 2,402 mn
Operating income up 24% to SEK 596, with an increased operating margin of 25%
Free-TV Scandinavia sales up 13% with significantly enhanced operating margin of 19%
Higher audience share for TV3 & Viasat4 Norwegian channels than SBS channels in
national universe for first time in March
Net income up 26% to SEK 397 mn
Completed sale of DTV to CTC Media for a cash consideration of USD 395 mn on a cash and
debt free basis
Viasat Ukraine DTH satellite platform launched on 21 April
Repurchased 798,000 class B shares for SEK 316 mn
2

3. Viasat Broadcasting (Rolling 12 Months)
Increasing Exposure to High Growth Emerging Markets
Q1 2006 Q1 2008
43% Sales
26% 34%
16% FTA Swe/No/Dk
Pay-TV Nordic
Central & Eastern
Europe
41% 40%
Q1 2006 Q1 2008
14% EBIT
23%
29%
10% FTA Swe/No/Dk
40%
Pay-TV Nordic
Central & Eastern
Europe 19% 29%
36%
CTC Media
3

4. Viasat Broadcasting
Double Digit Sales Growth in All Three Broadcasting Businesses
(SEK million) Q1 2008 Q1 2007 Change (%) FY 2007
Net Sales
Free-to-air TV Scandinavia 808 713 13 3,173
Pay-TV Nordic 975 877 11 3,613
Central & Eastern Europe 657 478 38 2,328
Other & Eliminations -39 -65 - -272
Total Net Sales 2,402 2,003 20 8,842
Operating income (EBIT)
Free-to-air TV Scandinavia 151 110 37 627
Operating Margin 19% 15% 20%
Pay-TV Nordic 157 148 6 631
Operating Margin 16% 17% 17%
Central & Eastern Europe
(excl. CTC Media) 76 59 29 396
Operating Margin 12% 12% 17%
Associated Companies 207 162 28 461
Other & Eliminations 4 2 - -88
Total EBIT 596 481 24 2,027
4

5. Free-to-air TV Scandinavia
Successful Media House Approach
Commercial Share of Viewing (15-49)
Combined ‘Media House’ CSOV (15-49) of
35 34.1% for Swedish channels
30 - TV6 audience share up to >11.6%
TV3 Sweden penetration up to 83% following
25 inclusion on Canal Digital platform
(%) - TV6 & TV8 penetrations of 84% and 57%,
20 respectively
Inclusion of TV3 Norway on Digital terrestrial
15
& Canal Digital platforms to significantly but
gradually boost penetration levels
10
Viasat’s Norwegian channels (TV3 & Viasat4)
1
1
1
Q
Q
Q
outperformed SBS ProSieben Channels on
06
07
08
‘media house’ basis for the first time ever in
20
20
20
March in the national universe (15-49)
TV3 & TV6 Sweden
TV3 & 3+ Denmark
TV3 & Viasat4 Norway
5

6. Free-to-air TV Scandinavia (Rolling 12 Months)
Further Advertising Market Share Gains
3 500 40%
3 300 35%
3 100 13% sales growth to SEK 808 (713) mn
30%
2 900 following increased advertising market
(SEK million)
25% shares in all three Scandinavian markets
2 700
Operating costs up 9% to SEK 657 (603) mn
2 500 20%
Operating income up 37% to SEK 151 (110)
2 300 15% mn with increased operating
2 100 margin of 19% (15%)
10%
1 900
1 700 5%
1 500 0%
Q1 2006 Q1 2007 Q1 2008
Sales EBIT Margin
6

7. Pay-TV Nordic
ARPU Growth
ARPU up 9% year on year to SEK 3,790
(’000 subscribers) (SEK) following package price increases, growing
proportion of multi-room subscribers,
760 4,000
maturing of new subscribers into higher
740 3,900
ARPU contract periods, strengthening of
720 3,800
Norwegian & Danish krona
3,700
700
3,600 Viasat+ PVR subscriber base up from 73,000
680
3,500 at end of 2007 to 82,000 at end of Q1 2008
660
3,400 (12% of premium DTH base) & multi-room
640
3,300 subscriber base up from 130,000 to 136,000
620 3,200 during the first quarter (19% of premium
600 3,100 DTH base)
580 3,000
Q1 2006 Q1 2007 Q1 2008 Launch of 4 channel HDTV offering in
Premium Subscribers January
Annualized Premium ARPU
TV2 Sport joint venture profitable after
almost tripling sales quarter on quarter
7

8. Pay-TV Nordic
Investments in New Channels
1000 40%
900
800 Net sales up 11% to SEK 975 mn in Q1
30%
700
(SEK million)
600 Total operating costs up 12% following inclusion
of Norwegian TV2 channels & HD launch
500 20%
400 Subscriber acquisition costs slightly down to
300 SEK 134 (139) mn
10%
200 Operating income up 6% to SEK 157 mn
100 Operating margin of 16% (17%)
0 0%
Q1 2007 Q4 2007 Q1 2008
Sales EBIT Margin
8

9. Central & Eastern Europe (Rolling 12 Months. Excl. CTC media)
Continued Momentum
3 000 40%
35%
2 500
30%
2 000 Net sales up 38% to SEK 657 mn
25%
(SEK million)
Operating profits (excl. CTC Media
1 500 20% contribution) up 30% to SEK 76 mn
15% Stable operating margin of 12% (12%) (excl.
1 000 CTC Media)
10%
500 First Q1 impact from Balkan Media Group
5%
0 0%
Q1 2006 Q1 2007 Q1 2008
Total EBIT Margin
EBIT Margin Established Businesses
9

10. Free-to-air TV Eastern Europe
Audience Share Development
TV3, 3+ & TV6 Latvia (15-49) TV3 & Tango TV Lithuania TV3 & 3+ Estonia (15-49)
50 50 (15-49) 50
45 45 45
40 40 40
35 35 35
30 30 30
Q1 Q1 Q4 Q1 Q1 Q4 Q1 Q1 Q4
2008 2007 2007 2008 2007 2007 2008 2007 2007
TV Prima Czech Rep (15 +) DTV Russia (6-54) Viasat3 Hungary (18-49) TV3 Slovenia (15-49)
25 5 10
10
23 4 8 8
21 3 6 6
19 2 4 4
§
17 1 2 2
15 0 0 0
Q1 Q1 Q4 Q1 Q1 Q4 Q1 Q1 Q4 Q1 Q1 Q4
2008 2007 2007 2008 2007 2007 2008 2007 2007 2008 2007 2007
10

11. TV Prima
Czech Republic
Net sales up 21% to SEK 223 (184) mn
Successful implementation of price increases in annual up front negotiations with advertisers
Positive SOV trends in target 15-54 audience group
Continued investments in programming schedule + promotion of repositioned channel brand -
focus on younger target audience
Exclusive coverage of UEFA EURO 2008 Football Championships in Q2
Operating profits up 30% to SEK 38 (29) mn
Increased operating margin of 17% (16%)
11

12. Free-to-air TV Baltics (Rolling 12 Months)
The Leading Digital Broadcaster
600 300
550
250
500 Net sales up 18% to SEK 131 (111) mn
(SEK million)
200
450 Pan-Baltic CSOV (15-49) of 39.9%
400 150 TV6 Latvia launched in Q2 07 & already
achieved 2.4% CSOV
350
100
Operating profits up 31% to SEK 23 (18) mn
300
50 Increased operating margin of 18% (16%)
250
200 0
Q1 2006 Q1 2007 Q1 2008
Sales EBIT
12

13. DTV Russia (Rolling 12 Months)
Sold for USD 395 million to CTC Media
• Net sales up 53% to SEK 95 (61) mn
350 60 • Operating profits up >3x to SEK 17 (6) mn
& increased operating margin of 18%
300 50
(10%)
40
250
• Completion of sale of DTV to CTC Media
(SEK Million)
30
200 on 16 April for a cash consideration of
20
USD 395 mn on a cash and debt free basis
150 • MTG to receive USD 190 mn of cash
10 at closing & balance (+interest) no
100 later than 100 days thereafter
0
• 60.5% of ~ SEK 1.9 billion net gain to
50 -10 be reported in Q2 results (as one-off
above EBIT line) with remaining
0 -20 39.5% proportionally reducing book
Q1 2006 Q1 2007 Q1 2008 value of CTC Media stake on
Group’s balance sheet
Sales EBIT
13

14. Pay-TV East
Continued Subscriber Intake
200 Baltic Premium DTH Mini-pay
30
180 Subscribers (thousands) Subscriptions
(millions)
160 25
140
20
120
100 15
80
60 10
40
5
20
0 0
Q 005
Q 005
Q 005
Q 005
Q 006
Q 006
Q 006
Q 006
Q 007
Q 007
Q 007
Q 007
08
2 5
Q 005
4 5
1 5
2 6
Q 006
4 6
1 6
2 7
3 7
Q 007
1 7
08
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
20
20
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
1
2
3
4
1
2
3
4
1
2
3
4
1
1
3
3
4
Q
Q
Addition of 11,000 premium subscribers in Baltics – base almost doubled year on year to
175,000 subscribers
Addition of 1.2 million wholesale mini-Pay subscriptions - total number of subscriptions up
32% year on year to 27.6 million
14

15. Pay-TV East (Rolling 12 Months)
Sales Doubled
(SEK million) (SEK million)
600 50
45
500 Net sales almost doubled year on year to
40
SEK 160 (83) mn
35
400
30 Balkan Media Group doubled CSOV year
on year to 10.2% & reported breakeven
300 25 result
20
Viasat Ukraine satellite platform launched
200
15 on 21 April with offering of up to 60
10 channels – SEK 4 mn of pre-launch costs
100 in quarter
5
Stable operating profit of SEK 9 (10) mn
0 0
despite investments in new businesses
Q1 2006 Q1 2007 Q1 2008
Sales EBIT
15

16. Radio (Rolling 12 Months)
Price Increases & Market Share Gains
(SEK million) (excl. associated companies)
200 50%
180
160 40% Net sales up 25% year on year to SEK
140 187 mn in Q1
120 30% Market share gains in growing markets
100 in both Sweden and Norway & channel
80 20% bundling in Norway
60 Operating profits increased fivefold to
40 10% SEK 30 (6) mn & operating margin of
16% (4%)
20
0 0%
Q1 2006 Q1 2007 Q1 2008
Sales EBIT Margin
16

17. Online
Organic Growth + Market Consolidation
Net sales up 29% to SEK 417 mn & > doubling of operating profits to SEK 28 mn, with
increased operating margin of 7% (4%) - all when excluding TV-Shop sales in 2007
MTG Internet Retailing sales up 36% to SEK 291 mn & operating profits up 37% to SEK
24 mn with stable operating margin of 8% (8%)
Introduction of online book sales and digital book and games sales in Norway
BET24 sales up 23% to SEK 105 mn & gross profits up 30%, with operating profit of
SEK 10 (0)
Completion of SEK 197 mn acquisition of Gymgrossisten Nordic AB on 29 February
- Nelly.com, Linus-Lotta.com and Bookplus.fi acquired in last year
17

18. Operating Results By Business Area
(SEK million) Q1 2008 Q1 2007 Change (%) FY 2007
Net Sales
Viasat Broadcasting 2,402 2,003 20 8,842
Radio 187 150 25 715
Other 499 533 -6 2.037
Parent & other companies 42 23 - 107
Eliminations -88 -81 - -350
Total Net Sales 3,042 2,629 16 11,351
Operating income (EBIT)
Viasat Broadcasting 596 481 24 2,027
Radio 30 6 375 134
Other 23 16 44 61
Parent & other companies -53 -35 - -195
Total EBIT 596 468 27 2,027
18

19. Summary Income Statement
(SEK million) Q1 2008 Q1 2007 FY 2007
Net Sales 3,042 2,629 11,351
Operating Income (EBIT) 596 468 2,027
Net interest and other financial items -13 -2 -12
Income before tax 583 467 2,015
Tax -186 -151 -588
Net income for the period 397 316 1,428
Basic average number of shares
outstanding 66,213,260 67,046,151 66,945,776
Basic earnings per share (SEK) 5.85 4.55 20.35
19

20. Cash Flow
(SEK million) Q1 2008 Q1 2007 FY 2007
Cash flow from operations 311 279 1,363
Changes in working capital -268 -339 -433
Net Cash Flow from Operations 43 -60 930
Proceeds from sales of shares of subsidiaries - - 70
Investments in shares in subsidiaries & associates -210 -178 -219
Investments in other non-current assets -30 -72 -327
Other cash flow from investing activities 1 -10 -
Cash flow from/to investing activities -239 -261 -475
Cash flow from/to financing activities 77 115 -594
Net change in cash and cash equivalents for the period -119 -206 -139
Change in working capital reflected reduction in accounts payable + increased
investments in programming rights in Scandinavia and Eastern Europe
SEK 210 mn investment in shares primarily comprised acquisition of Gymgrossisten
Nordic AB
Repurchase of 798,000 class B shares at an average price of SEK 396 per share, for a
total cash consideration of SEK 316 mn
20

21. Balance Sheet
(SEK million) 31 Mar 2008 31 Mar 2007 31 Mar2007
Non-current assets 6,062 5,349 5,756
Current assets 5,115 4,450 5,203
Total assets 11,177 9,799 10,958
Shareholders' equity 5,944 5,492 5,875
Long-term liabilities 425 343 430
Current liabilities 4,808 3,965 4,654
Total equity & liabilities 11,177 9,799 10,958
35% ROCE and 27% ROE for trailing twelve months
Equity to assets ratio of 53% (56%)
Net debt position of SEK 435 mn
SEK 3.3 billion of available liquid funds
Expected SEK 1 billion dividend as well as USD 395 mn consideration for
DTV sale
SEK 8 billion surplus of CTC Media stake market to book value
21

22. 5 Year Strategic Objectives
“On Track”
MTG to report Group Net Sales of SEK 20 billion in 2011 (including selected
acquisitions) with >10% organic annual sales growth
Sales of SEK 11.8 billion for 12 month period ended 31 March 2008 - 13% sales growth
Current Viasat Broadcasting C&E Europe operations to generate net sales of SEK 5
billion in 2011
Net sales of SEK 2.5 billion for 12 month period ended 31 March 2008 – up 30% year on
year
>20% operating (EBIT) margin for Viasat Broadcasting (excl. CTC Media) by end of
2011
Operating (EBIT) margin of 18 % for 12 month period ended 31 March 2008
Current Viasat Broadcasting C&E Europe operations (incl. CTC Media) to generate
higher operating profit (EBIT) than rest of Viasat Broadcasting by 2011
C&E Europe = 43% of Viasat Broadcasting EBIT (incl. CTC Media) for 12 month period
ended 31 March 2008
MTG to report 30% Return on Equity for 2007-2011 5 year period
27% Return on Equity for 12 month period ended 31 March 2008
22

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