MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS FOR THE QUARTER ENDED MARCH 31, 2007

New York and Stockholm – April 24, 2007 – Millicom International Cellular S.A. (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global telecommunications company, today announces results for the quarter ended March 31, 2007.

• Subscriber increase for Q1 of 94%, bringing total subscribers to 16.5m*
• 86% increase in revenues for Q1 to $563m (Q1 06: $303m) *
• 74% increase in EBITDA for Q1 to $248m (Q1 06: $143m) *
• Profit before taxes from continuing operations for Q1 of $129m (Q1 06: $77m) *
• Profit before discontinued operations and minority interest for Q1 of $82m (Q1 06: $51m) *
• Net Profit for Q1 of $345m (Q1 06: $33m) **
• Basic earnings per common share for Q1 of $3.43 (Q1 06: $0.33) **

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

Chief Executive Officer’s Review

Marc Beuls, Chief Executive comments: “In the first quarter Millicom continued to deliver the high levels of growth seen in 2006. First quarter revenues increased by 86%, from $303 million in Q1 2006 to $563 million in Q1 2007. EBITDA rose by 74% to $248m and the group margin was 44%.

“The strong subscriber intake continued with approximately 1.6 million subscribers added in the first quarter taking total subscribers to 16.5 million. Capex for the first quarter was $183 million and is in line with our stated target of spending $800 million for the year, given that capex has traditionally increased throughout the year. We have continued to invest in the networks in all our regions, with capacity added in Central America to handle the additional traffic from the move to per-second billing; with a step-up in the network build-out in Colombia; with significant investments in additional coverage throughout most African countries; and with the continued investment in Sri Lanka. The progress made in expanding the networks in the Democratic Republic of Congo and Sri Lanka enabled us to launch the “tigo” brand in these countries in January. Today DRC is our first market that is fully e-pin, and offers per second billing as well. We are starting to see the benefits of this offering and DRC had 194 thousand subscribers by the end of the first quarter which is encouraging.

“Central and South America continue to be the fastest growing regions being the first to launch “tigo” and being leaders in offering e-pin. Per second billing was launched in all three countries in Central America in late January, following the success of per second billing in Paraguay in 2006, and the first indications are encouraging. Revenues compared to the fourth quarter, which is typically a very strong quarter, were maintained in Central America. This is an encouraging sign for the rest of the year because traffic has increased roughly 25% in two months to compensate for the 25% effective tariff reduction as a result of the introduction of per second billing. This is similar to the price elasticity that we witnessed in Paraguay throughout 2006. From Q1 2006 to Q1 2007, Central America saw revenues increase 59% and EBITDA rise by 73%, with a 55% EBITDA margin.

“In South America, excluding Colombia which was acquired in Q4 2006, underlying quarterly revenue growth was 70% and EBITDA growth was 98%. Revenue growth in Paraguay was particularly strong at 83%, continuing the trend that started in early 2006 following the introduction of per second billing. Progress in Colombia has been encouraging with subscribers starting to rise and the EBITDA margin was higher than expected at 21%, up from 16% last quarter. It is expected that revenues will start to rise in Colombia in Q3 when the distribution and the visibility of “tigo” will have improved.

“In Africa, with revenues and EBITDA up by 55% and 30%, respectively, we are already seeing the beneficial effect of the launch of “tigo” and we believe that in the future our African businesses can achieve similar if not higher levels of growth than those in Latin America. In the fourth quarter of 2006, we removed a number of low revenue subscribers from the network in Tanzania which affected net subscriber intake for the fourth quarter but in 2007 subscriber growth has accelerated again. Encouragingly the EBITDA margin in Africa as a whole improved slightly from 36% in Q4 2006 to 37% in Q1 2007, reversing the recent quarterly downwards trend.

“In Asia, we introduced per-second billing in Cambodia in mid-January 2007. Revenues were surprisingly strong given the effective tariff reduction from the change to per-second billing, and were up 15% versus the fourth quarter of 2006. In Sri Lanka we are starting to see positive results following the launch of “tigo” in January. Revenues were up 42% versus the first quarter of 2006 reflecting the investments that have been made on the network in 2006 and early 2007. Overall, Asia reported a 22% growth in revenues, an 11% growth in EBIDTA and a margin of 41%. During the first quarter we completed the sale of Paktel for an enterprise value of $460 million and we recorded a net gain on the sale of the business of $258 million.

“The year started well for us and with per second billing, e-pin and increasing capex fuelling growth in most of our markets, we expect 2007 to be another record year.”

CONFERENCE CALL DETAILS

A conference call to discuss the results will be held at 14.00 UK / 15.00 CET / 09.00 EDT, on Tuesday, April 24, 2007. The dial-in numbers are: +44 (0)20 7138 0817, +46 (0)8 5352 6456 or +1 718 354 1359 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 / +46 (0)8 5876 9441 or +1 718 354 1112, access code: 7564663#.

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 280 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