1 1

MODERN TIMES GROUP

SHAPING THE FUTURE OF ENTERTAINMENT

FEBRUARY 2014

2

A UNIQUE PLATFORM A SUCCESSFUL TRACK

RECORD (10Y)

INTEGRATED &

DIVERSIFIED

TV EVERYWHERE &

FOR EVERYONE

DECENTRALIZED

THE STORY

11% SALES CAGR

13% EBIT CAGR

27% ROCE (AV)

17% TSR CAGR

A BRIGHT FUTURE

RISING VIDEO

CONSUMPTION

CONTENT RICH

DIGITAL DELIVERY &

ENGAGEMENT

3

First to market full service SVOD

OTT operator & leading AVOD player

+ wide range of new products &

services

Multi-platform & country content

acquisition & monetization strategy

Leading content creator, producer &

distributor

DIGITAL CONTENT

Focus on roll-out of new products to

existing markets + expansion in CEE

& Africa

GEO EXPANSION

LONG TERM VALUE CREATION

BASED ON CLEAR GROWTH STRATEGY

879,470

481,800

394,200

297,840 236,520 210,240

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

MTG RTL Bonnier Mediaset CME Pro7

4

CONTENT REMAINS KING

WE ARE THE BIGGEST BUYER IN TOWN

Source: MTG Research

TOTAL NUMBER OF BROADCAST HOURS (2013)

5

LONG TERM PARTNERSHIPS

WITH RELEVANT CONTENT PROVIDERS

OUR IN-HOUSE STUDIOS BUSINESS

HAS QUADRUPLED IN SIZE

6

TOP 10 CONTENT DISTRIBUTORS (RATED BY UK INDEPENDENT TV PRODUCERS)

HIGHEST RATED MOST USED

Source: Televisual Distributor Poll, September 2013

1 BBC WW

2 ITV Global

3 Zodiak Rights

3 DRG

3 Shine

6 Fremantle Enterprises

6 DCD Media

6 Endemol WW

10 Passion Distribution

6 All3Media

1 BBC WW

2 DRG

4 ITV Global

3 Zodiak Rights

5 Fremantle Enterprises

6 Endemol WW

8 Passion Distribution

7 Electric Sky

9 Sky Vision

9 All3Media

+

TOP 5 TV PRODUCERS IN THE NORDICS (BY SALES 2012)

#1 IN THE NORDICS WITH AN EXPANDING EMERGING MARKETS FOOTPRINT

AND GLOBAL DISTRIBUTION CAPABILITY

OFFICIAL BROADCASTER OF THIS

MONTH’S WINTER OLYMPICS

7

8

SOURCE: Nielsen Cross Platform reports

Q3 ‘09

297 296

TRADITIONAL TV LIVE TV

TIME SHIFTED TV

Q3 ‘08

ONLINE/MOBILE VIDEO ONLINE VIDEO

MOBILE VIDEO

Q3 ‘13

314

Q3 ‘12

314

Q3 ‘11

307

Q3 ‘10

306 +17%

CAGR ONLINE/MOBILE

VIDEO

0.4%

CAGR TRADITIONAL

VIDEO CONSUMPTION IS GROWING

VIDEO USAGE IN THE USA – AVERAGE MINUTES PER DAY PER USER (2+)

9 9

VIAPLAY OPENS UP A NEW WORLD

AS OTT ENABLES UNIVERSAL REACH

10 10

ViaPlay Premium VOD

TV, Movies and Sports

Free VOD TV Channels

Ad Financed Services

Free VOD Sport Clips

Ad Financed Service

Free Music Streaming

Ad Financed Service

Mobile TV Companion

2nd Screen Application

Download Games Store

Transaction Service

Klipster Coupon Service Online

to Store App

Vertical video content sites

style, family, food, cool etc.

DEVELOPING FAST

WITH A WIDE RANGE OF DIGITAL PRODUCTS

xPLAY (World class VOD)

Viaplay TV play Sports

xVENTURES (Build portfolio of services)

Music Games Like.TV

xCREATIONS (Digital first productions)

Mobisodes Webisodes TV extensions

xLABS (Digital development)

Web / Apps Social Sign-on

11

MTGX - THE GROUP PLATFORM

TO ACCELERATE DIGITAL GROWTH

12

RUSSIA - HUGE POTENTIAL

DIGITAL DECISION TIME FOR 150 MILLION RUSSIANS

38% OWNERSHIP IN CTCM

EUROPE'S BIGGEST TV AD MARKET IN 2015

OWN 5 OUT OF TOP 20 PAY CHANNELS

INCLUDING TOP 2

MORE THAN 60 MN SUBSCRIPTIONS

HD PREMIUM PACKAGE ROLL-OUT

13

AFRICA - THE NEXT BIG THING

SSA = 7/10 FASTEST GROWING ECONOMIES 2011-15

FREE-TV CHANNELS IN GHANA &

TANZANIA

PAY-TV CHANNELS NOW AVAILABLE

IN 6 COUNTRIES

ESTABLISHED CONTENT

PRODUCTION PLAYER

14 14

SEGMENTAL HIGHLIGHTS AND Q4 PERFORMANCE

Accelerated growth for 5th consecutive quarter - sales up 14% at constant FX & 6% on an organic basis

Free-TV Scandi – audience shares up in all 3 markets & 2nd consecutive quarter with sales growth

Free-TV Emerging Markets – continued strong growth in soft market conditions with further investments

Pay-TV Nordic – net subscriber growth, rising prices & operating margin within the range

Pay-TV Emerging Markets – volume growth & profitability above expectations

Studios – organic + M&A led growth with rising profitability levels

Proposed annual ordinary cash dividend of SEK 10.50 = record high pay-out ratio of 56% excl. non-recurring items

Q4 2013 – HIGHLIGHTS

15

16

GROUP PERFORMANCE

INVESTMENTS DRIVING GROWTH

SALES GROWTH (Y-O-Y) EBIT (SEK MN) AND EBIT MARGIN (%)

-2%0%2%4%6%8%

10%12%14%16%

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Sales growth at constant fx Organic sales growth

INVESTMENTS ARE HAVING THE DESIRED

EFFECT - CUSTOMER OFFERINGS ARE STRONGER THAN EVER

0

5

10

15

20

0

100

200

300

400

500

600

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

EBIT excl associated income & one-off items EBIT margin

17

FREE-TV SCANDINAVIA

SECOND CONSECUTIVE QUARTER WITH SALES GROWTH

SALES (Y-O-Y) AT CONSTANT FX EBIT (SEK MN) AND EBIT MARGIN (%)

HEALTHY MARGIN WITH CONTINUED INVESTMENTS. WINTER

OLYMPICS TO BOOST SALES & ADVERSELY IMPACT Q1 2014 EARNINGS

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

250

214 21.8%

18.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0

50

100

150

200

250

300

Q4 2012 Q4 2013

EBIT EBIT margin

18

FREE-TV SCANDINAVIA

AUDIENCE SHARE GAINS IN ALL THREE MARKETS

CSOV (15-49) – Q4 2013 VS Q4 2012

CONTINUED STRONG PERFORMANCE IN DENMARK - HIGHEST Q4

CSOV SINCE 2000

CSOV (15-49) – 2006 TO 2013

31.5

16.7

20.6

31.8

16.9

25.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Sweden Norway Denmark

Q4 2012 Q4 2013

10

15

20

25

30

35

40

2006 2007 2008 2009 2010 2011 2012 2013

Sweden Denmark Norway

19

FREE-TV EMERGING MARKETS

CONTINUED STRONG GROWTH

18% SALES GROWTH (Y-O-Y) AT CONSTANT FX EBIT (SEK MN) AND EBIT MARGIN (%)

PROFITABILITY IMPACTED BY PROGRAMMING

INVESTMENTS AND ENTRY INTO TANZANIA

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

15.4%

10.6%

0%

5%

10%

15%

20%

0

50

100

150

Q4 2012 Q4 2013

EBIT EBIT margin

20

FREE-TV EMERGING MARKETS

AUDIENCE SHARE GAINS IN ALMOST ALL MARKETS

CSOV (15-49) – (%) TV AD MARKETS IN MTG TERRITORIES

SEK 3.3 BN OR 60% GROWTH POTENTIAL IF WE

SEE A FULL RECOVERY IN THE TV AD MARKET

48.5

34.1 39.1

51.8

36.9 34.1

0

10

20

30

40

50

60

Baltics Bulgaria Czech Rep.

Q4 2012 Q4 2013

SEK 8.6 bn

SEK 5.3 bn

0

1

2

3

4

5

6

7

8

9

10

2008 2013e

21

PAY-TV NORDIC

SUBSCRIBER GROWTH + RISING PRICES

7% SALES GROWTH (Y-O-Y) AT CONSTANT FX EBIT (SEK MN) AND EBIT MARGIN (%)

CONTINUE TO EXPECT HIGHER MARGIN FOR

FY14. OLYMPICS TO BOOST SALES & ADVERSELY IMPACT Q1 2014 EARNINGS

0%

2%

4%

6%

8%

10%

12%

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

15.4%

12.0%

0%

5%

10%

15%

20%

0

50

100

150

200

250

300

Q4 2012 Q4 2013

EBIT EBIT margin

22

PAY-TV NORDIC

SUBSCRIBER GROWTH + RISING PRICES

PREMIUM SUBSCRIBER DEVELOPMENT (‘000) ARPU FOR PREMIUM DTH (SEK) - ANNUALIZED

GOOD SUBSCRIBER GROWTH FOR VIAPLAY AND 3RD PARTY. DTH DOWN AS

ANTICIPATED. OVERALL BASE CONTINUES TO GROW

0

200

400

600

800

1,000

1,200

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Satellite subscribers 3'rd party network subscribers

4,000

4,200

4,400

4,600

4,800

5,000

5,200

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

23

PAY-TV EMERGING MARKETS

OUT-PERFORMING EXPECTATIONS

20% SALES GROWTH (Y-O-Y) AT CONSTANT FX EBIT (SEK MN) AND EBIT MARGIN (%)

Q4 INCLUDED SOME POSITIVE ONE-OFFS. NO CHANGE TO THE EXPECTATION

FOR RISING PROFITABILITY LEVELS IN 2014

0%

5%

10%

15%

20%

25%

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

1.9%

15.9%

0%

5%

10%

15%

20%

0

10

20

30

40

50

60

70

80

Q4 2012 Q4 2013

EBIT EBIT margin

24

PAY-TV EMERGING MARKETS

CONTINUED STRONG SUBSCRIPTION GROWTH

SUBSCRIBERS / SUBSCRIPTIONS (‘000) INVESTING INTO THE HD MARKET IN THE CIS

= 395

RUB

($13)

ADDED >8 MILLION MINI-PAY SUBSCRIPTIONS

SINCE LAST YEAR TO A TOTAL OF 92 MILLION

0

100

200

300

400

500

600

700

0

10

20

30

40

50

60

70

80

90

100

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Mini-Pay subscriptions (million) DTH ('000)

Organic + M&A led sales growth

13% organic sales growth driven by MTG Studios

Radio sales stable in Norway & down in Sweden

M&A growth from acquisition & consolidation of Nice

Entertainment (Nov), DRG & Novemberfilm (Jun)

OpEx up, Profits up

Healthy profitability in MTG Studios and Radio Norway

Reduced losses in Radio Sweden after cost savings

Ongoing investment by MTGx to accelerate digital development –

Splay & Net Info are two examples of exciting new areas

25

MTG STUDIOS, MTGX, RADIO

STUDIOS DRIVES GROWTH

2013 2012

Oct-Dec Oct-Dec

Sales (SEKm) 593 316

Growth (at constant FX) 89% -29%

Growth (organic) 13% n/a

EBIT (SEKm) 11 0

EBIT margin 1.9% 0.0%

26 26

PRODUCTION

HOUSE

Hungary

Bulgaria

Slovenia

Romania

Serbia

Czech Rep.

Costa Rica

Latvia

Estonia

Lithuania

Sweden

Norway

Denmark

Holland

SALES OF SEK1.7BN (2012 PROFORMA), PRODUCING >3,500H

OF CONTENT SOLD TO >80 COUNTRIES

STUDIOS NOW A SCALE PLAYER

PRODUCTS & CONSUMER OFFERINGS STRONGER, MORE RELEVANT & MORE

AVAILABLE THAN EVER

AUDIENCE SHARE GAINS & SUBSCRIBER GROWTH IN ALMOST ALL MARKETS

CLEAR FOCUS ON STRATEGIC GROWTH DRIVERS – CONTENT, DIGITAL,

GEOGRPHICAL EXPANSION

ACCELERATING ORGANIC GROWTH BOOSTED BY M&A

RECORD HIGH PAY-OUT RATIO & FINANCIAL FIREPOWER

Q4 2013 – SUMMARY

STRONGER PRODUCTS. HIGHER GROWTH

27

28 28

MTG INVESTOR RELATIONS

FOR FURTHER INFORMATION, PLEASE VISIT

WWW.MTG.SE OR CONTACT:

TEL: +46 (0) 73 699 2714

EMAIL: INVESTOR.RELATIONS@MTG.SE