UPDATE ON STRATEGIC REVIEW

New York and Stockholm – May 29, 2006 – Millicom International Cellular S.A. (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global telecommunications company, today announces that it is in advanced discussions and due diligence with a potential purchaser of the entire share capital of the Company. No agreement has been reached at this time and there is no certainty as to whether these discussions will lead to any agreement. Further announcements will be made as appropriate. Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has cellular operations and licenses in 16 countries. The Group’s cellular operations have a combined population under license of approximately 390 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 David Sach Chief Financial Officer Millicom International Cellular S.A., Luxembourg Telephone: +352 27 759 325 Andrew Best Investor Relations Shared Value Ltd, London Telephone: +44 20 7321 5022 Tim Burt Brunswick Group Telephone: +44 20 7404 5959 Visit our web site at http://www.millicom.com