Exhibit 4.4

MASTER LOAN AGREEMENT

between

Metro International S.A., Bertrange, Luxembourg, as Borrower

and

Modern Times Group MTG AB, Stockholm, Sweden, as Lender

Whereas:

The Lender is a significant shareholder of the Borrower.

Now,
the Lender and the Borrower anticipate, in connection with the above, entering into one or more loan transactions (each a "Loan"). The parties agree that each Loan will be governed by the terms
and conditions set forth in this Master Agreement and in the documents (each a "Drawdown") exchanged between the parties confirming such Loan. Each Drawdown constitutes a supplement to and forms a
part of this Master Agreement, so that this Master Agreement and all Drawdowns constitute a single agreement with the parties (collectively referred to as the "Agreement").

A
form of Drawdown notice is included in this Master Agreement in Schedule 1. The parties acknowledge that all Loans are made in reliance on the fact that this Master Agreement and all Drawdowns will
form a single agreement between the parties. Accordingly, the parties agree as follows:

1.    Drawdowns

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2.    Interest

3.    Repayment

The
Borrower shall repay the Loan(s) in full no later than August 15, 2003.

4.    Late Payment

Overdue
principal and, to the extent permitted by law, overdue interest and any overdue amount payable, by the Borrower under the Agreement, will bear interest at a rate per annum equal to 5% per
annum above the rate offered by the Lender in the currency of and in the amount comparable to the overdue amount. Such interest for late payment will accrue on a daily basis and will be payable on
demand.

5.    Net Payments

All
payments made by the Borrower hereunder will be made without set-off or any other defence. All such payments will be made free and clear of, without deduction or withholding for, any present or
future taxes, levies, duties or other charges or whatever nature now or hereafter imposed by any jurisdiction or by any taxing authority together with all interests, penalties or similar liabilities
with respect thereto.

6.    New Circumstances

If
as a result of the introduction or a change in any applicable law, rule, regulation (concerning issues such as taxes) or the official interpretation thereof, the conditions of the Lender's
participation in the Agreement are significantly alteredas determined by the Lender in its sole discretion, the Lender, shall promptly inform the Borrower of such an
incident. The parties would then negotiate in good faith with a view to finding a solution for continuing the Agreement.

The
Borrower irrevocably undertakes to pay to the Lender such additional amount as determined by the Lender to be necessary to compensate the Lender for the additional cost or the reduced income
undergone by the Lender as a result thereof. However, in such a case the Borrower will have the right to terminate the Agreement by promptly giving notice thereof.

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7.    Events of Default

The
obligation of the Lender under the Agreement shall terminate forthwith and any Loan outstanding, together with interest and other costs accrued thereon, shall become immediately due and payable
without any notice or legal proceeding being required, if any of the following events occur:

In
all cases the Borrower shall indemnify the Lender for all relevant losses and/or expenses related to the event of default incurred by the Lender as a consequence of the Borrower's default.

8.    Information

The
Borrower shall provide the Lender with a copy of its audited annual accounts for the relevant financial year within six months after the end of each financial year and, if published, a copy of
each quarterly report.

The
Borrower undertakes promptly to inform the Lender of any occurrence of which it becomes aware which might adversely affect its ability to perform its obligations under this Agreement.

9.    Evidential Force of Lender's Records

As
against the Borrower, an extract from the Lender's records, signed by the Lender, shall serve as prima facie evidence, subject to the contrary produced by the Borrower.

10.    Costs and Expenses

All
costs and expenses linked with the execution and enforcement of this Agreement will be entirely borne by the Borrower.

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11.    Law and Jurisdiction

This
Agreement, as well as all rights and duties arising therefrom, shall be governed by the law of the Kingdom of Sweden. Place and jurisdiction for both parties of this Agreement is Stockholm. The
Borrower, however, may also be sued before any other competent court in any country where any of the Borrower's assets are situated.

To
the extent that the Borrower may in any jurisdiction claim for itself or its assets immunity from suit, execution, attachment (whether in aid of execution, before judgement or otherwise) or other
legal process and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed) the Borrower hereby irrevocably agrees not to claim
and hereby irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction.

12.    Assignment

The
Borrower may not assign or transfer any of its rights or obligations under this Agreement. The Lender can freely transfer the obligations under this Agreement to any other party who agrees to
assume the obligations to the Borrower.

13.    Agreement Period

The
Agreement period starts on the signing date below and ends on August 15, 2003, or any earlier date on which all monies owed by the Borrower to the Lender under this Agreement has been paid
in full.

14.    Counterparts

This
Agreement shall be executed in two originals, one for the Borrower and one for the Lender.

This Master Loan Agreement is signed August 15, 2000.

|Metro International S.A.                    |  | Modern Times Group MTG AB                                                     
|------------------------------------------- |  | ------------------------------------------------------------------------------
|/s/ Pelle TörnbergSigned by: Pelle Törnberg |  | /s/ Pelle Törnberg        /s/ Stig NordinSigned by: Pelle Törnberg/Stig Nordin

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