Millicom International Cellular: Results for the Period Ended June 30, 2008

STOCKHOLM, Sweden--(Business Wire)--
Q2 key figures

58% increase in subscribers for Q2 08 versus Q2 07, bringing total
subscribers to 28.5 million* 37% increase in revenues for Q2 08 to
$843 million (Q2 07: $613 million*) 34% increase in EBITDA for Q2 08
to $352 million (Q2 07: $263 million*) 29% increase in profit before
tax for Q2 08 of $172 million (Q2 07: $134 million*) 33% increase in
net profit for Q2 08 of $132 million (Q2 07: $99 million*) Basic
earnings per common share for Q2 08 of $1.22 (Q2 07: $0.98*) *
Excludes discontinued operations

H1 key figures

40% increase in revenues for H1 08 to $1,643 million (H1 07:
$1,176 million*) 35% increase in EBITDA for H1 08 to $689 million (H1
07: $511 million*) 36% increase in profit before tax for H1 08 of $359
million (H1 07: $263 million*) 54% increase in net profit for H1 08 of
$290 million (H1 07: $188 million*) Basic earnings per common share
for H1 08 of $2.70 (H1 07: $1.86*) * Excludes discontinued operations

Marc Beuls, CEO of Millicom (NASDAQ:MICC) (STO:MIC), commented;
"Millicom has continued to grow strongly with 58% growth in
subscribers. Net subscriber additions in Q2 were 2.3 million despite a
one-off adjustment of 0.2 million to clean up non-revenue producing
subscribers in El Salvador. Revenue growth continues to be one of the
best in the industry with the second quarter year-on-year growth up by
37%. The net profit of $132 million for the quarter, an increase of
33% year-on-year, reflected the continued strong EBITDA margin of 42%
for the business.

"The quarter two results give us confidence in our triple 'A'
business model as it has enabled us to continue to build our market
share and profitability across our markets. We invested $378 million
in capex during the quarter and a total of $643 million in the first
half year and, on the basis of the opportunity we see in our markets
today, we are raising our year-end 2008 guidance for capex to up to
$1.5 billion. With this investment we believe we can continue to grow
penetration in both Africa and Asia and to enhance our offering in
Latin America with the launch of broadband services in the second half
of the year.

"The global "credit crunch" and rising inflation worldwide has not
to date impacted our businesses in a significant way and we remain
optimistic that, given the strong demand for mobile telephony, which
is an essential service in our sixteen markets, we will continue to
see good growth. However, higher inflation globally has increased the
cost of goods which leaves consumers with less disposable income.

"We remain committed to improving affordability for our customers
and this will continue to reduce overall ARPUs but the price
elasticity that we continue to see in all our businesses will sustain
our market leading rates of revenue growth. Also our continued high
rate of subscriber acquisition will help improve our current 42%
EBITDA margin as we achieve further economies of scale from higher
volumes."

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, July 22, 2008.
The dial-in numbers are: +44 (0)20 7959 6780, +46 (0)8 5051 3807 or +1
718 354 1281 and the pass code is 3827434#. 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: 3827434#.

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 289 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.

This information was brought to you by Cision
http://newsroom.cision.com

Marc Beuls
President and Chief Executive Officer
Millicom International Cellular S.A., Luxembourg
Telephone: +352 27 759 327
or
Andrew Best
Telephone: +44 20 7321 5022
Investor Relations
Shared Value Ltd, London
Visit our web site at http://www.millicom.com

Copyright Business Wire 2008