SECOND QUARTER HIGHLIGHTS •Group net sales up 12% to SEK 1,979 (1,772) million •Group operating income up 60% to SEK 337 (210) million •Net intake of 28,000 premium DTH subscribers •TV3 Scandinavia operating profit up 54% to SEK 107 (69) million on stable sales of SEK 635 (635) million •Net income up 50% to SEK 211 (141) million •Earnings per share up to SEK 3.18 (2.13) FIRST HALF YEAR HIGHLIGHTS •Group net sales up 11% to SEK 3,721 (3,343) million •Group operating income up 60% to SEK 515 (321) million •Net intake of 53,000 premium DTH subscribers •TV3 Scandinavia more than doubles operating profit to SEK 153 (63) million on net sales up 7% to SEK 1,196 (1,122) million •Net income of SEK 690 (186) million including net gain of SEK 389 million from sale of shares •Earnings per share up to SEK 10.39 (2.81) Hans-Holger Albrecht, President and CEO of MTG, commented: “These results clearly demonstrate the advantages of our integrated free-to-air and pay-TV operating structure. We have delivered 12% growth in the quarter and increased margins in each of our core broadcasting businesses, as well as at a group level. The rapid growth in our East European operations more than compensated for the weak advertising market in Denmark and the short-term rating problems in TV3 Sweden. The channel’s performance was also impacted by the strategic move of the majority of the World Championship ice hockey games to Viasat’s pay-TV channels.” “The resolution of the historic piracy problems on our pay-TV platform, together with the further enhancement of our premium channel offering, have resulted in continued high levels of quarterly net subscriber intake. We have a powerful programming line-up for the Fall in order to increase our channel ratings and share of viewing, whilst the launch of our PVR offering will further enhance the pay-TV platform’s position.” “We continue to benefit from structural changes in the Scandinavian TV markets and our flexible and cost-efficient operating platform, as well as to capitalise on the investments made over the last few years. We are well-positioned in terms of further technology changes in the way in which content is delivered to viewers, and our increasing exposure to higher growth markets in Eastern Europe presents substantial opportunities for the Group moving forward. MTG has continued to report record operating results and we are on track with the strategic goals that we have set.” Stockholm, 25 July 2005. Hans-Holger Albrecht President & Chief Executive Officer Modern Times Group MTG AB Skeppsbron 18 Box 2094 103 13 Stockholm Registration number: 556309-9158 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 Mia Brunell, Chief Financial Officer tel: +46 (0) 8 562 000 50 Matthew Hooper, Corporate Communications tel: +44 (0) 7768 440 414