Eastern European TV markets are attractive for advertisers due to higher TV viewing and TV ad spending as a percentage of total ad spend compared to Western Europe. TV ad spending per capita is significantly lower in Central and Eastern Europe, representing significant growth potential. MTG is a leading free-to-air broadcaster across multiple Eastern European countries, with the number one or two position in many of its core markets. MTG has strengthened its market positions during economic downturns by maintaining programming investments and implementing cost savings measures.

1. EASTERN PROMISES

2. Why these markets are attractive!
Minutes per day watching TV TV Ad spend / Total Ad spend
300 70%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 60%
250
50%
200
40%
150
30%
100
20%
50 10%
0 0%
Minutes per day 2010 CEE, 2000-2010
• TV viewing is significantly higher in CEE with a stable growing trend, making
TV very attractive to advertisers
EASTERN PROMISES
• Share of TV advertising spend of total ad market is higher than in Western
Europe
2 Sources: ZenithOptimedia 2011, TNS

3. Why these markets are attractive!
TV Ad spend per capita (USD) TV Ad spend, WE and CEE
180 360
160
310
140
120 260
100
210
80
60 160
40
110
20
0 60
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Index, CEE markets Index, Western Europé
• Advertising spend per capita is significantly lower in CEE, rendering a
significant growth potential
EASTERN PROMISES
• CEE markets are growing faster than average in Western Europe
3 Sources: ZenithOptimedia 2011

4. An exciting journey through time…
Launch of Acquisition Acquistion of Catch-Up
Acquistion of
Baltic of 100% of 100% of services
75% of DTV
Free-TV Slovenian Nova TV in launced
in Russia
operations operations Bulgaria across CEE
1997 2000 2001 2002 2005 2006 2007 2008 2008 2010 2011
…22 channels in 9 Emerging Markets!
Acquisition Acquistion of Acquisitionof Launch of
Acquisition Launch of
of 95% of 50% of Prima 50% of Prima LOVE
of 36% of Viasat1 in
Hungarian TV in Czech Diema in in Czech
CTC Media Ghana
operation Republic Bulgaria Republic
EASTERN PROMISES
4

5. Market Positions
Czech
Estonia Latvia Lithuania Bulgaria Hungary Slovenia Ghana Russia
Republic
#1 FTA Broadcaster in the Baltics #2 #2 #3 #2 #2 #4
Market position
Commercial
audience share
41.9% 38.1% 40.7% 23.4% 28.2% 7.5% 10.1% 17.0% 15.6%
FY2010
(15-49) (15-49) (15-49) (15-54) (18-49) (18-49) (18-49) (18-49) (14-49)
(target
demographic)
Media house
(secondary
X X X X X X N/A N/A N/A
channels &
bundled sales)
MTG DTH
X X X X
platforms
MTG Pay
channels X X X X X X X X X
MTG Radio
channels X X X
EASTERN PROMISES
MTG Play
channels
5 X X X X

6. • Baltics
• Estonia
• Latvia
• Lithuania
OUR CORE MARKETS
• Czech Republic
• Bulgaria
6

7. Baltics
Macro perspective
30%
20%
10%
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (FC)
-10%
-20%
-30%
-40%
Total Baltics, GDP (% yoy) Unemployment, Baltics Consumer expenditure, Baltics TV Ad market, Baltics
• TV ad markets grew faster than GDP upuntil the crisis
• Already in late 2010 TV advertising market started to grow again after two
OUR CORE MARKETS
consecutive years of very strong decline
• Solid growth continues in 2011
7 Sources: IMF, TNS/MTG estimates

8. Baltics
Ad market
TV Ad spend/cap. (USD) TV Ad market, Baltics (MSEK)
200 1 300
160 1 100
120 900
80 700 ~ -500
40 500
MSEK
0 300
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Baltics Scandinavia
Top Five Advertiser segments Mobile operators Mobile operators
Retail Retail
Food Food
Beverages Beverages
OUR CORE MARKETS
Financial services Pharmaceuticals
International/domestic clients (%) 70/30 25/75
Media agencies / direct buy (%) 90/10 95/5
Annual commitments/ad hoc sales (%) 75/25 75/25
8 Sources: Zenith Optimedia 2011, TNS/MTG estimates

9. Baltics
Competitive landscape
Distribution overview Major competitors
Cable
34%
Free DTT
24%
IPTV
12%
Pay DTT
Analog
DTH 9%
terrestrial
11% 10%
Kanal 2,
K 11
Local owner LNT
Total 2 387 000 HH
Local owner LNK
Free DTT Pay DTT Analog terrestrial DTH IPTV Cable
• Digitalisation increasing penetration and reach. Lithuania to become fully
digitalised in 2012
OUR CORE MARKETS
• MTG is the only broadcaster with a Pan-Baltic footprint,
• Pan-territorial sales becoming increasingly important
• Operational synergies (centralized functions and Play-out facility)
9 Sources: MTG/Viasat statistics

10. Baltics
Our Performance
Recession strategy MTG Baltics, 2005-2010
50%
• Stimulate demand
Sales 40%
• Pan-Baltic sales 30%
20%
10%
• Re-build operations with lower
Costs cost bases
0%
-10% 2005 2006 2007 2008 2009 2010
-20%
• Continue to invest in -30%
CSOV programming to defend market -40%
positions CSOV (A15-49) Market growth
Competitor recession strategies MTG, Financial dev. (%, yoy) 2009 2010
• Schibsted continued to invest in Sales -28.4% -5.1%
programming and lowered prices
Costs 6.9% -16.3%
• NewsCorp exited LNT, new owners
with pure focus on cost cut. Strategy MTG, CSOV (15-49) 2009 2010
OUR CORE MARKETS
to lower prices to gain market share. Estonia 40.2% 41.9%
• LNT made selective cost
Latvia 34.7% 38.1%
reductions and reduced prices
to protect market share. Lithuania 40.4% 40.7%
10 Sources: Zenith OptiMedia, TNS, MTG estimates

11. Baltics
Key Formats 2011
Estonia Latvia Lithuania
Come Dine With Me Come Dine With Me Farmer Wants a Wife
The Money Drop The Money Drop Got Talent
OUR CORE MARKETS
11 Re-launched News Crime News Dance With Me

12. Baltics
Conclusions
Highly
operationally
geared
Pan Baltic FTA market
leadership strengthened
during crisis
In the first step,
approx. 500 MSEK of
TV market to regain
Pre-crisis TV
market CAGR of
18%
TV markets are
growing
OUR CORE MARKETS
Region is out
of crisis
12

13. Czech Republic
Macro perspective
20%
15%
10%
5%
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (FC)
-5%
-10%
-15%
-20%
GDP Unemployment Consumer Expenditure TV market development
• Czech economy grew at a rapid rate until the crisis – and went through it
relatively unharmed, with unemployment well below EU average
• TV ad market has been volatile over the last 10 years, but with strong
OUR CORE MARKETS
underlying growth
• Consumer spending picking up following only modest inflation pressure
13 Sources: IMF, Zenith OptiMedia, MTG estimates

14. Czech Republic
Ad market
Ad spend /cap. (USD) TV Ad market value (MSEK)
200 4500
4000
160
3500
120
3000
80 ~ -800
2500
MSEK
40 2000
0 1500
W. Europé Czech Republic 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Czech Republic Scandinavia
Top Five Advertiser segments Mobile operators Mobile operators
Retail Retail
FMCG Food
Consumer goods Beverages
Financial services Pharmaceuticals
OUR CORE MARKETS
International/domestic clients (%) 96/4 25/75
Media agencies / direct buy (%) 99/1 95/5
Annual commitments/ad hoc sales (%) 99/1 75/25
14 Sources: Zenith OptiMedia, ATO, MTG estimates

15. Czech Republic
Competitive landscape
Distribution overview
IPTV; 9% Channel Owner* Target CSOV**
DTH; 20% DTT; 41%
15-54
20-40 25.6%
Cable; 30% 15-44
15-54 47.3%
DTT Cable DTH IPTV
* MTG is 50% owner of Prima, **Q1 2011
Total 4 404 000 HH
• We continue to challenge the incumbent with our media house strategy
• Major competitor has lost 11% in CSOV since 2009
OUR CORE MARKETS
• Prima LOVE launched in Q1 2011
15 Sources: Infroma 2011, ATO

16. Our Performance
Czech Republic
Recession strategy MTG Czech Republic, 2005-2010
• With a proactive approach and 30%
Sales new channel launches, sales 25%
were back to growth in 2010 20%
15%
10%
• Swift cost reduction efforts, to 5%
Costs preserve healthy EBIT margins 0%
-5% 2005 2006 2007 2008 2009 2010
-10%
-15%
• Media house implementation -20%
CSOV boosted total CSOV 12.5% -25%
CSOV (15-54), MTG TV Ad market development
Competitor recession strategies MTG, Financial dev. (%, yoy) 2009 2010
Sales -15.0% 3.6%
• Aggressive pricing strategy
through price decreases and Costs -5.2% 5.3%
OUR CORE MARKETS
bonus packages. MTG, CSOV (15-54) 2009 2010
Total 20.8% 23.4%
16 Sources: Zenith OptiMedia, ATO, MTG estimates

17. Czech Republic
Key Formats 2011
M20-40 A15-54 W20-44
OUR CORE MARKETS
17

18. Czech Republic
Conclusions
Strong
operational
momentum
Have gained
significant
CSOV over the
last 12 months
Approx. 800 MSEK of market
value to regain in the first step
Too early to conclude that the
advertising market has started
to recover
OUR CORE MARKETS
The country is
out of the
recession
18

19. Bulgaria
Macro Perspective
65%
45%
35%
25%
15%
5%
-5% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (FC)
-15%
-25%
GDP Unemployment Consumer Expenditure TV Ad market dev.
• GDP decline leveled out in 2010 with economy forecasted to go into growth in 2011
OUR CORE MARKETS
• TV Ad market grew with 24% CAGR 2000-2008 and started to
stabilize again in 2010
• Strong underlying dynamics with low ad spend per capita
19 Sources: IMF, Zenith Optimedia, TNS/MTG estimates

20. Bulgaria
Ad Market
Ad spend/cap. (USD) TV Ad market value (MSEK)
200 1400
1200
160
1000
120 800
~ -250
600
80 MSEK
400
40
200
0 0
W. Europé Bulgaria 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Bulgaria Scandinavia
Top Five Advertiser segments Mobile operators Mobile operators
Retail Retail
Food Food
Beverages Beverages
Pharmaceuticals Pharmaceuticals
OUR CORE MARKETS
International/domestic clients (%) 50/50 25/75
Media agencies / direct buy (%) 92/8 95/5
Annual commitments/ad hoc sales (%) 85/15 75/25
20 Sources: Zenith Optimedia 2011/MTG est.,TNS

21. Our Performance
Bulgaria
Recession strategy MTG Bulgaria, 2008-2010
• Proactivity and efficicent 35%
Sales inventory utilization to counter
pricing pressure from CME 25%
15%
• Streamlined operations and
Costs efficiency increases, to 5%
optimize the cost base -5% 2008 2009 2010
• Programming investments to -15%
CSOV ensure long term growth in -25%
CSOV and Mini-pay revenues
CSOV (18-49) TV Ad market dev.
Competitor recession strategies MTG, Financial dev. (%, yoy) 2009 2010
Sales -22.6% 1.0%
• Acquisition of bTV from News
Corp., market consolidated to
Costs -0.3% 5.0%
OUR CORE MARKETS
two players
• Launched secondary channels
MTG, CSOV (18-49) 2009 2010
• Aggressive pricing strategy
Total MTG 32.9% 28.2%
21

22. Bulgaria
Competitive landscape
Distribution overview
Channel Owner Target CSOV*
Cable
50%
DTH 18-49 28.2%
27%
Analog
terrestrial
21%
18-49 53.0%
IPTV/Other
2%
Analog terrestrial Cable DTH IPTV/Other
* Q1 2011
• MTG operates a fully integrated mediahouse, with clearly positioned channels
• Primary channel Nova (FTA) remain the strongest in urban areas
OUR CORE MARKETS
• Digitalisation of terrestrial distribution expected to take place 2014-2015
22 Sources: TNS TV Plan establishment Survey 2010, TNS

23. Bulgaria
Key Formats and rights 2011
Farmer Wants a Wife
OUR CORE MARKETS
23

24. Bulgaria
Conclusions
Strategy in place to grow
CSOV and market share
Market consolidated to a
two-player market
Approx. 250 MSEK of TV
market to regain in the first
step
Pre-crisis advertising market
CAGR of 24%
TV-market has not
turned to growth yet
Consumer confidence
lagging GDP recovery
OUR CORE MARKETS
Economic recovery
lagging other CEE
countries
24

25. The Eastern
Promises
1.5 bn SEK of TV ad market
to regain to get back to pre-
crisis level
Advertising market recovery
is lagging, programming
investments scewed to H2 11
Well positioned with media
house strategy deployed in
consolidated markets –
high operational leverage
25

26. 26
EASTERN PROMISES