Transformation delivering strong organic revenue growth

Key highlights of Q2 2014

  · Organic revenue growth(i) increased to 9.0% compared to 8.5% in Q1
  · Strong momentum in Colombia continues – market share gains helped drive a
27% increase in service revenue
  · 16% revenue growth for Cable & Digital Media
  · FIFA World Cup app downloaded over 600,000 times fuelling further mobile
data growth
  · AIH deal with MTN closed, UNE merger approval process progressing
  · Sale of stakes in Mauritius business and ATC BV announced
  · Q2 EBITDA(ii) at $479 million, margin at 33.1%

Key financial indicators

$m             Q2       Q2      % change   H1     H1 2013 (iii)   % change
               2014     2013               2014
                        (iii)
Revenue        1,447    1,357   6.6%       2,852  2,706           5.4%
Growth in      9.0%     4.2%               8.8%   3.9%
local
currency
EBITDA (ii)    479      496     (3.4%)     957    1,012           (5.4%)
EBITDA margin  33.1%    36.6%   (3.5ppt)   33.5%  37.4%           (3.9ppt)
Capex / sales  19.9%    13.0%              15.8%  14.2%
ratio (iv)
FCF            16       6       Ns         67     (86)            Ns
Adjusted       0.27     0.83    (67.4%)    0.62   1.85            (66.3%)
EPS (v)

  · Mobile: our mobile data business continued to display strong growth fuelled
by an expanding range of attractively priced handsets.  We saw good growth in
mobile data users improving penetration within our base to 22.7%. Usage
continues to grow driven by music, entertainment and in Q2 the success of our
FIFA World Cup mobile app.
  · Cable & Digital Media: continues to see strong organic growth. We have
extended the Pay-TV offering with direct to home (DTH) services in 5 new
markets, including Guatemala, massively extending bundling opportunities.
  · Mobile Financial Services (MFS): we added 114,000 new customers recording
strong take-up in Honduras and El Salvador taking the base to over 7.4 million
and a penetration of 18.1% (excluding Senegal recently launched). Revenue and
volume of usage continue to grow strongly at +41% and +37% respectively.
  · Cost & Capex Optimisation: we have commenced an efficiency and optimization
programme in Guatemala that will now be extended to other countries.

(i) Organic growth represents year-on year-growth in local currency (excludes
the impact of exchange rate changes
(ii) EBITDA: derived from deducting cost of sales, sales & marketing costs,
general & administrative expenses (including corporate costs) from revenue and
adding other operating income
(iii) Proforma to reflect full consolidation of Guatemala, and equity accounting
for Mauritius and Online
(iv) Capex excluding spectrum and licence acquisitions
(v) Basic EPS adjusted for non-operating items see page 32 for reconciliation

President’s Statement

Stockholm, 16 July 2014

“Millicom’s strategy to drive revenue growth continues to gather pace. We saw an
acceleration of the strong revenue growth achieved in Q1 taking our organic
revenue growth in Q2 to 9% - this highlights once again the great potential in
our markets and growth opportunities from investing in them.

In Q2, I was particularly pleased to see that our African business grew strongly
– up 14.6% year-on-year. We are taking market share in Africa and I expect that
to continue.

Mobile data consumption has progressed with data take-up accelerating helped by
new services such as our exclusive mobile rights to the FIFA World Cup in Latin
America and free Facebook in Tanzania. Tigo Music is now established as the
leading digital music provider in Colombia.

Colombia maintained its very strong momentum in Q2. We have seen very good
levels of customer additions in the last few months ahead of regulatory changes
which may slow the growth of postpaid customer in the next few months. Progress
has also been made on our merger with UNE although this is slower than we might
have hoped. The merger has achieved the significant milestones of approval to
the proposed transaction from two of the three key Authorities, the SIC and
ANTV(1), and, whilst there are few remaining approvals we are well advanced with
our planning for the merger of Tigo and UNE to create a major force in the
Colombian telecommunications market.

We launched our first satellite Pay-TV service in Bolivia in April and this is
now available in most of our markets in Latin America. These will allow us to
extend the availability of bundled digital services to even more customers
wherever they live. The 18% growth in residential cable is an encouraging sign
for the new Tigo Star brand there.

Mobile financial services also took a further stride forward with 41% growth and
Africa’s first ever interoperability agreement between rival operators in
Tanzania which will be a catalyst for millions more people to join the online
financial community.

In summary we are at an exciting point in our development. There are tangible
signs that our strategy is paying off. The pace of change is rapid as we
continue create opportunities to deliver a Digital Lifestyle for our customers.
This has required investment which has seen our EBITDA margin decline further,
but we understand the challenges of managing growth profitably. In striving to
deliver our return on capital targets we will continue to focus as much on the
costs as we do on revenue.”

Hans-Holger Albrecht
President and CEO,
Millicom International Cellular S.A.

(1) Superintendent of Industry and Commerce (SIC) and the National Television
Administration (ANTV)

2014 Guidance is maintained

Target   Guidance                                                         YTD
Revenue  (i) We expect revenue growth(1) to accelerate at a mid to high  8.8%
         single digit rate (versus comparable 5.5% in 2013).
         (ii) Reported revenue growth at constant exchange rate vs.      19.5%
         2013 over 15%.
EBITDA   EBITDA margin will stabilize around the mid-30s% mark (after    33.5%
         corporate costs).
Capex    In 2014, we expect a capex to revenue ratio of around 19%,      15.8%
         excluding spectrum and license acquisitions.

(1) Under the new consolidation scope at constant exchange rates

Conference call details

A presentation and conference call to discuss results of the quarter will take
place at 14.00 Stockholm / 14.00 Luxembourg / 13.00 London / 08.00 New York, on
Wednesday 16 July, 2014.  Dial-in numbers: + 46 (0) 850 653 931, + 44 (0) 203
427 1929, + 1 646 254 3369. Access code: 9759608

A live audio stream of the conference call can also be accessed at
www.millicom.com.  Please dial in / log on 10 minutes prior to the start of the
conference call to allow time for registration.

Slides to accompany the conference call are available at www.millicom.com.

Significant events of the quarter

Corporate news

16th April 2014: Millicom merger with UNE receives first of three approvals from
Colombian authorities

27th May 2014: Shareholders approved the election of Cristina Stenbeck
(Executive Chairman of Kinnevik) as Millicom’s new Chairman, four new Directors
elected

4th June 2014: Rachel Samrén joins Millicom as EVP Strategic Operations and
Partnerships

30th June 2014: Millicom merger with UNE receives second regulatory approval

Business news

1st April 2014: Millicom launched a free social TV app in Colombia (mi.tv)

24th April 2014: Millicom’s partnership with Facebook extended with pioneering
service in East Africa

24th April 2014: Millicom launched its first satellite Pay-TV service (Bolivia)

6th May 2014: Millicom to provide exclusive content of the 2014 FIFA World Cup
Brazil through Tigo in Latin America

8th May 2014: Millicom launched its satellite Pay-TV service in El Salvador

4th June 2014: Millicom, Airtel and Zantel announce Africa’s first mobile money
interoperability

5th June 2014: Millicom launched satellite Pay-TV services in two more countries
(Honduras, Costa Rica)

Financial news

15th April 2014: Completion of a partial tender offer of a bond (El Salvador)

4th June 2014: Millicom announces a Revolving Credit Facility of $500 million
with twelve banks

Agenda

24th September 2014: Capital Markets Day in Miami

22nd October 2014: Q3 results
Press

Julian Eccles, VP, Corporate Communications

Tel: +352 277 59084 (Luxembourg) / +44 7720 409 374 / press@millicom.com

Investor Relations

Nicolas Didio, Director, Head of Investor Relations

+44 203 249 2220 / +44 7795 385 217 / investors@millicom.com
Millicom is a leading telecom and media company dedicated to emerging markets in
Latin America and Africa. Millicom sets the pace when it comes to providing
innovative and customer-centric digital lifestyle services to the world’s
emerging markets, giving access to the world, primarily through mobile devices.
The Millicom Group employs more than 10,000 people and provides mobile services,
access to the internet, content and financial services to over 50 million
customers. Founded in 1990, Millicom International Cellular SA is headquartered
in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2013,
Millicom generated revenue of USD 5.16 billion and EBITDA of USD 1.88 billion.

This press release may contain certain “forward-looking statements” with respect
to Millicom’s expectations and plans, strategy, management’s objectives, future
performance, costs, revenue, earnings and other trend information.  It is
important to note that Millicom’s actual results in the future could differ
materially from those anticipated in forward-looking statements depending on
various important factors.

All forward-looking statements in this press release are based on information
available to Millicom on the date hereof.  All written or oral forward-looking
statements attributable to Millicom International Cellular S.A., and Millicom
International Cellular S.A. employees or representatives acting on Millicom’s
behalf are expressly qualified in their entirety by the factors referred to
above.  Millicom does not intend to update these forward-looking statements.