MILLICOM & ROCKET INTERNET TO OFFER ONLINE SERVICES IN LATIN AMERICA & AFRICA

Stockholm, August 14, 2012 – Millicom International Cellular S.A. (“Millicom”)
(Stockholmsbörsen: MIC) today announces the signing of an agreement with Rocket
Internet GmbH (“Rocket Internet”) to jointly develop franchises in the online
sector in Latin America and Africa.

Over a four year period, Millicom has the option to gradually acquire
controlling stakes in two subsidiaries of Rocket Internet called Latin America
Internet Holding (“LIH”) and Africa Internet Holding (“AIH”). LIH and AIH
develop and offer services through franchises operating in 5 categories namely e
-Commerce (such as “Kanui”), Marketplaces (such as “Airu”), Subscription (such
as “YepDoc”), Lead Generation and Payments, in the largest markets in Latin
America and Africa. As Millicom has a clearly defined path to control, these
businesses will be fully consolidated from closing and reported as a sixth
category called Online.

Currently LIH and AIH control 8 operating businesses with combined estimated
revenues of circa EUR35 million in 2012. Both holdings are required to launch a
number of new businesses in Latin America and Africa over the next 3 years.
Accumulated start-up losses over the first three years of operation are expected
to be below EUR250 million. Over time, Millicom expects to extend similar
services to its existing markets, generating both additional revenues and costs
synergies.

Upon closing, Millicom will acquire a 20% stake in both LIH and AIH, through two
reserved capital increases. Millicom has been granted options to increase its
stakes up to 50% without management rights over 24 months and a final option to
acquire the remaining 50% of these two holdings with full management rights by
no later than September 2016 at fair market value. The total consideration to be
paid to acquire the first 50% will be EUR340 million in three instalments (EUR85
million upon closing expected in Q4 2012).

Mikael Grahne, Millicom’s President and CEO, commented: “We are pleased to
partner with Rocket Internet to develop an online and e-commerce franchise in
Latin America and Africa, where these promising sectors are nascent. Rocket
Internet has a proven track record of rapidly developing successful operations
in the online and e-commerce sectors. Millicom has a strong know-how of
operating in the fast moving consumer goods industry in Latin America and
Africa.

In the same way as we have brought affordable mobile telephony services to
emerging markets customers, with today’s deal, we will bring e-commerce and
online services to people in Latin America and Africa. We believe that online
services in emerging markets have the potential to go beyond the convenience
they successfully brought in developed markets. Through Online we will enable
access to a much more diversified product offering than what is currently
available in emerging markets.

We expect to reinforce our growth profile with this further product/service and
geographic diversification of our activity. This investment is fully in line
with our objective to strike the right balance between growth and returns. The
fact that we invest gradually and that we are partnering with proven experts in
the online industry should facilitate speed of execution and likelihood of
success while limiting risks.”
Contacts

Chief Financial Officer
François-Xavier Roger
Tel: +352 27 759 327

Investor Relations
Justine Dimovic
Tel: +352 691 750 479

Visit our web site at www.millicom.com
About Millicom

Millicom International Cellular S.A. is a global telecommunications group with
mobile telephony operations in 13 countries in Latin America and Africa. It also
operates various combinations of fixed telephony, cable and broadband businesses
in five countries in Central America. The Group’s mobile operations have a
combined population under license of approximately 270 million people.

This press release may contain certain “forward-looking statements” with respect
to Millicom’s expectations and plans, strategy, management’s objectives, future
performance, costs, revenues, 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. Please refer to the documents that Millicom has filed
with the U.S. Securities and Exchange Commission under the U.S. Securities
Exchange Act of 1934, as amended, including Millicom’s most recent annual report
on Form 20-F, for a discussion of certain of these 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.

About Rocket Internet

Co-founded in 2007 by Oliver, Marc and Alexander Samwer, Rocket Internet is a
company that incubates and develops e-commerce and other online, consumer
-oriented companies. Kinnevik owns 25% of Rocket Internet. Rocket Internet’s
portfolio comprises companies that are active in e-commerce of fashion or
furniture, in the online payment sector, companies that create market places for
customers to trade, companies selling subscription services (dating websites
etc…) and lastly companies in the Lead generation category such as listed
Groupon.