This document provides financial results for Maximising the Power of Entertainment (MTG AB) for Q4 and full year 2006. Key highlights include record sales and profits with group net sales up 18% in Q4 and 27% for the full year. Viasat Broadcasting, MTG's broadcasting segment, saw a 14% increase in Q4 net sales and 29% increase for the full year. MTG continues to meet its strategic objectives of doubling Viasat Broadcasting revenues and achieving over 15% operating margins in its core businesses. Overall, MTG achieved strong growth across its segments in 2006.

1. Maximising the Power of Entertainment
Modern Times Group MTG AB
Fourth Quarter and Full Year Financial Results
2006
London, 16 February 2007
1

2. Results Highlights
Record Sales & Profits
Fourth quarter Full Year
Group net sales up 18% to SEK 2,918 million Group net sales up 27% to SEK 10,136
million
Group operating income of SEK 435 million,
including SEK 79 million non-cash write Group net sales up 17% excluding new
down of intangible assets businesses
Viasat Broadcasting net sales up 14% to Group operating income up 47% to SEK
SEK 2,310 million and operating profit up 1,777 million, despite SEK 79 million non-
16% to SEK 501 million cash write down
Net income of SEK 316 million Viasat Broadcasting net sales up 29% to
SEK 8,291 million and operating income
Net intake of 41,000 premium subscribers in
up 43% to SEK 1,880 million
Nordic region
Net income of SEK 1,499 million,
Cash from ops doubled to SEK 673 million
including SEK 241 million non-cash
Basic earnings per share of SEK 4.60 (4.29) financial gain from CTC Media IPO
Basic earnings per share of SEK 21.57
(17.78)
Board to propose dividend of SEK 7.50
per share & buy-back of up to 10% of
share capital
2

3. 5 Years of Growth
(SEK million) (%)
12,000 30
10,000 25
8,000 20
6,000 15
4,000 10
2,000 5
- 0
2002 2003 2004 2005 2006
Net Sales Operating income Operating Margin (%)
3

4. Strategic Objectives
Set in June 2004
Objective On Track
Double Viasat Broadcasting revenues in Viasat Broadcasting sales up 78%
5 years from 2003
MTG to become #1 commercial free-to- Continuation of shut-down of
air operator in Sweden and TV3 to Swedish analogue terrestrial network
increases penetration in Sweden; TV3
become #2 commercial free-to-air
Norway is second largest commercial
channel in Norway within 5 years channel in comparable universe in
Export integrated model into new high each month
growth territories - C & E European Operating income incl. CTC Media
businesses to generate same level of amounted to SEK 736 million for full
broadcasting revenues & profits as year, compared to SEK 1,159 million
Scandinavian operations within 5 years from the Nordic operations
>15% operating margins in 3 core Full year operating margins of 18%
businesses - Free-to-air TV for Free-to-air TV Scandinavia; 19%
for Pay-TV Nordic; & 17% for C&E
Scandinavia; Pay-TV Nordic; C&E
Europe (excl. CTC Media)
Europe
4

5. Viasat Broadcasting
Operating Results
(SEK million) Q4 2006 Q4 2005 FY 2006 FY 2005
Net Sales
Free-to-air TV Scandinavia 852 875 3,038 2,912
Pay-TV Nordic 849 726 3,183 2,633
Central & Eastern Europe 553 370 1,841 813
Other & eliminations 56 52 229 80
Total net sales 2,310 2,023 8,291 6,437
Operating income (EBIT)
Free-to-air TV Scandinavia 174 188 562 492
Operating margin 20% 22% 18% 17%
Pay-TV Nordic 173 136 597 507
Operating margin 20% 19% 19% 19%
Central & Eastern Europe 111 76 304 76
Operating margin 20% 20% 17% 9%
Associated Companies 39 23 432 187
Other & Eliminations 5 8 -14 54
Total EBIT 501 431 1,880 1,316
5

6. Viasat Broadcasting
12 Months Rolling
Sales (SEK million)
10,000 Free-to-air Scandinavia Pay-TV Nordic Central & Eastern Europe
8,000
6,000
4,000
2,000
0
Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006
EBIT (SEK million)
Free-to-air Scandinavia Pay-TV Nordic Central & Eastern Europe CTC Media
2,000
1,500
1,000
500
0
Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006
6

7. Viasat Broadcasting
Geographical Segmentation
2005 Sales 2006
13% 23%
41% 39%
FTA Swe/No/Dk
Pay-TV Nordic
CEE
46% 38%
2005 EBIT (Including CTC Media) 2006
21%
39% 31%
40% FTA Swe/No/Dk
Pay-TV Nordic
CEE
39% 30%
7

8. Free-to-air TV Scandinavia
Lower than anticipated costs offset lower sales
Net sales up 4% to SEK 3,038 million
in 2006
Sweden
TV3/TV6 Sweden penetration up to
78% and 75%
CSOV (15-49) ratings flat in Sweden
Rating decreases in Norway
Norway
Denmark ratings down year on year in
Q4 but up from Q3
Operating costs down 1% in Q4 and up
2% for FY, due to lower than
anticipated programming cost
increases and release of provisions
Denmark
Operating margin of 20% in Q4 and
18% for full year
TV6 successfully launched in Sweden
with CSOV up 67% vs ZTV
8

9. Free-to-air-TV Scandinavia
Commercial Share of Viewing (15-49)
(%)
35
30
25
20
15
10
2003 2004 2005 2006
TV3 & TV6 Sweden TV3 & 3+ Denmark TV3 & ZTV Norway
9

10. Free-to-air TV Sweden
Actions
Integrated Media house approach – TV3, TV6, TV8, ZTV bundling
Increase investments in Sports and Acquired programming with total
programming costs expected to be up by approximately 10 %
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
10

11. Free-to-air TV Scandinavia
Sales and Operating Profit - 12 Months Rolling
Pay-TV Nordic subscriber base & quarterly annualized ARPU development
(SEK million) (SEK million)
3100 800
Sales EBIT
3000 700
2900 600
2800 500
2700 400
2600 300
2500 200
2400 100
Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006
11

12. Pay-TV Nordic
Continued Healthy Subscriber Intake & Margins
Net intake of 41,000 premium
subscribers in Q4 – 123,000 subs added
in last 12 months = 20% growth in
premium subcriber base Movies Sports Children
Net sales up 17% to SEK 849 million in
Q4 and 21% to SEK 3,183 million for full
year
12 third party channels added since
beginning of 2006. Added TV2 News in
Denmark from December 06
Launch of dedicated Viasat Golf channel
Announced launch of two new sports
channels in Denmark with TV2 Entertainment Documentaries Music
Investments in content + investments in
technology of approximately SEK 160
million during 2007
12

13. Pay-TV Nordic
Premium Subscriber & ARPU Growth
(’000 subscribers) (SEK)
800 4000
Premium Subscribers Annualized ARPU
750 3900
700 3800
650 3700
600 3600
550 3500
500 3400
450 3300
400 3200
350 3100
300 3000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2004 2005 2006
126,000 Viasat+ and Multiroom subscriptions represent 18% of premium DTH
subscriber base
ARPU up 6% year on year to SEK 3,470
13

14. Pay-TV Nordic
Increasing Margins
(SEK million) (SEK million)
900
Sales EBIT 280
800
700 230
600 180
500
130
400
80
300
200 30
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2004 2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006
Healthy sales growth of 17% in Q4 and 21% for the full year in highly
competitive market
Operating margin of 20% in Q4 and 19% for full year
Leading premium offering with continued focus on premium subscribers
Approx SEK 160 million anticipated investments in 2007 to further enhance
offering
14

15. Central & Eastern Europe
High Growth & Increasing Profitability
The Baltics
Net sales up by 49% to SEK 553 million in
Q4 and more than doubled to SEK 1,841
million for full year, including consolidation
of TV Prima and TV3 Slovenia Czech Republic
Operating margin, excluding associated
company income (CTC), of 20% (20%)
and 17% (9%) for the two periods Russia
Addition of new Viasat Sport channel
together with NASN from November 2006
Hungary
DTV net sales up 38% to SEK 51 million in
Q4 and near doubled to SEK 181 million for
full year.
Slovenia
Baltics net sales up 21% to SEK 471
million with pan-Baltic CSOV (15-49) of
36.9% for the full year
Pay-TV
First time ever annual profit for DTV Russia
and Viasat3 Hungary
15

16. Central & Eastern Europe
12 Months Rolling (Excl. CTC media)
(SEK million) (SEK million)
Sales EBIT
2000 500
1800
400
1600
1400
300
1200
1000 200
800
100
600
400
0
200
0 -100
Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006
Strong exposure to fast growing Eastern European markets
Proven strategy for acquisition and management of Eastern European assets
Strong integrated model and know-how benefits future expansion
16

17. Free-to-air TV Eastern Europe
Commercial Share of Viewing
(%)
55
50
45
40
35
30
25
20
15
2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
TV Prima Czech Republic TV3 & 3+ Estonia
TV3 & 3+ Latvia TV3 & Tango TV Lithuania
17

18. Free-to-air TV Eastern Europe
Commercial Share of Viewing contd.
(%)
10
9
8
7
6
5
4
3
2
1
0
2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Viasat 3 Hungary (18-49) TV 3 Slovenia (15-49) DTV Russia (6-54)
18

19. TV Prima
Czech Republic
Underlying net sales growth of 32% in Q4 and of 56% for FY
Operating profits of SEK 52 million in Q4 and SEK 171 millions for full year
= operating margins of 22% and 20%
Management continues to implement changes to improve operating
efficiency
Focus on delivery of prime time own productions to boost overall ratings
Agreements with Warner, Universal, Fox and Disney signed during 2006
19

20. DTV Russia
12 Months Rolling
(SEK million)
Sales EBIT
200
150
100
50
0
Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006
-50
Distribution increase through MosTelecom deal now expected to add 1.5 million
households in Moscow
2005 sales agreement with Video International drives sales growth
First ever annual profit despite continued programming investments
20

21. Free-to-air TV Baltics
12 Months Rolling
(SEK million) (%)
Sales EBIT Margin
500 50
45
450 40
35
400
30
350 25
20
300
15
250 10
5
200 0
Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006
Recognized brands with leading market positions
Recent ratings softness in Estonia being addressed through local productions
of hit international formats
Continued net sales and profits growth, and margin improvement
21

22. Viasat3 Hungary
12 Months Rolling
(SEK million) Sales EBIT
140
120
100
80
60
40
20
0
-20
-40 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006
-60
Net sales up 16% to SEK 38 million in Q4 and 30% to SEK 117 million for FY
First ever annual profit + 13% margin in Q4
Continued ratings and market share improvements
22

23. TV3
Slovenia
Acquired 100% of issued share capital of Prva TV d.o.o. in August 2006
Total cash consideration of EUR 8.1 million
Rebranding of TV3 Slovenia within 1 month of control
Ongoing investments in programming and branding
More than doubling in CSOV to 7.3% by year end
Operating loss of SEK 12 million for Q4 and SEK 15 million since
acquisition
23

24. Baltic DTH Pay-TV Platform
Premium DTH Subscribers
(thousands)
90
80
70
60
50
40
30
20
10
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2004 2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006
Doubling of premium subscriber base to 80,000 by year end
Viasat established as largest digital TV operator in the Baltics
Addition of ten Baltic public service channels to platform in summer 2006
24

25. Wholesale Pay-TV Eastern Europe
Subscriptions
20,000,000
18,000,000
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
-
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 Q3 Q4
2003 2004 2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006
Addition of 7.1 million subscribers in 2006 = 61% growth
Increased average revenue per sold subscription by 25% following price rises
Launch of premium Russian channel Viasat Sport East and TV1000 Balkan +
expansion into Croatia
25

26. Pay-TV East
12 Months Rolling
(SEK million)
Sales EBIT
250 15.0
10.0
200 5.0
0.0
150
-5.0
-10.0
100
-15.0
50 -20.0
-25.0
0 -30.0
Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006
Doubling of sales to SEK 70 million in Q4 and SEK 220 million for FY
First annual profit + 10% margin in Q4
DTH platform still in investment phase
26

27. Radio
12 Months Rolling
(SEK million) (excl. associated companies) Sales EBIT
500
450
400
350
300
250
200
150
100
50
0
-50 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006
Net sales more than doubled to SEK 169 million in Q4 and up 49% to SEK 433
million in 2006
EBIT more than tripled to SEK 33 million in Q4 and more than doubled to SEK 78
million for FY = operating margins of 21% and 14% (excluding associates)
Consolidation of P4 Radio from 1 October 2006
27

28. Other Businesses
Highlights
Home Shopping Modern Studios
Combined 12% sales growth for CDON Net sales for Modern Studios of SEK
and TV Shop to SEK 334 million in Q4 & 172 (160) million in Q4 and SEK 619
10% to SEK 1,087 million for FY (638) million for FY
CDON.com - DVD sales increased > ‘Farväl Falkenberg’ nominated for
50% in Q4 and pay per view ‘on Oscars and ‘Förortsungar’ awarded 5
demand’ streaming launched in Q3 Guldbaggen awards
CDON.com accounted for 76% of SEK 79 million of non-cash intangible
business area sales in Q4 and 68% for asset write downs
FY
Strix opened office in Czech Republic
Internet sales accounted for following TV Prima acquisition
approximately 41% of TV Shop’s sales
in Q4 and 35% in 2006 SEK -84 (10) million operating loss in
Q4 and SEK -80 (-26) million for FY
Total operating profit of SEK 21 (21)
million in Q4 and SEK 54 (63) million for
FY
28

29. All Business Areas
Operating Results
(SEK million) Q4 2006 Q4 2005 FY 2006 FY 2005
Net Sales
Viasat Broadcasting 2,310 2,023 8,291 6,437
Radio 169 77 433 290
Other business areas 506 459 1,706 1,629
Parent company & other companies 25 30 111 128
Eliminations -92 -126 -406 -473
Total net sales 2,918 2,463 10,136 8,012
Operating income (EBIT)
Viasat Broadcasting 501 431 1,880 1,316
Radio 33 10 78 23
Other business areas -63 30 -26 37
Parent company & other companies -36 -43 -155 -163
Total EBIT 435 427 1,777 1,213
29

30. Summary Income Statement
(SEK million) Q4 2006 Q4 2005 FY 2006 FY 2005
Net Sales 2,918 2,463 10,136 8,012
Operating income (EBIT) 435 427 1,777 1,213
Gain/loss from financial assets 1 -5 3 384
Non-cash gain from CTC Media IPO new
share issue - - 241 -
-5 -21 -5 -102
Net interest and other financial items
Income before tax 431 401 2,016 1,495
Tax -114 -114 -517 -310
Net Income for the period 316 288 1,499 1,185
Basic number of shares outstanding 67,042,524 66,375,156 67,042,524 66,375,156
Basic earnings per share (SEK) 4.60 4.29 21.57 17.78
30

31. Cash Flow
(SEK million) Q4 Q4 FY FY
2006 2005 2006 2005
Cash flow from operations 533 370 1,372 966
Changes in working capital 141 -38 -78 16
Net cash flow from operations 673 331 1,294 981
Proceeds from sales of shares - - 21 513
Investments in shares in subsidiaries & associates -40 -900 -645 -932
Investments in other non-current assets -72 -17 -329 -80
Other cash flow from investing activities 2 -12 2 22
Cash flow from/to investing activities -110 -929 -950 -477
Cash flow from/to financing activities -593 66 -877 55
Net change in cash and cash equivalents for the period -30 -532 -533 559
SEK 658 million net invested in the acquisition of P4 Radio shares
SEK 73 million net invested in PRVA
Investments in distribution in DTV Russia
Repayment of EUR 120 million convertible loan in June 2006
31

32. Key metrics improvement
Cash flow per basic share (SEK)
25 Rolling 12 Months
20
15
10
5
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2003 2004 2005 2006
(%)
35%
Return on Capital Employed
30%
25%
20%
15%
10%
5%
0%
2002 2003 2004 2005 2006
32

33. Balance Sheet
(SEK million) 31 Dec 2006 31 Dec 2005
Non-current assets 4,891 5,481
Current assets 4,314 4,314
Total assets 9,205 9,795
Shareholders’ equity 5,105 5,306
Long-term liabilities 305 249
Current liabilities 3,796 4,240
Total equity & liabilities 9,205 9,795
SEK 250 million utilised of SEK 3.5 billion credit facility by year end
Net cash position of SEK 430 (15) million (SEK -28 million Q3 2006)
Equity to assets ratio of 56% (55%)
Equity reduced by SEK 1.5 billion due to distribution of Metro International shares
SEK 8.5 billion surplus to book value for CTC Media 39.6% shareholding
33

34. Capital Structure
Supporting aggressive growth
Net cash position of SEK 430 million at year end
Increased cash flow from operations of SEK 1.3 billion for full year
Available liquid funds of SEK 4 billion as at 31 December 2006
Return on capital employed of 29% for full year
Proposed dividend of SEK 7.50 per share of totalling maximum distribution
of SEK 503 million
Proposal to seek authorisation for buy back of up to 10% of outstanding
shares – accretive for shareholders and effective means of increasing
shareholder value
Round trading lot reduced from 50 to 25 shares to further stimulate liquidity
Balancing appropriate financial flexibility with shareholder returns
34

35. 35