RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2008

RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2008

Q3 key figures

 	53% increase in subscribers for Q3 08 versus Q3 07, bringing total subscribers
to 30.6 million*
 	27% increase in revenues for Q3 08 to $869 million (Q3 07: $686 million*)
 	25% increase in EBITDA for Q3 08 to $369 million (Q3 07: $296 million*)
 	17% increase in net profit for Q3 08 of $161 million (Q3 07: $138 million*)
 	Basic earnings per common share for Q3 08 of $1.49 (Q3 07: $1.36*)
* Excludes discontinued operations


9M key figures

 	35% increase in revenues for 9M 08 to $2,512 million (9M 07: $1,862 million*)
 	31% increase in EBITDA for 9M 08 to $1,058 million (9M 07: $807 million*)
 	39% increase in net profit for 9M 08 of $451 million (9M 07: $326 million*)
 	Basic earnings per common share for 9M 08 of $4.19 (9M 07: $3.23*)
* Excludes discontinued operations


Marc Beuls, CEO of Millicom, commented: "Millicom's businesses performed well in
a quarter in which there was a dramatic change in the global economy.  We have
maintained or increased our market share and produced good profitability by
delivering strong EBITDA margins. Particularly pleasing were margin increases in
Africa, at 33% and Colombia at 14%. However, recognizing the more difficult
economic environment, we have already initiated a number of adjustments in many
of the countries in which we operate.

“We have decided to put off an early redemption of the $460 million 10% 2013
Notes, further strengthening the company's balance sheet by reducing short term
and increasing long term debt and, as a result of this decision, the average
maturity of our debt lies close to four years.  At the end of September we had
over $1 billion in cash and a net debt to EBITDA of 0.6 times.

“Today we expect to invest less than $1.5 billion this year and we expect capex
for 2009 to be substantially lower than for 2008, as we ensure that our
requirements for high returns on new investment are maintained.”

Note: For tabular financial information and the full text of the statement,
please refer to the attached PDF or the Millicom website: www.millicom.com

Conference call details

A conference call to discuss the results will be held at 14.00 London / 15.00
Stockholm / 09.00 New York, on Tuesday, October 21, 2008.  The dial-in numbers
are: +44 (0)20 7806 1957, +46 (0)8 5352 6047 or +1 718 354 1389 and the pass
code is 8917142#.  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: 8917142#.



CONTACTS

Marc Beuls
President and Chief Executive Officer
Millicom International Cellular S.A., Luxembourg
Telephone:  +352 27 759 327

Francois-Xavier Roger
Chief Financial Officer
Millicom International Cellular S.A., Luxembourg
Telephone:  +352 27 759 327

Andrew Best
Investor Relations
Shared Value Ltd, London
Telephone:  +44 (0)7798 576378
Visit our web site at http://www.millicom.com

Millicom International Cellular S.A. is a global telecommunications group with
mobile telephony operations in 16 countries in Asia, Latin America and Africa.
It also operates cable and broadband businesses in five countries in Central
America.  The Group's mobile operations have a combined population under license
of approximately 291 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.