MILLICOM TO REDEEM 4% CONVERTIBLE BONDS

MILLICOM TO REDEEM 4% CONVERTIBLE BONDS

New York and Stockholm - December 21, 2007 - Millicom International Cellular
S.A. (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global
telecommunications company, today announces that it has given notice to make an
early repurchase of its US$200,000,000 4% Convertible Bonds due 2010, as is
permitted under the agreement. 

On January 21, 2008, pursuant to Section 7(b) of the terms and conditions of the
4% convertible bonds due 2010, Millicom will redeem the entire outstanding
amount of the bonds at 100% of the principal amount plus accrued interest up to
and excluding the redemption date.  The aggregate principal amount of the bonds
outstanding as of December 18, 2007 was US%199,000,000.

Bondholders will have until 5.00pm London time on January 11, 2008 to exercise
their rights to convert the bonds into ordinary shares or Swedish Depository
Receipts representing fully paid ordinary shares at a conversion price of
US$34.86 per ordinary share.  On December 18, 2007, the closing price of
Millicom's ordinary shares on NASDAQ was US$107.13.  The procedures for
exercising conversion rights are set forth in the terms and conditions of the
bonds.
Marc Beuls, CEO of Millicom commented, “We are forcing redemption to reduce our
corporate debt and, over time, we will increase debt within our operating
companies which will increase balance sheet efficiency and have a positive
impact on the consolidated tax position. Millicom will save some US$15.8m in
interest costs by paying back this debt early.”

Millicom International Cellular S.A. is a global telecommunications group with
mobile 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 and 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
Telephone:  +44 7798 576 378

Visit our web site at: www.millicom.com