Transformation delivering strong organic revenue growth Key

Key highlights of Q2 2014 · Organic revenue growth(i) increased to 9.0% compared to 8.5% in Q1 · Strong momentum in Colombia continues – market share gains helped drive a 27% increase in service revenue · 16% revenue growth for Cable & Digital Media · FIFA World Cup app downloaded over 600,000 times fuelling further mobile data growth · AIH deal with MTN closed, UNE merger approval process progressing · Sale of stakes in Mauritius business and ATC BV announced · Q2 EBITDA(ii) at $479 million, margin at 33.1% Key financial indicators $m Q2  Q2 % change  H1 H1 2013 (iii)  % change 2014 2013 2014 (iii) Revenue 1,447 1,357 6.6% 2,852 2,706 5.4% Growth in 9.0% 4.2% 8.8% 3.9% local currency EBITDA (ii) 479 496 (3.4%) 957 1,012 (5.4%) EBITDA margin 33.1%   36.6%  (3.5ppt) 33.5% 37.4% (3.9ppt) Capex / sales 19.9% 13.0% 15.8% 14.2% ratio (iv) FCF 16 6 Ns 67 (86) Ns Adjusted 0.27 0.83 (67.4%) 0.62 1.85 (66.3%) EPS (v) · Mobile: our mobile data business continued to display strong growth fuelled by an expanding range of attractively priced handsets.  We saw good growth in mobile data users improving penetration within our base to 22.7%. Usage continues to grow driven by music, entertainment and in Q2 the success of our FIFA World Cup mobile app. · Cable & Digital Media: continues to see strong organic growth. We have extended the Pay-TV offering with direct to home (DTH) services in 5 new markets, including Guatemala, massively extending bundling opportunities. · Mobile Financial Services (MFS): we added 114,000 new customers recording strong take-up in Honduras and El Salvador taking the base to over 7.4 million and a penetration of 18.1% (excluding Senegal recently launched). Revenue and volume of usage continue to grow strongly at +41% and +37% respectively. · Cost & Capex Optimisation: we have commenced an efficiency and optimization programme in Guatemala that will now be extended to other countries. (i) Organic growth represents year-on year-growth in local currency (excludes the impact of exchange rate changes (ii) EBITDA: derived from deducting cost of sales, sales & marketing costs, general & administrative expenses (including corporate costs) from revenue and adding other operating income (iii) Proforma to reflect full consolidation of Guatemala, and equity accounting for Mauritius and Online (iv) Capex excluding spectrum and licence acquisitions (v) Basic EPS adjusted for non-operating items see page 32 for reconciliation President’s Statement Stockholm, 16 July 2014 “Millicom’s strategy to drive revenue growth continues to gather pace. We saw an acceleration of the strong revenue growth achieved in Q1 taking our organic revenue growth in Q2 to 9% - this highlights once again the great potential in our markets and growth opportunities from investing in them. In Q2, I was particularly pleased to see that our African business grew strongly – up 14.6% year-on-year. We are taking market share in Africa and I expect that to continue. Mobile data consumption has progressed with data take-up accelerating helped by new services such as our exclusive mobile rights to the FIFA World Cup in Latin America and free Facebook in Tanzania. Tigo Music is now established as the leading digital music provider in Colombia. Colombia maintained its very strong momentum in Q2. We have seen very good levels of customer additions in the last few months ahead of regulatory changes which may slow the growth of postpaid customer in the next few months. Progress has also been made on our merger with UNE although this is slower than we might have hoped. The merger has achieved the significant milestones of approval to the proposed transaction from two of the three key Authorities, the SIC and ANTV(1), and, whilst there are few remaining approvals we are well advanced with our planning for the merger of Tigo and UNE to create a major force in the Colombian telecommunications market. We launched our first satellite Pay-TV service in Bolivia in April and this is now available in most of our markets in Latin America. These will allow us to extend the availability of bundled digital services to even more customers wherever they live. The 18% growth in residential cable is an encouraging sign for the new Tigo Star brand there. Mobile financial services also took a further stride forward with 41% growth and Africa’s first ever interoperability agreement between rival operators in Tanzania which will be a catalyst for millions more people to join the online financial community. In summary we are at an exciting point in our development. There are tangible signs that our strategy is paying off. The pace of change is rapid as we continue create opportunities to deliver a Digital Lifestyle for our customers. This has required investment which has seen our EBITDA margin decline further, but we understand the challenges of managing growth profitably. In striving to deliver our return on capital targets we will continue to focus as much on the costs as we do on revenue.” Hans-Holger Albrecht President and CEO, Millicom International Cellular S.A. (1) Superintendent of Industry and Commerce (SIC) and the National Television Administration (ANTV) 2014 Guidance is maintained Target Guidance YTD Revenue (i) We expect revenue growth(1) to accelerate at a mid to high 8.8%   single digit rate (versus comparable 5.5% in 2013). (ii) Reported revenue growth at constant exchange rate vs. 19.5% 2013 over 15%. EBITDA  EBITDA margin will stabilize around the mid-30s% mark (after 33.5% corporate costs). Capex In 2014, we expect a capex to revenue ratio of around 19%, 15.8% excluding spectrum and license acquisitions. (1) Under the new consolidation scope at constant exchange rates Conference call details A presentation and conference call to discuss results of the quarter will take place at 14.00 Stockholm / 14.00 Luxembourg / 13.00 London / 08.00 New York, on Wednesday 16 July, 2014.  Dial-in numbers: + 46 (0) 850 653 931, + 44 (0) 203 427 1929, + 1 646 254 3369. Access code: 9759608 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. Significant events of the quarter Corporate news 16th April 2014: Millicom merger with UNE receives first of three approvals from Colombian authorities 27th May 2014: Shareholders approved the election of Cristina Stenbeck (Executive Chairman of Kinnevik) as Millicom’s new Chairman, four new Directors elected 4th June 2014: Rachel Samrén joins Millicom as EVP Strategic Operations and Partnerships 30th June 2014: Millicom merger with UNE receives second regulatory approval Business news 1st April 2014: Millicom launched a free social TV app in Colombia (mi.tv) 24th April 2014: Millicom’s partnership with Facebook extended with pioneering service in East Africa 24th April 2014: Millicom launched its first satellite Pay-TV service (Bolivia) 6th May 2014: Millicom to provide exclusive content of the 2014 FIFA World Cup Brazil through Tigo in Latin America 8th May 2014: Millicom launched its satellite Pay-TV service in El Salvador 4th June 2014: Millicom, Airtel and Zantel announce Africa’s first mobile money interoperability 5th June 2014: Millicom launched satellite Pay-TV services in two more countries (Honduras, Costa Rica) Financial news 15th April 2014: Completion of a partial tender offer of a bond (El Salvador) 4th June 2014: Millicom announces a Revolving Credit Facility of $500 million with twelve banks Agenda 24th September 2014: Capital Markets Day in Miami 22nd October 2014: Q3 results Press Julian Eccles, VP, Corporate Communications Tel: +352 277 59084 (Luxembourg) / +44 7720 409 374 / press@millicom.com Investor Relations Nicolas Didio, Director, Head of Investor Relations +44 203 249 2220 / +44 7795 385 217 / investors@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.