Delivering the Digital strategy as our transformation

· Millicom reports for the first time ever more than 50 million mobile customers · Millicom returns to strong organic growth in the 4th quarter with 8.4% year on year growth excluding Online · Africa shows first positive signs of growth with over 9% revenue growth in the quarter in local currency · Cable grows by 10% as we continue to invest into entertainment services such as “Tigo Sports” · MFS now has over 6 million customers and penetration approaching 16% of our customer base · The transformation to a Digital Lifestyle company moves ahead, as demonstrated by the success of our recent partnership with Facebook and Tigo Music · Solid financial performance: 5.8% local currency revenue growth in 2013, 39.2% EBITDA margin, excluding Online and one-offs, in line with guidance Delivering growth across four strategic pillars: -       In Q4, our mobile data business went from strength to strength, adding on average thirteen thousand new mobile data customers every day, improving penetration of mobile data within our mobile customer base to 20.2%, up over 50% from December 2012. -       In Cable & Digital Media, we continued to show solid growth as we prepare for the February 2014 launch of “Tigo Star” and “Tigo Sports”, our new cable and broadband service and TV channels. -       MFS penetration growth accelerated in the fourth quarter reaching 15.8% of our customers in the markets in which we offer the service. In Q4 we added 50% more new customers than on average over the first nine months of the year. This month we will launch the world’s first MFS service with currency conversion in Africa. -       In Online we continued to actively roll out our most successful concepts across Africa and Latin America and entered into a landmark agreement with MTN and Rocket Internet to accelerate development of our Online businesses in Africa. Financial Highlights · Q4 revenue of $1,365 million, growing 7.9% year-on-year and 9.7% on an organic basis. Excluding new regulatory measures, revenue growth would have been 11.4% on a like-for-like basis*. · Q4 reported EBITDA at $465 million including $22.4 million negative one-off impacts. Underlying** EBITDA of $488 million, and $511 million excluding Online (38.2% margin). FY EBITDA margin excluding one-offs reached 39.2%, in line with guidance. · 2013 Capex of $1,226 million (19.4% of revenues excluding $223 million for spectrum acquisitions). * Like-for-like: underlying organic growth excluding regulatory and one-off impacts ** Underlying EBITDA refers to EBITDA excluding one-off items. Significant events · Accelerated mobile revenue growth at 5.5% year-on-year (3.3% in Q3). In Q4, we added close to 1.2 million net new mobile data customers bringing penetration to 20.2% of our mobile base. · In December 2013, Millicom entered into a partnership with Rocket Internet and MTN to further accelerate the growth of the African Online businesses. · In 2014, Millicom will fully consolidate Tigo Guatemala, while Mauritius and the Online businesses (in Africa and Latin America) will be equity accounted. 2014 guidance Under the new consolidation scope (i) and at constant exchange rates, we expect revenue growth to accelerate at a mid to high single digit rate (versus comparable 5.5% in 2013). On a reported basis and at constant exchange rates, we expect revenue growth to exceed 15%. EBITDA margin will stabilize around the mid -30s% mark (after corporate costs). In 2014, we expect a capex to revenue ratio of around 19%, excluding spectrum and license acquisitions. EBITDA Margin improvements from full consolidation of Guatemala will be offset by accelerating growth opportunities in Africa and South America. $m Q4  Q4  % change  FY FY 2012    % change 2013 2012 (local 2013 (local currency) currency) Revenue 1,365 1,266 9.7% 5,159 4,814 7.3% Group EBITDA 465 528 (10.2%) 1,881 2,065 (9.0%) (ii) EBITDA margin 34.1% 41.7% (7.6ppt) 36.5% 42.9% (6.4ppt) Normalized Net 95 155 465 655 Profit (iii) Capex 564 359 1,226 922 (i) The new consolidation scope includes full consolidation of Guatemala and equity accounting for Mauritius and Online and excludes UNE. (ii) EBITDA: derived by deducting cost of sales, sales and marketing costs and general and administrative expenses from revenue and adding other operating income excluding central costs. (iii) Net profit adjusted for items such as foreign exchange movements, movements in valuation of the Honduras put option (negative $45 million in Q4 2013), and Colombian deferred tax asset, goodwill impairment and one-off tax impacts, revaluation of previously held interests and results from associates, joint ventures and start-up ventures. President’s Statement Delivering the Digital strategy as our transformation continues “It has been a transformation year for Millicom, with a focus on the execution of our strategy and positioning us for future growth around four strategic pillars – Mobile, Cable & Digital Media, MFS and Online. In 2013, we started our journey to offer our customers the very best of the digital world – what we call, the “Digital Lifestyle”. We are transforming our operations; recruiting new talent and adding new skills to the organization to offer an ever richer and entertaining product suite to meet the current and future needs of our customers. We are focused on sustainably re-igniting growth and in the fourth quarter of 2013 revenue growth accelerated further to reach 9.7% on an organic basis, up from 8.1% in Q3. This acceleration resulted from continuing progress in Africa where we returned to high single digit growth in the fourth quarter and a fantastic performance once again in Colombia where growth exceeded 20%. In the fourth quarter of 2013 we upgraded an average of over 13,000 customers to mobile data services each day, a key driver of the Digital Lifestyle strategy. Innovations such as free Facebook access and our prepaid music plans in Latin America have propelled take-up. We also maintained our investment to incentivise adoption of mobile data, with subsidies increasing by 28% in local currency across the Group. In a big step towards broadening our Digital Lifestyle offering, this month Millicom will launch the “Tigo Star” branded cable and broadband service and the “Tigo Sports” TV channel in Latin America. Finally, in Online we welcomed MTN to our online partnership in Q4. With our complementary businesses in Africa, we are confident of efficiently growing the business. Millicom’s growth story continues.  Adding almost 1.7 million mobile customers to exceed 50 million customers for the first time is one of many significant milestones this quarter.  Growing by 500,000 in six months in the recently troubled Kivu region in DRC is one example of our determination and spirit. By the end of this year we will be offering a full range of digital services in all Tigo mobile markets in Latin America.  This gives us a head start in the bundling business – much sooner than in more developed markets, and is a big step in the execution of our strategy to drive forward the Digital Lifestyle. Our planned investments are on track as we upgrade our services and keep innovating to maintain a strong competitive edge. In 2014, we will continue to focus on rigorous financial discipline, operating efficiency and providing our customers with the Digital Lifestyle. Our ambition is to execute further  our transformation in 2014.” Hans-Holger Albrecht President and CEO Millicom International Cellular S.A. Conference call details A presentation and conference call to discuss results of the quarter will take place at 14.00 Stockholm / 13.00 London / 08.00 New York, on Tuesday 11 February, 2014.  Dial-in numbers: +46 (0) 8 5052 0204, +44 (0) 208 515 2319, or +1 480 629 9644. Access code: 46 62 149. A live audio stream of the conference call can also be accessed at www.millicom.com.  Please dial in / log on 10 minutes prior to the start of the conference call to allow time for registration. Slides to accompany the conference call are available at www.millicom.com. Contacts Press: Julian Eccles, VP, Corporate Communications Tel: +44 7720 409 374 / press@millicom.com Investor Relations: Justine Dimovic, Director, Head of Investor Relations Tel: +352 691 750 479 / investors@millicom.com (investors@millicom.com) Visit our web site at http://www.millicom.com Millicom is a leading telecom and media company dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing innovative and customer-centric digital lifestyle services to the world’s emerging markets, giving access to the world, primarily through mobile devices. The Millicom Group employs more than 10,000 people and provides mobile services, access to the internet, content and financial services to over 50 million customers. Founded in 1990, Millicom International Cellular SA is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2013, Millicom generated revenue of USD 5.16 billion and EBITDA of USD 1.88 billion. This press release may contain certain “forward-looking statements” with respect to Millicom’s expectations and plans, strategy, management’s objectives, future performance, costs, revenue, 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. 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.