MTG: ISSUE AND REPURCHASE OF CLASS C SHARES

Modern Times Group MTG AB (publ.) (‘MTG’ or the ‘Group’), the international entertainment broadcasting group, today announced that it has issued and immediately repurchased 480,000 new Class C shares. The shares have been issued and repurchased in accordance with the Group’s performance-based incentive programme, which was approved by the Group’s Annual General Meeting of shareholders held on 14 May 2008.

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 purpose of the share issue is 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.

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

Hans-Holger Albrecht, President & CEO
Tel: +46 (0) 8 562 000 50

Investor & Analyst Enquiries
Matthew Hooper / Oscar Hyléen
Tel: +44 (0) 7768 440 414 / +46 (0) 707 620 024
Email: investor.relations@mtg.se

Press Enquiries
Bert Willborg
Tel: +44 (0) 791 2280 850
Email: bert.willborg@mtg.se