RESULTS FOR THE PERIOD ENDED JUNE 30, 2010

Q2 Highlights

- Reported revenues up 14% to $929 million (Q2 09: $814 million)
- Organic constant currency revenues up 11% versus Q2 09
- EBITDA up 17% to $436 million (Q2 09: $371 million)
- EBITDA margin of 47.0% (+1.4 percentage points vs Q2 09)
- Mobile customers up 19% versus Q2 09, bringing total customers to 36.7 million
- Basic earnings per common share* of $1.23 (Q2 09: $1.05)
- Free cash flow of $155 million (Q2 09: $61 million)
- Payment of $6.00 of dividends per share and commencement of buyback
- 2010 EBITDA margin guidance raised to around 47% from the mid-40s
- 2010 operating free cash flow margin guidance raised to the high teens from
the mid teens
* Includes discontinued operations

Mikael Grahne, President and CEO of Millicom, commented: 

“The Group has made continued good progress in the second quarter. We have
demonstrated an increasing level of control and consistency over the past 18
months: our operating model and strategy, focused on strong branding,
market-leading distribution, customer-orientated innovation and a low cost
base, are proving successful and sustainable. 

“Our customer market share continues to increase. Growth has accelerated in
South America, with all three of our markets performing strongly.  In Africa,
we have maintained a good rate of growth and are outperforming our competitors.
 In Central America, although remittances have shown some early signs of
recovery, we continue to face headwinds from a weak economic environment and
the impact of new taxes and interconnect cuts introduced in previous quarters.
We believe that this region can return to growth, driven by our focus on
innovation and the major opportunity that 3G presents, given the latent demand
for internet access. 

“ARPU in local currency declined further, but at a slower rate despite
increasing taxes and regulation.  In South America, local currency ARPU was up
2%, as a result of strong execution on 3G and value-added services (“VAS”). 
VAS revenues across the Group were up 29% in local currency, with non-SMS
services being the main driver. 

“Our EBITDA margin showed further improvement, and stood at 47.0% in Q2.  We
have increased our strong margins in Central America while continuing to expand
underlying margins in Africa as we achieve increasing scale in each market
there.  With the strong margin performance in H1, and the full consolidation of
Honduras in the second half of the year, we now expect the Group EBITDA margin
to be around 47% for the full year 2010, compared to previous guidance of a
margin in the mid-40s. 

“We generated operating free cash flow of $227 million in Q2, or 24% of
revenues.  This was partly driven by the strong margin performance, and partly
by favourable capex phasing, with a total capex spend of $129 million in Q2. 
Again, taking into account our strong H1 performance and the full consolidation
of Honduras, we are raising our guidance for operating free cash flow for 2010,
from the mid teens to the high teens as a percentage of revenues. We still
expect to invest approximately $700 million in capex for 2010 as a whole. 

“As ever, we maintain a balanced view of the outlook.  We have multiple growth
opportunities in voice penetration, market share gains, and new services. Our
focus on branding, innovation, distribution and tight operational control has
been key to our success thus far.  However, external factors - particularly the
economic environment and regulation - may continue to influence our
performance.” 


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 


Conference call details

A conference call to discuss the results will be held at 14.00 London / 15.00
Stockholm / 09.00 New York, on Tuesday, July 20, 2010.  The dial-in numbers
are: +44 (0)20 7806 1955, +46 (0)8 5352 6407 or +1 212 444 0413 and the pass
code is 2043632#.  Please go to our website at www.millicom.com for a copy of
the slides to be discussed during the call. 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.  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: 2043632#. 


CONTACTS

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

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

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


Millicom International Cellular S.A. is a global telecommunications group with
mobile telephony operations in 14 countries in Latin America, Africa and Asia.
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 267 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.