Millicom enters into put and call agreement with Guatemala partner

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| Source: Millicom International Cellular S.A.
•   Millicom and its partner in Guatemala have entered into a put and call
agreement

•   Millicom ownership in Tigo Guatemala remains unchanged at 55% and both
partners will work together to further develop the business to the benefit of
all customers

Stockholm, January 16, 2014 - Millicom, the international telecommunications and
media company (Stockholmsbörsen: MIC) and its partner in Tigo Guatemala have
strengthened their partnership by entering into a put and call agreement.
Under the agreement, Millicom’s local partner in Guatemala, Miffin Associates
Corp., has granted Millicom an unconditional call option for its 45% stake with
a minimum term of two years. In return, Millicom has granted its partner a put
option for the same duration, exercisable in the event Millicom sells its
interest in Tigo Guatemala or undergoes a change of control.

As a result, Millicom will fully consolidate the operation in Guatemala from
January 1, 2014. Previously, the accounts of the Guatemala business were
proportionately consolidated.

Commenting on the agreement today, Millicom President & CEO, Hans-Holger
Albrecht said:

“Over the years, we have worked very successfully with our partner to grow the
company into the most successful mobile player in Guatemala. Today’s agreement
strengthens our partnership with Miffin Associates Corp to the benefit of Tigo
Guatemala’s people and its customers. This new structure will enable us and our
partner to take Tigo Guatemala to new heights in the years to come.”

While the agreement has no impact on Millicom’s reported normalized net profit
or on Millicom’s overall exposure to Guatemala, the pro forma impact of this
change on the Group financial statements for the nine months ended September 30,
2013 is an increase in reported revenues, EBITDA and FCF by 10%, 14% and 16%
respectively.

We will provide with our FY results on February 11, 2014 a pro forma non audited
P&L for the past years and quarters for comparability purposes.
For more, please visit www.millicom.com or contact:

Press Enquiries:
Julian Eccles, VP, Corporate Communications
+44 7720 409 374
press@millicom.com

Investor Enquiries:
Justine Dimovic, Director, Head of Investor Relations
+352 27 759 479
investors@millicom.com
About Millicom

Millicom is a leading international telecommunications and media company
dedicated to emerging markets in Latin America and Africa. Millicom sets the
pace when it comes to providing digital lifestyle services to the world’s
emerging markets, giving access to the world, primarily through mobile devices.
Operating in 15 countries, Millicom offers innovative and customer-centric
products. The Millicom Group employs more than 10,000 people and provides mobile
services, access to the internet, content and financial services to close to 49
million customers, with over 8 million in Guatemala through its local
partnership with Miffin Associates Corp. Founded in 1990, Millicom International
Cellular SA is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm
under the symbol MIC. In 2012, Millicom generated revenue of USD 4.81 billion
and EBITDA of USD 2.07 billion.

This press release contains “forward-looking statements”, which are statements
that are not historical facts, including statements concerning the parties'
ability to complete the proposed transaction; the anticipated timing of the
proposed transaction; the expected benefits and costs of the proposed
transaction; management plans relating to the proposed transaction;  any
statements of operations, including the execution of integration plans; any
statements of expectation or belief; and any statements of assumptions
underlying any of the foregoing.  Any statement in this announcement that
expresses or implies any party's intentions, beliefs, expectations or
predictions (and the assumptions underlying them) is a forward-looking
statement.  Forward-looking statements involve inherent risks, uncertainties and
assumptions which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements and assumptions. The
forward-looking statements contained in this announcement are made as of the
date hereof, and each party expressly disclaims any obligation to update or
correct any forward-looking statements made herein due to the occurrence of
events after the issuance of this announcement.  This announcement is for
informational purposes only and is not an offer to sell or the solicitation of
an offer to buy any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.