MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2007

MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS FOR THE PERIOD ENDED
DECEMBER 31, 2007

New York and Stockholm - February 13, 2008- Millicom International Cellular S.A.
(Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global
telecommunications company, today announces results for the quarter and year
ended December 31, 2007.

•	Subscriber increase at end of Q4 of 56% versus Q4 06, bringing total
subscribers to 23m* 
•	41% increase in revenues for Q4 to $768m (Q4 06: $544m) *
•	34% increase in EBITDA for Q4 to $307m (Q4 06: $229m) *  
•	Profit before tax for Q4 of $107m (Q4 06: $99m) *
•	Net Profit for Q4 of $113m (Q4 06: $50m, including discontinued operations)
•	Basic earnings per common share for Q4 of $1.11 (Q4 06: $0.50) 

•	67% increase in revenues for the full year to $2,631m (2006: $1,576m) * 
•	55% increase in EBITDA for the full year to $1,114m (2006: $717m) *
•	Profit before tax for the full year of $539m (2006: $354m) *
•	Net Profit for the full year, including discontinued operations, of $697m
(2006: $169m) 
•	Basic Earnings per common share of $6.90 for the year to Dec 2007 (2006:
$1.68)
•	Special dividend of $2.40 per share recommended by the Board 

* Excludes discontinued operations


Chief Executive Officer's Review

Marc Beuls, CEO of Millicom commented; “The strong growth recorded in the fourth
quarter of 2007 demonstrates the gathering momentum within the businesses, with
Millicom reporting a record intake of 3.4m new subscribers in the seasonally
strong fourth quarter.  For the full year, there was a total of 8.4m subscribers
added in 2007, up by 56% year on year.  We saw the opportunity in 2007 to
increase our rate of investment, as the markets in which we operate continue to
grow at a fast pace.  Total capex was over $1bn for the full year compared to
$616m in 2006.  We expect to maintain this high level of capex with investment
targeted in excess of $1bn in 2008. 

“The strongest cluster in terms of subscriber acquisition was Central America
which was up 71% in the year with 1.4m new subscribers added in Q4, which was a
quarterly record for a cluster.  The African cluster was not far behind with
subscriber growth of 66% during 2007 and over one million new subscribers were
added in Q4, the first time that this has happened.  This is extremely
encouraging for the future as the African markets have the lowest levels of
penetration and so the greatest opportunity for growth.  Our financial
performance continues to be strong with revenues up by 67% year on year and
EBITDA up by 55%.  Excluding the Colombian acquisition, the respective increases
in revenue and EBITDA were 47% and 45% for the year.  There was impressive
revenue growth of 57% in South America excluding Colombia, 53% in Africa, 44% in
Central America and 33% in Asia.

“The African results are particularly exciting as strong growth was experienced
across all the major markets.  Today we have over 2m customers in Ghana and saw
a 34% sequential growth in subscribers from the third to the fourth quarter.  We
have over 1m customers in both Tanzania and Senegal and saw sequential growth
during the fourth quarter of 20% and 13% respectively in these two markets.  In
all three operations, Tigo benefited from several affordability initiatives made
earlier in the year.  Our investments to improve the availability, reliability
and reach of the networks in these countries are now enabling us to attract the
higher quality customers in these markets which should help drive future growth.
 The newer African markets are also now gaining traction: Congo DRC grew by 38%
from the third to the fouth quarter to 547k subscribers and the smaller market
of Chad grew by 14% sequentially to 323k subscribers.  Sadly, we were asked to
shut down our network by the government in Chad on January 31, 2008 because of a
rebel attack on the capital city, N'Djamena.  Our people are safe and the
network is undamaged.  The situation has improved considerably and our people
are in the process of returning to our offices.  We will be resuming operations
imminently.  Although revenue in Africa grew by 53% during the full year 2007,
the very strong intake of subscribers and the development of the new businesses
in Chad and DRC impacted the EBITDA margin, which was down to 31% for the year
from 39% in 2006.  We believe that we have seen a low in terms of EBITDA margins
in Africa in Q3 and by Q4 there was a slight improvement.  From a bigger base
that will enable us to drive economies of scale, we expect to be able to
continue gradually to improve the overall EBITDA margin in Africa despite
continued aggressive expansion. 

“The results from Central America continue to be strong and again reflect the
high level of investment in 2007. Tigo continues to build or hold market share. 
EBITDA margins in Central America increased slightly to 53% for the year, but in
Q4 margins were down slightly to 51% reflecting the record intake in Q4 and the
related cost of handset subsidies which were needed to attract additional high
value subscribers ahead of the launch of 3G services in 2008.  In Honduras a new
fourth licence was awarded during the quarter.  Launches by the third and fourth
operators are likely to accelerate penetration growth but also bring about a
decline in our very high market share in Honduras, although we expect to
maintain our strong number one position.

“In South America all three businesses continue to grow strongly with revenue
growth of 152% year on year and, excluding Colombia, this region had an
underlying growth rate of 57% in 2007.  As has already been announced, the
Colombian regulator cut interconnect rates from 12 UScents to 6 UScents on
December 7, 2007.  There has been a short term impact to revenues as Tigo has
historically had more incoming than outgoing calls.  Revenues and EBITDA in
December were impacted by some $7m and $5m, respectively.  We used this
reduction in interconnect costs to reduce our outgoing tariffs, and at the same
time, took the opportunity to reduce most other tariffs as well.  Due to the
price elasticity that we believe exists in this market, we expect to offset the
impact of the interconnect change gradually as we progress throughout 2008. Long
term, we believe that the cut in interconnect rates will be beneficial,
especially for Tigo as the third operator.  Tigo added 267k subscribers in Q4 in
Colombia, an increase of 11%, and continues to see a steady growth in subscriber
intake quarter on quarter.  We are on track to reach our market share target of
20% in a few years.

“Asian revenues grew by 33% and EBITDA by 30% in 2007 with a 41% EBITDA margin. 
The EBITDA margin in Q4 was impacted by the settlement of a revenue share
dispute in Cambodia relating to the international gateway, which had an adverse
impact of $2.1m.  The full year and Q4 EBITDA margins would have been 42% and
41% respectively, without this settlement cost.  Sri Lanka continues to grow
strongly with EBITDA margins in excess of 50%.

“During the year, Millicom repurchased $90m face value of the 10% Senior Notes
as part of an on-going programme to improve balance sheet efficiency by retiring
debt at the corporate level and replacing it with debt at the operating
companies which helps to reduce the overall effective tax rate.  We have the
right to redeem the remaining Notes in December 2008 and have decided to
exercise this option at that time.  Due to the planned early redemption, we
accrued the bulk of the 5% redemption premium in the fourth quarter, increasing
interest expense by $31m. 

“After the year end, Millicom forced the conversion of its $200m convertible
bond, again removing corporate debt that will be replaced with local operating
company debt.  Millicom will save approximately $16m of interest at the
corporate level over the next two years by redeeming this debt early.

“Due to the better than expected results of our Colombian operation during the
year, and the anticipated strength of this operation going forward, we have been
able to record a deferred tax asset in the fourth quarter for the net operating
losses assumed as part of this acquisition and the losses incurred since the
acquisition date.  The total tax benefit recorded by Colombia Movil in the
fourth quarter was $86m.  This has resulted in an effective tax rate for the
Group of 16% for the full year in 2007.

“As a result of the one time net cash flow benefit attributable to the Paktel
sale, the Board of Directors is recommending a special dividend of $2.40 a share
to be paid following ratification at the Annual General Meeting in May 2008. 
The Board will consider establishing a recurring dividend in future on the basis
of the expected free cash flows, which is EBITDA less interest, taxes and Capex.


“Today Millicom has a very strong balance sheet which will enable the Company to
continue to exploit its strong market position in sixteen of the best growth
markets in the world.  This financial strength with very low leverage enables us
to look at a wide variety of options to generate shareholder value in an
uncertain economic climate which may bring opportunities.”


CONFERENCE CALL DETAILS

A conference call to discuss the results will be held at 14.00 UK / 15.00 CET /
09.00 EDT, on Wednesday, February 13, 2008.  The dial-in numbers are: +44 (0)20
7806 1956, +46 (0)8 5352 6407 or +1 718 354 1388 and the passcode is 8417299. 
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: 8417299#.

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