MTG: ISSUE AND REPURCHASE OF CLASS C SHARES

June 18 2009

Modern Times Group MTG AB (publ.) (‘MTG’ or ‘the Group’), the international entertainment broadcasting group, today announced that it has issued and immediately repurchased 370,000 new Class C shares. The shares have been issued and repurchased in accordance with the terms of the performance-based incentive programme, which was approved by the MTG Annual General Meeting of shareholders held on 11 May 2009.

Nordea Bank AB subscribed for the entire issue of new Class C shares at a subscription price of SEK 5.00 per share. The entire issue of Class C shares has then been repurchased by MTG for SEK 5.00 per share.

The shares were issued in order to enable the future delivery of Class B shares to senior executives participating in the Group’s incentive programme. The Class C shares will be converted into Class B shares prior to delivery to qualifying participants. Class C shareholders are not entitled to dividend payments.

MTG now holds a total of 850,000 Class C shares, having previously issued and repurchased 480,000 Class C shares on 28 August 2008 in accordance with the terms of the incentive programme approved by the MTG 2008 Annual General Meeting of shareholders.

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