MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS FOR THE PERIOD ENDED JUNE 30, 2006

New York and Stockholm – July 24, 2006 – Millicom International Cellular S.A. (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global telecommunications company, today announces results for the quarter ended June 30, 2006. • Quarterly total subscriber increase for Q2 06 of 51%, bringing total subscribers to 10.9m • 39% increase in revenues for Q2 06 to $362m (Q2 05: $261m)† • 28% increase in EBITDA for Q2 06 to $157m (Q2 05: $122m) † • Profit for Q2 06 of $34m (Q2 05: $5m) • Earnings per common share for Q2 06 of $0.34 (Q2 05: $(0.05)) † • 29% increase in revenues for the First Half of 2006 to $684m (2005: $529m) • 20% increase in EBITDA for the First Half of 2006 to $299m (2005: $249m) • Profit for the First Half of 2006 of $67m (2005: Loss of $6m) • Basic Earnings per common share of $0.67 for the First Half of 2006 (2005: Loss per share of $0.06) Chief Executive Officer’s Review: • Increasing growth momentum with second quarter 2006 Pro forma* revenues and EBITDA up respectively by 54% and 53% year on year • EBITDA margin of 44% • 62% year-on-year increase in pro forma total subscribers • 10.9 million subscribers recorded at June 30, 2006 • Capex of $146 million in Q2 06 • Record cash upstreaming of $113 million in the First Half of 2006 Marc Beuls, Chief Executive, comments: “Underlying pro forma revenues for the second quarter grew by 54% which is an outstanding performance and doubly so as it was matched by pro forma EBITDA growth of 53%. The primary drivers of this growth have been the 78% increase in revenues in Central America, 54% increase in South America and 52% increase in Africa. EBITDA margins were 52% in Central America, 44% in South America and encouragingly 40% in Africa, despite the heavy start up costs in building out the new network in Congo.” “Millicom is today reaping the benefits of past investment in its networks and distribution in Latin America and the successful roll out of the Tigo brand in these markets. We believe that our current investment programme will enable us to replicate this successful model in other markets. At Q1 we stated that our 2006 capex target would exceed $500m for the year. At the half year we have already invested $241m which does not include over $100m of investment to be made in building out the new Congo network during the second half. We are now likely to exceed $600m of capex for the year which should further enhance our growth prospects. We have now launched the Tigo brand in five African countries, Senegal, Ghana, Tanzania, Sierra Leone and Chad, and expect to see the benefits over many years. Following our successful Investor Relations trip to Central America last year we are planning an analyst and investor trip to Ghana and Senegal in November when we will be able to show how well our African businesses are developing.” “On a pro forma basis Millicom has grown its subscribers by 62% in the last year and growth is accelerating in Q2 2006, up 15% from the previous quarter. Today Africa is the market with the fastest subscriber growth within Millicom but Latin America is still growing above the average rate, so showing that good subscriber growth is sustainable as penetration rates rise.” “The excellent half year results show clearly that the operational management of Millicom remained focused on growing our operations during a period when the Board was conducting a Strategic Review of the business. This Strategic Review started on January 19, 2006 and ended on July 3, 2006 when the Board decided to terminate all discussions concerning a potential sale of the entire share capital of the Company. The Company had been in prolonged discussions and due diligence with one potential purchaser but the Board concluded on July 3, 2006 that this purchaser would not be in a position within an acceptable timeframe to make a binding offer that would have been suitably attractive, given the current strong performance of the business, or would have been sufficiently certain of closing.” “During the second quarter, Millicom sold its loss-making Pakcom operation in Pakistan. This disposal will improve EBITDA and, more so, net income by eliminating roughly $30m of annual interest and amortization expense on the Pakcom license obligations. From a balance sheet perspective, $246m of Pakcom liabilities have been eliminated as a result of the sale, consisting mainly of the Pakcom license obligations. As part of this transaction Millicom transferred 10% of Paktel to its former partner in Pakcom. Today in Pakistan, Millicom has just one business into which it is making significant investments to improve the quality and coverage of the network which is a key requirement in such a competitive market place.” “In July 2006, Millicom finalised the acquisition of the remaining 4% minority holding in its Paraguay operation which follows the earlier buyouts of minorities in Tanzania, Sierra Leone, Ghana and Senegal.” “In August 2006, Millicom will repay its mandatory exchangeable debt with the Tele2 shares that it holds. This will relieve us of over $350m of corporate debt and roughly $26m in annual interest expense.” † Excludes discontinued operations. * Pro forma numbers for current and previous quarters exclude Millicom’s operation in Vietnam, where the BCC ended on May 18, 2005, include Millicom’s joint venture in Honduras with a percentage ownership of 66.67%, to reflect the increase in ownership from 50% to 66.67% in May 2005 and exclude Pakcom, Millicom’s TDMA operation in Pakistan, which Millicom sold at the end of June 2006. PLEASE SEE THE ATTACHED PDF DOCUMENT FOR THE FULL RELEASE Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Latin America, Africa and Asia. 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 27 759 327 Andrew Best Investor Relations Shared Value Ltd, London Telephone: +44 20 7321 5022 Visit our web site at http://www.millicom.com CONFERENCE CALL DETAILS A conference call to discuss the results will be held at 14.30CET / 08.30 ET, on Monday, July 24, 2006. The dial-in numbers are: +44 (0)20 7138 0816 or +1 718 354 1171 and participants should quote Millicom International Cellular. A live audio stream of the conference call can also be accessed at www.millicom.com. Please dial in / log on 5 minutes prior to the start of the conference call to allow time for registration. A recording of the conference call will be available for 7 days after the conference call, commencing approximately 30 minutes after the live call has finished, on: +44 (0)20 7806 1970 or +1 718 354 1112, access code: 2036491#.