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

1. Free-TV Scandinavia
The Evolving Media House
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2. Free-TV Scandinavia
Phases of Development
Free-TV 1.0 Free-TV 2.0 Free-TV 3.0
Time
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3. Free-TV 2.0
Channel portfolio strategy

4. Free-TV 2.0
Media house strategy
Higher CSOV and Increased supply Lower barriers to
More channels
Reach of national ratings use TV ads
Digitalization Higher household
Higher ad market Lower average TV TV’s market share
penetration
shares prices grows

5. Higher CSOV and Increased supply Lower barriers to
More channels
Reach of national ratings use TV ads
Digitalization Higher household
Higher ad market Lower average TV TV’s market share
penetration
shares prices grows
Channel penetration

6. Higher CSOV and Increased supply Lower barriers to
More channels
Reach of national ratings use TV ads
Digitalization Higher household
Higher ad market Lower average TV TV’s market share
penetration
shares prices grows
CSOV Reach
80%
60%
40%
20%
0%
Bonnier MTG ProSiebenSat.1
SBS
2003 2010
Source: MMS, CSOV, A15-49 Source: MMS, Average weekly reach, A15-49

7. Higher CSOV and Increased supply Lower barriers to
More channels
Reach of national ratings use TV ads
Digitalization Higher household
Higher ad market Lower average TV TV’s market share
penetration
shares prices grows
CSOV Reach
Reach
Source: TNS TV-panel, A15-49 Source: TNS TV-panel, A15-49, Average weekly reach

8. Higher CSOV and Increased supply Lower barriers to
More channels
Reach of national ratings use TV ads
Digitalization Higher household
Higher ad market Lower average TV TV’s market share
penetration
shares prices grows
CSOV Reach
Source: MMS, CSOV, A15-49. Source: MMS, Average weekly reach, A15-49.

9. Higher CSOV and Increased supply Lower barriers to
More channels
Reach of national ratings use TV ads
Digitalization Higher household
Higher ad market Lower average TV TV’s market share
penetration
shares prices grows
70% 70%
60% 55,7% 60% 57,3%
48,7%
50% 50%
41,7%
40% 36,7% 40%
30% 26,4% 30% 26,4%
21,8%
20% 20%
10% 10%
0% 0%
TV4 Sweden MTG Sweden TV2 Norway MTG Norway
-10%
Audience share (15-49) Audience share (15-49)
TV advertising market share TV advertising market share
Source: IRM Media, 1988-2010

10. Higher CSOV and Increased supply Lower barriers to
More channels
Reach of national ratings use TV ads
Digitalization Higher household
Higher ad market Lower average TV TV’s market share
penetration
shares prices grows
National Market TRP’s (Index year 2000)
Source: IRM Media, 1988-2010

11. Still big growth potential for TV
Scandinavia 5.5bn SEK below E.U. average
TV share of advertising (%)
E.U. average
31.5%
Source: IRM Media, International Markets 2009-2010

12. Free-TV 3.0
The next phase of our growth story
Regional Combination Online
expansion effects growth
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13. TV & Radio accounts for 53% of consumption
Only have 21% of advertising spending
Print Television Radio Internet
Source: Nordicom Mediabarometer 2009, ages 9-79

14. Regional market a reason for inbalance..
Between 40 - 60% of advertising is local
Regional share of
total advertising
50% 40% 60%
Source: IRM Media, Regional market report, April 2011

15. TV: 5% of regional market - 30% of national
MTG: 7% of the regional TV market
Sweden
Total regional advertising Regional TV advertising
700 Million SEK
14 Billion SEK
Source: IRM Media, Regional market report, April 2011

16. However, structural changes on Reg. ad markets
Change (%) on Swedish regional market 2006 - 2010
Source: IRM Media, Regional market report, April 2011

17. TV + Radio set to challenge regional print
 Highest ROI among traditional medias
 Better measurability
 Lower contact cost
 Unprecedented in building brands
Contact Awareness Purchase
costs ROI
levels intentions
4x 1 1 3,4
1 6x 5x 4,6
Source: TV Bureau of advertising, US and Thinkbox , UK

18. VOICES FROM THE MARKET
Magnus Anshelm, CEO IRM (Institute of media and advertising statistics)
Johan Eidmann, CEO and founder Bizkit Media Agency

19. Improved regional MTG offer
 Increased number of regions for TV3 – more relevant and attractive gives high CPT
Today 2012

20. Improved regional MTG offer
 Increased number of regions for TV3 – more relevant and attractive gives high CPT
 Use synergies between regional TV3 and MTG Radio sales
Today 2012

21. Improved regional MTG offer
 Increased number of regions for TV3 – more relevant and attractive gives high CPT
 Use synergies between regional TV3 and MTG Radio sales
 Strong regional MTG offer using strong brands and combination TV+Radio+ Internet
Today 2012

22. MTG regional media house offer

23. MTG media consumed throughout the day
Radio dominates day time, TV dominates prime time

24. 34% higher brand recall
when combining TV and Radio
(RAB & Carat Radio Multiplier, 2008)
47% improved
brand evaluation when
combining TV and Internet
52% increased
(Thinkbox U.K.)
brand browsing when
exposed to radio campaign
50% increased
(RAB UK Online Multiplier, 2010)
likelihood of purchase when
using TV and online together
(iProspect “Offline channel influence on online search”)
MTG 50% more clients
that combine TV and radio advertising
(MTG, 2011q1 vs. 2006q1)

25. Strong case
Showing benefits of TV & Radio combination

26. Increased TV consumption on line
Source: MMS Rörliga Siffror 2010:2

27. Strong MTG online platforms
Over 5.4 million page views each week
TV sites Play sites Radio sites
590 000 900 000 370 000
unique weekly visitors weekly video views unique weekly visitors
Source: KIA Index 2011w19 and Omniture statistics 2011w19

28. Web TV – adding campaign reach, high CPT
From 0 to 274 MSEK in five years…fastest growing media
Source: IRM Media, Swedish ad market 2010 and Advertising forecast May 2011

29. Summary Free TV growth - 3.0
 Free TV 2.0 – proven track record, still valid (penetration, CSOV, market share growth)
 Time for fair TV markets shares - also on regional media market (worth 29 billion SEK)
 TV and Radio (& Internet) powerful substitute to regional print (ROI higher, cost lower)
 Webb TV advertising fastest growing media !
 MTG improves regional “media house concept” – MTG Radio+TV synergies (incl Play) !
MTG is perfectly positioned to further capitalize on
the ongoing structural changes on the market !

30. Our simple message…
MTG = Made to grow