MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2004

MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2004 · Record quarterly total subscriber increase for Q3 04 of 480,866 (i)** · 51% increase in revenues for Q3 04 to $235.3m (Q3 03: $156.1m)* · 42% increase in EBITDA for Q3 04 to $117.4m (Q3 03: $82.7m)* · Profit for Q3 04 of $12.8m (Q3 03: loss of $13.2m) · Earnings per common share for Q3 04 of $0.14 (Q3 03: loss of $0.20) · Total shareholders equity as at Sept 2004 of $8.4m (Dec 2003: $ (85.2)m) · 52% increase in revenues for the nine months to Sept 2004 to $663.6m (2003: $437.7m)* · 47% increase in EBITDA for the nine months to Sept 2004 to $331.5m (2003: $224.8m)* · Profit for the nine months to Sept 2004 of $42.3m (2003: $189.1 m) · Earnings per common share for the nine months to Sept 2004 of $0.53 (2003: $2.90) New York, Stockholm, London and Luxembourg - October 19, 2004 - Millicom International Cellular S.A. (Nasdaq Stock Market: MICC, Stockholmsbörsen and Luxembourg Stock Exchange: MIC), the global telecommunications investor, today announces results for the quarter and nine months ended September 30, 2004. Financial summary for the quarters ended September 30, 2004 and 2003* Sept 30 Sept 30 Change 2004 2003 Worldwide subscribers (i) - proportional 4,737,721 3,806,646 24% cellular (ii) - total cellular 6,853,233 5,303,841 29% US$ '000 Revenues 235,287 156,056 51% Operating profit before interest, 117,408 82,700 42% taxes, depreciation and amortization, EBITDA(iii) EBITDA margin 50% 53% Profit (loss) for 12,802 (13,205) the quarter Basic earnings 0.14 (0.20) (loss) per common share (US$) Diluted earnings 0.14 (0.20) (loss) per common share (US$) Weighted average 89,230 65,299 number of shares (thousands) Weighted average number of shares 89,821 65,299 and dilutive potential shares (thousands) (i) Subscriber figures represent the worldwide total number of subscribers of cellular systems in which MIC has an ownership interest. Subscriber figures exclude divested operations. (ii) Proportional subscribers are calculated as the sum of MIC's percentage ownership of subscribers in each operation. (iii) EBITDA; operating profit before interest, taxation, depreciation and amortization, is derived by deducting cost of sales, sales and marketing costs, and general and administrative costs from revenues. * Due to local issues in El Salvador, MIC discontinued consolidating El Salvador on a proportional basis from May 2001 to September 15, 2003. Figures for 2003 exclude divested operations and include El Salvador from September 15 to September 30, 2003 only. Figures for 2004 include El Salvador and exclude divested operations for subscribers and financial results, down to and including EBITDA. ** Excluding the increase in subscriber numbers in Q3 2003 due to the reconsolidation of El Salvador. CONTACTS: Marc Beuls Telephone: +352 27 759 327 President and Chief Executive Officer Millicom International Cellular S.A., Luxembourg Andrew Best Telephone: +44 20 7321 5022 Investor Relations Shared Value Ltd, London Visit our web site at http://www.millicom.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/10/19/20041019BIT20940/wkr0001.pdf The full report