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

NOT FOR DISTRIBUTION IN USA, CANADA OR JAPAN

Luxembourg, Stockholm, December 1, 2004 – Millicom International Cellular S.A. (“Millicom” or the “Company”) announced today that it has priced its offerings of 8 million Ordinary Shares in the form of Swedish Depositary Receipts (“SDRs”) or Ordinary Shares (the “Share Offering”) and $175 million of convertible bonds convertible into Ordinary Shares and/or SDRs (the “Bonds” or “Bond Offering”). The Ordinary Shares were priced at $23.24 per Ordinary Share (SEK 156.90 per SDR), today’s closing price on NASDAQ. Payment for and settlement of the Ordinary Shares is expected to occur on December 7, 2004. The Bonds were priced at par and will pay an annual coupon of 4.00%, payable semi-annually in arrear. The conversion price was set at $34.86 per share, representing a premium of 50% to today’s closing price on NASDAQ. At that conversion price, the Bonds will initially be convertible into an aggregate of approximately 5.02 million Ordinary Shares or SDRs commencing on the date that is 41 days after the issuance date of the Bonds. The conversion price is subject to adjustment in the case of certain dilutive events. Payment for and settlement of the Bonds is expected to occur on January 7, 2005. Millicom will undertake to list the Bonds on the Luxembourg Stock Exchange on that date. The aggregate proceeds of the offerings are expected to be approximately $361 million (before deducting commissions, concessions and the expenses of the offerings and without giving effect to any exercise of the lead manager’s options to purchase additional Ordinary Shares or Bonds). The net proceeds of the offerings will primarily be used by Millicom to fund investment in its existing businesses, including in capital expenditures and license renewals, as well as to potentially increase its stake in any of its existing holdings. Millicom has agreed, 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. Marc Beuls, President and CEO of Millicom International Cellular S.A. commented: “The successful offering of shares and convertible bonds to raise some $361 million (pre-greenshoe) will ensure that Millicom has the flexibility to grow its businesses across its established markets. At a time when penetration rates in all our markets are growing strongly there is an immediate opportunity for Millicom to leverage its existing networks and strong brands in order to increase its subscriber growth and to take an increased share of the market.” * * * 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 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