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

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 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

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 260 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.

About Us

Millicom International Cellular S.A. is a global telecommunications group with mobile telephony operations in 14 countries in Latin America, Africa and Asia. It also operates cable and broadband businesses in five countries in Central America. The Group’s mobile operations have a combined population under license of approximately 267 million people.

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