6-K 1 a12-9960_16k.htm 6-K

Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the month of April, 2012.

Commission File No. 000-22828

MILLICOM INTERNATIONAL
CELLULAR S.A.

15, rue Léon Laval
L-3372 Leudelange
Grand-Duchy of Luxembourg
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F x           Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7): o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also hereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o           No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

Table of Contents

MILLICOM INTERNATIONAL CELLULAR S.A.

INDEX TO EXHIBITS

Item
1.		Press release dated April 18, 2012

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MILLICOM INTERNATIONAL CELLULAR S.A.
	(Registrant)
Date: April 18, 2012	By:	/s/ Mikael Grahne
	Name:	Mikael Grahne
	Title:	President and Chief Executive Officer

Table of Contents

PRESS RELEASE Stockholm April 18, 2012

Q1 2012

Results for the period ended March 31, 2012

Table of Contents

Results for the period ended March 31, 2012

Q1 Highlights

· Organic local currency revenues up 8.4% YoY to $1,168 million

· EBITDA up 2.2% in local currency to $517 million

· EBITDA margin of 44.2% down 2.9 percentage points versus Q1 2011

· Normalized earnings per common share of $1.56

· Capex of $172 million, or 14.7% of revenues

· Operating Free Cash Flow of $310 million (26.6% of revenues)

Financial summary for the quarters to March 31, 2012 and 2011

$m		Q1 2012		Q1 2011		YoY % change		YTD 2012		YTD 2011		YoY % change
Group Revenue		1,168		1,081		8.4	(LC)	1,168		1,081		8.4	(LC)
EBITDA (i)		517		509		2.2	(LC)	517		509		2.2	(LC)
EBITDA margin		44.2	%	47.1	%	(2.9	)pt	44.2	%	47.1	%	(2.9	)pt
Normalized Net Profit (ii)		159		183		(13.1	)	159		183		(13.1	)
Capex (iii)		172		85		101.5		172		85		101.5
Operating FCF (iv)		310		249		24.6		310		249		24.6
Normalized EPS		1.56		1.73		(9.5	)	1.56		1.73		(9.5	)

(i) EBITDA: operating profit before interest, taxes, depreciation and amortization, is derived by deducting cost of sales, sales and marketing costs and general and administrative expenses from revenues and adding other operating income

(ii) Normalized Net Profit: is restated to exclude exceptional items such as DTA and subsequent amortizations, revaluation of assets, FX gains and losses on debt and potentially any non cash item that is by nature non-recurring.

(iii) Excluding sale and leaseback of towers transferred to tower companies

(vi) Operating FCF is defined as EBITDA-Capex- Taxes +/- Working capital movements and includes proceeds from tower monetization

2012 forward looking statements

In line with our achievements over the past two years, in 2012 we again aim to strike the right balance between top line growth, profitability, cash flow generation and Return on Invested Capital. We expect the EBITDA margin to be around the mid-40s and operating free cash flow margin to be around 20% of revenues. We expect capex in 2012 to increase versus 2011 while remaining below 20% of revenues, as we invest further in data capacity and in IT and billing platforms.

1

Table of Contents

Striking the Right Balance

“In the first quarter of 2012, we accelerated our investments in our new organization structure, in our networks and in our product offering, including through pricing initiatives. In 2012, we again aim to strike the right balance between growth, cash generation and returns.

This quarter group revenue grew 8.4% over Q1 2011 when we recorded our highest quarterly growth rate of the past three years. Our strategy to focus on innovation in products and services is delivering strong results again this quarter. More than 80% of our growth is derived from products and services that did not exist three years ago. In parallel we managed to defend our voice and SMS business, which still grew by 2% in local currency.

The EBITDA margin in Q1 was diluted to 44.2%, as a result of a change in our revenue mix, an acceleration of investments in new categories and pricing pressure in some markets. We are currently implementing various pricing initiatives in the markets experiencing negative growth to improve our affordability perception. This margin is in line with our internal expectations and we are comfortable reiterating our previously communicated guidance for the year and our mid-term growth ambitions.

In Latin America, where we generate 80% of our revenues, the top line grew by 9.2% in local currency in the first quarter, in line with the average growth we reported over the past twelve months. Mobile data now accounts for close to 12% of our revenues in Latin America.

In Africa, top line growth in local currency slowed to 5.4% in Q1 with Ghana, Senegal and the Democratic Republic of Congo showing negative growth while Tanzania and Rwanda continued to report strong performance, supported by the success of Mobile Financial Services (MFS). Margins in Africa were negatively impacted by the level of elasticity experienced so far following price reductions that were introduced last year.

In the first quarter of 2012, 26% of our customers had an ARPU in excess of $10, while only 10.7% of our total customer base were mobile data users. This illustrates the potential of mobile data as we expect all customers with an ARPU above $10 to become data users over time.  We believe that cross-selling and up-selling services to our existing customers will enable us to continue growing revenues and EBITDA, while generating attractive returns.

As evidenced by the performance reported today, our future growth and successes will depend on our ability to innovate and seize new growth opportunities while defending our voice and SMS businesses. Mobile data grew 51% in Q1 2012 and we now generate more than 30% of our revenues from Value Added Services. We look forward to sharing more on the development of our new categories when we present our Half Year results.”

Mikael Grahne

President and CEO,

Millicom International Cellular S.A.

Millicom International Cellular S.A. - Results for the period ended March 31, 2012

2

Table of Contents

Operational review

Total revenues for the three months ended March 31, 2012 were $1,168 million, an increase of 8.4% from Q1 2011 in local currency. In Q1, the negative impact of currencies on our reported revenue growth was 0.4 percentage points, essentially as a result of year-on-year pressures on currencies in Africa versus the US dollar.

Group EBITDA for the quarter was $517 million, growing 2.2% year-on-year in local currency, in line with our internal expectations. We reported an EBITDA margin of 44.2%, 2.9 percentage points lower than in Q1 last year. Three factors explain this decline, two of which are linked with investment for future growth: 1) investments in new categories notably in the form of staffing and subsidies, 2) network investments and therefore higher network opex than in Q1 last year and lastly 3) price decreases in Ghana, Senegal, the DRC and El Salvador with limited elasticity to date.

In order to support growth in the Information category, we invested 17% more in subsidies in Q1 2012 than in Q1 2011 overall, as we seek to capitalize on opportunities to increase our market share when upgrading customers from mobile voice to data services.

We have faced new revenue and profit taxes in the past twelve months, some of which already began impacting EBITDA margins in H2 2011 (Honduras & Senegal) and some of which have been implemented this quarter (Bolivia). We are implementing several initiatives across the Group to mitigate the pressure associated with these changes. Whilst we are prepared to accept some margin erosion, we remain focused on cost management in general, with systematic cost reduction and cost avoidance programs, as we invest in new categories and new services.

Focus on Regions

Revenue growth in Central America reached 4.7% in local currency, while South America maintained a growth rate of 14.5% in line with Q4 2011. Africa reported disappointing mid single digit revenue growth as pricing pressure that followed the introduction of flat tariffs or the reduction of cross net rates, has not yet translated into attractive elasticity and has resulted in negative growth in three markets. We expect an improvement in top line growth in Africa and are taking initiatives in the region to achieve it later this year.

Revenues by Region ($m)

		Q1 12		Q1 11		YoY growth (%) Reported		YoY growth (%) LC		Contribution (%)
CAM		474		455		4.3		4.7		40.7
SAM		455		387		17.4		14.5		38.9
Africa		239		239		-0.1		5.4		20.4
Total		1,168		1,081		8.0		8.4		100.0

3

Table of Contents

Mobile ARPU

ARPU overall declined by 2.6% in local currency whilst remaining almost flat for the third consecutive quarter in Latin America and declining by 6.8% in Africa year-on-year.

Year-on-year local currency mobile

ARPU growth (%)

		Total		CAM		SAM		Africa
Q1 12		(3	)%	(5	)%	4	%	(7	)%
Q4 11		(3	)%	(3	)%	2	%	(5	)%
Q3 11		(3	)%	0	%	0	%	(10	)%
Q2 11		(2	)%	1	%	3	%	(6	)%
Q1 11		(1	)%	3	%	3	%	(6	)%

N.B. ARPU figures are based on total mobile revenues less roaming revenues.

ARPU stabilisation and growth in Latin America remains a key focus. Going forward, our ambition is to improve ARPU trends in Central America by cross- selling and up-selling more services to existing customers, as we have done successfully in South America for the past two years. The new organization structure that we are implementing has been designed with this goal in mind.

4

Table of Contents

Central America: 41% of group revenues

Revenues from mobile and cable operations in Central America totalled $474 million in Q1 2012, up 4.7% in local currency.

Central America reported a 4.8% year-on-year decline in mobile ARPU in local currency, mainly pulled down by pricing pressure in El Salvador. Net customer additions were 30% higher in Q1 2012 than in Q1 2011.

Growth in the Communication category was lower as we experienced some pricing pressure on voice in El Salvador, in a very competitive market environment, which caused a return to negative growth in this market.

In the Information category, mobile data grew at a healthy rate of approximately 38% year on year in local currency. In fixed broadband, we were pleased to see a continued strong development in Costa Rica and El Salvador.

The Solutions category was our fastest growing category in Central America, showing close to 50% growth in local currency this quarter.

Central America- Highlights

US$m		Q1 12		Q1 11		YoY (%)
Mobile customers (m)		15.1		13.8		9.0
Mobile ARPU ($)		11.6		12.1		(4.5	)
Revenues		474		455		4.3
EBITDA		241		246		(2.1	)
% of revenues		50.8	%	54.1	%	(3.3	)pt
Capex		51		26		94.5
% of revenues		10.8	%	5.7	%	5.1	pt
Operating FCF		121		130		(7.3	)
% of revenues		25.5	%	28.6	%	(3.1	)pt

In Central America, the EBITDA margin was 50.8% in Q1, declining 3.3 percentage points from the level at Q1 2011. We accelerated our network investments in Q1 2012 versus Q1 2011, as we see clear growth opportunities for us to develop the Information category further in Central America. Voice pricing pressure in El Salvador contributed to the margin decline in Central America.

Capex in the quarter was relatively low but still higher than last year as we focus on reducing the impact of seasonality between quarters that we have historically experienced.

We faced some increases in taxes in Central America in our three markets. The most material impact for us resulted from the security tax that was passed in Honduras in Q3 2011.

5

Table of Contents

South America: 39% of group revenues

Revenues in South America in Q1 2012 amounted to $455 million, up 14.5% in local currency.

South America- Highlights

US$m		Q1 12		Q1 11		YoY (%)
Mobile customers (m)		11.5		10.4		10.5
Mobile ARPU ($)		13.1		12.3		6.4
Revenues		455		387		17.4
EBITDA		186		165		12.6
% of revenues		40.9	%	42.6	%	(1.7	)pt
Capex		69		28		NA
% of revenues		15.2	%	7.2	%	8	pt
Operating FCF		131		102		28.1
% of revenues		28.8	%	26.4	%	2.4	pt

We added 25% more new customers in Q1 2012 than one year ago and also managed to accelerate growth in mobile ARPU to 3.7% year on year in local currency. This is a clear reflection of our success in up-selling and cross-selling more services to existing customers and confirms our status as provider of choice to new high value customers as well.

All categories reported strong growth in Q1 in South America. Communication grew more than 6% year on year, whilst growth in the Information category exceeded 52% again this quarter. In Q1, around 17% of our recurring revenues in South America were generated in the Information category, the highest level across the group.

EBITDA reached $186 million, up 12.6%, and the EBITDA margin was 40.9%, declining 1.7 percentage point year on year. In Q1 2011, revenues and EBITDA comparisons were positively impacted by a one-off item of $2.8 million in Colombia last year. On a like-for- like basis, the EBITDA margin decline would have been only 1.2 percentage points, explained by our continuous investments in mobile data across the three markets and in MFS in Paraguay. Subsidies in Q1 2012 were higher in absolute terms than in Q4 2011, explaining part of the sequential decline in margins quarter-on-quarter. Lastly, our EBITDA margin in Q1 was negatively impacted by a new tax on revenues in Bolivia.

In South America, we are interested in acquiring additional spectrum to provide 4G services and to improve the quality of the service we provide to our customers through increased capacity. However, acquisition of spectrum, like all our investments, will have to meet strict financial hurdles.

We expect several spectrum auctions in the region in 2012, notably in Colombia where in total 225 MHz of spectrum in the 2.6GHz, 2.1GHz, 1.9GHz and 1.7GHz bands will be auctioned in Q3 of 2012. As we have previously indicated, if and when possible, we would be interested in sharing more assets, including spectrum assets, similar to what we have done with our passive infrastructure and towers over the past two years.

6

Table of Contents

Africa: 20% of group revenues

Revenues in Africa reached $239 million, essentially flat on a reported basis but growing 5.4% year-on-year in local currency. Currencies in Ghana and Tanzania were materially down versus the US dollar in Q1, negatively impacting our reported growth.

Performance in our African footprint was mixed with some operations reporting revenue decline, while some others, such as Tanzania and Rwanda, continued to perform very strongly.

Mobile ARPU declined by 6.8% in Q1 in local currency, in line with the decline in Q1 2011. We anticipate some ARPU decline in 2012 as well, as we continue to focus on the affordability of our services. We reduced our cross net tariffs in the second half of 2011 in Senegal and the DRC and introduced flat tariffs in Ghana, with an unsatisfactory level of elasticity to date. This resulted in the slow-down of revenue growth in the Communication category.

We are currently implementing various pricing initiatives in the markets experiencing negative growth.

Overall, we have lost customers in Q1 2012 but we focus on the quality of our customer intake rather than the absolute number. We are prepared to invest (through price reductions and capex) to accelerate growth in Africa and to preserve our positions in the region for the long term.

Non communication revenues grew 19% quarter-on-quarter in Q1 in Africa.

Africa- Highlights

US$m		Q1 12		Q1 11		YoY (%)
Mobile customers (m)		17.2		15.5		10.9
Mobile ARPU ($)		4.6		5.2		(11.7	)
Revenues		239		239		(0.1	)
EBITDA		90		98		(8.4	)
% of revenues		37.5	%	40.9	%	(3.4	)pt
Capex		42		26		57.6
% of revenues		17.4	%	11.0	%	6.4	pt
Operating FCF		66		33		101.4
% of revenues		27.4	%	13.6	%	2.9	pt

In Africa, the EBITDA margin was 37.5% in Q1 2012, down 3.4 percentage points year-on-year as we focused on affordability. In some of our markets, the introduction of flat tariff structures has increased the share of cross net traffic in the total MOU for the whole industry, putting pressure on margins.

In Q1, we again invested in developing new products and services in the Information, Entertainment, Solutions and MFS categories, as we believe these new services will be instrumental in building our differentiation and delivering growth.

Capex in Africa amounted to $42 million in Q1, an increase versus Q1 2011. Operating FCF grew in Q1 2012, as we received $17 million from the further transfer of our towers in Africa.

7

Table of Contents

Focus on categories

In Q1 2012, we accelerated the implementation of our new organization structure which will be instrumental in sustaining and/or accelerating growth in our different markets. In the first quarter of the year, 88% of our growth came from the four new categories in which we are focusing our investments, namely Information, Entertainment, Solutions and MFS.

Thanks to the development of innovative VAS, we once again reported a mild 2.6% decline in ARPU in local currency this quarter. This was achieved despite competitive pressures in three African markets and in El Salvador.

In Q1 2012, 80% of our revenues were generated from 26% of our customers who have an ARPU in excess of $10.

Recurring revenues generated outside of the Communication category grew circa 29% in Q1 2012 in local currency. They contributed to more than a quarter of our recurring revenues in the first quarter.

Category breakdown

US$m		Q1 12		Q1 11		YoY growth LC
Communication		827		819		1.9	%
Information		150		106		38.8	%
Entertainment		87		77		12.5	%
Solutions		33		23		40.0	%
MFS		6.4		0.7		NA
Others*		65		55		14.1	%
Total revenues		1,168		1,081		8.4	%

* Others: Terminal & Equipment sales, inbound roaming, other revenues

Communication: 12% of recurring revenue growth

Communication is still our largest revenue contributor. Whilst it still accounted for one third of our growth in Q4 2011, it only contributed 12% of the increase in our recurring revenues in Q1 2012. We saw a marked slowdown in growth in this category this quarter, substantially linked to pricing in three African markets and in El Salvador.

Our ambition remains to continue to defend our revenue base in this category and to grow it moderately at group level.

We anticipate achieving this through further growth in penetration of both customers and usage (MOU, SMS penetration) notably in Africa but also through our innovative segmented approach to addressing customer needs. Segmentation initiatives such as ‘Tag and Trigger’ should continue to support growth in this more mature category.

Information: 56% of recurring revenue growth

In Q1 2012, Information was again the biggest single contributor to our revenue growth. In absolute value, the growth (+$44 million year-on-year) was even higher than in Q4 2011.

We now have close to 4.7 million users of data services across the group (2G and 3G) representing around 10.7% of our total customer base.

8

Table of Contents

Data users (‘000)*

		Total		CAM		SAM
Q1 12		3,789		2,005		1,784
Q1 11		2,931		1,430		1,500

* From Q1 2012 we revised our definition of a data user as a customer who uses more than 250 Kb of data in a 30 day period, either on 2G or 3G networks

In Q1, we continued to invest in mobile data as we see the Information category as our largest revenue growth opportunity in the short to medium term.

In Colombia, we have a market share in mobile data that is significantly higher than our market share in mobile voice services; something we aim to achieve in all our operations and which requires some commercial investment to upgrade customers from mobile voice to mobile data. We spent more on subsidies in Q1 2012 than we did in Q4 2011 as we expect the adoption of mobile data services to accelerate in our footprint.

Gross margin in the Information category is one of the highest of all categories. The shift from datacards to smartphones in the past twelve months has however had a dilutive impact on our gross margin. This is a healthy transition however as it allows us to control traffic and hence improve ROIC. We are pleased to see a parallel curve between traffic and revenue growth in data as a consequence.

In 2011, we invested close to $250 million in capex for 3G capacity and coverage and we expect to invest close to 50% more in 2012 to meet demand, with attractive returns in line with our targets. We are also contemplating several opportunities to invest in spectrum assets when they become available in our markets, alone or with partners.

Entertainment:  13% of recurring revenue growth

Revenues for the Entertainment category were up by 12.5% year on year, a marked acceleration versus the growth rate achieved in Q4 2011 at 8% in local currency. We have strengthened the management of the Entertainment category and are exploring many opportunities, notably in the field of access to music content.

Solutions:  12 % of recurring revenue growth

Revenues for the Solutions category increased by 40% in local currency in Q1, accelerating versus the already strong growth reported in Q4 (+32%). Our most successful product in the category remained our airtime lending products including ‘Tigo Lends You’.

In 2012, we are looking at diversifying our revenue sources in this category. In particular, we have expanded our product offering services under the ‘Tigo Care’ umbrella. We have now rolled out services in this product line in Guatemala, El Salvador, Honduras, Colombia and Ghana.  The ‘Tigo Care’ product family includes e-Health services, mobile phone insurance and assistance services.

MFS:  7% of recurring revenue growth

Our Mobile Financial Services (MFS) category continued to develop well in Q1 2012 and offers attractive potential in the medium to long term.

In Tanzania penetration of Tigo Cash has now reached 24% of our customer base. We now have in excess of ten thousand Tigo Cash agents. We are investing in service quality to support further growth. We are already generating close to 5% of our revenues in the country from Tigo Cash, two years after

9

Table of Contents

launch. We have noticed a significant reduction in churn among MFS customers.

In Paraguay, the first market where we launched MFS, 16% of our customers were using the service. We are now adopting the same revenue generating model to record MFS customers in Latin America that we use in Africa and we have restated the historical data accordingly.

We are pleased to report on the progress made in Rwanda in Mobile Financial Services. According to the GSM Association, uptake of our Tigo Pesa service launched in Rwanda in Q1 2011 was the third most rapid adoption of MFS worldwide. At the end of Q1 2012, 6.7% of our customers in Rwanda were active users of MFS.

The development of MFS is highly dependent upon market conditions such as the regulatory framework, different customer needs, for example for local or international remittances, banking penetration and the image of the telecom industry. Accordingly, the rate of development of MFS will vary from country to country.

We expect to launch MFS in three new countries this year, namely Chad, the DRC and Bolivia.

10

Table of Contents

Comments on Q1 financial information

Depreciation and Amortization

D&A was $196 million, $19 million higher than a year ago, essentially as a result of the increase in capex levels.

Financial expenses and income

The cost of financing before tax in Q1 2012 was slightly lower than in the previous year and includes the financing portion of towers leased back.

We recorded a non-cash financial expense of $64 million linked to the change in value of the put option granted to our partner in Honduras.

Taxes

In Q1, taxes increased by $9 million year-on-year to $91 million negatively impacted by the utilization of the DTA recorded in Colombia in H2 2011 (for a non-cash amount of $6 million in Q1 2012). This utilization is anticipated to continue and increase through to 2015.

Capex

In Q1 2012, we invested $172 million in capex, a meaningful increase over the level of Q1 2011, as we focus on distributing our investments more evenly across quarters so that capex can also generate growth in the year in which it is invested.

In Q1 2012, we received $68 million in cash from the transfer of towers to the different Tower companies in Tanzania, the DRC and Colombia. We expect to receive $140 million in 2012 in total and $30 million in 2013.

FCF generation

Free cash flow for Q1 12 was $244 million, or 20.9% of revenues.

$258 million of cash was upstreamed during Q1 2012 through a combination of dividends, management fees and royalties. In Q1 2012 and for the first time ever, we upstreamed cash from the Democratic Republic of Congo. We have now repatriated funds from all operations except Rwanda, our latest greenfield operation.

Debt structure and maturity profile

Approximately 60% of the Group’s gross debt is denominated in local currency, limiting foreign exchange exposure. US$ denominated debt is used in countries where long term debt in local currency is either too expensive or not available. The main countries carrying exposure to US dollar volatility are Honduras, Guatemala, Paraguay, Rwanda and Tanzania.

At the end of Q1 2012, 46% of gross debt was at fixed rates, reducing our exposure to interest rate volatility.

In Q1 2012, Millicom did not buy back shares as part of the share buyback program that we announced for 2012. Net debt to EBITDA decreased to 0.6 times at the end of the quarter (from 0.7 times at YE2011). Millicom now has around $1.1 billion of cash on hand with approximately 67% held in US$.

Shareholder remuneration

The Board will propose to the AGM to be convened on May 29, the payment of a $2.40 per share dividend.

The Board has approved a share buyback program of up to $300 million worth of shares in 2012. Shares will be bought in the US and in Stockholm (including on Multilateral Trading

11

Table of Contents

Facilities), provided that we do not buy more than 25% of the daily volumes on any market.

As in previous years, excess cash will be returned to shareholders in the absence of external growth opportunities.

Starting in 2012, we have revised our dividend policy which now comprises of a dividend floor of $2.00/share (up from $1.20) and a payout ratio of no less than 30% of normalized net profit (up from 25%). With this revised policy, we define normalized net profit as net profit excluding exceptional items such as: recognition of deferred tax assets and subsequent amortization, revaluation of assets and/or potential goodwill write downs, FX gains and losses on debt, and potentially any non cash item that is by nature non-recurring.

2012 Forward looking statements (reiterated)

In line with our achievements over the past two years, in 2012 we again aim to strike the right balance between revenue growth, profitability, cash flow generation and Return On Invested Capital.

We guide for an EBITDA margin around the mid-40s and an operating free cash flow around 20% of revenues in 2012.

We expect capex in 2012 to grow versus 2011 but not to exceed 20% of revenues, as we add further data capacity and invest in IT and billing platforms. As previously stated our planned expenditure includes an exceptional investment in IT and billing platforms of $300 million spread over three years. As in previous years, our capex outlook excludes potential spectrum acquisitions.

Integrity update

In this section, we provide an update on performance regarding compliance and corporate social and environmental responsibility, including anti-corruption and health and safety.

Going forward Millicom will report its progress on corporate responsibility in alignment with UN Global Compact principles. The UN Global Compact is a strategic policy initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of Human Rights, Labor standards, Environment and Anti-corruption. To strengthen its reporting framework Millicom has carried out a gap analysis on corporate responsibility reporting and, in Q1, began a company-wide materiality analysis and started enhancing relationships with key stakeholders.

Human Rights- To improve Millicom’s management of human rights related risks, the company has reviewed processes for ethical procurement and continued established dialogue with telecommunications industry partners around the issues of freedom of expression, working towards common principles and tools.

Labor standards- Millicom engaged with external parties to produce in-depth reports on risks related to labor conditions in all markets.

Environment- A cross-functional team was set up to prepare a long-term energy efficiency strategy for the company. Millicom also attended the Pan-African Forum on E-Waste led by the UN Environment Program.

12

Table of Contents

Anti Corruption- In the area of anti-corruption compliance, priority has been given to the enforcement of the policies introduced in Q4 2011, notably the policy on third party due diligence. The company also developed a tool for conflict of interest declarations, applicable to all employees.

To direct Millicom’s charitable donations towards bigger, more strategic programs with clear and measurable goals and impact, Millicom introduced guidelines and an evaluation tool for all new CSR or charity projects. The evaluation tool, which will be web-based later this year, helps to score proposals for CSR projects in four key areas: Vision, Strategy, Impact and Feasibility.

In Q1 2012, Millicom selected two more social entrepreneurs in Ghana to mentor and support in collaboration with the Playing for Change Foundation. This collaboration to support social entrepreneurship will expand to Millicom Africa markets this year.

In Q1 2012, we implemented some guidelines across our operations to adopt a responsible approach when it comes to gaming activities that goes beyond the applicable local laws on customer protection. Notably, we introduced some caps on usage to prevent the development of addictive behavior to our games and SMS-based lotteries.

During Q1 2012, additional resources were added to the Integrity department. The team in place at the end of Q1 included experts in anti-corruption, business ethics and compliance, corporate responsibility and health, safety and environment. This global team works on Group level policies, manages relevant stakeholder engagement and reporting, and supports local operations in implementing the Integrity strategy. Additionally, at the end of Q1, nine operations had a dedicated Integrity Manager in charge of local implementation.

13

Table of Contents

Conference call details

A conference call to discuss the results will be held at 14.00 Stockholm / 13.00 London/ 08.00 New York, on Wednesday, April 18, 2012.  The dial-in numbers are: +46 (0)8 5853 6965, +44 (0)20 7136 6283, or +1 212 444 0896 and the pass code is 6635419#.

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.

A recording of the conference call will be available for 7 days after the conference call, commencing approximately 30 minutes after the live call has finished, on: +44 (0)20 7111 1244 / +46 (0)8 5051 3897 or +1 347 366 9565, access code: 6635419#.

Contacts

Chief Financial Officer
François-Xavier Roger	Tel: +352 27 759 327
Investor Relations
Justine Dimovic	Tel: +352 27 759 479
Emily Hunt	Tel: +44 7779 018 539

Visit our web site at http://www.millicom.com

Millicom International Cellular S.A. is a global telecommunications group with mobile telephony operations in 13 countries in Latin America and Africa. It also operates various combinations of fixed telephony, cable and broadband businesses in five countries in Central America. The Group’s mobile operations have a combined population under license of approximately 270 million people.

This press release may contain certain “forward-looking statements” with respect to Millicom’s expectations and plans, strategy, management’s objectives, future performance, costs, revenues, 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. Please refer to the documents that Millicom has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Millicom’s most recent annual report on Form 20-F, for a discussion of certain of these 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.

14

Table of Contents

Other information

This report is unaudited.

Millicom’s financial results for the second quarter of 2012 will be published on July 18, 2012.

Luxembourg — April 18, 2012

Mikael Grahne, President & CEO

Millicom International Cellular S.A

15 rue Léon Laval

L-3372 Leudelange

Luxembourg

Tel : +352 27 759 101

Registration number: R.C.S. Luxembourg B 40 630

Appendix- Financial information and tables*

· Consolidated income statements for the three months ended March 31, 2012 and 2011

· Consolidated statements of financial position as at March 31, 2012 and March 31, 2011

· Condensed consolidated statements of changes in equity for the periods ended March 31, 2012 and 2011

· Condensed consolidated statements of cash flows for the periods ended March 31, 2012 and 2011

· Quarterly analysis by region

· Cellular customers and market position by country

· Review by region

*Determined based on accounting principles consistent to those used for the 2011 consolidated financial statements of Millicom which are prepared under International Financial Reporting Standards (IFRS).

15

Table of Contents

Millicom International Cellular S.A.

Consolidated income statements
for the three months ended March 31, 2012 and 2011

		QTR ended March 31, 2012 (Unaudited) US$ millions		QTR ended March 31, 2011* (Unaudited) US$ millions
Revenues		1,168		1,081
Operating expenses
Cost of sales (excluding depreciation and amortization)		(272	)	(234	)
Sales and marketing		(211	)	(194	)
General and administrative expenses		(170	)	(144	)
Other operating income		2		—
EBITDA		517		509
Corporate costs		(27	)	(22	)
Gain (loss) on disposal/Write down of assets, net		1		1
Depreciation and amortization		(196	)	(177	)
Operating profit		295		311
Interest expense		(47	)	(49	)
Interest and other financial income		4		4
Other non-operating income (expenses), net		(52	)	45
Profit before taxes from continuing operations		200		311
Taxes		(91	)	(82	)
Profit before discontinued operations and non-controlling interest		109		229
Result from discontinued operations		—		39
Non-controlling interest		(14	)	(9	)
Net profit for the period		95		259
Basic earnings per common share (US$)		0.93		2.45
Weighted average number of shares outstanding in the period (millions)		101,669		105,825
Profit for the period used to determine diluted earnings per common share		95		259
Diluted earnings per common share (US$)		0.93		2.45
Weighted average number of shares and potential dilutive shares outstanding in the period (millions)		101,766		105,943

* Comparatives have been restated for the impact of accounting for the Honduras put option under IAS 32. Refer to the form 6-K filed with the United States Securities and Exchange Commission on January 26, 2012.

16

Table of Contents

Millicom International Cellular S.A.

Consolidated statements of financial position
as at March 31, 2012 and December 31, 2011

		March 31, 2012 (Unaudited) US$ millions		December 31, 2011 US$ millions
Assets
Non-current assets
Intangible assets, net		2,168		2,170
Property, plant and equipment, net		2,880		2,865
Investment in associates		80		63
Pledged deposits		53		50
Deferred taxation		336		317
Other non-current assets		34		37
Total non-current assets		5,551		5,502
Current assets
Inventories		73		75
Trade receivables, net		293		277
Amounts due from non-controlling interests and joint ventures		61		159
Current tax assets		40		24
Other current assets		294		298
Cash and cash equivalents		*1,117		*881
Total current assets		1,878		1,714
Assets held for sale		60		66
Total assets		7,489		7,282

*of which US$ 27 million (December 31, 2011: US$ 20 million) is restricted cash.

17

Table of Contents

Millicom International Cellular S.A.

Consolidated statements of financial position
as at March 31, 2012 and December 31, 2011

		March 31, 2012 (Unaudited) US$ millions		December 31, 2011 US$ millions
Equity and liabilities
Equity
Share capital and premium (represented by 105 million shares at March 31, 2012)		661		663
Treasury shares (3.3 million shares at March 31, 2012)		(353	)	(378	)
Other reserves		(100	)	(104	)
Put option reserve		(738	)	(738	)
Accumulated profits brought forward		2,806		1,886
Net profit for the period		95		925
		2,371		2,254
Non-controlling interest		204		192
Total equity		2,575		2,446
Liabilities
Non-current liabilities
Debt and financing		1,911		1,817
Deferred taxation		195		199
Other non-current liabilities		138		122
Total non-current liabilities		2,244		2,138
Current liabilities
Debt and other financing		567		621
Put option liability		809		745
Amounts due to joint ventures		13		93
Accrued interest and other expenses		266		264
Current tax liabilities		173		105
Other current liabilities		833		861
Total current liabilities		2,661		2,689
Liabilities directly associated with assets held for sale		9		9
Total liabilities		4,914		4,836
Total equity and liabilities		7,489		7,282

18

Table of Contents

Millicom International Cellular S.A.

Condensed consolidated statements of changes in equity
for the quarters ended March 31, 2012 and 2011

		March 31, 2012 (Unaudited) US$ millions		March 31, 2011* (Unaudited) US$ millions
Equity as at January 1		2,446		2,390
Profit for the period		95		259
Stock compensation		5		4
Acquisition of non-controlling interests		7		—
Shares issued via the exercise of stock options		—		1
Movement in cash flow hedge reserve		—		1
Movement in currency translation reserve		10		32
Sale of Amnet Honduras		—		2
Non-controlling interest		12		8
Equity as at March 31		2,575		2,697

* Comparatives have been restated for the impact of accounting for the Honduras put option under IAS 32. Refer to the form 6-K filed with the United States Securities and Exchange Commission on January 26, 2012.

19

Table of Contents

Millicom International Cellular S.A.

Condensed consolidated statements of cash flows

for the quarters ended March 31, 2012 and 2011

		March 31, 2012 (Unaudited) US$ millions		March 31, 2011 (Unaudited) US$ millions
EBITDA		517		509
Movements in working capital		(38	)	(67	)
Capex (net of disposals)		(131	)	(137	)
Taxes paid		(38	)	(56	)
Operating Free Cash Flow		310		249
Corporate costs (excluding share based compensation)		(22	)	(18	)
Interest paid, net		(44	)	(40	)
Free Cash Flow		244		191
Other investing activities		8		(5	)
Cash flow from operating and investing		252		186
Cash flow used in financing		(22	)	(44	)
Cash from discontinued operations		—		53
Cash effect of exchange rate changes		6		3
Net increase in cash and cash equivalents		236		198
Cash and cash equivalents, beginning		881		1,023
Cash and cash equivalents, ending		1,117		1,221

20

Table of Contents

Millicom International Cellular S.A.

Quarterly analysis by region
(Unaudited)

		Q1 12		Q4 11		Q3 11		Q2 11		Q1 11		Increase Q1 11 to Q1 12
Revenues(US$ millions) (i)
Central America		474		478		460		449		455		4	%
South America		455		450		444		425		387		17	%
Africa		239		249		247		246		239		0	%
Total Revenues		1,168		1,177		1,151		1,120		1,081		8	%
EBITDA (US$ millions) (i)
Central America		241		245		235		232		246		(2	)%
South America		186		189		190		182		165		13	%
Africa		90		102		104		100		98		(8	)%
Total EBITDA		517		536		529		514		509		1	%
Total mobile customers at end of period (‘000s)
Central America		15,058		14,626		14,188		14,087		13,816		9	%
South America		11,531		11,155		10,867		10,671		10,435		11	%
Africa		17,209		17,304		17,173		16,554		15,512		11	%
Total		43,798		43,085		42,228		41,312		39,763		10	%
Attributable mobile customers at end of period (‘000s)
Central America		11,774		11,421		11,097		11,044		10,848		9	%
South America		11,531		11,155		10,867		10,671		10,435		11	%
Africa		16,957		17,055		16,930		16,314		15,273		11	%
Total		40,262		39,631		38,894		38,029		36,556		10	%

(i) Excludes discontinued operations

21

Table of Contents

Millicom International Cellular S.A.

Cellular customers and market position by country

(Unaudited)

				Country population		MIC market				Total customers (‘000s) (iii)
Country		Equity holding		(million) (i)		position (ii)		Net adds Q1 12 (000’s)		Q1 12		Q1 11		YoY growth
CAM
El Salvador		100.0%		6		1 of 5		20		3,046		2,792		9	%
Guatemala		55.0%		14		1 of 3		177		7,300		6,596		11	%
Honduras		66.7%*		8		1 of 4		235		4,712		4,428		6	%
SAM
Bolivia		100.0%		10		2 of 3		145		2,832		2,502		13	%
Colombia		50.0% +1 share		45		3 of 3		148		5,002		4,442		13	%
Paraguay		100.0%		7		1 of 4		83		3,697		3,491		6	%
Africa
Chad		100.0%		11		1 of 3		8		1,903		1,545		23	%
DRC (iv)		100.0%		74		1 of 5		(75	)	2,307		2,150		7	%
Ghana		100.0%		25		2/3 of 5		(174	)	3,334		3,572		(7	)%
Mauritius		50.0%		1		2 of 3		5		503		478		5	%
Rwanda		87.5%		12		2 of 2		(12	)	1,180		570		107	%
Senegal		100.0%		13		2 of 4		106		2,484		2,526		(2	)%
Tanzania		100.0%		44		2 of 7		47		5,498		4,671		18	%
Total cellular customers excluding discontinued operations				270				713		43,798		39,763		10	%

(i) Source: CIA World Factbook

(ii) Source: Millicom.  Market position derived from active customers based on interconnect

(iii) Millicom has a policy of reporting only those customers that have generated revenues within a period of 60 days, or in the case of new customers only those that have already started generating revenues

(iv) DRC market position relates to the Kinshasa/Bas Congo area only

* Millicom’s unconditional call option over its partner’s 33.3% stake in the business allows Millicom to fully consolidate the business in Honduras.

22

Table of Contents

Millicom International Cellular S.A.

Review by region

Central America		Q1 12		Q4 11		Q3 11		Q2 11		Q1 11
Customers (m)		15.1		14.6		14.2		14.1		13.8
YoY growth (%)		9.0	%	8.5	%	8.1	%	5.4	%	4.5	%
Revenues ($m)		474		478		460		449		455
YoY growth (%) (reported)		4.3	%	6.9	%	6.4	%	3.2	%	7.2	%
YoY growth (%) (local currency)		4.7	%	6.2	%	4.9	%	3.4	%	5.3	%
EBITDA ($m)		241		245		235		232		246
YoY growth (%)		(2.1	)%	7.0	%	(1.6	)%	(5.3	)%	4.5	%
Margin (%)		50.8	%	51.3	%	51.0	%	51.6	%	54.1	%
Total mobile ARPU ($)*		11.6		12.0		11.8		11.9		12.1
YoY growth (%) (reported)		(4.5	)%	(1.7	)%	(0.8	)%	2.0	%	5.0	%
Capex ($m)		51		90		66		40		26
Capex/Revenues (%)		10.8	%	18.8	%	14.4	%	8.8	%	5.7	%

* Not adjusted for constant forex

Cable Central America		Q1 12		Q4 11		Q3 11		Q2 11		Q1 11
Revenue ($m)		72		69		65		62		61
Revenue growth (YoY %)		14	%	16	%	14	%	12	%	14	%
Homes Passed (‘000)		1,529		1,373		1,358		1,347		1,342
Broadband customers / cable TV customers		38.9	%	39.8	%	38.5	%	38	%	38	%
RGUs (‘000)		800		721		707		692		682

23

Table of Contents

Millicom International Cellular S.A.

Review by region (continued)

South America		Q1 12		Q4 11		Q3 11		Q2 11		Q1 11
Customers (m)		11.5		11.2		10.9		10.7		10.4
YoY growth (%)		10.5	%	10.0	%	12.3	%	15.5	%	15.6	%
Revenues ($m)		455		450		444		425		387
YoY growth (%) (reported)		17.4	%	17.6	%	24.8	%	31.5	%	24.0	%
YoY growth (%) (local currency)		14.5	%	14.4	%	15.2	%	19.5	%	20.0	%
EBITDA ($m)		186		189		190		182		165
YoY growth (%)		12.6	%	12.3	%	25.6	%	31.6	%	25.0	%
Margin (%)		40.9	%	41.9	%	42.9	%	42.8	%	42.6	%
Total mobile ARPU ($)*		13.1		13.4		13.5		13.2		12.3
YoY growth (%) (reported)		6.4	%	5.2	%	9.1	%	13.3	%	6.9	%
Capex ($m)		69		160		74		62		28
Capex/Revenues (%)		15.2	%	35.6	%	16.6	%	14.5	%	7.2	%

* Not adjusted for constant forex

** Excluding sale and leaseback of previously held towers

Africa		Q1 12		Q4 11		Q3 11		Q2 11		Q1 11
Customers (m)		17.2		17.3		17.2		16.6		15.5
YoY growth (%)		10.9	%	15.6	%	17.3	%	17.2	%	20.8	%
Revenues ($m)		239		249		247		246		239
YoY growth (%) (reported)		(0.1	)%	4.3	%	7.4	%	12.3	%	10.3	%
YoY growth (%) (local currency)		5.4	%	10.6	%	7.8	%	11.9	%	15.0	%
EBITDA ($m)		90		102		104		100		98
YoY growth (%)		(8.4	)%	2.4	%	10.6	%	22.8	%	17.5	%
Margin (%)		37.5	%	41.0	%	42.1	%	40.4	%	40.9	%
Total mobile ARPU ($)*		4.6		4.8		4.9		5.1		5.2
YoY growth (%) (reported)		(11.7	)%	(10.7	)%	(9.9	)%	(5.4	)%	(10.6	)%
Capex ($m)**		42		145		76		46		26
Capex/Revenues (%)		17.4	%	58.1	%	30.9	%	18.5	%	11.0	%

* Not adjusted for constant forex

** Excluding sale and leaseback of previously held towers

24

Table of Contents

Millicom International Cellular S.A.

Review by region (continued)

Revenue growth — Forex effect by region

US$m		Revenue Q1 11		Constant currency growth		Forex		Revenue Q1 12		LC growth %
CAM		455		21		(2	)	474		4.7	%
SAM		387		57		11		455		14.5	%
Africa		239		13		(13	)	239		5.4	%
Total		1,081		91		(4	)	1,168		8.4	%

Customers

		Net additional mobile customers (‘000)
		Total		CAM		SAM		Africa
Q1 12		713		432		376		(95	)
Q4 11		857		439		287		131
Q3 11		916		100		196		620
Q2 11		1,549		271		236		1,042
Q1 11		1,174		332		295		547

Customer market share

		Market share (%)
		Total		CAM		SAM		Africa
Q1 12		29.5	%	55.1	%	18.1	%	29.8	%
Q4 11		29.7	%	54.1	%	18.1	%	30.6	%
Q3 11		30.4	%	54.3	%	18.7	%	31.3	%
Q2 11		30.5	%	54.4	%	18.6	%	31.7	%
Q1 11		29.9	%	54.4	%	18.2	%	30.8	%

Source: Company data. Historical market share for Africa restated to reflect KBC market only in DRC

25

Table of Contents

Index

Group P&L	p 2
Cash Flow Statement	p 3
Balance Sheet	p 4
Revenues	p 5
EBITDA	p 6
Capex	p 7
Central America	p 8
South America	p 9
Africa	p 10
FX rates	p 11

Contact us

Head of Investor Relations	Justine DIMOVIC	justine.dimovic@millicom.com
	Tel (F):	00 352 27 759 479
	Tel (M):	00 352 691 750 479
Investor Relations Manager	Emily HUNT	emily.hunt@millicom.com
	Tel (F):	00 44 207 321 5027
	Tel (M):	00 44 77 79 018 539

Table of Contents

Group P&L

		Q1 2010(i)		Q2 2010(i)		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012
Not reviewed by auditors
Revenues		954		977		1,018		1,069		4,018		1,081		1,120		1,151		1,177		4,529		1,168
Operating expenses
Cost of sales (excluding depreciation and amortization)		-198		-204		-203		-219		-824		-234		-246		-256		-270		-1,007		-272
Sales and marketing		-176		-175		-193		-210		-754		-194		-206		-206		-210		-816		-211
General and administrative expenses		-129		-134		-141		-144		-548		-144		-155		-166		-168		-633		-170
Other operating income		0		0		3		0		4		0		1		6		7		14		2
EBITDA		451		464		484		497		1,896		509		513		529		536		2,087		517
Corporate costs		-17		-22		-36		-30		-106		-22		-30		-26		-35		-113		-27
Gain (loss) on disposal/Write down of assets, net		-3		2		2		-18		-16		1		-1		5		17		22		1
Depreciation and amortization		-172		-168		-184		-167		-691		-178		-189		-187		-185		-739		-196
Operating profit		259		276		266		281		1,083		311		293		321		333		1,257		295
Interest expense		-45		-49		-62		-63		-218		-49		-42		-48		-48		-187		-47
Interest and other financial income		2		3		3		6		15		4		3		5		3		15		4
Revaluation of previously held interest						1,060		0		1,060		0		0		0		0		0
Other non-operating income (expenses), net		5		-35		-83		50		-64		45		-39		26		-45		-14		-52
Profit before taxes from continuing operations		221		195		1,184		275		1,875		311		214		304		243		1,072		200
Taxes		-66		-64		-60		-52		-242		-82		-57		166		-9		18		-91
Profit before discontinued operations and non-controlling interest		155		131		1,125		222		1,633		229		157		470		234		1,090		109
Result from discontinued operations		3		3		3		3		12		39		0		0		0		39		0
Non-controlling interest		-3		0		-3		-19		-25		-9		-17		-125		-54		-205		-14
Net profit for the period		156		134		1,124		206		1,620		259		140		345		180		924		95
Basic earnings per common share (US$)		1.43		1.23		10.37		1.93		14.95		2.45		1.33		3.32		1.77		8.88		0.93
Weighted average number of shares outstanding in the period (‘000)		108,678		108,759		108,475		106,902		108,219		105,825		104,985		103,739		102,174		104,197		101,669
Profit for the period used to determine diluted earnings per common share		156		134		1,124		206		1,620		259		140		345		180		925		98
Diluted earnings per common share (US$)		1.43		1.23		10.35		1.92		14.93		2.45		1.33		3.32		1.76		8.87		0.93
Weighted average number of shares and potential dilutive shares outstanding in the period (‘000)		108,869		109,040		108,666		107,046		108,396		105,943		105,089		103,837		102,271		104,301		101,767
(i): Restated for the full consolidation of Honduras
Normalized Net Profit		151		169		149		168		637		183		187		210		188		722		159
Normalized EPS		1.39		1.55		1.37		1.57		5.88		1.73		1.78		2.02		1.83		7.36		1.56

2

Table of Contents

Cash Flow Statement

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012
Not reviewed by auditors
EBITDA		424		436		484		497		1,841		509		513		529		536		2,087		517
Movements in working capital		-48		17		-36		68		1		-67		24		18		40		15		-38
Capex (net of disposals)		-103		-117		-153		-214		-587		-137		-147		-120		-227		-630		-131
Taxes paid		-38		-110		-51		-41		-239		-56		-122		-41		-49		-268		-38
Operating Free Cash Flow		234		227		245		310		1,016		249		268		387		300		1,204		310
Corporate costs (excluding share based compensation)		-14		-19		-16		-25		-75		-18		-26		-21		-30		-96		-22
Interest paid, net		-20		-53		-26		-57		-156		-39		-27		-37		-22		-126		-44
Free Cash Flow		200		155		203		227		785		191		215		328		248		982		244
Other investing activities		-14		61		10		2		59		-5		13		-28		-24		-43		8
Cash flow from operating and investing		186		216		213		229		844		186		228		300		224		939		252
Cash flow used in financing		-171		-513		212		-863		-1,335		-45		-443		-317		-302		-1,107		-22
Cash from discontinued operations		0		0		0		0		0		53		0		0		0		53		0
Cash effect of exchange rate changes		4		-6		7		-3		3		2		0		-13		-16		-27		6
Net decrease/increase in cash and cash equivalents		20		-303		431		-637		-488		197		-216		-31		-93		-142		236
Cash and cash equivalents, beginning		1,511		1,531		1,229		1,660		1,511		1,023		1,221		1,005		974		1,023		881
Cash and cash equivalents, ending		1,531		1,229		1,660		1,023		1,023		1,221		1,005		974		881		881		1,117

3

Table of Contents

Balance Sheet

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012
Not reviewed by auditors
Assets
Non current assets
Intangible assets, net - Total		1,043		1,025		2,272		2,283		2,283		2,232		2,200		2,163		2,170		2,170		2,168
Property, plant and equipment, net - NBV - Total		2,674		2,606		2,786		2,767		2,767		2,794		2,798		2,692		2,865		2,865		2,880
Investment in associates		1		9		12		18		18		19		20		42		63		63		80
Pledge deposits (non-current)		51		47		52		50		50		53		54		51		50		50		53
Deferred taxation assets (non-current)		23		23		22		24		24		27		31		264		317		317		336
Other non current assets		9		10		12		18		18		30		33		33		37		37		34
Total non-current assets		3,801		3,720		5,157		5,160		5,160		5,155		5,135		5,245		5,502		5,502		5,551
Current assets
Inventories		51		57		55		62		62		56		58		63		75		75		73
Trade receivables, net		227		220		252		253		253		250		263		268		277		277		293
Amounts due from non controlling interests and JV		92		35		68		107		107		129		151		47		159		159		61
Current tax assets		22		104		120		11		11		134		135		127		24		24		40
Other current assets		262		150		155		194		194		129		149		206		298		298		294
Cash and cash equivalents - Total		1,531		1,229		1,660		1,023		1,023		1,221		1,005		974		881		881		1,117
Total current assets		2,185		1,794		2,311		1,650		1,650		1,919		1,762		1,686		1,714		1,714		1,878
Assets held for sale		86		78		70		185		185		111		111		144		66		66		60
Total assets		6,072		5,592		7,538		6,995		6,995		7,185		7,008		7,076		7,282		7,282		7,489
Equity and liabilities
Equity
Share capital and premium		663		679		681		682		682		686		663		662		663		663		661
Treasury stock		0		-7		-105		-300		-300		-300		-51		-248		-378		-378		-353
Other reserves		-74		-107		-66		-55		-55		-22		-40		-75		-104		-104		-100
Put options reserve		0		0		-737		-737		-737		-737		-737		-737		-738		-738		-738
Accumulated profits brought forward		1,788		1,134		1,134		1,134		1,134		2,757		2,192		2,192		1,886		1,886		2,806
Net profit for the period		156		290		1,414		1,620		1,620		259		399		744		925		925		95
		2,533		1,989		2,322		2,344		2,344		2,643		2,425		2,537		2,254		2,254		2,371
Non controlling interest		-85		-95		12		46		46		54		62		189		192		192		204
Total equity		2,448		1,894		2,333		2,390		2,390		2,697		2,487		2,727		2,446		2,446		2,575
Liabities
Non current liabilities
Debt and financing		1,879		1,980		1,954		1,797		1,797		1,770		1,701		1,695		1,817		1,817		1,911
Deferred taxation		69		75		21		196		196		189		184		191		199		199		195
Other non current liabilities		97		107		192		98		98		84		84		72		122		122		138
Total non current liabilities		2,045		2,162		2,167		2,091		2,091		2,043		1,968		1,958		2,138		2,138		2,244
Current liabilities
Debt and other financing		476		536		1,140		555		555		588		650		535		621		621		567
Put option liability		0		0		818		769		769		740		775		719		745		745		809
Amounts due to JV partners		80		34		66		98		98		127		148		44		93		93		13
Accrued interest and other expenses		195		201		250		228		228		220		258		247		264		264		266
Current tax liabilities		121		64		81		80		80		109		54		101		105		105		173
Other current liabilities		658		656		642		724		724		648		656		722		861		861		833
Total current liabilities		1,530		1,492		2,997		2,454		2,454		2,432		2,540		2,367		2,689		2,689		2,661
Liabilities directly associated with assets held for sale		49		44		41		60		60		13		13		24		9		9		9
Total liabilities		3,624		3,698		5,205		4,605		4,605		4,488		4,521		4,349		4,836		4,836		4,914
Total equity and liabilities		6,072		5,592		7,538		6,995		6,995		7,185		7,008		7,076		7,282		7,282		7,489

4

Table of Contents

Revenues breakdown (USDm)

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012
Not reviewed by auditors
Revenues by category
Communication (voice, sms)		768		768		798		820		3,154		819		828		840		851		3,338		827
Information (data services)		66		73		85		95		319		106		121		131		137		495		150
ow mobile data		36		45		47		61		189		72		86		95		98		351		110
ow others		30		28		38		34		130		34		35		36		39		144		40
Entertainment (TV, Ringback tones, games		76		70		70		78		294		77		80		86		84		327		87
Solutions		2		21		24		23		70		23		27		29		31		111		33
MFS		0.0		0.0		0.1		0.4		0.5		0.7		1.4		2.8		4.6		9.5		6.4
Recurring revenues		912		932		977		1,016		3,837		1,026		1,059		1,089		1,108		4,283		1,103
Others		42		45		41		53		181		55		61		62		69		247		65
Total group revenues		954		977		1,018		1,069		4,018		1,081		1,120		1,151		1,177		4,530		1,168
Revenues by service
Voice		674		684		706		725		2,789		720		730		736		746		2,932		722
ow Latin America		481		489		499		515		1,984		511		514		523		532		2,080		521
ow Africa		193		195		207		210		805		209		216		213		214		852		201
VAS-SMS		92		84		91		95		362		97		98		103		105		403		104
ow Latin America		82		74		81		83		320		86		88		93		94		361		93
ow Africa		10		10		10		12		42		11		10		10		10		42		11
VAS- non SMS		95		112		123		141		471		152		173		189		193		707		210
ow Latin America		85		103		113		129		430		139		158		171		175		643		189
ow Africa		10		9		11		12		41		13		15		18		18		64		21
Other		93		98		97		109		397		112		119		123		134		488		132
ow Latin America		88		92		95		103		378		106		114		117		127		464		126
ow Africa		5		5		1		5		19		6		5		6		7		24		6
Total revenues		954		977		1,018		1,069		4,018		1,081		1,120		1,151		1,177		4,530		1,168
Revenues by region
Central America		424		435		432		447		1,738		455		449		460		478		1,842		475
South America		312		323		356		383		1,374		387		425		444		450		1,706		455
Africa		217		219		230		239		905		239		246		247		249		981		239
Others/eliminations		0		0		0		0		0		0		0		0		0		0		0
Total group revenues		954		977		1,018		1,069		4,018		1,081		1,120		1,151		1,177		4,530		1,168
Local currency Revenue growth		11.5	%	11.3	%	11.7	%	10.0	%	11.2	%	12.7	%	10.2	%	9.1	%	10.1	%	10.5	%	8.4	%
Group ARPU (USD)		9.3		9.2		9.3		9.5		9.1		9.3		9.4		9.3		9.3		9.3		9.0

5

Table of Contents

EBITDA breakdown (USDm)

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012
Not reviewed by auditors
Central America		236		245		239		229		950		246		232		235		245		958		241
South America		132		138		151		168		590		165		182		190		189		726		186
Africa		83		81		94		100		358		98		100		104		102		403		90
Total EBITDA Group		451		464		484		497		1,896		509		513		529		536		2,087		517
Local currency EBITDA growth		15.9	%	14.8	%	14.6	%	9.1	%	10.7	%	12.4	%	6.4	%	3.6	%	7.3	%	7.5	%	2.2	%
Sales and Marketing Costs, incl subsidy		203		205		225		247		880		232		248		250		258		988		255
of which sales and marketing		147		150		160		168		625		160		171		173		174		678		171
of which subsidies		56		55		65		79		255		72		77		77		84		310		85

6

Table of Contents

CAPEX breakdown (USDm)

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012
Not reviewed by auditors
Central America		35		50		55		82		222		26		40		66		90		222		51
South America		22		42		68		112		244		28		62		74		160		323		69
Africa		43		41		73		78		235		26		46		76		145		293		42
others/eliminations		0		1		-9		0		3		5		4		1		1		10		10
Total Capex		101		134		187		272		704		85		151		217		396		848		172

7

Table of Contents

CENTRAL AMERICA

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012
Operational highlights
Mobile
Population (m)		28		28		28		28		28		28		28		28		28		28		28
El Salvador		7		7		7		6		6		6		6		6		6		6		6
Guatemala		13		13		13		14		14		14		14		14		14		14		14
Honduras		8		8		8		8		8		8		8		8		8		8		8
Mobile penetration estimated (%)
El Salvador		102.0	%	101.2	%	99.2	%	101.7	%	101.7	%	102.1	%	104.8	%	105.2	%	111.6	%	111.6	%	116.2	%
Guatemala		81.0	%	82.7	%	81.8	%	83.7	%	83.7	%	84.7	%	85.7	%	86.2	%	89.4	%	89.4	%	86.9	%
Honduras		92.0	%	91.0	%	84.8	%	85.7	%	85.7	%	84.1	%	85.0	%	85.4	%	85.2	%	85.2	%	83.8	%
Mobile customers ‘000		13,221		13,370		13,120		13,485		13,485		13,817		14,088		14,188		14,626		14,626		15,059
El Salvador		2,816		2,786		2,693		2,728		2,728		2,793		2,883		2,913		3,027		3,027		3,047
Guatemala		5,580		5,836		5,978		6,309		6,309		6,596		6,760		6,865		7,123		7,123		7,300
Honduras		4,825		4,749		4,448		4,448		4,448		4,428		4,445		4,410		4,477		4,477		4,712
Customers’ market share (%)
El Salvador		46.3	%	45.9	%	45.2	%	44.4	%	44.4	%	44.2	%	44.3	%	44.6	%	43.6	%	43.6	%	42.0	%
Guatemala		49.0	%	50.4	%	51.5	%	52.5	%	52.5	%	53.9	%	54.3	%	54.5	%	54.4	%	54.4	%	55.4	%
Honduras		66.1	%	65.4	%	65.3	%	64.3	%	64.3	%	64.9	%	64.2	%	63.1	%	63.8	%	63.8	%	68.0	%
Blended ARPU (USD)- reported		11.5		11.7		11.7		12.2		11.9		12.1		11.9		11.8		12.0		11.9		11.6
ARPU YoY change (local currency) %		-13.0	%	-11.0	%	-8	%	-1	%	-7	%	3	%	1	%	0	%	-3	%	-1	%	-5	%
Cable
Homes passed ‘000		1,294		1,309		1,320		1,332		1,332		1,342		1,347		1,358		1,373		1,373		1,529
Broadband customers/cable TV customers		35.0	%	36.0	%	38.0	%	38.0	%	38.0	%	38.0	%	38.0	%	38.5	%	39.8	%	39.8	%	38.9	%
RGUs (‘000)		645		642		650		670		670		682		692		707		721		721		800
Cable revenues (USDm)		54		56		57		59		226		61		62		65		69		257		72
Quarterly highlights
Total revenues		424		435		432		447		1,738		455		449		460		478		1,842		474
YoY growth %		1.0	%	0.4	%	1.3	%	3.5	%	1.5	%	7.2	%	3.3	%	6.5	%	6.9	%	6.0	%	4.3	%
YoY growth (pf for FX)		0.9	%	0.3	%	0.4	%	1.4	%	0.7	%	5.3	%	1.6	%	4.9	%	6.2	%	4.6	%	4.7	%
EBITDA		236		245		239		229		950		246		232		235		245		958		241
EBITDA margin (%)		55.6	%	56.5	%	55.2	%	51.3	%	54.6	%	54.1	%	51.6	%	51.0	%	51.3	%	52.0	%	50.8	%
YoY growth %		4.8	%	1.9	%	3.4	%	-2.2	%	2.0	%	4.0	%	-5.0	%	-2.0	%	7.0	%	0.8	%	-2.1	%
YoY growth (pf for FX)		2.4	%	1.6	%	1.1	%	-5.2	%	0.0	%	3.0	%	-7.1	%	-2.8	%	6.3	%	7.4	%	-1.1	%
Capex		35		50		55		82		222		26		40		66		90		222		51
in % of revenues		8.3	%	11.5	%	12.7	%	18.3	%	12.8	%	5.7	%	8.8	%	14.4	%	18.8	%	12.0	%	10.8	%
opFCF		169		113		148		55		615		130		112		168		131		541		121
% of revenues		39.8	%	25.9	%	34.2	%	41.5	%	35.4	%	28.6	%	24.9	%	36.5	%	27.3	%	29.4	%	25.5	%

8

Table of Contents

SOUTH AMERICA

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012
Operational highlights
Mobile
Population (m)		63		63		63		60		60		60		61		61		61		61		62
Bolivia		10		10		10		10		10		10		10		10		10		10		10
Colombia		46		46		46		44		44		44		45		45		45		45		45
Paraguay		7		7		7		6		6		6		6		6		6		6		7
Mobile penetration estimated (%)
Bolivia		55.8	%	56.5	%	59.8	%	64.5	%	64.5	%	66.4	%	64.9	%	66.0	%	68.4	%	68.4	%	69.6	%
Colombia		93.9	%	92.0	%	95.2	%	95.1	%	95.1	%	96.5	%	96.3	%	96.5	%	103.1	%	103.1	%	107.0	%
Paraguay		86.4	%	87.0	%	90.2	%	92.6	%	92.6	%	93.0	%	92.9	%	94.6	%	95.8	%	95.8	%	95.8	%
Mobile customers ‘000		9,027		9,239		9,678		10,139		10,139		10,435		10,671		10,867		11,155		11,155		11,531
Bolivia		2,085		2,117		2,249		2,404		2,404		2,501		2,564		2,580		2,687		2,687		2,832
Colombia		3,815		3,941		4,129		4,293		4,293		4,442		4,596		4,713		4,854		4,854		5,002
Paraguay		3,128		3,181		3,300		3,441		3,441		3,491		3,511		3,574		3,614		3,614		3,697
Customers’ market share (%)
Bolivia		36.4	%	36.3	%	36.3	%	35.7	%	35.7	%	35.8	%	35.7	%	35.1	%	35.1	%	35.1	%	36.1	%
Colombia		8.9	%	9.4	%	9.5	%	9.9	%	9.9	%	10.0	%	10.4	%	10.6	%	10.2	%	10.2	%	10.1	%
Paraguay		57.3	%	57.6	%	57.3	%	58.0	%	58.0	%	58.2	%	58.3	%	58.0	%	57.7	%	57.7	%	58.7	%
Blended ARPU (USD)- reported		11.5		11.7		12.4		12.7		11.9		12.3		13.2		13.5		13.4		13.1		13.1
ARPU YoY change (local currency) %		0	%	2	%	3	%	3	%	2	%	3	%	3	%	0	%	2	%	4	%	4	%
Quarterly highlights
Total revenues		312		323		356		383		1,374		387		425		444		450		1,706		455
YoY growth %		31.9	%	29.7	%	28.3	%	22.4	%	27.7	%	24.0	%	31.5	%	24.8	%	17.6	%	24.2	%	17.4	%
YoY growth (pf for FX)		17.0	%	19.0	%	21.0	%	19.0	%	19.1	%	20.0	%	19.5	%	15.2	%	14.4	%	17.1	%	14.5	%
EBITDA		132		138		151		168		590		165		182		190		189		726		186
EBITDA margin (%)		42.4	%	42.7	%	42.4	%	43.9	%	42.9	%	42.6	%	42.8	%	42.9	%	41.9	%	42.5	%	40.9	%
YoY growth %		41.3	%	41.5	%	34.2	%	24.8	%	34.5	%	24.9	%	31.6	%	25.7	%	12.3	%	23.1	%	12.6	%
YoY growth (pf for FX)		29.0	%	32.0	%	28.0	%	22.0	%	27.0	%	20.7	%	18.4	%	13.4	%	8.4	%	14.4	%	10.4	%
Capex		22		42		68		112		244		28		62		74		160		323		69
in % of revenues		7.1	%	13.0	%	19.1	%	29.2	%	17.8	%	7.2	%	14.5	%	16.6	%	35.6	%	19.0	%	15.2	%
opFCF		74		65		103		69		311		102		92		139		92		425		131
% of revenues		23.8	%	20.1	%	29.0	%	18.0	%	22.7	%	26.4	%	21.6	%	31.3	%	20.4	%	24.9	%	28.8	%

9

Table of Contents

AFRICA

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012
Operational highlights
Mobile
Population (m)		169		169		169		172		172		172		176		176		176		176		180
Chad		10		10		10		11		11		11		11		11		11		11		11
DRC		69		69		69		71		71		71		72		72		72		72		74
Ghana		24		24		24		24		24		24		25		25		25		25		25
Mauritius		1		1		1		1		1		1		1		1		1		1		1
Rwanda		10		10		10		11		11		11		11		11		11		11		12
Senegal		14		14		14		12		12		12		13		13		13		13		13
Tanzania		41		41		41		42		42		42		43		43		43		43		44
Mobile penetration estimated (%)
Chad		19.5	%	20.2	%	20.4	%	22.6	%	22.6	%	24.3	%	25.8	%	26.2	%	29.2	%	29.2	%	28.9	%
DRC		30.8	%	32.4	%	36.4	%	40.9	%	40.9	%	42.4	%	45.3	%	50.7	%	49.6	%	49.6	%	50.2	%
Ghana		51.8	%	53.2	%	53.2	%	57.3	%	57.3	%	58.0	%	61.9	%	62.7	%	66.1	%	66.1	%	67.6	%
Mauritius		80.4	%	81.4	%	83.0	%	86.1	%	86.1	%	86.8	%	87.2	%	88.9	%	93.0	%	93.0	%	93.2	%
Rwanda		21.0	%	28.1	%	33.3	%	26.2	%	26.2	%	33.3	%	23.2	%	29.0	%	30.4	%	30.4	%	29.0	%
Senegal		48.0	%	50.3	%	51.7	%	58.4	%	58.4	%	62.0	%	63.8	%	63.6	%	64.5	%	64.5	%	66.2	%
Tanzania		31.5	%	33.3	%	33.4	%	33.6	%	33.6	%	35.6	%	38.0	%	40.2	%	40.4	%	40.4	%	40.4	%
Mobile customers ‘000		12,846		14,119		14,646		14,965		14,965		15,512		16,554		17,173		17,304		17,304		17,209
Chad		1,129		1,223		1,257		1,429		1,429		1,545		1,677		1,692		1,894		1,894		1,903
DRC		1,605		1,822		2,012		2,156		2,156		2,150		2,319		2,474		2,382		2,382		2,307
Ghana		3,100		3,406		3,379		3,525		3,525		3,573		3,697		3,628		3,508		3,508		3,334
Mauritius		447		450		450		472		472		478		479		486		498		498		503
Rwanda		114		374		548		550		550		570		813		1,089		1,192		1,192		1,180
Senegal		2,376		2,451		2,424		2,356		2,356		2,526		2,628		2,540		2,379		2,379		2,484
Tanzania		4,076		4,394		4,576		4,478		4,478		4,671		4,941		5,263		5,451		5,451		5,498
Customers’ market share (%)
Chad		52.1	%	54.5	%	55.6	%	56.9	%	56.9	%	57.2	%	57.7	%	57.4	%	57.5	%	57.5	%	58.5	%
DRC		39.7	%	42.7	%	41.7	%	39.4	%	39.4	%	37.6	%	37.7	%	35.7	%	34.9	%	34.9	%	33.1	%
Ghana		24.8	%	26.4	%	26.1	%	25.2	%	25.2	%	25.1	%	24.2	%	23.4	%	21.3	%	21.3	%	19.8	%
Mauritius		43.0	%	42.7	%	42.3	%	42.6	%	42.6	%	42.8	%	42.6	%	42.4	%	41.5	%	41.5	%	41.8	%
Rwanda		n/a		12.0	%	15.3	%	15.0	%	15.0	%	15.1	%	30.8	%	33.0	%	34.5	%	34.5	%	34.8	%
Senegal		35.7	%	35.2	%	33.9	%	32.7	%	32.7	%	33.1	%	33.4	%	32.4	%	29.9	%	29.9	%	28.9	%
Tanzania		31.6	%	32.0	%	33.1	%	31.5	%	31.5	%	30.8	%	30.4	%	30.5	%	31.3	%	31.3	%	31.4	%
Blended ARPU (USD)- reported		5.8		5.4		5.4		5.4		5.6		5.2		5.1		4.9		4.8		5.1		4.6
ARPU YoY change (local currency) %		-3.0	%	-7.0	%	-7.0	%	-13	%	-9	%	-6.0	%	-6	%	-10	%	-5	%	-9	%	-7	%
Quarterly highlights
Total revenues		217		219		230		239		905		239		246		247		249		981		239
YoY growth %		26.8	%	19.6	%	14.6	%	5.1	%	15.7	%	10.2	%	12.3	%	7.4	%	4.3	%	8.4	%	-0.1	%
YoY growth (pf for FX)		26.0	%	24.0	%	22.0	%	12.0	%	20.3	%	15.0	%	11.9	%	7.8	%	10.6	%	11.3	%	5.4	%
EBITDA		83		81		94		100		358		98		100		104		102		403		90
EBITDA margin (%)		38.4	%	36.9	%	40.7	%	41.7	%	39.6	%	40.9	%	40.4	%	42.1	%	41.0	%	41.1	%	37.5	%
YoY growth %		41.5	%	31.2	%	25.6	%	11.6	%	25.7	%	17.5	%	22.8	%	10.6	%	2.4	%	12.7	%	-8.4	%
YoY growth (pf for FX)		47.0	%	34.0	%	34.0	%	20.0	%	30.9	%	22.8	%	22.1	%	4.0	%	7.7	%	15.8	%	-3.5	%
Capex		43		41		73		78		235		26		46		76		145		293		42
in % of revenues		20.0	%	18.7	%	31.7	%	32.5	%	26.0	%	11.0	%	18.5	%	30.9	%	58.1	%	29.8	%	17.4	%
opFCF		17		45		0.5		72		135		33		36		116		83		268		66
% of revenues		7.9	%	20.5	%	0.2	%	30.3	%	14.9	%	13.6	%	14.7	%	47.2	%	33.3	%	27.3	%	27.4	%

10

Table of Contents

Average FX rates

		Q1 2010		Q2 2010		Q3 2010		Q4 2010		FY 2010		Q1 2011		Q2 2011		Q3 2011		Q4 2011		FY 2011		Q1 2012
Not reviewed by auditors
Central America
Guatemala		8.22		8.01		8.06		8.03		8.09		7.83		7.71		7.83		7.84		7.81		7.77
Honduras		18.90		18.89		18.90		18.89		18.90		18.90		18.90		18.87		18.97		18.91		19.22
Nicaragua		20.96		21.23		21.49		21.75		21.35		22.01		22.28		22.56		22.84		22.42		23.12
Costa Rica		550.57		527.06		517.36		510.41		527.51		505.19		502.25		508.68		511.99		507.32		514.32
South America
Bolivia		7.02		7.02		7.02		7.01		7.02		6.99		6.96		6.92		6.92		6.95		6.91
Colombia		1961.05		1946.29		1840.89		1880.98		1912.97		1891.70		1801.95		1814.11		1926.42		1858.95		1829.42
Paraguay		4736.43		4746.81		4784.27		4797.58		4760.38		4497.50		4025.63		3955.25		4315.50		4226.12		4450.50
Africa
Ghana		1.43		1.43		1.43		1.45		1.44		1.52		1.51		1.54		1.60		1.54		1.70
Mauritius		30.45		31.94		30.94		30.29		30.87		29.69		28.16		28.26		29.00		28.81		29.04
Senegal/Chad		474.74		511.74		509.24		486.91		494.26		477.05		453.65		463.39		489.51		471.65		498.51
Rwanda		572.43		580.22		588.37		591.81		583.00		598.38		600.75		600.39		602.16		600.29		605.45
Tanzania		1349.13		1419.81		1508.33		1487.60		1437.89		1485.69		1538.63		1622.50		1672.76		1576.83		1591.54

11