Completion of Metro refinancing

August 26 2003

NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA OR JAPAN

THESE MATERIALS ARE NOT AN OFFER FOR SALE OF METRO INTERNATIONAL S.A.
SHARES IN THE UNITED STATES. METRO INTERNATIONAL SHARES MAY NOT BE SOLD
IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM
REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. IT IS
NOT INTENDED THAT ANY PORTION OF THE OFFERING WILL BE REGISTERED IN THE
UNITED STATES OR THAT A PUBLIC OFFERING OF SHARES WILL BE CONDUCTED IN
THE UNITED STATES.

COMPLETION OF METRO REFINANCING

Modern Times Group MTG AB, the international media group, today
announced the completion of the conversion of its total interest-bearing
loans to Metro International S.A. (“Metro”) into Metro A and B shares.

MTG’s total shareholding in Metro following the conversion is 52,328,114
class A shares and 96,860,828 class B shares, equivalent to a 28.4%
economic interest and a 19.9% voting interest. Prior to the conversion
and the rights issue MTG’s holding in Metro amounted to 1.3 million
class A shares and 3.3 million class B shares. The new shares will be
issued today and will commence trading on the Stockholmsbörsen on the 27
August 2003.

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

Hans-Holger Albrecht, President & CEO tel: +46 (0) 8 562 000 50
Matthew Hooper, Investor & Press Enquiries tel: +44 (0) 20 7321 5010

Modern Times Group MTG AB has five business areas: Viasat Broadcasting
(free-to-air and pay-TV broadcasting operations in nine countries and
teletext operations in four countries), Radio (seven national networks
or local stations in five countries), TV-Shop (home shopping and
logistics), SDI Media (subtitling and dubbing services), and Modern
Studios (content production and distribution).

Modern Times Group MTG AB class A and B shares are listed on the
Stockholmsbörsen O-list (symbols: MTGA and MTGB) and ADRs are listed on
the Nasdaq National Market (symbol: MTGNY).

This press release contains certain “forward-looking statements” with
respect to our expectations and plans, strategy, management’s
objectives, future performance, costs, revenues, earnings and other
trend information. It is important to note that our actual results in
the future could differ materially from those anticipated in forward-
looking statements depending on various important factors. Please refer
to the documents we have filed with the U.S. Securities and Exchange
Commission under the U.S. Securities Exchange Act of 1934, as amended,
including our most recent annual report on Form 20-F, for a discussion
of certain of these factors.

All forward-looking statements in this press release are based on
information available to us on the date hereof. All written or oral
forward-looking statements attributable to Modern Times Group, any
Modern Times Group members or persons acting on our behalf are expressly
qualified in their entirety by the factors referred to above. We do not
intend to update these forward-looking statements.


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The following files are available for download:
http://www.waymaker.net/bitonline/2003/08/26/20030826BIT00760/wkr0001.doc
http://www.waymaker.net/bitonline/2003/08/26/20030826BIT00760/wkr0002.pdf

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