Exhibit 4.8

EXECUTION COPY

AGREEMENTrelating toSEK 800,000,000 Multi-currency Revolving Credit FacilityCo-ordinated byDEUTSCHE BANK AG        LONDONforMODERN TIMES GROUP MTG AB (publ)AgentDEUTSCHE BANK LUXEMBOURG S.A.





ALLEN & OVERYLondon

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CONTENTS

|Clause |  | Heading                                |  | Page                                   
|------ |  | -------------------------------------- |  | ---------------------------------------
|1      |  | Purpose and definitions                |  | 1                                      
|       |  | 1.1                                    |  | Purpose                                
|       |  | 1.2                                    |  | Definitions                            
|       |  | 1.3                                    |  | Headings                               
|       |  | 1.4                                    |  | Construction of certain terms          
|       |  | 1.5                                    |  | Majority Banks                         
|2      |  | The Facility                           |  | 14                                     
|       |  | 2.1                                    |  | Amounts                                
|       |  | 2.2                                    |  | Obligations several                    
|       |  | 2.3                                    |  | Interests several                      
|3      |  | Conditions                             |  | 14                                     
|       |  | 3.1                                    |  | Documents and evidence                 
|       |  | 3.2                                    |  | General conditions precedent           
|       |  | 3.3                                    |  | Waiver of conditions precedent         
|       |  | 3.4                                    |  | Notification                           
|4      |  | Utilisations                           |  | 15                                     
|       |  | 4.1                                    |  | Borrower's election                    
|       |  | 4.2                                    |  | Maximum Outstandings                   
|       |  | 4.3                                    |  | Advances                               
|       |  | 4.4                                    |  | Amount and Term                        
|       |  | 4.5                                    |  | Selection of currencies                
|       |  | 4.6                                    |  | Limit on currencies; non-availability  
|       |  | 4.7                                    |  | Currency amounts                       
|       |  | 4.8                                    |  | Notification to Banks                  
|       |  | 4.9                                    |  | Application of proceeds                
|5      |  | Bank Guarantees                        |  | 16                                     
|       |  | 5.1                                    |  | Receipt of Utilisation Notices         
|       |  | 5.2                                    |  | Completion of Utilisation Notices      
|       |  | 5.3                                    |  | Notification of Banks                  
|       |  | 5.4                                    |  | Authority of Agent                     
|       |  | 5.5                                    |  | Issue of Bank Guarantees               
|       |  | 5.6                                    |  | Notification of the Borrower           
|       |  | 5.7                                    |  | Extension or renewal of Bank Guarantees
|       |  | 5.8                                    |  | Notification of extensions/renewals    
|6      |  | Interest and Bank Guarantee Commission |  | 17                                     
|       |  | 6.1                                    |  | Normal interest rate                   
|       |  | 6.2                                    |  | Applicable Margin                      
|       |  | 6.3                                    |  | Interest for late payment              
|       |  | 6.4                                    |  | Notification of interest rate          
|       |  | 6.5                                    |  | Reference Bank quotations              
|       |  | 6.6                                    |  | Market disruption; non-availability    
|       |  | 6.7                                    |  | Bank Guarantee Commission              
|7      |  | Repayment, cancellation and prepayment |  | 19                                     
|       |  | 7.1                                    |  | Repayment of Outstandings              
|       |  | 7.2                                    |  | Currency rollovers                     
|       |  | 7.3                                    |  | Termination Date                       
|       |  | 7.4                                    |  | Voluntary cancellation of Commitments  
|       |  | 7.5                                    |  | Termination of Commitments             
|       |  | 7.6                                    |  | Mandatory prepayments                  
|       |  | 7.7                                    |  | Voluntary prepayment                   
|       |  | 7.8                                    |  | Amounts payable on prepayment          
|       |  | 7.9                                    |  | Notice of prepayment                   
|       |  | 7.10                                   |  | No other prepayments                   
|       |  |                                        |  |                                        

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|8  |  | Fees and expenses                             |  | 21                                                           
|-- |  | --------------------------------------------- |  | -------------------------------------------------------------
|   |  | 8.1                                           |  | Fees                                                         
|   |  | 8.2                                           |  | Expenses                                                     
|   |  | 8.3                                           |  | Value Added Tax                                              
|   |  | 8.4                                           |  | Stamp and other duties                                       
|9  |  | Payments and Taxes; accounts and calculations |  | 22                                                           
|   |  | 9.1                                           |  | No set-off or counterclaim; distribution to the Banks        
|   |  | 9.2                                           |  | Payments by the Banks                                        
|   |  | 9.3                                           |  | Non-Banking Days                                             
|   |  | 9.4                                           |  | Agent may assume receipt                                     
|   |  | 9.5                                           |  | Grossing-up for Taxes                                        
|   |  | 9.6                                           |  | Qualifying Banks                                             
|   |  | 9.7                                           |  | Claw-back of Tax benefit                                     
|   |  | 9.8                                           |  | Certification to secure a Tax benefit                        
|   |  | 9.9                                           |  | Bank accounts                                                
|   |  | 9.10                                          |  | Partial payments                                             
|   |  | 9.11                                          |  | Calculations                                                 
|   |  | 9.12                                          |  | Certificates conclusive                                      
|   |  | 9.13                                          |  | Effect of monetary union                                     
|10 |  | Guarantee                                     |  | 26                                                           
|   |  | 10.1                                          |  | Covenant to pay                                              
|   |  | 10.2                                          |  | Guarantors as principal debtors; indemnity                   
|   |  | 10.3                                          |  | No security taken by Guarantors                              
|   |  | 10.4                                          |  | Interest                                                     
|   |  | 10.5                                          |  | Continuing security and other matters                        
|   |  | 10.6                                          |  | New accounts                                                 
|   |  | 10.7                                          |  | Liability unconditional                                      
|   |  | 10.8                                          |  | Collateral Instruments                                       
|   |  | 10.9                                          |  | Waiver of Guarantor's rights                                 
|   |  | 10.10                                         |  | Suspense accounts                                            
|   |  | 10.11                                         |  | Settlements conditional                                      
|   |  | 10.12                                         |  | Guarantors to deliver up certain property                    
|   |  | 10.13                                         |  | Retention of this guarantee                                  
|   |  | 10.14                                         |  | Changes in constitution or reorganisations of Finance Parties
|   |  | 10.15                                         |  | Other guarantors                                             
|   |  | 10.16                                         |  | Acceding Guarantors                                          
|   |  | 10.17                                         |  | Release of Subsidiaries                                      
|   |  | 10.18                                         |  | Limitation of liability of Guarantors                        
|   |  | 10.19                                         |  | U.S. Guarantors                                              
|11 |  | Representations and warranties                |  | 31                                                           
|   |  | 11.1                                          |  | Repeated representations and warranties                      
|   |  | 11.2                                          |  | Further representations and warranties                       
|   |  | 11.3                                          |  | Repetition                                                   
|   |  | 11.4                                          |  | Acceding Guarantors                                          
|12 |  | Undertakings                                  |  | 34                                                           
|   |  | 12.1                                          |  | Positive covenants                                           
|   |  | 12.2                                          |  | Negative covenants                                           
|   |  | 12.3                                          |  | United States laws                                           
|13 |  | Financial covenants                           |  | 41                                                           
|   |  | 13.1                                          |  | Financial covenants                                          
|   |  | 13.2                                          |  | Auditors' certificate                                        
|   |  | 13.3                                          |  | Cure provisions                                              
|14 |  | Events of Default                             |  | 43                                                           
|   |  | 14.1                                          |  | Events of default                                            
|   |  | 14.2                                          |  | Acceleration                                                 
|   |  | 14.3                                          |  | Demand basis                                                 
|   |  |                                               |  |                                                              

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|15 |  | Indemnities                                  |  | 47                                                                                 
|-- |  | -------------------------------------------- |  | -----------------------------------------------------------------------------------
|   |  | 15.1                                         |  | Miscellaneous indemnities                                                          
|   |  | 15.2                                         |  | Currency of account; currency indemnity                                            
|   |  | 15.3                                         |  | Environmental indemnity                                                            
|   |  | 15.4                                         |  | ESCB reserve requirements                                                          
|16 |  | Unlawfulness and increased costs; mitigation |  | 48                                                                                 
|   |  | 16.1                                         |  | Unlawfulness                                                                       
|   |  | 16.2                                         |  | Increased costs                                                                    
|   |  | 16.3                                         |  | Exceptions                                                                         
|   |  | 16.4                                         |  | Mitigation                                                                         
|17 |  | Set-off and pro rata payments                |  | 49                                                                                 
|   |  | 17.1                                         |  | Set-off                                                                            
|   |  | 17.2                                         |  | Pro rata payments                                                                  
|   |  | 17.3                                         |  | No release                                                                         
|   |  | 17.4                                         |  | No charge                                                                          
|18 |  | Assignment, transfer and funding offices     |  | 50                                                                                 
|   |  | 18.1                                         |  | Benefit and burden                                                                 
|   |  | 18.2                                         |  | No assignment by Obligors                                                          
|   |  | 18.3                                         |  | Transfer                                                                           
|   |  | 18.4                                         |  | Reliance on Transfer Certificate                                                   
|   |  | 18.5                                         |  | Authorisation of Agent                                                             
|   |  | 18.6                                         |  | Construction of certain references                                                 
|   |  | 18.7                                         |  | Lending offices                                                                    
|   |  | 18.8                                         |  | Disclosure of information                                                          
|   |  | 18.9                                         |  | Confidentiality undertaking                                                        
|   |  | 18.10                                        |  | Limitation on certain obligations                                                  
|   |  | 18.11                                        |  | Restrictions on transfers                                                          
|19 |  | Co-ordinator, Agent and Reference Banks      |  | 52                                                                                 
|   |  | 19.1                                         |  | Appointment of Agent                                                               
|   |  | 19.2                                         |  | Agent's actions                                                                    
|   |  | 19.3                                         |  | Agent's duties                                                                     
|   |  | 19.4                                         |  | Agent's rights                                                                     
|   |  | 19.5                                         |  | No liability of Co-ordinator and Agent                                             
|   |  | 19.6                                         |  | Non-reliance on Co-ordinator or Agent                                              
|   |  | 19.7                                         |  | No Responsibility on Co-ordinator or Agent for any Obligor's performance           
|   |  | 19.8                                         |  | Reliance on documents and professional advice                                      
|   |  | 19.9                                         |  | Other dealings                                                                     
|   |  | 19.10                                        |  | Rights of Agent as Bank; no partnership                                            
|   |  | 19.11                                        |  | Amendments; waivers                                                                
|   |  | 19.12                                        |  | Reimbursement and indemnity by Banks                                               
|   |  | 19.13                                        |  | Retirement of Agent                                                                
|   |  | 19.14                                        |  | Change of Reference Banks                                                          
|   |  | 19.15                                        |  | Powers and duties of the Agent as agent in relation to the Subordination Provisions
|   |  | 19.16                                        |  | All enforcement action through the Agent                                           
|20 |  | Notices and other matters                    |  | 57                                                                                 
|   |  | 20.1                                         |  | Notices                                                                            
|   |  | 20.2                                         |  | Electronic communication                                                           
|   |  | 20.3                                         |  | Use of websites                                                                    
|   |  | 20.4                                         |  | Notices through the Agent                                                          
|   |  | 20.5                                         |  | No implied waivers, remedies cumulative                                            
|   |  | 20.6                                         |  | English translations                                                               
|   |  | 20.7                                         |  | Counterparts                                                                       
|   |  | 20.8                                         |  | Obligors                                                                           
|   |  |                                              |  |                                                                                    

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|21        |  | Governing law and jurisdiction                                                         |  | 60                          
|--------- |  | -------------------------------------------------------------------------------------- |  | ----------------------------
|          |  | 21.1                                                                                   |  | Law                         
|          |  | 21.2                                                                                   |  | Submission to jurisdiction  
|          |  | 21.3                                                                                   |  | Agent for service of process
|Schedules |  |                                                                                        |  |                             
|1         |  | Part AThe Original Guarantors                                                         |  | 61                          
|          |  | Part BThe Banks and their Commitments                                                 |  | 62                          
|2         |  | Form of Utilisation Notice                                                             |  | 63                          
|3         |  | Conditions Precedent                                                                   |  | 64                          
|4         |  | Calculation of Additional Cost                                                         |  | 65                          
|5         |  | Form of Transfer Certificate                                                           |  | 66                          
|6         |  | Part ACompliance Certificate to be delivered by an Authorised Officer of the Borrower |  | 70                          
|          |  | Part BCompliance Certificate to be delivered by the auditors of the Group             |  | 71                          
|7         |  | Part APrincipal Agreements                                                            |  | 72                          
|          |  | Part BMajor Licences                                                                  |  | 72                          
|8         |  | Part ADeed of Guarantor Accession                                                     |  | 73                          
|          |  | Part BDocuments and evidence to be delivered by Acceding Guarantors                   |  | 74                          
|9         |  | Form of Bank Guarantee                                                                 |  | 75                          
|10        |  | Counter Indemnity                                                                      |  | 78                          
|11        |  | Broadcasting Division                                                                  |  | 79                          
|12        |  | Permitted Loans                                                                        |  | 80                          

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THIS AGREEMENTis dated 30 April 2003 and is madeBETWEEN:



1      Purpose and definitions







1

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2

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3

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4

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5

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6

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7

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8

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9

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10

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11

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12

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13

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2      The Facility







3      Conditions









14

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4      Utilisations













15

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5      Bank Guarantees









16

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6      Interest and Bank Guarantee Commission





17

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(1)
Rate (per cent.
per annum)

(2)
Ratio of Senior Debt to
Consolidated EBITDA1.00
0.875

2:1 or greater
Less than 2:1










18

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7      Repayment, cancellation and prepayment







19

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20

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8      Fees and expenses





21

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9      Payments and Taxes; accounts and calculations









22

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23

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24

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25

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10    Guarantee









26

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27

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28

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29

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30

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11    Representations and warranties

31

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32

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33

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12    Undertakings









34

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35

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36

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37

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38

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39

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40

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13    Financial covenants





(1)
Quarter Day

(2)
Ratioeach Quarter Day falling in 2003

5.0:1each Quarter Day falling in 2004

4.0:1each Quarter Day falling in 2005 and each Quarter Date thereafter

3.0:1






41

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(1)
Quarter Day

(2)
Ratiothe Quarter Day falling on 31 March 2003

2.0:1the Quarter Day falling on 30 June 2003

2.5:1the Quarter Day falling on 30 September 2003

2.5:1the Quarter Day falling on 31 December 2003 and each Quarter Day thereafter

3.0:1








42

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14    Events of Default











43

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44

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45

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46

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15    Indemnities









47

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16    Unlawfulness and increased costs; mitigation







48

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17    Set-off and pro rata payments



49

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18    Assignment, transfer and funding offices





50

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51

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19    Co-ordinator, Agent and Reference Banks





52

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53

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54

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55

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56

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20    Notices and other matters





57

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58

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59

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21    Governing law and jurisdiction







IN WITNESSwhereof the parties to this Agreement have caused this Agreement to be duly executed on the date first above written.

60

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Schedule 1

Part AThe Original Guarantors

|Name                                                                                                  |  | Registration Number
|----------------------------------------------------------------------------------------------------- |  | -------------------
|MTG Broadcasting SA Société anonyme11, boulevard Royal
L-2449 Luxembourg
R.C.S. Luxembourg B.73.791   |  | 73.791             
|MTG Broadcasting Holding AB                                                                           |  | 556580-7806        
|MTG Broadcasting AB                                                                                   |  | 556353-2687        
|ViaSat AB                                                                                             |  | 556304-7041        
|ViaSat Broadcasting UK Limited                                                                        |  | 02228654           
|TV1000 AB                                                                                             |  | 556133-5521        
|MTG Publishing SA
Société anonyme
11, boulevard Royal
L-2449 Luxembourg
R.C.S. Luxembourg B.73.794    |  | 73.794             
|MTG Publishing Holding AB                                                                             |  | 556580-7798        
|MTG Publishing AB                                                                                     |  | 556457-2229        
|MTG Holding AB                                                                                        |  | 556057-9558        
|Modern Times Group MTG A/S (Denmark)                                                                  |  | 13398275           
|ViaSat A/S (Denmark)                                                                                  |  | 10300207           
|3+ Television Ltd                                                                                     |  | 2823600            
|Modern Entertainment Ltd                                                                              |  | 13-3789106         
|Strix Television AB                                                                                   |  | 556345-5624        
|TV 1000 Norge AS                                                                                      |  | 952580108          
|TV6 Broadcasting Group Ltd                                                                            |  | 3072386            
|TV6 Sverige AB                                                                                        |  | 556098-4709        
|MTG Media Services SA Société anonyme11, boulevard Royal
L-2449 Luxembourg
R.C.S. Luxembourg B.73.793 |  | 73.793             
|MTG Media Services Holding AB                                                                         |  | 556580-7848        
|MTG Modern Studios AB                                                                                 |  | 556264-3261        
|TV3 Broadcasting Group Ltd                                                                            |  | 2026891            
|TV-Shop Europe AB                                                                                     |  | 556497-0019        
|Viasat Satellite Services AB                                                                          |  | 556278-7910        
|MTG Internet Retailing AB                                                                             |  | 556406-1702        
|MTG Radio AB                                                                                          |  | 556365-3335        
|Sonet Film Aktiebolag                                                                                 |  | 556103-7283        
|Viasat AS (Norway)                                                                                    |  | 951801879          
|Modern Times Group MTG AS (Norway)                                                                    |  | 912213714          
|Finans Vision AB                                                                                      |  | 556301-5014        

61

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Part BThe Banks and their Commitments

|Name address, e-mail and fax number                                                                                                                                                      |  | Commitment (SEK)
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------
|Deutsche Bank AG London
Winchester House
1 Great Winchester Street
London EC2N 2DB
henrik.johnsson@db.com
Fax number: +44 (0)20 7545 1239                                                |  | 200,000,000     
|ING Bank N.V.
CBSA
Bijlmerplein 888, 1102 MG
Amsterdam
P.O. Box 1800, 1000 BV Amsterdam
Location Code: HE 03.03
The Netherlands
annelies.hartog@ingbank.com
Fax number: + 31 20 56 35239 |  | 200,000,000     
|Nordea Bank Sweden AB (publ)
105 71 Stockholm
Axel.Berning@nordea.com
Fax number: +46(8) 614 7587                                                                                        |  | 200,000,000     
|Svenska Handelsbanken AB (publ)
pera03@handelsbanken.se
Fax number: + 46(8)545 21363                                                                                                     |  | 200,000,000     
|TOTAL                                                                                                                                                                                    |  | 800,000,000     

62

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Schedule 2Form of Utilisation Notice



SEK 800,000,000 Multi-currency Revolving Credit Facility Agreement dated [            ] 2003 (as from time to time amended, varied, extended,
restated, refinanced or replaced, the "Agreement")

We
refer to the Agreement and hereby give you notice that we wish to [draw down an Advance/have a Bank Guarantee issued] on 20    with a
[Term/tenor] of [        ] months.

The
[Advance/Bank Guarantee] shall be denominated in [Swedish Kronor] [name of Optional Currency].

The
amount of the [Advance/Bank Guarantee] is [SEK][name of currency] [            ]].

[The
funds should be credited to [name and number of account] with [details of bank in [principal financial centre for Swedish Kronor or
relevant Optional Currency]].

[The
Beneficiary is [        ].] [Attached hereto are details of the documentation and other instruments
evidencing the guaranteed obligation.]

[Attached
is the form of Bank Guarantee required by the Beneficiary.]

[The
Utilisation is required for the following purposes: [                        ].]

We
confirm that:

Words
and expressions defined in the Agreement shall have the same meanings where used in this notice.

|For and on behalf of Modern Times Group MTG AB (publ) |  |  |  | 
|----------------------------------------------------- |  |  |  | 
|                                                      |  |  |  | 

63

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Schedule 3Conditions Precedent

Documents
and evidence required as conditions precedent to first Utilisation.

64

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Schedule 4Calculation of Additional Cost



65

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Schedule 5Form of Transfer Certificate

Banks are advised not to employ Transfer Certificates without first ensuring that the transaction complies with all applicable laws and regulations, including the Financial
Services Act 1986 and regulations made thereunder.



Transfer Certificate

This
Transfer Certificate relates to:

Terms
defined in the Agreement shall have the same meaning in this Transfer Certificate.

66

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AS WITNESSthe hands of the authorised signatories of the parties hereto on the date appearing below.

67

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The Schedule

|Amount of
Outstanding
Advances and
Currency |  | Maturity Dates |  | Portion transferred
|------------------------------------------- |  | -------------- |  | -------------------
|                                            |  |                |  |                    

Relevant Percentage of Bank Guarantees

|Relevant Percentage |  | Undrawn Face Amount |  | Tenor
|------------------- |  | ------------------- |  | -----
|                    |  |                     |  |      

|Swedish Kronor
Amount of
Commitment
SEK |  | Portion transferred
SEK
|--------------------------------------- |  | -----------------------
|                                        |  |                        

68

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Administrative Details of Transferee

|Funding office:                                                                        |  |              |  |       |  | 
|-------------------------------------------------------------------------------------- |  | ------------ |  | ----- |  | 
|Account for payments:                                                                  |  |              |  |       |  | 
|Telephone:                                                                             |  |              |  |       |  | 
|Telefax:                                                                               |  |              |  |       |  | 
|Attention:                                                                             |  |              |  |       |  | 
|[Existing Bank]                                                                        |  | [Transferee]
|By:                                                                                    |  |              |  | By:   |  | 
|Date:                                                                                  |  |              |  | Date: |  | 
|The Agent                                                                              |  |              |  |      
|By:                                                                                    |  |              |  |       |  | 
|on its own behalf
and on behalf of the Borrower and the other parties to the Agreement
|Date:                                                                                  |  |              |  |       |  | 

69

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Schedule 6

Part ACompliance Certificate to be delivered by an Authorised Officer of the Borrower

|Attention: International Loans and Agency Services |  | [Date]
|-------------------------------------------------- |  | ------

Dear
Sirs,

SEK 800,000,000 Multi-Currency Revolving Credit Facility Agreement dated [    ] 2003 (as from time to time amended, varied, extended,
restated, refinanced or replaced the "Agreement")

We refer to the Agreement and deliver this Certificate in respect of the Fiscal Quarter ended[specify Quarter
Day]pursuant to clause 12.1(i)(ii) thereof. Terms defined in the Agreement shall have the same meaning when used in this Certificate.

We
confirm that based on the Quarterly Management Accounts delivered to the Agent pursuant to clause 12.1(g) of the Agreement in respect of the Fiscal Quarter of the Group ended
[    ]:



Based
on the above, we confirm that on[specify Quarter Day]:



Accordingly,
we confirm that [save as disclosed in this certificate] on[Specify Quarter
Day]the Borrower was in compliance with those covenants contained in clause 13.1(a) to (d) inclusive of the Agreement which were applicable as at
such date.

We(1)
further confirm that, based on the financial statements delivered to the Agent pursuant to clause 12.1(f) of the Agreement in respect of the Fiscal Year ended
[    ]:

---

Accordingly,
we confirm that [save as disclosed in this certificate] on[Specify Quarter
Day]none of the circumstances described in clauses 10.16(a)(i), (ii) or (iii) existed or continued to subsist.

|For and on behalf of
Modern Times Group MTG AB (publ) |  | 
|----------------------------------------------------- |  | 
|Authorised Officer                                    |  | 

70

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Part BCompliance Certificate to be delivered by the auditors of the Group

Deutsche
Bank Luxembourg S.A.
2, Boulevard Konrad Adenauer
L-1115 Luxembourg

Attention:
International Loans and Agency Services

Modern
Times Group MTG AB (publ)
Skeppsbron 18,
Box 2094
S-103 13
Stockholm
Sweden

Attention:
Chief Financial Officer

[Date]

Dear
Sirs

Modern Times Group MTG AB (publ) (the "Borrower") SEK 800,000,000 Multi-Currency Revolving Credit Facility Agreement dated [    ] 2003 (as
from time to time amended, varied, extended, restated, refinanced or replaced, the "Agreement")

We refer to the Agreement and deliver this certificate in respect of the Fiscal Year ended [last day of Fiscal
Year] pursuant to clause 12.1(i)(ii)(B) thereof. Terms defined in the Agreement shall have the same meanings when used in this certificate.

We
have audited the statutory financial statements of [the Borrower/ the Broadcasting Division and the consolidated financial statements of the
Group] for the Fiscal Year ended [last day of Fiscal Year] in accordance with generally
accepted accounting standards in Sweden. Our audit report has been provided to the shareholders and/or the [supervisory board].

We
have been supplied with the Compliance Certificate required pursuant to clause 12.1(i)(ii)(A) of the Agreement in respect of the Fiscal Quarter ended
[Quarter Day, being the last day of the Fiscal Year](the"Compliance
Certificate"), a copy of which is attached.

We
have reviewed the calculations of the financial ratios and other financial information set out in the Compliance Certificate. Our review consisted of:



Based
on our review, we report that the financial ratios set out in the Compliance Certificate have been correctly calculated and the figures used in those calculations and other
financial information set out in the Compliance
Certificate has been correctly extracted from the underlying books and records of the Group. We also report that none of the circumstances described in clause 10.16(a)(i), (ii) or
(iii) exists or continues to subsist.

Yours
faithfully,

[name of Auditors]

71

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Schedule 7

Part APrincipal Agreements

Part BMajor Licences

72

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Schedule 8

Part ADeed of Guarantor Accession

SEK 1,700,000,000 Multi Currency Revolving Credit Facility Agreement dated 22 April 1999 (as from time to time amended, varied, extended, restated, refinanced or
replaced the "First Facilities Agreement")

SEK 800,000,000 Multi Currency Revolving Credit Facility Agreement dated [    ] 2003 (as from time to time amended, varied, extended,
restated, refinanced or replaced the "Second Facility Agreement")

Intercreditor Agreement dated [                        ] 2003 in respect of the First Facilities Agreement and
the Second Facility Agreement (as from time to
time amended, varied, extended, restated, refinanced or replaced the "Intercreditor Agreement")

We
refer to clause 10.16 of the Second Facility Agreement and clause 11.3 of the Intercreditor Agreement. Words and expressions defined in the Second Facility Agreement have the same
meanings when used in this Deed.

[Name of Acceding Guarantor]of[address](the "Acceding Guarantor") agrees:

The
address for notices of the Acceding Guarantor for the purposes of clause 20.1 of the Second Facility Agreement and clause 12 of the Intercreditor Agreement is:

[                        ]

This
Deed is intended to be executed as a deed and is governed by English law. Clause 21.2 of the Second Facility Agreement is incorporated in this Deed as if set out in this Deed, mutatis
mutandis.

|[NEW GUARANTOR]                                              |  | MODERN TIMES GROUP MTG AB (publ)                   
|------------------------------------------------------------ |  | ---------------------------------------------------
|                                                             |  |                                                    
|Authorised Signatory
[Appropriate execution clause]          |  | Authorised Signatory
[Appropriate execution clause]
|By:                                                          |  |                                                    
|DEUTSCHE BANK LUXEMBOURG S.A.
[Appropriate execution clause] |  |                                                    
|By:                                                          |  |                                                    

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Part BDocuments and evidence to be delivered by Acceding Guarantors

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Schedule 9        Form of Bank Guarantee

Dear
Sirs



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IN WITNESSwhereof this Guarantee is entered into on [                        ],
200[  ].

|Guarantors                  |  | Percentage Liability    
|--------------------------- |  | ------------------------
|[                        ]] |  | [            ] per cent.

|DEUTSCHE BANK LUXEMBOURG S.A.         |  |               
|------------------------------------- |  | --------------
|for and on behalf of the Guarantors   |  |               
|By:                                   |  |               
|AGREEDand accepted by the Beneficiary |  |               
|[            ]                        |  |               
|By:                                   |  |               
|Date:                                 |  | [            ]

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The Schedule        Certificate of Demand

Dear
Sirs

Guarantee dated [                        ]

We
refer to the facility agreement dated [                        ] between ourselves and Modern Times Group MTG AB (publ) (the "Borrower") in relation to which you have issued the above Guarantee.

The
Borrower has failed to pay an amount due under the facility agreement, the details in relation to which are set out below.

We
hereby demand payment by you of the above unpaid amount under the Guarantee.

By:

[Beneficiary]

Date:

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Schedule 10Counter Indemnity





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Schedule 11Broadcasting Division

|NAME OF COMPANY                        |  |                 
|-------------------------------------- |  | ----------------
|MTG Broadcasting AB (Sweden)           |  | 556353-2687     
|TV6 I Sverige AB (Sweden)              |  | 556098-4709     
|Z-TV AB (Sweden)                       |  | 556022-0831     
|Viasat AB (Sweden)                     |  | 556304-7041     
|MTG Broadc Center Sth AB (Sweden)      |  | 556493-2340     
|Strix Nyheter AB (Sweden)              |  | 556513-5554     
|Viasat AS (Estonia)                    |  | 10308880        
|Television AB TV 8 (Sweden)            |  | 556507-2401     
|TV3 Lithuania (Lithuania)              |  | 2139302         
|TV3 AS (Estonia)                       |  | 10014747        
|TV3 Latvia (Latvia)                    |  | 0.10306588      
|Viasat Hungaria Rt. (Hungary)          |  | Cg. 01-10-044442
|Viasat Broadcasting UK Ltd (UK)        |  | 0.2228654       
|TV6 Broadcasting Ltd (UK)              |  | 0.3072386       
|3+ Television Ltd (UK)                 |  | 0.2823600       
|MTG New Media Ltd (UK)                 |  | 0.3604568       
|TV3 Broadcasting Group Ltd (UK)        |  | 0.2026891       
|TV3 AB (Sweden)                        |  | 556153-9726     
|TV3 A/S (Denmark)                      |  | 160004          
|TV 3 AS (Norway)                       |  | 945482540       
|TV1000 AB (Sweden)                     |  | 556133-5521     
|TV 1000 Norge AS (Norway)              |  | 952580108       
|Oy Viasat Finland Ab (Finland)         |  | 1075633-8       
|Darial TV (Russia)                     |  | 68394           
|MTG Modern Group (Spain)               |  | NIF B-82199647  
|InTV Espana SL (Spain)                 |  | A-81134819      
|Interactive Partner SL (Spain)         |  | B-82055369      
|Interactive Media (Spain)              |  | B-82199647      
|Viasat AS (Norway)                     |  | 951801879       
|Viasat A/S (Denmark)                   |  | 10300207        
|Scannews A/S (Denmark)                 |  | 182427          
|Viasat Sport A/S (Denmark)             |  | 17981544        
|New Media A/S (Denmark)                |  | 25997913        
|TV1000 A/S (Denmark)                   |  | 175529          
|MTG New Media AB (Sweden)              |  | 556461-1662     
|Everytext Skand. AB (Sweden)           |  | 556484-0154     
|MTG New Media AS (Norway)              |  | 974676435       
|Everymobile Skand. AB (Sweden)         |  | 556529-7917     
|Everyday TV AB (Sweden)                |  | 556353-3065     
|Viasat Satellite Services AB           |  | 556278-7910     
|Associated companies                   |  |                 
|Stop AB (Sweden)                       |  | 556249-0424     
|Svensk Programagentur AB (Sweden)      |  | 556453-6281     
|Story First Communication Inc.(Russia) |  |                 
|Scansat A/S (Denmark)                  |  |                 

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Schedule 12

Permitted Loans

|   |  | Name of Borrower |  | Name of Lender                   |  | Amount                |  | Indebtedness                                               
|-- |  | ---------------- |  | -------------------------------- |  | --------------------- |  | -----------------------------------------------------------
|1. |  | MISA             |  | Modern Times Group MTG AB (publ) |  | Nominal US$22,080,000 |  | 6.25% convertible bonds issued by MISA dated 23rd May, 2000
|2. |  | MISA             |  | Modern Times Group AB MTG (publ) |  | Nominal US$23,500,000 |  | Loan agreement dated 15th August, 2000                     
|3. |  | MISA             |  | Modern Times Group AB MTG (publ) |  | Nominal US$20,000,000 |  | 6.00% convertible bonds issued by MISA dated May 2002      

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Signatories

|The Borrower                                |   |  |                         
|------------------------------------------- | - |  | ------------------------
|SIGNEDfor and on behalf of                  | ) |  | /s/LARS-JOHAN JARNHEIMER
|MODERN TIMES GROUP MTG AB (publ)            | ) |  |                         
|By: Lars-Johan Jarnheimer and Asger Aamund  | ) |  | /s/ASGER AAMUND         
|The Original Guarantors                     |   |  |                         
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|MTG BROADCASTING SA                         | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|MTG BROADCASTING HOLDING AB                 | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|MTG BROADCASTING ABacting by                | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|VIASAT AB                                   | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/ANDERS NILSSON       
|VIASAT BROADCASTING UK LIMITED              | ) |  |                         
|By: Anders Nilsson and Hans-Holger Albrecht | ) |  | /s/HANS-HOLGER ALBRECHT 
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|TV1000 AB                                   | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|MTG PUBLISHING SA                           | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|MTG PUBLISHING HOLDING AB                   | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|MTG PUBLISHING AB                           | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|MTG HOLDING AB                              | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|MODERN TIMES GROUP MTG A/S (Denmark)        | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|VIASAT A/S (Denmark)                        | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|SIGNEDfor and on behalf of                  | ) |  | /s/MIA BRUNELL          
|3+ TELEVISION LTD                           | ) |  |                         
|By: Mia Brunell and Anders Nilsson          | ) |  | /s/ANDERS NILSSON       
|                                            |   |  |                         

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|SIGNEDfor and on behalf of         | ) |  | /s/HANS-HOLGER ALBRECHT
|---------------------------------- | - |  | -----------------------
|MODERN ENTERTAINMENT LTD           | ) |  |                        
|By: Hans-Holger Albrecht           | ) |  |                        
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|STRIX TELEVISION AB                | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|TV 1000 NORGE AS                   | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|TV6 BROADCASTING GROUP LTD.        | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|TV6 SVERIGE AB                     | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|MTG MEDIA SERVICES SA              | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|MTG MEDIA SERVICES HOLDING AB      | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|MTG MODERN STUDIOS AB              | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|TV3 BROADCASTING GROUP LTD         | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|TV-SHOP EUROPE AB                  | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|VIASAT SATELLITE SERVICES AB       | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|MTG INTERNET RETAILING AB          | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|MTG RADIO AB                       | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|SONET FILM AKTIEBOLAG              | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|VIASAT AS(Norway)                  | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|SIGNEDfor and on behalf of         | ) |  | /s/MIA BRUNELL         
|MODERN TIMES GROUP MTG AS(Norway)  | ) |  |                        
|By: Mia Brunell and Anders Nilsson | ) |  | /s/ANDERS NILSSON      
|                                   |   |  |                        

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|SIGNEDfor and on behalf of                       | ) |  | /s/MIA BRUNELL           
|------------------------------------------------ | - |  | -------------------------
|FINANS VISION AB                                 | ) |  |                          
|By: Mia Brunell and Anders Nilsson               | ) |  | /s/ANDERS NILSSON        
|The Co-ordinator                                 |   |  |                          
|SIGNEDfor and on behalf of                       | ) |  | /s/PAUL SENNET           
|DEUTSCHE BANK AG LONDON                          | ) |  |                          
|By: Paul Sennet and James Fenner                 | ) |  | /s/JAMES FENNER          
|The Banks                                        |   |  |                          
|SIGNEDfor and on behalf of                       | ) |  | /s/PAUL SENNET           
|DEUTSCHE BANK AG LONDON                          | ) |  |                          
|By: Paul Sennet and James Fenner                 | ) |  | /s/JAMES FENNER          
|SIGNEDfor and on behalf of                       | ) |  | /s/S.A.L. HAANRAADTS     
|ING BANK N.V.                                    | ) |  |                          
|By: S.A.L. Haanraadts and S. Schach Von Wittanau | ) |  | /s/S. SCHACH VON WITTANAU
|SIGNEDfor and on behalf of                       | ) |  | /s/KECKA WÄSTFELT        
|NORDEA BANK SWEDEN AB (publ)                     | ) |  |                          
|By: Kecka WästFelt and Axel Berning              | ) |  | /s/AXEL BERNING          
|SIGNEDfor and on behalf of                       | ) |  | /s/ERIC CALLANS          
|SVENSKA HANDELSBANKEN AB (publ)                  | ) |  |                          
|By: Eric Callans and Asa Oblund                  | ) |  | /s/ASA OBLUND            
|The Agent                                        |   |  |                          
|SIGNEDfor and on behalf of                       | ) |  | /s/DAVID BUGGE           
|DEUTSCHE BANK LUXEMBOURG S.A.                    | ) |  |                          
|By: David Bugge and James Fenner                 |   |  | /s/JAMES FENNER          

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