MILLICOM RELEASED STRONG FINANCIAL RESULTS FOR 2006

Mergers, Acquisitions and Financial Results

Millicom International Cellular which has operations on Latin America, Africa and Asia announced strong results for the quarter and year ended in December 2006. According to Marc Beuls, its CEO “in the fourth quarter Millicom again delivered exceptional growth”. Millicom’s total subscriber base increased by 99% over the year to reach 14.9 million at the end of 2006. Particularly significant year on year percentage increase were recorded in Ghana (170%), Chad (105%), Guatemala (91%), El Salvador (88%), Honduras (86%) and Paraguay (84%).

Beuls commented further that “The very high levels of subscriber intake, 7.4 million for the whole year, went in tandem with increased capex during 200”. This reflects strong investments in the networks in all regions, but particularly in Colombia and the Democratic Republic of Congo. The progress made in building a new network in Congo allowed us to launch the Tigo brand this January, and with over 100,000 subscribers today, the first signs for the Congo business are encouraging.” The company also reported that in the fourth quarter, it cleaned up its subscriber base in Tanzania which affected net subscriber intake for the quarter but helped increase ARPU as these customers were inactive.

Total revenue for the three months ended December 2006 were $543.9 million, an increase of 99% from the fourth quarter of 2005. In Africa, fourth quarter revenues were $92.4 million compared to $58.1 million in the fourth quarter of 2005, an increase of 59%, reflecting Millicom’s investment and increased CAPEX in Africa to grow its networks. Excluding Chad, which grew by 297% from the fourth quarter of 2005 from a low base, the strongest market was again Ghana which grew by 147%. Revenues from Senegal and Tanzania are starting to see the benefits of the new branding campaign in those countries. The Democratic Republic of Congo grew 11% from the third quarter of 2006.

Total revenues for the year ending in 2006 were $1,576.1 million, an increase of 71% over 2005. Revenue for Africa were $312.1 million, increasing by 53%. EBITDA was $717.1 million for the year ended in December 2006, an increase of 64% Africa recorded a 39% increase to $122.6 million for the year ended December 2006.