KINNEVIK PURCHASES MILLICOM SWEDISH DEPOSITARY RECEIPTS AND CONVERTIBLES

NOT FOR DISTRIBUTION IN USA, CANADA OR JAPAN Investment AB Kinnevik (“Kinnevik”) today announced that it has purchased 4.050.000 Swedish Depositary Receipts (the “Share Offering”) and USD 35 million of convertible bonds (the “Bond Offering”) in the private placement concluded by Millicom International Cellular S.A. (“Millicom”) today. As a result of these purchases, Kinnevik will own 35.7% of the capital and votes in Millicom, assuming that Morgan Stanley’s option to subscribe further securities on the Share Offering is exercised. Assuming full conversion of the convertible bond, including the overallotment option, Kinnevik will own 34.7% of the capital and votes in Millicom. In total, the investment amounts to SEK 870 million. The investment is fully financed by Kinnevik’s liquidity reserve including existing undrawn credit facilities, which amounted to SEK 1,732 million at 30 September 2004.

Kinnevik has agreed not to sell any Ordinary Shares and/or SDRs of Millicom, or securities convertible into or exchangeable for such Ordinary Shares and/or SDRs, for a period of 120 days. For further information, please visit www.kinnevik.se or contact: Vigo Carlund, President & CEO +46 (0) 8 562 000 00 Henrik Persson, Investor Relations +46 (0) 8 562 000 87 +46 (0) 707 62 00 87