[PPT] - Investor presentation Millicom International Cellular S.A. October, PowerPoint Presentation

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Investor presentation

Millicom International Cellular S.A.

October, 2018

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Disclaimer

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This presentation may contain certain “forward-looking statements” with respect to Millicom’s expectations and plans, strategy, management’s

bjectives, 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 the forward-looking statements depending on various important factors. All forward-looking statements in this presentation 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., any 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.

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Contents

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1 Our journey... Big picture 2 Capital allocation and ROIC 3 Latin America service revenue and EBITDA 4 Currency exposure… myths and reality 5 Latin America service revenue by business unit 6 Market structure by country 7 Spectrum and licenses 8 Latam snapshot - Macro 9 Latam snapshot - Micro 10 Latest results summary

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Our journey… big picture

We have been transforming the company in many ways FROM TO

Mobile-only Voice + SMS Prepaid Legacy network Analog Legacy IT Product & Sales Driven No Geographic Focus Deteriorating margins Dividend at risk Negative eFCF

STRATEGY NETWORK CUSTOMER CAPITAL ALLOCATION RETURNS

Cable + convergence High-speed data (4G) Subscription-driven Compliance leader Purpose driven State-of-the-Art (4G, HFC) Digital OTT like Customer Centric High-speed data networks IT transformation Latam-only Improving margins Dividend covered Positive eFCF

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Capital allocation and ROIC

Reported Capex (excl. Spectrum, licences and finance lease capitalization), $m, FY 15 – FY17

Total Capex

Group return on invested capital, %, FY 15 – FY 17

Return on Capital*

Re-deploying capital to Latam allows us to accelerate network build and improve returns

1,031 1,273 2016 Africa Latam Mobile Latam Fixed 2017 993 2015

Total Latam +4.6%

+450 bps 2017 16.2% 2016 13.1% 2015 11.7% 18.9% 16.5% % of Revenue Reported Group EBITDA less capex, $m, FY 15 – FY17

OCF (EBITDA – Capex)

905 1,141 1,197 +650 bps 2017 2016 2015 18.3% 19.9% % of Revenue 13.4% ROIC : NOPAT/Invested Capital 16.5%

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Contribution by country – FY 2017

Latin America service revenue and EBITDA

Full consolidation Proportionate Contribution

Service revenue EBITDA

ELS 8% GT 23% HN 11% CR 3% BO 11% CO 32% PY 12% ELS 7% GT 31% HN 12% CR 3% BO 10% CO 22% PY 15% ELS 11% GT 18% HN 11% CR 5% BO 15% CO 23% PY 17% ELS 10% GT 24% HN 12% CR 4% BO 14% CO 15% PY 21%

ELS: El Salvador GT: Guatemala HN: Honduras CR: Costa Rica BO: Bolivia CO: Colombia PY: Paraguay

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Latam EBITDA by country, adjusted for proportional Millicom ownership, and ranked by currency volatility, 2017

Proportionate Latam EBITDA

Only 15% of our proportional EBITDA is from high volatility FX country

Currency exposure… myths and reality

Bloomberg Weekly FX rates vs USD, 2008 – 2018 (Aug)

10-year FX trends

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GTQ 24% BOB 14% ELS 10% HNL 12% PYG 21% CRC 4% COP 15% Low volatility High volatility Moderate volatility 36% 48% 15%

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ELS: El Salvador (US Dollar) GTQ: Guatemalan Quetzal HNL: Honduran Lempira CRC: Costa Rican Colon BOB: Bolivian Bolivianos COP: Colombian Pesos PYG: Paraguayan Guarani

COP, 147.5 PYG, 121.0 GTQ, 98.0 HNL, 127.2 CRC, 114.1 BRL, 232.2 MXN, 172.3 BOB, 90.4

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Service revenue, FY 2017

El Salvador Bolivia

Contribution in FY 2017

Latam service revenue by business unit

Guatemala Colombia Honduras Paraguay

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Mobile B2C Data 23% Mobile B2C Voice & Other 36% Home 26% B2B 15% Mobile B2C Data 34% Mobile B2C Voice & Other 46% Home 8% B2B 12% Mobile B2C Data 25% Mobile B2C Voice & Other 52% Home 8% B2B 15% Mobile B2C Data 45% Mobile B2C Voice & Other 30% Home 12% B2B 13% Mobile B2C Data 17% Mobile B2C Voice & Other 19% Home 35% B2B 29% Mobile B2C Data 29% Mobile B2C Voice & Other 34% Home 24% B2B 13%

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Market structure by country

Bolivia Mobile 2nd 1st 3rd NA NA BBI 1st 4th NA 3rd 2nd PayTv 1st 3rd NA NA 2nd Colombia Mobile 3rd 1st 2nd 6th 4th 5th NA BBI 2nd 1st 3rd 4th NA NA 5th PayTv 2nd 1st 4th 5th NA NA 3rd Paraguay Mobile 1st 3rd 2nd 4th BBI 1st 3rd 4th 2nd PayTV 1st 2nd 3rd 5th El Salvador Mobile 1st 3rd 2nd 4th NA NA BBI 2nd 1st NA NA NA NA PayTV 1st 2nd NA NA 4th 3rd Guatemala Mobile 1st 2nd 3rd BBI 2nd 1st NA PayTv 1st 2nd NA Honduras Mobile 1st 2nd NA NA NA NA BBI 1st 3rd 2nd 4th NA NA Pay TV 2nd 3rd 1st 4th

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Sources: MIC estimates

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All amounts in 2xMHz

El Salvador Bolivia

Spectrum auctions possible in ELS, CO, HN, and GT and in next 3 years

Spectrum and licenses

Guatemala Colombia Honduras Paraguay

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7.5 12.5 18.0 10.0 25.0 5.0 5.0 10.0 18.0 27.5 25.0 Digicel Movistar Claro Tigo 22.5 Low band 2G/3G High band 4G High band 2G/3G Low band 4G 14.0 15.0 20.0 10.0 5.0 15.0 6.0 10.0 26.0 35.0 Movistar Claro Tigo 34.0 0.0 40.0 20.0 20.0 20.0 15.0 10.0 20.0 60.0 Hondutel Claro Tigo 45.0 12.5 12.5 12.0 10.0 10.0 20.0 20.0 15.0 15.0 15.0 Viva Entel Tigo 49.5 57.5 35.0 12.5 12.5 12.5 15.0 27.5 15.0 15.0 15.0 Movistar Claro Tigo 42.5 42.5 40.0 12.5 12.5 17.5 10.0 10.0 5.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 57.5 Tigo Personal Vox Copaco Claro 37.5 52.5 40.0

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FY 2017 Colombia Guatemala Bolivia Honduras Paraguay El Salvador Costa Rica GDP growth (2018e)* 2.8% 3.4% 4.0% 3.6% 4.0% 2.1% 3.8% GDP per capita (2018e)* $ 14,990 $ 8,440 $ 7,870 $ 5,730 $ 10,230 $ 9,260 $ 17,930 Inflation (2018e)* 3.1% 4.0% 5.0% 4.0% 4.0% 2.0% 3.0% Population (m) 47.2 15.2 10.9 8.9 6.8 6.2 4.9 Homes (m) 14.0 2.0 2.8 1.9 1.5 1.7 1.5 Mobile Subscribers (000) 7,851 10,169 3,303 4,625 3,167 2,796

Homes Connected (000)

1,633 361 231 150 368 312 247 Penetration** Mobile 113% 108% 91% 101% 107% 156%

Broadband

48% 31% 11% 11% 14% 25% 42% PayTv 44% 32% 20% 44% 37% 23% 61% Market Position Mobile 3 of 5 1 of 3 2 of 3 1 of 3 1 of 4 1 of 4 NA Broadband 2 of 4 2 of 3 1 of >10 1 of 3 1 of 3 2 of 3 2 of 8 Pay TV 2 of 4 1 of 3 1 of 5 2 of 5 1 of 3 1 of 2 1 of 4

Sources: * IMF DataMapper – World Economic Outlook http://www.imf.org/external/datamapper/datasets/WEO ** Dataxis : Mobile penetration as % of population and Fixed Broadband penetration as % of households and JPMorgan : PayTV as % of households

Latam snapshot - Macro

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FY 2017 Colombia Guatemala Bolivia Honduras Paraguay El Salvador Costa Rica Financials Revenue $ 1,739m $ 1,328m $ 555m $ 586m $ 662m $ 422m $ 149m EBITDA $ 469m $ 665m $ 217m $ 265m $ 318m $ 155m $ 62m EBITDA% 27.0% 50.1% 39.1% 45.3% 48.0% 36.6% 41.5% Gross debt $ 1,130m $ 995m $ 352m $ 388m $ 488m $ 147m $ 76m Net debt $ 937m $ 686m $ 243m $ 366m $ 360m $ 116m $ 68m Leverage 2.0x 1.0x 1.1x 1.3x 1.1x 0.8x 1.2x MIC ownership 50% 55% 100% 66.7% 100% 100% 100%

Latam snapshot - Micro

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2018 Q3 results

Cable expansion accelerating

Millicom International Cellular S.A.

Mauricio Ramos, CEO Tim Pennington, CFO October 24th, 2018

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Disclaimer

This presentation 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 the forward-looking statements depending on various important factors. All forward-looking statements in this presentation 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., any 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.

This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 22:00 CET on October 23rd 2018 15

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1. CEO review

Mauricio Ramos

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1 2 3 4

Q3 Highlights

Strong operating momentum continues Colombia growing Spotlight on Cable Cable Onda Cable expansion accelerating

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Latam %YoY growth, Q1 16 – Q3 18

Latam service revenue growth

Service revenue growth in line with plan 1

Q317 Q416 Q418 Q218 Q117

2.0%

Q216 2.9%

2.3%

Q318 Q116 0.9% Q316

1.3%
0.5%

Q217 2.3% 3.1% Q417 3.4% Q118 5.5% 4.7%

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Note: Q1 2018 and Q2 2018 figures re-presented to reflect application of IFRS 15 on wholesale international traffic business in Colombia.

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B2B service revenue LC %YoY, Q1 17 – Q3 18

B2B (16% of service revenue)

Home service revenue LC %YoY, Q1 17 – Q3 18

Home (25% of service revenue)

All three business units growing 1

Mobile B2C service revenue LC %YoY, Q1 17 – Q3 18

Mobile B2C (58% of service rev)

3.8%
5.3%

Q417

0.9%

Q117 Q217 Q317 0.2% 0.9% Q118 2.1% Q218 1.0% Q318 Q317 Q417 Q117 8.8% 7.1% 7.3% 7.3% Q217 7.6% Q118 12.6% Q218 12.5% Q318 Q317 2.5% Q117 Q417 Q217 1.4% Q318 5.7% 6.6% 6.4% Q118 7.5% Q218 6.5%

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Note: Q1 2018 and Q2 2018 B2B figures re-presented to reflect application of IFRS 15 on wholesale international traffic business in Colombia.

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Latam B2C Mobile postpaid net additions, (000)s, 9M16 – 9M18

Improved performance in postpaid

B2C Mobile growing in 4G and postpaid 1

Latam B2C Mobile 4G subscribers (millions), Q3 16 – Q3 18

Steadily growing our 4G customer base

2.4 5.6 8.6 Q3 17 Q3 16 Q3 18 +52%

66

46 135 9M 16 9M 18 9M 17 192% 20

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Latam HFC homes connected (000) 9M 2016 – 9M 2018

Connecting more HFC Homes

Home growth drivers trending higher 1

Latam Home ARPU ($/month) Q3 2016 – Q3 2018

ARPU rising

Q3 2016 27.1 28.2 Q3 2017 28.9 Q3 2018 +2% 116 202 313 9M 18 9M 16 9M 17 +55%

Latam HFC RGU net additions (000) 9M 2016 – 9M 2018

Adding more HFC RGUs

362 510 679 9M 16 9M 18 9M 17 +33% 21

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Colombia Home KPIs continue to improve

Colombia investments starting to pay off in Home 2

Colombia – Home ARPU $, Q3 16 – Q3 18

Home ARPU rising

Colombia - LTM homes connected net additions, HFC and Other, Q316 – Q318

HFC accelerating as copper churn moderates

22 67 80 101

115
98
80

Q3 17 Q3 18 Q3 16 +20% +26% HFC Other Net Q3 16 Q3 17 Q3 18 +7.7%

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Simplifying postpaid offer in Colombia

New initiatives to accelerate growth in Mobile 2

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Simplified the offer to just 3 plans ($18, $25 and $33 per month) Focus on experience, innovation, commercial offer, and devices

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HFC Homes Passed (000), Q3 15 – Q3 18

Homes Passed

Home revenue 9% CAGR in USD in last 3 years 3

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HFC Homes Connected (000), Q3 15 – Q3 18

Homes Connected

HFC RGUs (000), Q3 15 – Q3 18

RGUs

Home & Content service revenue ($ millions), Q3 15 – Q3 18

Home Revenue

6.848 Q3 2016 Q3 2015 Q3 2017 Q3 2018 6.177 8.107 9.387 +11% +18%

+16%

Q3 2018 Q3 2015 Q3 2016 Q3 2017 1.851 2.038 2.277 2.642 +10% +12%

+16%

Q3 2015 Q3 2016 Q3 2017 Q3 2018 3.073 3.607 4.204 5.046 +17% +17%

+20%

246 260 282 321 Q3 2018 Q3 2015 Q3 2016 Q3 2017 +6% +8%

+14%

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Millicom Cable revenue annualizes to $2.2 billion 3

25

$2.2 billion

10 million Homes Passed 7 million RGUs Fixed B2B 4 million Homes Connected

Note: Based on annualized Millicom Q3 revenue for Home and B2B fixed, proforma for Cable Onda acquisition

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Cable economics for Millicom 3

With scope to expand homes passed by 50% and grow B2B

Note: ROI calculation based on lifetime customer value assuming capex of $100 per home passed and $150 per home connected, penetration rate of homes passed of 33%, ARPU

f $30, and Latam cable industry average churn and EBITDA margin assumptions.
1. Standalone cable economics
2. Leveraging Millicom assets

Brand Network Talent Distribution + + +

Unlevered Pre-tax ROI > 30% Low cost to build Pricing Power

3. Preparing for the future

Convergence 5G +

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Cable Onda 4

Q4

2018 Expected closing

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FCF growth is crucial to support our organic plans and pursue inorganic opportunities

Free cash flow continues to grow 4

$m, 9M 16 – 9M 18

Equity FCF up 19% YTD

171 204 243 9M 16 9M 17 9M 18 +19% $m, 2014-2017

Equity FCF up ~$400 million in last 3 years

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235 269 356 2014 2017 2015 2016 +399

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2. CFO review

Tim Pennington

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1 2 3 4

Financial Highlights

KPIs driving sustain revenue growth EBITDA growth driven by core Latam businesses All P&L profit metrics improving… …and cashflow continues to strengthen And net debt reduces again On track with our 2018 goals

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$m, Q3 17 – Q3 18

Service Revenuea

Sustained growth

Key financial metrics – Q3 2018 1

1,342 1,399 Q3 17 Q3 18 4.2% $m and %, Q3 17 – Q3 18

EBITDAa and Margins

550 564 Q3 17 Q3 18 2.6% $m and margin, Q3 17 – Q3 18

Q3 OCF and Marginsb

a) Q3 17 numbers are adjusted to Q3 18 FX rates and exclude Senegal, Rwanda and Ghana. Growth is presented on a like-for-like basis for the international wholesale business in Colombia b) Excluding Senegal, Rwanda and Ghana, spectrum & license costs

37.0% 37.7%

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309 309 Q3 18 Q3 17

20.7% 20.6%

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Latam biggest contributor to EBITDA growth

EBITDA – Q3 2018 2

$ million, Q3 17 – Q3 18

EBITDA evolution by region

22 5 13 553 LatAm Ebitda Q3 17 Africa Ebitda Q3 17 (constant currency) 550 FX and other Ebitda Q3 18 Corporate 2 564

0.4%

+2.6%

37.0% 37.7%

as % of revenue

Q3 17 numbers are adjusted to Q3 18 FX rates and exclude Senegal, Rwanda and Ghana

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$m and margin, Q3 17 – Q3 18 $m and margin, Q3 17 – Q3 18

Solid growth returning to Latam

Latam 2

$m, Q3 17 – Q3 18

Latam service revenue

Q3 17 1,212 1,268 Q3 18 +4.7% Q3 18 504 Q3 17 525 +4.2% Q3 17 20.4% 20.4% Q3 18 275 278 +1.4%

Notes: Growth rates are organic and exclude the impact of changes in FX rates and accounting changes. Q3 2017 figures have been adjusted to reflect these organic growth rates. Capex/revenue excludes spectrum & license costs

Latam EBITDA Latam OCF

37.2% 38.4%

Capex / Revenue

16.8% 18.0%

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Service revenue, year-on-year (%), Q1 16 – Q3 18

El Salvador Bolivia

Service revenue in our main Latam markets 2

Guatemala Colombia* Honduras Paraguay

Q216

1.6%

Q116

3.7%

Q316

4.8%
8.7%

Q318 Q416

6.4%

Q117

1.4%

Q417 Q217

0.3%

Q317

5.4% 2.1%

Q118

3.6%

Q218

7.7%

Q116

3.9%

2.7% 6.4%

0.8%

Q216 Q416

4.8%

5.7%

Q316

4.3%

Q117

2.5%

Q217

3.5%

Q317

3.4%

Q417 Q118

6.4%

Q218 Q318

1.0%
0.7%
2.5%

Q116

0.6%
1.6%

Q216 Q316 Q416 Q118 Q117 Q317

0.0%

Q217

0.8%
0.1%

Q417

0.0% 0.3%

Q218

2.6%

Q318

2.0%

Q116

5.5%

Q217

4.7%

Q216 Q416 Q317 Q316

0.8%

0.5%

Q117

15.7% 2.6% 6.1%

Q218

9.1%

Q417

6.5%

Q118

13.7%

Q318

2.9%

Q216

2.3%

Q117 Q116 Q416

0.6%

Q417

0.3%

Q316

1.9%
2.5%
0.3%

Q118 Q217 Q218 Q317

0.2%

0.6% 6.0% 4.4%

Q318

6.2% 7.1%

Q417

2.1%

Q116 Q416

3.3%

Q216 Q316

2.9%

Q117

4.5%

Q217

6.5%

Q317

8.9% 7.8%

Q118

6.2%

Q218

5.4%

Q318

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* Q1 and Q2 2018 numbers re-presented to reflect impact of IFRS 15

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EBITDA ($m), margin and year-on-year growth, Q3 17 – Q3 18

El Salvador Bolivia

Strong performance in Bolivia and a return to EBITDA growth in Colombia

EBITDA progression by country 2

Guatemala Colombia Honduras Paraguay

168 171 Q3 17 Q3 18 +4.7% 38 30 Q3 17 Q3 18 (23.0%) 108 127 Q3 17 Q3 18 13.7% 55 61 Q3 18 Q3 17 +11.2% 63 64 11 Q3 17 7 Q3 18 75 71 (3.1%) 3.7% Adj 79 84 Q3 17 Q3 18 +7.7% EBITDA

36.4% 30.2% 50.5% 50.2% 52.0% 44.3% Adj 38.9% 38.1% 25.0% 30.4% 47.3% 49.4%

Margins

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49.2% 44.4% Adj

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Last 12-month EBITDA margin, Q3 2015 – Q3 2018

Last 12 month Group EBITDA margin

Steady upward margin trend continues

Cost review and margin progression 2

OPEX organic growth* YoY (in $), Q3 17 – Q3 18

Group total OPEX base

36.9% 32.9% Q3 15 33.6% Q3 16 35.6% Q3 17 Q3 18 +400 bps Q3 17 General and Adminstration Q3 18 Sales and Marketing 541 +3.1%

36

* Excludes FX and IFRS 15

+9.6% (3.0%)

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P&L Summary Key Observations

P&L review – Q3 2018 3

US$ million Q3 18 Q3 17 % Var Revenue 1,498 1,494 0.3% EBITDA 564 553 2.2% Depreciation & amortization (303) (323) (6.0%) Other operating 32 20 58.4 Operating profit 293 250 17.3% Net financial expense (114) (133) (14.8%) Others non operating (21) 1 NM Associates (32) (15) 116.0% Profit before tax 126 103 22.3% Taxes (20) (66) (70.2%) Minority interests (38) (25) 53.8% Discontinued operations 8 (99.1%) Net income 68 21 233.1% EPS ($ per share) 0.68 0.20 232.2%

Lower D&A due to the full

amortization of some intangibles in Colombia, Guatemala and Honduras

Lower average debt and refinancing

charges partly offset by higher finance leases

Lower withholding taxes and deferred

tax

Operating, Pre-tax, and Net Profit all

up strongly

A B C A B C D D

37

Significant profit improvement below EBITDA

SLIDE 38

We generated $243 million of equity FCF year-to-date

Cash flow – 9M 2018 4

$ million

9M 2018 cash flow

1,676 897 391 243 688 91 203 304 148 Finance charges eFCF Dividend to minorities Taxes paid Cash capex (ex-spectrum and licenses) Ebitda including discontinued

perations

Working capital and others Cash flow from

perations

FCF

36.6% 19.6% 8.6%

as % of revenue

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30 September 2018

Debt profile

In 9M net debt reduced by $284m and leverage at 1.82x

Capital structure 5

$ million, 31 December 2017 – 30 September 2018

Net debt evolution in 2018

243 274 133 4,071 Net debt YE 2017 Equity FCF 54 3,786 Spectrum 30 FX and

thers

Lease capitalization M&A and towers Dividend 16 Net debt Q3 2018 1.86x 1.70x 2.02x 1.82x Net debt/LTM EBITDA Proportionate Net debt/ Proportionate LTM EBITDA

39

Africa 5% Fin. Leases 7% HQ 20% Banks 40% Latam 74% Fixed or Swapped 69% Source Geography Bonds 53% Variable 31% Interest rates Hard currency 56% Local 44% FX exposure 5Y or more 54% Less than 5y 46% Maturity

SLIDE 40

Comfortable capital structure and liquidity with no major maturities until 2022

Debt profile

$ million

Debt maturity profile

46 42 79 2024 2018 31 26 2019 25 2021 38 PY $300m 2022 2023 744 GT $800m 34 2020 27 2025 26s $500m 2026 28s $500m >2027 20 299 403 355 713 515 994 839 7 25s $500m International Bonds Finance leases Local Bonds (Colombia & Bolivia) Bank and DFI Proforma

Average life of 5.6 years*

40

151

5

* Proforma for the $500 million 2026 Notes issued in Q4 2018

SLIDE 41

Confirming our Latam segment full year targets

41

On track

SLIDE 42

Recap

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1 2 3 4

Our strategy is working Sustained growth Solid financials and KPIs YTD 2018 outlook on track Strengthened balance sheet and growing cash flow Making progress on U.S. listing – Nasdaq chosen

5 6

SLIDE 43

Q&A

SLIDE 44

Gross debt by country

Central America: Total debt $1,834m 32% guaranteed South America: Total debt $1,901m 4% guaranteed Africa: Total debt $268m 57% guaranteed Total MIC Debt: $5,033m 16% Guaranteed Corporate: Total debt $1,030m 0% guaranteed Chad: $62m (96% guaranteed) Tanzania: $112m (0% guaranteed) Zantel: $93m (100% guaranteed) Paraguay: $507m (12% guaranteed) Bolivia: $316m (4% guaranteed) El Salvador: $298m (96% guaranteed) Honduras: $401m (40% guaranteed) Guatemala: $988m (0% guaranteed) Costa Rica: $148m (100% guaranteed) Colombia $1,079m (0% guaranteed)

Including finance leases

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SLIDE 45

Net debt by country

Central America: $1,417m Leverage 1.24x South America: $1,601m Leverage 1.52x Africa: $109m Leverage 0.65x Total Net Debt: $3,786m Leverage 1.70x Chad: $44m Tanzania: $(12)m Zantel: $78m Paraguay: $436m Leverage 1.3x Bolivia: $259m Leverage 1.1x El Salvador: $242m Leverage 1.7x Honduras: $361m Leverage 1.4x Guatemala: $698m Leverage 1.0x Costa Rica: $120m Leverage 2.1x Colombia: $907m Leverage 1.8x

Including finance leases; Leverage is Net debt / LTM EBITDA

Corporate $659m

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SLIDE 46

Currency exposure of debt

*El Salvador has USD as functional currency (treated as local.)

September 2018 Debt including finance leases Cash Net debt US$ Local Total Total USD Local Total Latin America* 1,748 1,988 3,736 717 1,445 1,574 3,019 47% 53% 100% 48% 52% 100% Africa 94 173 268 159 90 18 109 35% 65% 100% 83% 17% 100% Corporate 982 48 1,030 371 619 40 659 95% 5% 100% 94% 6% 100% Millicom 2,824 2,210 5,033 1,247 2,154 1,632 3,786 56% 44% 100% 57% 43% 100%

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