MILLICOM - COMPLETION OF STRATEGIC REVIEW; TERMINATION OF DISCUSSIONS

New York and Stockholm – July 3, 2006 – Millicom International Cellular S.A. ("Millicom") (Nasdaq Stock Market: MICC, Stockholmsbörsen: MIC), announced today that it has completed its Strategic Review which was announced on January 19, 2006 and has decided to terminate all discussions concerning a potential sale of the entire share capital of the Company. Since May 2006, the Company has been in prolonged discussions and due diligence with one potential purchaser but has now concluded that this purchaser will not be in a position within an acceptable timeframe to make a binding offer that is suitably attractive, given the current strong performance of the business, or sufficiently certain of closing. The Board of Directors remains confident in the independent future of the Company. Enquiries: Millicom Daniel Johannesson, Chairman + 44 20 7321 5010 Marc Beuls, President & Chief Executive Officer +352 27 759 327 Andrew Best, Investor Relations + 44 20 7321 5022 / +44 (0)7798 576378 Note to Editors: Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has cellular operations and licenses in 16 countries. The Group's cellular operations have a combined population under license of approximately 390 million people. 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.