Delivering growth across all regions, all business units

  · Acceleration of organic growth in the 1st quarter by 8.5% year-on-year in
local currency
  · 1.6 million mobile net adds in Q1 taking the total customer base to 51.6
million
  · Africa accelerates with revenue growth close to 12% in the quarter in local
currency
  · Cable grows by nearly 13% as we launched Tigo Star, our convergent offer
proposition in Latin America and Tigo Sports, our first content product
  · MFS now has over 7.3 million customers and penetration exceeding 18% of our
customer base where the service is offered
  · The transformation to a Digital Lifestyle company moves ahead, as
demonstrated by DTH launching in Latin America today and our partnership with
Facebook in Tanzania
  · EBITDA margin before corporate costs at 38.2% in Q1. After corporate costs,
the margin was 34% demonstrating our financial discipline while investing in
growth opportunities
Delivering growth across four strategic pillars:

  · In Q1, our mobile data business continued to display strong growth with over
700k additions, improving penetration of mobile data within our mobile customer
base to 20.9%, up from 15.1% in March 2013.
  · In Cable & Digital Media, the growth accelerated compared to Q4 13 at 12.8%
in local currency helped by the launch of “Tigo Star” and “Tigo Sports”, our new
cable and broadband service and TV channels. RGU per household increased by 3.5%
to 1.40.
  · MFS penetration growth accelerated in the first quarter reaching 18.2% of
our customers in the markets in which we offer the service. In Q1 we added over
1 million new customers, the strongest performers were Tanzania, El Salvador and
Chad.
  · Our Online investments continued to expand across Africa and Latin America
as we saw several ventures being launched both in new countries and Millicom
mobile markets. We look forward to MTN joining this journey in Africa as we wait
for final regulatory approvals. We expect the deal to be completed as planned in
Q2 2014.

Financial Highlights

  · Q1 revenue of $1,405 million, growing 8.5% proforma in local currency (4%
reported proforma)*. Revenue growth would have been 9.4% on a like-for-like
basis**. The impact of forex movements was -4.8%.
  · Q1 EBITDA before corporate costs at $537 million (38.2% margin). After
corporate costs the EBITDA reached $478 million, a 34.0% margin.
  · 2014 Q1 Capex of $163 million (11.6% of revenue).

* proforma: new consolidation perimeter

** Like-for-like: underlying organic growth excluding regulatory and one-off
impacts

Significant events

  · Starting from Q1 2014, Millicom fully consolidates Tigo Guatemala, while
Mauritius and the Online businesses (in Africa and Latin America) are now equity
accounted.
  · On January 30, 2014, Tigo Guatemala issued a 10 year $800 million bond. The
proceeds from the bond were mainly used to refinance local and Millicom
corporate debt. The bond carries a coupon of 6.875%.
  · In February 11, 2014, Millicom announced the appointment of Tim Pennington
as Chief Financial Officer. Tim will be joining in June 2014.
  ·  In February 2014 Millicom launched Tigo Sports in Paraguay followed by Tigo
Star in March 2014.

2014 guidance reiterated

Under the new consolidation scope(i) and at constant exchange rates, we expect
revenue growth to accelerate at a mid to high single digit rate (versus
comparable 5.5% in 2013). On a reported basis and at constant exchange rates, we
expect revenue growth to exceed 15%. EBITDA margin will stabilize around the mid
-30s% mark (after corporate costs). In 2014, we expect a capex to revenue ratio
of around 19%, excluding spectrum and license acquisitions.

EBITDA Margin improvement from the full consolidation of Guatemala will be
offset in 2014 by accelerating investments in growth opportunities in Africa and
South America.

$m               Q1     Q1      % change   YTD    YTD     % change
                 2014   2013    (local     2014   2013    (local currency)
                        (iv)    currency)         (iv)
Revenue          1,405  1,351   8.5%       1,405  1,351   8.5%
Group EBITDA     478    517     (3.7%)     478    517     (3.7%)
(ii)
EBITDA margin    34.0   38.3%   (4.3ppt)   34.0   38.3%   (4.3ppt)
                 %                         %
Normalized Net   61     136                61     136
Profit (iii)
Capex            163    209                163    209

(i) The new consolidation scope includes full consolidation of Guatemala and
equity accounting for Mauritius and Online and excludes UNE.

(ii) EBITDA: derived by deducting cost of sales, sales and marketing costs and
general and administrative expenses (including central costs) from revenue, and
adding other operating income.

(iii) Net profit adjusted for items such as foreign exchange movements,
movements in valuation of the put options (negative $21 million in Q1 2014), and
deferred tax assets, goodwill impairment and one-off tax impacts, revaluation of
previously held interests and results from associates, joint ventures and start
-up ventures.

(iv) Proforma to reflect full consolidation of Guatemala, and equity accounting
for Mauritius and Online

Delivering growth across all regions, all business units

“This quarter’s results demonstrate that we are delivering on our growth
strategy in all regions with revenue rising by over 8%. Our investment in this
growth is having the expected impact on our margins.

The turnaround in Africa continued with double-digit growth for the first time
in eight quarters and South America maintained its strong performance, led by
Colombia.

We transformed our cable business further with the launch of Tigo Star, the Tigo
Sports channel and the start today of our first DTH service in Latin America.

Strong mobile data take-up is highlighted by our smartphones sales tripling in
Q1 compared to Q1 2013 and content partnership with Facebook in Tanzania.

We have delivered on all four growth pillars with MFS just launched in Senegal,
completing the lineup for Africa, and our online partnerships continued to
expand.

There are challenges ahead.  Foreign exchange pressure continues, with
competitive intensity not easing and the constant threat of further regulation.

As for earnings, we are in line with guidance on margins as we continue this
crucial but carefully controlled investment phase. We are determined to grow our
EBITDA as we diversify into a true digital lifestyle company over the long term”

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

Conference call details

A presentation and conference call to discuss results of the quarter will take
place at 14.00 Stockholm / 13.00 London /08.00 New York, on Thursday 24 April,
2014.  Dial-in numbers: + 46 (0) 850 520 204, + 44 (0) 208 515 2303, + 1 480 629
9692. Access code is: 4673601

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.
Contacts:

Press:
Julian Eccles, VP, Corporate Communications
Tel: +44 7720 409374 / press@millicom.com

Investor Relations:
Nicolas Didio, Director, Head of Investor Relations
Tel: +44 7795 385217 / investors@millicom.com

Visit our web site at http://www.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.