MIC Brochure

* ( hi ) single * aword. a possible world.

Millicom International Cellular S.A.

The future has many names.

For the weak, it means the unattainable.

For the fearful, it means the unknown.

For the courageous, it means the

opportunity.

Victor Hugo

index In our own words

01

Corporate milestones

02

Highlights

03

Our business at a glance

04

Global presence

05

Corporate and social responsibility

06

In summary

07

#01

In our own words M

illicom is a unique company that successfully operates mobile telephony services in emerging markets, where telephony is a scarce resource and mobile penetration is low. Our vision is that we will, over time, enable every person in our markets to have a mobile phone within their grasp. We know that we can fulfil this ambition, as the mobile phone is the most aspirational product in emerging economies. Put simply, mobile phones change lives for the better.

Our lean organizational structure allows us quick and efficient decision-making. We operate bottom-up through wholly owned operations or through operations jointly owned with prominent local business partners. The local CEO and other key personnel of our operations are responsible for day-to-day administration, but the execution of the strategic direction and of corporate governance is managed by the central office in Luxembourg. This has allowed us to dramatically grow our operations, including those started from a greenfield base, and to become the number 1 or 2 operator in most of our markets.

Our Tigo brand is the foundation of our success. Tigo embodies the core values We are among the leading investors of our “Triple A” strategy, which and creators of economic growth offers customers a service that in emerging markets. Our subhas three key characteristics: it stantial and ongoing capital is “Affordable”, “Accessible” We seek to offer the societies expenditure has enabled us and “Available” and it gives in which we operate a better to grow our Tigo branded them the freedom to life through our presence as an services successfully and to access the world of mobile consolidate our market posicommunications. “Afforemployer and through the tions. We have already dability” means that people provision of access to the invested billions of dollars in with limited resources are world of communications. building our wholly owned not excluded from the infrastructure and we invest over modern world, since we deliver $1 billion a year across our operaa low cost mass-market product. tions. Our continued investment and “Accessibility” means that the protransfer of management skills are essential duct is all around us and, like other fast in these local economies in order to continue narmoving consumer goods, is on sale in multiple rowing the Digital Divide. The success of our operations distribution outlets. “Availability” means that the implies that over time our local subsidiaries become fully network is first grade in terms of quality and coverage independent and profitable operations that make a and that it compares favourably with infrastructure in significant contribution to local economies. more developed markets.

The successful execution of our Tigo strategy brings new opportunities to our customers, creates economic growth in the 18 countries in which we operate and yields excellent returns for our shareholders. Today we have a truly global emerging market presence, which gives us economies of scale, enables us to create synergies and allows us to apply the best practices developed in our individual markets across all our operations.

Millicom has been operating in emerging markets since the inception of the mobile phone over twenty five years ago. Since then, we have gained management experience, which has devolved downwards through the organization and has given us a competitive edge in the field of human resources. Our successful managers in our more developed operations in Latin America are today deployed into lower penetrated markets where their

experience and skill sharing enables us to continually build market share.

We seek to offer the societies in which we operate a better life through our presence as an employer and through the provision of access to the world of communications. We bring employment both directly and indirectly via our large technical and distribution networks. Altogether there is a “gearing effect” in which increased spending combines with the flow of money in the economy and generates an increase in GDP. It has been demonstrated that increasing mobile penetration boosts economic activity. In developing countries, studies have revealed that a 10% increase in penetration leads to a 1.2% increase in the annual growth rate in GDP. Moreover, our products and services create an emotional impact on people that raises their self-esteem and encourages their belief in a future for themselves and their families.

As a direct employer we are committed, in terms of both business logic and corporate and social responsibility, to continuously and rigorously develop the skills of our employees, and we have a proud record of local recruitment and training in the countries in which we operate.

We know that the exceptional quality embodied in the Tigo brand begins with people and we seek diversity among our over 7,000 employees to foster creativity and corporate success. We live by the principles of our Golden Rules, which embody our key values of Integrity, Respect and Passion. Focusing on all three values together is essential for sustainable performance that will continue to benefit our employees, customers and shareholders.

Mikael Grahne President & CEO

>

#02

>

>

Prepaid services are first introduced

1997

1993

“Triple A� business model kick off.

Tigo is launched in Africa

2005

2004 MIC is listed on the Stockholm Stock Exchange

2006

Tigo is launched in Asia

2007

MIC is included in NASDAQ 100

2008 Amnet is acquired

Reverse merger with Millicom Inc. MIC officially begins trading on NASDAQ

dC

ost Nic ara gu

Cam

07

a and

lom

aR

ica

bia

2008

a an

Ca DR

bod ia a n

2006 Co

ad Ch nd

l ega

Lao s

ond

2005

dH

Sen

ia

ura s

1994 1996 1999 2003 zan

or

>> >

Tan

dG y an agu a Par

alva d

ivia

1993 El S

1992 han a

1991 Bol

ate ma

la

1990 Gu

ius

1988 1989 urit

License acquisition

>

Ma

>

Kinnevik and Millicom begin applying for cellular licenses internationally

a

Kinnevik AB is established

1983

Sri L ank

1936

Millicom International Cellular S.A. ("MIC") is established as a Luxembourg company

Our global brand Tigo is launched in Latin America

>

Rw

> 1990 1979 Millicom Inc. is founded

Corporate milestones

+25 years of history in emerging markets

+300 #03

million people covered Listed on Nasdaq and included in

Highlights

NASDAQ 100

Our global brand

Customer-oriented products and services

09

#04

Our business at a glance

Strong growth record: EBITDA margins +40%

3,000,000 2,500,000 2,000,000

Solid revenue growth, combined with strong cost control, has enabled us to sustain EBITDA margins at around the 45% level.

1,500,000

500,000 0

2003

2004

2005

2006

2007

2008 Revenue

EBITDA

3412

3000

1500 2624

2500

A world where mobile services are affordable, accessible and available

every where

and to

all

!

Our mission: To provide services for people who want to stay in touch, to belong to communities and to be informed and entertained, enabling them to express their emotions and to enhance their lives.

We deliver the 3 As – Affordability, Accessibility and Availability – the cornerstones of our strategy, by providing affordable services, good coverage and ease of purchase and use. We focus on consistently meeting and exceeding customers’ expectations and on developing an aspirational brand.

Our Company has unparalleled experience in design, deployment and network operation in challenging terrain. Providing coverage in such territories implies working in hostile environments and facing difficult climates and landscapes, which range from mountain to jungle, through urban, suburban and rural areas.

Our expertise encompasses core networks, access networks and transmission networks. In terms of quantity and complexity of infrastructure design, deployment and management, we are clearly positioned amongst the foremost operators worldwide.

We share knowledge and experience in our network of operating companies. Our passionate people, led by an experienced management team, quickly roll out across the Group best practice developed in any of our markets.

We thus use the collective strength of the Millicom Group to bring measurable practical benefits to assist the operations of our local companies. Over the years our people have amassed considerable expertise in: • planning and deploying networks in the most challenging environments • financial and operational management in support of local business • efficient rollout of new technologies, including 3G and broadband.

We have also been successful by applying a number of

10

well-considered practices, such as: • cross fertilization of staff with key skills among operating companies • centralized procurement and leverage of the entire Group in purchase agreements with key suppliers • enforcement of quality standards for operations worldwide and of an embedded culture of continuous quality improvements • use of Tigo, a common brand recognized throughout the region, and benefiting from the economies of scale of a single unified identity.

Our business has grown substantially over time and continues to enjoy strong organic growth. The high level of profitability in Latin America is now producing substantial and reliable cash flows. These cash flows, in turn, will enable the Company to fund its expansion in Africa and Asia, where penetration rates are still low and growth potential is high. Our commitment to invest has enabled us to develop our Tigo branded services successfully and to build our market positions.

2000

1000 1576

1500 923

1000 Revenue US$m

‘People enjoying to their world.’ access

Notwithstanding our consolidated position in the market, we remain one of the fastest growing global cellular operators in the world, thanks to our success in building excellent coverage and bringing pricing innovation to national telecom markets.

500

500

665 420

0

Capex to sales

2003

2004

2005

2006

2007

2008

26%

36%

38%

39%

39%

42 %

Q2

Q3

Q4

We have increased our investments to over US$ 1 billion annually and we plan to continue investing in all our operations as we enlarge coverage and capacity across our networks. Our CAPEX projections are tightly aligned with our growth expectations. All new investments are expected to give IRRs in excess of 20%, and so our stated intention with regard to CAPEX is based on the huge opportunity for growth that we see for our businesses.

Capex

32,043,952

Subscriber evolution

30 M

We continue to seek ways to optimize our offer of products and services, and to increase value for our customers. In 2008, Millicom acquired Amnet, the leading provider of broadband and cable television services in Costa Rica, Honduras and El Salvador. Amnet also provides fixed telephony in El Salvador and Honduras, and corporate data services in all those countries as well as in Guatemala and Nicaragua. This acquisition will enable us to provide enhanced broadband and cable television in conjunction with 3G services across Central America, which will in turn enable us to play a major role in the development of broadband across the region, since we expect the demand for this type of services to remain strong in the upcoming years.

Revenue growth and capital expenditure

0

Q1

25 M

23,250,536

We have managed to continuously grow our subscriber base by providing affordable, available and accessible products and services. Yearly increases have been steady as illustrated by the 56% increase from 2006 to 2007, when it reached over 20 million subscribers. Additions remain strong and in 2008 they have lifted our customer base to 32 million.

20 M

14,945,445

15 M 10 M # subscribers

Our vision:

Capex US$m

Millicom International Cellular is a global emerging markets mobile communications operator. Our technical capabilities are backed by over 25 years of demonstrably successful initiatives worldwide and an excellent service provided in 18 emerging markets. In 15 of them we operate under the Tigo brand, which embodies the values of Affordability, Accessibility and Availability that are crucial to our commercial and financial success.

US$ (’000s)

1,000,000

5M

7,511,265 3,830,780

4,847,613

2003

2004

0

2005

2006

2007

2008

“Triple A” strategy

The 3 As of our strategy –Affordability, Accessibility and Availability– are vital and interdependent ingredients that are needed to sell mobile services successfully in emerging markets.

Millicom’s success to date is a direct result of past investment and of the implementation of our “Triple-A” strategy. Our successful execution of this strategy will bring opportunity to our customers, create economic growth in the countries in which we operate, and bring excellent returns for our shareholders.

Our target is to remain a leading operator in our markets by better understanding the services that our current and future customers will be looking for and using today’s and tomorrow’s technologies to deliver them as cost-effectively as possible.

that our services are always accessible. Over 500,000 distribution outlets make us the leader in the telecommunications industry, but we have to continue improving in order to equal the distribution capability of the fast moving consumer goods companies which day to day compete for our customers’ attention.

availab

ility

Our “Triple-A” business strategy will continue to enable us to exploit the fast rising penetration rates in our markets in the coming years. With licenses in 18 countries, a total population in these territories of over 300 million and an average mobile penetration of less than 45% (excluding LatAm < 30%), Millicom has the potential to achieve sector-leading growth for many years to come.

We continue to fine-tune and develop our “Triple-A” strategy to stay ahead of our competitors.

We have been continually improving the “Affordability” of our services by lowering reload denominations and tariffs. The most significant affordability initiative of recent years was the launch of per-second billing in Central America on February 7th 2007, which represented a price cut of approximately 25% that generated an increase in minutes of use and very strong price elasticity throughout the year.

As regards “Availability”, we continue to improve the quality of our networks by lowering our call drop and block rates to negligible levels, as well as by expanding our capacity and coverage to ensure reliable service is available for our customers in as many locations as possible and to allow more people to join our community.

ility

afford

abil it

y

accessib

Affordability Affordability does not just mean offering competitive prices but also having prepaid payment terms in low denominations so that the services are suitable for low-income customers and represent the best value for money.

Accessibility Accessibility means providing easy access to prepaid services. We achieve this through our mass-market distribution network, which takes into account where customers live and their daily work routines.

Availability Availability means having an extensive network with sufficient capacity so that mobile services are readily available to our customers in as many locations as possible.

In terms of “Accessibility”, we have been focusing on the quality and not only the quantity of our Points of Sale (POS). Through the growing use of electronic recharges (e-PIN), we can monitor when dealers’ stocks are running low and, through our territory management system, we can ensure that inventories are kept at efficient levels and

13

We live by the principles of our “Triple-A” strategy, which enables us to increase the number of “people enjoying access to their world”.

#05

Global presence

{

Latin America Bolivia Colombia Costa Rica Paraguay El Salvador Guatemala Honduras Nicaragua

Our operations

100 million

(18)countries 164 million

}

Africa Chad Democratic Republic of Congo Ghana Mauritius Rwanda Senegal Tanzania

}

Asia Cambodia Laos Sri Lanka

42

million

Global presence

Latin America, where our Company has a combined population under license of over 100 million people spread over 8 operations –Guatemala, El Salvador, Honduras, Colombia, Paraguay, Bolivia, Nicaragua and Costa Rica–, continues to be our strongest region.

Achievements Central America, where Millicom maintains its leadership in all 3 countries in which it operates, is the showcase of the Company’s implementation strength. Impressively, Millicom has managed to increase its market share significantly, improve its EBITDA margin and sustain relatively limited ARPU dilution. The subscriber base for Central America continues to show a strong positive trend, having exceeded 11 million by the end of 2008.

Wise investments over the years have led to major achievements, such as the rollout of the most comprehensive GSM network coverage, the complete installation of 3G services in all mobile operations in the region, and the recent acquisition of a broadband services company. This allows us to supply the broadband services our customers expect from us and at the same time reaffirm our leadership by keeping us ahead of our local competitors.

The home of Tigo

Number 1 or 2 position in most markets

In 1990 Millicom began operating in Guatemala with initial signal tests, starting with the installation of the first 3 antennas and with less than 25 employees. Also, public fixed lines were launched with the product Amigotel.

Coverage expansion began in 1992, with the installation of the first rural antenna in Escuintla. Then, in 1996 the first 24/7 call centre was launched, and the following year, prepaid services were introduced with the product Amigo (“friend” in Spanish), which enjoyed huge growth during subsequent periods. In 2004 the network was upgraded to GSM and, simultaneously, the Tigo brand was launched.

As in almost all our operations in Latin America, Millicom was the first telecom company to offer services in Honduras, as of September 15th 1996. Born with the mission of providing Hondurans the most modern mobile communication technology, emphasizing personalized service and attention, our Company managed to distinguish itself both socially and economically. With the GSM network incorporation in 2004 and the later launch of Tigo, we rapidly became the first in the market with low denomination reloads and the first in the region to offer per-second billing.

The 3 operations in South America keep performing well: Paraguay continues to grow market share; Bolivia has seen accelerated growth in its customer base, beating competition; and Colombia is gaining momentum and generating an ever-larger community of customers, offering attractive on-net tariffs and commercial plans.

Millicom has a pioneering history in Bolivia. We were the first mobile operator in the country, the first company to launch prepaid services (1996), the first one to implement per-second billing (2005), and the first one to launch 3G services (2008). Therefore, it is not a coincidence that Bolivians identify Tigo as the most innovative telecommunication services company.

In 1992, Paraguay entered the mobile telecom world with Millicom’s arrival. The Tigo brand was first launched there in 2004, marking the beginning of a whole new era of success. In 2005, Tigo was the first operator in the country to launch “Minireloads” (prepaid recharges of low denomination) and per-second billing; and the following year it did the same with “Minitariff”. That innovative drive was also present when we developed our Value Added Services (VAS) offer, with Paraguay as the first operation to launch Group SMS, Web SMS Interactive, Ring Back Tones, Balance Transfer, SMS Gift and Collect, and WEB Community.

Latin America In 2004, Millicom entered the Colombia’s telecom market through Colombia Móvil, as the third operator to become part of Bogotá’s Telephone Company and Medellin’s Public Service Company. The process to consolidate both Colombian shareholders and Millicom began on August 31st 2006. This union gave Colombia Móvil a new dimension, by making it part of a global network of more than 30 million users. Tigo Colombia remains one of the fastest growing telecom companies in terms of prepaid customer numbers and is the operator with the highest growth rate in the entire Colombian market.

The current environment Millicom’s success has been based on providing customers with what they need at affordable prices. Under that premise, we recognize today the growing need to satisfy customers demand for broadband services in Central America. We believe that HFC networks offer a cost-effective high-performance broadband platform that is complementary to mobile broadband, and that is why in October 2008 we acquired Amnet.

Amnet is a leading provider of broadband and cable television services in Costa Rica, Honduras and El Salvador. It also provides fixed telephony in El Salvador and Honduras, and corporate data services in all those countries as well as in Guatemala and Nicaragua.

Due to the current low penetration levels for high speed Internet broadband and the latent demand for services, the combination of Tigo –with its 3G service recently launched– and Amnet will enable us to expand our leading market position in under-penetrated consumer segments and to play a major role in the development of broadband across Central America. Moreover, Amnet’s Pay TV services will help fund broadband delivery costs and enhance Millicom’s position relative to key competitors in the consumer’s home. We will also be able to better meet customer demand by cross-selling services within the current Tigo offering.

We provide nationwide coverage in all the countries in which we operate, even where there is no basic infrastructure. Rigorous implementation of our territory management strategy allowed us to achieved the rollout of the most comprehensive GSM network coverage in the region, with an average of +1 antenna every 60 square kilometres.

17

3G services in all mobile operations in the region Tigo Cash: Making payments over your cell phone

Latin America

Global presence

Our “Triple-A” strategy keeps delivering an outstanding performance in the region.

Affordability Affordability initiatives are continuously introduced across all our operations.

In Colombia, Tigo was the first operator to launch low denomination recharges. At a time when our competitors were selling at around 4 US$, Tigo launched a service for about 1 US$ and only one month later launched recharges for 0.4 US$. Today, it is the only operator in the country with recharges as low as 0.2 US$. Even though Tigo is not the market leader in terms of number of subscribers, in terms of affordability it is always innovating and forcing competitors to react. As a result, it has rapidly developed into the most affordable operator in Colombia.

Regarding VAS, Tigo was the first in Colombia to launch daily, weekly and monthly SMS packages and mobile Internet subscriptions, as well as “Who called?” and “Call me” services.

In 2005, Tigo Bolivia was the first of the three competitors to offer per-second billing. And since 2007, it has had the lowest price for electronic recharge in the market and has been able to reduce its SMS tariff by 50%, making it the most affordable in the market and significantly increasing SMS usage. In 2008, tariffs were reduced even more (from 5 to 1 Bolivianos), to penetrate low-income segments and increase the market share of electronic recharges. Due to their huge success, competitors later copied these pricing strategies.

Going further south, Tigo Paraguay cut down tariffs in off-peak hours to face interconnection reductions from

its competitors. This new tariff generated price elasticity without affecting the network, wich was designed to respond effectively during high-traffic hours.

Balance promotions or “Tigo Days” –when recharges get double/triple balance bonus– are still a very important part of the business across the region. All the operations continue to be proactive in their affordability initiatives, pre-empting actions from competitors.

Accessibility Accessibility levels have continuously increased in all our countries. In South America, Tigo has continued to improve its distribution through non-traditional channels in order to “be everywhere” and has developed several new marketing activities to let its customers know about its strong history.

In 2003, Tigo Bolivia implemented a distribution system using geo-referential maps for POS. This was later implemented in other operations.

In Colombia, in less than 2 years, Tigo has achieved the same level of distribution as the market leader, which has been operating there for 14 years. Chips are sold in 400 supermarkets and electronic recharges are available at all cashiers. Tigo customers can recharge their balances directly from their banks electronically and in thousands of POS in lottery stands.

Similarly, in Paraguay, Tigo has launched web-based self-service recharge in Automated Teller Machines (ATMs) and electronic recharge with credit cards, with a view to having more than 250,000 POS from which to distribute its products and reloads.

All operations have successfully implemented the direct sales strategy as well as territory management with Key Performance Indicators (KPIs) per territory. Bolivia and Paraguay implemented distribution through circuits, routes and dedicated territories assigned to dealers.

Frequency of sales, stock levels and presence of trade materials are all constantly monitored. Colombia has a direct sales force of more than 1,000 team members, which is the leading channel for new customer acquisition. This focus allowed Tigo Colombia to generate good sales performance within the first months following activation.

Availability The focus on availability is still geared towards ensuring quality coverage in new rural areas and assuring capacity, quality and coverage expansion in the existing ones, where maintaining our leadership is a key part of our commercial strategy. A good example of this is that Colombia Móvil has been recently granted with additional 10 MHz in the 1,900 frequencies, which will generate network capacity growth along with CAPEX optimization.

We are the first company to deploy 3G technology and mobile broadband that cover all major cities in our markets in the region.

Customer focus In Central America, Tigo has reached almost 100% penetration of the addressable market. That is why our commercial strategy there has changed from acquisition plans to consumption increase and then to subscriber retention. Besides, we are the first operator to treat VAS as a core driver for subscriber service satisfaction, continuously introducing new products that generate top line revenue in the operations.

VAS contribute to the consumption increase strategy whilst giving Tigo a fresh and innovative brand image.

For example, the “Ring Back tones” product has been the second most important revenue generator, after the SMS product, and competition is slow in launched a similar service.

“Tigo Cash” is a new VAS product, first launched in Paraguay, which allows any registered user to make payments with their cell phone, and also to send and receive money or do a “Miniload”. The money is stored as electronic money in a wallet, separate from the calls balance and accessible through the cell phone. The service is easy, practical and secure. For the POS, “Tigo Cash” is not just another product; it is a solution for transactions.

In terms of brand awareness, the urban image program including the branding of facades is still Tigo’s strongest tool for building brand image and increasing exposure in all our markets. New visibility ideas were implemented, such as branding on taxis, bus stops, signs on electric poles and “chalequeros” (people selling air time in the street), and they all have become part of the urban landscape.

The number of billboards has increased in all countries with a long-term brand strategy of promoting a lively, cool and aspirational brand. As the POS base continues to grow, POS materials are gaining importance in the visibility strategy. Innovation and strong supervision in all applications are the two key activities to ensure Tigo’s visibility success for years to come.

Creating regional advertising campaigns is also an important part of standardizing brand execution across operations, and these types of materials also generate economies of scale. Creative solutions developed in one market are shared with other operations, with the central messages being adapted to the particularities of each region. To complement the brand awareness strategy, Tigo continues to collaborate with large companies such as Pepsi, Shell, Procter & Gamble and Coca-Cola in joint promotional campaigns.

Looking into the future, a successful subscriber segmentation strategy will be the key to this new era for Tigo in the region. Targeted products and promotions are differentiating it from its competitors. Young & cool segments are one of Tigo’s prime targets. In Colombia, for instance, a successful plan for universities was launched in the main cities, with attractive tariffs for calls and SMS in the community. Similarly, Tigo has sponsored concerts

and school tournaments for young people in Paraguay and Bolivia.

Corporate and social responsibility Millicom actively participates in social programs in each of the countries in which it operates. Our main focus in the past years has been education and child health programs.

Paraguay has launched the “Tigo Hour” concept whereby all customers’ recharges that take place during a specific hour are donated to a local cause. The program involves the participation of celebrities, employees, opinion leaders and the press, and is carried out every 2 or 3 months. The money raised is assigned to educational projects, which are monitored to ensure funds are used appropriately.

Since 2007, Tigo Bolivia has implemented the “Antenor” campaign, which aims at educating people through the eradication of myths regarding the effects of telecommunications antennas on health. This campaign has had good results: it has helped to speed up cell site rollout and optimize coverage, and it is now being implemented in other operations.

Also in Bolivia, an education campaign called “Maths: Estoy con Tigo” has been launched. This project aims to bring alienated students together and to engender in them an enthusiasm for mathematics by using innovative learning methods and new technologies. This initiative opens a direct link between our stakeholders –authorities, government, customers, students and teachers – and us.

In our Colombian operation, there are many ongoing pilot projects to promote responsible cell phone use and to protect the environment. Firstly, under the slogan “Recycle your cell phone and connect yourself to the earth”, Tigo has joined a plan led by the Ministry of Environment, Living and Territorial Development to encourage customers to recycle their cell phones, batteries and accessories in the recycling bins placed in all administrative offices and service centres throughout the country.

Secondly, aiming to contribute to the fight against global warming, Tigo Colombia offers its clients a voluntary e-billing service in order to eliminate unnecessary paper bills. Finally, Tigo has pioneered a program to improve the appearance of streets and building facades in a key area of Medellin. The program seeks to contribute to the exhibition of images, which together encompass an urban gallery called “Painting Hope”. Both the city’s government and key public institutions have joined the initiative.

And as regards HR management, we also make permanent efforts to be considered employer of choice in the region. In Paraguay, for example, Tigo has become the nation’s preferred employer amongst young professionals in the market.

19

The future Tigo continues to strengthen its position in these markets due to its mission to give people the opportunity to access today’s world in a simple, easy and active way. Our goal for the next few years will be to maintain both prepaid and postpaid voice service levels, and to increase VAS revenue through the launch of new products and through improvements in the quality of the data networks.

For Central America, the main challenge is the step-up in competitive pressure. So far, we have been gaining operational momentum with strong market share development due to the implementation of our “Triple-A” strategy.

And for the entire region, a renewed focus on postpaid customers will be seen in the coming years. We have already started the approach with new products, such as PTT (“Push-to-talk”), Internet services (like 3G and WiMAX) and a distinctive customer service strategy.

These drivers are bound to promote the rebirth of a segment with very high expectations on communication solutions.

Global presence

Africa

Our commitment to Africa’s development, both economic and social, has always been a clear objective for us, in the awareness that it is one of the least developed continents in the world. For that reason, over the past decades we have been working on various non-profit projects related to the promotion of education and the eradication of social isolation, as well as on introducing technology, pioneering the provision of affordable telecommunication infrastructure and making our services effectively available to everyone.

Today in Africa, over 160 million people have access to the Millicom experience in Chad, the Democratic Republic of Congo (DRC), Ghana, Senegal, Tanzania, Rwanda and Mauritius.

Achievements Our first operation in Africa was in Mauritius under the Emtel brand. Founded in 1989, Emtel was the first mobile telephony operator in the entire southern hemisphere, the product of collaboration between Millicom and the Currimjee Jeewanjee Group. In 2004, in keeping with this tradition, we elected Mauritius as the place to launch the first 3G network in the whole continent. Today, Emtel’s purpose is to become the market leading company, offering a one-stop shop solution for the full spectrum of telecommunication services.

Our second launch in Africa was the one of Millicom Ghana Ltd., which began operating in 1992. Originally presented under the Mobitel brand, our company was the first mobile phone operator in the country, and it revitalized the west coast’s telecommunications industry. Thanks to the initiation of a GSM service, Mobitel became the only mobile telephony company in Ghana that offered its clients the possibility to choose between analogue and digital cellular systems. Mobitel was later rebranded as Buzz; and in 2006 it joined the Tigo family.

Millicom was also the first cellular operator in Tanzania.

Commercial operations there began in 1994 with an analogue mobile network, which was subsequently switched to GSM. We also pioneered the concept of prepaid services with the launch of the first prepaid card.

Millicom Senegal began commercial operations in April 1999 under the Hello brand. By June 2005 the subscriber base had grown substantially. During the same year, Hello was rebranded as Tigo in line with the rest of Millicom’s operations. The 1 million-subscriber milestone was reached in December 2007. Despite entering Senegal as the second operator, we were the first in the market to launch per-second billing, GPRS and Credit Transfer. Most significantly, we were the first mobile operator to offer Blackberry services in French speaking West Africa.

In November 2004, Millicom was awarded a GSM license in Chad. And in January 2005, our commercial operations started from scratch since we had to manage the complete network rollout, as no turnkey player was willing to operate in the country. After only 4 years of work, our focus on distribution by e-PIN, a strong GPRS/EDGE technology supply and the best rates have allowed us to gain substantial market share.

Tigo Customer Service Centre, Ghana

In 2007, we started operating in DRC, after the acquisition of Oasis Sprl. Even though DRC and Chad continued to have turbulent political landscapes, we gained significant market share compared to our main competitors and continue to grow impressively.

In 2008, we were awarded the license to become the third national telecommunications operator in Rwanda.

Bordering Tanzania and DRC, in which we already operate under the Tigo brand, Rwanda could become

our hub in the region, connecting the landlocked country with the fiber optic sea cables via our existing operations and thus taking to the next level our quest to connect emerging countries to the worldwide net of communications.

The current environment During 2007 and 2008, the operational focus in Africa was primarily on implementing the “Triple-A” strategy, building the brand image of Tigo –launched in 2005– and improving its visibility. Since then, innovative products and services based on best practice from our more developed operations were introduced to remain ahead of local competition.

Our market share continues to grow in all our African operations with +40% share in Chad and Senegal, and +30% in Ghana. In order to achieve this, we have introduced several attractive products and flexible tariff regimes to anticipate competitor initiatives and to provide affordable communications that can meet market expectations.

The “Triple-A” strategy continues to be the backbone of our operational approach.

Affordability Tigo is effectively Affordable, as we offer a combination of competitive pricing with per-second billing and airtime purchase for only US$ 0.01 via e-PIN. Continuous product innovation has resulted in value for money offers in which, for a fixed fee, a subscriber can make unlimited calls within our networks over a preset period of time.

We have introduced groundbreaking products and services in all our Africa operations, which have extended the reach of efficient and affordable mobile communications. General tariff reductions for voice calls and price reductions for SMS and SIM kits have increased the perception of Tigo’s affordability in the region. And per-second billing, launched in 2008, is seen as a unique, innovative, and popular offer for this market compared to per minute billing, offered by the competition.

Emtel has been a pioneer in offering the lowest prepaid card denominations and tariffs in Mauritius. And today

21

we provide products such as “Favourite Numbers”, which offers reduced call rates to specific numbers chosen by the customer.

Millicom Tanzania continues to offer affordable services, competitive tariff promotions and the e-PIN recharge.

After the launch of Tigo in April 2006, the Company introduced a reduced tariff plan for international calls to specific destinations based on historical call trends.

Accessibility Tigo is Accessible in Africa with SIM and Airtime purchase available to all. The establishment of a distribution system has been the biggest challenge in our operations in this continent, where infrastructure is the least developed. This challenge has been met by the introduction of a visionary Distribution Management System (DMS).

DMS allows our operations to be closer to consumers and have better control over the sales distribution channel. It links the entire product distribution channel, from the warehouse to the end user. In Ghana, for example, it already covers the major cities of Accra, Kumasi and Tema, and coverage keeps growing.

Improved controls on product distribution and on POS performance will eventually lead to finer detail on POS activity upon which revenue-impacting decisions can be made. Dealer relationships have been strengthened by a redefinition of trade terms. These terms provide incentives for dealers to align their profits to our goals on product accessibility, brand visibility, price compliance, and POS coverage.

The Company aims to provide easy access to prepaid services, whether by scratch cards or by e-PIN, the latter enabling customers to top-up electronically. In DRC, for example, we have favoured e-PIN and direct distribution.

We managed to substantially build up the subscriber base in less than two years by increasing our number of POS –today operating one of the biggest distribution networks in the country. Scratch cards were introduced to that market in September 2008 to provide an additional purchasing option and greater flexibility for our customers.

Accessibility improvements continued throughout the continent with the implementation of freelancers, exclusive dealers in some markets, and the opening of

Global presence

more Tigo shops in smaller towns. This rollout has contributed to the impressive performance of our African operations over the last couple of years. On an annual basis, subscribers increased more than 50%, reaching a total number of over 9 million by the end of 2008.

Availability Tigo is Available, as our networks cover the majority of Africa’s most populated areas.

We continuously expand the geographical coverage and capacity of our networks in all our operations, as shown by the continuously high investment figures (48% of total Capex in 2008). This investment has been forecast to remain high to further increase penetration in the region. The use of outdoor base stations wherever feasible, reduces the operational costs of our sites and increases our rollout speed. By the end of 2008, cell sites across our operations in Africa exceeded 3,200.

In Tanzania in 2007, we carried out a review of the overall network rollout strategy to improve the performance of the various teams involved. This was focused particularly on site allocation and on the implementation of proper procedures that ensure optimization of coverage and quality in order to meet commercial needs and reduce costs.

In DRC, the technical goal is to implement national coverage. Building capacity and network optimization now cover 90% of all the main cities, reaching more than 16 million people.

Millicom Senegal has also focused on expanding geographical coverage and network capacity as efficiently as possible. The voice and data networks have been upgraded to enable the launch of seamless commercial promotions and the implementation of a corporate strategy. The networks are being continuously upgraded in order to support higher numbers of subscribers and

Africa

provide the best user experience for both voice and data.

In Mauritius –the first Millicom market with 3G services– HSDPA and WiMAX networks were launched in 2007, and a new Microwave backbone was installed to control the growth in data traffic. Plans for an underground fibre-optic backbone are currently in progress.

Customer focus The simultaneous introduction of the Tigo brand in Africa and Latin America in between 2005 and 2007 facilitated the re-positioning of our visual presence across our African operations.

The brand was designed to maximize the appeal and perception of value of the company’s services in order to catch the eye of the customer and to differentiate Tigo from the competition. In all the markets, launches in new cities featured popular cultural events and performances to maximize visibility and strengthen the youthful and dynamic characteristics of the brand. Today Tigo is strong and stable enough to penetrate the market robustly and with sustainable growth.

the acquisition of Oasis, with the perception of best value for money.

By continuously launching innovative products and services in all of our operations, we manage to create appealing solutions for our customers which are affordable, easy-to-use, and largely accessible.

In the DRC, for instance, we launched an initiative called “All you can eat” (locally branded as “Allo na Allo”), which produced strong subscriber intake and enhanced the value of the Tigo brand across the country. The first “All you can eat” promotion was launched In July 2007, offering 24-hour unlimited calls for a specific time and a fixed fee. Subscribers doubled within a couple of months.

Due to this huge success, we decided to launch a second and third generation of this initiative, further increasing penetration and raising our customer base to over a million.

The lack of infrastructure in such a vast territory, together with the fact that the Congolese inhabitants live far apart from one another, explain why these promotional products have created an immense emotional connection in the country by bringing effective affordability and the opportunity to make long distance calls at reasonable prices.

Committed to increase the current low penetration levels we aim at providing access to communication to all people

In Tanzania, the brand has won considerable recognition for being affordable, accessible and available. Unified branding gave a focused and sound position from which to develop the network and introduce new services and tariff innovations for enhanced future profitability. Tigo has also enjoyed enormous success in the DRC following

The “All you can eat” promotion was branded as “Xtreme” in Ghana and Senegal. In Ghana, this initiative offered unlimited night calls or unlimited calls for 24 hours for a set fee, making Tigo the most affordable service in the country and resulting in an increase in daily subscriptions of over 400% from in within 3 months in 2007. In addition to competitive prices for basic calls, we have developed “Regional Xtreme”: a similar service that offers unlimited calls for fixed time periods at different price points throughout the country. It was introduced in rural areas, where disposable incomes and network utilization are low, and it resulted in optimized network utilization and an increase of our customer base.

Carrying on with the tradition of giving people access to all our products, we are increasingly focusing on rolling out VAS. An outstanding example of this is Tanzania, where we offer various VAS products such as “Give me Balance”, which allows peer-to-peer balance transfers.

Other VAS products are “SMS gift”, which enables users to share balance, and “Collect Tigo Back Tones”, which offers customers the possibility of downloading and storing multiple ring back tones on their phones. Being the first to launch these services, Tigo has managed to address the Young & Cool segments and continues to be the innovator, permanently introducing new products and services in the market.

Corporate and social responsibility

The future

In all our African operations, we share a part of our success with the community and are deeply committed to contributing to disaster relief by spending on education and on poverty eradication programs.

We strongly believe that Africa will provide huge growth opportunities for our Company.

In Senegal, Tigo offers financial support to the victims of floods. Beside that permanent contribution, Tigo has also financed a school library and has provided furniture for children of poor families. But perhaps our biggest community achievement has been in the fight against malaria, which continues to claim the lives of many children across the continent. In order to combat this terrible disease, Tigo has organized the distribution of mosquito nets impregnated with repellent in orphanages, hospitals and villages across Senegal.

As a poorly developed region, Africa still has low penetration rates. Besides, it is a market in which affordability is a key factor. We are properly positioned to continue developing access to the service for people from urban to rural areas where infrastructure is poor and people have very low incomes. And due to our willingness to invest further in order to increase the reach of our networks and our distribution strength as well as to continue providing affordable solutions, we will even be able to reach areas with virtually no infrastructure.

In Chad, Tigo has partnered with a local association for the handicapped to offer wheelchairs for children. And, since its inception in 2005, it has provided a substantial amount of chairs.

In Tanzania, long-term initiatives are being developed in order to contribute to the country’s growth. Some of them are: • helping young people with educational scholarships and making donations to educational institutions • instructing young professionals with seminars and on-job training • helping children with disabilities • calling for anti-corruption initiatives that ensure healthy market conditions

Our positioning allows us to create value for the environment, the people and the community as a whole.

23

We strongly believe that Africa will provide huge growth opportunities for our company.

Global presence

Asia

Millicom has strong roots in Asia, as we obtained our first licenses in the world primarily in this continent. In 1983 we established an operation in Hong Kong, followed by Sri Lanka in 1988, where we began commercial activities in 1989.

The cross fertilization of ideas throughout our geographically diversified operations is one of the key factors of Millicom’s success, and Asia is the birthplace of some of our winning ideas that eventually became crucial elements of the “Triple-A” business model.

Achievements The mobile telecommunication market in Asian operations has always been highly competitive, and such strong competition has driven prices to low levels –ranging from blended rates of 3 to 7 US$ cents–, which results in lower ARPUs compared to the rest of Millicom operations.

Despite the low ARPU environment, we have been able to sustain healthy operating EBITDA levels of more than 40% due to a strong cost focus and continuous organizational and process-oriented improvements. Our Asian operations are clear evidence that we can have a profitable business based at the bottom of the pyramid.

Constant service innovations that derive meaningful benefits to our customers are at the heart of our ability to participate in these highly competitive markets.

Sri Lanka is where the Availability element of the “Triple-A” business model was first initiated in 1998, when we implemented an FMCG mass-market distribution model. This concept is based on a wide distribution program with high levels of visibility designed to enable our customers to purchase airtime on a daily basis on every street corner. Today, we are the undisputed leader in distribution in the country.

Also in Sri Lanka, we were the first to launch per second billing and free incoming, together with a whole host of innovative VAS. Besides, independent market research shows that we have the highest level of customer satisfaction amongst all mobile operators and that our call centre operations are believed to be the best in the country.

The launch of commercial operations in Laos in 2003 marked the beginning of true competition in its mobile telecommunication sector. Millicom’s presence in the market place has clearly provided stimulus to an economy that has seen tremendous growth since our entry. We lead the market in meaningful service innovations, such as the launch of “Yulala”, a program through which our customers collect free outgoing minutes for each incoming call.

In Cambodia, we continue to be the market leader and the mobile service operator of choice with strong brand equity and the widest coverage and distribution. We have been particularly successful with the implementation of our territory management concept, which has been in operation since mid 2006. The purpose of this structure is to provide granularity in terms of capturing and servicing our customers, an approach that has allowed us better targeting of specific customer expectations and faster penetration of even the remotest areas.

The beginning of our operations in Vietnam was in 1995, when Millicom’s subsidiary Comvik International Vietnam entered into a 10-year Business Cooperation Contract (BCC) with Vietnam Mobile Services to build and operate a GSM mobile network: Mobifone. This BCC was widely recognized as the most successful cooperation between foreign and Vietnamese companies in any sector in the history of the nation. In 2002 the Hanoi People’s Committee awarded Comvik the Gold Labour Medal for its outstanding business performance.

It was in Vietnam where Millicom first implemented the e-PIN service in 2004. e-PIN enables our customers to make easy, secure and convenient reloads of their prepaid balance. This particular tool –as well as others firstly implemented in our Asian operations– has become a stimulator for rapid growth in all our markets.

The current environment In Asia, Millicom currently operates in 3 countries –Cambodia, Laos and Sri Lanka–, and maintains a representative office in Vietnam. We have a total population of over 40 million under license, with a subscriber base of over 4 million customers.

We believe, however, that our strong brands, the “Triple-A” business model and a continuous and strong focus on cost will ensure that we will remain ahead of the local competition.

Millicom’s joint venture in Cambodia, Mobitel, is the

25

Our current footprint in Asia provides a natural platform for further expansion into new markets within that continent Constant service innovations that derive meaningful benefits to our customers are at the heart of our ability to compete in Asian markets

Asia

Global presence

leader in the mobile sector, with market shares around the 70%. The Cellcard brand is synonymous with cellular mobile service in that country. In addition to mobile services, the group is providing Internet, broadband and international gateway services to its customers, as well as operating the most popular TV channel in Cambodia: CTN. Our “Triple-A” strategy keeps delivering an outstanding performance in the region.

Affordability Where possible, we adopt per-second billing. This, together with the provision of low denomination reloads (lowest denominations are currently US$ 0.25 in Cambodia, and US$ 0.5 cents in Laos and in Sri Lanka), ensures that we offer affordable services to our customers.

Accessibility In all 3 operations, we are the undisputed distribution leader in terms of reach, visibility and customer experience at the retail point.

Sri Lanka leads many of Millicom’s distribution innovations, including the FMCG mass-market distribution model and major innovations in brand visibility.

We were the first and only mobile operator in Sri Lanka

Laos - Elai School Opening

to have a web-based DMS operating with handheld PDAs for our retail sales force, which enables them to access online information, such as stock availability, in real time.

Availability We have made significant investments in network coverage and will continue to do so. Our coverage strategy is driven by the CVE concept, according to which coverage investments are made to ensure that our customers have service where they live and work. We continue to observe population trends and to be watchful for coverage opportunities. This attitude has opened possibilities such as entering the recently liberated Eastern region in Sri Lanka and covering mining locations in Laos.

Launched in Cambodia in 2006, Millicom was the first company to install a 3G network in all Indochina.

Customer Focus We have made strong progress over the years in terms of product and service availability. Laos is an excellent example, since we launched postpaid services and GPRS/EDGE in 2007 and WiMAX & International Gateway services only one year later. We continue to

look for opportunities to expand our service portfolio regionally, covering both voice and data services.

Corporate and social responsibility

The future

When launching the Tigo brand in Laos and Sri Lanka in 2007, we experienced a close association with the younger segments and managed to replicate the successful image that Tigo has in our Latin American operations.

In terms of local job creation, Millicom provides significant labour opportunities and specifically promotes local employment. In Sri Lanka, for instance, almost 100% of its 500 strong workforce is of Sri Lankan nationality, with high representation up to the senior management level.

We believe that Asia will provide excellent growth opportunities for our company.

In Laos, we became the undisputed key sponsor of major youth events, starting with Tigo’s launch party, followed by the sponsorship of the music group Paran during our first anniversary celebration. Besides, we are key sponsors of the Laos Youth Union.

In Sri Lanka, the rebranding to Tigo gave us a strong association with service and product innovation. We were the first in Sri Lanka to launch “Copy-A-Tune”, a simple way for our customers to obtain ring backtones that they hear on other peoples’ mobile. We were also the first in the country to introduce “Tigo Zone”, a space which comprises 3 areas that bring value to the different segments of Tigo’s customer base: the Lounge & Sky café, for regular and business users; the Hang Out, an area for young people; and the Training Centre, a place equipped with modern multimedia facilities available to our corporate customers and also used for internal training purposes.

Our company demonstrates its commitment to the local community by collaborating with non-profit projects and attempting to find fast solutions to natural catastrophes.

This can be seen, for example, in our participation in the following programs and undertakings: “Operation Smile”; “Bringing a smile to the kids in Asia”; school rebuilding (Elai School re-opened in September 2008, increasing its capacity from 200 to 600 students); the disaster relief for the victims of the floods near Mekong River and for the victims of the earthquake in Myanmar/China in 2008; and the building of 40 Gramodaya (“village re-awakening”) health centres in Sri Lanka, which provide primary healthcare for women and children in rural areas after the Asian Tsunami in December 2004.

In our technical planning, we also aim to reduce the environmental impact of our business by testing innovative techniques in network deployment, such as a Hybrid Solar Energy Solution in coverage sites.

Firstly, our 3 Asian operations are in markets where penetration rates are low. We believe that this, together with the very low tariff rates existing in these markets, provides an excellent opportunity for us to bring mobile services to even the lowest end of the addressable market.

Secondly, we are the leading brand within the youth segment in all 3 operations. Currently, this segment represents less than 10% of the total market in all 3 countries, but considering that 50% of the population is younger than 25 years old, it is set to be the future engine of growth in our markets.

In Cambodia, economy has grown driven largely by an expansion in the garment sector and in tourism. This growth is expected to remain strong due to the discovery of exploitable oil and natural gas deposits beneath Cambodia's territorial waters in 2005.

As regards Sri Lanka, in spite of the brutal civil war the country has been going through, the economy is expected to remain prosperous leveraged by the influence of sectors such as food processing, textiles and apparel, food and beverages, port construction, telecommunications, and insurance and banking. In addition to these economic sectors, overseas employment, mostly from the Middle East, represents a significant contribution to foreign exchange.

Our current footprint in Asia provides a natural platform for further expansion into new markets within that continent.

Lastly, these countries’ economies have been growing strongly over previous years and this growth is expected to continue.

Laos, as a resource-rich nation, will continue to benefit from aid coming from international donors and from foreign investment in hydropower and mining. Construction will be another strong economic driver, especially as hydroelectric dam and road projects gather momentum.

Existing low penetration levels together with low tariff rates provide an excellent opportunity for us to drive growth to even the lowest end of the addressable market.

#06

Corporate and social responsibility

Access today’s world through education

Committed to the future For Millicom, Corporate and Social Responsibility (CSR) means understanding and considering the expectations of all our stakeholders, be they customers, governments, regulators, suppliers, employees, investors or whole communities. Our commitment to this responsibility drives us to deliver a consistently high level of performance and to generate, protect and enhance value for all of them.

Customers We aim to build enduring relationships with our custo mers by understanding and anticipating their needs.

Today, our customers around the world enjoy and have come to expect an affordable, accessible and available mobile service, embodied under the Tigo brand. We value the reputation that our brand has earned and the trust our customers place in it, and we endeavour to enhance this reputation by continually improving the products and services that we offer.

Governments and regulators Since our foundation in Luxembourg in the early 1990s, we have observed the highest standards of business ethics and integrity. This commitment is evident in our Code of Ethics.

• changes in the climate system • technological innovations • shifts in consumer attitude and demand.

CDP recognizes that the contribution to Global Greenhouse Gas (GHG) emissions and climate change varies across business sectors and that within sectors companies are not at the same stage in the development of strategies to address climate change.

CDP therefore sets the following four objectives, which we aim to systematically include in our business plans: 1) To identify strategic risks and opportunities and their implications.

2) To determine actual Greenhouse Gas emissions.

3) To determine performance against targets and plans to reduce GHG emissions.

4) To determine responsibility and a management approach to address our impact on climate change.

Besides, we encourage effective telecom regulation and fair competition, as a means to build and maintain a sound business environment. As a NASDAQ listed company, we comply with the US Foreign Corrupt Practices Act.

Millicom has a history and a reputation for responsible and proactive citizenship in its markets, gained through participation in rural development and by giving back to local communities. Our initiatives so far have been centred on education, building infrastructure, poverty and support in the aftermath of natural disasters.

Suppliers

Society and environment

Under the theme "Access today's world through education” and in keeping with the young persona of the Tigo brand, Millicom will continue to support education and initiatives for the young as its primary concern. We believe that education is an essential tool for achieving sustainable development since when children have the opportunity to learn, they can use their skills to build a brighter future for themselves.

We have developed a corporate position on six issues affecting our business and are designing programs in their support across all operations. The issues are: Radio Frequency Fields, Child Labour, Electronic Waste, Energy and Climate Change, Responsible Use of Phones and Visual Pollution.

Millicom has also joined the Solvay Business School Corporate Fellowship Programme in sponsoring the Philippson Chair for Sustainable Human Development.

Every year, Millicom co-funds a 3-6 month project in one of Millicom’s operations for final year engineering students.

We are conscious of our impact on the environment and are committed to reducing our energy consumption.

Millicom participates in the Carbon Disclosure Project (CDP), which will help the company to progressively measure, report and reduce carbon dioxide releases. We are particularly concerned with the following factors connected with climate change: • regulation

Education also encompasses health promotion in countries where many diseases, such as AIDS, still claim a staggering number of victims each year. In Senegal, for example, a caravan called “Triple Sensibilization” commutes between the most remote regions and goes through all the big cities educating local people and making direct donations. We also target young mothers in various health centres and maternity wards with

Our intention is to work only with suppliers who share our responsible business practices, as stated in our Supplier Code of Conduct.

29

support materials, literature on health, immunization therapies and food supply.

Today Millicom has centralized and standardized procedures and criteria for the selection of community service projects and donations in order to ensure group-wide alignment in prioritizing investment in education. By 2010, 80% of Millicom’s spending on community initiatives will fall under this theme.

Employees We believe that “talent is the engine behind the creation of all value” and we aim to recognize and develop individual talent in order to ensure that our employees reach their potential within the organization. Our corporate environment promotes and encourages staff’s continuous learning and personal growth, as well as their active participation in local community initiatives. This, in turn, fosters the Tigo team spirit and ensures that everyone can contribute to the success of the Company.

In keeping with the Tigo spirit, Millicom seeks diversity amongst its employees in order to foster creativity.

Among the +70 employees at our headquarters in Luxembourg, more than 25 nationalities are represented.

At the same time, Millicom seeks to build local capabilities. Local staff represents 97% of our employees across 16 mobile operations, and in Ghana and Sri Lanka the figure rises to 99% and 100% respectively. We offer all our employees the opportunity for training through the "Tigo Talent School" programs and foreign assignments.

We also make continuous efforts in HR management to be considered employer of choice in our markets. In Paraguay, for example, Tigo has become the nation’s preferred employer amongst young professionals.

Shareholders Millicom adheres to the standards and requirements of the US Sarbanes-Oxley Act, which legislates for corporate governance, financial disclosure and the practice of public accounting in the interest of equity investors.

Overall, our governing values lead us to strive continuously to improve our business practices, to sustain profitability in the long term and to engender pride in the company we work for.

#07

In summary Our commitment to investment in emerging markets has enabled us to become a leading operator in most of our markets. Today, we are proud of our global footprint and our passion to satisfy our customers embodied under a global aspirational brand: Tigo.

Through our â&#x20AC;&#x153;Triple-Aâ&#x20AC;? strategy we aim to make our services affordable, accessible and available everywhere and to all.

We manage the expectations of all our stakeholders; whether they are customers, governments, regulators, suppliers, employees, investors or communities. Our commitment to this responsibility enables us to be respectable, leading telecommunications operator that delivers a consistently high level of performance. We are perceived as a fair employer and transparent operator that generates, protects, and enhances value for all our stakeholders.

We adhere to the following key concepts:

we

develop

our people

listen to our customers

treat the company as

our own

Glossary ARPU ATM CVE EBITDA EDGE e-PIN EPM FMCG GPRS GSM

HFC Networks

PDA POS VAS WiMAX

HSDP

32

Average Revenue Per User Automatic Teller Machine Commercially Viable Entity Earnings Before Interest Tax Depreciation and Amortization Enhanced Data Rates for Global Evolution Electronic re-charge via mobile phone with pin code Empresas Públicas de Medellin Fast-Moving Consumer Goods General Packet Radio System Global System for Mobile communications (originally from Groupe Spécial Mobile). It is the most popular standard for mobile phones in the world. Its promoter, the GSM Association, estimates that 82% of the global mobile market uses it. GSM is used by over 3 billion people across more than 212 countries and territories.

Hybrid Fiber-Coax network. HFC networks combine both optical-fiber and coaxial cable lines. Optical fiber runs from the cable head end to neighborhoods of 500 to 2,000 subscribers. Coaxial cable runs from the optical-fiber feeders to each subscriber. Hybrid networks provide many of fiber's reliability and bandwidth benefits at a lower cost than a pure fiber network.

Personal Digital Assistants Point Of Sale Value Added Services ‘Worldwide Interoperability for Microwave Access’. This is a telecommunications technology that provides for the wireless transmission of data using a variety of transmission modes, from point-to-point links to portable internet access.

High-Speed Downlink Packet Access. It is a 3G (third generation) mobile telephony communications protocol in the High-Speed Packet Access (HSPA) family, which allows networks based on Universal Mobile Telecommunications System (UMTS) to have higher data transfer speeds and capacity.

Brochure (digital version) + Corporate video

Millicom International Cellular S.A.

59%

42%

increase in revenues for Q1 08 to US$ 801 million (Q1 07: US$ 563 million1)

“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.”

The subscribers in Asia grew by nearly 50% year-on-year with Cambodia growing by 58% and Laos by 57%.

“Millicom's strategy continues to be to build a mass market prepaid 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 prepaid 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. ”

36% increase in EBITDA for Q1 08 to US$ 336 million (Q1 07: US$ 248 million1)

44%

increase in profit before tax for Q1 08 of US$ 187 million (Q1 07: US$ 129 million1)

78%

increase in net profit for Q1 08 of US$ 158 million (Q1 07: US$ 89 million1) Basic earnings per common share for Q1 08 of US$ 1.48 (Q1 07: US$ 0.881)

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

Financial results for the three months ended March 31st, 2008 Subscribers In Q1, 2008 Millicom’s worldwide operations in Latin America, Africa and Asia added 2.8 million net new mobile subscribers, reaching 26.2 million total mobile subscribers, an increase of 59% versus Q1, 2007. This was a good overall performance but there were a number of outstanding performances with Central America at the top of the list.

In Central America, Honduras grew by 88% year on year and added 515 thousand subscribers in the quarter as the market started to grow more strongly. With penetration approaching 55%, Honduras is starting to catch up with the other two Central American markets. Guatemala grew by 57% year on year and El Salvador by 52%, showing that despite penetration rates of 66% and 68% respectively, these two markets continue to grow strongly, which is also encouraging for the longer term outlook in Honduras and our other markets with lower penetration.

In Africa, the two best performing territories were Ghana, which grew by 83% year-onyear adding 371 thousand subscribers in the quarter, and Tanzania, which grew by 81%

Subscriber evolution

Excludes discontinued operations

Total revenues, EBITDA and EBITDA margin Total revenues for the three months ended March 31st, 2008 were US$ 801 million an increase of 42% from the first quarter of 2007 and impressively at a higher year-on-year growth rate than the 41% achieved in the fourth quarter of 2007. Revenues in Africa, which were up 60%, and in Asia, up by 49%, grew substantially faster as these clusters are growing from a smaller base. Encouragingly, in Latin America, despite the substantial scale of the clusters today, the businesses grew by 38% in South America and by 36% in Central America.

The Group EBITDA for the three months ended March 31st, 2008 was US$ 336 million, an increase of 36% from the first quarter of 2007 and slightly above the 34% year-onyear growth rate achieved in the fourth quarter of 2007.

The EBITDA margin at 42%, though down slightly year-on-year, was in line with the 42% margin achieved for the full year 2007. South American EBITDA margins at 31% were well below the Group average as a result of the lower margins in Colombia, which were flagged at the year end results for 2007. As a result of cuts in interconnect rates in Colombia in early December, the EBITDA margin in Colombia fell to 12% as a consequence of Tigo having more incoming than outgoing calls. It is expected that the margin in Colombia will improve over 2008 and by 2009 the expectation is that we will be back on course as to our original plans, helped by growing market share and the elasticity in the market. In Central America, Tigo’s number one position in all three markets and its high markets share, bringing with it a high percentage of on-net calling, enabled it to keep EBITDA margins at a very healthy 55%. Margins in Asia were 40% compared to 37% in the fourth quarter of 2007. In Africa, margins at 31% were up slightly having fallen in Q2 and Q3 of 2007 as a result of the large amount of expenditure being incurred rolling out new networks at an accelerated pace.

There has been some concern about the rise in food prices in world markets and the impact this might have on demand for mobile services. For Millicom, we have not seen any noticeable effect in any of our markets. We believe that the reason for this is that mobile telephony is today a high priority in consumers’ spending plans. Millicom's markets around the world also tend to produce food locally and are mainly self-sufficient, and those such as Paraguay and Colombia with big agricultural sectors may see benefits to their economies by exporting at higher prices.

Growth story (EBITDA margins) millions

Q1 2008 1

The continued strong growth in subscribers in Q1, 2008 reflected the increase in our rate of investment in 2007 in sales and marketing, distribution and in Capex, which moved up to over US$ 1 billion for the full year for the first time compared to US$ 616 million in 2006. The prospects for 2008 are good as we expect to maintain this high level of Capex. We are currently forecasting Capex in excess of US$ 1 billion in 2008 as we see growth opportunities in all our markets and the ability to reach our hurdle rates of return of over 20%.

Q1 2007

26.2

Revenue growth and capital expenditure

US$ millions

Q1 2008

801 336

16.5

Q1 2007

801

Subscriber increase for Q1 08 of versus Q1 07, bringing total subscribers to US$ 26 million1

year-on-year adding 262 thousand subscribers. DRC showed impressive year-on-year growth of 168% to 519 thousand subscribers but quarter-on-quarter there was no growth as capacity constraints prevented us from adding additional net new customers onto the systems. This has now been fixed and subscriber growth will continue in Q2. Africa will be the region of highest capex spend in 2008 with higher spending across almost all countries.

562.7

key figures

Marc Beuls, former 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 US$ 158 million for the quarter, reflecting a very strong margin of 20%. ”

US$ millions

Q1 08

Millicom International Cellular S.A.

562.7

183

265 Capex

248.1

Revenues

EBITDA

Q1 2007

Q1 2008

Millicom International Cellular S.A.

Millicom International Cellular S.A.

Q2 08

Marc Beuls, former CEO of Millicom, commented: "Millicom has continued to grow strongly with 58% growth in subscribers. Net subscriber additions in Q2 were 2.3 million despite a one-off adjustment of 0.2 million to clean up non-revenue producing subscribers in El Salvador. Revenue growth continues to be one of the best in the industry with the second quarter year-on-year growth up by 37%. The net profit of US$ 132 million for the quarter, an increase of 33% year-on-year, reflected the continued strong EBITDA margin of 42% for the business.”

key figures

“The quarter two results give us confidence in our ‘Triple-A’ business model as it has enabled us to continue to build our market share and profitability across our markets.

We invested US$ 378 million in Capex during the quarter and a total of US$ 643 million in the first half year and, on the basis of the opportunity we see in our markets today, we are raising our year-end 2008 guidance for Capex to up to US$ 1.5 billion.

With this investment we believe we can continue to grow penetration in both Africa and Asia and to enhance our offering in Latin America with the launch of broadband services in the second half of the year.”

increase in revenues for Q2 08 to US$ 843 million (Q2 07: US$ 613 million1)

“We remain committed to improving affordability for our customers and this will continue to reduce overall ARPUs but the price elasticity that we continue to see in all our businesses will sustain our market leading rates of revenue growth. Also our continued high rate of subscriber acquisition will help improve our current 42% EBITDA margin as we achieve further economies of scale from higher volumes.”

Financial results for the three months ended March 31st, 2008

34% increase in EBITDA for Q2 08 to US$ 352 million (Q2 07: US$ 263 million1)

29% increase in profit before

tax for Q2 08 of $172 million (Q2 07: US$ 134 million1)

33%

Subscribers In Q2, 2008 Millicom added 2.3 million net new mobile subscribers, reaching 28.5 million total mobile subscribers, an increase of 58% versus Q2 2007.

In Africa, the two best performing territories in terms of net subscriber additions were Senegal, which grew by 83% year-on-year, adding 347 thousand subscribers in the quarter, and Tanzania, which grew by 99% year-on-year, adding 248 thousand subscribers in the quarter. DRC showed impressive year-on-year growth of 212% to 718 thousand subscribers.

In Central America, Honduras grew its subscriber base by 78% year-on-year and added 349 thousand subscribers in the quarter. Guatemala grew by 49% year-on-year and El Salvador by 31%, showing that despite penetration rates of 72% and 87% respectively, these two markets continue to grow strongly.

In Asia subscribers grew by more than 50% year-on-year with Cambodia growing by 52% and Laos by 82%.

Basic earnings per common share for Q2 08 of US$ 1.22 (Q2 07: US$ 0.981)

Subscriber evolution

Growth story (EBITDA margins) millions

Q2 2008

Excludes discontinued operations

There has been continuing concern about the rise in food and energy prices in international markets and the impact this might have on demand in emerging market economies which might affect the demand for mobile services. Millicom’s second quarter results show that we have not seen any major impact although it is of course possible that our business could have grown faster without these inflationary pressures. We believe that mobile telephony is today an essential item in consumers’ spending plans. However, food and energy price inflation will likely impact the very low ARPU customers first, which should give us some warning signs before having any identifiable impact on overall revenues. Some of Millicom's markets around the world also tend to produce food locally and are mainly self-sufficient, and markets such as Paraguay and Colombia, with big agricultural sectors, have seen the benefits to their economies by exporting at higher prices.

In South America, total subscribers increased by 42%, with particularly strong increases in Paraguay and Colombia of 50% and 42% respectively.

increase in net profit for Q2 08 of US$ 132 million (Q2 07: US$ 99 million1)

1

The EBITDA margin at 42%, though down slightly year on year, was in line with the 42% margin achieved for the full year 2007. South American EBITDA margins at 32% were well below the Group average as a result of the lower margins in Colombia which were flagged at the year end results for 2007. As a result of cuts in interconnect rates in Colombia in early December, the EBITDA margin in that operation remained at 12% as a consequence of Tigo having more incoming than outgoing calls. It is expected that the margin in Colombia will improve beyond 2008 helped by growing market share and the elasticity in the market. In Central America, Tigo’s number one position in all three markets and its high markets share, bringing with it a high percentage of on-net calling, enabled it to keep EBITDA margins at a very healthy 55%. Margins in Asia were 41% compared to 37% in the fourth quarter of 2007. In Africa, margins remained at 31%, having fallen in Q2 and Q3 of 2007 as a result of the large amount of expenditure being incurred rolling out new networks at an accelerated pace.

Q2 2007

28.5

Revenue growth and capital expenditure

US$ millions

843

Q2 2008

352

843

37%

The Group EBITDA for the three months ended June 30th, 2008 was US$ 352 million, an increase of 34% from the second quarter of 2007 and equal to the year-on-year growth rate achieved in the fourth quarter of 2007.

613

for Q2 08 versus Q2 07, bringing total subscribers to 28.5 million1

Total revenues, EBITDA and EBITDA margin Total revenues for the three months ended June 30th, 2008 were US$ 843 million, an increase of 37% from the second quarter of 2007. Revenues in Africa, which were up 69%, grew substantially faster as this cluster is growing from a smaller base. Revenue growth in Asia was 38%. Encouragingly, in Latin America the businesses grew by 35% in South America and by 26% in Central America.

US$ millions

58% increase in subscribers

“The global ‘credit crunch’ and rising inflation worldwide has not to date impacted our businesses in a significant way and we remain optimistic that, given the strong demand for mobile telephony, which is an essential service in our sixteen markets, we will continue to see good growth. However, higher inflation globally has increased the cost of goods which leaves consumers with less disposable income.”

The continued strong growth in subscribers in Q2 2008 reflected the increase in our rate of investment, which has been particularly acute since Q3 2007, in sales and marketing, distribution and in capex. Our capex forecast has been increased to up to US$ 1.5 billion for the full year compared to US$ 1 billion in 2007. The prospects for the second half of the year are good as we expect to maintain this high level of Capex.

382 Capex

18

Q2 2007

613

208

263

Revenues

EBITDA

Q2 2007

Q2 2008

Millicom International Cellular S.A.

Marc Beuls, former CEO of Millicom, commented: "Millicom's businesses performed well in a quarter in which there was a dramatic change in the global economy. We have maintained or increased our market share and produced good profitability by delivering strong EBITDA margins. Particularly pleasing were margin increases in Africa, at 33% and Colombia at 14%. However, recognizing the more difficult economic environment, we have already initiated a number of adjustments in many of the countries in which we operate.”

“We have decided to put off an early redemption of the US$ 460 million 10% 2013 Notes, further strengthening the company’s balance sheet by reducing short term and increasing long term debt and, as a result of this decision, the average maturity of our debt lies close to four years. At the end of September we had over US$ 1 billion in cash and a net debt to EBITDA of 0.6 times.”

increase in subscribers for Q3 08 versus Q3 07, bringing total subscribers to 30.6 million1

27% increase in revenues for Q3 08 to US$ 869 million (Q3 07: US$ 686 million1)

25% increase in EBITDA for Q3

08 to US$ 369 million (Q3 07: US$ 296 million1)

17%

increase in net profit for Q3 08 of US$ 161 million (Q3 07: US$ 138 million1) Basic earnings per common share for Q3 08 of US$ 1.49 (Q3 07: US$ 1.361)

Financial results for the three and nine months ended September 30th, 2008 Subscribers In Q3 2008, Millicom added 2.1 million net new mobile subscribers, reaching 30.6 million total mobile subscribers, an increase of 53% versus Q3 2007.

In Africa, the two best performing markets in terms of net subscriber additions were Tanzania, which grew by 110% year-on-year, adding 383 thousand subscribers in the quarter, and DRC, which grew by 141% year-on-year, adding 234 thousand subscribers in the quarter. Senegal and Ghana also showed impressive year-on-year net subscriber growth of 84% and 82% respectively.

Other information The amounts in the consolidated statements of profit and loss for the quarters and nine months ended September 30th, 2008 and 2007, the consolidated balance sheets as at September 30th, 2008 and December 31st, 2007, the condensed consolidated statements of cash flows for the nine months ended September 30th, 2008 and 2007 and the condensed consolidated changes in equity for the nine months ended September 30th, 2008 and 2007 are determined based on the principles of International Financial Reporting Standards (IFRS).

This report is unaudited.

In Central America, Honduras grew its subscriber base by 71% year-on-year and added 340 thousand subscribers in the quarter. Guatemala grew by 39% year-on-year and El Salvador by 29%, showing that despite high penetration rates, these two markets continue to grow strongly.

Millicom’s financial results for the fourth quarter of 2008 will be published on February 11, 2009.

In South America, total subscribers increased by 36% with Paraguay showing the strongest increase at 42% year-on-year.

In Asia, subscribers grew by 52% year-on-year with Laos growing by 101% and Sri Lanka by 58%.

Total revenues, EBITDA and EBITDA margin In the third quarter we have seen a slowing of top line growth due to macroeconomic factors beyond our control. The strong dollar has negatively affected results in a number of markets with the real impact coming in September. Rising inflation is a global challenge and for Millicom it means that higher food prices leave less disposable income for our customers.

Total revenues for the three months ended September 30th, 2008 were US$ 869 million, an increase of 27% from the third quarter of 2007. Year-on-year revenue growth was 55% for Africa, 34% for Asia, 27% for South America and 13% for Central America.

Subscriber evolution 1

The Group EBITDA for the nine months ended September 30th, 2008 was US$ 1,058 million, an increase of 31% from the same period of 2007. EBITDA growth for Africa was 60%, for Asia it was 31% and for Central and South America it was 27% and 25% respectively.

Growth story (EBITDA margins) millions

Excludes discontinued operations Q3 2008 Q3 2007

30.6

Revenue growth and capital expenditure

US$ millions

Q3 2008

869 369

869

53%

“Today we expect to invest less than US$ 1.5 billion this year and we expect Capex for 2009 to be substantially lower than for 2008, as we ensure that our requirements for high returns on new investment are maintained.”

Total revenues for the nine months ended September 30th, 2008 were US$ 2,512 million, an increase of 35% from the same period of 2007. Revenues in Africa were up 61%, in Asia revenues were up by 40%, and in Central and South America the increases were 25% and 33% respectively.

686

key figures

The Group EBITDA for the three months ended September 30th, 2008 was US$ 369 million, an increase of 25% from the third quarter of 2007 and the EBITDA margin was 42%. In Central America, Tigo’s number one position in all three markets brings with it a high percentage of on-net calling, enabling it to keep EBITDA margins at a very healthy 54%. South American EBITDA margins increased from 32% last quarter to 35% for the third quarter of 2008, partly as a result of the 2 percentage point margin improvement to 14% for Colombia seen in the third quarter. In Africa, margins increased to 33% from 31% last quarter and in Asia margins were 38%.

US$ millions

Q3 08

Millicom International Cellular S.A.

20

Q3 2007

686

328 Capex

354

296

Revenues

EBITDA

Q3 2007

Q3 2008

Millicom International Cellular S.A.

Marc Beuls, former CEO of Millicom, commented: "Millicom performed well in Q4 with an increase in the EBITDA margin to 45%, our targeted EBITDA margin. For the year to December, we produced sector leading revenue growth of 30% and our profitability improved over the year, with a 219 basis points increase in the second half and a margin for the full year of 43%, which was close to our target for the Group. Our net profit excluding one-off items in 2007 and 2008, namely Paktel, Colombian deferred taxes and Sierra Leone, increased by 36%.

“These results were achieved despite the headwind of a strongly appreciating dollar in a number of countries during the second half of the year, which was a reflection of an uncertain economic climate. The impact on our businesses of the strong dollar against local currencies is set to continue into 2009. We have already taken action, in terms of lower Capex and Opex, to ensure that we are well positioned to meet the potential challenges engendered by the macroeconomic environment, and the stronger margin reported in Q4 is a reflection of those changes.

increase in subscribers2 for Q4 08 versus Q4 07, bringing total subscribers to 32.0 million1

18% increase in revenues

1

31%

increase in EBITDA for Q4 08 to US$ 406 million1 (Q4 07: US$ 309 million1)

“In Africa and Asia we continue to see the opportunity to maintain growth while improving margins, especially in Africa, where most of our businesses are now achieving the critical mass and scale which are necessary to improve profitability quarter on quarter. We also continue to focus on Distribution Management Systems as a way of reducing operating costs by achieving greater efficiency from more streamlined distribution networks.

“In 2009 we are moving into a new phase for the company, as we expect to become free cash flow positive for the full year and to see free cash flow growing in subsequent years. This is the result of the improving operating margin and of a declining Capex-to-sales ratio going forward.”

Financial results for the three months and year ended December 31, 2008

Net profit for Q4 08 of $66 million (Q4 07: US$113 million) 3

Basic earnings per common share for Q4 08 of US$ 0.61 (Q4 07: US$ 1.11)

Subscribers In Q4 2008, Millicom added 1.6 million net new mobile subscribers, reaching 32 million mobile subscribers, an increase of 38% versus Q4 2007. Millicom is today more focused on revenue generating subscribers and therefore, in the second half of 2008, the marketing programs concentrated on promotions aimed to attract the most loyal customers.

In Asia, subscribers grew by 47% year-on-year, with Laos growing by 79% and Sri Lanka by 69%.

Total revenues, EBITDA and EBITDA margin In the fourth quarter, we saw a slowing of top line growth due to macroeconomic factors beyond our control. Most notably, the strong dollar has negatively affected results in a number of markets, namely Colombia, Ghana, Tanzania and our African markets with Euro linked currencies, producing a 3% negative impact overall in Q4 08 against Q4 07. ARPU decline in the quarter is largely the result of currency depreciation.

Total revenues for the three months ended December 31 2008 were $907 million, an increase of 18% from Q4 07. Year-on-year revenue growth was 28% for Africa, 20% for Asia, 9% for South America and 8% for Central America.

The Group EBITDA for the three months ended December 31 2008 was $406 million, an increase of 31% from Q4 07, and the EBITDA margin was 45%. In Central America, Tigo’s number one position in all three markets brings with it a high percentage of on-net calling, enabling it to keep EBITDA margins at a very healthy 56%. South American EBITDA margins increased from 35% Q3 08 to 39% for the fourth quarter of the same year; partly as a result of the 3 percentage point margin improvement to 17% for Colombia. In Africa margins were 35% and in Asia, 37%.

Total revenues for the year ended December 31 2008 were $3,412 million, an increase of 30% from the same period of 2007. Revenues were up 51% in Africa, 34% in Asia, and 20% and 26% in Central and South America respectively.

The Group EBITDA for the year ended December 31 2008 was $1,468 million, an increase of 31% from the same period of 2007. EBITDA growth for Africa was 53%, for Asia it was 28%, and for Central and South America it was 25% and 27% respectively.

In Africa, the two best performing markets in terms of net subscriber additions were Tanzania, which grew by 93% year on year, adding 212 thousand subscribers in the quarter, and DRC, which grew by 92% year on year, adding 97 thousand subscribers in the quarter and passing the one million mark. Chad also showed an impressive year-on-year net subscriber growth of 67%. In Senegal, net subscribers increased by

Subscriber evolution Excludes discontinued operations Excludes Amnet 3 After a net charge of US$55 million resulting of two one-off events

In South America, total subscribers increased by 27%, with Paraguay and Bolivia both showing increases of 33%. The growth in net new subscribers in Colombia has been impacted by cleanups of the base in Q2 and Q3.

Growth story (EBITDA margins) millions

1

Revenue growth and capital expenditure

US$ millions

2

Q4 2008 Q4 2007

32

907

Q4 2008

406

907

38%

"In Latin America we have selectively reduced promotions as we have increased our focus on revenue generating customers. Today operators recognize that subscriber growth is cumulatively slower due to the higher penetration rates in Latin America, which means that these markets will now grow at a more moderate pace. However, we do expect to see an acceleration of subscriber growth for Tigo in Colombia as, over time, we expect to benefit from a more favourable regulatory environment.

Amnet, our recently acquired fixed broadband business, is performing in line with our expectations, and the integration process will be completed in Q1 2009 with the introduction of best practice to exploit potential synergies.

In Central America, Honduras grew its subscriber base by 45% year on year and added a net 109 thousand subscribers in the quarter, after 100 thousand subscribers had been removed in a cleanup of the base. Guatemala grew by 20% year on year and El Salvador by 14%.

766

key figures

66% year on year. But this growth occurred in the first half of 2008, and the dispute with the Senegalese government led to a decline in subscriber growth in the second part of the year.

US$ millions

Q4 08

for Q4 08 to US$ 907 million (Q4 07: US$ 766 million1)

Millicom International Cellular S.A.

465 Capex

23.2

Q4 2007

766

298

309

Revenues

EBITDA

Q4 2007

Q4 2008