MILLICOM INTERNATIONAL CELLULAR S.A.RESULTS FOR THE PERIOD ENDED MARCH 31, 2008

MILLICOM INTERNATIONAL CELLULAR S.A.RESULTS FOR THE PERIOD ENDED MARCH 31, 2008

(Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC)

Q1 key figures

 	- Subscriber increase for Q1 08 of 59% versus Q1 07, bringing total
subscribers to 26 million*
 	- 42% increase in revenues for Q1 08 to $801 million (Q1 07: $563 million*)
 	- 36% increase in EBITDA for Q1 08 to $336 million (Q1 07: $248 million*)
 	- 44% increase in profit before tax for Q1 08 of $187 million (Q1 07: $129
million*)
 	- 78% increase in net profit for Q1 08 of $158 million (Q1 07: $89 million*)
 	- Basic earnings per common share for Q1 08 of $1.48 (Q1 07: $0.88*)

* Excludes discontinued operations

Marc Beuls, CEO of Millicom, commented; “Millicom recorded the second best
quarter in its history in terms of net subscriber additions, adding 2.8 million
in the quarter, following the exceptional final quarter of 2007.  We are also
particularly pleased with the first quarter year-on-year revenue growth of 42%,
which is higher than the 41% growth in the previous quarter, and with the net
profit of $158 million for the quarter, reflecting a very strong margin of 20%. 


“Given that Q1 has historically been the weakest quarter of the year, owing to
the seasonality of our business, our results show that we have achieved real
traction across our markets as a result of sustained and heavy investment in
sales and marketing, distribution and our networks in the last few years.  It is
encouraging to see the EBITDA margin improve to 42% from 40% in the previous
quarter given this high level of investment.  In 2008 it is our intention to
increase capex still further and we are forecasting capex in excess of one
billion U.S. dollars for the year, which underlines our belief that we can
continue to grow both our subscriber base and market share as the penetration
rates rise across all our markets.

“Millicom's strategy continues to be to build a mass market pre-paid business in
all sixteen of its markets and it is important to understand, as we have often
mentioned, that in order to drive penetration and subscriber growth we need to
target customers with less disposable income. In Q1 we delivered higher than
expected subscriber growth, a record for a first quarter, by aggressively
targeting these customers. Firstly, the percentage of net new subscriber
additions from Africa and Asia has risen from 39% in Q1 2007 to 45% in Q1 2008.
Secondly, in Latin America as we continue to drive mobile voice penetration
levels beyond the current levels, we need to increasingly target those customers
with limited disposable incomes. Our low cost pre-paid business model is ideally
suited to attracting a high volume of this mass market segment.

“We will continue to improve affordability for our customers which will result
in a gradual decline in ARPUs and will sustain our market leading rates of
revenue growth. This will also help improve our EBITDA margin as we achieve
economies of scale from higher volumes. 

“The prospects for the business continue to be excellent.”


Note: For tabular financial information and the full text of the statement,
please refer to the attached PDF.


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, April 22, 2008.  The dial-in numbers
are: +44 (0)20 8609 0205, +46 (0)8 505 96 312 or +1 703 621 9126 and the pass
code is 471685#.  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 8609 0289 / +46 (0)200 896 363 or +1 866 676
5865, access code: 213359#.


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 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.


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