MTG

JUNE 2014

SHAPING THE FUTURE OF ENTERTAINMENT

A UNIQUE

PLATFORM

A SUCCESSFUL

TRACK RECORD (10Y) A BRIGHT FUTURE

THE STORY A UNIQUE BUSINESS MODEL WITH A BRIGHT FUTURE

11% SALES CAGR

15% EBIT CAGR

27% ROCE (AVE.)

11% TSR CAGR

INTEGRATED & DIVERSIFIED

TV EVERYWHERE & FOR EVERYONE

DECENTRALIZED

RISING VIDEO CONSUMPTION

CONTENT RICH

DIGITAL DELIVERY & ENGAGEMENT

2

COST FOCUS & OPERATIONAL EXCELLENCE

GROWTH + VALUE CREATION

CONTENT DIGITAL GEO EXPANSION

LONG TERM VALUE CREATION

BASED ON CLEAR GROWTH STRATEGY

3 3

REVENUE SPLIT BY TYPE (2013) REVENUE SPLIT BY SEGMENT (2013)

28%

41%

31%

Emerging Markets Pay-TV Nordic Free-TV Scandinavia

44%

47%

9%

Advertising Subscription Other

A WELL-BALANCED GROUP OUR INTEGRATED STRUCTURE IS A KEY USP

4

CONTENT REMAINS KING

AND WE ARE THE BIGGEST BUYER IN TOWN

879,470

481,800 394,200

297,840 236,520 210,240

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

MTG RTL Bonnier Mediaset CME Pro7

TOTAL NUMBER OF BROADCAST HOURS (2013)

SOURCE: MTG Research 5

LONG TERM PARTNERSHIPS

WITH RELEVANT CONTENT PROVIDERS

6

• Extended catch-up and preview on AVOD

• Longer license period for series on SVOD

• All devices allowed for distribution

• Temporary download for SVOD

• Increased runs on FTV features

• Conversion rights to allocate content best

• Spend allocation for platform of choice

• No extra costs on library films

• Volume discounts and fee removals

• Decrease on year-on-year escalation

THE NEW MODEL

DRIVING UTILIZATION & MONETIZATION

INCREASED CONTENT UTILIZATION CONTENT ACQUISITIONS FLEXIBILITY

7

Season 1-8 Available

24: LIVE ANOTHER DAY

CROSS-COLLABORATION

Season 9 US Premiere

Exclusive Premiere

24 hour promotion

Premiere on Free-TV

Available on Catch-up

1 Month Before US Premiere

US Premiere 1 Day after US

Premiere 1 Day Before

Free-TV Premiere 1 Week after US Premiere

1 Day after Free-TV Premiere

Premiere on 6 May attracted record number of daily users for an acquired series – more than 2x number of users for any other acquired series ever!

8

SOURCE: Nielsen Cross Platform reports

Q3 ‘09

297 296

TRADITIONAL TV LIVE TV TIME SHIFTED TV

Q3 ‘08

ONLINE/MOBILE VIDEO ONLINE VIDEO MOBILE VIDEO

Q3 ‘13

314

Q3 ‘12

314

Q3 ‘11

307

Q3 ‘10

306 +17% CAGR

ONLINE/MOBILE VIDEO

0.4% CAGR

TRADITIONAL

VIDEO USAGE IS GROWING

ONLINE STILL VERY SMALL BUT GROWING QUICKLY

VIDEO USAGE IN THE USA – AVERAGE MINUTES PER DAY PER USER (2+)

9

WE ARE WELL POSITIONED

AS WE HAVE THE CONTENT YOU LOVE

10

WE ARE WELL POSITIONED

AS WE HAVE THE TV YOU LOVE

11

WE ARE WELL POSITIONED

AS WE HAVE THE SPORTS YOU LOVE

12

WE ARE WELL POSITIONED

AS WE HAVE THE GAMES YOU LOVE

13

14

A SCALE CONTENT PLAYER

WE HAVE QUADRUPLED IN SIZE - NOW #1 IN THE NORDICS

with an EXPANDING emerging markets FOOTPRINT

and GLOBAL distribution CAPABILITY

14

15

TRACE is an international brand & media group with 15

successful pay-TV and digital platforms that are available in 160

countries including every single one in Africa

TRACE

THE NEXT BIG STEP IN AFRICA

15

HEALTHY GROWTH, HIGH MARGINS, STRONG CASH FLOW AND NO GEARING

SHAREHOLDER FRIENDLY

APPROACH WITH TOP>50% CASH DIVIDEND PAY-OUT

REPRESENTS C. 20% OF

OUR MARKET CAP 0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0

50

100

150

200

250

300

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

OIBDA (excl. NRI) OIBDA (excl. NRI) margin

EBITDA / OIBDA (USDM)

HEALTHY RECOVERY POST FINANCIAL CRISIS

16

STRONG TRACK RECORD – WE HAVE A PROVEN BUSINESS MODEL

INTEGRATED AND DIVERSIFIED – BECOMING INCREASINGLY IMPORTANT

PLATFORM AGNOSTIC – BECOMING THE INDUSTRY REALITY

THE POWER OF TV IS STILL VERY STRONG

CONTENT RICH IN A WORLD WITH RISING VIDEO CONSUMPTION

MTG IS FIT FOR PURPOSE TODAY AND FUTURE PROOF FOR TOMORROW

SUMMARY INVESTMENT CASE

17

MTG

JUNE 2014

SHAPING THE FUTURE OF ENTERTAINMENT