<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>5
<FILENAME>aug1303_ex10.txt
<TEXT>


                                                                     Exhibit 10


<PAGE>


                                                                 CONFORMED COPY
                              Dated 7 August 2003

                        MILLICOM TELECOMMUNICATIONS S.A.

                                      and

                        DEUTSCHE TRUSTEE COMPANY LIMITED


        (acting on behalf of each of the Noteholders, as defined herein)

                                      and

                         NORDEA BANK SVERIGE AB (publ)


                     (acting as the Swedish Custodian Bank)

                             SHARE PLEDGE AGREEMENT

                         in relation to the Trust Deed


Linklaters

Linklaters Advokatbyra
Strandvagen 7A
Box 5402
SE-114 84 Stockholm

Telephone (46-8) 665 66 00
Facsimile (46-8) 667 68 83

Ref JSA/CHP


<PAGE>

This Share Pledge Agreement (the "Share Pledge Agreement") is made on 7 August
2003 between:

(1)      Millicom Telecommunications S.A., a societe anonyme incorporated in
         the Grand Duchy of Luxembourg under registration number B 64 899 and
         whose registered office is at 75, route de Longwy, L-8080 Bertrange,
         Luxembourg (the "Pledgor").

(2)      Deutsche Trustee Company Limited, a limited company incorporated in
         England and Wales under registration number 338230 and whose
         registered office is at Winchester House, 1 Great Winchester Street,
         London EC2N 2DB, United Kingdom (the "Trustee", which expression
         includes its successors and assigns), acting as trustee on behalf of
         each of the Noteholders (as defined below);

(3)      Nordea Bank Sverige AB (publ), a public limited bank company
         incorporated in Sweden under registration number 502010-5523 and whose
         registered office is at Hamngatan 10, SE-105 71 Stockholm, Sweden (the
         "Custodian Bank").

The parties referred to above are hereinafter individually referred to as a
"party" or collectively as the "parties".

Whereas:

(A)      The Pledgor has issued SEK 2,555,994,000 5.00 per cent. Fixed and
         Additional Rate Guaranteed Secured Mandatory Exchangeable Notes due
         2006 (the "Notes") exchangeable into the Exchange Property (as defined
         in the terms and conditions of the Notes (the "Conditions")) which
         initially comprises 8,968,400 fully-paid Series B shares of nominal
         value SEK 5 each of Tele 2 AB (publ) pursuant to a trust deed dated 7
         August 2003 (the "Trust Deed") among the Pledgor, the Guarantor and
         the Trustee;

(B)      Certain of the Pledgor's payment obligations under the Notes are
         unconditionally and irrevocably guaranteed by Millicom International
         Cellular S.A. (the "Guarantor")

(C)      The Trustee, acting on behalf of itself and the Noteholders, desires
         to take a security interest from the Pledgor over certain Series B
         shares in Tele2 AB (publ) (and the various rights pertaining thereto)
         in respect of the Secured Obligations (as defined below) from time to
         time incurred by the Pledgor against the Noteholders under the
         Conditions;

(D)      The Custodian Bank will provide a deposit account in the name of the
         Pledgor in which the relevant securities constituting the collateral
         security will be held when delivered pursuant to the Securities
         Lending Agreement (as defined below); and

(E)      The parties hereto agree that upon the execution of this Share Pledge
         Agreement, the Custodian Bank will accept instructions in respect of
         such deposit account and other related accounts only from the Trustee
         until such time as the Trustee notifies the Custodian Bank otherwise.

It is agreed as follows:

1        Interpretation

1.1      Definitions

         In this Share Pledge Agreement, unless a contrary indication appears,
         terms used in the Trust Deed shall have the same meaning and
         construction and:

         "Accounts" means the Cash Account and the Deposit Account;

                                       1


<PAGE>

         "Cash Account" means an account maintained by the Custodian Bank in
         the name of Pledgor for the receipt and retention of cash dividends or
         any other cash payments in respect of the Shares, which at the date of
         this Share Pledge Agreement bears the account number 3144 17 06275;

         "Custody Agreement" means the custody agreement dated 7 August 2003
         between the Custodian Bank and the Pledgor, attached hereto as
         Schedule 1, governing the terms and conditions for the Deposit Account
         and the Cash Account;

         "Deposit Account" means the custody account, governed by the terms and
         conditions set out in the Custody Agreement, provided by the Custodian
         Bank in the name of the Pledgor in respect of the Shares, which at the
         date of this Share Pledge Agreement bears the account number 92-81517;

         "Dividends" means, in relation to any Share, all present and future:

         (a)      dividends and distributions of any kind and any other sum
                  received or receivable in respect of that Share,

         (b)      rights, shares, money or other assets accruing or offered by
                  way of redemption, bonus, option or otherwise in respect of
                  that Share,

         (c)      allotments, offers and rights accruing or offered in respect
                  of that Share, and

         (d)      other rights and assets attaching to, deriving from or
                  exercisable by virtue of the ownership of, that Share;

         "Enforcement Event" means the Notes having become immediately due and
         redeemable following the occurrence of an Event of Default in
         accordance with Condition 14 of the Conditions;

         "Noteholders" means the bearer of a Note, as defined in the Trust Deed;

         "Pledged Assets" means the assets from time to time subject, or
         expressed to be subject, to the Pledges or any part of those assets;

         "Pledges" means all or any of the security interest (Sw: pantratt)
         created or expressed to be created by or pursuant to this Share Pledge
         Agreement;

         "Power of Attorney" means a power of attorney, granted by the Pledgor
         in favour of the Trustee substantially in the attached form in
         Schedule 2;

         "Secured Obligations" shall mean the Pledgor's obligations in respect
         of the Exchange Rights pursuant to Condition 6 of the Conditions,
         redemption of the Notes and delivery of Exchange Property pursuant to
         Conditions 5(a) and 5(c) of the Conditions (other than, in any such
         case, payment of any Accrued Interest or Discounted Interest Amount)
         and the Additional Interest Amounts;

         "Securities Lending Agreement" means the securities lending agreement
         in respect of the Shares dated 18 July 2003 between Deutsche Bank AG
         London Branch and the Pledgor, as supplemented and amended from time
         to time; and

         "Shares" means 8,968,400 fully paid Series B shares (Bloomberg ticker
         TEL2B SS and ISIN number SE0000314312) of Tele2 AB (publ), a company
         incorporated in Sweden under registration number 556410-8917, and such
         other securities, as each may be held in the Deposit Account from time
         to time.


                                       2

<PAGE>

2        Security

2.1      Pledge of the Shares and the Accounts

         As security for the prompt and complete payment and performance in
         full of all the Secured Obligations, the Pledgor hereby pledges to the
         Trustee for the benefit of itself and the Noteholders (i) the Deposit
         Account including all the Shares and Dividends which are from time to
         time held or recorded in the Deposit Account and (ii) all funds
         deposited from time to time in the connected Cash Account.

2.2      Perfection of the Pledges

         2.2.1    The Custodian Bank acknowledges that it has been notified of
                  the security interest created by this Share Pledge Agreement
                  in respect of the Accounts and undertakes to ensure that the
                  Shares held in the Deposit Account from time to time are
                  registered as pledged in favour of the Trustee, on behalf of
                  the Noteholders.

         2.2.2    The Custodian Bank also confirms:

                  (i)      that it has not received any previous notice of any
                           pledge or other encumbrance over the Accounts or any
                           of the Shares;

                  (ii)     that it has not been notified of any execution or
                           other distraint order regarding the Accounts or any
                           of the Shares; and

                  (iii)    that it has not been notified of any sale or
                           transfer of the Pledged Assets or any part thereof.

3        Restrictions and Further Assurance

3.1      Security

         Save as contemplated by the terms of the Trust Deed, the Pledgor shall
         not, without the Trustee's written consent in each particular case,
         create or permit to subsist any security interest over the Pledged
         Assets.

3.2      Disposal

         Save as contemplated by the terms of the Trust Deed, the Pledgor shall
         not (nor shall the Pledgor agree to), without the Trustee's written
         consent in each particular case, enter into a single transaction or a
         series of transactions (whether related or not and whether voluntary
         or involuntary) to sell, lease, transfer or otherwise dispose of the
         Pledged Assets.

3.3      Further Assurance

         The Pledgor shall promptly do whatever the Trustee requires:

         3.3.1    to perfect or protect the Pledges or the priority of the
                  Pledges, or

         3.3.2    to facilitate the realisation of the Pledged Assets or the
                  exercise of any rights vested in the Trustee,

         including executing any transfer, assignment or assurance of the
         Pledged Assets (whether to the Trustee or its nominees or otherwise),
         making any registration and giving any notice, order or direction.


                                       3

<PAGE>

3.4      Power of Attorney

         On the occurrence of an Enforcement Event, for the purpose of Clause
         4.3 (Voting after Enforcement), the Pledgor shall deliver to the
         Trustee a signed Power of Attorney. The Pledgor shall at the
         expiration of a Power of Attorney, at the request of the Trustee,
         renew the same in favour of the Trustee for one additional year for as
         long as this Share Pledge Agreement remains in force and upon each
         such renewal forthwith deliver the renewed Power of Attorney to the
         Trustee.

4        Pledged Shares

4.1      Dividends

         The Pledgor shall promptly notify the Trustee of the declaration,
         payment, allotment, offer or issue of any Dividend. All Dividends in
         respect of the Shares shall be paid directly to the Cash Account or,
         as the case may be, the Deposit Account or, as and when received by
         the Pledgor in accordance with the Trust Deed, to the Trustee or as it
         may direct.

4.2      Voting before Enforcement

         Subject to Clause 4.3 (Voting after Enforcement) and the Trust Deed,
         the Pledgor shall be entitled to exercise the voting rights attached
         to any Share as it sees fit where:

         4.2.1    it does so for a purpose not inconsistent with the Trust
                  Deed; and

         4.2.2    either (a) the exercise of those rights would not have an
                  adverse effect or the failure to exercise would have an
                  adverse effect on the value of the relevant Shares or the
                  Pledged Assets and would not otherwise prejudice the
                  interests of the Noteholders under the Trust Deed, or (b) the
                  Pledgor is so permitted pursuant to Condition 9(a) of the
                  Conditions.

4.3      Voting after Enforcement 4.3.1 The Pledgor shall forthwith notify the
         Custodian Bank in writing of the occurrence of an Enforcement Event as
         soon as becoming aware of such event.

         4.3.2    At any time after the occurrence of an Enforcement Event, the
                  Trustee shall be entitled to exercise or direct the exercise
                  of the voting and other rights attached to any Share as it
                  sees fit.

4.4      Deliverance of Power of Attorney

         The Pledgor shall immediately upon written notice from the Trustee of
         the occurrence of an Enforcement Event, deliver to the Trustee a
         signed Power of Attorney to enable the Trustee to exercise its rights
         under Clause 4.3.

5        General Undertaking

         The Pledgor shall not do, or permit to be done, anything, which could
         prejudice the Pledges.

6        Representations and Warranties

         The Pledgor makes the representations and warranties set out in this
         Clause 6 to the Trustee on the date of this Share Pledge Agreement.

                                       4

<PAGE>

6.1      Shares Validly Issued etc.

         The Shares are duly authorised, validly issued and freely
         transferable.

6.2      Share Capital

         Save as contemplated by the Securities Lending Agreement or the Trust
         Deed, no person has or is entitled to any conditional or unconditional
         option, warrant or other right to subscribe for, purchase or otherwise
         acquire any Share, or any interest in the Shares.

6.3      Governing Law and Enforcement

         6.3.1    Subject to mandatory provisions of applicable law, the choice
                  of Swedish law as the governing law of this Share Pledge
                  Agreement will be recognised and enforced in the Pledgor's
                  jurisdiction of incorporation.

         6.3.2    Subject to applicable proceedings provided in Council
                  Regulation (EC) 44/2001, any judgement obtained in Sweden in
                  relation to this Share Pledge Agreement will be recognised
                  and enforced in the Pledgor's jurisdiction of incorporation.

7        Enforcement

7.1      Realisation

         After the occurrence of an Enforcement Event, the Trustee shall have
         the right to sell or to direct the Custodian Bank to sell the Pledged
         Assets by private or public sale or auction or in any other way and on
         such terms as the Trustee in its sole discretion deems fit.

7.2      Chapter 10 of the Code of Commerce

         The provisions in Chapter 10 of the Swedish Code of Commerce (Sw:
         Handelsbalken) shall not apply to this Share Pledge Agreement.

8        Liability of the Trustee

8.1      Trustee's Liability

         The Trustee shall not be liable to the Pledgor, the Noteholders or any
         other person for any costs, losses, liabilities or expenses relating
         to the realisation of any Pledged Assets or from any act, default,
         omission or misconduct of the Trustee, or its officers, employees or
         agents in relation to the Pledged Assets except to the extent caused
         by its own gross negligence or wilful misconduct. The Trustee shall
         not be held responsible for any indirect damage.

8.2      Force Majeure

         The Trustee shall not be held responsible for any damage arising out
         of any Swedish or foreign legal enactment, or any measure undertaken
         by a Swedish or foreign public authority, or war, strike, lockout,
         boycott, blockade or any other similar circumstance. The reservation
         in respect of strikes, lockouts, boycotts and blockades applies even
         if the Trustee itself takes such measures, or is subject to such
         measures. Should there be an obstacle as described above for the
         Trustee to take any action in compliance with this Share Pledge
         Agreement, such action may be postponed until the obstacle has been
         removed, without any remedies being available to the Pledgor.


                                       5
<PAGE>

9        Discharge of Security

         If there are no outstanding obligations owed by the Pledgor to the
         Noteholders pursuant to the Secured Obligations, the Trustee shall at
         the cost of the Pledgor promptly release the Pledged Assets from the
         Pledges and shall notify as soon as reasonably practicable the Pledgor
         and the Custodian Bank of such release.

10       Enforcement Expenses

         The Pledgor shall, within five Business Days of demand, pay to the
         Trustee the amount of all properly incurred costs, losses, liabilities
         and expenses (including legal fees) incurred in relation to this Share
         Pledge Agreement (including the administration, protection,
         realisation, enforcement or preservation of any rights under or in
         connection with this Share Pledge Agreement, or any consideration by
         the Trustee as to whether to realise or enforce the same, and/or any
         amendment, waiver, consent or release of the Share Pledge Agreement
         and/or any other document referred to in this Share Pledge Agreement).

11       Assignment

         None of the parties hereto may change, assign or transfer all or any
         of its rights or obligations hereunder without the prior consent of
         the other party.

12       Waivers

         No failure to exercise, nor any delay in exercising, on the part of
         the Trustee, shall operate as a waiver, nor shall any single or
         partial exercise of any right or remedy prevent any further or other
         exercise or the exercise of any other right or remedy. The rights and
         remedies provided in the Trust Deed are cumulative and not exclusive
         of any rights or remedies provided by law.

13       Pledgor's Instructions and Agreements

13.1     The Pledgor hereby irrevocably instructs the Custodian Bank to accept
         and to follow all and any instructions that the Trustee may, from time
         to time, give in respect of the Shares (which are, from time to time,
         deposited in the Deposit Account) or the Accounts including, without
         limitation, any instructions to transfer Shares (which are, from time
         to time, deposited in the Deposit Account) out of the Deposit Account
         or cash out of the Cash Account, whether to the Noteholders or to any
         other person, account or entity designated by the Trustee.

13.2     The Pledgor hereby agrees that, unless otherwise agreed by the
         Trustee, it shall not attempt to revoke, override, rescind or
         otherwise alter in any way such instructions as may be given to the
         Custodian Bank by the Trustee in accordance with Clause 13.1.

13.3     The Pledgor agrees with the Custodian Bank that it shall:

         13.3.1   have no, and shall make no, claims against the Custodian
                  Bank; and

         13.3.2   indemnify and keep the Custodian Bank harmless,

         in respect of and from any loss or damage caused by any instructions
         given by the Trustee in respect of the Shares or the Accounts and
         which the Custodian Bank has accepted or followed.


                                       6

<PAGE>

13.4     The Pledgor further agrees with the Custodian Bank that the Pledgor
         shall not, during the term of this Share Pledge Agreement, give any
         instruction to the Custodian Bank in respect of the Shares (which are,
         from time to time, deposited in the Deposit Account) or the Accounts
         and the Custodian Bank shall disregard any instructions that the
         Pledgor may give in respect of the Shares (which are, from time to
         time, deposited in the Deposit Account) or the Accounts and the
         Pledgor shall in such case have no, and shall make no, claims against
         the Custodian Bank in respect thereof.

13.5     The Pledgor agrees with the Trustee that it shall:

         13.5.1   have no, and shall make no, claims against the Trustee; and

         13.5.2   indemnify and keep the Trustee harmless,

         in respect of and from any loss or damage caused by any instructions
         given by the Trustee in respect of the Shares or the Accounts and
         which the Custodian Bank has accepted or followed.

13.6     Immediately upon the release by the Trustee of the Pledged Assets from
         the Pledges pursuant to Clause 9 above, the Pledgor's instructions and
         agreements as set forth in Clauses 13.1, 13.2 and 13.4 shall lapse.

14       The Custodian Bank's Undertakings and Agreements

14.1     The Custodian Bank undertakes and agrees, for the benefit of the
         Trustee:

         14.1.1   not to accept or to follow any instructions (howsoever
                  described), nor any revocation, instructions to override or
                  rescission of its instructions given pursuant to Clause 13.1,
                  from or on behalf of the Pledgor in respect of the Shares
                  (which are, from time to time, deposited in the Deposit
                  Account) or the Accounts;

         14.1.2   to accept and to follow all and any instructions (howsoever
                  described, including, without limitation, any instructions to
                  transfer the Shares (which are, from time to time, deposited
                  in the Deposit Account) out of the Deposit Account, whether
                  to the Trustee or to any other person, account or entity
                  designated by the Trustee) that the Trustee may give in
                  respect of the Shares or the Accounts;

         14.1.3   not to query or be concerned in any way as to whether the
                  security interest created by this Share Pledge Agreement is
                  effective or enforceable;

         14.1.4   not to change, nor to suffer or procure a change in, the
                  number or other specifications of the Accounts without first
                  having notified the Pledgor and the Trustee of any such
                  change (it being understood that the numbers are internal
                  numbers that serves as instruments for the Custodian Bank to
                  identify the Shares and any relevant cash);

         14.1.5   not to act on any instructions or other attempts by the
                  Pledgor to prevent from reaching the Accounts any cash or
                  securities destined for the Accounts as a result of the
                  Pledgor's interest in the Shares; and

         14.1.6   to notify Trustee immediately of any such instructions or
                  attempts.

14.2     The Custodian Bank does not, in relation to the Trustee, in any way
         warrant or guarantee or represent that the security interest created
         by this Share Pledge Agreement is effective or enforceable in
         accordance with its terms.


                                       7

<PAGE>

14.3     The Custodian Bank acknowledges that it will not use any of the
         Pledged Assets at any time available on the Accounts for set-off of
         any outstanding loans or other financing liabilities or obligations
         owed by the Pledgor to the Custodian Bank.

14.4     Immediately upon the release by the Trustee of the Pledged Assets from
         the Pledges pursuant to Clause 9 above, the Custodian Bank's
         undertakings and agreements as set forth in Clause 14.1 shall lapse.

14.5     For the avoidance of doubt, the parties hereto agree that in the event
         of a conflict between the Custody Agreement and this Share Pledge
         Agreement, the Share Pledge Agreement shall in all circumstances take
         precedence.

15       Applicable Law

         This Share Pledge Agreement shall be construed in accordance with and
         governed by the laws of Sweden.

16       Jurisdiction

         Any dispute, controversy or claim arising out of or in connection with
         this Share Pledge Agreement, or the breach termination or invalidity
         thereof shall be resolved by the Swedish courts. The Stockholm
         District Court shall be the court of first instance.

                                 --------------

This Share Pledge Agreement has been executed in three originals, of which the
parties hereto have received one each.


MILLICOM TELECOMMUNICATIONS S.A.           DEUTSCHE TRUSTEE COMPANY LIMITED

JOHN RATCLIFFE                             CAROL A. MORRIS
DIRECTOR                                   ASSOCIATE DIRECTOR


MARC BEULS                                 CRAIG G. R. HOEPFL
DIRECTOR                                   ASSISTANT SECRETARY

Name:                                      Name:
Title:                                     Title:
Place and date:                            Place and date: London, 7 August 2003


NORDEA BANK SVERIGE AB (publ)

SUZANNE EISELE
PER ANDERSSON

Name:                                             Name:
Title:                                            Title:
Place and date:  Stockholm, 6 August 2003         Place and date:


                                       8
<PAGE>


                                   Schedule 1
                               Custody Agreement


                                       9
<PAGE>


                                   Schedule 2
                               Power of Attorney


This power of attorney is issued pursuant to a share pledge agreement dated 7
August 2003 (the "Share Pledge Agreement") between Millicom Telecommunications
S.A. (the "Pledgor"), Nordea Bank Sverige AB (publ), acting as custodian bank,
and Deutsche Trustee Company Limited, acting as Trustee (the "Trustee") on
behalf of the Noteholders (as defined in the trust deed between Millicom
Telecommunications S.A, Millicom International Cellular S.A and the Trustee
dated 7 August 2003).

The Pledgor hereby empowers the Trustee or any person duly appointed by the
Trustee to attend all General Meetings of the shareholders in Tele2 AB (publ)
as the Pledgor's representative and to vote at such General Meeting in respect
of all shares in Tele2 AB (publ) owned by the Pledgor (the "Shares"). The
Trustee may also on our behalf fulfil and execute any notice or application
requirement necessary to have our Shares represented at the General Meeting,
including to take necessary measures to register the Shares for voting.

This power of attorney is to the extent possible under Swedish law irrevocable
and excludes the Pledgor from exercising the voting rights at General Meetings
of shareholders in Tele2 AB (publ) with respect to the Shares subject to the
Share Pledge Agreement.

This power of attorney becomes effective on the date that it is signed by the
Pledgor and it shall remain in force for one year from such date.

This power of attorney shall be governed by and construed in accordance with
Swedish law.


Date:

Place:


MILLICOM TELECOMMUNICATIONS S.A.


_________________________________
Name:
Title:


                                      10


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</DOCUMENT>