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. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net 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