Q1 2013 Report

18 April 2013 – Modern Times Group MTG AB (publ.) (“MTG” or “the Group”) (Nasdaq
OMX Stockholm Large Cap Market: MTGA, MTGB) today announced its financial
results for the first quarter ended 31 March 2013.
Strong Growth In Emerging Markets

First Quarter Highlights

  · Net sales of SEK 3,223 (3,259) million – up 2% at constant exchange rates
  · Operating income of SEK 219 (341) million when excluding associated company
income
  · Total operating income of SEK 454 (542) million when including SEK 235 (201)
million of associated company income
  · Pre-tax profit of SEK 472 (591) million including SEK -13 (81) million non
-cash impact of change in value of option element of CDON convertible bond
  · Net income of SEK 334 (454) million and basic earnings per share of SEK 4.73
(6.68)
  · Cash flow from operations of SEK 267 (334) million and net cash position of
SEK 17 million compared to a net debt position of SEK 1 million in Q4 2012
  · Quarterly dividend payment of SEK 58 (52) million received from associated
company CTC Media

Forward Expectations

As previously announced, the Group continues to expect its Nordic pay-TV
business to grow its revenues at constant exchange rates in 2013, and to report
an operating (EBIT) margin of approximately 10-12% for the full year 2013. The
segment margin is expected to increase in 2014.

The Group also continues to expect its Emerging Market pay-TV operations to
achieve a breakeven EBIT result for the full year 2013 with rising profitability
levels in 2014.

Comment from President & CEO

Jørgen Madsen Lindemann, President and Chief Executive Officer, commented: “The
first quarter is a seasonally small sales period but these results do indicate
clear positive momentum across the business. The high sales growth in the
emerging market free-TV operations reflected both the first impact of the
strategic sales agreements in the Czech Republic and Bulgaria, as well as
further underlying advertising market share gains in almost all of our
territories on the back of higher ratings. We were the largest free-TV media
house in the Czech Republic for the first time on a quarterly basis, when
measured by advertising market share, and this is a significant milestone for
the Group. Our Scandinavian audience shares have now stabilized or improved and
we will continue to benefit from penetration gains and the addition of new
channels. We will invest in momentum across our territories, in order to capture
market share despite the soft overall advertising environment.”

“On the pay-TV side, the Viaplay online service in the Nordics has continued its
rapid expansion and achieved record number of daily viewers, as well as
consistently high customer ratings. Revenues for the Nordic pay-TV business are
up as expected and primarily reflected the consolidation of the TV3 Sport
channels in Denmark. The emerging market pay-TV businesses have also continued
to expand rapidly by adding satellite subscribers and wholesale subscriptions
year on year. We are investing in the future growth of our Nordic and emerging
markets businesses as planned and profitability levels are tracking accordingly
this year ahead of rising profitability next year.”

“We convert a high proportion of our earnings into cash flow and also receive
dividends from our principal associated company, so we ended the quarter in a
net cash position and with an even stronger balance sheet. We have announced our
intention to pay out an increased dividend to shareholders this year, but we are
a growth company and are more focused than ever on reviewing a wide range of
organic and M&A led investment and partnership opportunities to drive our future
growth.”

* * *

Capital Markets Day

MTG will host its Capital Markets Day on Thursday 13 June 2013 at the Stockholm
Waterfront Congress Centre in Stockholm. The Capital Markets Day will feature a
full day of presentations by MTG executives, which will be followed by an
evening reception.

Conference Call

The company will host a conference call today at 15.00 Stockholm local time,
14.00 London local time and 09.00 New York local time. To participate in the
conference call, please dial:

Sweden:         +46(0)8 5352 6408
UK:                +44(0)20 3450 9987
US:                +1646 254 3367

The access pin code for the call is 1466763

To listen to the conference call online and for further information please visit
www.mtg.se.

* * *

For further information, please visit www.mtg.se, or contact:

Jørgen Madsen Lindemann, President & Chief Executive Officer
Mathias Hermansson, Chief Financial Officer
Tel:                              +46 (0) 8 562 000 50

Matthew Hooper, Executive Vice President of Corporate Communications
Tel:                               +44 (0) 7768 440 414
Email:                           investor.relations@mtg.se / press@mtg.se

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Stockholm, 18 April 2013

Jørgen Madsen Lindemann, President & Chief Executive Officer

Modern Times Group MTG AB
Skeppsbron 18
P.O. Box 2094
SE-103 13 Stockholm, Sweden
Registration number: 556309-9158

Forward-looking information and Safe Harbour Statement under the U.S. Private
Securities Litigation Reform Act of 1995
This report contains forward-looking information based on the current
expectation of MTG management. Although management deems that the expectations
presented by such forward-looking information are reasonable, such forward
-looking information is subject to risks and uncertainties and no guarantee can
be given that these expectations will prove correct. Accordingly, the actual
future outcome could vary considerably when compared to what is stated in the
forward-looking information, due to such factors as described above in the Risks
& Uncertainties section.

Modern Times Group (MTG) is an international entertainment broadcasting group
with operations that span four continents and include free-TV, pay-TV, radio and
content production businesses. MTG’s Viasat Broadcasting operates free-TV and
pay-TV channels, which are available on Viasat’s own satellite platforms and
third party networks, and also distributes TV content over the internet. MTG is
also the largest shareholder in CTC Media, which is Russia’s leading independent
television broadcaster.

Modern Times Group is a growth company and generated net sales of SEK 13.3
billion in 2012. MTG’s Class A and B shares are listed on Nasdaq OMX Stockholm’s
Large Cap index under the symbols ‘MTGA’ and ‘MTGB’.

The information in this Full Year report is that which Modern Times Group MTG AB
is required to disclose under the Securities Market Act and/or the Financial
Instruments Trading Act. It was released for publication at 13.00 CET on 18
April 2013.