Mic announces mandatory exchangeable bond offering

Not for distribution in the United States or to U.S. Persons, or in Canada or in Japan MIC ANNOUNCES MANDATORY EXCHANGEABLE BOND OFFERING London and Luxembourg - July 18, 2003 - Millicom International Cellular S.A. ("Millicom" or "MIC") (Nasdaq: MICC), the global telecommunications investor, today announced the launch of a mandatory exchangeable bond offering. The bonds will mature in 2006 and will be convertible into MIC's total current holding of 8,968,414 Tele2 AB series B shares. The Notes will be issued by MIC's subsidiary, Millicom Telecommunications S.A., and will be guaranteed by MIC. The bonds will be listed and tradeable on the Luxembourg exchange. The Notes, the guarantee in respect of the Notes and the Tele2 Shares to be delivered upon exchange of the Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("Securities Act"). The Notes and the Tele2 Shares to be delivered upon exchange of the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement of the Securities Act. There will be no public offer of the Notes or the Tele2 Shares in the United States. The final terms will be determined and announced after close of the subscription period. 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 our expectations and plans, strategy, management's objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that our 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 we have filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including our 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 us 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 our behalf are expressly qualified in their entirety by the factors referred to above. We do not intend to update these forward-looking statements. This document is not an offer of securities for sale into the United States. The Notes and the Tele2 Shares to be delivered upon exchange of the Notes may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the Securities Act ) unless they are registered or exempt from registration. There will be no public offer of securities in the United States. In the United Kingdom, this announcement is directed exclusively at persons who fall within article 19(5) or 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001( all such persons together being referred to as "relevant persons"). The Notes referred to in this announcement shall be issued only to such relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Stabilisation/FSA. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/07/18/20030718BIT00110/wkr0001.doc http://www.waymaker.net/bitonline/2003/07/18/20030718BIT00110/wkr0002.pdf