Investor Presentaiton

ticô 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

View entire presentation