Modern Times Group reported positive Q2 2013 results, with accelerated sales growth of 6% year-over-year driven by strong performances across segments. Investments continued on track, with the portfolio of content offerings strengthened by acquisitions. Free-TV Emerging Markets delivered exceptional growth of 31%, while Free-TV Scandinavia gained audience share in all three markets. Pay-TV Nordic and Emerging Markets also saw sales growth and met profitability expectations despite ongoing investments for future growth.

1. 11
MODERN TIMES GROUP
Q2 2013 FINANCIAL RESULTS
INVESTMENTS ON TRACK & ACCELERATED GROWTH

2. 2
FORWARD LOOKING STATEMENTS
Forward-looking information and Safe Harbour Statement under the U.S. Private Securities Litigation
Reform Act of 1995
This report contains forward-looking information based on the current expectations of MTG
management. Although management deems that the expectations presented by such forward-looking
information are reasonable, such forward-looking information is subject to risks and uncertainties and
no guarantee can be given that these expectations will prove correct. Accordingly, the actual future
outcome could vary considerably when compared to what is stated in the forward-looking information,
due to such factors as described above in the Risks & Uncertainties section.

3.  Accelerated sales growth – up 6% (y-o-y) at constant exchange rates
 Investments on track – our portfolio of content offerings for consumers is stronger than ever
 Important strategic partnerships signed with leading third party distributors
 Free-TV Emerging Markets delivered a quarter of exceptional growth
 Free-TV Scandinavia - audience share gains in all 3 markets - we will continue to invest into this momentum
 Pay-TV Nordic operators – accelerated sales growth and profitability in line with expectations
 Pay-TV Emerging Markets delivered healthy sales growth and outperform profitability expectations
 Studios M&A deals + launch of MTGx to accelerate pace of digital innovation and expansion
Q2 2013 – HIGHLIGHTS
POSITIVE MOMENTUM
3

4. 4
FREE-TV SCANDINAVIA
AUDIENCE SHARE GAINS IN ALL 3 MARKETS
Stable sales y-o-y at constant FX
 Best y-o-y sales development since Q4 2011
 Expected decline in the Danish TV ad market while Norway is
expected to have grown. The Swedish TV ad market is estimated to
have been at around the same level as in Q2 2012
 Expect to gradually regain advertising market shares but there is a
lag between rating and ad shares
CSOV – significant gains in all thee markets
 Danish media house achieved its highest CSOV level since Q2 2001
 3rd channel to be launched in Norway in H2
EBIT margin of 19.3%
 OPEX up 4% y-o-y at constant FX
 FY OPEX growth expected to be at the higher end of the mid-single
digit percentage point range
29% of Group sales 2012 2013
Apr-Jun Apr-Jun
Sales (SEKm) 1,110 1,080
Growth (constant currency) -3% 0%
EBIT (SEKm) 251 209
EBIT margin 22.6% 19.3%
CSOV (15-49)
Sweden 31.3% 32.7%
Denmark 23.9% 26.2%
Norway 18.1% 19.5%

5. 5
PAY-TV NORDIC
ACCELERATED GROWTH
Sales up 7% y-o-y at constant FX
 Driven by contribution from TV3 Sport channels, Viaplay (volume +
price increases) and rise in satellite premium ARPU
Overall subscriber base (incl. Viaplay) up but premium satellite
subscribers down as anticipated
 3rd party network subscribers still expected to increase on FY basis
EBIT margin of 11.3%
 In line with expectations & ongoing investments in premium movie,
sports content and Viaplay
Retain previous guidance
 Revenue growth at constant exchange rates & operating (EBIT)
margin of 10-12% for FY13, with a higher margin in 2014
36% of Group sales 2012 2013
Apr-Jun Apr-Jun
Sales (SEKm) 1,292 1,349
Growth (constant currency) 5% 7%
EBIT (SEKm) 228 152
EBIT margin 17.7% 11.3%
Premium subs ('000) 1,031 989
o/w satellite ('000) 612 569
o/w third party ('000) 419 421
Satellite ARPU (SEK) 4,926 4,978

6. Sales up 31% y-o-y at constant FX
 Driven by high underlying growth & sales cooperations
 Exceptional growth in the Czech Republic (47% at constant FX) - the
largest media house by ad market share for the 2nd quarter in a row
 Ghana reported its first quarterly profit ahead of launch in Tanzania
Significantly higher CSOV in Baltic & Bulgarian markets
 TV3 Estonia was the most watched channel in its target group for the
first time since Q2 2008
 Positive momentum in Bulgaria and new formats to be launched in
Czech Republic
EBIT margin of 20.2%
 Improved profitability y-o-y for the 7th consecutive quarter
 OPEX up significantly and expect similar level of opex growth in H2
6
FREE-TV EMERGING MARKETS
EXCEPTIONAL PERFORMANCE
19% of Group sales 2012 2013
Apr-Jun Apr-Jun
Sales (SEKm) 560 692
Growth (constant currency) -3% 31%
EBIT (SEKm) 91 140
EBIT margin 16.3% 20.2%
CSOV
Pan-Baltic (15-49) 40.5% 47.9%
Czech Republic (15-54) 39.1% 35.9%
Bulgaria (18-49) 25.7% 32.5%

7. Sales up 9% y-o-y at constant FX
Continued mini-pay subscription growth
 Added over 17m mini-pay subscriptions (y-o-y)
 Added 28k satellite subscribers (y-o-y)
EBIT of SEK 52 (58) mn
 Significant improvement compared to Q1 & expectations
 Approximately half of the Q2 EBIT due to the positive one-off, timing
and currency related items
EBIT exceeds previous expectations
 FY13 EBIT to exceed previous expectation for breakeven result.
Continuing to invest as previously indicated & no change to
expectation for rising profitability levels in 2014
7
PAY-TV EMERGING MARKETS
CONTINUED GROWTH AND INVESTMENTS
8% of Group sales 2012 2013
Apr-Jun Apr-Jun
Sales (SEKm) 273 283
Growth (constant currency) 12% 9%
EBIT (SEKm) 58 52
EBIT margin 21.1% 18.3%
Subscribers / subscriptions ('000)
Satellite 534 562
Mini-pay wholesale 72,816 89,915

8. Sales down 15% y-o-y at constant FX
 BUT up 9% y-o-y when excluding Bet24 but including Paprika
Latino, DRG and Novemberfilm
 Higher MTG Studios & Norwegian radio sales more than offset
substantial decline in Swedish radio sales
EBIT of SEK 3 (5) mn
Two acquisitions made in Q2 + launch of MTGx
 DRG - leading UK-based content distribution company
 Novemberfilm – Norwegian production company
 MTGx - digital innovation and acceleration platform
 MTGx expected to add up to SEK 50 mn of operating costs in H2
8
OTHER BUSINESSES
ADDING NEW DIMENSIONS
9% of Group sales 2012 2013
Apr-Jun Apr-Jun
Sales (SEKm) 397 336
Growth (constant currency) -13% -15%
Growth exc. Bet24 (constant currency) -6% 9%
EBIT (SEKm) 5 3
EBIT margin (excl. associates) 1.2% 0.4%

9. 9
INCOME STATEMENT
HEALTHY GROWTH & ONGOING INVESTMENTS
Sales up 6% y-o-y at constant exchange rates and 7% on an
organic basis
 Negative FX impact of ~ 3 percentage points
 Divestments impacting sales by ~ 3 percentage points
 Acquisitions adding ~ 2 percentage points
EBIT margin (excl. associates) of 12.8%
 OpEx up 9% at constant FX
 Significant investments in Nordic & Emerging Markets pay-TV
businesses to drive future growth
Effective tax rate of 29%
 Continue to expect FY13 rate to be in 25-30% range
Q2 in brief 2012 2013
Apr-Jun Apr-Jun
Sales (SEKm) 3,517 3,619
Organic growth (constant currency) 1% 7%
EBIT excl. associates 552 464
EBIT margin excl. associates 15.7% 12.8%
Total EBIT 684 578
Total EBIT margin 19.5% 16.0%

10. 10
CASH FLOW
80% CASH CONVERSION
Asset light model – high cash conversion
 80% cash conversion (pre changes in WC) for wholly owned
operations
Dividend stream from CTC Media
 SEK 64 (55) mn in Q2 & SEK 123 (107) mn in H1
Acquisition of DRG and Novemberfilm
 Investments of SEK 155 (100) mn in Q2
 Capex of SEK 72 (20) mn in Q2 = <2% of sales
Working capital under strict control but will increase
(SEK mn) 2012 2013
Apr-Jun Apr-Jun
Cash flow from operations 501 471
Changes in working capital 227 208
Net cash flow from operations 728 678
Cash flow used in investing activities -58 -227
Cash flow used in financing activities -582 -358
Net change in cash & cash equivalents 88 93

11. FINANCIAL POSITION
FIREPOWER & FLEXIBILITY
Net debt of SEK 206 mn
 Paid out SEK 666 mn in May - highest ever annual
cash dividend
 Available liquid funds of SEK 6 bn
SEK 2.1 bn book value of 37.9% CTC Media stake
 Public equity market value of SEK 4.5 bn
Continuing to balance investment in future growth &
shareholder returns
11
1,2 1,2
1,1
0,8
0,7
0,6
0,7
0,3 0,3 0,3 0,3
0,0 0,0
0,1
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
Q212
Q312
Q412
Q113
Q213
Net debt / Trailing 12 month EBITDA

12. Q2 2013 SUMMARY
POSITIVE MOMENTUM
 Accelerated sales growth – up 6% (y-o-y) at constant exchange rates
 Investments on track – our portfolio of content offerings for consumers is stronger than ever
 Important strategic partnerships signed with leading third party distributors
 Free-TV Emerging Markets delivered a quarter of exceptional growth
 Free-TV Scandinavia - audience share gains in all 3 markets - we will continue to invest into this momentum
 Pay-TV Nordic operators – accelerated sales growth and profitability in line with expectations
 Pay-TV Emerging Markets delivered healthy sales growth and outperform profitability expectations
 Studios M&A deals + launch of MTGx to accelerate pace of digital innovation and expansion
12

13. 1313
MTG INVESTOR RELATIONS
FOR FURTHER INFORMATION, PLEASE VISIT
WWW.MTG.SE OR CONTACT:
TEL: +46 (0) 73 699 2714
EMAIL: INVESTOR.RELATIONS@MTG.SE