Results For The Period Ended June 30, 2010

STOCKHOLM, Sweden, July 20, 2010 (GLOBE NEWSWIRE) -- Q2 Highlights

• Reported revenues up 14% to $929 million (Q2 09: $814 million)
• Organic constant currency revenues up 11% versus Q2 09
• EBITDA up 17% to $436 million (Q2 09: $371 million)
• EBITDA margin of 47.0% (+1.4 percentage points vs Q2 09)
• Mobile customers up 19% versus Q2 09, bringing total customers to 36.7 million
• Basic earnings per common share* of $1.23 (Q2 09: $1.05)
• Free cash flow of $155 million (Q2 09: $61 million)
• Payment of $6.00 of dividends per share and commencement of buyback
• 2010 EBITDA margin guidance raised to around 47% from the mid-40s
• 2010 operating free cash flow margin guidance raised to the high teens from the mid teens

* Includes discontinued operations

Mikael Grahne, President and CEO of Millicom, commented:

"The Group has made continued good progress in the second quarter. We have demonstrated an increasing level of control and consistency over the past 18 months: our operating model and strategy, focused on strong branding, market-leading distribution, customer-orientated innovation and a low cost base, are proving successful and sustainable.

"Our customer market share continues to increase. Growth has accelerated in South America, with all three of our markets performing strongly. In Africa, we have maintained a good rate of growth and are outperforming our competitors. In Central America, although remittances have shown some early signs of recovery, we continue to face headwinds from a weak economic environment and the impact of new taxes and interconnect cuts introduced in previous quarters. We believe that this region can return to growth, driven by our focus on innovation and the major opportunity that 3G presents, given the latent demand for internet access.