RESULTS FOR THE PERIOD ENDED MARCH 31, 2011

RESULTS FOR THE PERIOD ENDED MARCH 31, 2011

Quarterly historical data has been restated for the full consolidation
of Honduras to provide a comparable base.

Q1 Highlights

            Organic local currency revenues up 12.7% versus Q1 10
            Revenues up 13.4% to $1,081 million (Q1 10: $954 million)* 
            EBITDA up 12.9% to $509 million (Q1 10: $451 million)**
            EBITDA margin of 47.1% (Q1 10: 47.3%)
            Mobile customers up 13.3% versus Q1 10, bringing total
customers to 39.8 million
            Basic earnings per common share of $2.17 (Q1 10: $1.43)
            Normalized earnings per common share *** of $1.91 (Q1 10:
$1.43)
            Free cash flow of $191 million (Q1 10: $200 million)
            Share buy back program of $800 million for the full year
*         Revenues were up 19.5% excluding the impact of the full
consolidation of Honduras in Q1 10
**        EBITDA was up 20.2% excluding the impact of the full
consolidation of Honduras in Q1 10
***       Excludes one-off events in 2010 and 2011 mainly the disposal
of our Laos operation

Mikael Grahne, President and CEO of Millicom, commented:

“Our strong performance in Q1 confirms our value creation strategy and
its effective implementation in our markets.   Local currency revenues
increased by 12.7% year on year, which is the highest quarterly top line
growth rate Millicom has reported since 2008.  We are especially pleased
to see double-digit growth in Latin America as a whole and 5% growth in
Central America, proving that our most highly penetrated markets can
still enjoy good growth. 

There has also been a continued improvement in mobile ARPU with a 3%
year on year increase in South America and, notably, a 1% increase in
Central America.  Such growth reflects our proximity to our customers
and our deep understanding of their specific needs which we address
through tailored, packaged products and services.  The investments we
have been making in 3G and VAS are also delivering positive results.  In
Africa, our revenues grew by 15% and continued to be impacted by the
market price reductions introduced in the second half of 2010, but we
are encouraged by the fact that there has been no further significant
pricing activity in the first quarter of 2011.  For the Group as a
whole, we are confident of maintaining top line growth of around 10% in
local currency in 2011.

“Growth in VAS is a major strategic focus for Millicom and, in the first
quarter, VAS contributed 51% of the growth in local currency.  Of our
four customer offering categories, the Information and Solutions
categories are showing the strongest growth and together they are
already contributing 12% of total revenues in the quarter.  We are
starting to see some interesting developments in Mobile Financial
Services.  In particular, in Paraguay, where we first launched Tigo
Cash, our domestic money transfer facility in Q3 2010, we recorded
107,000 transactions in the month of March. 

“Our strong top line performance contributed to EBITDA of $509 million
for the quarter and a margin for the Group of 47.1%.  We anticipate a
lower margin than in Q1 for the balance of the year as we continue to
invest in our brand and in our increasingly sophisticated and diverse
range of value-added services in order to drive sustainable double-digit
growth.   Given our strong performance in Q1 and our confidence in the
business outlook for 2011, we are raising our EBITDA margin guidance to
above 45% for the full year and our OFCF margin guidance to the high
teens.  Capex for the full year is expected to be around $850 million.

“We are very pleased to see that our increased focus on earnings per
share through careful management of our capital structure and tax
planning have contributed to a 33% year-on-year increase in normalized
EPS for the quarter, excluding exceptional items. In addition to the
proposed dividend of $1.80 per share for 2010, the Board has authorized
a total share buy back program of $800 million for the full year,
meaning that we could return close to $1 billion to shareholders in
2011, demonstrating our commitment both to enhancing shareholder returns
and to improving the efficiency of our capital structure.

“Finally, we are also separately announcing today our intention to
consolidate the listing of our shares onto a single exchange, NASDAQ OMX
Stockholm, in order to simplify our listing obligations.  The transition
of the primary listing and the U.S. deregistration, which we intend to
implement as soon as we are eligible to do so, will eliminate some of
the significant demands placed on the management team and on the Board
related to a dual listing, and will therefore enable the company to
focus even further on developing the business.  The consolidation of our
listing will not alter our underlying operations, our ability to grow
the business, the level of our internal controls or governance, the way
we run the company or how we communicate to the market.”

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 (http://www.millicom.com)

Conference call details

A conference call to discuss the results will be held at 13.00 London /
14.00 Stockholm / 08.00 New York, on Tuesday, April 19, 2011.  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 2956542#.

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.

Slides to accompany the conference call will be available at
www.millicom.com (http://www.millicom.com/) 30 minutes prior to the
start of the call.

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: 2956542#.

CONTACTS
Francois-Xavier
Roger                                                                
Telephone: +352 27 759 327
Chief Financial Officer
Emily Hunt                                           
                                    Telephone: +44 (0)7779 018 539
Investor Relations
Visit our web site at http://www.millicom.com (http://www.millicom.com/)