MILLICOM REACHES SEVEN MILLION SUBSCRIBERS

MILLICOM REACHES SEVEN MILLION SUBSCRIBERS New York, Stockholm, London and Luxembourg - November 12, 2004 - Millicom International Cellular S.A. ("Millicom") (Nasdaq Stock Market: MICC, Stockholmsbörsen and Luxembourg Stock Exchange: MIC), announces that it has reached 7 million total cellular subscribers as subscriber growth has accelerated in 2004 with record underlying net subscriber additions in the last two quarters. This growth has been driven by three main factors, the launch of GSM services in Latin America, increased network coverage in Africa and price cuts in South East Asia, all of which have stimulated demand in the market. Marc Beuls, President and CEO of Millicom International Cellular S.A. said: "2004 has been a year of strong subscriber growth but we expect growth to increase at a faster rate in 2005 following the recent launch of GSM services in Pakistan. Millicom has a target to add one million new subscribers in Pakistan within the year. In the build out phase Paktel will see pressure on margins, reflecting increased sales and marketing costs for the launch period. With penetration rates rising in all our markets, the prospects for continued strong subscriber intake are excellent." 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. 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. CONTACTS: Marc Beuls President and Chief Executive Officer Millicom International Cellular S.A., Luxembourg Telephone: +352 27 759 327 Andrew Best Investor Relations Telephone: +44 20 7321 5022 Visit our web site at: 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/2004/11/12/20041112BIT21060/wkr0001.pdf