"This announcement has been a long time coming," said Richard A. Bennett, a principal of Lens Investment Management, LLC, the shareholder activist specialist working on behalf of Elliott in its MMG efforts. "This is a positive development for the stockholders of MMG. We only wish MMG had set the meeting date before Elliott had to go to court to protect stockholders' rights to a timely annual meeting. The annual meeting will be a forum at which the management and Board of Directors of MMG will be forced to answer to stockholders and explain what we believe to be the company's unacceptable stock price performance."

While expressing their satisfaction at the establishment of an annual meeting date, Elliott and Lens have raised several issues which still need to be addressed promptly by MMG's management, including: (MORE)

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• Why is the annual meeting so late in being set, and why do stockholders have to wait a further 2 ½ months to confront management with their concerns?

• The last annual meeting held by MMG was on May 17, 2000, meaning that almost 17 months will have elapsed between annual meetings. Further, the company's bylaws call for an annual meeting no later than May of each year. Elliott and Lens believe this contravention is unjustifiable, and yet the company has not offered its stockholders any reasonable explanation for the delay.

• While announcing a date for the annual meeting, MMG still has not set a record date for the annual meeting, nor has MMG disclosed the exact time or place where the meeting will be held.

• MMG has been "exploring structural alternatives" since November 2000, ostensibly to maximize stockholder value. Since that time, close to nine months have passed and MMG has yet to put forth any concrete alternatives to maximize, or even increase, stockholder value. Management has said that final actions resulting from their restructuring plans may be subject to shareholder consent, and yet MMG still has not indicated what issues are to be voted on at the annual meeting.

• Given that MMG has not announced that it has finalized any restructuring plans, what is to prevent the company from trying to further delay the annual meeting beyond October 12 by claiming it needs more time to finish those plans?

Metromedia International Group, Inc. is a global communications and media company operating telephony and television businesses in Eastern Europe, the republics of the former Soviet Union and other emerging markets. The company, headed by Chairman John W. Kluge and CEO Stuart Subotnick, also owns the lawn and garden equipment manufacturer Snapper, which it has called a "non-core" asset.

Elliott Associates, L.P. and Elliott International, L.P. are institutional investors with a collective ownership of approximately 4.0% of MMG Common Stock. Elliott Associates is based in New York, and Elliott International is based in the Cayman Islands. The investment activities of Elliott Associates and Elliott International are under common management. (MORE)

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Founded in 1991 by Robert A.G. Monks as an investment management firm, Lens Investment Management, LLC, was among the first fund managers to take an active role in corporate governance. Over the past decade, Lens, which no longer operates as a portfolio manager but rather as a specialist in investor activism, has succeeded in increasing the value of shareholders' investment in companies including Scott Paper, American Express, Eastman Kodak and Pioneer Group.

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