ANNUAL GENERAL MEETING OF SHAREHOLDERS

ANNUAL GENERAL MEETING OF SHAREHOLDERS New York, London and Luxembourg - May 27, 2003 - Millicom International Cellular S.A. (Nasdaq Stock Market: MICC), the global telecommunications investor, announced today that all resolutions proposed to its Annual General Meeting (AGM) of shareholders in Luxembourg today were passed. Vigo Carlund, Lars-Johan Jarnheimer, Raymond Kirsch and Håkan Ledin were re-elected as members of the Board of Directors and Ernest Cravatte, Daniel Johannesson, Michel Massart and Cristina Stenbeck were elected as new members of the Board of Directors. The Auditors were re-elected. Ernest Cravatte is a practising lawyer in Luxembourg and a former member of the Executive Management of Banque Générale du Luxembourg (BGL). He has also held positions on various banking supervisory committees. Daniel Johannesson has held a number of senior Executive positions at major Swedish companies including Senior Executive of construction company Skanska, where he was responsible for the Group's telecommunications and facilities management interests, and CEO of Industriförvaltnings AB Kinnevik and national railway operator SJ. Michel Massart is a former Managing Partner of PricewaterhouseCoopers in Belgium, where he set up the Corporate Finance Department in 1997, a former member of the Board of the Institute of Statutory Auditors, and is currently a professor at Solvay Business School in Brussels. Cristina Stenbeck is Vice Chairman of the Board of Directors of Industriförvaltnings AB Kinnevik, Invik & Co. and Metro International, and a member of the Board of Directors of Modern Times Group, Tele2 and Transcom WorldWide. Håkan Ledin is Chairman of the Board of Directors. Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 16 cellular operations and licenses in 15 countries. The Group's cellular operations have a combined population under license (excluding Tele2) of approximately 382 million people. In addition, MIC provides high-speed wireless data services in five countries. MIC also has a 6.0% interest in Tele2 AB, the leading alternative pan-European telecommunications company offering fixed and mobile telephony, data network and Internet services to 17.7 million customers in 22 countries. The Company's shares are traded on the Luxembourg Bourse and the Nasdaq Stock Market under the symbol MICC. This press release may contain certain "forward-looking statements" with respect to Millicom's expectations and plans, strategy, management's objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that Millicom's actual results in the future could differ materially from those anticipated in forward-looking statements depending on various important factors. Please refer to the documents that Millicom has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Millicom's most recent annual report on Form 20-F, for a discussion of certain of these factors. All forward-looking statements in this press release are based on information available to Millicom on the date hereof. All written or oral forward-looking statements attributable to Millicom International Cellular S.A., any Millicom International Cellular S.A members or persons acting on Millicom's behalf are expressly qualified in their entirety by the factors referred to above. Millicom does not intend to update these forward-looking statements. CONTACTS: Marc Beuls Telephone: +352 27 759 101 President and Chief Executive Officer Millicom International Cellular S.A., Luxembourg Andrew Best Telephone: +44 20 7321 5022 Investor Relations Shared Value Ltd, London Visit our web site at http://www.millicom.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/05/27/20030527BIT00680/wkr0001.doc http://www.waymaker.net/bitonline/2003/05/27/20030527BIT00680/wkr0002.pdf