Millicom International Cellular S.A. Results for the Period Ended September 30, 2011

Millicom International Cellular (NASDAQ:MICC):

Q3 Highlights

-- Organic local currency revenues up 9.1% versus Q3 10

-- Revenues up 13.1% to $1,151 million (Q3 10: $1,018 million)

-- EBITDA up 9.3% % to $529 million (Q3 10: $484 million)

-- EBITDA margin of 46.0% (Q3 10: 47.5%)

-- Mobile customers up 13% versus Q3 10, bringing total customers to 42.2 million

-- Basic earnings per common share of $2.78 (Q3 10: $1.34**)

-- Normalized earnings per common share* of $1.74 (Q3 10: $1.34)

-- Free cash flow of $328 million (Q3 10: $203 million)

-- 1.8 million shares bought back for a total consideration of $197 million

* Excludes one-off events in 2010 and 2011

** Includes discontinued operations but excludes the $1,060 million gain on the revaluation of our Honduran operation.

Mikael Grahne, President and CEO of Millicom, commented:

"Millicom performed in line with our expectations during the third quarter, with local currency revenue growth of 9.1% over the third quarter of last year which had the highest percentage growth in 2010. We are on track to achieve top line growth of around 10% in local currency for the full year. We are pleased to report a margin of 46% despite continued investment in new services.

"Our operations in Latin America demonstrated continued momentum in top line growth and ARPU stabilization, driven primarily by local currency revenue growth in mobile data of 93%. Mobile data now contributes 11% of recurring revenue in the region and fixed data 4%. The increasing penetration and growth of other value-added services, including mobile financial services, is also contributing to this strong performance. VAS now amounts to more than one third of Latin American revenues.

"In Africa, excluding Ghana and Senegal, our operations performed well during the quarter growing on average by 16% in local currency. In Ghana we adjusted our prices due to the introduction of flat tariffs and specific promotions by our competitors. In Senegal our revenues were affected by capacity constraints associated with power shortages. Revenue growth for Africa as a whole was 7.8% in local currency. We remain focused on maintaining the affordability of Tigo products and services across the region.

"The strong growth we are seeing in data and mobile financial services across the Group reinforces our growth ambitions. Our investment in these services will increase revenues, ARPU, EBITDA and ROIC, but will dilute EBITDA margins.

"We are committed to delivering previously communicated shareholder returns for the year but with a more even distribution between dividends and share buybacks. The Board will propose to an EGM to be convened in due course an extraordinary dividend of $3 per share to be paid in December. This distribution would bring our total shareholder remuneration package for the year close to $1 billion.

"We reiterate our full year guidance of an EBITDA margin of above 45%. We are revising our capex guidance to around $820 million due to some delays in the delivery of equipment. We are revising our operating free cash flow margin guidance from around 20% to close to 25%, excluding any payments for spectrum.”

Note: For tabular financial information and the full text of the statement, please refer to the attached PDF (http://feed.ne.cision.com/wpyfs/00/00/00/00/00/16/C4/59/wkr0005.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, October 18, 2011. The dial-in numbers are: +44 (0)20 7136 2055, +46 (0)8 5051 3793 or +1 646 254 3388 and the pass code is 7309594#.

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: 7309594#.

Visit our web site at http://www.millicom.com (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 265 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.

This information was brought to you by Cision http://www.cisionwire.com