SUCCESSFUL COMPLETION OF SUBORDINATED CONVERTIBLE BOND OFFERING Modern Times Group MTG AB, the international media group, today announced that its E120 million subordinated convertible bond offering has been successfully completed. The bonds have been priced at the bottom of the coupon and yield to maturity range (5.50 - 6.0%) and towards the top of the conversion premium range (25 - 30%). The bonds will have an annual coupon and yield to maturity of 5.50%. The conversion price is SEK 385.97, representing a 28.0% premium to the volume weighted average MTG B share price over the past three days of SEK 301.54. Each bond will be convertible into 23.258 MTG B shares using a fixed currency exchange rate of SEK 8.977 to E 1.0. The settlement date is 15 June 2001. The offering was ten times over-subscribed. The bonds will be issued and redeemed at 100% (par value) and be listed in Luxembourg. MTG has also granted an over-allotment option of E20 million to Deutsche Bank, the sole bookrunner and sole lead manager of the offering. The Bond offering is rated BB- by leading credit rating agency Standard & Poor's, who have assigned a BB+ corporate credit rating to MTG. ING Barings and Nordea Securities acted as co-lead managers in the offering. Hans-Holger Albrecht, President & CEO of MTG, commented: "We are delighted that the response to the offering has been so strong. The funds raised will provide us with the flexibility to pursue our stated strategy of geographical expansion, and to leverage our content and multiple distribution platforms by extending our reach into new markets." 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 Investor / Media Relations tel: +44 (0) 20 7321 5010 Modern Times Group MTG AB has seven business areas: Viasat Broadcasting (free-to-air and pay TV channels in nine countries), Radio (seven networks in five countries), New Media (the Everyday interactive TV portal, Internet portal, Mobile portal, and teletext services), Publishing (financial news and information services), Modern Interactive ( home shopping, e-commerce, and logistics), SDI Media (subtitling and dubbing services), and Modern Studios (content production and library). Modern Times Group MTG AB's class A and B shares are listed on the Stockholmsbörsen O list ( symbols: MTGA and MTGB) and on the Nasdaq National Market in New York (symbol: MTGNY). This announcement is not, and is not intended to be, an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933. There is not, and is not intended to be, a public offering of the Securities in the United States. Modern Times Group MTG AB Skeppsbron 18, Box 2094, SE-103 13 Stockholm, Sweden Tel. +46 8 562 000 50 Fax. +46 8 20 50 74 (Publ) Registration No. 556309- 9158 www.mtg.se ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/23/20010523BIT01120/bit0002.doc http://www.bit.se/bitonline/2001/05/23/20010523BIT01120/bit0002.pdf