Payment for and Settlement of the Convertible Bond Offering

Luxembourg, New York, Stockholm, January 7, 2005 – Millicom International Cellular S.A. (“Millicom”) announces that the proceeds of the offering of US$200 million 4.00 per cent. Convertible Bonds (the “Bonds”) due 2010, convertible into Ordinary Shares and/or SDRs (the “Bond Offering”), which was priced on December 1, 2004, were paid and settled today in the amount of US $195,875,000. The Bonds, Ordinary Shares and SDRs, including Ordinary Shares or SDRs issuable upon conversion of the Bonds, have not been and will not be registered under the U.S. Securities Act of 1933 and 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. 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 the lead manager of the offering. The lead manager of the offering 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. This press release does not constitute or form part of an offer to sell or solicitation of an offer to purchase or subscribe for any Ordinary Shares in the form of Ordinary Shares or SDRs, Bonds, or Ordinary Shares or SDRs to be issued upon conversion of the Bonds or other securities. Marc Beuls President and Chief Executive Officer Tel: +352 27 759 327 E-mail: marc.beuls@millicom.com Andrew Best Investor Relations Shared Value Ltd, London Tel: +44 7798 576 378 E-mail: abest@sharedvalue.net