MILLICOM INTERNATIONAL CELLULAR S.A.

FOR IMMEDIATE RELEASE

July 24, 2007

MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS

FOR THE QUARTER AND SIX MONTHS ENDED JUNE 30, 2007

New York and Stockholm – July 24, 2007 – Millicom International Cellular S.A. (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC), the global telecommunications company, today announces results for the quarter and six months ended June 30, 2007.

	·	80% increase in revenues for Q2 to $613m (Q2 06: $341m) *
	·	65% increase in EBITDA for Q2 to $263m (Q2 06: $160m) *
	·	Subscriber increase for Q2 of 84%, bringing total subscribers to 18m*
	·	Profit before taxes from continuing operations for Q2 of $134m (Q2 06: $75m) *
	·	Net profit for Q2 of $102m (Q2 06: $34m)
	·	Basic earnings per common share for Q2 of $1.01 (Q2 06: $0.34)

	·	83% increase in revenues for H1 to $1,176m (H1 06: $644m) *
	·	69% increase in EBITDA for H1 to $511m (H1 06: $302m) *
	·	Profit before taxes from continuing operations for H1 of $263m (H1 06: $152m) *
	·	Net profit for H1 of $447m (H1 06: $67m) **
	·	Basic earnings per common share for H1 of $4.43 (H1 06: $0.67) **

* Excludes discontinued operations

** Includes gain on sale of Paktel Limited of $258 million

Chief Executive Officer’s Review

Marc Beuls, Chief Executive Officer, comments: “In the second quarter of 2007, Millicom delivered another strong set of results. Second quarter revenues increased by 80%, from $341 million in the second quarter of 2006 to $613 million in the second quarter of 2007, EBITDA rose by 65% to $263 million, and the Group’s margin was 43%. Overall, average revenues per subscriber (“ARPUs”) have remained steady despite aggressive price reductions in many countries during the second quarter, particularly in Africa, to further enhance the affordability of our products. Competition in our markets continues to be strong, and we are facing faster reactions from our competitiors, particularly in Central America. We need to remain innovative and a leader in offering value for money. We also continually review our subscriber bases to ensure that we retain high quality customers, which should help to maintain our ARPUs.

“We have continued to invest in the networks in all our regions as the move to per second billing is an additional driver of growth and we need additional network capacity to process this increase in minutes of use. Millicom has introduced per second billing in most of its markets. In addition, we are continuing to aggressively expand our networks in Africa and Asia. Furthermore, in Colombia there has been a need to extend the geographic coverage of the network as this operation focuses on growing its subscriber base and improving its distribution. We reiterate our stated capex target of over $800 million for the Group for the full year 2007. With investments of $183 million in the first quarter and an increased level of spending in the second quarter of $208 million, expenditure is following a pattern of increasing capex throughout 2007.

“We continue to grow our subscriber base at a steady rate and today we have 18 million subscribers on our networks. We feel confident that we can maintain the current rate of approximately 1.5 million net additions each quarter despite an expected higher than usual churn of customers due to the phasing out of our legacy TDMA and CDMA networks in Latin America in 2007 and early 2008, which are still used by nearly one million customers. We expect that the higher ARPU customers will be able to afford a GSM handset and will migrate to our GSM networks. The low ARPU customers are unlikely to be able to afford the handsets and, therefore, we will likely lose many of them. The loss of these customers will have little impact on revenues because of their low ARPUs, but it is important to take this action to release spectrum in the 850 and 1900 bands for 3G services which we are planning to launch in our existing spectrum bands based on our current licenses in Latin America during 2008/9.

“Central and South America continue to be the fastest growing regions having been the first to launch tigo, aggressively rolling out e-PIN, and now having the benefit of per second billing. During the first quarter of 2007, we saw traffic increase by about 25% over two months in Central America which compensated for the 25% effective tariff reduction as a result of the introduction of per second billing in early February. In the second quarter, we saw a continuation of this acceleration in growth in the total number of minutes in Central America with revenues increasing by 49% during the second quarter of 2007 and EBITDA by 52%. Different from our experience in South America when we launched per second billing, subscriber growth has been unusually strong so soon after the launch which has resulted in slightly lower ARPUs from deeper penetration. The EBITDA margin remained strong at 53%, reflecting the high level of on-net traffic that we generate as our market shares have strengthened across the region.

“In South America, excluding Colombia Móvil which was acquired in the fourth quarter of 2006, underlying quarterly year-on-year revenue growth was 58% and EBITDA growth was 74%. Revenue growth in Paraguay continues to be strong and its strong EBITDA margin of 53% reflects a number of factors: a strong market share, a high level of recurring revenue from Value Added Services and the benefits of per second billing, which are still being harvested 18 months after launch. In Colombia, progress has been very encouraging and in the second quarter subscriber intake was 92,805, reflecting our objective to grow Colombia Móvil’s market share quickly by improving the distribution system and marketing of tigo. An independent report by AC Nielsen dated May 2007, shows that the tigo prepaid distribution network in terms of points of sale with inventory is now second in the market. We believe we are quickly closing this gap. The EBITDA margin of Colombia Móvil continues to exceed our expectations and in the second quarter of 2007 it increased to 25%, up from 21% in the first quarter of 2007 and 16% in the fourth quarter of 2006. Some momentum in revenue growth has now been achieved in Colombia but we expect to see the main benefits in the third quarter of 2007 and beyond with the implementation of Colombia Móvil’s improved distribution network.

“In Africa, quarterly revenues and EBITDA were up by 46% and 15% respectively year-on-year and the EBITDA margin was 31%. We believe that our African businesses can achieve higher levels of growth as we continue to invest heavily in expanding the networks. However, the lack of infrastructure in Africa, particularly the lack of roads and power, brings specific challenges which can slow down our expansion and increases the operating costs, impacting EBITDA. Our aggressive plans to grow the businesses are temporarily impacting subscribers, revenues and particularly EBITDA in the short-term. A promotion in Ghana in the first quarter of 2007 to lower the price of the SIM cards attracted many new subscribers but caused the number of subscribers to fall in the second quarter as a proportion of these new subscribers were not viable long-term customers. In Senegal, new legislation was introduced that requires us to register our customers, which significantly impacted new subscriber intake in May and June, and will continue to dampen growth in the third quarter. We expect that subscriber growth will accelerate at the beginning of the fourth quarter. Also in Senegal, there were one-off costs of roughly $3 million that impacted EBITDA. Furthermore, both Ghana and Tanzania reduced prices aggressively in the second quarter which temporarily impacted revenues and EBITDA for this quarter, but should benefit the rest of the year. In the second quarter we saw the benefits of the actions taken by the new management in Tanzania and we expect this operation to improve its performance in the future. The beneficial effect of the launch of tigo is particularly evident in Chad which has been Millicom’s most successful launch ever. Good progress is also being made with the rollout of the network in the DRC.

“In Asia, we introduced per-second billing in Cambodia in mid-January and tigo was launched in Sri Lanka in January and in Laos in March, demonstrating the improved offering that we now have in Asia. Revenues in Sri Lanka were up 61% versus the second quarter of 2006 reflecting the substantial investments that have been made in the network in 2006 and early 2007. Overall, Asia reported a 35% growth in revenues, a 44% growth in EBIDTA and a margin of 42%.

“With growth continuing at a strong pace fuelled by increasing capex across our markets, we expect 2007 to be another record year for the Group.

“This year's investor visit will be held between 29th October and 1st November in Colombia. We look forward to showing visitors how succesfully we are operating in this market only a year after entering the market with tigo.”

FINANCIAL SUMMARY FOR THE PERIOD TO JUNE 30, 2007 AND 2006

REPORTED NUMBERS US$ ‘000	Q2 2007		Q2 2006		Q on Q change		H1 2007 ^(v)		H1 2006		H1 to H1 change
Revenues⁽ⁱ⁾		613,350		341,332		80%		1,176,051		644,248		83%

EBITDA^{(i) (ii)}		262,501		159,510		65%		510,578		302,445		69%

EBITDA margin		43%		47%		-		43%		47%		-

Profit for the period		101,565		33,854				446,765		67,261


Total subscribers^{(i) (iii)}		17,966,993		9,759,901		84%		-		-		-

Attributable subcribers^{(i) (iv)}		15,286,606		8,182,290		87%		-		-		-

(i)	Excludes discontinued operations
(ii)	EBITDA: operating profit before interest, taxes, depreciation and amortization, is derived by deducting cost of sales, sales and marketing costs, general and administrative expenses from revenues and other operating income.
(iii)	Total subscriber figures represent the worldwide total number of subscribers of mobile systems in which Millicom has an ownership interest.
(iv)	Attributable subscribers are calculated as 100% of subscribers in Millicom’s subsidiary operations and Millicom’s percentage ownership of subscribers in each joint venture operation.
(v)	H1 profit includes gain on sale of Paktel Limited of $258 million

FINANCIAL AND OPERATING SUMMARY

·	Record revenues of $613 million in Q2 2007, up 80% vs Q2 2006

·	Record EBITDA of $263 million in Q2 2007, up 65% vs Q2 2006

·	Investments include capex of $208 million for the second quarter and $391 million for the first half

·	Cash and cash equivalents of $1,087 million at end of Q2 2007

·	Cash upstreaming of $427 million in the first half

·	Net debt of $549 million with a Net Debt to extrapolated full year EBITDA ratio of 0.5 to 1 enabling significant continuing investment

·	Strong subscriber growth with total subscribers at 18 million, an increase of 84% compared to Q2 2006

·	1.5 million net new total subscribers added in Q2 2007

·	Total mobile minutes increased by 91% for the three months ended June 30, 2007 from the same quarter in 2006 and prepaid minutes increased by 95% in the same period.

REVIEW OF OPERATIONS

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2007

Total revenues for the three months ended June 30, 2007 were $613.4 million, an increase of 80% from the second quarter of 2006 excluding discontinued operations. The Central American operations produced a 49% increase in revenues from $181.4 million for the second quarter of 2006 to $270.5 million for the second quarter of 2007. This increase in revenues was achieved despite a 25% effective tariff reduction from the introduction of per-second billing in February 2007, demonstrating the strong price elasticity in these markets.

The momentum in South America continued with underlying year on year organic revenue growth of 58% for the quarter, excluding Colombia. This region has benefited from the introduction of e-PIN and per second billing, and the focus on value-added services, which have led to strong ARPUs, particularly in Paraguay. Including Colombia, which was consolidated in the fourth quarter of 2006, revenues for South America were $188.4 million.

Revenues for Africa in the second quarter were $106.4 million compared to $72.7 million in the second quarter of 2006, representing an increase of 46%. Millicom continues to deliver good revenue growth in Africa through increased capex to expand our networks. Excluding DRC and Chad, which are in the start up phase and therefore growing from a low base, the strongest market was again Ghana which grew by 83% from the second quarter of 2006. Revenue growth in Tanzania improved from the previous quarter following the recent change in the local management team.

Revenues for Asia grew by 35% year on year to $48 million and by 13% from the first quarter of 2007, driven by the tigo launches in Sri Lanka and Laos in the first quarter, and significant capex in 2006 and early 2007.

EBITDA for the three months ended June 30, 2007 was $262.5 million, a 65% increase from the second quarter of 2006. Central America recorded growth in EBITDA of 52% from the second quarter of 2006 to $143.1 million and South America was up by 74% excluding Colombia for the same period, and by 195% to $65.7 million including Colombia. EBITDA for Africa increased by 15% to $33.4 million. EBITDA for Asia was $20.4 million, a 44% increase from the second quarter of 2006.

The Group EBITDA margin for the second quarter of 2007 was 43% compared to 47% for the second quarter of 2006. Excluding Colombia, the consolidated EBITDA margin would have been 47% in the second quarter of 2007. Central and South America recorded EBITDA margins of 53% and 35% respectively. The South American EBITDA margin was impacted by the lower than average margin in Colombia Movil of 25%. Excluding Colombia, the EBITDA margin in South America would have been 48%. For Africa, the EBITDA margin was 31%, and for Asia it was 42%.

FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2007

Total revenues for the first half of 2007 were $1,176.1 million, an increase of 83% from the first half of 2006. Revenues for Central America were $520.0 million, an increase of 54%, and for South America, revenues were up 64% excluding Colombia or by 296% including Colombia to $355.8 million. Revenues for Africa were $209.6 million, increasing by 50%. In Asia revenues were $90.6 million, up 29% year on year.

EBITDA was $510.6 million for the first half of 2007, an increase of 69% over the first half of 2006. EBITDA for Central America for the first half of the year increased by 61% from the first half of 2006 to $279.4 million and increased by 198% for South America to $121.5 million or by 85% excluding Colombia. Africa recorded a 23% increase to $71.9 million for the six months ended June 30, 2007. EBITDA for Asia was $37.8 million for the first half of 2007, up 26% year on year.

The Group EBITDA margin for the six months to June 30, 2007 was 43%, for Central America it was 54%, for South America 34%, for Africa 35% and for Asia 42%.

Total mobile minutes increased by 98% for the first half of 2007 compared with the same period in 2006.

SUBSCRIBER GROWTH

In the second quarter of 2007 Millicom’s worldwide operations in Latin America, Africa and Asia added 1,451,515 net new total mobile subscribers.

At June 30, 2007, Millicom’s total mobile subscriber base increased by 84 % to 17,966,993 subscribers from 9,759,901 as at June 30, 2006. Particularly significant year on year percentage increases were recorded in the Democratic Republic of Congo (382%), Sierra Leone (166%), Chad (97%), Honduras (94%) and El Salvador (84%). Millicom’s attributable subscriber base increased to 15,286,606 as at June 30, 2007 from 8,182,290 as at June 30, 2006, an increase of 87%.

Prepaid subscribers accounted for 95 % or 17,051,085 of the total mobile subscribers reported at the end of the second quarter.

COMMENTS ON FINANCIAL STATEMENTS

·	The acquisition of Colombia Movil has impacted many areas of the financial statements, with particularly major impacts on the revenues, EBITDA, subscriber numbers, depreciation, and Capex.

·	The depreciation charge in 2007 is substantially higher than in 2006 due to higher capital expenditures and the impact of acquiring Colombia Movil.

·	The increase in property, plant and equipment (PPE) from December 31, 2006 is primarily a result of the higher capex levels to greatly improve the quality and coverage of the networks.

·	Paktel Limited (Pakistan) was classified as an asset held for sale in the fourth quarter of 2006 and its assets have been segregated and shown on separate lines on the December 31, 2006 balance sheet. Paktel was sold to China Mobile Communications Corporation in the first quarter of 2007. Paktel, Pakcom, Vietnam and Peru have all been classified as discontinued operations in the financial statements and, accordingly, the current and prior year results have been amended to show these operations within a single line on the profit and loss statement.

OTHER INFORMATION

The amounts in the consolidated statements of profit and loss for the quarters and half years ended June 30, 2007 and 2006, the consolidated balance sheets as at June 30, 2007 and December 31, 2006, the condensed consolidated statements of cash flows for the half years ended June 30, 2007 and 2006 and the condensed consolidated changes in equity for the half years ended June 30, 2007 and 2006 are prepared in accordance with International Financial Reporting Standards (IFRS).

This report is unaudited.

Millicom’s financial results for the third quarter of 2007 will be published on October 23, 2007.

Millicom's investor and analyst visit will be held between 29^th October and 1^st November 2007 in Colombia. Those interested in joining this trip should call Shared Value to register their interest. Invitations with details on the trip will be sent out in early September.

Luxembourg, July 24, 2007.

Marc Beuls, President & Chief Executive Officer

David Sach, Chief Financial Officer

Millicom International Cellular S.A

15 rue Léon Laval

L-3372 Leudelange

Luxembourg

Tel : +352 27 759 101

Registration number: R.C.S. Luxembourg B 40.630

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 287 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	Telephone: +352 27 759 327
President and Chief Executive Officer
Millicom International Cellular S.A., Luxembourg

David Sach	Telephone: +352 27 759 327
Chief Financial Officer
Millicom International Cellular S.A., Luxembourg

Andrew Best	Telephone: +44 20 7321 5022
Investor Relations
Shared Value Ltd, London

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

CONFERENCE CALL DETAILS

A conference call to discuss the results will be held at 15.00 UK / 16.00 CET / 10.00 EDT, on Tuesday, July 24, 2007. The dial-in numbers are: +44 (0)20 7806 1956, +46 (0)8 5352 6407 or +1 718 354 1388 and participants should quote Millicom International Cellular. 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: 2048301#.

APPENDICES

·	Consolidated statements of profit and loss for the three months ended June 30, 2007 and 2006

·	Consolidated statements of profit and loss for the six months ended June 30, 2007 and 2006

·	Consolidated balance sheets as at June 30, 2007 and December 31, 2006

·	Condensed consolidated statements of cash flows for the six months ended June 30, 2007 and 2006

·	Condensed consolidated statements of changes in equity for the six months ended June 30, 2007 and 2006

·	Quarterly analysis by cluster

·	Total subscribers and market position by country

Millicom International Cellular S.A.

Consolidated statements of profit and loss

for the three months ended June 30, 2007 and 2006

	Quarter ended			Quarter ended
	Jun 30, 2007			Jun 30, 2006
	(Unaudited)			(Unaudited)
	US$’000			US$’000

Revenues		613,350			341,332

Operating expenses

Cost of sales (excluding depreciation and amortization)		(164,341	)		(94,645	)

Sales and marketing		(106,042	)		(49,833	)

General and administrative expenses		(80,466	)		(37,545	)

Other operating income		-			201

EBITDA		262,501			159,510

Corporate costs		(11,910	)		(10,095	)

Stock compensation		(5,552	)		(5,839	)

(Loss) gain on disposal / write down of assets, net		(506	)		507

Gain from sale of subsidiaries and joint ventures, net		-			4,478

Depreciation and amortization		(84,536	)		(44,204	)

Operating profit		159,997			104,357

Interest expense		(40,265	)		(27,146	)

Interest and other financial income		13,305			7,448

Other non-operating, net		(304	)		(10,432	)

Profit from associated companies		1,129			393

Profit before taxes from continuing operations		133,862			74,620

Taxes		(39,891	)		(22,308	)

Profit before discontinued operations and minority interest		93,971			52,312

Result from discontinued operations		2,653			(17,817	)

Minority interest		4,941			(641	)

Net profit for the period		101,565			33,854

Basic earnings per common share (US$)		1.01			0.34

Weighted average number of shares outstanding in the period (in thousands)		100,874			100,217

Profit for the period used to determine diluted earnings per common share		105,678			33,854

Diluted earnings per common share (US$)		0.98			0.33

Weighted average number of shares and potential dilutive shares outstanding in the period (in thousands)		107,908			101,209

Millicom International Cellular S.A.

Consolidated statements of profit and loss

for the six months ended June 30, 2007 and 2006

	Six months ended			Six months ended
	Jun 30, 2007			Jun 30, 2006
	(Unaudited)			(Unaudited)
	US$’000			US$’000

Revenues		1,176,051			644,248

Operating expenses

Cost of sales (excluding depreciation and amortization)		(315,019	)		(178,168	)

Sales and marketing		(198,920	)		(92,610	)

General and administrative expenses		(151,534	)		(71,722	)

Other operating income		-			697

EBITDA		510,578			302,445

Corporate costs		(22,144	)		(19,346	)

Stock compensation		(10,171	)		(6,593	)

Loss on disposal / write down of assets, net		(634	)		(514	)

Gain from sale of subsidiaries and joint ventures, net		-			5,467

Depreciation and amortization		(162,698	)		(86,199	)

Operating profit		314,931			195,260

Interest expense		(79,404	)		(55,457	)

Interest and other financial income		25,690			14,021

Other non-operating, net		240			(2,895	)

Profit from associated companies		1,781			655

Profit before taxes from continuing operations		263,238			151,584

Taxes		(87,624	)		(47,850	)

Profit before discontinued operations and minority interest		175,614			103,734

Gain on sale from discontinued operations		258,346			-

Result from discontinued operations		506			(34,467	)

Minority interest		12,299			(2,006	)

Net profit for the period		446,765			67,261

Basic earnings per common share (US$)		4.43			0.67

Weighted average number of shares outstanding in the period (in thousands)		100,812			100,111

Profit for the period used to determine diluted earnings per common share		454,989			67,261

Diluted earnings per common share (US$)		4.22			0.67

Weighted average number of shares and potential dilutive shares outstanding in the period (in thousands)		107,720			101,029

Millicom International Cellular S.A.

Consolidated balance sheets

as at June 30, 2007 and December 31, 2006

	Jun 30		Dec 31,
	2007		2006
	(Unaudited)

	US$’000		US$’000
Assets

Non-current assets

Intangible assets, net		492,746		482,775

Property, plant and equipment, net		1,563,037		1,267,159

Investment in associates		8,547		6,838

Financial assets:

Pledged deposits		5,507		4,512

Other		16,238		21,713

Deferred taxation		3,442		3,706

Total non-current assets		2,089,517		1,786,703
Current assets

Financial assets:

Pledged deposits		6,746		45,402

Inventories		50,534		54,245

Trade receivables, net		189,312		185,455

Amounts due from joint ventures and joint venture partners		14,535		37,346

Amounts due from other related parties		1,785		1,221

Prepayments and accrued income		80,204		58,429

Current tax assets		11,906		4,916

Other current assets		104,448		83,512

Cash and cash equivalents		1,087,144		656,692

Total current assets		1,546,614		1,127,218

Assets held for sale		-		407,073

Total assets		3,636,131		3,320,994

Millicom International Cellular S.A.

Consolidated balance sheets

as at June 30, 2007 and December 31, 2006

	Jun 30, 2007		Dec 31 2006
	(Unaudited)
	US$’000		US$’000
Equity and liabilities
Equity
Share capital and premium (represented by 100,900,740 shares as of June 30, 2007)		381,504		372,526

Other reserves		22,948		2,966

Accumulated profits / (losses) brought forward		127,856		(39,565	)

Net profit for the period / year		446,765		168,947

		979,073		504,874

Minority Interest		72,650		77,514

Total equity		1,051,723		582,388

Liabilities
Non-current liabilities

Debt and other financing:

10% Senior Notes		539,252		538,673

4% Convertible Notes – Debt component		175,393		171,169

Other debt and financing		763,742		649,153

Other non-current liabilities		49,911		49,353

Deferred taxation		38,063		34,368

Total non-current liabilities		1,566,361		1,442,716
Current liabilities

Other debt and financing		157,687		134,661

Capex payables		318,843		276,850

Other trade payables		194,611		151,454

Amounts due to joint ventures and joint venture partners		8,306		32,017

Amounts due to related parties		4,502		5,184

Accrued interest and other expenses		137,869		113,316

Current tax liabilities		60,745		89,077

Other current liabilities		135,484		99,292

Total current liabilities		1,018,047		901,851

Liabilities directly associated with assets held for sale		-		394,039

Total liabilities		2,584,408		2,738,606

Total equity and liabilities		3,636,131		3,320,994

Millicom International Cellular S.A.

Condensed consolidated statements of cash flows

for the six months ended June 30, 2007 and 2006

	Jun 30, 2007			Jun 30, 2006
	(Unaudited)			(Unaudited)
	US$’000			US$’000

EBITDA		510,578			302,445

Movements in working capital		65,787			36,021

Cash generated from continuing operations		576,365			338,466

Corporate costs		(23,873	)		(18,701	)

Net interest paid		(48,936	)		(44,081	)

Taxes paid		(101,245	)		(56,626	)

Net cash provided by operating activities		402,311			219,058

Cash flow used by investing activities		(320,177	)		(299,592	)

Cash flow provided by financing activities		79,767			47,473

Cash from continuing operations		161,901			(33,061	)

Cash flow from / (used by) operating activities related to discontinued operations		(1,398	)		(20,951	)

Cash flow from / (used by) investing activities related to discontinued operations		263,037			(36,059	)

Cash flow used by financing activities related to discontinued operations		-			(2,126	)

Cash effect of exchange rate changes		6,912			2,381

Net increase / (decrease) in cash and cash equivalents		430,452			(89,816	)

Cash and cash equivalents, beginning		656,692			596,567

Cash and cash equivalents, ending		1,087,144			506,751

Millicom International Cellular S.A.

Condensed consolidated statements of changes in equity

for the three months ended June 30, 2007 and June 30, 2006

	Jun 30, 2007			Jun 30, 2006
	(Unaudited)			(Unaudited)
	US$’000			US$’000

Equity as at January 1		582,388			333,784

Profit for the period		446,765			67,261

Stock compensation		10,171			6,593

Fair value loss on available for sale financial assets		-			(3,308	)

Shares issued via the exercise of stock options		2,561			11,797

Share issued via payment of bonuses		1,000			-

Movement in currency translation reserve		13,702			(442	)

Minority interest		(4,864	)		(9,995	)
Equity as at June 30		1,051,723			405,690

Millicom International Cellular S.A.

Quarterly analysis by cluster

(Unaudited)

														Increase
	Q2 07		Q1 07		Q4 06			Q3 06			Q2 06			Q2 06 to Q2 07

Revenues (US$’000)⁽¹⁾

Central America		270,520		249,475		250,866			207,258			181,420			49%
South America		188,424		167,409		162,344			62,308			51,576			265%
Africa		106,425		103,219		92,405			80,291			72,719			46%
Asia⁽¹⁾		47,981		42,598		38,166			38,214			35,617			35%
Total Revenues		613,350		562,701		543,781			388,071			341,332			80%

Discontinued operations		-		6,130		12,124			14,432			20,299


EBITDA (US$’000)⁽¹⁾

Central America		143,053		136,326		131,431			110,874			94,110			52%
South America		65,717		55,793		48,856			28,393			22,278			195%
Africa		33,383		38,537		32,831			31,095			28,944			15%
Asia⁽¹⁾		20,348		17,421		16,073			15,150			14,178			44%
Total EBITDA		262,501		248,077		229,191			185,512			159,510			65%

Discontinued operations		741		422		(3,610	)		(5,697	)		(2,884	)


Total mobile subs⁽¹⁾

Central America		6,706,098		5,917,914		5,164,167			4,247,941			3,647,697			84%
South America		4,855,446		4,519,945		4,329,973			1,966,614			1,715,347			183%
Africa		3,954,080		3,809,185		3,425,680			3,215,415			2,689,513			47%
Asia		2,451,369		2,268,434		2,025,625			1,836,150			1,707,344			44%
Total		17,966,993		16,515,478		14,945,445			11,266,120			9,759,901			84%



Attributable mobile subs⁽¹⁾

Central America		4,732,442		4,179,295		3,645,886			2,985,925			2,567,464			84%
South America		4,855,446		4,519,945		4,329,973			1,966,614			1,715,347			183%
Africa		3,793,573		3,659,047		3,286,083			3,092,132			2,571,130			48%
Asia		1,905,145		1,775,377		1,578,626			1,425,027			1,328,349			43%
Total		15,286,606		14,133,664		12,840,568			9,469,698			8,182,290			87%

(1)

Excludes discontinued operations.

Millicom International Cellular S.A.

Total subscribers and market position by country

(Unaudited)

Country and Equity Holding

Country
Population
(millions)⁽ⁱ⁾

MIC Market Position⁽ⁱⁱ⁾

Total Subscribers⁽ⁱⁱⁱ⁾

07 Q2

06 Q2

y-o-y Growth

Central America

El Salvador (100.0%)

1 of 5

1,767,587

962,822

84%

Guatemala(55.0%)

1 of 3

2,807,018

1,588,069

77%

Honduras(66.7%)

1 of 2

2,131,493

1,096,806

94%

6,706,098

3,647,697

84%

South America

Bolivia(100.0%)

2 of 3

928,660

765,896

21%

Colombia (50.0% + 1 share)

3 of 4

2,291,660

Paraguay(100.0%)

1 of 4

1,635,126

949,451

72%

4,855,446

1,715,347

183

Africa

Chad (87.5%)

2 of 2

264, 152

134,282

97%

DRC(100.0%)

4 of 4

230,122

47,702

382%

Ghana(100.0%)

2 of 4

1,286,947

737,749

74%

Mauritius(50.0%)

2 of 3

321,015

236,764

36%

Senegal(100.0%)

2 of 2

918,830

751,906

22%

Sierra Leone(100.0%)

3 of 5

76,567

28,771

166%

Tanzania (100.0%)

3 of 5

856,447

752,339

14%

3,954,080

2,689,513

47%

Asia

Cambodia(58.4%)

1 of 4

1,313,827

911,593

44%

Laos (74.1%)

3 of 5

93,098

82,731

13%

Sri Lanka (100.0%)

2 of 4

1,044,444

713,020

46%

2,451,369

1,707,344

44%

Total Subscribers

17,966,993

9,759,901

84%

(i)	Source: CIA The World Fact Book
(ii)	Source: Millicom. Market share derived from active subscribers based on interconnect
(iii)	Millicom has a policy of elimating subscribers who have not generated revenues for a period of 60 days