#1ticô Millicom to acquire full control of Tigo Guatemala Luxembourg, November 12, 2021#2Safe Harbor ticô Cautionary Language Concerning Forward-Looking Statements Statements included herein that are not historical facts, including without limitation statements concerning future strategy, plans, objectives, expectations and intentions, projected financial results, liquidity, growth and prospects, are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Millicom's results could be materially adversely affected. In particular, there is uncertainty about the spread of the COVID-19 virus and the impact it may have on Millicom's operations, the demand for Millicom's products and services, global supply chains and economic activity in general. The risks and uncertainties include, but are not limited to, the following: • • global economic conditions and foreign exchange rate fluctuations as well as local economic conditions in the markets we serve; Potential disruption due to diseases, pandemics, political events, piracy or acts by terrorists, including the impact of the recent outbreak of the COVID-19 virus and the ongoing efforts throughout the world to contain it; telecommunications usage levels, including traffic and customer growth; competitive forces, including pricing pressures, the ability to connect to other operators' networks and our ability to retain market share in the face of competition from existing and new market entrants as well as industry consolidation; legal or regulatory developments and changes, or changes in governmental policy, including with respect to the availability of spectrum and licenses, the level of tariffs, tax matters, the terms of interconnection, customer access and international settlement arrangements; adverse legal or regulatory disputes or proceedings; the success of our business, operating and financing initiatives and strategies, including partnerships and capital expenditure plans; the level and timing of the growth and profitability of new initiatives, start-up costs associated with entering new markets, the successful deployment of new systems and applications to support new initiatives; relationships with key suppliers and costs of handsets and other equipment; our ability to successfully pursue acquisitions, investments or merger opportunities, integrate any acquired businesses in a timely and cost-effective manner and achieve the expected benefits of such transactions; the availability, terms and use of capital, the impact of regulatory and competitive developments on capital outlays, the ability to achieve cost savings and realize productivity improvements; technological development and evolving industry standards, including challenges in meeting customer demand for new technology and the cost of upgrading existing infrastructure; the capacity to upstream cash generated in operations through dividends, royalties, management fees and repayment of shareholder loans; and other factors or trends affecting our financial condition or results of operations. A further list and description of risks, uncertainties and other matters can be found in Millicom's Registration Statement on Form 20-F, including those risks outlined in "Item 3. Key Information D. Risk Factors," and in Millicom's subsequent U.S. Securities and Exchange Commission filings, all of which are available at www.sec.gov. To the extent COVID-19 adversely affects Millicom's business and financial results, it may also have the effect of heightening many of the risks des cribed in its filings. All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Except to the extent otherwise required by applicable law, we do not undertake any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. 2#3Non-IFRS measures ticô This presentation contains financial measures not prepared in accordance with IFRS. These measures are referred to as "non-IFRS" measures and include: non-IFRS service revenue, non-IFRS EBITDA, and non- IFRS Capex, among others defined below. Annual growth rates for these non-IFRS measures are often expressed in organic constant currency terms to exclude the effect of changes in foreign exchange rates, the adoption of new accounting standards, and are proforma for material changes in perimeter due to acquisitions and divestitures. The non-IFRS financial measures are presented in this press release as Millicom's management believes they provide investors with an additional information for the analysis of Millicom's results of operations, particularly in evaluating performance from one period to another. Millicom's management uses non-IFRS financial measures to make operating decisions, as they facilitate additional internal comparisons of Millicom's performance to historical results and to competitors' results, and provides them to investors as a supplement to Millicom's reported results to provide additional insight into Millicom's operating performance. Millicom's Remuneration Committee uses certain non-IFRS measures when assessing the performance and compensation of employees, including Millicom's executive directors. The non-IFRS financial measures used by Millicom may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies - refer to the section "Non-IFRS Financial Measure Descriptions" for additional information. In addition, these non-IFRS measures should not be considered in isolation as a substitute for, or as superior to, financial measures calculated in accordance with IFRS, and Millicom's financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Non-IFRS Financial Measure Descriptions Service revenue is revenue related to the provision of ongoing services such as monthly subscription fees, airtime and data usage fees, interconnection fees, roaming fees, mobile finance service commissions and fees from other telecommunications services such as data services, short message services, installation fees and other value-added services excluding telephone and equipment sales. EBITDA is operating profit excluding impairment losses, depreciation and amortization, and gains/losses on fixed asset disposals. In respect of the segments Latam or Africa it is shown after the allocation of Corporate Costs and inter-company eliminations. • EBITDA after Leases ('EBITDAAL') represents EBITDA excluding lease interest and principal repayments. • EBITDA Margin represents EBITDA in relation to Revenue. • • • • • • • • • • • Proportionate EBITDA is the sum of the EBITDA in every country where Millicom operates, including its Guatemala and Honduras joint ventures, pro rata for Millicom's ownership stake in each country. Organic growth represents year-on-year growth excluding the impact of changes in FX rates, perimeter, and accounting. Changes in perimeter are the result of acquisitions and divestitures. Results from divested assets are immediately removed from both periods, whereas the results from acquired assets are included in both periods at the beginning (January 1) of the first full calendar year of ownership. Net debt is Debt and financial liabilities less cash and pledged deposits. Net financial obligations is Net debt plus lease liabilities. Proportionate financial obligations is the sum of the net financial obligations in every country where Millicom operates, including its Guatemala and Honduras joint ventures, pro rata for Millicom's ownership stake in each country. Leverage is the ratio of net financial obligations over LTM (last twelve month) EBITDA, proforma for acquisitions made during the last twelve months. Leverage after leases is the ratio of net debt over LTM (last twelve month) EBITDA after leases, proforma for acquisitions made during the last twelve months. Proportionate leverage is the ratio of proportionate net financial obligations over LTM proportionate EBITDA, proforma for acquisitions made during the last twelve months. Proportionate leverage after leases is the ratio of proportionate net debt over LTM (Last twelve month) EBITDA after leases, proforma for acquisitions made during the last twelve months. Capex is balance sheet capital expenditure excluding spectrum and license costs and lease capitalizations. Cash Capex represents the cash spent in relation to capital expenditure, excluding spectrum and licenses costs. Operating Cash Flow (OCF) is EBITDA less Capex. Operating Free Cash Flow (OFCF) is OCF less changes in working capital and other non-cash items and taxes paid. Equity Free Cash Flow (EFCF) is Operating Free Cash Flow less finance charges paid (net), less advances for dividends to non-controlling interests, plus dividends received from joint ventures. Equity Free Cash Flow after Leases (EFCFaL) is EFCF, less lease principal repayments. Operating Profit After Tax displays the profit generated from the operations of the company after statutory taxes. Return on Invested Capital (ROIC) is used to assess the Group's efficiency at allocating the capital under its control to and is defined as Operating Profit After Tax, including Guatemala and Honduras as if fully consolidated, divided by the average invested Capital during the period. Average Invested Capital is the capital invested in the company operation throughout the year and is calculated with the average of opening and closing balances of the total assets minus current liabilities (excluding debt, joint ventures, accrued interests, deferred and current tax, cash as well as investments and non-controlling interests), less assets and liabilities held for sale. Underlying measures, such as Underlying service revenue, Underlying EBITDA, Underlying equity free cash flow, Underlying net debt, Underlying leverage, etc., include Guatemala and Honduras, as if fully consolidated. Average Revenue per User per Month (ARPU) for our Mobile customers is (X) the total mobile and mobile financial services revenue (excluding revenue earned from tower rentals, call center, data and mobile virtual network operator, visitor roaming, national third parties roaming and mobile telephone equipment sales revenue) for the period, divided by (y) the average number of mobile subscribers for the period, divided by (z) the number of months in the period. We define ARPU for our Home customers in our Latin America segment as (x) the total Home revenue (excluding equipment sales, TV advertising and equipment rental) for the period, divided by (y) the average number of customer relationships for the period, divided by (z) the number of months in the period. ARPU is not subject to a standard industry definition and our definition of ARPU may be different to other industry participants. Please refer to our Annual Report for a complete list and descriptions of non-IFRS measures. 3#4Transaction highlights Acquiring remaining 45% in Tigo Guatemala for $2.2b in cash Accretive to EFCF and net income - adds ~$200m to 2021 EFCF 1,2 Financing through long-term debt and equity rights offering Leverage expected at 3.1x, maintaining deleveraging targets Attractive valuation 1) Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/investors/reporting-center. 2) EFCF is after leases and before incremental financing costs based on 2021 forecasts. 4#5ticô Transaction rationale Accretive acquisition enhances cash flow and simplifies structure Fully aligned with our strategy Accretive minority acquisitions is a proprietary opportunity | 2 Highly accretive from day 1 Incremental EFCF1,2 of c. $200m 3 Growth track record... in dollars 7% OCF USD CAGR since 2016 4 Simplification of structure Millicom to fully consolidate Tigo Guatemala under IFRS 5 Leader in 2-player market Leading share in healthy under-penetrated telecom market 6 Strong Guatemala macro Stable FX increases Millicom cash flow predictability 7 Attractive valuation² 8 Maintaining leverage targets 8.2x EV/OCF | 10.4x EFCF | 6.2x EV/EBITDA Leverage expected to be at 3.1x and continue its decline 1) Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/in ves to rs/reporting-center. 2) EFCF is after leases and before incremental financing costs based on 2021 forecasts 5#61 Fully aligned with our strategy ticô We have communicated our interest to continue allocating capital to our Latam markets MILLICOM THE DIGITAL LIFESTYLE Organic growth & free cash flow generation Capital allocation discipline Acquiring minorities in an accretive way - proprietary opportunity Committed to a maintaining healthy balance sheet > > 6#71) 2) 2 Highly accretive from day 1 Tigo Guatemala expected to grow strongly in 20211 $1.6bn Revenue Up 6% year-on-year $850 EBITDA² EBITDA margin of 53% Up 9% year-on-year $650m OCF2 OCF margin of 41% Up 9% year-on-year $450m EFCF2 $350m Net income EFCF¹ margin of 28% Up 32% year-on-year Up 25% year-on-year Incremental EFCF² to Millicom of ~$200m Tigo Guatemala financial targets for the full year 2021 based on year-to-date performance and assuming an average exchange rate of 7.75. Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/investors/reporting-center. EFCF presented after leases and before incremental financing costs. ticô 7#8(m) 3 Growth track record... in dollars Mobile Customers Home Customers ('000s) ($bn) Revenue +5% +17% 11.4 485 519 606 10.9 10.8 10.4 361 9.5 1.3 1.3 323 ticô +4% 1.6 1.4 1.4 1.5 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2021F EBITDA¹ OCF1 ($m) ($m) +6% 850 631 663 689 748 778 +7% 575 597 650 465 493 527 ☐ Net income ($m) +13% 350 277 229 240 264 194 2016 2017 2018 2019 2020 2021F 2016 49% 50% 50% 52% 52% 53% 36% 37% 2017 2018 2019 38% 2020 2021F 40% 40% 41% 2016 15% 17% 2017 2018 2019 2020 17% 19% 2021F 18% 22% 1) Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available atm illicom.com/investors/reporting-center. % CAGR XX% % Revenue (xx% 8#93 Sustained strong growth through the pandemic ticô Customer base expansion Tigo Guatemala mobile customers (m) and home customer relationships (000) Growing service revenue Tigo Guatemala service revenue¹ ($m) and YoY Growth (%) Mobile Home 12 670 11 519 +7% +29% +9% 343 304 314 Q3 19 Q3 20 Q3 21 Q4 19 Q3 21 Q4 19 Q3 21 Accelerating EBITDA Tigo Guatemala EBITDA¹ ($m) and YoY Growth (%) Margin (%) +12% 214 186 191 Q3 19 Q3 20 Q3 21 52% 50% 54% Increasing OCF Tigo Guatemala OCF¹ ($m) and YoY Growth (%) 1) Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available atm illicom.com/investors/reporting-center. +9% 164 151 142 Q3 19 Q3 20 Q3 21 6#104 Simplification of structure The proforma impact on our reported 2020A results is significant Revenue EBITDA¹ OCF1 ticô ($m) ($m) ($m) +36% +52% +80% 5,661 2,270 1,342 1,490 4,171 775 1,495 595 747 Reported Tigo Guatemala² Proforma Reported 35.8% Tigo Guatemala² +4.3p.p. Proforma 40.1% Net Income ($m) ($m) Reported 17.9% Tigo Guatemala² +5.8p.p. Proforma |--23.7% Equity Free Cash Flow¹ -254 56 119 -373 Reported Tigo Guatemala² Proforma 322 378 Reported Tigo Guatemala² Proforma 1) Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available atm illicom.com/investors/reporting-center. 2) Including consolidation adjustments. Equity Free Cash Flow is after leases and does not include Guatemala dividend payments to non-controlling interests thatwould not occur if 100% owned by Millicom. 10 % Revenue XX%#11Others 5 Leader in underpenetrated 2-player market ticô Convergent offering in a 2-player market with significant growth runway Mobile market share¹ ticô Broadband market share¹ ticô Pay TV market share¹ ticô 37% #1 1 As of September 2021 64% 11.6m subs 40% 4G data user penetration 42% 37% #1 #2 567k 392k subs subs 58% 63% ررد 15% Broadband penetration 888 4G data user penetration as calculated by Millicom of total mobile users. Broadband and Pay TV penetration as a percentage of total households 15% Pay TV penetration 11#126 Strong Guatemala macro One of the least impacted economies during COVID showing resiliency Guatemala real GDP growth (% y-o-y) Remittances are soaring Remittances ($m) ticô 15.1% +37% 11,340 | 10,508 11,008 2020 (3.4%) | (4.1%) (8.3%) 7.2% LatAm & CAC (7.0%) 4.5% 3.1% 3.3% 3.9% (1.5%) 2017 2018 8,061 2019 2020 2021E 1Q21 2Q21 2019 2020 9M20 9M21 Stable currency for 20 years 20-year FX performance rebased to November 8, 2001 (%) 20-yr ago Current 300% Guatemala Quetzal/USD Euro/USD 8.06 7.73 1.12 0.86 250% Mexican Peso/USD 9.21 20.34 Brazilian Real/USD 2.55 5.55 200% Swedish Krona/USD 10.53 8.57 150% 100% 50% 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Factset as of November 8, 2021; Central Bank of Guatemala; IMF; Oxford Economics Appreciation ()/Depreciation (↑) 120.9% 117.6% (4.1%) (18.6%) (23.0%) Guatemala Quetzal 4% appreciation and most stable currency over the past decade 2015 2016 2017 2018 2019 2020 2021 12#137 Attractive valuation EV / OCF1 11.4x 11.0x 10.7x 8.9x 13.7x 10.7x 16.3x omérico movil entel vivo verizon AT&T Teacher Telekom LIBERTY Latin America US 13.7x 11.5x 9.0x 15.7x 15.0x 11.0x ticô 8.2x Telefonica 0 TELE2 Telia telenor orange vodafone Western Europe Nordics Acquisition of remaining 45% in Tigo Guatemala + Infrastructure Assets 100% ownership of ~4,400 towers, two tier 3 data centers, and +21,000 km of fiber 1) Bloomberg consensus figures as of October 27 2021. Based on 2021 forecasts. 13#148 Maintaining leverage targets ticô Capital structure to balance shareholder return and continued deleveraging $2.2bn Purchase price Bridge financing provided by group of leading international banks to be refinanced by debt and equity. Net financial obligations¹ As of Sep-21 ($m) $1.5bn Debt Majority expected to be raised at Tigo Guatemala LTM EBITDA¹ As of Sep-21 ($m) $750m Equity Up to $750m of new equity via expected rights offering in Q1 2022 3.1x Leverage Pro-forma leverage, after planned equity offering Net financial obligations / EBITDA¹ As of Sep-21 856 2,405 (x) 5,496 420 2,200 7,366 (750) 1,549 3.5x 3.1x (0.5x) Net debt (+) 100% Tigo (+) Guatemala Acquisition net debt debt (-) Equity offering PF EBITDA net debt (+) 100% Tigo Guatemala EBITDA PF EBITDA Leverage 2.8x (-) Change in leverage Proportionate +30 bp PF net leverage 3.1x 1) Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available atm illicom.com/investors/reporting-center. 14#15Wrap up Compelling investment ticô Sound financing structure Advances our strategy Proprietary opportunity Attractive valuation Leader in 2-player market Growth track record in dollars Stable FX and growing economy Highly accretive from day 1 + Continue deleveraging trend • Accretion to benefit current shareholders via rights offering Leverage back below 3.0x within 12 months ~$200m Incremental EFCF1 2021F ~$750m Expected rights offering 1) Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearestequivalent IFRS measures is available at millicom.com/investors/reporting-center. EFCF is after leases and excludes incremental financing costs and is based on 2021 forecasts. 15#16tigô GO Tigo Investment Highlights#17Tigo in Latin America LTM Service Revenue¹ tic SO Guatemala El Salvador Costa Rica 80% 4G population coverage +20.3m 4G clients +12.2m HFC homes passed +4.0m HFC homes connected Honduras Nicaragua Panama * Colombia 1) Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at m illicom.com/investors/reporting-center. Bolivia $5.7b Mobile Fixed LTM EBITDA¹ $2.5b Paraguay Guatemala Colombia Panama Honduras Bolivia Paraguay El Salvador Nicaragua Costa Rica 17#18Costa Rica Colombia Panama Paraguay Bolivia Nicaragua Honduras Sources 4G data users, Millicom. Broadband and PayTV, Global Data and Millicom analysis. Banking penetration: World Bank El Salvador Guatemala Pay TV As % of total households Bolivia 50% Guatemala 18 Nicaragua El Salvador Ø 46% Latin American markets are under penetrated 4G Data Users As % of total mobile Users Broadband As a % of total households ticô Costa Rica Banking As % of population over 15 years Ø 46% Colombia Panama El Salvador Bolivia Nicaragua Paraguay Guatemala Honduras 50%#19Leading market positions with growing customer base Mobile Customers Latam ('000) Guatemala Mobile #1 BBI #1 Pay TV #2 El Salvador⭑ Mobile #1 BBI #2 Honduras Mobile #1 BBI #1 Pay TV #1 Pay TV #2 Costa Rica BBI #3 Pay TV #2 Nicaragua Mobile #1 BBI #3 Pay TV #3 Panama Mobile #1 BBI #1 Pay TV #1 Bolivia Mobile #2 BBI #1 Pay TV #1 33,141 33,691 43,901 41,734 39,846 2017 2018 2019 2020 Q3 21 Colombia Mobile #3 BBI #2 Pay TV #2 Home Customer Relationships HFC, Latam ('000) Paraguay Mobilė #1 BBI #1 Pay TV #1 2,329 4,086 3,733 3,456 3,105 2017 2018 2019 2020 Q3 21 19#20Steady growth and healthy cash flow generation Service Revenue¹ Latam ($m) ☐ Guatemala EBITDA¹ Latam ($m) ticô O Margin (%) 5,514 5,652 ☐ Guatemala 5,377 2,418 2,515 4,959 5,069 2,360 2,022 2,072 663 689 748 | 778 | 856 1,182 1,200 1,234 1,273 1,354 2017 2018 2019 2017 2018 2019 2020 LTM Q3 21 38.0% 37.8% 40.5% 2020 40.4% LTM Q3 21 40.8% Capex to sales Latam (%) 17.4% 17.0% 16.8% 16.1% OCF1 Latam ($m) Margin (%) ☐ Guatemala 17.1% 1,416 1,418 1,463 1,116 1,119 2017 2018 2019 2020 LTM Q3 21 1) Non-IFRS measure. Please refer to the non-IFRS disclosures in this presentation for a description of non-IFRS measures. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available atm illicom.com/investors/reporting-center. 655 | 493 | 527 575 597 2017 2018 21.0% 20.4% 2019 23.7% 2020 24.3% LTM Q3 21 23.8% 20#21Our value creation strategy Environment Sangre Tigo Sangre Organic Growth . Network-centric ~10% OCF growth Our Purpose We build Capital Allocation . Digital Highways That connect people, improve lives and develop our communities Healthy balance sheet Shareholder remuneration Inorganic growth Proprietary minority opportunities Social New Ventures • • Tigo Money Infrastructure Sangre Tigo Governance ticô 21#22Our purpose is at the center of our ESG efforts Environment Top priorities: carbon footprint and e-waste. We are defining emissions reduction targets All our operations are ISO 14,001 certified. Reverse Logistics CPE Recovery 2.8 M devices redeployed in 2020 (64% E2E recovery) $109m avoided capex ~1,700 Tn CO₂eq avoided emissions 2024 Target: 76% E2E recovery. Social Focusing on reducing the digital gap Flagship Digital Education Programs Maestr@s Conectad@s: trains teachers in the region on how to use digital tools to provide online classes Conectate Segur@: promotes the responsible and productive use of the internet amongst children and adolescents through trainings and workshops Conectadas: trainings on basic use of the internet and its use for small business for women entrepreneurs ticô Governance US, Swedish, Luxembourg governance standards Independent board of Directors Millicom is 100% free float Single class of stock Alignment of management compensation. Stock-based compensation aligned with company objectives SUSTAINABILITY ACCOUNTING CDP TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES SASB STANDARDS BOARD CLEAN ENERGY ANDINILL-BEING JON ALITY ANDGAMEMN IGER MENTORKAND PESTRY NATION CTURE 16 ADMITRY RESPOHURIT CONC APPROACTION SUSTAINABLE DEVELOPMENT PEARE GOALS 13 14 15LAND SUSTAINABLE DEVELOPMENT GOALS#23ticô GO 23