MILLICOM COMPLETES REDEMPTION OF 4% CONVERTIBLE BONDS

MILLICOM COMPLETES REDEMPTION OF 4% CONVERTIBLE BONDS

New York and Stockholm - January 22, 2008 - Millicom International Cellular S.A.
(Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global
telecommunications company, today announces that it has completed the early
redemption of its US$200,000,000 4% Convertible Bonds due 2010, as is permitted
under the agreement. 

Following the conversion of $1 million of bonds into 28,686 SDRs in October
2007, the bondholders have converted a further $196 million of the remaining
$199 million of the outstanding bonds into 5,407,327 Ordinary Shares and 215,144
SDRs.  The Company has repaid in cash the face value of $3 million of bonds and
accrued interest to those bondholders who did not convert their bonds as of the
conversion deadline of January 11, 2008. This process is pursuant to Section
7(b) of the terms and conditions of the 4% Convertible Bonds due 2010. The total
number of Millicom shares outstanding following the conversion is 108,041,517.
Marc Beuls, CEO of Millicom commented, “The redemption of the 4% Convertible
Bonds will 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