Results for the three months ended september 30, 1999

MILLICOM INTERNATIONAL CELLULAR SA ANNOUNCES STRONG WORLDWIDE OPERATING RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 * 10% Sequential Increase in Cellular Revenue in the Third Quarter * More than 8% Sequential Increase in Cellular EBITDA in the Third Quarter * 74% Annualized Increase in Proportional Subscribers* * Three fold EBITDA Increase in the Third Quarter for MIC Systems * 57% Annualized Increase in Revenue for MIC Systems New York, London and Luxembourg - November 3, 1999 - Millicom International Cellular SA (Nasdaq Stock Market: MICC), the worldwide cellular telephone operator, today announced results for the quarter and nine months ended September 30, 1999. Financial summary for the nine months ended September 30 MIC SEC Total Change Cellular 1999 1999 1999 1998 % Worldwide subscribers: (i) 1,177,223 22,170 1,199,393 688,648 * 74 - proportional 1,852,120 63,344 1,915,464 1,167,522 * 64 cellular - 2,201,926 2,201,926 541,694 306 - gross cellular Gross fixed-line US$ '000 Revenues 329,120 72,678 401,798 337,493 19 Operating profit (loss): 134,670 (42,000) 92,670 101,342 - - before depreciation - and amortization 195 93,994 (EBITDA) (ii) - before financing and taxes (iii) Retained losses (127,146) (25,477) - Loss per common MIC share (US$) (2.61) (0.52) Weighted average number of shares 48,712 48,886 (thousands) * Excluding Divested Operations (i) Subscriber figures represent the worldwide total number of subscribers of cellular systems in which MIC has an ownership interest. They do not include the subscribers of NetCom AB, in which MIC has a 5.77% interest. (ii) EBITDA, operating profit before interest, taxation, depreciation and amortization, is derived by deducting cost of revenues, sales and marketing costs, and general and administrative costs from revenues. (iii) 1998 comparative includes $69.6 million gain on disposal of assets. Marc Beuls, MIC's President and Chief Executive Officer stated, "MIC reported a strong sequential quarterly increase in revenues of 10% in the third quarter. We experienced strong revenue growth across all of our operations without reducing average EBITDA margins. Network capacity has been increased to reflect the strong demand environment and this, in association with increased sales and marketing spend, will drive further revenue growth in the fourth quarter and beyond. We have been very encouraged by the significant revenue and EBITDA growth in the third quarter generated by MIC Systems which underpins its strong international market position and the substantial progress that SEC has made in leveraging its strong Tele2 brand name and dominant market position in the newly deregulated European telecommunications markets." ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/11/03/19991103BIT00130/bit0001.doc The full report http://www.bit.se/bitonline/1999/11/03/19991103BIT00130/bit0002.pdf The full report