APPOINTMENT OF THREE NEW CDON GROUP BOARD DIRECTORS

APPOINTMENT OF THREE NEW CDON GROUP BOARD DIRECTORS

Modern Times Group MTG AB (publ.) (‘MTG' or ‘the Group'), the
international entertainment broadcasting group, today announced the
appointment of  three new non-executive Board Directors to its wholly
owned subsidiary CDON Group AB (‘CDON Group'). The new Board Members are
Florian Seubert, Mengmeng Du and  Lars Nilsson. Florian Seubert and
Mengmeng Du are both independent of MTG and the management and
shareholders of CDON Group. The other existing members of the CDON Group
Board of Directors are Hans-Holger Albrecht (Chairman), Mia Brunell
Livfors, Lars-Johan Jarnheimer, Anders Nilsson and Henrik Persson.

Florian Seubert is co-founder of leading European online pet supplies
retailer zooplus, and has been a Member of the company's Management
Board and Chief Financial Officer since 2000. Zooplus has been listed on
the Frankfurt Stock Exchange since 2008. Florian is also the founder and
a Director of various zooplus subsidiaries and affiliates around the
world, and was previously an Associate with JPMorgan Securities. Florian
holds a Master of Arts degree in Politics, Philosophy and Economics from
the University of Oxford. 

 Mengmeng Du has been Project Leader at Alumni, an executive search and
leadership services consultancy since 2010. She was Vice President
Product Development of Stardoll, the world's largest online fashion and
games community for girls, from 2009, prior to which she was Project
Manager and Director of Product Development at Stardoll. Before joining
the company in 2008, Mengmeng was a management consultant with Bain &
Company in Sweden from 2005. She holds a Masters of Science in Economics
and Business from Stockholm School of Economics and a Master of Science
in Computer Science and Engineering from the Royal Institute of
Technology in Stockholm.

 Lars Nilsson has been Executive Vice President and Chief Financial
Officer of Tele2 since 2007 and was Interim President and CEO of the
company during 2010. Lars was previously Executive Vice President and
Chief Financial Officer of Axfood AB, one of the largest food retailers
in Scandinavia; CFO of Fritidsresegruppen; President and CEO of Aros
Fondkommission, and CFO of ABB Financial Services. Lars holds a Master
Degree in Economics from Linköping University in Sweden.

 Mathias Hermansson is no longer a Member of the Board of Directors of
CDON Group.

 The Audit Committee of CDON Group will comprise Lars Nilsson as
Chairman and Florian Seubert and Anders Nilsson as Members. The
Remuneration Committee will comprise Mia Brunell Livfors as the Chairman
and Hans-Holger Albrecht  and Lars-Johan Jarnheimer as Members.

Hans-Holger Albrecht, President and CEO of MTG and Chairman of CDON
Group, commented: “These new appointments add further strength and depth
to the CDON Group Board ahead of the planned demerger of the business
from MTG. Florian, Mengmeng and Lars bring substantial experience and
industry knowledge, which will be invaluable in the further development
of CDON Group.”

***

ABOUT CDON GROUP 

CDON Group comprises all of MTG's internet retailing operations and is
expected to be spun-off from MTG by means of a demerger and distribution
of CDON Group shares to MTG shareholders in the fourth quarter of 2010.

MTG's internet retailing business was launched in February 1999 with the
introduction of CDON.COM, which initially sold music CDs via internet
sites in Sweden, Norway and Denmark. CDON.COM is now the number one
online retailer of entertainment products in the Nordic region, with a
broad offering of CDs, DVDs, computer games, books and electronic
products, as well as music downloads and on-demand film streaming
services. Finnish internet book retailer BookPlus.fi was acquired in
2007 and Swedish online toy retailer Lekmer.se was acquired recently in
April 2010.

CDON Group's Fashion business was established in 2007 with the
acquisition of fashion retailer Nelly.com and children's clothing
retailer LinusLotta.com, and the Health & Sports business was
established in 2008 with the acquisition of nutritional supplement
retailer Gymgrossisten.com and dietary and health supplement retailer
Bodystore.com.

Mikael Olander has been President and Chief Executive Officer of CDON
since 2000 and of MTG Internet Retailing since it was established in
2007.

Please visit www.mtg.se (http://www.mtg.se/) for further information
about CDON Group and its businesses.

***

For further information, please visit www.mtg.se (http://www.mtg.se/) or
contact:

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

Investor & Analyst Enquiries:
Matthew Hooper
Tel: +44 (0) 7768 440 414
Email: investor.relations@mtg.se (investor.relations@mtg.se) 

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