Financial results presentation from the international entertainment broadcasting group Modern Times Group MTG AB.

1. Maximizing the Power of Entertainment
First Quarter Financial Results
2007
Stockholm, 24 April 2007

2. Results Highlights
First Quarter 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

3. Strategic Objectives
Set in June 2004
Objective On Track
Double Viasat Broadcasting revenues in 5 Viasat Broadcasting sales up 75% since
years 2003 on rolling 12 month basis
MTG to become #1 commercial free-to-air Continuation of shut-down of Swedish
operator in Sweden and TV3 to become #2 analogue terrestrial network increases
penetration in Sweden; TV3 Norway
commercial free-to-air channel in Norway
established as second largest commercial
within 5 years channel in comparable universe in each
month
Export integrated model into new high
growth territories - C&E European Rolling 12 month operating income for C&E
businesses to generate same level of European operations (incl. CTC Media) of
broadcasting revenues & profits as SEK 768 million vs. SEK 1,151 million for
Scandinavian operations within 5 years Nordic operations
>15% operating margins in 3 core Rolling 12 month operating margins of 18%
businesses - Free-to-air TV Scandinavia; for Free-to-air TV Scandinavia; 19% for
Pay-TV Nordic; & 16% for C&E Europe
Pay-TV Nordic; C&E Europe
(excl. CTC Media)

4. Viasat Broadcasting
Operating Results
(SEK million) Q1 2007 Q1 2006 Change (%) FY 2006
Net Sales
Free-to-air TV Scandinavia 713 723 –1 3,038
Pay-TV Nordic 877 749 17 3,183
Central & Eastern Europe 478 388 23 1,841
Other & eliminations -65 -55 -257
Total net sales 2,003 1,804 11 7,805
Operating income (EBIT)
Free-to-air TV Scandinavia 110 140 -21 562
Operating margin 15% 19% 18%
Pay-TV Nordic 148 125 18 597
Operating margin 17% 17% 19%
Central & Eastern Europe 59 51 16 304
Operating margin 12% 13% 17%
Associated Companies 162 138 17 432
Other & Eliminations 2 3 19
Total EBIT 481 457 5 1,913

5. Viasat Broadcasting
Geographical Segmentation – Rolling 12 Months
Q1 2006 Q1 2007
16% Sales
23%
37%
43% FTA Swe/No/Dk
Pay-TV Nordic
CEE
41%
40%
Q1 2006 Q1 2007
17% EBIT (Including CTC Media) 24%
28%
40% FTA Swe/No/Dk
9%
Pay-TV Nordic
CEE 16%
CTC Media
34% 32%

6. Free-to-air TV Scandinavia
Focus 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%

7. Free-to-air-TV Scandinavia
Commercial Share of Viewing (15-49)
(%) TV3 & TV6 Sweden TV3 & 3+ Denmark TV3 & ZTV Norway
35
30
25
20
15
10
2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

8. Free-to-air-TV Sweden
Commercial Share of Viewing (15-49)
Indexed Big 3 Ratings development Media Houses CSOV Development
(%)
115 50 Viasat Sweden SBS Broadcasting TV4
TV3 TV4 Kanal 5
110 45
105
40
100
35
95
30
90
25
85
80 20
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2005 2005 2005 2006 2006 2006 2006 2007 2005 2005 2005 2005 2006 2006 2006 2006 2007

9. Free-to-air TV Sweden
Actions 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

10. Free-to-air TV Scandinavia
Sales and Operating Performance – Rolling 12 Months
(SEK million)
3 500 Sales EBIT EBIT Margin 30%
3 000
25%
2 500
20%
2 000
15%
1 500
10%
1 000
5%
500
0 0%
Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007

11. Pay-TV Nordic
Premium Subscriber & ARPU Growth
(’000 subscribers) (SEK) (’000 subscribers)
800 180
700 3 700
160
600 3 500
140
500
120
3 300 100
400
80
300 3 100 60
200 40
2 900 20
100
0
0 2 700
Q3 Q4 Q1 Q2 Q3 Q4 Q1
Q1 2004 Q1 2005 Q1 2006 Q1 2007 2005 2005 2006 2006 2006 2006 2007
Viasat+ & Multiroom Subscriptions
Premium Subscribers Annualized ARPU Viast Golf Subscriptions
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

12. Pay-TV Nordic
Operating performance
(SEK million)
Sales EBIT EBIT Margin
35%
800 30%
600 25%
20%
400 15%
10%
200
5%
0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2004 2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007
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 channels
and 12 third party channels since beginning of 2006
Stable total expensed SAC for fourth quarter in succession

13. Central & Eastern Europe
Operating Performance – Rolling 12 Months (Excl. CTC media)
(SEK million)
Sales EBIT EBIT Margin 40%
2000
35%
1500 30%
25%
1000 20%
15%
500 10%
5%
0 0%
Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007
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

14. 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 2007
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
TV Prima Czech Republic (15+) TV3 & 3+ Estonia (15-49)
TV3 & 3+ Latvia (15-49) TV3 & Tango TV Lithuania (15-49)

15. Free-to-air TV Eastern Europe
Commercial Share of Viewing
(%)
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 2007
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Viasat3 Hungary (18-49) TV3 Slovenia (15-49) DTV Russia (6-54)

16. TV Prima
Czech Republic
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

17. DTV Russia
Rolling 12 Months
(SEK million) (SEK million)
250 30 3,0
CSOV (%)
Sales EBIT
20 2,5
200
10 2,0
150
0 1,5
100 1,0
-10
50 -20 0,5
0 -30 0,0
03
03
04
04
05
05
06
06
07
04
Q 05
Q 05
Q 05
Q 05
Q 06
Q 06
Q 06
Q 06
07
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
1
3
1
3
1
3
1
3
1
4
1
2
3
4
1
2
3
4
1
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
• 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 Mostelecom
distribution agreement & SEK 45 million invested to connect further 500,000
households
• Increasing profitability despite investments

18. Free-to-air TV Baltics
Rolling 12 Months
(SEK million) (%)
Sales EBIT Margin
500 50
45
450 40
35
400
30
350 25
20
300 15
10
250
5
200 0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2004 2005 2005 2005 2005 2006 2006 2006 2006 2007
8% sales growth & 16% operating margin
Pan-Baltic commercial share of viewing (15-49) up to 40.6% (36.2%) with substantial
ratings improvements in Latvia and Lithuania offsetting decline in Estonia

19. Pay-TV East
Subscriber Growth
Premium DTH Subscribers Subscriptions
120 (thousands) 25 (millions)
100 20
80
15
60
10
40
5
20
0 0
1 3
2 4
3 4
4 4
1 4
2 5
Q 005
4 5
1 5
2 6
3 6
4 6
1 6
07
Q 004
Q 004
Q 004
Q 004
Q 005
Q 005
Q 005
Q 005
Q 006
Q 006
Q 006
Q 006
07
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
Q 00
20
20
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
4
3
1
2
3
4
1
2
3
4
1
2
3
4
1
Q
Q
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

20. Pay-TV East
Rolling 12 Months
(SEK million)
300 Sales EBIT EBIT Margin 11%
250 9%
200 7%
150 5%
100 3%
50 1%
0 -1%
-50 -3%
04
05
05
05
05
06
06
06
06
07
20
20
20
20
20
20
20
20
20
20
4
1
2
3
4
1
2
3
4
4
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Doubling of sales to SEK 83 million
SEK 11 million operating profit with operating margin of 13%
DTH platform still in investment phase

21. Radio
Rolling 12 Months
(SEK million) (excl. associated companies)
600 Sales EBIT EBIT Margin 25%
500 20%
400 15%
300 10%
200 5%
100 0%
0 -5%
-100 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 -10%
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

22. Other Businesses
Online Modern Studios
New business segment comprising Net sales of SEK 120 (151) million reflect
CDON.COM, TV-Shop, BET24, Playahead lower sale of TV-productions and format
and MTG New Media licenses by Strix and the discontinuation of
the Bromberg and Engine businesses
Combined sales of SEK 413 (413) million
SEK 2 (3) million operating profit
Combined operating profit of SEK 14 (19)
million Sonet film awarded 6 ‘Guldbaggen’ awards
for ‘Kidz in the Hood’ and ‘The Substitute’
CDON.com sales up 28% to SEK 214
awarded “Best Documentary” price
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

23. All Business Areas
Operating Results
(SEK million) Q1 2007 Q1 2006 Change (%) FY 2006
Net Sales
Viasat Broadcasting 2,003 1,804 11 7,805
Radio 150 81 86 433
Other business areas 533 564 -5 2,192
Parent company & other companies 23 28 111
Eliminations -81 -115 -406
Total net sales 2,629 2,362 11 10,136
Operating income (EBIT)
Viasat Broadcasting 481 457 5 1,913
Radio 6 8 -18 78
Other business areas 16 23 -30 -59
Parent company & other companies -35 -35 -155
Total EBIT 468 453 4 1,777

24. Summary Income Statement
(SEK million) Q1 2007 Q1 2006 FY 2006
Net Sales 2,629 2,362 10,136
Operating income (EBIT) 468 453 1,777
Gain/loss from financial assets - 2 244
Net interest and other financial items -2 -15 -5
Income before tax 467 440 2,016
Tax -151 -135 -517
Net Income for the period 316 305 1,499
Basic number of shares outstanding 67,053,405 66,382,410 67,042,524
Basic earnings per share (SEK) 4.55 4.38 21.57

25. Cash Flow
(SEK million) Q1 2007 Q1 2006 FY 2006
Cash flow from operations 279 238 1,372
Changes in working capital -339 -94 -78
Net cash flow from operations -60 144 1,294
Proceeds from sales of shares - 21 21
Investments in shares in subsidiaries & associates -178 -83 -645
Investments in other non-current assets -72 -30 -329
Other cash flow from investing activities - - 2
Cash flow from/to investing activities -251 -92 -950
Cash flow from/to financing activities 105 -3 -877
Net change in cash and cash equivalents for the period -206 50 -533
17% increase in cash flow from operations
Increased 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

26. Balance Sheet
(SEK million) 31 March 2007 31 March 2006 31 Dec 2006
Non-current assets 5,349 5,520 4,891
Current assets 4,450 4,703 4,314
Total assets 9,799 10,223 9,205
Shareholders’ equity 5,492 5,549 5,105
Long-term liabilities 343 296 305
Current liabilities 3,965 4,377 3,796
Total equity & liabilities 9,799 10,223 9,205
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

27. Outlook
Ratings Improvement & Investment in Growth
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