MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2007

New York and Stockholm – October 23, 2007 – Millicom International Cellular S.A. (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global telecommunications company, today announces results for the quarter and nine months ended September 30, 2007.

• 77% increase in revenues for Q3 to $686m (Q3 06: $388m)*
• 60% increase in EBITDA for Q3 to $296m (Q3 06: $186m)*
• Subscriber increase for Q3 of 77%, bringing total subscribers to 20m*
• Profit before taxes from continuing operations for Q3 of $169m (Q3 06: $102m)*
• Net profit for Q3 of $138m (Q3 06: $52m)
• Basic earnings per common share for Q3 of $1.36 (Q3 06: $0.52)

• 80% increase in revenues for the nine months to Sep 07 to $1,862m (YTD 06: $1,032m)*
• 65% increase in EBITDA for the nine months to Sep 07 to $807m (YTD 06: $488m)*
• Profit before taxes from continuing operations for the nine months to Sep 07 of $432m (YTD 06: $253m)*
• Net profit for the nine months to Sep 07 of $584m (YTD 06: $119m)**
• Basic earnings per common share for the nine months to Sep 07 of $5.79 (YTD 06: $1.19)**

* Excludes discontinued operations
** Includes gain on sale of Paktel Limited of $258 million

Chief Executive Officer’s Review

Marc Beuls, Chief Executive Officer, comments: “Millicom continues to deliver excellent growth with a 77% increase in revenues year on year on the back of an acceleration of capex during the quarter to $347 million. This higher level of investment is reflected in the addition of 2 million customers during the quarter bringing the total to 20 million. Millicom is today increasing its capex forecast for the full year 2007 from $800m to over $1 billion as we continue to invest in future growth. We are expecting a similar level of capex for 2008.

“The most encouraging aspect of these results has been in Africa where we have taken the opportunity to increase the pace of our build-out through a substantial increase in capex. This steadily increasing level of investment is driving the rate of subscriber acquisition in Africa which was up 44% year on year, up an impressive 17% quarter on quarter and delivering year on year revenue growth for the quarter of 52%. In order to exploit the growth opportunity in our African markets we have accepted a somewhat lower margin of 28% in the third quarter, but we still believe that margins will move back to historical levels whilst we continue to invest as we build critical scale. In our two newest African markets, Chad and DRC, revenues were up by 117% and 150% respectively and, encouragingly, in our two largest African markets, Ghana and Tanzania, year on year revenue growth in Q3 of 43% and 51% respectively, showed the positive impact of the price cuts in Q2. Also in Senegal, growth in revenues of 38% demonstrated that the one-off issues from Q2 are behind us. We continue to be excited by the prospects in Africa but reiterate our view that the lack of infrastructure will continue to be a challenge and this will mean higher levels of operating expenditure than in our other markets for the time being.

“In Central America subscribers grew by 74% year on year showing the continued momentum in these three markets with revenues and EBITDA increasing by 45% following the move to per-second billing in the first quarter. ARPU in Central America was stable at $20 which is above the Latin American average ARPU of $17, as reported by Research and Markets. tigo has higher than average ARPU for a number of reasons but most importantly it is because we have a high proportion of the best customers in our markets. It is for this reason that we will start to roll out 3G services in 2008 to offer these high-end customers mobile data services on our existing licenses and frequencies. In order to make spectrum available for this 3G launch, we are churning off the residue of our TDMA and CDMA customers in all three countries, and expect to report no older technology subscribers by the end of the year in this region. EBITDA margins increased slightly across Central America to 54%, having been 53% in the previous quarter, reflecting the fact that tigo has a strong market share in all three markets which gives us a larger percentage of on-net calls and so helps to sustain our margins.

“South America’s high revenue growth of 245% for the third quarter has been driven by the acquisition of our new Colombian business in 2006 but excluding Colombia, the underlying revenue growth for the region was still 53%, a very good performance. Both Paraguay and Bolivia have benefited from per-second billing and a growing level of recurring revenue from value-added services. In Colombia, tigo grew revenues by 12% quarter on quarter as we concentrated on growing our market share with a focus on building out our distribution networks. We were able to maintain our EBITDA margin at 25% for this quarter even with the substantial quarter-on-quarter revenue growth. tigo is gathering momentum in Colombia with 211 thousand net adds in the quarter as it continues to grow its market share. Official figures issued by the regulator show that tigo’s subscribers grew by 11% quarter on quarter whereas the market grew by 3%. Today tigo has a good network, a competitive number of distribution outlets and the ability to offer more competitive services going forward.

“Our Asian cluster produced a solid performance with revenues up by 30% and EBITDA up by 41% with margins of 43% which is the same as our current Group average. In particular, we have seen the benefit of substantial investment in the network in Sri Lanka with a 54% growth in revenues over the year.

“Overall, we see opportunities in all our markets to continue investing aggressively in order to increase our market share and to exploit the general growth in the market as penetration rates continue to rise across our markets. In Latin America our markets are still growing strongly even though penetration rates today are over 50% in four of our six markets. In certain markets in South America other than our own, penetration rates are now approaching 90% and so the prospects for penetration growth in our markets remain good. In Africa and Asia penetration is only just starting to move into this exciting high growth phase.

“We have improved our balance sheet structure by buying US$45m of our 10% Senior Notes due on December 1, 2013 whilst we continue to raise the debt at the operating company level. We took advantage of the turbulence in the debt markets to buy the bonds at a discount to the net present value of the price at which the bonds can be called in December 2008.

“Millicom has the opportunity to exploit its current position as we are in sixteen exciting high growth markets worldwide and we have the ability to fund this growth by way of our strong cash flow. In addition, our low leverage enables us to look at other exciting opportunities to generate shareholder value. We expect 2007 to be another record year for the Group.”


CONFERENCE CALL DETAILS

A conference call to discuss the results will be held at 15.00 UK / 16.00 CET / 10.00 EDT, on Tuesday, October 23, 2007. The dial-in numbers are: +44 (0)20 8817 9301, +46 (0)8 50520 270 or +1 718 354 1226 and the passcode is 4188851 . Please go to our website at www.millicom.com for a copy of the slides to be discussed during the call. 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 / +46 (0)8 5876 9441 or +1 718 354 1112, access code: 4188851#.


Note: For tabular financial information and the full text of the statement, please refer to the attached PDF.