Millicom International Cellular: Results for the Period Ended June 30, 2009

Millicom International Cellular (STO:MIC)(NASDAQ:MICC):

All figures presented exclude discontinued operations (Cambodia, Laos, Sri Lanka and Sierra Leone), except where otherwise stated. All historical figures have been restated to provide a comparable base.

Q2 key figures

# Mobile subscribers up 25% versus Q2 08, bringing total subscribers to 30.8 million

# Organic constant currency revenues up 11% versus Q2 08

# Reported revenues up 5% to $814 million (Q2 08: $774 million)

# EBITDA up 14% to $371 million (Q2 08: $326 million)

# EBITDA margin of 45.6% (+340 basis points versus Q2 08)

# Net profit* of $114 million (Q2 08: $132 million)

# Basic earnings per common share* of $1.05 (Q2 08: $1.22)

# Free cash flow of $59 million (Q2 08: $130 million outflow)

* Includes discontinued operations

Mikael Grahne, CEO of Millicom, commented: "Our Q2 09 results continue to show the benefits of the actions taken in the last few quarters to focus on both margins and cash flow generation, whilst maintaining or improving our market position. Our EBITDA margin moved up to 45.6%, which is above our long term target margin for the Group, as we tighten cost controls and adapt our product offering to changing market conditions. Cash flow continues to improve, with operating free cash flow standing at 15% of revenues in Q2 09. We are also pleased to have grown our market share by 0.7 percentage points over the quarter.

“Value added services are a clear success story, reflecting our focus on customers’ needs and our proven ability to provide innovative services. Constant currency VAS revenues were up 47% year-on-year in the quarter, and now represent 18% of recurring revenues across the Group. The longer term opportunities in data and other mobile services are significant.

“The disposal of our Asian assets is in progress and expressions of interest have been received from a number of parties for the three assets. We expect the disposal to be completed by Q1 2010.

“We have not noticed any improvement in the economic environment in the last three months but, encouragingly, there has been no further deterioration either. We will continue to maintain an appropriate level of investment for the current operating environment without compromising the long term growth opportunities that our market positions and expertise give us.”

Note: For tabular financial information and the full text of the statement, please refer to 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 21, 2009. The dial-in numbers are: [phone], [phone] or [phone] and the pass code is 3641556#. 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: [phone] / [phone] or [phone], access code: 3641556#.

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 308 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.

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Contacts:

Millicom International Cellular S.A., Luxembourg
Francois-Xavier Roger, Chief Financial Officer
Telephone: [phone]
or
Peregrine Riviere, Head of External Communications
Telephone: [phone]
or
Shared Value Ltd, London
Andrew Best
Emily Bruning
Telephone: [phone]
Telephone: [phone]

Visit our web site at http://www.millicom.com