Transformation and growth as UNE makes a strong start

Key highlights of Q3 2014

  · Organic revenue growth(a) of 8.6%.
  · Strong momentum in Colombia;
o Mobile service revenue growth of 20.5%.
o UNE makes a strong contribution with $52 million EBITDA (27.8% EBITDA margin).
  · 1.46 million mobile net adds, mostly driven by Tanzania, DRC and Colombia.
  · DTH encouraging take-up - customer base now close to 45,000.
  · 103,000 new homes passed – footprint in cable now exceeds 5.4 million homes
passed(b).
  · Q3 EBITDA(c) at $549 million - margin at 32.8%;
o Excluding UNE, EBITDA of $497 million and 33.4% margin.

Key financial indicators(d)

$m             Q3        Q3 2013(f)   % change   9M 2014   9M 2013   % change
               2014(e)
Revenue        1,674     1,383        21.0%      4,527     4,089     10.8%
Organic        8.6%      6.1%         2.5ppt     8.7%      4.6%      4.1ppt
revenue
growth(a)
Of which UNE   186       N/A                     186       N/A
EBITDA(c)      549       487          12.7%      1,506     1,499     0.5%
Of which UNE   52        N/A                     52        N/A
EBITDA margin  32.8%     35.2%        (2.4ppt)   33.3%     36.7%     (3.4ppt)
EBITDA margin  33.4%     35.2%        (1.8ppt)   33.5%     36.7%     (3.2ppt)
excl. UNE
Capex / sales  19.8%     21.7%        (1.9ppt)   16.8%     15.0%     1.8ppt
ratio(g)
Capex / sales  19.3%     21.7%        (2.4ppt)   17.0%     15.0%     2.0ppt
excl. UNE
Equity FCF     131       76           72.4%      (57)      (52)      (9.6%)
Adjusted EPS   0.79      0.72         9.7%       1.41      2.57      (45.1%)
($) (h)

  · Mobile: Mobile revenue grew by 7.6% reflecting strong handset sales. Service
revenue grew by 4.7% driven by mobile data, which accelerated to +34.7% (+32.4%
in Q2), offsetting the decline of voice & SMS (-1.4%).
  · Cable & Digital Media: the demand for our products remains strong. The ratio
RGUs / households keeps increasing (+3.8% to 1.43x ex UNE) and 2Play/3Play
customer base continues to grow (+20.0% year-on-year).
  · Mobile Financial Services (MFS): 564,000 new customers with strong take-up
in Tanzania and El Salvador. Revenue grew by 44.6% with the ARPU growing 12.0%
sequentially (6.8% decline compared to Q3 2013).
  · Cost & Capex Optimisation:efficiency and optimization programme started in
Guatemala have been extended to 3 other countries (Bolivia, Tanzania, El
Salvador). In Africa, our new Managed Services contract will boost the network
quality while delivering cost savings.

a Organic growth represents year-on year-growth in local currency (excludes the
impact of exchange rate changes) – it excludes UNE in Q3
b Including UNE
c EBITDA: derived from deducting cost of sales, sales & marketing costs, general
& administrative expenses (including corporate costs) from revenue and adding
other operating income
d Q3 2014 & 9M 2014 include UNE from 14th August. Q3 2013 and 9M 2013 do not
include UNE
e Millicom owns 50% minus one share of UNE but consolidates 100% of UNE
f Proforma to reflect full consolidation of Guatemala, and equity accounting for
Mauritius and Online
g Capex excluding spectrum and licence acquisitions
h Basic EPS adjusted for non-operating items see page 15 for reconciliation

President’s Statement

Transformation and growth as UNE makes a strong start

Stockholm, 22 October 2014

“It has been a momentous quarter with the completion of the merger with UNE in
August. Our partnership with UNE has made a very solid contribution recording
revenue slightly ahead of our own expectation and EBITDA at a 28% margin. It is
very early days and the team are focussed on the considerable task of
integration but together with the Tigo mobile business, which maintained its
momentum in Q3, we see an exciting future opportunity.

Across the Tigo business we continued to see the benefits of the work we have
undertaken over the last two years, which we highlighted at our Capital Markets
Day in Miami at the end of last month.  Organic revenue growth at 8.6%,
excluding UNE, was a good achievement. Revenue maintained momentum not just in
Colombia, but also in Bolivia, Guatemala and across the African businesses which
achieved 12% organic service revenue growth in the quarter. It keeps us firmly
on track for our $9bn revenue target in 2017.

We also had a good quarter in the Cable & Digital Media business. Tigo Star has
extended its services with five of seven markets in Latin America now offering
satellite payTV - making it available to tens of millions of people in rural
areas and complementing our cable services. At the end of September, we had
45,000 customers on this service and our monthly take-up rate is accelerating.
This is an impressive adoption rate and is very encouraging for the future
development of this product.

We are continuing the transformation of the company elsewhere with the promotion
and take-up of mobile data services with Smartapps in Latin America and Tigo
Music in Africa both launching this month. Data users have risen 13% over the
last three months and now comprise 25% of our mobile customer base.

Innovation in mobile money has gathered pace with the launch this quarter in
Tanzania of the world’s first service offering a direct return on balances as
well as the start of Africa’s first interoperable MFS. Overall, MFS has grown
organically by 45%.

We have intensified action on efficiencies right across the company. We continue
the rigorous country-by-country, function-by-function programme which has
already identified important savings in one of our key markets.

At our recent Capital Markets Day, we affirmed our target of long term EBITDA
margin of around 35% but, more importantly, operating cash flow margin of 20%.
The success of our business in driving forward profitable revenue growth will be
a key factor in achieving these goals and the results so far give me confidence
in our capacity to deliver.”

Hans-Holger Albrecht
President and CEO,
Millicom

2014 Guidance

Target   Guidance (excluding UNE)                                        YTD
Revenue  (i) We expect revenue growth(a) to accelerate at a mid to high  8.7%
         single digit rate (versus comparable 5.5% in 2013)
         (ii) Reported revenue growth at constant exchange rate vs.      19.7%
         2013 over 15%
EBITDA   EBITDA margin will stabilize around the mid-30s% mark           33.5%
Capex    In 2014, we expect a capex to revenue ratio of around 19%,      17.0%
         excluding spectrum and license acquisitions

Shareholder remuneration

We reiterate our dividend policy for no less than $2 per share and at least 30%
of normalised net income.

We continue to have the ambition to progressively grow ordinary dividends.
However our immediate priority will be on reducing Group leverage towards the
middle of our target range of 1.0-2.0x Net Debt/EBITDA.

Nomination Committee for the 2015 Annual General Meeting

In accordance with the resolution of the 2014 Annual General Meeting, Cristina
Stenbeck has convened a Nomination Committee consisting of members representing
the largest shareholders in Millicom. The Nomination Committee is comprised of
Cristina Stenbeck, Investment AB Kinnevik, Mathias Leijon, Nordea Funds and
Tomas Risbecker, AMF and AMF Funds. The members of the Committee will appoint
the Committee Chairman at their first meeting.

Shareholders wishing to propose candidates for election to the Board of
Directors of Millicom should submit their proposal in writing to the Company
Secretary, Millicom International Cellular SA, 2 rue du Fort  Bourbon, BP 2312 L
-1023 Luxembourg, Luxembourg.

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 22 October, 2014.  Dial-in numbers: + 46 (0) 850 51 3793, + 352 2088
0359, + 44 (0) 207 784 1036, + 1 646 254 3365. Access code: 3783379

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.

a Under 2014 consolidation scope at constant exchange rates

Significant events of the quarter

Corporate news

16th July 2014: Millicom reaches agreement to sell its 50% stake in EMTEL
(Mauritius)

3rd Aug 2014: Millicom merger with UNE receives third regulatory approval

14th Aug 2014: Completion of the merger with UNE in Colombia

Business news

09th July 2014: Millicom launches mobile education EduMe in Africa and Latin
America

24th July 2014: 4G launches in Bolivia

13th Aug 2014: Exclusive music in Latin America: Tigo Sessions with multi Grammy
award winner Juanes

10th Sept 2014: Millicom launches the world’s first mobile money service with
automatic returns to users

11th Sept 2014: Millicom and Kalixa create online payments processing
partnership for Africa and Latin America

24th Sept 2014: Millicom debuts digital music initiatives for Africa

Financial news

16th July 2014: Publication of Q2 results

24th Sept 2014: Capital Markets Day in Miami: Millicom confirms ambitious $9bn
revenue target

Subsequent events

There were no subsequent events between 30 September and 22 October.

Agenda

3rd February 2015: FY 2014 results

22nd April 2015: Q1 15 results

Contacts

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

Tel: +352 277 59125 (Luxembourg) / +44 203 249 2220 /
investors@millicom.com (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 16,000 people and provides mobile services
to over 53 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.