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02/10/2012

Millicom

Millicom International Cellular S.A., “MIC” is a cellular operator, created in 1990, working in 17 countries in Latin America, Africa and Asia.

In 2008, Millicom acquired Amnet Telecomunicações Holding Limite, broadband and pay TV providor in Central America, for US$ 510 millions, aiming the unification of its telecommunication services.

Amnet operates in El Salvador and Honduras, as broadband, cable TV and fixed telephony providor. In Costa Rica, the company provides broadband and cable TV. In Nicaragua and Guatemala is covers small companies of corporative data.

Millicom also has 100% of Navega, company which provides transportation services for Guatemala, El Salvador, Honduras and Nicaragua.

www.millicom.com

All the companies that use"Tigo" as brand in Mobile Telephony

-	Company	Stake (%)	Position in the Market
Central America
El Salvador	Telemovil	100%	1st among the 5 main operators in the country
Guatemala	Comcel	55%	1st among the 3 main operators in the country
Honduras	Celtel	100%	1st among the 4 main operators in the country
South America
Colombia	Colombia Movil	50%	3rd among the 3 main operators in the country
Bolivia	Telecel	100%	2nd among the 3 main operators in the country
Paraguay	Telecel	100%	1st among the 4 main operators in the country

Quarter Data

Operational Results

Cellulars

Thousands	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	∆Qter	∆Year
Africa	12,846	14,119	14,646	14,965	15,500	16,600	17,200	17,300	0.6%	15.6%
Central Am.	13,221	13,370	13,120	13,485	13,817	14,087	14,188	14,627	3.1%	8.5%
Guatemala	5,580	5,836	5,978	6,309	6,596	6,760	6,865	7,123	3.8%	12.9%
Honduras	4,825	4,749	4,448	4,448	4,428	4,445	4,410	4,477	1.5%	0.6%
El Salvador	2,816	2,786	2,693	2,728	2,793	2,883	2,913	3,027	3.9%	11.0%
South Am.	9,027	9,239	9,678	10,139	10,435	10,671	10,867	11,155	2.6%	10.0%
Colombia	3,815	3,941	4,129	4,293	4,442	4,596	4,713	4,854	3.0%	13.1%
Paraguay	3,128	3,181	3,300	3,441	3,491	3,511	3,574	3,614	1.1%	5.0%
Bolivia	2,085	2,117	2,249	2,404	2,501	2,564	2,580	2,687	4.1%	11.8%
Total Millicom	35,094	36,729	37,443	38,590	39,763	41,312	42,228	43,100	2.1%	11.7%

*Since May/09, the values for Asia have been reclassified.

ARPU - US$

Thousands	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	∆Qter	∆Year
Africa	5.9	5.5	5.5	5.4	5.3	5.1	4.9	4.8	(2.0%)	(11.1%)
Central America	11.7	11.8	11.9	12.4	12.2	11.9	11.8	12.0	1.7%	(3.2%)
Guatemala	11.0	11.0	11.0	11.0	-	-	-	-	-	-
Honduras	13.2	13.0	12.7	13.4	-	-	-	-	-	-
El Salvador	10.3	10.3	10.6	11.4	-	-	-	-	-	-
Sourth America	11.7	12.8	13.3	13.9	13.2	13.2	13.5	13.4	(0.7%)	5.5%
Colombia	10.9	11.0	11.6	11.7	-	-	-	-	-	-
Paraguay	11.6	11.7	12.7	12.1	-	-	-	-	-	-
Bolivia	10.5	10.2	11.0	12.5	-	-	-	-	-	-
Total Millicom	9.4	9.3	9.7	9.9	9.6	9.4	9.3	9.3	0.0%	(2.1%)

Monthly Churn % (per region)

-	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11
Africa	7.0%	7.0%	6.8%	6.6%	6.0%	5.8%	6.4%	6.7%
Central America	3.4%	3.5%	4.7%	4.3%	3.8%	3.8%	4.1%	3.8%
South America	5.1%	4.6%	3.9%	3.4%	4.0%	4.1%	4.1%	4.0%
Total Millicom	5.1%	5.1%	5.3%	4.9%	4.7%	4.6%	5.0%	5.0%

3G in Latin America

Thousands	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	∆Qter	∆Year
Subscribers	1,020	1,170	1,342	1,572	1,927	3,300	3,700	3,900	5.4%	148.1%
% Subscribers from the total of cellulars	4.6%	5.2%	5.8%	6.7%	8.1%	13.5%	14.9%	15.3%	-	-
3G data users	569	727	914	1,090	1,302	1,448	1,639	1,900	15.9%	74.3%
% of 3G data from the total of 3G	55.8%	62.1%	68.1%	69.3%	67.6%	43.9%	44.3%	48.7%	-	-

Note: El Salvador (Telemovil), Guatemala (Comcel), Honduras (Celtel), Bolivia and Paraguay (Telecel).

Millicom launched 3G service in Aug/08 in Bolivia and in Sept/08 in Guatemala, Honduras, Paraguay and El Salvador. The 3G net might be available in Colombia until the end of 2008.

Millicom acquired Colombia Móvil (Ola) in 08/31/2006 per US$ 478.5 Milion. The owners of Colombia Móvil were Telecommunications Company of Bogota and Public Companies of Medellin. Ola had 2.5 million cellulars in June/06.

US$ Millions	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	∆Qter	∆Year
Revenue	954	977	1,018	1,069	1,081	1,120	1,151	1,177	2.3%	10.1%
Ebitda	451	464	484	497	509	513	529	536	1.3%	7.8%
Ebitda Margin	47.3%	47.5%	47.5%	46.5%	47.1%	45.8%	46.0%	45.5%	-	-
Investments (Capex)	99	129	196	272	81	151	217	396	82.5%	25.7%
Profit (loss) in the period	156	134	1,205	157	202	175	288	180	(37.5%)	(12.6%)
Debt	722	1,240	1,276	1,276	1,064	1,264	1,157	1,643	42.0%	28.8%

Thousands	2006	2007	2008	2009	2010	∆Year
Africa	3,426	5,672	9,049	12,128	14,965	23.4%
Central America	5,164	8,826	11,181	12,902	13,485	4.5%
El Salvador	1,387	2,219	2,528	2,780	2,728	(1.9%)
Guatemala	2,223	3,681	4,414	5,379	6,309	17.3%
Honduras	1,554	2,926	4,240	4,742	4,448	(6.2%)
South America	4,330	5,983	7,461	8,815	10,139	49.3%
Colombia	2,120	2,770	3,314	3,744	4,293	14.7%
Bolivia	936	1,056	1,399	2,023	2,404	18.8%
Paraguay	1,273	2,067	2,748	3,048	3,441	12.9%
Total	14,946	23,355	32,044	33,845	38,590	21.3%

US$ Millions	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11	∆Qter	∆Year
Central America	371	379	432	447	455	449	460	478	3.9%	6.9%
South America	312	323	356	383	387	425	444	450	1.4%	17.5%
Africa	217	219	230	239	239	246	247	249	0.8%	4.2%
Cable	54	56	57	59	61	62	65	69	6.2%	16.9%
Total Revenue	954	977	1,018	1,069	1,081	1,120	1,151	1,177	2.3%	10.1%

-	1Q10	2Q10	3Q10	4Q10	1Q11	2Q11	3Q11	4Q11
Central America	56.7%	57.8%	55.9%	51.8%	54.1%	51.6%	51.0%	51.3%
South America	42.4%	42.7%	42.4%	43.9%	42.6%	42.8%	42.9%	41.9%
Africa	38.4%	36.9%	40.7%	41.7%	40.9%	40.4%	42.1%	41.0%
Cable	48.0%	47.0%	48.0%	47.5%	0.0%	-	-	-
Total Millicom	47.3%	47.5%	47.5%	46.5%	47.1%	45.8%	46.0%	45.5%

US$ Millions	2008	2009	2010	∆Year
Revenue	3,151	3,373	3,920	16.2%
Ebitda	1,366	1,545	1,841	19.1%
EBITDA Margin	43.00%	45.82%	47.0%	-
Income (loss)	518	851	1,652	94.2%

US$ Millions	2006	2007	2008	2009	2010	∆Year
Central America	796	1.149	1,377	1,316	1,514	15.1%
South America	399	810	1,019	1,076	1,373	27.6%
Africa	312	477	718	782	905	15.7%
Total Revenue	1,637	2,631	3,419	3,440	3,920	16.2%