Millicom International Cellular: Capital Markets Event in Paraguay

* Reuters is not responsible for the content in this press release.

Thu Oct 23, 2008 10:36am EDT 

STOCKHOLM, Sweden--(Business Wire)--
Millicom International Cellular S.A. (Nasdaq:MICC) and (STO:MIC),
the global telecommunications company, is today holding its fourth
annual capital markets event for analysts and investors. This year,
the event is taking place in Paraguay. Participants will be given a
country presentation and a tour of Tigo Paraguay's operations, which
will include visits to points of sales and customer service centres in
Asuncion and Cuidad del Este. Tigo Paraguay will also demonstrate its
distribution and territory management systems, as well as
affordability initiatives and Tigo Cash, the mobile micro payment
system.

   Marc Beuls, President and Chief Executive Officer of Millicom
commented: "Paraguay has, over several years, become the test bed for
new ideas within Millicom and it is a great market in which to
demonstrate some of the many initiatives that are being rolled-out to
put our Triple A strategy into action. Such initiatives have enabled
Tigo to grow its market leading position in Paraguay."

   The full presentation will be available on Millicom's website
later today (October 23, 2008).

   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 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://www.cisionwire.com

Millicom International Cellular S.A., Luxembourg
Marc Beuls, President and Chief Executive Officer
Telephone: +352 27 759 327
or
Andrew Best, Investor Relations
Shared Value Ltd, London
Telephone: +44 7798 576 378
Visit our web site at http://www.millicom.com

Copyright Business Wire 2008
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