RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2008

RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2008

Q4 key figures

 	38% increase in subscribers** for Q4 08 versus Q4 07, bringing total
subscribers to 32.0 million*
 	18% increase in revenues for Q4 08 to $907 million* (Q4 07: $766 million*)
 	31% increase in EBITDA for Q4 08 to $406 million* (Q4 07: $309 million*)
 	Net profit† for Q4 08 of $66 million (Q4 07: $113 million)
 	Basic earnings per common share for Q4 08 of $0.61 (Q4 07: $1.11)

     †After a net charge of $55 million as a result of two one-off events (see
p.3)
     **Excludes Amnet
     * Excludes discontinued operations (Sierra Leone) 


FY 2008 key figures

 	30% increase in revenues for FY 08 to $3,412 million* (FY 07: $2,624 million*)
 	31% increase in EBITDA for FY 08 to $1,468 million* (FY  07: $1,119 million*)
 	Net profit† for FY 08 of $517 million (FY 07: $697 million)	
 	Basic earnings per common share for FY 08 of $4.80  (FY 07: $6.90)
 	Net cash provided by operating activities increased by 34%

     †After a net charge of $55 million as a result of two one-off events (see
p.3)
     * Excludes discontinued operations (Sierra Leone)


Marc Beuls, CEO of Millicom, commented: "Millicom performed well in Q4 with an
increase in the EBITDA margin to 45%, our targeted EBITDA margin. For the year
to December we produced sector leading revenue growth of 30% and our
profitability improved over the year, with a 219 basis points increase in the
second half and a margin for the full year of 43% which was close to our target
for the Group.  Our net profit excluding one-off items in 2007 and 2008, namely
Paktel, Colombian deferred taxes and Sierra Leone increased by 36%.
“These results were achieved despite the headwind of a strongly appreciating
dollar in a number of countries during the second half of year which was a
reflection of an uncertain economic climate. The impact on our businesses of the
strong dollar against local currencies is set to continue into 2009.  We have
already taken action, in terms of lower capex and opex, to ensure that we are
well positioned to meet the potential challenges engendered by the macro
economic environment and the stronger margin reported in Q4 is a reflection of
those changes."In Latin America we have selectively reduced promotions as we have increased
our focus on revenue generating customers. Today operators recognize that
subscriber growth is cumulatively slower due to the higher penetration rates in
Latin America which means that these markets will now grow at a more moderate
pace. However, we do expect to see an acceleration of subscriber growth for Tigo
in Colombia as, over time, we expect to benefit from a more favorable regulatory
environment. Amnet, our recently acquired fixed broadband business, is
performing in line with our expectations and the integration process will be
completed in Q1 as we introduce best practice to exploit potential synergies.
“In Africa and Asia we continue to see the opportunity to maintain growth while
improving margins especially in Africa where most of our businesses are now
achieving the critical mass and scale which are necessary to improve
profitability quarter on quarter. We also continue to focus on Distribution
Management Systems as a way of reducing operating costs by achieving greater
efficiency from more streamlined distribution networks. 
 “In 2009 we are moving into a new phase for the company as we expect to become
free cash flow positive for the full year and to see free cash flow growing in
subsequent years. This is the result of the improving operating margin and a
declining capex to sales ratio going forward.”

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 Wednesday, February 11, 2009.  The dial-in
numbers are: +44 (0)20 7806 1953, +46 (0)8 5352 6408 or +1 718 354 1385 and the
pass code is 6518214#.  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: 6518214#.


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.