MILLICOM INTERNATIONAL CELLULAR and Tele2 AB AGREE on the PRICE FOR Millicom's russian cellular assets

New York, Stockholm and Luxembourg - November 12, 2001 - Millicom International Cellular S.A ("MIC") (Nasdaq Stock Market: MICC) and Tele2 AB ("Tele2") (Nasdaq Stock Market: TLTOA and TLTOB and Stockhomsbörsen: TEL2A and TEL2B) announced today, that their respective managements have agreed on a price of US$ 80million for MIC's Russian cellular telephony assets, plus a maximum of US$ 30million, depending on the outcome of GSM licence applications for MIC's existing cellular telephony operations.
The shareholders of Tele2 will be given the opportunity to decide at an Extraordinary General Meeting on November 28th 2001.
Lars-Johan Jarnheimer, CEO of Tele2 AB said: "The opportunity to purchase MIC's Russian assets is a natural progression following our success in developing the business in the Baltics, notably the Estonian business purchased of Millicom in 1998. Russia is a growth market with exciting prospects, and Tele2 now has a strong base to build a substantial business, with the benefits of eight GSM licences."
Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America, Russia and Africa. It currently has a total of 32 cellular operations and licenses in 19 countries. The Group's cellular operations have a combined population under license (excluding Tele2) of approximately 535 million people. In addition, MIC operates the world's largest GSM clearing house, provides high-speed wireless data services in seven countries and has licenses to develop high-speed wireless data services in a further country. MIC also has a 12.73% interest in Tele2 AB, the leading alternative pan-European telecommunications company offering fixed and mobile telephony, data network and Internet services to over 13.7 million people in 21 countries. The Company's shares are traded on the Nasdaq Stock Market under the symbol MICC.
Tele2 AB, formed in 1993, is the leading alternative pan-European telecommunications company offering fixed and mobile telephony, data network and Internet services under the brands Tele2, Tango and Comviq to 13.7 million people in 21 countries. Tele2 operates Datametrix, which specializes in systems integration, 3C Communications, operating public pay telephones and public Internet services; Transac, providing billing and transaction processing service; C³, offering co-branded pre-paid calling cards and IntelliNet and Optimal Telecom, the price-guaranteed residential router device. The Group offers cable television services under the Kabelvision brand name and together with MTG, owns the Internet portal The Company is listed on the Stockholmsbörsen, under TEL2A and TEL2B, and on the Nasdaq Stock Market under TLTOA and TLTOB.
Marc Beuls Telephone: +352 27 751 101

President and CEO, Millicom International Cellular S.A.
Lars-Johan Jarnheimer Telephone: + 46 8 562 640 00
President and CEO, Tele2 AB
Andrew Best Telephone: +44 20 7321 5010
Investor Relations, London
Patrik Linzenbold Telephone: + 46 8 562 000 53
Media Relations, Stockholm
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