ACQUISITION OF CABLEVISIÓN PARAGUAY

Stockholm, July 16, 2012 – Millicom International Cellular S.A. (“Millicom”)
(Stockholmsbörsen: MIC) today announced that it has signed a binding agreement
to acquire 100% of Cablevisión Paraguay for an Enterprise Value of $150m.
Completion of the acquisition is subject to customary approvals, including from
the relevant regulatory authorities in Paraguay. Closing is expected to take
place towards year end 2012.

Cablevisión Paraguay is controlled by the listed company Grupo Clarín S.A. (LSE:
GCLA; BCBA: GCLA). It began offering TV services in Asunción in 1989 and is the
leading provider of cable pay-TV services in Paraguay. At YE2011, it covered
470, 000 households and had 116,000 cable TV customers, with close to 10% of
them subscribing to fixed broadband services. Cablevisión Paraguay has exclusive
rights to broadcast Paraguay’s soccer championship games.

This acquisition is consistent with Millicom’s strategy to accelerate the
adoption of fixed broadband services in Paraguay where attractive mobile-based
services have been offered since 1992. Since the acquisition of Amnet in 2008,
cable revenues have grown on average 12% per annum, reinforcing Millicom’s
growth profile in Central America. Cablevisión Paraguay is currently enjoying
strong growth momentum. It recorded 22% revenue growth in local currency in
2011. The offering of high-speed internet access will further leverage the Tigo
brand in Paraguay, which, together with the right level of investment should
enable strong growth.

The price offered is consistent with Millicom’s prudent approach to external
growth and is a fair reflection of the attractive growth potential of the
business. The impact of the transaction on 2012 financials is expected to be
limited and previously communicated guidance is reiterated. Millicom’s stated
shareholder return policy, including its commitment to return excess cash to
shareholders, is unaffected by this deal.

Mikael Grahne, CEO, commented: “Today’s acquisition of Cablevisión Paraguay, the
leader in Pay TV in Asunción, is in line with our strategy of offering an
increasingly rich customer experience through the organic development of
innovative Value Added Services and bolt-on acquisitions. For the past 20 years,
Paraguay has been a test-bed for us when it comes to offering innovative
services. With today’s deal, we aim to accelerate our entry into broadband at
home, offering relevant services to customers in the Communication, Information
and Entertainment categories. We look forward to welcoming Cablevisión’s
Paraguay customers and employees to the Tigo family.”

Key Financials/KPIs - Cablevisión Paraguay

                                2011
Cable TV customers ‘000         115.8
Fixed Broadband customers ‘000  11.3
Revenues (USD million)*         50.6
EBITDA (USD million)*           20.0

*FX rate used: 1 USD equals 4322.76 PYG
Contacts

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

Investor Relations
Justine Dimovic
Tel: +352 691 750 479
Emily Hunt
Tel: +44 7779 018 539

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., any 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.