MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES: Exercise of Options in Connection with the Offerings of 8 million Ordin

NOT FOR DISTRIBUTION IN USA, CANADA OR JAPAN

Luxembourg, Stockholm, December 2, 2004 – Millicom International Cellular S.A. (“Millicom” or the “Company”) announces that in connection with the offering of 8 million Ordinary Shares in the form of Ordinary Shares or Swedish Depositary Receipts (“SDRs”) (the “Share Offering”), Morgan Stanley & Co. International Limited, as stabilising manager, has given notice exercising, on behalf of the Managers the option in respect of 1 million Optional Shares. The aggregate Share Offering will now be 9 million Ordinary Shares. The Company also announces that in connection with the offering of US$175 million 4.00 per cent. Convertible Bonds (the “Bonds”) convertible into Ordinary Shares and/or SDRs (the “Bond Offering”), Morgan Stanley & Co. International Limited, as stabilising manager, has given notice exercising the option in respect of US$25,000,000 principal amount of Optional Bonds. The aggregate principal amount of the Bonds will now be US$200,000,000. * * * 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. Millicom's cellular operations have a combined population under license of approximately 387 million people. Millicom's Ordinary Shares are listed on the Luxembourg Stock Exchange and The Nasdaq National Market under the symbol MICC, and on the Stockholm Exchange, in the form of SDRs, 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 7798 576 378 E-mail: abest@sharedvalue.net This press release does not constitute an offer to sell or the solicitation of an offer to buy any Ordinary Shares in the form of Ordinary Shares or SDRs, or any bonds. Stabilisation/FSA In connection with the Share Offering, Morgan Stanley & Co. International Limited, on behalf of the Managers, may over-allot or effect transactions that stabilise or maintain the market price of the SDRs at levels higher than those which might otherwise prevail in the open market. Such transactions may be effected on Stockholmsbörsen or otherwise. Such stabilising, if commenced, may be discontinued at any time and will end on 5 January 2005 at the latest. In connection with the Bond Offering, Morgan Stanley & Co. International Limited may over-allot or effect transactions that stabilise or maintain the market price of the Bonds and/or the SDRs issued on conversion of the Bonds at levels higher than those which might otherwise prevail in the open market. Such transactions may be effected on Stockholmsbörsen or otherwise. Such stabilising, if commenced, may be discontinued at any time and will end on 28 January 2005 at the latest. 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 issuable 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