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

New York and Stockholm – July 24, 2007 – Millicom International Cellular S.A. (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global telecommunications company, today announces results for the quarter and six months ended June 30, 2007.

• 80% increase in revenues for Q2 to $613m (Q2 06: $341m)*
• 65% increase in EBITDA for Q2 to $263m (Q2 06: $160m)*
• Subscriber increase for Q2 of 84%, bringing total subscribers to 18m*
• Profit before taxes from continuing operations for Q2 of $134m (Q2 06: $75m)*
• Net profit for Q2 of $102m (Q2 06: $34m)
• Basic earnings per common share for Q2 of $1.01 (Q2 06: $0.34)

• 83% increase in revenues for H1 to $1,176m (H1 06: $644m)*
• 69% increase in EBITDA for H1 to $511m (H1 06: $302m)*
• Profit before taxes from continuing operations for H1 of $263m (H1 06: $152m)*
• Net profit for H1 of $447m (H1 06: $67m)**
• Basic earnings per common share for H1 of $4.43 (H1 06: $0.67)**

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

Chief Executive Officer’s Review

Marc Beuls, Chief Executive Officer, comments: “In the second quarter of 2007, Millicom delivered another strong set of results. Second quarter revenues increased by 80%, from $341 million in the second quarter of 2006 to $613 million in the second quarter of 2007, EBITDA rose by 65% to $263 million, and the Group’s margin was 43%. Overall, average revenues per subscriber (“ARPUs”) have remained steady despite aggressive price reductions in many countries during the second quarter, particularly in Africa, to further enhance the affordability of our products. Competition in our markets continues to be strong, and we are facing faster reactions from our competitiors, particularly in Central America. We need to remain innovative and a leader in offering value for money. We also continually review our subscriber bases to ensure that we retain high quality customers, which should help to maintain our ARPUs.

“We have continued to invest in the networks in all our regions as the move to per second billing is an additional driver of growth and we need additional network capacity to process this increase in minutes of use. Millicom has introduced per second billing in most of its markets. In addition, we are continuing to aggressively expand our networks in Africa and Asia. Furthermore, in Colombia there has been a need to extend the geographic coverage of the network as this operation focuses on growing its subscriber base and improving its distribution. We reiterate our stated capex target of over $800 million for the Group for the full year 2007. With investments of $183 million in the first quarter and an increased level of spending in the second quarter of $208 million, expenditure is following a pattern of increasing capex throughout 2007.

“We continue to grow our subscriber base at a steady rate and today we have 18 million subscribers on our networks. We feel confident that we can maintain the current rate of approximately 1.5 million net additions each quarter despite an expected higher than usual churn of customers due to the phasing out of our legacy TDMA and CDMA networks in Latin America in 2007 and early 2008, which are still used by nearly one million customers. We expect that the higher ARPU customers will be able to afford a GSM handset and will migrate to our GSM networks. The low ARPU customers are unlikely to be able to afford the handsets and, therefore, we will likely lose many of them. The loss of these customers will have little impact on revenues because of their low ARPUs, but it is important to take this action to release spectrum in the 850 and 1900 bands for 3G services which we are planning to launch in our existing spectrum bands based on our current licenses in Latin America during 2008/9.


“Central and South America continue to be the fastest growing regions having been the first to launch tigo, aggressively rolling out e-PIN, and now having the benefit of per second billing. During the first quarter of 2007, we saw traffic increase by about 25% over two months in Central America which compensated for the 25% effective tariff reduction as a result of the introduction of per second billing in early February. In the second quarter, we saw a continuation of this acceleration in growth in the total number of minutes in Central America with revenues increasing by 49% during the second quarter of 2007 and EBITDA by 52%. Different from our experience in South America when we launched per second billing, subscriber growth has been unusually strong so soon after the launch which has resulted in slightly lower ARPUs from deeper penetration. The EBITDA margin remained strong at 53%, reflecting the high level of on-net traffic that we generate as our market shares have strengthened across the region.

“In South America, excluding Colombia Móvil which was acquired in the fourth quarter of 2006, underlying quarterly year-on-year revenue growth was 58% and EBITDA growth was 74%. Revenue growth in Paraguay continues to be strong and its strong EBITDA margin of 53% reflects a number of factors: a strong market share, a high level of recurring revenue from Value Added Services and the benefits of per second billing, which are still being harvested 18 months after launch. In Colombia, progress has been very encouraging and in the second quarter subscriber intake was 92,805, reflecting our objective to grow Colombia Móvil’s market share quickly by improving the distribution system and marketing of tigo. An independent report by AC Nielsen dated May 2007, shows that the tigo prepaid distribution network in terms of points of sale with inventory is now second in the market. We believe we are quickly closing this gap. The EBITDA margin of Colombia Móvil continues to exceed our expectations and in the second quarter of 2007 it increased to 25%, up from 21% in the first quarter of 2007 and 16% in the fourth quarter of 2006. Some momentum in revenue growth has now been achieved in Colombia but we expect to see the main benefits in the third quarter of 2007 and beyond with the implementation of Colombia Móvil’s improved distribution network.

“In Africa, quarterly revenues and EBITDA were up by 46% and 15% respectively year-on-year and the EBITDA margin was 31%. We believe that our African businesses can achieve higher levels of growth as we continue to invest heavily in expanding the networks. However, the lack of infrastructure in Africa, particularly the lack of roads and power, brings specific challenges which can slow down our expansion and increases the operating costs, impacting EBITDA. Our aggressive plans to grow the businesses are temporarily impacting subscribers, revenues and particularly EBITDA in the short-term. A promotion in Ghana in the first quarter of 2007 to lower the price of the SIM cards attracted many new subscribers but caused the number of subscribers to fall in the second quarter as a proportion of these new subscribers were not viable long-term customers. In Senegal, new legislation was introduced that requires us to register our customers, which significantly impacted new subscriber intake in May and June, and will continue to dampen growth in the third quarter. We expect that subscriber growth will accelerate at the beginning of the fourth quarter. Also in Senegal, there were one-off costs of roughly $3 million that impacted EBITDA. Furthermore, both Ghana and Tanzania reduced prices aggressively in the second quarter which temporarily impacted revenues and EBITDA for this quarter, but should benefit the rest of the year. In the second quarter we saw the benefits of the actions taken by the new management in Tanzania and we expect this operation to improve its performance in the future. The beneficial effect of the launch of tigo is particularly evident in Chad which has been Millicom’s most successful launch ever. Good progress is also being made with the rollout of the network in the DRC.

“In Asia, we introduced per-second billing in Cambodia in mid-January and tigo was launched in Sri Lanka in January and in Laos in March, demonstrating the improved offering that we now have in Asia. Revenues in Sri Lanka were up 61% versus the second quarter of 2006 reflecting the substantial investments that have been made in the network in 2006 and early 2007. Overall, Asia reported a 35% growth in revenues, a 44% growth in EBIDTA and a margin of 42%.

“With growth continuing at a strong pace fuelled by increasing capex across our markets, we expect 2007 to be another record year for the Group.

“This year's investor visit will be held between 29th October and 1st November in Colombia. We look forward to showing visitors how succesfully we are operating in this market only a year after entering the market with tigo.”

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, July 24, 2007. The dial-in numbers are: +44 (0)20 7806 1956, +46 (0)8 5352 6407 or +1 718 354 1388 and participants should quote Millicom International Cellular. 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: 2048301#.

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


Millicom International Cellular S.A. is a global telecommunications group with mobile telephony operations in Asia, Latin America and Africa. It currently has mobile operations and licenses in 16 countries. The Group’s mobile operations have a combined population under license of approximately 287 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. employees or representatives 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