MILLICOM INTERNATIONAL CELLULAR S.A. RESULTS FOR THE PERIOD ENDED JUNE 30, 2011

MILLICOM INTERNATIONAL CELLULAR S.A. RESULTS FOR THE PERIOD ENDED JUNE
30, 2011

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

Q2 Highlights

  ·             Organic local currency revenues up 10.2% versus Q2 10,
(up 11.0% excluding adjustment)†
  ·             Revenues up 14.6% to $1,120 million (Q2 10: $977
million)*
  ·             EBITDA up 10.6 % to $513 million (Q2 10: $464 million)**
  ·             EBITDA margin of 45.8% (Q2 10: 47.5%), (46.2% excluding
adjustment)†
  ·             Mobile customers up 12% versus Q2 10, bringing total
customers to 41.3 million
  ·             Basic earnings per common share of $1.67 (Q2 10: $1.23)
  ·             Normalized earnings per common share *** of $1.73 (Q2
10: $1.23)
  ·             Free cash flow of $215 million (Q2 10: $155 million)
  ·             1.6 million shares bought back for a total consideration
of $170.8 million

†         Accounting adjustment to revenues in Guatemala. See page 7

*         Revenues were up 20.7% excluding the impact of the full
consolidation of Honduras in Q2 10. (Honduras at 100% for Q2 '11 vs

          66% for Q2 '10)

**        EBITDA was up 17.8% excluding the impact of the full
consolidation of Honduras in Q2 10

***       Excludes one-off events in 2010 and 2011

Mikael Grahne, President and CEO of Millicom, commented:

“Millicom's robust performance in the second quarter demonstrates the
effectiveness of our value creation strategy. Underlying local currency
revenue growth was 11.0% in Q2 and, despite our increased investment in
advertising and promotions, we have produced a strong EBITDA margin of
46.2%. Our performance in the first half of 2011, with underlying local
currency growth of 11.5%, is a good reflection of prevailing business
conditions.

“We are pleased to see continued momentum in top line and ARPU growth in
Latin America, with underlying revenues up by 10.8% and ARPU increasing
by 2%, as our data services gain scale. In Africa, revenues were up 12%
year on year in local currency. We have experienced more stable pricing
activity in our African markets in H1 2011 compared with H2 2010 and we
remain focused on maintaining the affordability of Tigo products and
services across the region, whilst defending our margins.

“We are driving growth in data which now contributes more than 10% of
Latin America's recurring revenue and half of the revenue growth for the
region. Our domestic money transfer service, Tigo Cash, was launched in
El Salvador in the second quarter and the service is now present in 7
markets which collectively contribute over 60% of our total revenue
base. Tigo Cash has reached a penetration level of 13% of our customer
base in Paraguay one year since its launch and 6% in Tanzania after
eight months.

“We expect the continued uptake of data and mobile financial services to
be an important driver of sustainable growth for Millicom. Our
investment in data and mobile financial services should increase
revenues, ARPU, EBITDA and ROIC but could slightly reduce EBITDA
margins.

“We have continued to make progress in our asset productivity
initiatives and have signed new tower deals in Guatemala and Colombia.
These deals complete the bulk of our tower sharing initiatives and,
together with the three deals we have done in Africa, generate a net
present value in excess of $600m. We will continue to pursue other
opportunities to share assets, which could include 3G or 4G networks and
spectrum as appropriate, enabling us to focus on our core activities of
sales, marketing, branding, distribution, service innovation and
customer care, whilst improving our income statement and balance sheet.

“We reiterate our EBITDA margin guidance of above 45% for 2011 and our
capex guidance of around $850m.   As we now have greater visibility on
our year-end payables, we are raising our operating free cash flow
margin guidance for 2011 to around 20%.”

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(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, July 19, 2011. The dial-in
numbers are: +44 (0)20 7136 2056, +46 (0)8 5353 6457 or +1 212 444 0895
and the pass code is 1928438#.

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: 1928438#.

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/)