Luxembourg, April 24th, 2018 - Kicking off 2018 With Accelerating Momentum

Q1 2018 highlights(I)

LEUDELANGE, Sweden, April 24, 2018 /PRNewswire/ --

• Latam organic service revenue growth improved to 3.9%, up 5.2 percentage points
  
  - Broad-based improvement across countries and business lines - growth positive in every country
  - Mobile recovery continues, with growth of 0.9%, with mobile data up 17.7%
  - Home revenue growing steadily, up 7.6%

• Strong commercial performance consistent with our full year KPI targets
  
  - Added 241,000 HFC homes-passed and a record 91,000 HFC homes-connected (+44% YoY)
  - Added 643,000 4G customers (+64% YoY), a record for a Q1

• Fourth consecutive quarter of positive Latam EBITDA growth

(i) The financial information presented in this earnings release is based on Alternative Performance Measures determined by the way in which the Executive Management (Chief Operating Decision Maker) manage the performance and resource allocation of the Group. It includes Guatemala (55% owned) & Honduras (66.67% owned) as if fully consolidated. With the exception of balance sheet items, the comparative 2017 financial information in this earnings release has been adjusted for the classification of our operations in Senegal, Ghana and Rwanda as discontinued operations. At March 31st, 2018, Senegal is classified as an asset held for sale on our balance sheet. Our operations in Ghana have been merged with Airtel on October 12th, 2017 and are accounted for as a joint venture since that date. Our operations in Rwanda have been disposed of on January 31st, 2018. IFRS Revenue was $1,042 million in Q1 2018; see page 18 for reconciliation with IFRS numbers.

Group ($m)	Q1 2018	Q1 2017	% change
Revenue	1,516	1,459	3.9%
Organic(1) growth	3.6%	(1.7%)	5.4ppts
EBITDA	554	542	2.3%
Organic growth	1.5%	(0.6%)	2.1ppts
EBITDA Margin	36.5%	37.1%	(0.6pt)
Capex(2)	157	148	6.1%
OCF (EBITDA - Capex)	397	393	0.9%

Notes: (1) Organic growth excludes impact from changes in FX rates, consolidation perimeter, and accounting (IFRS 15). See page 17 for full impact of IFRS 15 adoption on our Income Statement. (2) Excludes spectrum as well as finance lease capitalizations from tower sale-leaseback transactions.

Millicom Chief Executive Officer Mauricio Ramos commented:

The strong momentum we saw in the second half of 2017 has continued into Q1 of 2018, and we are on track with our guidance. Over the past three years, we have significantly transformed the company, starting with our clear and simple strategy to focus our resources on deploying high-speed data networks in Latin America. We are now beginning to reap benefits in the form of faster and more predictable revenue growth, improved cash flow and returns, and a stronger balance sheet.

In Latam, revenue growth in our mobile business improved to almost 1%, with Guatemala leading the way at more than 4%, an impressive turnaround from the 5% drop that we reported in Q1 2017 in that country. Meanwhile, our Home and B2B businesses continue to grow steadily, and we connected a record number of new homes during the quarter, as we move closer toward our plan to pass 15 million homes in the medium term.

Subsequent events

On April 19th 2018, the President of Senegal issued an approval decree in respect of the proposed sale by Millicom of its Tigo operation in Senegal to a consortium consisting of NJJ, Sofima (a telecom investment vehicle managed by the Axian Group) and Teyliom Group.

On April 23rd 2018, the U.S. Justice Department informed Millicom that it is closing its investigation into Millicom. In October 2015, Millicom voluntarily reported to the U.S. Department of Justice potential improper payments made on behalf of the company's joint venture in Guatemala and, since then, has cooperated fully with the Justice Department's investigation.

Conference call details

A presentation and conference call to discuss these results will take place on April 25th, 2018 at 2:00 PM (Stockholm) / 1:00 PM (London) / 8:00 AM (New York). Please dial in 5-10 minutes before the scheduled start time to register your attendance. Dial-in numbers for the call are as follows:

Sweden: [phone] UK: [phone]
US: [phone] Luxembourg: [phone]

The access code is: 6273539

A live audio stream, presentation slides, and replay information can be accessed at www.millicom.com.

Financial calendar

May 4 - AGM / EGM (Location: Luxembourg)

Quarterly results	Earnings release	Conference call
Q2 2018	Jul 19	Jul 20
Q3 2018	Oct 23	Oct 24

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The following files are available for download:

http://mb.cision.com/Main/950/2504532/828686.pdf	Millicom Q1 2018 - Kicking off 2018 with accelerating momentum
http://mb.cision.com/Public/950/2504532/a4e9c31ecd7236ef.xlsx	Financial-and-operational-data-Q118
http://mb.cision.com/Public/950/2504532/b2b902b3befec4bf.pdf	Millicom Q1 2018 Results Presentation

For further information, please contact

Press:
Vivian Kobeh, Corporate Communications Director
[phone] / [phone]
[e-mail]

Investors:
Michel Morin, VP Investor Relations
[phone]
[e-mail]

Mauricio Pinzon, Investor Relations Manager
Tel: [phone]
[e-mail]