MILLICOM TO RETURN UP TO $800 MILLION TO SHAREHOLDERS


MILLICOM TO RETURN UP TO $800 MILLION TO SHAREHOLDERS

New York and Stockholm, 15 April 2010 - Millicom International Cellular S.A.
(“Millicom”) (Nasdaq Stock Market: MICC and Stockholmsbörsen: MIC) announces
that the Board of Millicom has decided to return $800 million to shareholders
through a combination of a special dividend and a share buyback. 

Subject to the approval of shareholders at the 25 May 2010 Annual General
Meeting, Millicom will pay a special dividend of $4.60 per share to Millicom
shareholders, equivalent to $500 million in total. The special dividend is in
addition to the proposed 2009 annual dividend of $1.40. 

In addition, Millicom will initiate a share repurchase plan of up to $300
million.  The share repurchase plan is to be executed through open market
purchases on NASDAQ by the end of 2010 within the authorisations obtained at the
2009 Annual General Meeting. Further authorisation to complete the share
repurchase plan will be sought from shareholders at the May 2010 AGM. 

Mikael Grahne, President and CEO of Millicom, said:

“Millicom has a strong balance sheet and is now generating significant and
sustainable cash flows.  We have also enjoyed the receipts from the majority of
our Asian disposals.  As a result, we are delighted to be returning $800 million
to shareholders, demonstrating our commitment both to enhancing the returns from
holding Millicom shares, and to improving the efficiency of our capital
structure.

“At the same time we are retaining sufficient liquidity to fund our ongoing
investment requirements and potential external growth opportunities, with an
expected net debt to EBITDA ratio of less than 1 after the payment of the
dividends and the completion of the share buyback program.”

CONTACTS

Millicom International Celllular SA

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

Peregrine Riviere
Telephone:  +352 691 750 098
Head of External Communications

Emily Hunt	
Telephone:  +44 7879 426358
Investor Relations

Visit our website at www.millicom.com


About Millicom
Millicom International Cellular S.A. is a global telecommunications group with
mobile telephony operations in 14 countries in Asia, Latin America and Africa.
It also operates cable and broadband businesses in five countries in Central
America.  The Group's mobile operations have a combined population under license
of approximately 266 million people.

This press release may contain certain “forward-looking statements” with respect
to Millicom's expectations and plans, strategy, management's objectives, future
performance, costs, revenues, earnings and other trend information.  It is
important to note that Millicom's actual results in the future could differ
materially from those anticipated in forward-looking statements depending on
various important factors.  Please refer to the documents that Millicom has
filed with the U.S. Securities and Exchange Commission under the U.S. Securities
Exchange Act of 1934, as amended, including Millicom's most recent annual report
on Form 20-F, for a discussion of certain of these factors.

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

Attachments

04142453.pdf