MILLICOM INTERNATIONAL CELLULAR S.A. RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2011

MILLICOM INTERNATIONAL CELLULAR S.A. RESULTS FOR THE PERIOD ENDED
SEPTEMBER 30, 2011

Q3 Highlights

  ·             Organic local currency revenues up 9.1% versus Q3 10
  ·             Revenues up 13.1% to $1,151 million (Q3 10: $1,018
million)
  ·             EBITDA up 9.3% % to $529 million (Q3 10: $484 million)
  ·             EBITDA margin of 46.0% (Q3 10: 47.5%)
  ·             Mobile customers up 13% versus Q3 10, bringing total
customers to 42.2 million
  ·             Basic earnings per common share of $2.78 (Q3 10:
$1.34**)
  ·             Normalized earnings per common share* of $1.74 (Q3 10:
$1.34)
  ·             Free cash flow of $328 million (Q3 10: $203 million)
  ·             1.8 million shares bought back for a total consideration
of $197 million

*         Excludes one-off events in 2010 and 2011

**        Includes discontinued operations but excludes the $1,060
million gain on the revaluation of our Honduran operation.

Mikael Grahne, President and CEO of Millicom, commented:

“Millicom performed in line with our expectations during the third
quarter, with local currency revenue growth of 9.1% over the third
quarter of last year which had the highest percentage growth in 2010. 
We are on track to achieve top line growth of around 10% in local
currency for the full year. We are pleased to report a margin of 46%
despite continued investment in new services.

“Our operations in Latin America demonstrated continued momentum in top
line growth and ARPU stabilization, driven primarily by local currency
revenue growth in mobile data of 93%. Mobile data now contributes 11% of
recurring revenue in the region and fixed data 4%. The increasing
penetration and growth of other value-added services, including mobile
financial services, is also contributing to this strong performance. VAS
now amounts to more than one third of Latin American revenues.

“In Africa, excluding Ghana and Senegal, our operations performed well
during the quarter growing on average by 16% in local currency. In Ghana
we adjusted our prices due to the introduction of flat tariffs and
specific promotions by our competitors. In Senegal our revenues were
affected by capacity constraints associated with power shortages.
Revenue growth for Africa as a whole was 7.8% in local currency. We
remain focused on maintaining the affordability of Tigo products and
services across the region.

“The strong growth we are seeing in data and mobile financial services
across the Group reinforces our growth ambitions. Our investment in
these services will increase revenues, ARPU, EBITDA and ROIC, but will
dilute EBITDA margins.

“We are committed to delivering previously communicated shareholder
returns for the year but with a more even distribution between dividends
and share buybacks. The Board will propose to an EGM to be convened in
due course an extraordinary dividend of $3 per share to be paid in
December. This distribution would bring our total shareholder
remuneration package for the year close to $1 billion.

“We reiterate our full year guidance of an EBITDA margin of above 45%.
We are revising our capex guidance to around $820 million due to some
delays in the delivery of equipment. We are revising our operating free
cash flow margin guidance from around 20% to close to 25%, excluding any
payments for spectrum.”

Note: For tabular financial information and the full text of the
statement, please refer to the attached PDF or the Millicom website:
www.millicom.com (http://media.ne.cision.com/l/loogahri/www.millicom.com
(http/www.millicom.com)

Conference call details

A conference call to discuss the results will be held at 13.00 London /
14.00 Stockholm / 08.00 New York, on Tuesday, October 18, 2011.  The
dial-in numbers are: +44 (0)20 7136 2055, +46 (0)8 5051 3793 or +1 646
254 3388 and the pass code is 7309594#.

A live audio stream of the conference call can also be accessed at
www.millicom.com.  Please dial in / log on 5 minutes prior to the start
of the conference call to allow time for registration.

Slides to accompany the conference call will be available at
www.millicom.com (http://www.millicom.com/) 30 minutes prior to the
start of the call.

A recording of the conference call will be available for 7 days after
the conference call, commencing approximately 30 minutes after the live
call has finished, on: +44 (0)20 7111 1244 / +46 (0)8 5051 3897 or +1
347 366 9565, access code: 7309594#.

CONTACTS

Francois-Xavier
Roger                                                                
Telephone: +352 27 759 327
Chief Financial Officer

Emily Hunt                                           
                                    Telephone: +44 (0)7779 018 539
Investor Relations