Industriförvaltnings AB Kinnevik announced today that it had converted its Convertible Loan Facilities to Société Europé

Industriförvaltnings AB Kinnevik announced today that it had converted its Convertible Loan Facilities to Société Européenne de Communication S.A. ("SEC") as at value date of November 22, 1999. The first Convertible Loan Facility effective as of March 1998 was for DEM 250 million at a conversion price of DEM 2.00 converting into a total of 125,000,000 Class A shares. Kinnevik and Millicom International Cellular S.A. ("MIC") requested to convert early and Kinnevik's claim under the Loan is for 81,250,000 Class A shares. The second Convertible Loan Facility effective as of March 1999, was for DEM 200 million at a conversion price of DEM 6.52 converting into a total of 30,674,846 Class A shares. Kinnevik's claim under the Loan is for 15,337,423 Class A shares. As a result, the Directors of SEC resolved to increase the issued share capital by an amount of DEM 450 million represented by 155,674,846 Class A shares. As a result of conversion Kinnevik will have a total of 232,891,346 Class A shares and 1,614,394 Class B shares, accounting for 49.86% of total share issue. Vigo Carlund, Kinnevik's President and CEO stated, "The Loan Facilities have enabled SEC to expand rapidly and successfully take advantage of the opportunities within the newly deregulated telecommunications market in Europe to build a subscriber base in excess of 2.2 million subscribers. The conversion enhances Kinnevik's investment interest in SEC as it allows SEC to convert its debt facilities into equity thereby strengthening its balance sheet to pursue future financing facilities to fund its growth program." Stockholm, November 23, 1999 INDUSTRIFÖRVALTNINGS AB KINNEVIK Vigo Carlund President & CEO For further information: Vigo Carlund +46-8 562 000 00 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/11/23/19991123BIT00340/bit0001.doc http://www.bit.se/bitonline/1999/11/23/19991123BIT00340/bit0002.pdf

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