Maximizing the Power of EntertainmentFirst Quarter Financial Results

2007Stockholm, 24 April 2007

Group net sales up 11% to SEK 2,629 million

Group operating income up 4% to SEK 468 million

Viasat Broadcasting net sales up 11% to SEK 2,003 million and operating profit up 5% to SEK 481 million

Net income up 4% to SEK 316 million

Basic earnings per share of SEK 4.55 (4.38)

Acquisition of 50% of Balkan Media Group Limited for EUR 11.6 million

Acquisition of 90% of Playahead online social networking community for SEK 102 million

First Quarter 2007

Results Highlights

Double Viasat Broadcasting revenues in 5 years

MTG to become #1 commercial free-to-air operator in Sweden and TV3 to become #2 commercial free-to-air channel in Norway within 5 years

Export integrated model into new high growth territories - C&E European businesses to generate same level of broadcasting revenues & profits as Scandinavian operations within 5 years

>15% operating margins in 3 core businesses - Free-to-air TV Scandinavia; Pay-TV Nordic; C&E Europe

Strategic ObjectivesSet in June 2004

Objective On Track

Viasat Broadcasting sales up 75% since 2003 on rolling 12 month basis

Continuation of shut-down of Swedish analogue terrestrial network increases penetration in Sweden; TV3 Norway established as second largest commercial channel in comparable universe in each month

Rolling 12 month operating income for C&E European operations (incl. CTC Media) of SEK 768 million vs. SEK 1,151 million for Nordic operations

Rolling 12 month operating margins of 18% for Free-to-air TV Scandinavia; 19% for Pay-TV Nordic; & 16% for C&E Europe (excl. CTC Media)

Viasat BroadcastingOperating Results

5

17

16

18

-21

11

23

17

–1

Change (%)

1,913

19

432

30417%

59719%

56218%

7,805

-257

1,841

3,183

3,038

FY 2006

5113%

5912%

Central & Eastern EuropeOperating margin

388478Central & Eastern Europe

14019%

11015%

Free-to-air TV ScandinaviaOperating margin

723713Free-to-air TV Scandinavia

138162Associated Companies32Other & Eliminations

457481Total EBIT

12517%

14817%

Pay-TV NordicOperating margin

Operating income (EBIT)

1,8042,003Total net sales

-55-65Other & eliminations

749877Pay-TV Nordic

Net Sales

Q1 2006Q1 2007(SEK million)

37%

40%

23%

40%

34%

9%

17%

Viasat BroadcastingGeographical Segmentation – Rolling 12 Months

Sales

EBIT (Including CTC Media)

43%

41%

16%

FTA Swe/No/Dk

Pay-TV Nordic

CEE

Q1 2006 Q1 2007

Q1 2007Q1 2006

FTA Swe/No/Dk

Pay-TV Nordic

CEE

CTC Media

28%

32%

16%

24%

Free-to-air TV ScandinaviaFocus on Ratings & Integrated Approach in Soft Advertising Markets

Net sales down 1.3% year on year to SEK 713 million – underlying growth when excluding currency translation effects of strengthening Swedish Krona

Weaker advertising markets & soft ratings for TV3 but continued strong performance by TV6 – peak ratings of > 17%

TV3/TV6 Sweden penetration levels up to 79% and 78% & TV8 penetration of 46%

Total combined channel CSOV (15-49) increased in Sweden to 34.4% (30.6%)

Annual upfront advertiser agreements concluded later than usual and low single digit price increases did not impact Q1 sales

Danish channel ratings up year on year, but ratings decline in Norway reflects late launch of Spring schedule

Operating costs up 4%, primarily due to 6% increase in programming costs & increased distribution costs - in line with previous guidance for up to 10% increase in programming costs in 2007

Operating margin down from 19% to 15%

10

15

20

25

30

35

2003Q1

2003Q2

2003Q3

2003Q4

2004Q1

2004Q2

2004Q3

2004Q4

2005Q1

2005Q2

2005Q3

2005Q4

2006Q1

2006Q2

2006Q3

2006Q4

2007Q1

TV3 & TV6 Sweden TV3 & 3+ Denmark TV3 & ZTV Norway

Free-to-air-TV Scandinavia Commercial Share of Viewing (15-49)

(%)

Free-to-air-TV Sweden Commercial Share of Viewing (15-49)

20

25

30

35

40

45

50

Q12005

Q22005

Q32005

Q42005

Q12006

Q22006

Q32006

Q42006

Q12007

Viasat Sweden SBS Broadcasting TV4

80

85

90

95

100

105

110

115

Q22005

Q32005

Q42005

Q12006

Q22006

Q32006

Q42006

Q12007

TV3 TV4 Kanal 5

(%)

Indexed Big 3 Ratings development Media Houses CSOV Development

Free-to-air TV SwedenActions being taken

Integrated Media house approach – TV3, TV6, TV8, ZTV bundling

Increased investments in sports and acquired programming

More scientific approach

Regular brand tracking

Re-engineered own-production process

Earlier targeted use of focus groups

Refocused scheduling

Increase pressure on local production companies

Middle management changes

Free-to-air TV ScandinaviaSales and Operating Performance – Rolling 12 Months

0

500

1 000

1 500

2 000

2 500

3 000

3 500

Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 20070%

5%

10%

15%

20%

25%

30%Sales EBIT EBIT Margin(SEK million)

Pay-TV NordicPremium Subscriber & ARPU Growth

0

100

200

300

400

500

600

700

800

Q1 2004 Q1 2005 Q1 2006 Q1 20072 700

2 900

3 100

3 300

3 500

3 700

Premium Subscribers Annualized ARPU

15% year on year increase in premium subscriber base with flat development in Q1 reflecting diminishing effect of analogue shut down

155,000 Viasat+ and Multiroom subscriptions represent 21% of premium DTH subscriber base

ARPU up 4% year on year to SEK 3,468

(’000 subscribers) (SEK)

020406080

100120140160180

Q32005

Q42005

Q12006

Q22006

Q32006

Q42006

Q12007

Viasat+ & Multiroom SubscriptionsViast Golf Subscriptions

(’000 subscribers)

0

200

400

600

800

Q12004

Q22004

Q32004

Q42004

Q12005

Q22005

Q32005

Q42005

Q12006

Q22006

Q32006

Q42006

Q12007

0%5%10%15%20%25%30%35%

Sales EBIT EBIT Margin

Pay-TV NordicOperating performance

17% sales growth due to price rises and growing Viasat+ / multi-room subscriber base

Operating margin of 17% reflects 17% increase in OPEX in line with previously announced investments of SEK 160 million in 2007 + addition of 2 new Viasat channelsand 12 third party channels since beginning of 2006

Stable total expensed SAC for fourth quarter in succession

(SEK million)

Central & Eastern EuropeOperating Performance – Rolling 12 Months (Excl. CTC media)

Net sales up 23% to SEK 478 million

12% operating margin in Q1 includes investments in new businesses

TV Prima net sales up 2% to SEK 184 million

DTV net sales up 61% to SEK 61 million

Pay-TV East revenues almost double to SEK 83 million

0

500

1000

1500

2000

Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 20070%5%10%15%20%25%30%35%40%Sales EBIT EBIT Margin

(SEK million)

15

20

25

30

35

40

45

50

55

2003Q1

2003Q2

2003Q3

2003Q4

2004Q1

2004Q2

2004Q3

2004Q4

2005Q1

2005Q2

2005Q3

2005Q4

2006Q1

2006Q2

2006Q3

2006Q4

2007Q1

TV Prima Czech Republic (15+) TV3 & 3+ Estonia (15-49)TV3 & 3+ Latvia (15-49) TV3 & Tango TV Lithuania (15-49)

Free-to-air TV Eastern Europe Commercial Share of Viewing

(%)

0123456789

10

2003Q1

2003Q2

2003Q3

2003Q4

2004Q1

2004Q2

2004Q3

2004Q4

2005Q1

2005Q2

2005Q3

2005Q4

2006Q1

2006Q2

2006Q3

2006Q4

2007Q1

Viasat3 Hungary (18-49) TV3 Slovenia (15-49) DTV Russia (6-54)

Free-to-air TV Eastern Europe Commercial Share of Viewing

(%)

Net sales of SEK 184 (180) million and slightly decreased operating profit of SEK 29 million with 16% operating margin

Management continues to implement changes to improve operating efficiency

Continued management focus on the delivery of prime time own productions to boost overall ratings & capitalize on Hollywood output deals

Increased CSOV year on year as actions implemented in 2006 take effect

Seeking to resolve current disagreement with regional broadcasting license partner regarding use of early morning and evening time slots in 5 out of 12 regions - has restricted the development of Prima's viewing performance

TV PrimaCzech Republic

DTV Russia

• Sales up 61% to SEK 61 million as ratings increase & demonstrating ongoing benefit of Video International sales agreement

• 1 million additional Moscow households now connected through Mostelecomdistribution agreement & SEK 45 million invested to connect further 500,000 households

• Increasing profitability despite investments

0

50

100

150

200

250

Q4 200

4Q1 2

005

Q2 200

5Q3 2

005

Q4 200

5Q1 2

006

Q2 200

6Q3 2

006

Q4 200

6Q1 2

007

-30

-20

-10

0

10

20

30Sales EBIT

(SEK million)CSOV (%)

0,0

0,5

1,0

1,5

2,0

2,5

3,0

Q1 200

3Q3 2

003

Q1 200

4Q3 2

004

Q1 200

5Q3 2

005

Q1 200

6Q3 2

006

Q1 200

7

(SEK million)

Rolling 12 Months

Free-to-air TV BalticsRolling 12 Months

8% sales growth & 16% operating margin

Pan-Baltic commercial share of viewing (15-49) up to 40.6% (36.2%) with substantialratings improvements in Latvia and Lithuania offsetting decline in Estonia

200

250

300

350

400

450

500

Q42004

Q12005

Q22005

Q32005

Q42005

Q12006

Q22006

Q32006

Q42006

Q12007

05101520253035404550

Sales EBIT Margin(SEK million) (%)

Pay-TV EastSubscriber Growth

0

20

40

60

80

100

120

Q1 200

4Q2 2

004

Q3 200

4Q4 2

004

Q1 200

5Q2 2

005

Q3 200

5Q4 2

005

Q1 200

6Q2 2

006

Q3 200

6Q4 2

006

Q1 200

7

Premium DTH Subscribers(thousands)

0

5

10

15

20

25

Q4 200

3Q1 2

004

Q2 200

4Q3 2

004

Q4 200

4Q1 2

005

Q2 200

5Q3 2

005

Q4 200

5Q1 2

006

Q2 200

6Q3 2

006

Q4 200

6Q1 2

007

Subscriptions(millions)

Baltic DTH satellite pay-TV Platform more than doubled subscriber base year on year

18 channels in 26 territories reach 8.8 million unique subscribers

-50

0

50

100

150

200

250

300

Q4 200

4

Q1 200

5

Q2 200

5

Q3 200

5

Q4 200

5

Q1 200

6

Q2 200

6

Q3 200

6

Q4 200

6

Q4 200

7 -3%

-1%

1%

3%

5%

7%

9%

11%Sales EBIT EBIT Margin

Pay-TV EastRolling 12 Months

Doubling of sales to SEK 83 million

SEK 11 million operating profit with operating margin of 13%

DTH platform still in investment phase

(SEK million)

RadioRolling 12 Months

Net sales almost doubled year on year to SEK 150 million after consolidation of P4 Radio & price rises in Sweden

SEK 6 million operating profit

Swedish radio stations achieve record combined reach of 1.9 million daily listeners

P4 reports record Q1 sales after introduction of GRP-based pricing model

-100

0

100

200

300

400

500

600

Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 -10%

-5%

0%

5%

10%

15%

20%

25%Sales EBIT EBIT Margin

(SEK million) (excl. associated companies)

New business segment comprising CDON.COM, TV-Shop, BET24, Playaheadand MTG New Media

Combined sales of SEK 413 (413) million

Combined operating profit of SEK 14 (19) million

CDON.com sales up 28% to SEK 214 million

BET24 refocused onto markets where MTG has existing broadcasting operations – in order to increase leverage

Internet sales now account for 48% of TV-Shop sales

Other Businesses

Online Modern Studios

Net sales of SEK 120 (151) million reflect lower sale of TV-productions and format licenses by Strix and the discontinuation of the Bromberg and Engine businesses

SEK 2 (3) million operating profit

Sonet film awarded 6 ‘Guldbaggen’ awards for ‘Kidz in the Hood’ and ‘The Substitute’awarded “Best Documentary” price

All Business AreasOperating Results

1,777

1,91378

-59-155

10,136

-406

4332,192

111

7,805

FY 2006

4

5-18-30

11

86-5

11

Change (%)

453468Total EBIT

4578

23-35

4816

16-35

Viasat BroadcastingRadioOther business areasParent company & other companies

Operating income (EBIT)

2,3622,629Total net sales

-115-81Eliminations

1,8042,003Viasat Broadcasting

81564

28

150533

23

Radio Other business areasParent company & other companies

Net Sales

Q1 2006Q1 2007(SEK million)

Summary Income Statement

21.57

67,042,524

1,499

-517

2,016

-5

244

1,777

10,136

FY 2006

2-Gain/loss from financial assets

-135-151Tax

305316Net Income for the period

66,382,41067,053,405Basic number of shares outstanding

4.384.55Basic earnings per share (SEK)

440467Income before tax

-15-2Net interest and other financial items

453468Operating income (EBIT)

2,3622,629Net Sales

Q1 2006Q1 2007(SEK million)

Cash Flow

-645-83-178Investments in shares in subsidiaries & associates

-78-94-339Changes in working capital

1,294144-60Net cash flow from operations

2121-Proceeds from sales of shares

-533

-877

-950

2

-329

1,372

FY 2006

-30-72Investments in other non-current assets

-92-251Cash flow from/to investing activities

-3105Cash flow from/to financing activities

50-206Net change in cash and cash equivalents for the period

--Other cash flow from investing activities

238279Cash flow from operations

Q1 2006Q1 2007(SEK million)

17% increase in cash flow from operationsIncreased programming investments in Scandinavia and Eastern Europe & prepayments for newly acquired sports rights impact working capital SEK 178 million invested in acquisition of Playahead & Balkan Media Group

Balance Sheet

10,223

4,377

296

5,549

10,223

4,703

5,520

9,205

3,796

305

5,105

9,205

4,314

4,891

9,799

3,965

343

5,492

9,799

4,450

5,349

Long-term liabilities

Total equity & liabilities

Current liabilities

Shareholders’ equity

Total assets

Current assets

Non-current assets

31 March 2006 31 Dec 200631 March 2007(SEK million)

Net cash position of SEK 75 million

SEK 3.6 billion of available liquid funds

SEK 9.2 billion surplus to book value for 39.6% shareholding in CTC Media

SEK 400 million draw down on SEK 3.5 billion credit facility

Measures taken at TV3 Sweden are gradually showing desired effect

Growing position as pan-Scandinavian media power house with successful new channel launches & ongoing structural market change – relaunch of ZTV after end of quarter

Pay-TV model in Sweden shifts from subscriber acquisition to ARPU growth with investments in new channels and technologies to support medium term growth –launch of TV2 Sport after end of quarter

H1 07 year on year comps tough for TV Prima, with market + growth to resume in H2 07 on back of anticipated viewing share increases

Ongoing rapid development of DTV & Pay-TV East operations

30% Return on Capital Employed, healthy cash flow generation and net cash position – significant flexibility for investments, acquisitions, and shareholder returns

OutlookRatings Improvement & Investment in Growth