MTG is an international entertainment broadcasting group with a large broadcast footprint in Europe. It has 60 Viasat channels watched by 125 million people in 31 countries. MTG is the largest free-TV and pay-TV operator in Scandinavia and the Baltics, and the second largest free-TV operator in the Czech Republic and Bulgaria. MTG also has emerging market satellite pay-TV platforms in Russia and Ukraine and pay-TV channels available in 25 countries. MTG has sustained double digit revenue growth and margins despite economic downturns.

1. Capital Markets Day
Hans-Holger Albrecht, President & CEO
Introduction & Strategic Objectives
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 1

2. Largest Broadcast Footprint in Europe
• International entertainment broadcasting group
• 60 Viasat channels are watched by 125 million
people in 31 countries
• Growth company with integrated Free-TV & Pay-
TV operations & centralised play-out facility in
London
• Largest Free-TV & Pay-TV operator in
Scandinavia & the Baltics
• Second largest Free-TV operator in Czech
Republic & Bulgaria with additional operations in
Hungary, Slovenia & Ghana (W Africa)
• Emerging Market satellite Pay-TV platforms in
Russia & Ukraine + Pay-TV channels available
2009 in 25 countries incl. US
Sales SEK 14,173 million
• Largest Nordic Radio Operator & Online Retailer
Operating Income SEK 1,654 million*
No of employees 2,900 • 38.9% shareholder in Russia’s largest
Listing Nasdaq OMX Nordic (Large Cap Mkt)
independent television broadcaster - CTC Media
Symbol MTGB (Nasdaq: ‘CTCM’)
* When excluding SEK 270 million of associated company income
*Excluding -3,352 million of non-recurring items
and SEK associated company income & extraordinary items
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 2

3. A Modern Media Group for Modern Times
Viasat Broadcasting Other Business Areas
Free-TV Pay-TV Free-TV Emerging Pay-TV Emerging Radio
Scandinavia Nordic Markets Markets
• 10 Free-TV channels • Satellite platform • 22 Free-TV channels • Satellite platforms in the
• Virtual IPTV Operator Baltics, Ukraine (85%) &
Sweden
Russia (50%)
• 24 Pay-TV channels
available on 3rd party • 11 Pay-TV channels
platforms available on 3rd party Norway
platforms in 25 countries
Sweden Estonia Estonia & Latvia
Estonia & Lithuania
Norway Latvia 2
Finland 4
Denmark Lithuania
Internet Retailing
Bulgaria 1
Czech 2
Hungary
Slovenia
Ghana
1 95% ownership
2 50% ownership
Modern Times Group MTG AB Russia 1 3 38.9% ownership of CTC Media, Inc.
Nasdaq OMX Stockholm : MTGA, MTGB 3
4 21% ownership

4. Double Digit Growth & Margins...whatever the weather!
(SEK million)
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
2002 2003 2004 2005 2006 2007 2008* 2009*
Revenue EBIT
* Excluding non-recurring items
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 4

5. 2009 was a fundamental
stress test for the business
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 5

6. Sustained Market Outperformance
Segmental revenue mix
100%
• Balanced revenue mix of cyclical advertising
sales & linear subscription sales 80%
60%
• Unparalleled efficiency due to control of content,
40%
packaging, pricing & distribution
20%
• Integrated operating structure yields synergies & 0%
competitive advantage 2005 2006 2007 2008 2009
Free-TV Scandinavia Pay-TV Nordic Emerging Markets
• Increasing exposure to historically high growth
emerging markets with high operating leverage
2009 revenue mix
• Enabled proven resilience to economic downturn
in 2009
– Group sales up 8% y/y
21%
– 12% operating margin
37% Advertising
– SEK 1,546 million of cash flow from operations
Subscription
– Net debt reduced by SEK 888 million y/y
B2B / B2C
– 10% y/y increase in cash dividend to SEK 5.50 42%
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 6

7. Market Dynamics
TV Advertising Spend (USD million) Advertising Spend Per Capita (USD)
600 100
400 75
50
200 25
0
0
TV / Total Ad Market TV Viewing (minutes per day)
60% 250
Russia: 56%
45% 200
USA: 37% 150
30%
100
15% 50
0% 0
2009 data except * 2008 statistics; ** 2007 statistics
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 7

8. Positioned to take further Market Shares
Free-TV Operator
Sweden Denmark Norway Estonia Latvia Lithuania Czech Hungary Bulgaria Slovenia Russia
Rep
#2 #2 #2 #1 #1 #1 #2 #3 #2 #2 #4
DTH Pay-TV Platforms Ukraine Russia
Raduga
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 8

9. Structural Tailwind
• TV’s share of consumer time & advertising market low & growing
• Digitalization leveling playing field by increasing penetration of
Free-TV Scandinavia challenger channels
• Incumbents losing viewing & market shares to scale challengers
• Multi-channel Media House strategy enabling enhanced reach & pricing
• Digitalization forces migration to multi-channel environment
• Virtual Operator status in emerging distribution platforms
Pay-TV Nordic
• Premium Sports & Movies drive demand
• Increasing demand for Value Added services (HDTV, PVR, VOD)
• Consumption growing faster than in Western Europe over time
• TV is primary or only national reach impact media
Emerging Markets
• Lower cost per contact & higher growth potential than mature markets
• Incumbents losing viewing & market shares to scale challengers
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 9

10. Strategic Objectives
Set in 2007 Performance
• MTG to report Group Net Sales of SEK 20 • 15% organic sales growth in 2008 & 7%
billion in 2011 (including selected organic sales growth in 2009 despite
acquisitions) with >10% organic annual
sales growth recession – 2011 net sales target of SEK
20 billion not relevant without scale
• Current Viasat Broadcasting C&E Europe acquisitions
operations to generate net sales of SEK 5
billion in 2011 • Target no longer relevant after sale of DTV
in H1 2008
• >20% operating (EBIT) margin for Viasat
Broadcasting (excl. CTC Media) by end of • 16% operating (EBIT) margin for Viasat
2011 Broadcasting (excl. CTC Media) in 2008
• Current Viasat Broadcasting C&E Europe & 17% in 2009
operations (incl. CTC Media) to generate
higher operating profit (EBIT) than rest of • Target no longer relevant after sale of DTV
Viasat Broadcasting by 2011 in H1 2008
• MTG to report 30% Return on Equity for • 23% ROE for 2007-2009 3 year period with
2007-2011 5 year period 17% ROE in 2009 due to recession
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 10

11. ...Philosophy of & Comittment to Growth & High Margins
Clear Operational & Strategic Priorities
– Annual Organic Sales Growth of more 150
than 10% 140
130
– Operating Profit Margin of more than 20%
120
for Viasat Broadcasting (even excluding
110
associated company income)
100
– Increasing proportion of Emerging Market 2009 2010 2011 2012
Sales & Operating Income
– Generation of healthy ROE & ROCE
– Generation of healthy Total Shareholder MTG 10% SALES CAGR SME Direkt Consensus
Returns
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 11

12. The Lean & Mean Broadcasting Machine
• Operationally geared growth company with balanced (advertising & subscription revenues)
& diversified (geographically) revenue mix
• Investing healthy cash flows from Nordic region into emerging markets
• Driving growth primarily through organic expansion & start-ups
• Challenger to incumbents in structurally evolving markets
• Successful multi-channel, multi-platform, multi-territory media house model
• Efficient integrated operating structure that yields competitive advantage
• Strict cost control, cash management & capital allocation
• Strong & flexible financial position
• Delivering enhanced shareholder returns
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 12

13. A Well Established & Experienced Management Team
Mathias Anders Laurence Martin Manfred Aronsson
Hermansson Nilsson Miall-d’Août Lewerth Head of MTG
Chief Financial Chief Operating Chief of Staff Chief of Staff Sweden
Officer Officer Free-TV Pay-TV Employed 1993-
Employed 1999 Employed 1992 Employed 2002 Employed 2001 1995 & 2008
Hein Espen Jørgen Irina Ulrik Mikael
Hattestad Madsen Gofman Bengtsson Olander
CEO MTG Norway CEO MTG Denmark CEO MTG Russia & CIS CEO Pay-TV CEO
Employed 2001 Employed 1994 Employed 2002-2004 & Emerging Markets CDON Group
2008 Employed 2004 Employed 2000
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 13

14. Today’s Agenda
The Benefits of having the Largest Broadcast Footprint in Europe
Laurence Miall-d’Aout Chief of Staff Free-TV
& being an Integrated Free and Pay-TV Operator
Cash Management & Capital Allocation Mathias Hermansson Chief Financial Officer
Refreshments
Anders Nilsson Chief Operating Officer
The Multi-channel Media House Model
Hein Espen Hattestad CEO MTG Norway
Jørgen Madsen CEO MTG Denmark
The New Pay-TV Paradigm
Martin Lewerth Chief of Staff Pay-TV
The New Game in Town Manfred Aronsson Head of MTG Sweden
Lunch
CTC Media Anton Kudryashov Chief Executive Officer
Irina Gofman CEO MTG Russia & CIS
New Frontiers
Ulrik Bengtsson CEO Pay-TV Emerging Markets
Refreshments
Internet Retailing Mikael Olander CEO CDON Group
Capital Markets Day Summary & Wrap-up Hans-Holger Albrecht President & CEO
Football Match / Alternative Entertainment
Drinks & Dinner
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 14

15. Capital Markets Day
Hans-Holger Albrecht, President & CEO
Introduction & Strategic Objectives
Modern Times Group MTG AB
Nasdaq OMX Stockholm : MTGA, MTGB 15