MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES: Concurrent Offerings of 8 Million Ordinary Shares in the form of Ordina

NOT FOR DISTRIBUTION IN USA, CANADA OR JAPAN

Luxembourg, Sweden, November 30, 2004 – Millicom International Cellular S.A. (“Millicom”, or the “Company”) announced today that it intends to offer 8 million of its Ordinary Shares in the form of Swedish Depositary Receipts (“SDRs”) or Ordinary Shares (the “Share Offering”) and that it intends to offer $175 million of convertible bonds convertible into Ordinary Shares and/or SDRs (the “Bonds”, or the "Bond Offering"). The offerings, which are subject to market and other conditions, are being made without preferential rights for shareholders, outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act of 1933 (the "Act"). Millicom expects to grant the Joint-Lead Manager and Sole Bookrunner of the Share Offering an option for 30 days to purchase an additional amount of up to 1 million Ordinary Shares in the form of Ordinary Shares or SDRs solely to cover over-allotments. In addition, Millicom expects to grant the Lead Manager of the Bond Offering an option for 30 days to purchase up to an additional 15% aggregate principal amount of Bonds. The Bonds, which are expected to have a term of five years, will be convertible at the option of the holders into Ordinary Shares and/or SDRs in Millicom, at a conversion price to be determined, commencing on the 41st day following the closing of the private offering. Millicom intends to apply for listing of the Bonds on the Luxembourg Stock Exchange. The net proceeds from the offerings will primarily be used by Millicom to fund investment in its existing business, including in capital expenditures and license renewals, as well as to potentially increase its stake in any of its existing holdings. The Share Offering will be made through Morgan Stanley as Joint-Lead Manager and Sole Bookrunner. Carnegie Investment Bank will be Joint-Lead Manager in the Share Offering. The Bond Offering will be made through Morgan Stanley as Lead Manager and Sole Bookrunner. Millicom will agree, subject to certain exceptions, not to sell any further Ordinary Shares and/or SDRs of the Company, or securities convertible into or exchangeable for such Ordinary Shares and/or SDRs, for a period of 120 days. * * * About Millicom 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 of approximately 387 million people. Millicom's shares are listed on the Luxembourg Stock Exchange and The Nasdaq National Market under the symbol MICC, and on the Stockholm Exchange under the symbol MIC. * * * Millicom Marc Beuls President and Chief Executive Officer Tel: +352 27 759 327 E-mail: marc.beuls@millicom.com Andrew Best Investor Relations Share Value Ltd, London Tel: +44 (0)20 7321 5022 E-mail: abest@sharedvalue.net This press release does not constitute an offer to sell or the solicitation of an offer to buy any Bonds or Ordinary Shares in the form of Ordinary Shares or SDRs. Stabilisation/FSA This press release has been issued by Millicom International Cellular S.A. and has been approved for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Morgan Stanley & Co. International Limited. Morgan Stanley & Co. International Limited is acting for Millicom International Cellular S.A. and no one else in connection with the offer of (i) the Ordinary Shares in the form of Ordinary Shares or SDRs and (ii) the Bonds, and will not be responsible to any other person for providing the protections afforded to their respective clients, or for providing advice in relation to the proposed offer. These materials are not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States. The Ordinary Shares in the form of SDRs or Ordinary Shares, the Bonds and the Ordinary Shares or SDRs issue-able upon conversion of the Bonds may not be offered or sold in the United States unless registered under the U.S. Securities Act of 1933 or pursuant to an exemption from registration. There will be no public offer of securities in the United States. This press release does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for any Ordinary Shares in the form of Ordinary Shares or SDRs, Bonds, Ordinary Shares or SDRs to be issued upon conversion of the Bonds or other securities. NOT FOR DISTRIBUTION IN USA, CANADA OR JAPAN