Stockholm, 26 July 2006 – Modern Times Group MTG AB (“MTG” or “the Group”) (Stockholmsbörsen: MTGA, MTGB) today announced its financial results for the second quarter and six months ended 30 June 2006. The Group’s consolidated accounts have been prepared according to International Financial Reporting Standards (IFRS) as adopted by the European Union. SECOND QUARTER HIGHLIGHTS •Group net sales up 30% to SEK 2,577 (1,975) million •Group operating income up 58% to SEK 486 (308) million •Viasat Broadcasting net sales up 38% to SEK 2,185 (1,583) million and operating income up 52% to SEK 507 (333) million •Net income up 80% to SEK 348 (193) million •Basic earnings per share up 66% to SEK 4.78 (2.88) •Successful Initial Public Offering of CTC Media, Inc. •Repayment of EUR 120 million convertible loan •Ongoing distribution of Metro International S.A. shares FIRST HALF YEAR HIGHLIGHTS •Group net sales up 33% to SEK 4,939 (3,713) million •Group operating income up 81% to SEK 938 (519) million •Viasat Broadcasting net sales up 40% to SEK 4,125 (2,940) million and operating income up 66% to SEK 965 (581) million •Net income of SEK 653 (695) million (including SEK 389 million net gain from the sale of TV4 shares in 2005) •Basic earnings per share of SEK 9.16 (10.44) (including SEK 5.86 per share net gain from the sale of TV4 shares in 2005) Hans-Holger Albrecht, President and CEO, commented: “Record second quarter and first half year results again reflect continued growth and increasing profitability in each of our three key broadcasting businesses, with a particularly strong performance by the Central and East European operations and assets. The IPO of CTC Media has highlighted the value creation that is possible in these high growth markets, with the US$ 83 million that we have invested to date for our 39.6% current shareholding valued at US$ 1.1 billion by the public equity markets at the end of the quarter. The addition of the Czech and Slovenian assets, as well as the investments in DTV in Russia and Viasat3 in Hungary, underline the strategic emphasis on increasing our exposure to these markets, in order to generate attractive returns for shareholders. The distribution of the Metro shares further focuses the Group on our core broadcasting operations, as well as unlocking the significant return on investment that has been generated by our involvement in the development of the Metro business. “33% year on year sales growth, 81% operating profit growth and a 19% Group operating margin place us firmly on track to deliver our five year strategic objectives, and have enabled us to generate a 26% return on average capital employed over the past twelve months.”