<SEC-DOCUMENT>0000950103-19-014135.txt : 20191023
<SEC-HEADER>0000950103-19-014135.hdr.sgml : 20191023
<ACCEPTANCE-DATETIME>20191023172846
ACCESSION NUMBER:		0000950103-19-014135
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20191023
DATE AS OF CHANGE:		20191023
EFFECTIVENESS DATE:		20191023

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILLICOM INTERNATIONAL CELLULAR SA
		CENTRAL INDEX KEY:			0000912958
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO TELEPHONE COMMUNICATIONS [4812]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-234307
		FILM NUMBER:		191164469

	BUSINESS ADDRESS:	
		STREET 1:		2, RUE DU FORT
		CITY:			BOURBON
		STATE:			N4
		ZIP:			L-1249
		BUSINESS PHONE:		3524571451

	MAIL ADDRESS:	
		STREET 1:		2, RUE DU FORT
		CITY:			BOURBON
		STATE:			N4
		ZIP:			L-1249
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>dp114576_s8.htm
<DESCRIPTION>FORM S-8
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on October 23, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right; border-bottom: Black 4.5pt double; padding-bottom: 5pt"><B>Registration
No. 333-______</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549&nbsp;</P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM S-8</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MILLICOM INTERNATIONAL CELLULAR S.A.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center"><B>Grand Duchy of Luxembourg</B></TD>
    <TD STYLE="width: 33%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="background-color: aqua"><B>98-0390444</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of<BR>
Incorporation or Organization)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer<BR>
Identification Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>2, Rue du Fort Bourbon,<BR>
L-1249 Luxembourg<BR>
Grand Duchy of Luxembourg<BR>
+352-277-59094</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;(Address
                                         of Principal Executive Offices, Including Zip Code)</FONT></P></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center"><B>Millicom International Cellular S.A. Long-Term Incentive Performance Share and <BR>
Deferred Short-Term Incentive Share Program</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">(Full title of the plan)</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

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    <TD STYLE="width: 100%; text-align: center"><B>CT Corporation System<BR>
28 Liberty Street<BR>
New York, NY 10005<BR>
+1 212-894-8800</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">(Name, address and telephone number, including area code, of agent
    for service)</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>

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    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><B><I>With a copy to:</I></B></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><B>John Meade<BR>
Davis Polk &amp; Wardwell LLP<BR>
450 Lexington Avenue<BR>
New York, NY 10017<BR>
(212) 450-4000</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in">Large accelerated filer &nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 50%; text-indent: 0in">Accelerated filer &nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">Non-accelerated filer&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT> &nbsp;(Do not check if a smaller reporting company)</TD>
    <TD STYLE="text-indent: 0in">Smaller reporting company &nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold">Title Of Each Class<BR>
Of Securities To Be Registered</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold">Amount To Be Registered(1)</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold">Proposed Maximum Offering Price Per Unit</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold">Proposed Maximum Aggregate Offering Price(1)</TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Amount Of<BR>
Registration Fee(2)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double">Common Shares (par value $1.50 per share) to be issued in connection with the Long-Term Incentive Performance Share and Deferred Short-Term Incentive Program&#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right">5,000,000</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double">$&#9;48.51</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double">$&#9;242,525,000</TD>
    <TD STYLE="border-bottom: Black 1.5pt double">$&#9;31,479.75</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Pursuant to Rule 416(a) promulgated under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration
Statement shall also cover any Common Share, nominal value $1.50 per share (&ldquo;Common Shares&rdquo;), of Millicom International
Cellular S.A. that become issuable under the plans covered by the Millicom International Cellular S.A. Long-Term Incentive Performance
Share and Deferred Short-Term Incentive Share Program (the &ldquo;Program&rdquo;) by reason of any share dividend, share split,
recapitalization or other similar transaction effected without receipt of consideration that increases the number of outstanding
Common Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Estimated in accordance with Rules 457(c) and 457(h) of the Securities Act, solely for the purpose of calculating the registration
fee, based on the average of the high and low sales prices per Common Share as reported on the Nasdaq Stock Market on October 17,
2019.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INTRODUCTORY STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Registration Statement on Form S-8
(the &ldquo;Registration Statement&rdquo;) is prepared to register the issuance of a maximum number of 5,000,000 shares of common
stock of Millicom International Cellular, S.A., a public limited company incorporated under the laws of the Grand Duchy of Luxembourg
(the &ldquo;Registrant&rdquo;) that are reserved for issuance upon the settlement of performance-based awards that have been issued
under the Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information specified in Item 1 and
Item 2 of Part I of Form S-8 is omitted from this filing with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
in accordance with the provisions of Rule 428 under the Securities Act and the introductory note to Part I of the Form S-8 instructions.
The documents containing the information specified in Part I will be delivered to the participants in the Program as required by
Rule 428(b)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II<BR>
<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3. Incorporation of Documents by Reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following documents, which have been
filed by Registrant with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), are incorporated by reference in, and shall be deemed to be
a part of, this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrant&rsquo;s
Annual Report on Form 20-F for the fiscal year ended December 31, 2018, filed with the Commission on February 28, 2019, as amended
on April 15, 2019;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the Registrant&rsquo;s
Annual Report on Form 20-F referred to in clause (a) above; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Registrant&rsquo;s common shares, par value $ 1.50 per share, which is contained in the Registrant&rsquo;s Form
20-F (File No. 001-38763), filed with the Commission on December 13, 2018, including any amendment or report for the purpose of
updating such description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents filed by Registrant pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing
of a post-effective amendment that indicates that all securities offered hereby have been sold or which deregisters all securities
then remaining unsold, are incorporated by reference in this Registration Statement and are a part hereof from the date of filing
of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report
furnished under current Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4. Description of Securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable. See the description of
the Registrant&rsquo;s common shares contained in the Registration Statement on Form 20-F (File No. 001-38763), filed with the
Commission on December 13, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5. Interests of Named Experts and Counsel.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of Directors and Officers.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the provisions of Luxembourg
law, Registrant may not indemnify a director or officer for criminal liability, gross negligence, fraud, willful misconduct, or
an intentional breach of his or her statutory duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Registrant shall indemnify any director
or officer and his or her heirs, executors and administrators for any damages, compensation and costs to be paid by him or her
and any expenses reasonably incurred by him or her as a consequence of, or in connection with any action, suit or proceeding to
which he or she may be a party by reason of him or her being or having been a director or officer of Registrant, or, at the request
of Registrant, of any other company of which Registrant is a shareholder or creditor, except in relation to matters as to which
he or she shall be finally judged in such action, suit or proceeding to be liable for gross negligence or willful misconduct; in
the event of a settlement, indemnification shall be provided only in connection with such matters covered by the settlement as
to which Registrant is advised by its legal counsel that the person to be indemnified did not commit such breach of duty. The foregoing
right of indemnification shall not exclude other rights to which he or she may be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The indemnification by Registrant
shall include the right of Registrant to pay or reimburse a defendant&rsquo;s reasonable legal costs before any proceeding or
investigation against the defendant which has resulted in a final judgment, settlement or conclusion, provided that
Registrant&rsquo;s directors shall have determined in good faith that the defendant&rsquo;s actions did not constitute
willful and deliberate violations of the Luxembourg law of 10 August 1915 on commercial companies, as amended, and shall have
obtained the relevant legal advice to that effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Exemption from Registration Claimed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; border-bottom: Black 0.5pt solid"><B>Exhibit <BR>
Number</B></P></TD>
    <TD STYLE="width: 91%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/912958/000114420418064439/tv508661_ex1-1.htm" STYLE="color: Blue">4.1</A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/912958/000114420418064439/tv508661_ex1-1.htm" STYLE="color: Blue">Consolidated Articles of Association of Millicom International Cellular S.A. (incorporated herein by reference to Exhibit 1.1 to Registrant&rsquo;s Registration Statement on Form 20-F (File No. 001-38763) filed with the SEC on December 13, 2018)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="dp114576_ex0501.htm" STYLE="color: Blue">5.1</A></TD>
    <TD><A HREF="dp114576_ex0501.htm" STYLE="color: Blue">Opinion of Hogan Lovells (Luxembourg) LLP, counsel for Registrant, as to the legality of the securities being registered (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="dp114576_ex2301.htm">23.1</A></TD>
    <TD><A HREF="dp114576_ex2301.htm">Consent of Independent Registered Public Accounting Firm (Luxembourg) (filed
    herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="dp114576_ex2302.htm">23.2</A></TD>
    <TD><A HREF="dp114576_ex2302.htm">Consent of Independent Auditors (Guatemala City) (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="dp114576_ex0501.htm">23.3</A></TD>
    <TD><A HREF="dp114576_ex0501.htm">Consent of Hogan Lovells (Luxembourg) LLP, counsel for Registrant (included in Exhibit 5.1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#poa" STYLE="color: Blue">24</A></TD>
    <TD><A HREF="#poa" STYLE="color: Blue">Powers of Attorney (included in signature pages hereof)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="dp114576_ex9901.htm" STYLE="color: Blue">99.1</A></TD>
    <TD><A HREF="dp114576_ex9901.htm" STYLE="color: Blue">The Millicom International Cellular S.A. Long-Term Incentive Performance Share and Deferred Short-Term Incentive Share Program (filed herewith)</A></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. Undertakings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in this registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the Program not previously disclosed in this Registration Statement or any material
change to such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>provided</I>, <I>however</I>, that paragraphs
(a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in periodic reports filed with or furnished to the Commission by Registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each
filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of Registrant pursuant to the provisions referenced in Item 6 of this Registration Statement, or otherwise, Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by Registrant of expenses incurred or paid by a director, officer, or controlling person of Registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered hereunder, Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act, Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
Grand Duchy of Luxembourg, on the 23<SUP>rd</SUP> day of October, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>MILLICOM INTERNATIONAL CELLULAR S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Mauricio Ramos</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 15%">Name:</TD>
    <TD STYLE="width: 77%">Mauricio Ramos</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>U.S.-based agent of service</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Salvador Escalon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 15%">Name:</TD>
    <TD STYLE="width: 77%">Salvador Escalon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Representative in the United States</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="poa"></A>POWER OF ATTORNEY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">KNOW ALL PERSONS BY THESE PRESENT, that
each person whose signature appears below, constitutes and appoints Mauricio Ramos, Tim Pennington and Salvador Escalon, and each
of them, our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to do any and all
acts and things and execute, in the name of the undersigned, any and all instruments which said attorneys-in-fact and agents may
deem necessary or advisable in order to enable Millicom International Cellular S.A. to comply with the Securities Act of 1933,
as amended, and any requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing with
the Securities and Exchange Commission of one or more registration statements on Form S-8 under the Securities Act of 1933, as
amended, including, specifically, but without limitation, power and authority to sign the name of the undersigned to any such registration
statement, and any amendments to any such registration statement (including post-effective amendments), and to file the same with
all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, to sign any and
all applications, registration statements, notices or other documents necessary or advisable to comply with applicable state securities
laws, and to file the same, together with other documents in connection therewith with the appropriate state securities authorities,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and to perform each and every
act and thing requisite or necessary to be done in and about the premises, as fully and to all intents and purposes as the undersigned
might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, and any of them, or their
substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates
indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; text-align: center; font-weight: bold"><U>Signature</U></TD>
    <TD STYLE="width: 50%; text-align: center; font-weight: bold"><U>Title</U></TD>
    <TD STYLE="width: 23%; text-align: center; font-weight: bold"><U>Date</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mauricio Ramos</TD>
    <TD STYLE="text-align: center">President and Chief Executive Officer and Director<BR>
(principal executive officer)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Mauricio Ramos</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Tim Pennington</TD>
    <TD STYLE="text-align: center">Senior Executive Vice President and Chief Financial Officer<BR>
(principal financial officer and principal accounting officer)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Tim Pennington</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jos&eacute; Antonio R&iacute;os Garc&iacute;a</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Jos&eacute; Antonio R&iacute;os Garc&iacute;a</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Pernille Erenbjerg</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Pernille Erenbjerg</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Odilon Almeida</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Odilon Almeida</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Janet Davidson</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Janet Davidson</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Tomas Eliasson</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Tomas Eliasson</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mercedes Johnson</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Mercedes Johnson</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 27%">/s/ Lars-&Aring;ke Norling</TD>
    <TD STYLE="text-align: center; width: 50%">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 23%">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Lars-&Aring;ke Norling</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ James Thompson</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">James Thompson</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Salvador Escalon</TD>
    <TD STYLE="text-align: center">Authorized Representative in the United States</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">October 23, 2019</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">Salvador Escalon</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>dp114576_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 5.1</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 61%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 39%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">Hogan Lovells
        (Luxembourg) LLP</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">52, Boulevard
        Marcel Cahen</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">L-1311 Luxembourg</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">Grand Duchy
        of Luxembourg</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">T +352 26
        4 26 0</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">F +352 26
        4 26 999</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">www.hoganlovells.com</FONT></P></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">23 October 2019</FONT></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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    <TD STYLE="width: 61%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Millicom
        International Cellular S.A.</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">2, rue
        du Fort Bourbon</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">L-1249
        Luxembourg</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Grand
        Duchy of Luxembourg</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">(the
        &quot;<B>Addressee</B>&quot;)</FONT></P></TD>
    <TD STYLE="width: 39%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">Pierre Reuter</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">Office Managing
        Partner</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">pierre.reuter@hoganlovells.com</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">D +35226426201</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">Our ref&#9;&nbsp;&nbsp;202248</FONT></P></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Dear Sirs,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have acted
as Luxembourg legal advisers to Millicom International Cellular S.A., a public limited liability company (<I>soci&eacute;t&eacute;
anonyme</I>) incorporated in the Grand Duchy of Luxembourg, having its registered office at 2, rue du Fort Bourbon, L-1249 Luxembourg,
Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies' Register (the &quot;<B>Companies' Register</B>&quot;)
under number B40630&nbsp;(the &quot;<B>Company</B>&quot;), in connection with the Company&rsquo;s Registration Statement on Form
S-8 (the &quot;<B>Registration Statement</B>&quot;) being filed on or around the date hereof with the Securities and Exchange
Commission under the Securities Act of 1933, as amended, relating to the offer by the Company of up to 5,000,000 of the 101,739,217
existing common shares of the Company, having a par value of one United States dollar and fifty cents (USD 1.50), to the Company's
eligible employees under and in accordance with the terms and conditions of the Company's long-term incentive performance share
program and deferred short-term incentive share program (together, the &quot;<B>Program</B>&quot;), which are to be allotted upon
settlement of performance based awards under the Plans (as defined in the Registration Statement) adopted under the Program (the
&quot;<B>Shares</B>&quot;).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Documents
Examined</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">For
                                         the purpose of giving this opinion, we have examined:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.5pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         following opinion document:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.85pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Registration Statement; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         following corporate documents (the &quot;<B>Corporate Documents</B>&quot;):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.85pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                         electronic copy of the consolidated articles of association (<I>statuts coordonn&eacute;s</I>)
                                         of the Company dated 7 January 2019 (the &quot;<B>Articles</B>&quot;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.85pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                         electronic copy of an excerpt from the Companies' Register dated 23 October 2019 pertaining
                                         to the Company (the &quot;<B>Excerpt</B>&quot;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">Hogan Lovells
(Luxembourg)&nbsp;LLP is a limited liability partnership registered in England and Wales with registered number OC350977. Registered
office: Atlantic House, Holborn Viaduct, London EC1A&nbsp;2FG. Hogan Lovells (Luxembourg)&nbsp;LLP is registered with the Luxembourg
bar. Hogan Lovells (Luxembourg)&nbsp;LLP is an affiliated business of Hogan Lovells International LLP, a limited liability partnership
registered in England and Wales.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&quot;Hogan
Lovells&quot; is an international legal practice that includes Hogan Lovells International LLP and Hogan Lovells US&nbsp;LLP and
their affiliated businesses, with offices in: Alicante Amsterdam Baltimore Beijing Birmingham Boston Brussels Colorado&nbsp;Springs
Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho&nbsp;Chi&nbsp;Minh&nbsp;City Hong&nbsp;Kong Houston Johannesburg London Los&nbsp;Angeles
Luxembourg Madrid Mexico&nbsp;City Miami Milan Minneapolis Monterrey Moscow Munich New&nbsp;York Northern&nbsp;Virginia Paris
Perth Philadelphia Rome San&nbsp;Francisco S&atilde;o&nbsp;Paulo Shanghai Silicon&nbsp;Valley Singapore Sydney Tokyo Warsaw Washington,&nbsp;D.C.
Associated&nbsp;Offices: Budapest Jakarta Riyadh Shanghai&nbsp;FTZ Ulaanbaatar Zagreb. Business Services Centers: Johannesburg
Louisville. Legal Services Center: Berlin.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">The word &quot;partner&quot;
is used to describe a partner or member of Hogan Lovells International LLP, Hogan Lovells US&nbsp;LLP or any of their affiliated
entities or any employee or consultant with equivalent standing. Certain individuals, who are designated as partners, but who
are not members of Hogan Lovells International LLP, do not hold qualifications equivalent to members. For more information about
Hogan Lovells, the partners and their qualifications, see www.hoganlovells.com.</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.85pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                         electronic copy of a certificate issued by the Companies' Register certifying that as
                                         of 22 October 2019 no judicial decision has been registered in the Companies' Register
                                         as per article 13, items 2 to 12, and article 14 of the law of 19&nbsp;December&nbsp;2002,
                                         as amended, regarding the Companies' Register, as well as the accounting and the annual
                                         accounts of companies, according to which any of the judicial procedures referred to
                                         in said articles (including bankruptcy (<I>faillite</I>), controlled management (<I>gestion
                                         contr&ocirc;l&eacute;e</I>), composition with creditors (<I>concordat pr&eacute;ventif
                                         de la faillite</I>) and reprieve from payment (<I>sursis de paiement</I>) would be applicable
                                         to the Company (the &quot;<B>Non-bankruptcy Certificate</B>&quot;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.85pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         confirmation certificate issued by the Company with respect to certain factual matters,
                                         dated 5 May 2019 (the &quot;<B>Confirmation Letter</B>&quot;); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.85pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         copy of the shareholder register of the Company, as annexed to the Confirmation Letter,
                                         evidencing that a total of 101,739,217 common shares of the Company have been issued
                                         (the &quot;<B>Shareholder Register</B>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                         giving this opinion, we have relied, without further enquiry, on our examination of the
                                         Registration Statement and the Corporate Documents as set forth above. We have not examined
                                         any other documents or records nor made any enquiries or searches. We have not been involved
                                         in drafting, structuring or negotiating the Registration Statement. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Save
for the examination of the Registration Statement and the Corporate Documents, we have not conducted any due diligence of any
nature with regard to any party (including the Company).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">Except
for those matters of Luxembourg law which are specifically addressed in this opinion, we express no opinion or view on the Registration
Statement or the transaction contemplated by it, including (without limitation) whether the Registration Statement and the transaction
contemplated by it is effective to achieve commercial, accounting, tax and/or other objectives.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Scope
of Opinion</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         opinion is given only with respect to Luxembourg law in force at the date hereof. No
                                         opinion is expressed or implied as to the laws of any other territory, or as to matters
                                         of fact. We do not undertake to revise, update or amend this opinion in connection with
                                         or to notify or inform you of, any developments and/or changes under Luxembourg law subsequent
                                         to the date hereof.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
opinion and all non-contractual obligations arising out of or in connection with this opinion shall be governed by and construed
in accordance with Luxembourg law and the competent Courts of Luxembourg-City shall have the exclusive jurisdiction thereon.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
this opinion Luxembourg legal concepts are expressed in English terms and not in their French or German terms and these concepts
may not be identical to the concepts described by the English terms as they exist under the laws of foreign jurisdictions. In
the event of a conflict or inconsistency between legal terms or concepts, the relevant expression shall be deemed to refer exclusively
to Luxembourg legal concepts and we accept no liability for such conflict or inconsistency.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
opinion is strictly limited to the matters expressly set forth in Section 6 below. Unless otherwise specifically stated herein,
we do not express any opinion on (i) public international law or on the rules promulgated under or by any treaty or treaty organisation,
except insofar as such rules are directly applicable in Luxembourg, (ii) any registration, duties required in connection with
the entry into the Registration Statement, (iii) tax matters or (iv) regulatory law, accounting law and/or as to the consequences
thereof. Our liability (including that of our partners or employees) in respect of this opinion letter is limited to the assets
of Hogan Lovells (Luxembourg) LLP (including insurances but excluding the private assets of partners or employees).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Benefit
of Opinion</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         opinion is addressed to the Addressee and consent is given for the filing of this opinion
                                         as an exhibit to the Registration Statement. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Assumptions</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         opinion is subject to the following assumptions:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All
                                         original documents relied on or referred to herein are authentic and complete and all
                                         signatures and seals thereon are genuine and the persons purported to have signed have
                                         in fact signed; all documents provided to us as photocopies, facsimile, transmitted copies
                                         or other copies (including those transmitted to us electronically or obtained from a
                                         website) conform to the original documents to which they relate and the above assumption
                                         regarding original documents and the signatures and seals thereon apply.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         directors and the authorised persons of the Company had the legal capacity (<I>capacit&eacute;
                                         l&eacute;gale</I>) when executing any acts in relation to the Registration Statement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Corporate Documents and the information therein are complete, accurate and up-to-date
                                         as of the date when the Registration Statement is filed as well as of the date hereof.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All
                                         representations made by the Company as to matters of fact in the Confirmation Letter
                                         were correct, complete and up-to-date of the date of the Confirmation Letter and are
                                         still correct, complete and up-to-date as of the date hereof.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There
                                         are no provisions of the laws of any jurisdiction other than Luxembourg that would adversely
                                         affect the opinions expressed in this legal opinion.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There
                                         have been no amendments to the Corporate Documents.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Shareholder Register is true, accurate and up to date.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         issuance of the Shares has been enacted by a Luxembourg public notary in accordance with
                                         Luxembourg law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company is not subject to bankruptcy (<I>faillite</I>), composition with creditors (<I>concordat
                                         pr&eacute;ventif de faillite</I>), controlled management (<I>gestion contr&ocirc;l&eacute;e</I>),
                                         suspension of payments (<I>sursis de paiement</I>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 34%; text-align: justify; font-size: 10pt">Millicom</TD><TD STYLE="width: 33%; text-align: center; font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right; font-size: 10pt">23 October 2019</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         place of central administration (<I>si&egrave;ge de l'administration centrale</I>), the
                                         place of effective management (<I>si&egrave;ge de direction effective</I>) and (for the
                                         purposes of the Council Regulation (EC) N&deg; 2015/848 of 20 May 2015 on insolvency
                                         proceedings, the &quot;<B>Insolvency Regulation</B>&quot;) the centre of main interest
                                         (<I>centre des int&eacute;r&ecirc;ts principaux</I>) of the Company are located at the
                                         place of its registered office (<I>si&egrave;ge statutaire</I>) in Luxembourg and the
                                         Company does not have any establishment (within the meaning of the Insolvency Regulation)
                                         outside Luxembourg.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All
                                         shareholders of the Company being in the same situation are being treated equally (including
                                         in relation to provision of information to shareholder by the Company).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         entry into, the filing and the performance of the offer under the Registration Statement
                                         is in the corporate interest of the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         requirements of any applicable law in respect of the offering and/or listing and admission
                                         to trading of the Shares of the Company on the actual date of the offering and/or listing
                                         and admission to trading have been, will be and will remain fulfilled.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">All
                                         formalities and requirements of the laws of any relevant state (other than Luxembourg),
                                         and of any regulatory authority therein, applicable to the execution, delivery and enforceability
                                         of the Registration Statement have been or will be duly complied with.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Opinion</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Based
                                         on the foregoing and subject to the qualifications set out below and to any matters not
                                         disclosed to us, we are of the following opinion:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Status,
                                         capacity</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Company is a company incorporated and existing under Luxembourg law as a <I>soci&eacute;t&eacute; anonyme</I>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Shares
                                         </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Shares have been validly issued, are fully paid up and non-assessable.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Qualifications</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         opinion is subject to the following qualifications:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our
                                         opinion as regards validity of the issuance of the Shares is subject to the limitations
                                         resulting from bankruptcy (<I>faillite</I>), insolvency, liquidation (<I>liquidation</I>),
                                         reprieve from payment (<I>sursis de paiement</I>), controlled management (<I>gestion
                                         contr&ocirc;l&eacute;e</I>), general settlement or composition with creditors (<I>concordat
                                         pr&eacute;ventif de faillite</I>), fraudulent conveyance (<I>actio pauliana</I>), reorganisation
                                         or similar Luxembourg or foreign laws and other laws of general application affecting
                                         creditors&rsquo; rights, including to the extent applicable, any pre-insolvency proceeding.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In
                                         this opinion &quot;non-assessable&quot; means, in relation to the Shares, that the holder
                                         of such shares will have no obligation to payments to the company or its creditors, other
                                         than the share purchase price and provided that the Shares are fully paid in. Such principle
                                         is reflected in article 410-1 (1) of the Luxembourg law of 10&nbsp;August&nbsp;1915,
                                         on commercial companies, as amended (the &quot;<B>Companies Act</B>&quot;) which indicates:
                                         &quot;a <I>soci&eacute;t&eacute; anonyme</I> is a company whose capital is divided into
                                         shares and which is formed of one or more persons who only contribute to a specific amount.
                                         (...).&quot;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 34%; text-align: justify; font-size: 10pt">Millicom</TD><TD STYLE="width: 33%; text-align: center; font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right; font-size: 10pt">23 October 2019</TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         information contained in the Corporate Documents does not constitute conclusive evidence
                                         of the facts reflected therein. The Corporate Documents of or with respect to the Company
                                         (including notably the notice of a bankruptcy or a dissolution resolution, notice of
                                         appointment of a liquidator, insolvency receiver or similar officer) may not be held
                                         immediately at the Companies' Register and there may be a delay in the relevant document
                                         to appear on the file of the Company with the Companies' Register.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We
                                         express no opinion as to the correctness or completeness, at all relevant times, of any
                                         warranty or representation given by the Company (expressly or impliedly) under or by
                                         virtue of the Registration Statement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We
                                         express no tax opinion whatsoever in respect of the Company or the tax consequences of
                                         the transactions contemplated by the Registration Statement. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We
                                         have not considered and do not opine on whether the Registration Statement complies with
                                         any public offering of securities and/or stock exchange listing and/or any securities
                                         laws disclosure requirements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We
                                         express no opinion on any applicable licensing or similar requirements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We
                                         express no opinion on the applicability of the Regulation (EU) No 648/2012 of the European
                                         Parliament and of the Council of 4 July 2012 on OTC Derivatives, central counterparties
                                         and trade repositories or any delegated or implanting regulations (together the &quot;<B>EMIR
                                         Regulations</B>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">7.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Article&nbsp;1200-1
                                         of the Companies Act provides that the Luxembourg district court (<I>Tribunal d'Arrondissement</I>)
                                         dealing with commercial matters, may, at the request of the public prosecutor (<I>Procureur
                                         d'Etat</I>), order the dissolution and the liquidation of any company governed by Luxembourg
                                         law which seriously contravenes the provisions of the Companies Act, the Luxembourg Commercial
                                         Code or any other law governing commercial companies (such as the obligations to file
                                         its annual accounts within the legally determined timeframe), the assessment of which
                                         is left to the discretion of the competent courts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Yours faithfully&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>HOGAN LOVELLS (LUXEMBOURG)
LLP</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">represented by</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">/s/ Pierre Reuter&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Pierre Reuter&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Office Managing Partner</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>dp114576_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 23.1</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Consent of Independent Registered Public Accounting Firm</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We consent to the incorporation by reference in the Registration
Statement on Form S-8 pertaining to the Long-Term Incentive Performance Share and Deferred Short-Term Incentive Share Programs
of Millicom International Cellular S.A. of our report dated February 28, 2019, with respect to the consolidated financial statements
of Millicom International Cellular S.A. included in its Form 20-F for the year ended December 31, 2018, filed with the Securities
and Exchange Commission.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/ Ernst &amp; Young</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Soci&eacute;t&eacute; anonyme</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cabinet de r&eacute;vision agr&eacute;&eacute;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Luxembourg</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">October 23, 2019</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>dp114576_ex2302.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 23.2</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Consent of Independent Auditors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We consent to the incorporation by reference in Millicom International
Cellular S.A.&rsquo;s Registration Statement (Form S-8) pertaining to the Long-Term Incentive Performance Share and Deferred Short-Term
Incentive Share Programs of Millicom International Cellular S.A. of our report dated March 15, 2019, with respect to the financial
statements of Comunicaciones Celulares, S.A. included in Millicom International Cellular S.A.&rsquo;s Form 20-F for the year ended
December 31, 2018, filed with the Securities and Exchange Commission on April 15, 2019.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/&nbsp;<FONT STYLE="color: #333333">Ernst &amp; Young, S.A.</FONT></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #333333">Guatemala City</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">October 23, 2019</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>dp114576_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MILLICOM INTERNATIONAL CELLULAR S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LONG-TERM INCENTIVE PERFORMANCE SHARE<BR>
AND<BR>
DEFERRED SHORT-TERM INCENTIVE SHARE<BR>
PROGRAM</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><I>The Program</I>. The Millicom International Cellular S.A. Long-Term Incentive Performance Share and Deferred Short-Term
Incentive Share Program (the &ldquo;<B>Program</B>&rdquo;) is an aggregate program made up of a series of Millicom International
Cellular S.A. Long-Term Incentive Performance Share Plans and Millicom International Cellular S.A. Deferred Short-Term Incentive
Share Plans (the &ldquo;<B>Plans</B>&rdquo;) that have been or will be adopted by Millicom International Cellular S.A. (the &ldquo;<B>Company</B>&rdquo;)
from time to time to allow for the granting of equity-based awards relating to shares of Common Stock (nominal value $1.50) of
the Company (&ldquo;Shares&rdquo;) to provide incentive compensation for eligible service providers of the Company and its subsidiaries
and affiliates. The purpose of this Program is to facilitate the registration of Shares for purposes of the Plans.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><I>The Plans</I>. The Plans comprising the Program have been and will be adopted from time to time by approval of the Compensation
Committee of the Board of Directors of the Company (the &ldquo;<B>Committee</B>&rdquo;). No Plan will be effective unless appropriately
approved in accordance with the governing rules applicable to the Company and any protocols established by the Committee. Schedule
1 of this Program includes a list of the Plans approved by the Committee and in place as of May 2019. Additional Plans will be
added to this Program as and when approved.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD><I>Stock. </I>Generally, the issuance of Shares under the Plans has been or will be presented for approval at an annual general
meeting of the Company&rsquo;s stockholders (the &ldquo;<B>Annual General Meeting</B>&rdquo;). The delivery of Shares pursuant
to awards under the Plans is subject to the stockholders&rsquo; approval at such Annual General Meeting. Subject to this approval,
authorized but unissued Shares will be available for delivery pursuant to awards under each Plan, pursuant to the terms and conditions
set forth in the relevant Plan and award document. The maximum number of Shares available under all of the Plans comprising this
Program shall not exceed 5,000,000 Shares. Shares shall be available, authorized and validly issued under this Program if such
Shares are: (1) issued pursuant to a Plan substantially similar to the Plans listed on Schedule 1 of this Program and attached
as exhibits to this Program as of May 2019 and (2) such Plan has been approved by or is subject to the approval of stockholders
of the Company at an Annual General Meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD><I>Eligibility</I>. Participants eligible to receive awards and Shares under a Plan have been or shall be selected by the Committee
(or its authorized designee) in accordance with the terms of the relevant Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD><I>Administration of the Program and Plans.</I> This Program is designed so as not to require any separate administration.
The administration of all things authorized under this Program shall be carried out through the administration of the constituent
Plans under the Program. Each Plan, and each award under each Plan, shall be administered in accordance with its terms.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD><I>Amendments and Termination</I>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><I>Program Amendments</I>: The Committee may amend or terminate this Program as it deems advisable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><I>Plan Amendments</I>: The Committee may amend or terminate any Plan, or any award under any Plan, in accordance with the
terms of such Plan or award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD><I>Applicable Law.</I> This Program shall be governed in all respects by the laws of the Grand Duchy of Luxembourg.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule 1<BR>
Plans in Place as of July 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Millicom International Cellular S.A. Long-Term Incentive
Performance Share Plans:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Rules of the Millicom International Cellular S.A. Performance Share Plan (attached as Exhibit A-1).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Rules of the 2017 Millicom International Cellular S.A. Performance Share Plan (attached as Exhibit A-2).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Rules of the 2018 Millicom International Cellular S.A. Long-Term Incentive Performance Share Plan (attached as Exhibit
A-3).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Rules of the 2019 Millicom International Cellular S.A. Long-Term Incentive Performance Share Plan (attached as Exhibit
A-4).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Millicom International Cellular S.A. Deferred Short-Term
Incentive Share Plans:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Rules of the Millicom International Cellular S.A. Deferred Short-Term Incentive Share Plan (attached as Exhibit B-1).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Rules of the Millicom International Cellular S.A. Deferred Short-Term Incentive Share Plan for the Performance Year 2017
(attached as Exhibit B-2).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Rules of the Millicom International Cellular S.A. Deferred Short-Term Incentive Share Plan for the Performance Year 2018
(attached as Exhibit B-3).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Rules of the Millicom International Cellular S.A. Deferred Short-Term Incentive Share Plan for the Performance Year 2019
(attached as Exhibit B-4).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit A-1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">The
Rules of the Millicom International Cellular S.A. Performance Share Plan</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULES</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE MILLICOM INTERNATIONAL CELLULAR
S.A.</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERFORMANCE SHARE PLAN</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Approved
by the Compensation Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(upon
delegation by the Board of Directors)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">17 May
2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">1&nbsp;&nbsp;&nbsp;Interpretation</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">2&nbsp;&nbsp;&nbsp;Grants under the Performance Share Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">3&nbsp;&nbsp;&nbsp;Performance Conditions Applicable to Performance Shares Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">4&nbsp;&nbsp;&nbsp;Vesting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">5&nbsp;&nbsp;&nbsp;Cessation of Employment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">6&nbsp;&nbsp;&nbsp;Corporate Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">7&nbsp;&nbsp;&nbsp;Lapse of Award</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">8&nbsp;&nbsp;&nbsp;Variation of Share Capital</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">9&nbsp;&nbsp;&nbsp;Share Capital Limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">10&nbsp;&nbsp;&nbsp;Shares Issued Under Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">11&nbsp;&nbsp;&nbsp;Tax and Social Security Withholding</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">12&nbsp;&nbsp;&nbsp;Contractual Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">13&nbsp;&nbsp;&nbsp;Administration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">14&nbsp;&nbsp;&nbsp;Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">15&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">16&nbsp;&nbsp;&nbsp;Governing Law and Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attached Schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">First Schedule: The Performance Conditions for Performance Share Awards</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Second Schedule: The Target Grant Size Percentages for Performance Share Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">14</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">RULES OF THE MILLICOM INTERNATIONAL CELLULAR S.A. PERFORMANCE
SHARE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1</TD><TD><FONT STYLE="text-transform: uppercase">Interpretation</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD>Definitions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless the context otherwise requires, the following
words and expressions have the meanings indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Annual Base Salary</B></TD>
    <TD STYLE="width: 65%">the annual gross or net, depending on the contractual terms, guaranteed cash amount to which an Eligible Employee is entitled, whether the amount is paid in one, twelve or more instalments per year, excluding (for the clarity sake) all benefits, perquisites, pension allowances, car allowances, housing allowances, school fees, variable pay and/or bonus;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award</B></TD>
    <TD>a Performance Share Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award Notice</B></TD>
    <TD>the notice sent by the Company to an Eligible Employee in respect of the grant of an Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Board</B></TD>
    <TD>the Board of Directors of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Cash Equivalents</B></TD>
    <TD>payout in cash of the Market Value on Vesting Date of Shares upon authorization by the CEO;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>CEO</B></TD>
    <TD>the Company&rsquo;s Chief Executive Officer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Company</B></TD>
    <TD>Millicom International Cellular S.A., incorporated under the laws of Luxembourg, registered with the Luxembourg Register of Trade and Companies under number B 40630, having its registered office located at 2, rue Fort Bourbon, L- 3372 Luxembourg, Luxembourg;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Compensation Committee</B></TD>
    <TD>the Company&rsquo;s Compensation Committee to whom the Board delegated certain authority notably with respect to this Plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Control</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">in relation to a company, means the power of a person
        to secure that the affairs of that company are conducted in accordance with the wishes of that person:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;by
        means of the holding of shares or the possession of voting power in or in relation to that or any other company, whether directly
        or indirectly, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;by
virtue of any powers conferred by the articles of association or other document regulating that or any other company, or by contract
or otherwise.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Controlling Shareholder</B></TD>
    <TD>Investment AB Kinnevik and any of its subsidiaries or affiliates which jointly Control the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Eligible Employee</B></TD>
    <TD>an employee (other than a non-executive director) of any member of the Group with Vice President grade or above;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Grant Date</B></TD>
    <TD>the date on which the Award granted to the Eligible Employee is effective as indicated in the Award Notice;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Group</B></TD>
    <TD STYLE="width: 65%">the Company and any company under the Control of the Company (including joint Control with another company) from time to time and &ldquo;<B>member of the Group</B>&rdquo; shall be construed accordingly;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Market Value</B></TD>
    <TD>of a Share on any day, the closing price of a Share as quoted on the Nasdaq OMX for the dealing day immediately preceding such day;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Annual Base Salary</B></TD>
    <TD>the Annual Base Salary of the Eligible Employee as defined during the first quarter of the calendar year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Hires</B></TD>
    <TD>Eligible Employees with effective employment starting during or after the immediately preceding full calendar year but before April 1 of the year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Promotions</B></TD>
    <TD>Eligible Employees with the first date of effectiveness of the promotion during or after the immediately preceding full calendar year but before April 1 of the year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Participant</B></TD>
    <TD>an individual who holds a subsisting Award or, where the context permits, his legal personal representatives;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Conditions</B></TD>
    <TD>the performance conditions which determine the extent of Vesting of a Performance Share Award in accordance with Rule 3;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Period</B></TD>
    <TD>the period determined by the Compensation Committee and specified in the Award Notice over which the Performance Conditions normally apply;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Personal Performance Rating</B></TD>
    <TD>the rating for personal performance of an Eligible Employee under the Company&rsquo;s performance evaluation plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Share Award</B></TD>
    <TD>a conditional right to be granted Shares by the Company under Rule 2;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Share Plan or Plan</B></TD>
    <TD>the Millicom International Cellular S.A. Performance Share Plan constituted by these Rules as amended from time to time;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Price</B></TD>
    <TD>an amount equal to the average of the closing prices of a Share, as so quoted on the Nasdaq OMX, for the three last months of the calendar year previous to the calendar year of Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Shares</B></TD>
    <TD>common shares in the capital of the Company with a par value of US $1.50 each, or any securities representing them;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Variation</B></TD>
    <TD>any material variation of the share capital of the Company, including but without limitation a capitalisation issue, rights issue, rights offer and a sub division, consolidation or reduction in the capital of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vest</B></TD>
    <TD>a Participant becoming, in accordance with these Rules, entitled to the Shares subject to an Award and &ldquo;<B>Vested</B>&rdquo; and &ldquo;<B>Vesting</B>&rdquo; shall be construed accordingly; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vesting Date</B></TD>
    <TD>the date when an Award normally Vests, pursuant to Rule 4.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.2</TD><TD>Construction</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless otherwise specified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the contents and headings are inserted for ease of reference only and do not affect their interpretation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>save as provided for by law a reference to writing includes any mode of reproducing words in a legible form and reduced to
paper or electronic format or communication including, for the avoidance of doubt, correspondence via e-mail;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the singular includes the plural and vice-versa and the masculine includes the feminine; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>a reference to a statutory provision includes any statutory modification, amendment or re-enactment thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2</TD><TD><FONT STYLE="text-transform: uppercase">Grants
                                         under the Performance Share Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.1</TD><TD>Grant offer</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to these Rules, the Compensation Committee shall determine
in its absolute discretion during which calendar year an offer for the grant of Performance Share Awards shall be made, the Eligible
Employees to whom such offer shall be made and the terms governing the offer for the grant of such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.2</TD><TD>Grant size</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a rule, the target grant size will be determined by the Compensation
Committee as a percentage of Annual Base Salary and will be on a nominative basis or on a job title or job level basis. The percentage
will be applied to the New Annual Base Salary. The percentages will be determined by the Compensation Committee at its absolute
discretion from time to time. The initial percentages are set out in the Second Schedule to these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New Hires and New Promotions will be taken into consideration
without a pro rata applied. Except in cases where the Compensation Committee provides for an exception upon request by the CEO,
Eligible Employees with effective employment date after 1 April of the year of grant will not participate. Promotions of Eligible
Employees after 1 April of the year of grant will not be taken into consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.3</TD><TD>Individual limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offer for the grant of a Performance Share Award shall be
made to an Eligible Employee if as a result:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the aggregate Share Grant Price of the Shares subject to all Share Awards to be granted to him during the same calendar year
under all of the Company&rsquo;s share plans (taking the Share Grant Price at the Grant Date for each Award), excluding, however,
any Exceptional Deferred Share Awards, would exceed 300 per cent of his New Annual Base Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the share capital limit in Rule 9 would be exceeded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.4</TD><TD>Procedure for grant of Awards and Grant Date</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case the Compensation Committee determines the size
of the grant to a named Eligible Employee, within the rules of this Plan and within the limits of the grant size defined as a percentage
by the Compensation Committee, the CEO of the Company shall have the discretionary power to decide whether a grant offer will be
made to an Eligible Employee, including New Hires and New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With the timing at the discretion of the CEO, the Company shall
inform such Eligible Employee by a notice in writing of such offer in accordance with rule 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offer for the grant of the Performance Share Award must
be accepted by the Eligible Employee within thirty days after the notice of the Award has been given to the Eligible Employee (as
determined in accordance with Rule 15.1). If not accepted within thirty days the Award shall automatically be treated as never
having been granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.5</TD><TD>Contents of Award Notice</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award Notice for a Performance Share Award shall specify
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Grant Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the number of Shares subject to the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the date on which the Award will normally Vest, which shall be at the end of the ten trading days immediately following the
date of publication of the Annual Results Press Release relating to the second financial year following the year of grant; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the Performance Period, the Performance Conditions and any further conditions applicable to the Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.6</TD><TD>Right to refuse Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that an Eligible Employee, to whom an offer for
the grant of a Performance Share Award is made, refuses to accept such offer for whatever reason within the period set out in rule
2.4, the Award shall automatically be treated, for the purpose of the Plan, as never having been granted. For the avoidance of
doubt, no consideration shall be due from the Company to the Eligible Employee for any such refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.7</TD><TD>Awards non-transferable</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Performance Share Award shall be personal to the Participant
and, subject to Rule 5.2, shall not be capable of being transferred, charged or otherwise alienated and shall lapse immediately
if the Participant purports to transfer, charge or otherwise alienate the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.8</TD><TD>Participant&rsquo;s rights over Shares subject to
Performance Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the avoidance of doubt, a Participant shall not become the
legal or beneficial owner of the Shares subject to his Performance Share Award until such Shares are issued or transferred to him
(or his nominee) by or on behalf of the Company, and until that date the Participant shall not be entitled to any voting, dividend,
transfer or other rights attaching to the Shares subject to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.9</TD><TD>Share Ownership Requirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Shares issued or transferred to a Participant (or his nominee)
under a Performance Share Award will be subject to the terms set out in the Company&rsquo;s Share Ownership Policy. The Compensation
Committee may at its absolute discretion take into account any failure to adhere to the terms of the Share Ownership Policy when
determining the grant of future incentives and when determining the vesting of awards under any of the Company&rsquo;s share plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.10</TD><TD>Sign-On Awards under the Performance Share Plan</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grants may be issued under the Performance Share Plan to newcomers
who forfeited an LTIP with their previous employer in their year of joining, subject to CEO approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3</TD><TD><FONT STYLE="text-transform: uppercase">Performance
                                         Conditions Applicable to Performance Shares Awards</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.1</TD><TD>Imposition of Performance Conditions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the grant of a Performance Share Award, the Compensation
Committee shall impose Performance Conditions and any further conditions on Vesting which the Compensation Committee determines
to be appropriate. Such conditions shall be set out in, or attached in the form of a schedule to the Award Notice. The initial
Performance Conditions for the first Performance Share Awards shall be those set out in the First Schedule to these Rules. The
Compensation Committee may change the Performance Conditions subject to Rule 3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.2</TD><TD>Substitution, variation or waiver of Performance Conditions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an event occurs which causes the Compensation Committee to
consider that the Performance Conditions or any further conditions imposed under Rule 3.1, subject to which an Award has been granted,
are no longer appropriate,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Compensation Committee may substitute, vary or waive the
terms and conditions with respect to the Performance Conditions or the further conditions in such manner as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>is reasonable in the circumstances;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the Performance Conditions remain challenging yet attainable and are aligned with the interests of the Company; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>except in the case of waiver, produces a fairer measure of performance and is not materially less difficult to satisfy than
were the Performance Conditions immediately before such event occurred.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Award shall then take effect with respect to the Performance
Conditions or the further conditions as so substituted, varied or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall, as soon as reasonably practicable, notify
each Participant concerned of any substitution, variation or waiver of the Performance Conditions or further conditions made by
the Compensation Committee under Rule 3.2 and explain how it affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4</TD><TD><FONT STYLE="text-transform: uppercase">Vesting</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.1</TD><TD>Vesting of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to Rules 5 and 6, an Award shall Vest on the normal
Vesting Date specified in the Award Notice. The number of Shares in respect of which the Award Vests shall be determined by the
Compensation Committee as soon as practicable in accordance with the Performance Conditions and any further conditions imposed
under Rule 3.1, in their original form or as substituted or varied from time to time. To the extent that a Performance Share Award
has not Vested on the Vesting Date, it shall lapse immediately. The Participant shall become irrevocably entitled to the Shares
subject to an Award to the extent that the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.2</TD><TD>Delivery of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to any necessary consents, the execution of any relevant
agreements or documents by the Participant, as determined by the Compensation Committee, and to compliance by the Participant with
these Rules, the Company shall, as soon as reasonably practicable and in any event not later than ninety calendar days after the
Vesting Date of an Award, issue to the Participant, or procure the transfer to the Participant of, the number of Shares in respect
of which the Award has Vested (subject to rule 11). In case of the Shares being issued to the Participant, the par value of the
Shares will be fully paid up by way of capitalisation of available reserves of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should the Company not have been able to issue the Shares to
the Participant in accordance with the above and in the time frame of ninety calendar days after the Vesting Date of an Award because
the relevant Participant has not timely executed any relevant agreements or documents as determined by the Compensation Committee,
the relevant Award shall automatically be treated, for the purpose of the Plan, as never having been granted. For the avoidance
of doubt, no consideration shall be due from the Company to the Eligible Employee in any such situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.3</TD><TD>Cash Equivalents</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to confirmation by local counsel that the sale of Shares
is not reasonably possible in a country, Participants residing and working in such country and not travelling internationally for
business purposes and not being expatriates, may elect to receive Cash Equivalents upon authorization by the CEO. Any Cash Equivalents
issued under the Plan will be reported annually to the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5</TD><TD><FONT STYLE="text-transform: uppercase">Cessation
                                         of Employment</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.1</TD><TD>General rule</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the remainder of this Rule 5, an Award may Vest only
while the Participant holds an office or employment within the Group and, if a Participant resigns, is dismissed or ceases to hold
any such office or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">employment for any other reason, any Award granted to him which
has not Vested shall lapse immediately. Except where such cessation is for one of the reasons mentioned in Rule 5.2 or 5.3, the
Participant shall be deemed to cease to hold such office or employment on the date when he or his employer gives written notice
of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.2</TD><TD>Death</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 4.1 and 5.1, if a Participant dies before
his Award has Vested the Award shall Vest immediately. The number of Shares in respect of which the Award Vests shall be determined
by the Compensation Committee as soon as practicable taking account the Performance Conditions and shall be reduced pro rata to
the proportion of the Performance Period which has elapsed at the date of the Participant&rsquo;s death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue or procure the transfer to the Participant&rsquo;s
legal personal representatives in accordance with Rule 4.2 (and, if applicable, Rule 11) the number of Shares in respect of which
the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.3</TD><TD>Injury, disability and other reasons</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 4.1 and 5.1, if a Participant ceases to
hold any office or employment within the Group before his Award has Vested by reason of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>injury, ill health or disability;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>redundancy, as defined by the Compensation Committee from time to time;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the Participant being employed by a company which ceases to be a member of the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the Participant being employed in an undertaking or part of an undertaking which is transferred to a person who is not a member
of the Group; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>any other special circumstances, at the discretion of the Compensation Committee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Award shall Vest on a date determined by the Compensation
Committee, which shall be no earlier than the date of such cessation and no later than the normal Vesting Date specified in the
Award Notice. The number of Shares in respect of which the Performance Share Award Vests shall be reduced pro rata to the proportion
of the Performance Period which has elapsed at the date of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the specific cessation events of (b), (c) and (d) above,
vesting will typically continue to be determined in line with the Performance Conditions and according to the Vesting Date attached
to the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 4.2 (and, if applicable,
Rule 11).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6</TD><TD><FONT STYLE="text-transform: uppercase">Corporate
                                         Events</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.1</TD><TD>General offer for Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rule 4.1 but subject to Rule 6.2, if in the
judgement of the Compensation Committee, the Control of the Company changes, all Awards shall Vest with effect immediately before
such change of Control occurs. The number of Shares in respect of which each Performance Share Award Vests shall be determined
by the Compensation Committee as soon as practicable taking account of the Performance Conditions and shall be reduced pro rata
to the proportion of the Performance Period which has elapsed at the date when such Control is obtained. If the change of Control
is made by way of the absorption of the Company by another company or entity, by means of a legal merger or otherwise, the Compensation
Committee may resolve that an Award shall not Vest in accordance with the previous paragraph, subject to the Compensation Committee
instead procuring that the Award be replaced by the grant of an award over shares in such company or entity, which, in the opinion
of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Award, it being understood
that such undertaking shall be assigned to the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If all or substantially all the assets and liabilities of the
Company are transferred to one (or more) company or entity, which is not under the Control of the Controlling Shareholder, the
Compensation Committee may resolve that all</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Awards shall Vest in accordance with the first paragraph of
this Rule 6.1. Alternatively, the Compensation Committee may resolve that an Award shall not Vest, but that instead it shall procure
that the Award be replaced by the grant of an award over shares in such other company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Award, it being understood that such undertaking
shall be assigned to the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.2</TD><TD>Reorganisation not involving a change in Control</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If as a consequence of a reorganisation, (i) a company (or a
similar entity) owns more than 90 per cent of the Shares of the Company, and (ii) the Controlling Shareholder still has Control
of the Company, the Compensation Committee may resolve that all Awards shall Vest immediately in accordance with the terms of Rule
6.1. If all the Awards do not Vest immediately, the Compensation Committee shall procure that all the Awards be replaced by the
grant of an awards over shares in the company (or similar entity) owning more than 90 per cent of the Shares of the Company, which,
in the opinion of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that as a consequence of a reorganisation, (i)
(a) the Company is absorbed by another company by means of a legal merger or otherwise or (b) the Company is divided into two or
more companies (or similar entities) by means of a legal de-merger, a contribution of all its assets and liabilities or otherwise,
(ii) the Award Agreements are assigned to any of this/these companies or other entities and (iii) the Controlling Shareholder has
Control of this/these companies or other entities, the Compensation Committee shall make reasonable efforts to procure that all
the Awards be replaced by the grant of an award over shares in this/these company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Awards, it being understood that such undertaking
shall be assigned to this/these company or entity by the Company together with its assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of the occurrence, or the likely occurrence, of any of the events referred to in this Rule 6 and explain
how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">7</TD><TD><FONT STYLE="text-transform: uppercase">Lapse
                                         of Award</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award shall lapse on the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Compensation Committee determining that the Performance Conditions have not been satisfied neither in whole nor in part
in relation to any Performance Share Award and can no longer be satisfied either in whole or in part;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>subject to Rule 5, the Participant ceasing to hold an office or employment within the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the replacement of the Award under Rule 6 (for the avoidance of doubt, this paragraph will not cause any replacement award
to lapse);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the date on which a resolution is passed or an order is made by the court for the winding up of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>the date on which the Participant becomes bankrupt, enters into a compromise with his creditors generally or purports to transfer,
charge or otherwise alienate the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>any other event set out in these Rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">8</TD><TD><FONT STYLE="text-transform: uppercase">Variation
                                         of Share Capital</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.1</TD><TD>Power to amend Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a Variation or the payment of an ordinary dividend
by the Company, the terms of any outstanding Award may be amended in such manner with respect to the number of Shares subject to
the Award as the Compensation Committee shall determine to be fair and reasonable, having consulted the Company&rsquo;s professional
advisers as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case an extra-ordinary dividend is paid by the Company, the
Company will compensate the Participants with outstanding share awards (&ldquo;Outstanding Awards&rdquo;) at the moment of the
dividend distribution in accordance with the below rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participants will be compensated by adding a number of shares
to the Outstanding Awards (&ldquo;Additional Award&rdquo;) which will vest at the time of <B>final vesting </B>of the respective
Outstanding Award. In case of vesting in tranches over several years, the Additional Award will only vest on the moment of vesting
of the final tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Additional Award will be calculated and processed as follows
at the time of the final vesting of the Initial Award:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 1<BR>
Exceptional Dividend multiplied by the number of shares in the Outstanding Award = &ldquo;Additional Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 2<BR>
Divide the Additional Amount by the closing share price average for the 3 trading days counting as from the ex-dividend date =
&ldquo;Additional Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 3<BR>
Add the Additional Award under the respective LTI plans with outstanding non-vested awards to the Outstanding Award to determine
the &ldquo;New Outstanding Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 4<BR>
Apply the initial plan rules and conditions, including Performance Conditions, as applicable to the Outstanding Award, to the New
Outstanding Award as if the Additional Award would have been part of the initial award to determine the portion of the New Outstanding
Award that vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.2</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of any adjustment made under this Rule 8 and explain how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">9</TD><TD><FONT STYLE="text-transform: uppercase">Share
                                         Capital Limit</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.1</TD><TD>Limit to number of new Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award may not be granted if the result would be that the
aggregate number of Shares issued or issuable under Awards granted under all of the Company&rsquo;s share plans would exceed five
million Shares (adjusted for any Variations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.2</TD><TD>Clarification of limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purpose of the limits contained in Rule 9.1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>there shall be disregarded any Shares which have been purchased, or the Compensation Committee has determined will be purchased,
in order to satisfy an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>there shall be disregarded any Shares subject to an Award which has lapsed, been renounced or otherwise become incapable of
Vesting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>any Shares issued to a Participant following the Vesting of an Award shall be taken into account once only (when the Award
is granted) and shall not fall out of account when the Shares are issued to the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">10</TD><TD><FONT STYLE="text-transform: uppercase">Shares
                                         Issued Under Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">10.1</TD><TD>Rights attaching to Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Shares issued to Participants under the Plan (whether directly
to the Participant or indirectly via a trustee or other intermediary) shall, as to voting, dividend, transfer and other rights,
including those arising on a liquidation of the Company, rank equally in all respects and as one class with the Shares of the same
class in issue at the date of issue save as regards any rights attaching to such shares by reference to a record date prior to
the date of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">10.2</TD><TD>Availability of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board shall make reasonable efforts to, at all times, have
the authority under the articles of association of the Company to (i) issue Shares to satisfy all Awards which the Compensation
Committee has determined will be satisfied by the issue of Shares (whether directly to the Participant or indirectly via a trustee
or other intermediary) and (ii) to waive the preferential subscription rights of the existing shareholders of the Company with
respect to the issue of Shares to satisfy the grant of any such Awards by the Company. Prior to making an Award which will be satisfied
by the transfer of Shares, the Compensation Committee shall ensure that the Company has obtained the agreement of a trustee or
other intermediary on the procedures for funding the acquisition of and delivery of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">11</TD><TD><FONT STYLE="text-transform: uppercase">Tax
                                         and Social Security Withholding</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual gross cash amount paid to
the Participant, a member of the Group is liable, or is in accordance with current practice believed by the Company to be liable,
to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Participant,
the number of Shares subject to an Award which has Vested to be issued to the Participant shall be decreased by such a number of
Shares the aggregate Market Value of which equal an amount sufficient to discharge the liability. Alternatively, the Participant
may, by agreement with the member of the Group, enter into some other arrangement to ensure that such amount is available to the
Group (whether by authorising the sale of some or all of the Shares subject to his Award and the payment to the member of the Group
of the requisite amount out of the proceeds of sale or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual net cash amount paid to
the Participant, a member of the Group or the Participant is liable, or is in accordance with current practice believed by the
Company to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability
of the Participant, the relevant member of the Group or the Company will discharge this liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">12</TD><TD><FONT STYLE="text-transform: uppercase">Contractual
                                         Rights</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provision of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Plan shall not form part of any contract of employment between any member of the Group and an Eligible Employee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>unless expressly so provided in his contract of employment, an Eligible Employee has no right to be granted an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of limitation, any
Awards held by him) shall not form any part of his remuneration or count as his remuneration for the purpose of any employer&rsquo;s
contribution to any pension or other benefit scheme operated by a member of the Group; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>if an Eligible Employee ceases to hold an office or employment within the Group, he shall not be entitled to compensation for
the loss of any right or benefit or prospective right or benefit under the Plan (including, in</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">particular but not by way of limitation,
any Awards held by him which lapse by reason of his ceasing to hold an office or employment within the Group) whether by way of
damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5pt; text-align: justify">By accepting the grant of an
Award and not renouncing it, a Participant is deemed to have agreed to the provisions of this Rule 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.6pt 0pt 5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">13</TD><TD><FONT STYLE="text-transform: uppercase">Administration</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.1</TD><TD>Compensation Committee responsible for administration</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall be responsible for, and shall
have the conduct and the administration of the Plan. The Compensation Committee may from time to time make or amend regulations
for the administration of the Plan provided that such regulations shall not be inconsistent with these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.2</TD><TD>Compensation Committee&rsquo;s decision final and binding</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The decision of the Compensation Committee shall be final and
binding in all matters relating to the conduct and administration of the Plan, including but not limited to the resolution of any
dispute concerning, or any inconsistency or ambiguity in, these Rules or any document used in connection with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.3</TD><TD>Discretionary nature of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Awards shall be granted entirely at the discretion of the
Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.4</TD><TD>Provision of information</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participant shall provide to a member of the Group as soon
as reasonably practicable such information as the member of the Group reasonably requests for the purpose of complying with its
tax and social security withholding and reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.5</TD><TD>Shareholder communications</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may send to Participants copies of any notice or
other document sent by the Company to its shareholders generally without being however obliged to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.6</TD><TD>Costs</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of introducing, conducting and administering the Plan
shall be met by the Company. The Company shall be entitled, if it wishes, in its absolute discretion, to charge an appropriate
part of such costs to another member of the Group. The Company shall also be entitled, if it wishes, in its absolute discretion,
to charge to another member of the Group the cost of issuing Shares under the Plan to a Participant employed by that member as
well as the aggregate Share Grant Price of the Shares issued under the Plan to a Participant employed by that member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.7</TD><TD>Variation of Plan for foreign territories</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may make such modifications to the
Plan as are necessary or expedient to take account of local tax, exchange control, securities laws or other regulations in any
jurisdiction (a &ldquo;Modified Plan&rdquo;). The limit on the number of Shares which may be subject to Awards as set out in Rule
9 shall apply so as to limit the number of Shares which may be made subject to Awards granted under a Modified Plan and Shares
subject to Awards granted under a Modified Plan shall be included for the purpose of the limit set out in Rule 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">14</TD><TD><FONT STYLE="text-transform: uppercase">Amendments</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.1</TD><TD>Power to amend Rules</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may from time to time amend these
Rules. No such amendment shall adversely affect the rights of an existing Participant, except as provided herein, including notably
in Rule 14.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.2</TD><TD>Rights of existing Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without prejudice to the terms of Rule 3.2, the Compensation
Committee may resolve to propose to amend the terms of an Award Agreement to which a Participant is a party. The proposal shall
be made by notice in writing to the Participant and such notice shall specify the period within which the Participant must accept
or refuse the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company has not received from the Participant a written
notice pursuant to which the proposal is accepted or rejected before or on the last day of the period of acceptance, the Participant
will be deemed to have rejected the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Participant rejects the proposal, the Company shall have
the right to terminate the Award Agreement to which the Participant is a party, with immediate effect, within a period of 6 months
starting on the last day of the period of acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Participant accepts the proposal, the Award shall then
take effect subject to terms and conditions of the Award Agreement as amended in accordance with this Rule 14.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">15</TD><TD><FONT STYLE="text-transform: uppercase">Notices</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.1</TD><TD>Notice by Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given by, or on behalf of, the Company to any person in connection with the Plan shall be deemed to have been duly given if delivered
by hand or sent by e-mail or fax to him at his place of work, if he is employed within the Group if sent by e-mail to such e-mail
address as may be specified from time to time, or sent through the post in a pre-paid envelope to the postal address last known
to the Company to be his address and, if so sent, shall be deemed to have been duly given on the third calendar day after the date
of posting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.2</TD><TD>Deceased Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
so sent to a Participant shall be deemed to have been duly given notwithstanding that such Participant is then deceased (and whether
or not the Company has notice of his death) except where his personal representatives have established their title to the satisfaction
of the Company and supplied to the Company an e-mail or postal address to which notices, documents and other communications are
to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.3</TD><TD>Notice to Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given to the Company in connection with the Plan shall be delivered by hand or sent by e-mail, fax or post to the Company Secretary
at the Company&rsquo;s registered office or such other e-mail or postal address as may from time to time be notified to Participants
but shall not in any event be duly given unless it is actually received at the registered office or such e-mail or postal address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">16</TD><TD>Governing Law and Jurisdiction</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The formation, existence, construction, performance, validity
and all aspects whatsoever of the Plan, any term of the Plan and any Award granted under it shall be governed by the laws of the
Grand-Duchy of Luxembourg. The courts of Luxembourg City shall have jurisdiction to settle any dispute which may arise out of,
or in connection with, the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">First Schedule: The Performance
Conditions for Performance Share Awards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule sets out the Performance Conditions which will
determine the extent of Vesting of the Performance Share Award made to the Participant under the Performance Share Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may modify the requirements of these
performance conditions in accordance with Section 3.2 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Vesting of Performance Share Awards is made of the following
components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>25% based on Positive Absolute Total Shareholding Return</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>25% based on Relative Total Shareholder Return; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>50% based on budgeted Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) minus Capital Expenditure (Capex)
minus Change in Working Capital (CWC)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(i)</B></TD><TD><B>POSITIVE TOTAL SHAREHOLDER RETURN (POSITIVE TSR) PERFORMANCE CONDITIONS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The proportion of the Shares subject to a Performance Share Award which Vests shall be determined for 25% of the target Performance
Share Award by the Company&rsquo;s Positive TSR compound annual growth rate over the Performance Period, as set out in paragraphs
2 to 4 below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The extent to which the aforementioned 25% of the Award Vests shall be determined by reference to the Company&rsquo;s Positive
TSR compound annual growth rate over the Performance Period, in accordance with the following table.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 50%; border: black 1pt solid; text-align: center"><B>Company&rsquo;s Positive TSR compound annual growth rate</B></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Percentage of the Award which Vests (rounded down, if appropriate, to the nearest&nbsp;whole number of shares)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0% or less</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">More than 0%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">25%</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Company&rsquo;s Positive TSR over the Performance Period calculated as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in"><I>Millicom&rsquo;s TSR &gt; 0%
Q1 2016 &ndash; Q1 2019</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">where the average TSR index for 10 trading days following
the day of the year-end report 2015 compared to an equivalent period following the day of the year-end report 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The Compensation Committee shall make adjustments as it considers appropriate to take account of any factor which it considers
to be relevant including but not limited to: any intervening capital reorganisation of the Company, including, without limitation,
any capitalisation issue, rights issue, sub-division or consolidation of share capital, reduction of capital or exempt distribution.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(ii)</B></TD><TD><B>RELATIVE TOTAL SHAREHOLDER RETURN (RELATIVE TSR) PERFORMANCE CONDITIONS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The proportion of the Shares subject to a Performance Share Award which Vests shall be determined for 25% of the target Performance
Share Award by the Company&rsquo;s Relative TSR compound annual growth rate over the Performance Period compared to a predetermined
Peer Group, in accordance with the following table:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 50%; border: black 1pt solid; text-align: center"><B>Company&rsquo;s Relative TSR compound annual&nbsp;growth rate</B></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Percentage of the Award which Vests (rounded down, if appropriate, to the nearest whole number of shares)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0% or less<BR>
Below Peer Group Median</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 50%; border: black 1pt solid; text-align: center"><B>Company&rsquo;s Relative TSR compound annual&nbsp;growth rate</B></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Percentage of the Award which Vests (rounded down, if appropriate, to the nearest whole number of shares)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">At Peer Group Median</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">5 PP Above Peer Group Median</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">25%</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The Company&rsquo;s Relative TSR over the Performance Period at entry level calculated as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in"><I>Millicom&rsquo;s TSR = median
TSR of pre-determined peer group</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Company&rsquo;s Relative TSR over the Performance Period at stretch target level calculated as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in"><I>Millicom&rsquo;s TSR &ge;
5 percentage points per year better than pre-determined<BR>
peer group Q2 2016 &ndash; Q1 2019</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The Compensation Committee shall make adjustments as it considers appropriate to take account of any factor which it considers
to be relevant including but not limited to any intervening capital reorganisation of the Company, any capitalisation issue, rights
issue, sub-division or consolidation of share capital or reduction of capital or exempt distribution.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(iii)</B></TD><TD><B>FREE CASH FLOW PERFORMANCE CONDITIONS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The proportion of the Shares subject to a Performance Share Award which Vests shall be determined for 50% of the target Performance
Share Award by the Free Cash Flow achievement of the Company measured over three stand-alone one-year performance periods, financial
years 2016, 2017 and 2018, as set out in paragraphs 2 to 4 below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>For each of these years Free Cash Flow achievement will be measured against the respective budgeted values for EBITDA and Capex.
The result of subtracting Capex from EBITDA will be adjusted for Change in Working Capital.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>For each of these years the Compensation Committee shall assess achievement on a percentage basis against the respective budgeted
values. The three year&rsquo;s Free Cash Flow percentage achievements will be averaged over the three performance years.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The extent to which the Award Vests shall be determined by reference to the average percentage Free Cash Flow achievement,
in accordance with the following table.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 50%; border: black 1pt solid; text-align: center"><B>Company&rsquo;s average Free Cash Flow achievement against budgeted values</B></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Percentage of the Award which Vests (rounded down, if appropriate, to the nearest&nbsp;whole number of shares)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Less than 90% of budget</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">90% of budget</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">More than 90% but less than 100%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Award pro-rated on a straight line basis between&nbsp;10% and 50%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">At 100% or more of budget</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">50%</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Budgets are set in local currency and a &lsquo;budget exchange rate&rsquo; agreed by the Board. Actual results for EBITDA are
measured against budget in local currencies with a forex adjustment to US Dollars for Capex and Change in Working Capital.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Second Schedule: The Target
Grant Size Percentages for Performance Share Awards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 50%; border: black 1pt solid"><B>As a % of Base Salary</B></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Target Grant Size Percentages of New Annual Base Salary</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Chief Executive Officer</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">200%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Chief Finance Officer</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">160%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Executive Vice Presidents</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Country General Managers and Corporate Vice Presidents</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">50%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit A-2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">The
Rules of the 2017 Millicom International Cellular S.A. Performance Share Plan</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULES</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE 2017 MILLICOM INTERNATIONAL CELLULAR
S.A.</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERFORMANCE SHARE PLAN</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Approved
by the Compensation Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(upon
delegation by the Board of Directors)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">03 February
2017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">1.&nbsp;&nbsp;&nbsp;Interpretation</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">2.&nbsp;&nbsp;&nbsp;Grants under the Performance Share Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">3.&nbsp;&nbsp;&nbsp;Performance Conditions Applicable to Performance Shares Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">4.&nbsp;&nbsp;&nbsp;Vesting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">5.&nbsp;&nbsp;&nbsp;Cessation of Employment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">6.&nbsp;&nbsp;&nbsp;Corporate Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">7.&nbsp;&nbsp;&nbsp;Lapse of Award</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">8.&nbsp;&nbsp;&nbsp;Variation of Share Capital</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">9.&nbsp;&nbsp;&nbsp;Share Capital Limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">10.&nbsp;&nbsp;&nbsp;Shares Issued Under Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">11.&nbsp;&nbsp;&nbsp;Tax and Social Security Withholding</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">12.&nbsp;&nbsp;&nbsp;Contractual Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">13.&nbsp;&nbsp;&nbsp;Administration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">14.&nbsp;&nbsp;&nbsp;Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">15.&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">16.&nbsp;&nbsp;&nbsp;Governing Law and Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attached Schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">First Schedule: The Performance Conditions for Performance Share Awards</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Second Schedule: The Target Grant Size Percentages for Performance Share Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">15</TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">RULES OF THE MILLICOM INTERNATIONAL CELLULAR S.A. PERFORMANCE
SHARE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD><FONT STYLE="text-transform: uppercase">Interpretation</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD>Definitions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless the context otherwise requires, the following
words and expressions have the meanings indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Annual Base Salary</B></TD>
    <TD STYLE="width: 65%">the annual gross or net, depending on the contractual terms, guaranteed cash amount to which an Eligible Employee is entitled, whether the amount is paid in one, twelve or more instalments per year, excluding (for the clarity sake) all benefits, perquisites, pension allowances, car allowances, housing allowances, school fees, variable pay and/or bonus;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award</B></TD>
    <TD>a Performance Share Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award Notice</B></TD>
    <TD>the notice sent by the Company to an Eligible Employee in respect of the grant of an Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Board</B></TD>
    <TD>the Board of Directors of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Cash Equivalents</B></TD>
    <TD>payout in cash of the Market Value on Vesting Date of Shares upon authorization by the CEO;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>CEO</B></TD>
    <TD>the Company&rsquo;s Chief Executive Officer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Company</B></TD>
    <TD>Millicom International Cellular S.A., incorporated under the laws of Luxembourg, registered with the Luxembourg Register of Trade and Companies under number B 40630, having its registered office located at 2, rue Fort Bourbon, L- 3372 Luxembourg, Luxembourg;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Compensation Committee</B></TD>
    <TD>the Company&rsquo;s Compensation Committee to whom the Board delegated certain authority notably with respect to this Plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Control</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">in relation to a company, means the power of a person
        to secure that the affairs of that company are conducted in accordance with the wishes of that person:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;by
        means of the holding of shares or the possession of voting power in or in relation to that or any other company, whether directly
        or indirectly, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;by
virtue of any powers conferred by the articles of association or other document regulating that or any other company, or by contract
or otherwise.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Controlling Shareholder</B></TD>
    <TD>Investment AB Kinnevik and any of its subsidiaries or affiliates which jointly Control the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Eligible Employee</B></TD>
    <TD>an employee (other than a non-executive director) of any member of the Group with Vice President grade or above.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Grant Date</B></TD>
    <TD>the date on which the Award granted to the Eligible Employee is effective as indicated in the Award Notice;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Group</B></TD>
    <TD>the Company and any company under the Control of the Company (including joint Control with another company) from time to time and &ldquo;<B>member of the Group</B>&rdquo; shall be construed accordingly;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Market Value</B></TD>
    <TD STYLE="width: 65%">of a Share on any day, the closing price of a Share as quoted on the Nasdaq Stockholm OMX for the dealing day immediately preceding such day;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Annual Base Salary</B></TD>
    <TD>the Annual Base Salary of the Eligible Employee as defined during the first quarter of the calendar year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Hires</B></TD>
    <TD>Eligible Employees with effective employment starting during or after the immediately preceding full calendar year but before April 1 of the year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Promotions</B></TD>
    <TD>Eligible Employees with the first date of effectiveness of the promotion during or after the immediately preceding full calendar year but before April 1 of the year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Participant</B></TD>
    <TD>an individual who holds a subsisting Award or, where the context permits, his legal personal representatives;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Conditions</B></TD>
    <TD>the performance conditions which determine the extent of Vesting of a Performance Share Award in accordance with Rule 3;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Period</B></TD>
    <TD>the period determined by the Compensation Committee and specified in the Award Notice over which the Performance Conditions normally apply;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Personal Performance Rating</B></TD>
    <TD>the rating for personal performance of an Eligible Employee under the Company&rsquo;s performance evaluation plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Share Award</B></TD>
    <TD>a conditional right to be granted Shares by the Company under Rule 2;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Share Plan or Plan</B></TD>
    <TD>the Millicom International Cellular S.A. Performance Share Plan constituted by these Rules as amended from time to time;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Price</B></TD>
    <TD>an amount equal to the average of the closing prices of a Share, as so quoted on the Nasdaq Stockholm OMX, for the three last months of the calendar year previous to the calendar year of Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Shares</B></TD>
    <TD>common shares in the capital of the Company with a par value of US $1.50 each, or any securities representing them;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Variation</B></TD>
    <TD>any material variation of the share capital of the Company, including but without limitation a capitalisation issue, rights issue, rights offer and a sub division, consolidation or reduction in the capital of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vest</B></TD>
    <TD>a Participant becoming, in accordance with these Rules, entitled to the Shares subject to an Award and &ldquo;<B>Vested</B>&rdquo; and &ldquo;<B>Vesting</B>&rdquo; shall be construed accordingly; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vesting Date</B></TD>
    <TD>the date when an Award normally Vests, pursuant to Rule 4.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.2</TD><TD>Construction</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless otherwise specified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the contents and headings are inserted for ease of reference only and do not affect their interpretation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>save as provided for by law a reference to writing includes any mode of reproducing words in a legible form and reduced to
paper or electronic format or communication including, for the avoidance of doubt, correspondence via e-mail;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the singular includes the plural and vice-versa and the masculine includes the feminine; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>a reference to a statutory provision includes any statutory modification, amendment or re-enactment thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD><FONT STYLE="text-transform: uppercase">Grants
                                         under the Performance Share Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.1</TD><TD>Grant offer</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to these Rules, the Compensation Committee shall determine
in its absolute discretion during which calendar year an offer for the grant of Performance Share Awards shall be made, the Eligible
Employees to whom such offer shall be made and the terms governing the offer for the grant of such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.2</TD><TD>Grant size</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a rule, the target grant size will be determined by the Compensation
Committee as a percentage of Annual Base Salary and will be on a nominative basis or on a job title or job level basis. The percentage
will be applied to the New Annual Base Salary. The percentages will be determined by the Compensation Committee at its absolute
discretion from time to time. The initial percentages are set out in the Second Schedule to these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New Hires and New Promotions will be taken into consideration
without a pro rata applied. Except in cases where the Compensation Committee provides for an exception upon request by the CEO,
Eligible Employees with effective employment date after 1 April of the year of grant will not participate. Promotions of Eligible
Employees after 1 April of the year of grant will not be taken into consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.3</TD><TD>Individual limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offer for the grant of a Performance Share Award shall be
made to an Eligible Employee if as a result:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the aggregate Share Grant Price of the Shares subject to all Share Awards to be granted to him during the same calendar year
under all of the Company&rsquo;s share plans (taking the Share Grant Price at the Grant Date for each Award), excluding, however,
any Exceptional Deferred Share Awards, would exceed 300 per cent of his New Annual Base Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the share capital limit in Rule 9 would be exceeded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.4</TD><TD>Procedure for grant of Awards and Grant Date</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case the Compensation Committee determines the size
of the grant to a named Eligible Employee, within the rules of this Plan and within the limits of the grant size defined as a percentage
by the Compensation Committee, the CEO of the Company shall have the discretionary power to decide whether a grant offer will be
made to an Eligible Employee, including New Hires and New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With the timing at the discretion of the CEO, the Company shall
inform such Eligible Employee by a notice in writing of such offer in accordance with rule 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offer for the grant of the Performance Share Award must
be accepted by the Eligible Employee within thirty days after the notice of the Award has been given to the Eligible Employee (as
determined in accordance with Rule 15.1). If not accepted within thirty days the Award shall automatically be treated as never
having been granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.5</TD><TD>Contents of Award Notice</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award Notice for a Performance Share Award shall specify
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Grant Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the number of Shares subject to the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the date on which the Award will normally Vest, which shall be at the end of the ten trading days immediately following the
date of publication of the Annual Results Press Release relating to the second financial year following the year of grant; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the Performance Period, the Performance Conditions and any further conditions applicable to the Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.6</TD><TD>Right to refuse Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that an Eligible Employee, to whom an offer for
the grant of a Performance Share Award is made, refuses to accept such offer for whatever reason within the period set out in rule
2.4, the Award shall automatically be treated, for the purpose of the Plan, as never having been granted. For the avoidance of
doubt, no consideration shall be due from the Company to the Eligible Employee for any such refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.7</TD><TD>Awards non-transferable</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Performance Share Award shall be personal to the Participant
and, subject to Rule 5.2, shall not be capable of being transferred, charged or otherwise alienated and shall lapse immediately
if the Participant purports to transfer, charge or otherwise alienate the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.8</TD><TD>Participant&rsquo;s rights over Shares subject to Performance
Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the avoidance of doubt, a Participant shall not become the
legal or beneficial owner of the Shares subject to his Performance Share Award until such Shares are issued or transferred to him
(or his nominee) by or on behalf of the Company, and until that date the Participant shall not be entitled to any voting, dividend,
transfer or other rights attaching to the Shares subject to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.9</TD><TD>Share Ownership Requirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Shares issued or transferred to a Participant (or his nominee)
under a Performance Share Award will be subject to the terms set out in the Company&rsquo;s Share Ownership Policy. The Compensation
Committee may at its absolute discretion take into account any failure to adhere to the terms of the Share Ownership Policy when
determining the grant of future incentives and when determining the vesting of awards under any of the Company&rsquo;s share plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.10</TD><TD>Sign-On Awards under the Performance Share Plan</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grants may be issued under the Performance Share Plan to newcomers
who forfeited an LTIP with their previous employer in their year of joining, subject to CEO approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD><FONT STYLE="text-transform: uppercase">Performance
                                         Conditions Applicable to Performance Shares Awards</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.1</TD><TD>Imposition of Performance Conditions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the grant of a Performance Share Award, the Compensation
Committee shall impose Performance Conditions and any further conditions on Vesting which the Compensation Committee determines
to be appropriate. Such conditions shall be set out in, or attached in the form of a schedule to the Award Notice. The initial
Performance Conditions for the first Performance Share Awards shall be those set out in the First Schedule to these Rules. The
Compensation Committee may change the Performance Conditions subject to Rule 3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.2</TD><TD>Substitution, variation or waiver of Performance Conditions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an event occurs which causes the Compensation Committee to
consider that the Performance Conditions or any further conditions imposed under Rule 3.1, subject to which an Award has been granted,
are no longer appropriate,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Compensation Committee may substitute, vary or waive the
terms and conditions with respect to the Performance Conditions or the further conditions in such manner as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>is reasonable in the circumstances;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the Performance Conditions remain challenging yet attainable and are aligned with the interests of the Company; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>except in the case of waiver, produces a fairer measure of performance and is not materially less difficult to satisfy than
were the Performance Conditions immediately before such event occurred.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Award shall then take effect with respect to the Performance
Conditions or the further conditions as so substituted, varied or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall, as soon as reasonably practicable, notify
each Participant concerned of any substitution, variation or waiver of the Performance Conditions or further conditions made by
the Compensation Committee under Rule 3.2 and explain how it affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD><FONT STYLE="text-transform: uppercase">Vesting</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.1</TD><TD>Vesting of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to Rules 5 and 6, an Award shall Vest on the normal
Vesting Date specified in the Award Notice. The number of Shares in respect of which the Award Vests shall be determined by the
Compensation Committee as soon as practicable in accordance with the Performance Conditions and any further conditions imposed
under Rule 3.1, in their original form or as substituted or varied from time to time. To the extent that a Performance Share Award
has not Vested on the Vesting Date, it shall lapse immediately. The Participant shall become irrevocably entitled to the Shares
subject to an Award to the extent that the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.2</TD><TD>Delivery of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to any necessary consents, the execution of any relevant
agreements or documents by the Participant, as determined by the Compensation Committee, and to compliance by the Participant with
these Rules, the Company shall, as soon as reasonably practicable and in any event not later than ninety calendar days after the
Vesting Date of an Award, issue to the Participant, or procure the transfer to the Participant of, the number of Shares in respect
of which the Award has Vested (subject to rule 11). In case of the Shares being issued to the Participant, the par value of the
Shares will be fully paid up by way of capitalisation of available reserves of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should the Company not have been able to issue the Shares to
the Participant in accordance with the above and in the time frame of ninety calendar days after the Vesting Date of an Award because
the relevant Participant has not timely executed any relevant agreements or documents as determined by the Compensation Committee,
the relevant Award shall automatically be treated, for the purpose of the Plan, as never having been granted. For the avoidance
of doubt, no consideration shall be due from the Company to the Eligible Employee in any such situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.3</TD><TD>Cash Equivalents</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to confirmation by local counsel that the sale of Shares
is not reasonably possible in a country, Participants residing and working in such country and not travelling internationally for
business purposes and not being expatriates, may elect to receive Cash Equivalents upon authorization by the CEO. Any Cash Equivalents
issued under the Plan will be reported annually to the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD><FONT STYLE="text-transform: uppercase">Cessation
                                         of Employment</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.1</TD><TD>General rule</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the remainder of this Rule 5, an Award may Vest only
while the Participant holds an office or employment within the Group and, if a Participant resigns, is dismissed or ceases to hold
any such office or employment for any other reason, any Award granted to him which has not Vested shall lapse immediately. Except
where such cessation is for one of the reasons mentioned in Rule 5.2 or 5.3, the Participant shall be deemed to cease to hold such
office or employment on the date when he or his employer gives written notice of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.2</TD><TD>Death</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 4.1 and 5.1, if a Participant dies before
his Award has Vested the Award shall Vest immediately. The number of Shares in respect of which the Award Vests shall be determined
by the Compensation Committee as soon as practicable taking account the Performance Conditions and shall be reduced pro rata to
the proportion of the Performance Period which has elapsed at the date of the Participant&rsquo;s death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue or procure the transfer to the Participant&rsquo;s
legal personal representatives in accordance with Rule 4.2 (and, if applicable, Rule 11) the number of Shares in respect of which
the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.3</TD><TD>Retirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 2px; width: 7px"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 19px; width: 2px">In
the event of Retirement vesting of the Award shall continue to be determined according to the Vesting Dates attached to the Award.
The number of shares in respect of which the Performance Shares Award Vests shall be determined by the Compensation Committee and
shall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>be reviewed to allow full vesting subject to achievement of relevant performance conditions over the vesting period and pro-rata
to the proportion of vesting period which has elapsed at the date of the Participant&rsquo;s retirement, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>be conditional upon the Participant, prior to but no earlier than 30 days before the Vest date, supplying the Company with
a signed document to self-certify that he or she has not, since the date of retirement, either taken up new employment with or
provided advisory or consultancy services, paid or unpaid, to any company in the global Telecommunications industry sector, other
than the Company, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>only qualify for retirement vesting subject to the sum of the employee&rsquo;s age in years plus the number of years of service
within the Millicom Group being no less than 60. Example: employee age at date of retirement 53, plus minimum of 7 years of service.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.4</TD><TD>Injury, disability and other reasons</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 4.1 and 5.1, if a Participant ceases to
hold any office or employment within the Group before his Award has Vested by reason of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>injury, ill health or disability;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>redundancy, as defined by the Compensation Committee from time to time;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the Participant being employed by a company which ceases to be a member of the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the Participant being employed in an undertaking or part of an undertaking which is transferred to a person who is not a member
of the Group; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>any other special circumstances, at the discretion of the Compensation Committee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Award shall Vest on a date determined by the Compensation
Committee, which shall be no earlier than the date of such cessation and no later than the normal Vesting Date specified in the
Award Notice. The number of Shares in respect of which the Performance Share Award Vests shall be reduced pro rata to the proportion
of the Performance Period which has elapsed at the date of such cessation and be subject to achievement of relevant performance
conditions over the vesting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 4.2 (and, if applicable,
Rule 11).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD><FONT STYLE="text-transform: uppercase">Corporate
                                         Events</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.1</TD><TD>General offer for Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rule 4.1 but subject to Rule 6.2, if in the
judgement of the Compensation Committee, the Control of the Company changes, all Awards shall Vest with effect immediately before
such change of Control occurs. The number of Shares in respect of which each Performance Share Award Vests shall be determined
by the Compensation Committee as soon as practicable taking account of the Performance Conditions and shall be reduced pro rata
to the proportion of the Performance Period which has elapsed at the date when such Control is obtained. If the change of Control
is made by way of the absorption of the Company by another company or entity, by means of a legal merger or otherwise, the Compensation
Committee may resolve that an Award shall not Vest in accordance with the previous paragraph, subject to the Compensation Committee
instead procuring that the Award be replaced by the grant of an award over shares in such company or entity, which, in the opinion
of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Award, it being understood
that such undertaking shall be assigned to the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If all or substantially all the assets and liabilities of the
Company are transferred to one (or more) company or entity, which is not under the Control of the Controlling Shareholder, the
Compensation Committee may resolve that all Awards shall Vest in accordance with the first paragraph of this Rule 6.1. Alternatively,
the Compensation Committee may resolve that an Award shall not Vest, but that instead it shall procure that the Award be replaced
by the grant of an award over shares in such other company or entity, which, in the opinion of the Compensation Committee, is substantially
equivalent, in value and in terms and conditions, to the Award, it being understood that such undertaking shall be assigned to
the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.2</TD><TD>Reorganisation not involving a change in Control</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If as a consequence of a reorganisation, (i) a company (or a
similar entity) owns more than 90 per cent of the Shares of the Company, and (ii) the Controlling Shareholder still has Control
of the Company, the Compensation Committee may resolve that all Awards shall Vest immediately in accordance with the terms of Rule
6.1. If all the Awards do not Vest immediately, the Compensation Committee shall procure that all the Awards be replaced by the
grant of an awards over shares in the company (or similar entity) owning more than 90 per cent of the Shares of the Company, which,
in the opinion of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that as a consequence of a reorganisation, (i)
(a) the Company is absorbed by&nbsp;another company by means of a legal merger or otherwise or (b) the Company is divided into&nbsp;two
or more companies (or similar entities) by means of a legal de-merger, a contribution of&nbsp;all its assets and liabilities or
otherwise, (ii) the Award Agreements are assigned to any&nbsp;of&nbsp;this/these companies or other entities and (iii) the Controlling
Shareholder has Control&nbsp;of&nbsp;this/these companies or other entities, the Compensation Committee shall make reasonable efforts
to procure that all the Awards be replaced by the grant of an award over shares in this/these company or entity, which, in the
opinion of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Awards, it being
understood that such undertaking shall be assigned to this/these company or entity by the Company together with its assets and
liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of the occurrence, or the likely occurrence, of any of the events referred to in this Rule 6 and explain
how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD><FONT STYLE="text-transform: uppercase">Lapse
                                         of Award</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award shall lapse on the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Compensation Committee determining that the Performance Conditions have not been satisfied neither in whole nor in part
in relation to any Performance Share Award and can no longer be satisfied either in whole or in part;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>subject to Rule 5, the Participant ceasing to hold an office or employment within the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the replacement of the Award under Rule 6 (for the avoidance of doubt, this paragraph will not cause any replacement award
to lapse);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the date on which a resolution is passed or an order is made by the court for the winding up of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>the date on which the Participant becomes bankrupt, enters into a compromise with his creditors generally or purports to transfer,
charge or otherwise alienate the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>any other event set out in these Rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD><FONT STYLE="text-transform: uppercase">Variation
                                         of Share Capital</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.1</TD><TD>Power to amend Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a Variation or the payment of an ordinary dividend
by the Company, the terms of any outstanding Award may be amended in such manner with respect to the number of Shares subject to
the Award as the Compensation Committee shall determine to be fair and reasonable, having consulted the Company&rsquo;s professional
advisers as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case an extra-ordinary dividend is paid by the Company, the
Company will compensate the Participants with outstanding share awards (&ldquo;Outstanding Awards&rdquo;) at the moment of the
dividend distribution in accordance with the below rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participants will be compensated by adding a number of shares
to the Outstanding Awards (&ldquo;Additional Award&rdquo;) which will vest at the time of <B>final vesting </B>of the respective
Outstanding Award. In case of vesting in tranches over several years, the Additional Award will only vest on the moment of vesting
of the final tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Additional Award will be calculated and processed as follows
at the time of the final vesting of the Initial Award:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 1<BR>
Exceptional Dividend multiplied by the number of shares in the Outstanding Award = &ldquo;Additional Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 2<BR>
Divide the Additional Amount by the closing share price average for the 3 trading days counting as from the ex-dividend date =
&ldquo;Additional Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 3<BR>
Add the Additional Award under the respective LTI plans with outstanding non-vested awards to the Outstanding Award to determine
the &ldquo;New Outstanding Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 4<BR>
Apply the initial plan rules and conditions, including Performance Conditions, as applicable to the Outstanding Award, to the New
Outstanding Award as if the Additional Award would have been part of the initial award to determine the portion of the New Outstanding
Award that vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.2</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of any adjustment made under this Rule 8 and explain how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">9.</TD><TD><FONT STYLE="text-transform: uppercase">Share
                                         Capital Limit</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.1</TD><TD>Limit to number of new Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award may not be granted if the result would be that the
aggregate number of Shares issued or issuable under Awards granted under all of the Company&rsquo;s share plans would exceed five
million Shares (adjusted for any Variations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9.2</B></TD><TD><B>Clarification of limit</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purpose of the limits contained in Rule 9.1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>there shall be disregarded any Shares which have been purchased, or the Compensation Committee has determined will be purchased,
in order to satisfy an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>there shall be disregarded any Shares subject to an Award which has lapsed, been renounced or otherwise become incapable of
Vesting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>any Shares issued to a Participant following the Vesting of an Award shall be taken into account once only (when the Award
is granted) and shall not fall out of account when the Shares are issued to the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">10.</TD><TD STYLE="padding-left: -0.125in"><FONT STYLE="text-transform: uppercase">Shares
                                         Issued Under Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">10.1</TD><TD>Rights attaching to Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Shares issued to Participants under the Plan (whether directly
to the Participant or indirectly via a trustee or other intermediary) shall, as to voting, dividend, transfer and other rights,
including those arising on a liquidation of the Company, rank equally in all respects and as one class with the Shares of the same
class in issue at the date of issue save as regards any rights attaching to such shares by reference to a record date prior to
the date of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">10.2</TD><TD>Availability of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board shall make reasonable efforts to, at all times, have
the authority under the articles of association of the Company to (i) issue Shares to satisfy all Awards which the Compensation
Committee has determined will be satisfied by the issue of Shares (whether directly to the Participant or indirectly via a trustee
or other intermediary) and (ii) to waive the preferential subscription rights of the existing shareholders of the Company with
respect to the issue of Shares to satisfy the grant of any such Awards by the Company. Prior to making an Award which will be satisfied
by the transfer of Shares, the Compensation Committee shall ensure that the Company has obtained the agreement of a trustee or
other intermediary on the procedures for funding the acquisition of and delivery of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">11.</TD><TD STYLE="padding-left: -0.125in"><FONT STYLE="text-transform: uppercase">Tax
                                         and Social Security Withholding</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual gross cash amount paid to
the Participant, a member of the Group is liable, or is in accordance with current practice believed by the Company to be liable,
to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Participant,
the number of Shares subject to an Award which has Vested to be issued to the Participant shall be decreased by such a number of
Shares the aggregate Market Value of which equal an amount sufficient to discharge the liability. Alternatively, the Participant
may, by agreement with the member of the Group, enter into some other arrangement to ensure that such amount is available to the
Group (whether by authorising the sale of some or all of the Shares subject to his Award and the payment to the member of the Group
of the requisite amount out of the proceeds of sale or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual net cash amount paid to
the Participant, a member of the Group or the Participant is liable, or is in accordance with current practice believed by the
Company to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability
of the Participant, the relevant member of the Group or the Company will discharge this liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">12.</TD><TD><FONT STYLE="text-transform: uppercase">Contractual
                                         Rights</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provision of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Plan shall not form part of any contract of employment between any member of the Group and an Eligible Employee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>unless expressly so provided in his contract of employment, an Eligible Employee has no right to be granted an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of limitation, any
Awards held by him) shall not form any part of his remuneration or count as his remuneration for the purpose of any employer&rsquo;s
contribution to any pension or other benefit scheme operated by a member of the Group; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>if an Eligible Employee ceases to hold an office or employment within the Group, he shall not be entitled to compensation for
the loss of any right or benefit or prospective right or benefit under the Plan (including, in particular but not by way of limitation,
any Awards held by him which lapse by reason of his ceasing to hold an office or employment within the Group) whether by way of
damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By accepting the grant of an Award and not renouncing it, a
Participant is deemed to have agreed to the provisions of this Rule 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">13.</TD><TD><FONT STYLE="text-transform: uppercase">Administration</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.1</TD><TD>Compensation Committee responsible for administration</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall be responsible for, and shall
have the conduct and the administration of the Plan. The Compensation Committee may from time to time make or amend regulations
for the administration of the Plan provided that such regulations shall not be inconsistent with these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.2</TD><TD>Compensation Committee&rsquo;s decision final and binding</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The decision of the Compensation Committee shall be final and
binding in all matters relating to the conduct and administration of the Plan, including but not limited to the resolution of any
dispute concerning, or any inconsistency or ambiguity in, these Rules or any document used in connection with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.3</TD><TD>Discretionary nature of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Awards shall be granted entirely at the discretion of the
Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">13.4</TD><TD>Provision of information</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participant shall provide to a member of the Group as soon
as reasonably practicable such information as the member of the Group reasonably requests for the purpose of complying with its
tax and social security withholding and reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.5</TD><TD>Shareholder communications</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may send to Participants copies of any notice or
other document sent by the Company to its shareholders generally without being however obliged to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.6</TD><TD>Costs</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of introducing, conducting and administering the Plan
shall be met by the Company. The Company shall be entitled, if it wishes, in its absolute discretion, to charge an appropriate
part of such costs to another member of the Group. The Company shall also be entitled, if it wishes, in its absolute discretion,
to charge to another member of the Group the cost of issuing Shares under the Plan to a Participant employed by that member as
well as the aggregate Share Grant Price of the Shares issued under the Plan to a Participant employed by that member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.7</TD><TD>Variation of Plan for foreign territories</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may make such modifications to the
Plan as are necessary or expedient to take account of local tax, exchange control, securities laws or other regulations in any
jurisdiction (a &ldquo;Modified Plan&rdquo;). The limit on the number of Shares which may be subject to Awards as set out in Rule
9 shall apply so as to limit the number of Shares which may be made subject to Awards granted under a Modified Plan and Shares
subject to Awards granted under a Modified Plan shall be included for the purpose of the limit set out in Rule 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">14.</TD><TD><FONT STYLE="text-transform: uppercase">Amendments</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.1</TD><TD>Power to amend Rules</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may from time to time amend these
Rules. No such amendment shall adversely affect the rights of an existing Participant, except as provided herein, including notably
in Rule 14.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.2</TD><TD>Rights of existing Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without prejudice to the terms of Rule 3.2, the Compensation
Committee may resolve to propose to amend the terms of an Award Agreement to which a Participant is a party. The proposal shall
be made by notice in writing to the Participant and such notice shall specify the period within which the Participant must accept
or refuse the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company has not received from the Participant a written
notice pursuant to which the proposal is accepted or rejected before or on the last day of the period of acceptance, the Participant
will be deemed to have rejected the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Participant rejects the proposal, the Company shall have
the right to terminate the Award Agreement to which the Participant is a party, with immediate effect, within a period of 6 months
starting on the last day of the period of acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Participant accepts the proposal, the Award shall then
take effect subject to terms and conditions of the Award Agreement as amended in accordance with this Rule 14.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">15.</TD><TD><FONT STYLE="text-transform: uppercase">Notices</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.1</TD><TD>Notice by Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given by, or on behalf of, the Company to any person in connection with the Plan shall be deemed to have been duly given if delivered
by hand or sent by e-mail or fax to him at his place of work, if he is employed within the Group if sent by e-mail to such e-mail
address as may be specified from time to time, or sent through the post in a pre-paid envelope to the postal address last known
to the Company to be his address and, if so sent, shall be deemed to have been duly given on the third calendar day after the date
of posting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.2</TD><TD>Deceased Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
so sent to a Participant shall be deemed to have been duly given notwithstanding that such Participant is then deceased (and whether
or not the Company has notice of his death) except where his personal representatives have established their title to the satisfaction
of the Company and supplied to the Company an e-mail or postal address to which notices, documents and other communications are
to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.3</TD><TD>Notice to Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given to the Company in connection with the Plan shall be delivered by hand or sent by e-mail, fax or post to the Company Secretary
at the Company&rsquo;s registered office or such other e-mail or postal address as may from time to time be notified to Participants
but shall not in any event be duly given unless it is actually received at the registered office or such e-mail or postal address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">16.</TD><TD><FONT STYLE="text-transform: uppercase">Governing
                                         Law and Jurisdiction</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The formation, existence, construction, performance, validity
and all aspects whatsoever of the Plan, any term of the Plan and any Award granted under it shall be governed by the laws of the
Grand-Duchy of Luxembourg. The courts of Luxembourg City shall have jurisdiction to settle any dispute which may arise out of,
or in connection with, the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">First Schedule: The Performance
Conditions for Performance Share Awards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule sets out the Performance Conditions which will
determine the extent of Vesting of the Performance Share Award made to the Participant under the Performance Share Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may modify the requirements of these
performance conditions in accordance with Section 3.2 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Vesting of Performance Share Awards is made of the following
components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>25% based on Positive Absolute Total Shareholding Return</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>25% based on Relative Total Shareholder Return; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>50% based on budgeted Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) minus Capital Expenditure (Capex)
minus Change in Working Capital (CWC)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(i)</B></TD><TD><B>POSITIVE TOTAL SHAREHOLDER RETURN (POSITIVE TSR) PERFORMANCE CONDITIONS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The proportion of the Shares subject to a Performance Share Award which Vests shall be determined for 25% of the target Performance
Share Award by the Company&rsquo;s Positive TSR compound annual growth rate over the Performance Period, as set out in paragraphs
2 to 4 below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The extent to which the aforementioned 25% of the Award Vests shall be determined by reference to the Company&rsquo;s Positive
TSR compound annual growth rate over the Performance Period, in accordance with the following table.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 50%; border: black 1pt solid; text-align: center"><B>Company&rsquo;s Positive TSR</B></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Percentage of the Award which Vests (rounded down, if appropriate, to the nearest whole number of shares)</B></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0% or less</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">More than 0%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">25%</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Company&rsquo;s Positive TSR over the Performance Period calculated as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><I>Millicom&rsquo;s TSR &gt; 0%
Q1 2017 &ndash; Q1 2020</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">where TSR is measured using the average share price
for 10 trading days following the day of the year-end report 2016 compared to an equivalent period following the day of the year-end
report 2019, and taking into account relevant events that impact share price, such as dividend payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The Compensation Committee shall make adjustments as it considers appropriate to take account of any factor which it considers
to be relevant including but not limited to: any intervening capital reorganisation of the Company, including, without limitation,
any capitalisation issue, rights issue, sub-division or consolidation of share capital, reduction of capital or exempt distribution.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>(ii)</B></TD><TD><B>RELATIVE TOTAL SHAREHOLDER RETURN (RELATIVE TSR) PERFORMANCE CONDITIONS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The proportion of the Shares subject to a Performance Share Award which Vests shall be determined for 25% of the target Performance
Share Award by the Company&rsquo;s Relative TSR compound annual growth rate over the Performance Period compared to a predetermined
Peer Group, in accordance with the following table:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 50%; border: black 1pt solid; text-align: center"><B>Company&rsquo;s Relative TSR compound <BR>
annual growth rate</B></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Percentage of the Award which Vests (rounded down, if appropriate, to the nearest whole number of shares)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0% or less&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Below Peer Group Median&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">At Peer Group Median</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">10%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">5 PP Above Peer Group Median</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">25%</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The Company&rsquo;s Relative TSR over the Performance Period at entry level calculated as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in"><I>Millicom&rsquo;s TSR = median
TSR of pre-determined peer group</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Company&rsquo;s Relative TSR over the Performance Period at stretch target level calculated as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in"><I>Millicom&rsquo;s TSR &ge;
5 percentage points per year better than pre-determined<BR>
peer group Q2 2017 &ndash; Q1 2020</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The Compensation Committee shall make adjustments as it considers appropriate to take account of any factor which it considers
to be relevant including but not limited to any intervening capital reorganisation of the Company, any capitalisation issue, rights
issue, sub-division or consolidation of share capital or reduction of capital or exempt distribution.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>(iii)</B></TD><TD><B>FREE CASH FLOW PERFORMANCE CONDITIONS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The proportion of the Shares subject to a Performance Share Award which Vests shall be determined for 50% of the target Performance
Share Award by the Free Cash Flow achievement of the Company measured over three stand-alone one-year performance periods, financial
years 2017, 2018 and 2019, as set out in paragraphs 2 to 4 below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>For each of these years Free Cash Flow achievement will be measured against the respective budgeted values for EBITDA and Capex.
The result of subtracting Capex from EBITDA will be adjusted for Change in Working Capital.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>For each of these years the Compensation Committee shall assess achievement on a percentage basis against the respective budgeted
values. The three year&rsquo;s Free Cash Flow percentage achievements will be averaged over the three performance years.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The extent to which the Award Vests shall be determined by reference to the average percentage Free Cash Flow achievement,
in accordance with the following table.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 50%; border: black 1pt solid; text-align: center"><B>Company&rsquo;s average Free Cash Flow <BR>
achievement against budgeted values</B></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Percentage of the Award which Vests <BR>
(rounded down, if appropriate, to the <BR>
nearest whole number of shares)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Less than 90% of budget</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">90% of budget</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">More than 90% but less than 100%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Award pro-rated on a straight line basis between&nbsp;10% and 50%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">At 100% or more of budget</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">50%</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Budgets are set in local currency and a &lsquo;budget exchange rate&rsquo; agreed by the Board. Actual results for EBITDA are
measured against budget in local currencies with a forex adjustment to US Dollars for Capex and Change in Working Capital.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Second Schedule: The Target
Grant Size Percentages for Performance Share Awards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="width: 50%; border: black 1pt solid"><B>As a % of Base Salary</B></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Target Grant Size Percentages of New <BR>
Annual Base Salary</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Chief Executive Officer</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">200%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">CFO / CTIO</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">160%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Chief Operations Officer</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">150%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Executive Vice Presidents</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">General Managers and Vice Presidents</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">50%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit A-3</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">The
Rules of the 2018 Millicom International Cellular S.A. Long-Term Incentive Performance Share Plan</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULES</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE 2018 MILLICOM INTERNATIONAL CELLULAR
S.A.</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LONG TERM INCENTIVE</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERFORMANCE SHARE PLAN</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Approved
by the Compensation Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(By delegation
of the Board of Directors)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">March
05, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">1.&nbsp;&nbsp;&nbsp;Interpretation</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">2.&nbsp;&nbsp;&nbsp;Grants under the Performance Share Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">3.&nbsp;&nbsp;&nbsp;Performance Conditions Applicable to Performance Share Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">4.&nbsp;&nbsp;&nbsp;Vesting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">5.&nbsp;&nbsp;&nbsp;Cessation of Employment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">6.&nbsp;&nbsp;&nbsp;Corporate Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">7.&nbsp;&nbsp;&nbsp;Lapse of Award</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">8.&nbsp;&nbsp;&nbsp;Variation of Share Capital</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">9.&nbsp;&nbsp;&nbsp;Share Capital Limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">10.&nbsp;&nbsp;&nbsp;Shares Issued Under Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">11.&nbsp;&nbsp;&nbsp;Tax and Social Security Withholding</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">12.&nbsp;&nbsp;&nbsp;Contractual Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">13.&nbsp;&nbsp;&nbsp;Administration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">14.&nbsp;&nbsp;&nbsp;Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">15.&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">16.&nbsp;&nbsp;&nbsp;Governing Law and Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attached Schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">First Schedule: The Performance Conditions for Performance Share Awards and Target Grant Size Percentage</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Second Schedule: Date and Share Price at Grant and Vest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD><FONT STYLE="text-transform: uppercase">Interpretation</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD>Definitions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless the context otherwise requires, the following
words and expressions have the meanings indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Annual Base Salary</B></TD>
    <TD STYLE="width: 65%">the annual gross or net, depending on the contractual terms, guaranteed cash amount to which an Eligible Employee is entitled, whether the amount is paid in one, twelve or more instalments per year, excluding all benefits, perquisites, pension allowances, car allowances, housing allowances, school fees, variable pay and/or bonus;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award</B></TD>
    <TD>a Performance Share Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award Notice</B></TD>
    <TD>the notice sent by the Company to an Eligible Employee in respect of the grant of an Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Board</B></TD>
    <TD>the Board of Directors of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Cash Equivalents</B></TD>
    <TD>payout in cash of the Market Value on Vesting Date of Shares upon authorization by the CEO;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>CEO</B></TD>
    <TD>the Company&rsquo;s Chief Executive Officer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Company</B></TD>
    <TD>Millicom International Cellular S.A., incorporated under the laws of Luxembourg, registered with the Luxembourg Register of Trade and Companies under number B 40630, having its registered office located at 2, rue Fort Bourbon, L- 3372 Luxembourg, Luxembourg;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Compensation Committee</B></TD>
    <TD>the Company&rsquo;s Compensation Committee to whom the Board delegated certain authority notably with respect to this Plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Control</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">in relation to a company, means the power of a person
        to secure that the affairs of that company are conducted in accordance with the wishes of that person:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;by
        means of the holding of shares or the possession of voting power in or in relation to that or any other company, whether directly
        or indirectly, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;by
virtue of any powers conferred by the articles of association or other document regulating that or any other company, or by contract
or otherwise.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Controlling Shareholder</B></TD>
    <TD>Investment AB Kinnevik and any of its subsidiaries or affiliates which directly or indirectly own shares in the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Eligible Employee</B></TD>
    <TD>an employee or contractor (other than a non-executive director) of any member of the Group with Vice President grade or above.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Good Leaver</B></TD>
    <TD>an Employee who leaves the company under the following circumstances: (1) Restructure/redundancy, where the Employee is not offered a position or is offered a position with a lower level of compensation, benefits or responsibility. (2) change job location more than 50 miles, (3) Exceptional case based on factors such as tenure with MIC, circumstances of exit, performance history and contributions to company, subject to approval of CEO and CHRO.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Grant Date</B></TD>
    <TD STYLE="width: 65%">the date on which the Award granted to the Eligible Employee is effective as indicated in the Award Notice;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Group</B></TD>
    <TD>the Company and any company under the Control of the Company (including joint Control with another company) from time to time and &ldquo;<B>member of the Group</B>&rdquo; shall be construed accordingly;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Market Value</B></TD>
    <TD>of a Share on any day, the closing price of a Share as quoted on the Nasdaq Stockholm OMX for the dealing day immediately preceding such day;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Annual Base Salary</B></TD>
    <TD>the Annual Base Salary of the Eligible Employee as defined during the first quarter of the calendar year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Hires</B></TD>
    <TD>Eligible Employees with effective employment starting during or after the immediately preceding full calendar year but before April 1 of the year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Promotions</B></TD>
    <TD>Eligible Employees with the first date of effectiveness of the promotion during or after the immediately preceding full calendar year but before April 1 of the year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Participant</B></TD>
    <TD>an individual who holds a subsisting Award or, where the context permits, his legal personal representatives;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Conditions</B></TD>
    <TD>the performance conditions which determine the extent of Vesting of a Performance Share Award in accordance with Rule 3;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Period</B></TD>
    <TD>the period determined by the Compensation Committee and specified in the Award Notice over which the Performance Conditions normally apply;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Share Award</B></TD>
    <TD>a conditional right to be granted Shares by the Company under Rule 2;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Share Plan or Plan</B></TD>
    <TD>the Millicom International Cellular S.A. Performance Share Plan constituted by these Rules as amended from time to time;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Price</B></TD>
    <TD>an amount equal to the average of the closing prices of a Share, as so quoted on the Nasdaq Stockholm OMX, for the three last months of the calendar year previous to the calendar year of Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Value</B></TD>
    <TD>Amount of shares of an Award multiplied by the Share Grant Price.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Shares</B></TD>
    <TD>common shares in the capital of the Company with a par value of US $1.50 each, or any securities representing them;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Variation</B></TD>
    <TD>any material variation of the share capital of the Company, including but without limitation a capitalization issue, rights issue, rights offer and a sub division, consolidation or reduction in the capital of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vest</B></TD>
    <TD>a Participant becoming, in accordance with these Rules, entitled to the Shares subject to an Award and &ldquo;<B>Vested</B>&rdquo; and &ldquo;<B>Vesting</B>&rdquo; shall be construed accordingly; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vesting Date</B></TD>
    <TD>the date when an Award normally Vests, pursuant to Rule 4.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Good Leaver</B></TD>
    <TD STYLE="width: 65%">an Employee who leaves the company under the following circumstances: (1) Restructure/redundancy, where the Employee is not offered a position or is offered a position with a lower level of compensation, benefits or responsibility. (2) change job location more than 50 miles, (4) Exceptional case based on factors such as tenure with MIC, circumstances of exit, performance history and contributions to company, subject to approval of CEO and CHRO.</TD></TR>
</TABLE>
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.2</TD><TD>Construction</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless otherwise specified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>the contents and headings are inserted for ease of reference only and do not affect their interpretation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>save as provided for by law a reference to writing includes any mode of reproducing words in a legible form and reduced to
paper or electronic format or communication including, for the avoidance of doubt, correspondence via e-mail;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>the singular includes the plural and vice-versa and the masculine includes the feminine;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD>a reference to a statutory provision includes any statutory modification, amendment or re-enactment thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD><FONT STYLE="text-transform: uppercase">Grants
                                         under the Performance Share Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.1</TD><TD>Grant offer</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to these Rules, the Compensation Committee shall determine
in its absolute discretion during which calendar year an offer for the grant of Performance Share Awards shall be made, the Eligible
Employees to whom such offer shall be made and the terms governing the offer for the grant of such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.2</TD><TD>Grant size</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a rule, the target grant size will be determined by the Compensation
Committee as a percentage of Annual Base Salary and will be on a nominative basis or on a job title or job level basis. The percentage
will be applied to the New Annual Base Salary. The percentages will be approved by the Compensation Committee at its absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New Hires and New Promotions will be taken into consideration
without a pro rata applied. Except in cases where the Compensation Committee provides for an exception upon request by the CEO,
Eligible Employees with effective employment date after 1 April of the year of grant will not participate. Promotions of Eligible
Employees after 1 April of the year of grant will not be taken into consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.3</TD><TD>Individual limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offer for the grant of a Performance Share Award shall be
made to an Eligible Employee if as a result:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>for all Eligible Employees except for the CEO, the aggregate Share Grant Value of the Shares subject to all Share Awards to
be granted to him during the same calendar year under all of the Company&rsquo;s Deferred and Performance Share Plans (taking the
Share Grant Value at the Grant Date for each Award), excluding, however, any Exceptional Deferred Share Awards issued under the
Company&rsquo;s Deferred Share Plan, would exceed 300 per cent of his New Annual Base Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>for the CEO, the aggregate Share Grant Value of the Shares subject to all Share Awards to be granted to him during the same
calendar year under all of the Company&rsquo;s Share Plans (taking the Share Grant Value at the Grant Date for each Award), excluding,
however, any Exceptional Deferred Share Awards issued under the Company&rsquo;s Deferred Share Plan, would exceed 550 per cent
of his New Annual Base Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>the share capital limit in Rule 9 would be exceeded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.4</TD><TD>Procedure for grant of Awards and Grant Date</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case the Compensation Committee issues an Award to
a named Eligible Employee, the CEO of the Company shall have the discretionary power to decide whether a grant offer will be made
to an Eligible Employee, including New Hires and New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With the timing at the discretion of the CEO, the Company shall
inform such Eligible Employee by a notice in writing of such offer in accordance with rule 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offer for the grant of the Performance Share Award must
be accepted by the Eligible Employee within sixty days after the notice of the Award has been given to the Eligible Employee (as
determined in accordance with Rule 14.1). If not accepted within sixty days, the Award shall automatically be treated as never
having been granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.5</TD><TD>Contents of Award Notice</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award Notice for a Performance Share Award shall specify
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>the Grant Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>the number of Shares subject to the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>the date on which the Award will normally Vest, which shall be at the end of the ten trading days immediately following the
date of publication of the Annual Results Press Release relating to the second financial year following the year of grant; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD>the Performance Period, the Performance Conditions and any further conditions applicable to the Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.6</TD><TD>Right to refuse Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that an Eligible Employee, to whom an offer for
the grant of a Performance Share Award is made, refuses to accept such offer for whatever reason within the period set out in rule
2.4, the Award shall automatically and without exception be treated, for the purpose of the Plan, as never having been granted.
For the avoidance of doubt, no consideration shall be due from the Company to the Eligible Employee for any such refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.7</TD><TD>Awards non-transferable</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Performance Share Award shall be personal to the Participant
and, subject to Rule 5.2, shall not be capable of being transferred, charged or otherwise alienated and shall lapse immediately
if the Participant purports to transfer, charge or otherwise alienate the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.8</TD><TD>Participant&rsquo;s rights over Shares subject to Performance
Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Participant shall not become the legal or beneficial owner
of the Shares subject to his Performance Share Award until such Shares are issued or transferred to him (or his nominee) by or
on behalf of the Company, and until that date the Participant shall not be entitled to any voting, dividend, transfer or other
rights attaching to the Shares subject to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.9</TD><TD>Share Ownership Requirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Shares issued or transferred to a Participant (or his nominee)
under a Performance Share Award will be subject to the terms set out in the Company&rsquo;s Share Ownership Policy. The Compensation
Committee may at its absolute discretion take into account any failure to adhere to the terms of the Share Ownership Policy when
determining the grant of future incentives and when determining the vesting of awards under any of the Company&rsquo;s share plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.10</TD><TD>Sign-On Awards under the Performance Share Plan</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grants may be issued under the Performance Share Plan to newcomers
who forfeited an LTIP with their previous employer in their year of joining, subject to CEO approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.11</TD><TD>Share Ownership Requirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Shares issued or transferred to a Participant (or his nominee)
under a Performance Share Plan award may be subject to the terms set out in the Company&rsquo;s Share Ownership Policy. The Compensation
Committee may at its absolute discretion take into account any failure to adhere to the terms of the Share Ownership Policy when
determining the grant of future incentives and when determining the vesting of awards under any of the Company&rsquo;s share plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD><FONT STYLE="text-transform: uppercase">Performance
                                         Conditions Applicable to Performance Share Awards</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.1</TD><TD>Imposition of Performance Conditions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the grant of a Performance Share Award, the Compensation
Committee shall impose Performance Conditions and any further conditions on Vesting which the Compensation Committee determines
to be appropriate. Such conditions shall be set out in, or attached in the form of a schedule to the Award Notice. The initial
Performance Conditions for the first Performance Share Awards shall be those set out in the First Schedule to these Rules. The
Compensation Committee may change the Performance Conditions subject to Rule 3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.2</TD><TD>Substitution, variation or waiver of Performance Conditions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an event occurs which causes the Compensation Committee to
consider that the Performance Conditions or any further conditions imposed under Rule 3.1, subject to which an Award has been granted,
are no longer appropriate, the Compensation Committee may substitute, vary or waive the terms and conditions with respect to the
Performance Conditions or the further conditions in such manner as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>is reasonable in the circumstances;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>the Performance Conditions remain challenging yet attainable and are aligned with the interests of the Company; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>except in the case of waiver, produces a fairer measure of performance and is not materially less difficult to satisfy than
were the Performance Conditions immediately before such event occurred.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Award shall then take effect with respect to the Performance
Conditions or the further conditions as so substituted, varied or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall, as soon as reasonably practicable, notify
each Participant concerned of any substitution, variation or waiver of the Performance Conditions or further conditions made by
the Compensation Committee under Rule 3.2 and explain how it affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD><FONT STYLE="text-transform: uppercase">Vesting</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.1</TD><TD>Vesting of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to Rules 5 and 6, an Award shall Vest on the normal
Vesting Date specified in the Award Notice. The number of Shares in respect of which the Award Vests shall be determined by the
Compensation Committee as soon as practicable in accordance with the Performance Conditions and any further conditions imposed
under Rule 3.1, in their original form or as substituted or varied from time to time. To the extent that a Performance Share Award
has not Vested on the Vesting Date, it shall lapse immediately. The Participant shall become irrevocably entitled to the Shares
subject to an Award to the extent that the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.2</TD><TD>Delivery of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to any necessary consents, the execution of any necessary
agreements or documents by the Participant, as determined by the Compensation Committee, and to compliance by the Participant with
these Rules, the Company shall, as soon as reasonably practicable and in any event not later than ninety calendar days after the
Vesting Date of an Award, issue to the Participant, or procure the transfer to the Participant of, the number of Shares in respect
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">which the Award has Vested (subject to rule 10). In case of
the Shares being issued to the Participant, the par value of the Shares will be fully paid up by way of capitalization of available
reserves of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should the Company not have been able to issue the Shares to
the Participant in accordance with the above and in the time frame of ninety calendar days after the Vesting Date of an Award because
the relevant Participant has not timely executed any necessary agreements or documents as determined by the Compensation Committee,
the relevant Award shall automatically be treated, as never having been granted. For the avoidance of doubt, no consideration shall
be due from the Company to the Eligible Employee in any such situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.3</TD><TD>Cash Equivalents</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to confirmation by local counsel that the sale of Shares
is not reasonably possible in a country, Participants residing and working in such country and not travelling internationally for
business purposes and not being expatriates, may elect to receive Cash Equivalents upon authorization by the CEO. Any Cash Equivalents
issued under the Plan will be reported annually to the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD><FONT STYLE="text-transform: uppercase">Cessation
                                         of Employment</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.1</TD><TD>General rule</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the remainder of this Rule 5, an Award may Vest only
while the Participant holds an office or employment within the Group and, if a Participant resigns, is dismissed or ceases to hold
any such office or employment for any other reason, any Award granted to him which has not Vested shall lapse immediately. Except
where such cessation is for one of the reasons mentioned in Rule 5.2 or 5.3, the Participant shall be deemed to cease to hold such
office or employment on the date when he or his employer gives written notice of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.2</TD><TD>Death</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 4.1 and 5.1, if a Participant dies before
his Award has Vested the Award shall Vest immediately. The number of Shares in respect of which the Award Vests shall be determined
by the Compensation Committee as soon as practicable taking account the Performance Conditions and shall be reduced pro rata to
the proportion of the Performance Period which has elapsed at the date of the Participant&rsquo;s death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue or procure the transfer to the Participant&rsquo;s
legal personal representatives in accordance with Rule 4.2 (and, if applicable, Rule 11) the number of Shares in respect of which
the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.3</TD><TD>Retirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of Retirement vesting of the Award shall happen
as per the Millicom Equity Eligibility Retirement Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.4</TD><TD>Injury, disability and other reasons</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 4.1 and 5.1, if a Participant ceases to
hold any office or employment within the Group before his Award has Vested by reason of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>injury, ill health or disability;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>Participant is a Good Leaver as per definition described above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>the Participant being employed by a company which ceases to be a member of the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD>the Participant being employed in an undertaking or part of an undertaking which is transferred to a person who is not a member
of the Group; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e)</TD><TD>any other special circumstances, at the discretion of the Compensation Committee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Award shall Vest on a date determined by the Compensation
Committee, which shall be no earlier than the date of such cessation and no later than the normal Vesting Date specified in the
Award Notice. The number of Shares in respect of which the Performance Share Award Vests shall be reduced pro rata to the proportion
of the Performance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Period which has elapsed at the date of such cessation and be
subject to achievement of relevant performance conditions over the vesting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 4.2 (and, if applicable,
Rule 11).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD><FONT STYLE="text-transform: uppercase">Corporate
                                         Events</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.1</TD><TD>General offer for Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rule 4.1 but subject to Rule 6.2, if in the
judgement of the Compensation Committee, the Control of the Company changes, all Awards shall Vest with effect immediately before
such change of Control occurs. The number of Shares in respect of which each Performance Share Award Vests shall be determined
by the Compensation Committee as soon as practicable taking account of the Performance Conditions and shall be reduced pro rata
to the proportion of the Performance Period which has elapsed at the date when such Control is obtained. If the change of Control
is made by way of the absorption of the Company by another company or entity, by means of a legal merger or otherwise, the Compensation
Committee may resolve that an Award shall not Vest in accordance with the previous paragraph, subject to the Compensation Committee
instead procuring that the Award be replaced by the grant of an award over shares in such company or entity, which, in the opinion
of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Award, it being understood
that such undertaking shall be assigned to the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If all or substantially all the assets and liabilities of the
Company are transferred to one (or more) company or entity, which is not under the Control of the Controlling Shareholder, the
Compensation Committee may resolve that all Awards shall Vest in accordance with the first paragraph of this Rule 6.1. Alternatively,
the Compensation Committee may resolve that an Award shall not Vest, but that instead it shall procure that the Award be replaced
by the grant of an award over shares in such other company or entity, which, in the opinion of the Compensation Committee, is substantially
equivalent, in value and in terms and conditions, to the Award, it being understood that such undertaking shall be assigned to
the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.2</TD><TD>Reorganization not involving a change in Control</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If as a consequence of a reorganization, (i) a company (or a
similar entity) owns more than 90 per cent of the Shares of the Company, and (ii) the Controlling Shareholder still has Control
of the Company, the Compensation Committee may resolve that all Awards shall Vest immediately in accordance with the terms of Rule
6.1. If all the Awards do not Vest immediately, the Compensation Committee shall procure that all the Awards be replaced by the
grant of an awards over shares in the company (or similar entity) owning more than 90 per cent of the Shares of the Company, which,
in the opinion of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that as a consequence of a reorganization, (i)
(a) the Company is absorbed by another company by means of a legal merger or otherwise or (b) the Company is divided into two or
more companies (or similar entities) by means of a legal de-merger, a contribution of all its assets and liabilities or otherwise,
(ii) the Award Agreements are assigned to any of this/these companies or other entities and (iii) the Controlling Shareholder has
Control of this/these companies or other entities, the Compensation Committee shall make reasonable efforts to procure that all
the Awards be replaced by the grant of an award over shares in this/these company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Awards, it being understood that such undertaking
shall be assigned to this/these company or entity by the Company together with its assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of the occurrence, or the likely occurrence, of any of the events referred to in this Rule 5 and explain
how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD><FONT STYLE="text-transform: uppercase">Lapse
                                         of Award</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award shall lapse on the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>the Compensation Committee determining that the Performance Conditions have not been satisfied either in whole or in part in
relation to any Performance Share Award, and can no longer be satisfied either in whole or in part;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>subject to Rule 5, the Participant ceasing to hold an office or employment within the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>the replacement of the Award under Rule 6 (for the avoidance of doubt, this paragraph will not cause any replacement award
to lapse);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD>the date on which a resolution is passed or an order is made by the court for the winding up of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e)</TD><TD>the date on which the Participant becomes bankrupt, enters into a compromise with his creditors generally or purports to transfer,
charge or otherwise alienate the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">f)</TD><TD>any other event set out in these Rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD><FONT STYLE="text-transform: uppercase">Variation
                                         of Share Capital</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.1</TD><TD>Power to amend Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a Variation or the payment of an ordinary dividend
by the Company, the terms of any outstanding Award may be amended in such manner with respect to the number of Shares subject to
the Award as the Compensation Committee shall determine to be fair and reasonable, having consulted the Company&rsquo;s professional
advisers as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case an extra-ordinary dividend is paid by the Company, the
Company will compensate the Participants with outstanding share awards (&ldquo;Outstanding Awards&rdquo;) at the moment of the
dividend distribution in accordance with the below rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participants will be compensated by adding a number of shares
to the Outstanding Awards (&ldquo;Additional Award&rdquo;) which will vest at the time of final vesting of the respective Outstanding
Award. In case of vesting in tranches over several years, the Additional Award will only vest on the moment of vesting of the final
tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Additional Award will be calculated and processed as follows
at the time of the final vesting of the Initial Award:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 1<BR>
Exceptional Dividend multiplied by the number of shares in the Outstanding Award = &ldquo;Additional Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 2<BR>
Divide the Additional Amount by the closing share price average for the 3 trading days counting as from the ex-dividend date =
&ldquo;Additional Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 3<BR>
Add the Additional Award under the respective LTI plans with outstanding non-vested awards to the Outstanding Award to determine
the &ldquo;New Outstanding Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 4<BR>
Apply the initial plan rules and conditions, including Performance Conditions, as applicable to the Outstanding Award, to the New
Outstanding Award as if the Additional Award would have been part of the initial award to determine the portion of the New Outstanding
Award that vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.2</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of any adjustment made under this Rule 8 and explain how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">9.</TD><TD><FONT STYLE="text-transform: uppercase">Share
                                         Capital Limit</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.1</TD><TD>Limit to number of new Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award may not be granted if the result would be that the
aggregate number of Shares issued or issuable under Awards granted under all of the Company&rsquo;s share plans would exceed five
million Shares (adjusted for any Variations).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.2</TD><TD>Clarification of limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purpose of the limits contained in Rule 9.1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>there shall be disregarded any Shares which have been purchased, or the Compensation Committee has determined will be purchased,
in order to satisfy an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>there shall be disregarded any Shares subject to an Award which has lapsed, been renounced or otherwise become incapable of
Vesting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>any Shares issued to a Participant following the Vesting of an Award shall be taken into account once only (when the Award
is granted) and shall not fall out of account when the Shares are issued to the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">10.</TD><TD><FONT STYLE="text-transform: uppercase">Shares
                                         Issued Under Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">10.1</TD><TD>Rights attaching to Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Shares issued to Participants under the Plan (whether directly
to the Participant or indirectly via a trustee or other intermediary) shall, as to voting, dividend, transfer and other rights,
including those arising on a liquidation of the Company, rank equally in all respects and as one class with the Shares of the same
class in issue at the date of issue save as regards any rights attaching to such shares by reference to a record date prior to
the date of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">10.2</TD><TD>Availability of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board shall make reasonable efforts to, at all times, have
the authority under the articles of association of the Company to (i) issue Shares to satisfy all Awards which the Compensation
Committee has determined will be satisfied by the issue of Shares (whether directly to the Participant or indirectly via a trustee
or other intermediary) and (ii) to waive the preferential subscription rights of the existing shareholders of the Company with
respect to the issue of Shares to satisfy the grant of any such Awards by the Company. Prior to making an Award which will be satisfied
by the transfer of Shares, the Compensation Committee shall ensure that the Company has obtained the agreement of a trustee or
other intermediary on the procedures for funding the acquisition of and delivery of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">11.</TD><TD><FONT STYLE="text-transform: uppercase">Tax
                                         and Social Security Withholding</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual gross cash amount paid to
the Participant, a member of the Group is liable, or is in accordance with current practice believed by the Company to be liable,
to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Participant,
the number of Shares subject to an Award which has Vested to be issued to the Participant shall be decreased by such a number of
Shares the aggregate Market Value of which equal an amount sufficient to discharge the liability. Alternatively, the Participant
may, by agreement with the member of the Group, enter some other arrangement to ensure that such amount is available to the Group
(whether by authorizing the sale of some or all of the Shares subject to his Award and the payment to the member of the Group of
the requisite amount out of the proceeds of sale or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual net cash amount paid to
the Participant, a member of the Group or the Participant is liable, or is in accordance with current practice believed by the
Company to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability
of the Participant, the relevant member of the Group or the Company will discharge this liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">12.</TD><TD><FONT STYLE="text-transform: uppercase">Contractual
                                         Rights</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provision of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>the Plan shall not form part of any contract of employment between any member of the Group and an Eligible Employee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>unless expressly so provided in his contract of employment, an Eligible Employee has no right to be granted an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of limitation, any
Awards held by him) shall not form any part of his remuneration or count as his remuneration for the purpose of any employer&rsquo;s
contribution to any pension or other benefit scheme operated by a member of the Group; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD>if an Eligible Employee ceases to hold an office or employment within the Group, he shall not be entitled to compensation for
the loss of any right or benefit or prospective right or benefit under the Plan (including, in particular but not by way of limitation,
any Awards held by him which lapse by reason of his ceasing to hold an office or employment within the Group) whether by way of
damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By accepting the grant of an Award and not renouncing it, a
Participant is deemed to have agreed to the provisions of this Rule 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">13.</TD><TD><FONT STYLE="text-transform: uppercase">Administration</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.1</TD><TD>Compensation Committee responsible for administration</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall be responsible for, and shall
have the conduct and the administration of the Plan. The Compensation Committee may from time to time make or amend regulations
for the administration of the Plan provided that such regulations shall not be inconsistent with these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.2</TD><TD>Compensation Committee&rsquo;s decision final and binding</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The decision of the Compensation Committee shall be made reasonably
and in good faith, and shall be final and binding in all matters relating to the conduct and administration of the Plan, including
but not limited to the resolution of any dispute concerning, or any inconsistency or ambiguity in, these Rules or any document
used in connection with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.3</TD><TD>Discretionary nature of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Awards shall be granted entirely at the discretion of the
Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.4</TD><TD>Provision of information</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participant shall provide to a member of the Group as soon
as reasonably practicable such information as the member of the Group reasonably requests for the purpose of complying with its
tax and social security withholding and reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.5</TD><TD>Shareholder communications</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may send to Participants copies of any notice or
other document sent by the Company to its shareholders generally without being however obliged to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.6</TD><TD>Costs</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of introducing, conducting and administering the Plan
shall be met by the Company. The Company shall be entitled, if it wishes, in its absolute discretion, to charge an appropriate
part of such costs to another member of the Group. The Company shall also be entitled, if it wishes, in its absolute discretion,
to charge to another member</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of the Group the cost of issuing Shares under the Plan to a
Participant employed by that member as well as the aggregate Share Grant Price of the Shares issued under the Plan to a Participant
employed by that member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.7</TD><TD>Variation of Plan for foreign territories</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may make such modifications to the
Plan as are necessary or expedient to take account of local tax, exchange control, securities laws or other regulations in any
jurisdiction (a &ldquo;Modified Plan&rdquo;). The limit on the number of Shares which may be subject to Awards as set out in Rule
8 shall apply so as to limit the number of Shares which may be made subject to Awards granted under a Modified Plan and Shares
subject to Awards granted under a Modified Plan shall be included for the purpose of the limit set out in Rule 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">14.</TD><TD><FONT STYLE="text-transform: uppercase">Amendments</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.1</TD><TD>Power to amend Rules</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may from time to time amend these
Rules. No such amendment shall adversely affect the rights of an existing Participant, except as provided herein, including notably
in Rule 13.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.2</TD><TD>Rights of existing Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without prejudice to the terms of Rule 3.2, the Compensation
Committee may resolve to propose to amend the terms of an Award Agreement to which a Participant is a party. No such amendment
shall adversely affect the rights of an existing Participant. The proposal shall be made by notice in writing to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">15.</TD><TD><FONT STYLE="text-transform: uppercase">Notices</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.1</TD><TD>Notice by Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given by, or on behalf of, the Company to any person in connection with the Plan shall be deemed to have been duly given if delivered
by hand or sent by e-mail or fax to him at his place of work, if he is employed within the Group if sent by e-mail to such e-mail
address as may be specified from time to time, or sent through the post in a pre-paid envelope to the postal address last known
to the Company to be his address and, if so sent, shall be deemed to have been duly given on the third calendar day after the date
of posting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.2</TD><TD>Deceased Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
so sent to a Participant shall be deemed to have been duly given notwithstanding that such Participant is then deceased (and whether
or not the Company has notice of his death) except where his personal representatives have established their title to the satisfaction
of the Company and supplied to the Company an e-mail or postal address to which notices, documents and other communications are
to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.3</TD><TD>Notice to Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given to the Company in connection with the Plan shall be delivered by hand or sent by e-mail, fax or post to the Company Secretary
at the Company&rsquo;s registered office or such other e-mail or postal address as may from time to time be notified to Participants
but shall not in any event be duly given unless it is actually received at the registered office or such e-mail or postal address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">16.</TD><TD><FONT STYLE="text-transform: uppercase">Governing
                                         Law and Jurisdiction</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The formation, existence, construction, performance, validity
and all aspects whatsoever of the Plan, any term of the Plan and any Award granted under it shall be governed by the laws of the
Grand-Duchy of Luxembourg. The courts of Luxembourg City shall have jurisdiction to settle any dispute which may arise out of,
or in connection with, the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">First Schedule: The Performance
Conditions for Performance Share Awards and Target Grant Size Percentage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule sets out the Performance Conditions which will
determine the extent of Vesting of the Performance Share Award made to the Participant under the Performance Share Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may modify the requirements of these
performance conditions in accordance with Section 3.2 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Vesting of Performance Share Awards is made of the following
components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>50% based on Operating Free Cash Flow</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>25% based on Service Revenue</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>25% based on relative Total Shareholder Return</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Performance Conditions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>In the event the Company achieves 80% or less of the target, the corresponding portion of the vesting will be reduced to zero;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>in the event the Company achieves between 80% and 120% of the target, the corresponding portion of the grant will be adjusted
in linear pro rata of the achievement starting at a payout of 0% at an achievement of 80%, up to a maximum value of 200% if target
achievement is 120% or higher.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>For the relative TSR, if the target is not met at 100% of achievement at least, the corresponding portion of the vesting will
be zero. If the Company achieves between 100% and 120% of the target, the corresponding portion of the grant will be adjusted in
linear pro rata of the achievement starting at 100% at an achievement of 100% up to a maximum of 200% if the achievement is 120%
or higher.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Target Grant Size Percentage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The grant size percentage will be determined for each Eligible
Employee on their offer letter, contract, or subsequent LTI Target Communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Second Schedule: Date and Share
Price at Grant and Vest</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border: Black 1pt solid">Award Grant Date</TD>
    <TD STYLE="width: 69%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">March 1st of the year of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Award Grant Share Price</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Average closing MIC Share Price of the last quarter of the immediate preceding year of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Vesting Date</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">March 1st &ndash; cliff vesting on the 3rd year after grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Vesting Share Price</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Closing Price of the last trading day preceding the vesting date.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Annex 1: Approved by the Remuneration Committee on Dec
12th, 2018</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Relative TSR Performance Measurement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The calculation for the performance achievement of the relative
TSR metric, will be done using the following criteria:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Currency
Approach (USD) and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No market capitalization
weighting of peers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit A-4</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">The
Rules of the 2019 Millicom International Cellular S.A. Long-Term Incentive Performance Share Plan</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULES</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE 2019 MILLICOM INTERNATIONAL CELLULAR
S.A.</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LONG TERM INCENTIVE</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERFORMANCE SHARE PLAN</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Approved
by the Compensation Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(By delegation
of the Board of Directors)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">June 25,
2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">1.&nbsp;&nbsp;&nbsp;Interpretation</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">2.&nbsp;&nbsp;&nbsp;Grants under the Performance Share Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">3.&nbsp;&nbsp;&nbsp;Performance Conditions Applicable to Performance Share Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">4.&nbsp;&nbsp;&nbsp;Vesting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">5.&nbsp;&nbsp;&nbsp;Cessation of Employment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">6.&nbsp;&nbsp;&nbsp;Corporate Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">7.&nbsp;&nbsp;&nbsp;Lapse of Award</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">8.&nbsp;&nbsp;&nbsp;Variation of Share Capital</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">9.&nbsp;&nbsp;&nbsp;Share Capital Limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">10.&nbsp;&nbsp;&nbsp;Shares Issued Under Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">11.&nbsp;&nbsp;&nbsp;Tax and Social Security Withholding</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">12.&nbsp;&nbsp;&nbsp;Contractual Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">13.&nbsp;&nbsp;&nbsp;Administration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">14.&nbsp;&nbsp;&nbsp;Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">15.&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">16.&nbsp;&nbsp;&nbsp;Governing Law and Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">17.&nbsp;&nbsp;&nbsp;Section 409A of the Internal Revenue Code</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">14</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attached Schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">First Schedule: The Performance Conditions for Performance Share Awards and Target Grant Size Percentage</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Second Schedule: Date and Share Price at Grant and Vest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">16</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD><FONT STYLE="text-transform: uppercase">Interpretation</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD>Definitions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless the context otherwise requires, the following
words and expressions have the meanings indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Affiliate</B></TD>
    <TD STYLE="width: 65%">any subsidiary of a Person and any holding company of that Person and any direct or indirect subsidiary of such holding company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Annual Base Salary</B></TD>
    <TD>the annual gross or net, depending on the contractual terms, guaranteed cash amount to which an Eligible Employee is entitled, whether the amount is paid in one, twelve or more instalments per year, excluding all non-mandatory monthly salary payments, benefits, perquisites, pension allowances, car allowances, housing allowances, school fees, variable pay and/or bonus;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award</B></TD>
    <TD>a Performance Share Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award Notice</B></TD>
    <TD>the notice sent by the Company to an Eligible Employee in respect of the grant of an Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Beneficial Ownership</B></TD>
    <TD>A Person shall be deemed the &ldquo;<B>Beneficial Owner</B>&rdquo; or to have &ldquo;<B>beneficial ownership</B>&rdquo; of, and shall be deemed to &ldquo;<B>beneficially own</B>&rdquo;, securities pursuant to Rule 13d-3 under the United States Securities Exchange Act of 1934 (as amended), as in effect on the date hereof.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Board</B></TD>
    <TD>the Board of Directors of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Cash Equivalents</B></TD>
    <TD>payout in cash of the Market Value on Vesting Date of Shares upon authorization by the CEO;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Cause</B></TD>
    <TD>unless otherwise defined in an employment or change of control agreement between the Company and a Participant a Participant&rsquo;s willful and continued failure substantially to perform his/her duties with the Company (other than as a result of total or partial incapacity due to physical or mental illness or as a result of termination by the Participant for Good Reason), (2) any willful act or omission by the Participant constituting dishonesty, fraud or other malfeasance against the Company or {3) the Participant&rsquo;s conviction of a crime under the laws of any jurisdiction in which the Group conducts business;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>CEO</B></TD>
    <TD>the Company&rsquo;s Chief Executive Officer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Change of Control</B></TD>
    <TD>a Change of Control under Rule 6.2;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Company</B></TD>
    <TD>Millicom International Cellular S.A., incorporated under the laws of Luxembourg, registered with the Luxembourg Register of Trade and Companies under number B 40630, having its registered office located at 2, rue Fort Bourbon, L- 3372 Luxembourg, Luxembourg;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Compensation Committee</B></TD>
    <TD>the Company&rsquo;s Compensation Committee to whom the Board delegated certain authority notably with respect to this Plan;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Control</B></TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">in relation to a company, means the power of a person
        to secure that the affairs of that company are conducted in accordance with the wishes of that person:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;by
        means of the holding of shares or the possession of voting power in or in relation to that or any other company, whether directly
        or indirectly, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;by
any powers conferred by the articles of association or other document regulating that or any other company, or by contract or
otherwise.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Controlling Shareholder</B></TD>
    <TD>Investment AB Kinnevik and any of its subsidiaries or affiliates which directly or indirectly own shares in the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Eligible Employee</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">an employee or contractor (other than a non-executive
        director) of any member of the Group in a role or position which has either:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;a
        Director grade or above in one of the Company&rsquo;s Corporate Headquarter offices in accordance with the Company&rsquo;s role
        grading system, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;is
a constant member of a country operation&rsquo;s Senior Management team;&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Excluded Person</B></TD>
    <TD>any of (i) the Company; (ii) any of the Company&rsquo;s Subsidiaries; (iii) any Holding Company; (iv) any employee benefit plan of the Company, any of its Subsidiaries or a Holding Company; (v) any Person organized, appointed or established by the Company, any of its Subsidiaries or a Holding Company for or pursuant to the terms of any plan described in clause (iv); (vi) Investment AB Kinnevik, Kinnevik B.V. and each of their Affiliates; or (vii) the estate, spouse, ancestors and lineal descendants of Mr. fan H. Stenbeck, the legal representatives of any of the foregoing and the bona fide trust of which the foregoing are the sole beneficiaries or the grantors, or any Person of which the foregoing beneficially own 66 and 2/3% of the total voting power of all classes of capital stock of such Person (exclusive of any matters as to which class voting rights exist).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Good Leaver</B></TD>
    <TD>an Employee who leaves the company under the following circumstances: (1) Restructure/ redundancy, where the Employee is not offered a position or is offered a posit ion with a lower level of compensation, benefits or responsibility(2) change job location more than SO miles, (3) Exceptional case based on factors such as tenure with MIC, circumstances of exit, performance history and contributions to company, subject to approval of CEO and CHRO;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Good Reason</B></TD>
    <TD>unless otherwise defined in an employment or change of control agreement between the Company and a Participant (but excluding any Discretionary Termination Window t rigger under a change of control agreement), any of the following occurs without a Participant&rsquo;s written consent: (l) Material diminution in the Participant &lsquo;s duties or responsibilities; (2) Failure by the Company to pay the Participant any compensation otherwise vested and due if such failure continues for 20 business days following notice to the Company thereof (3) Reduction in Annual Base Salary, bonus opportunity or aggregate benefits; (4) Relocation of the Participant more than SO miles away from the Participant&rsquo;s previous principal office location;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 65%">Notwithstanding the foregoing, Good Reason shall not exist unless the Participant gives the Company written notice thereof within 45 days after the Participant becomes aware its occurrence and the Company shall not have corrected the action within 15 days after such written notice;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Grant Date</B></TD>
    <TD>the date on which the Award granted to the Eligible Employee is effective as indicated in the Award Notice;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Group</B></TD>
    <TD>the Company and any company under the Control of the Company (including joint Control with another company) from time to time and &ldquo;<B>member of the Group</B>&rdquo; shall be construed accordingly;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Market Value</B></TD>
    <TD>of a Share on any day, the dosing price of a Share as quoted on the Nasdaq Stockholm / Nasdaq US for the dealing day immediately preceding such day;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Hires </B></TD>
    <TD>Eligible Employees with effective employment starting during the immediately preceding full calendar year but before October 1;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Promotions</B></TD>
    <TD>Eligible Employees with the first date of effectiveness of the promotion during the immediately preceding full calendar year but before October&nbsp;1;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Participant</B></TD>
    <TD>an individual who holds a subsisting Award or, where the context permits, his legal personal representatives;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Person</B></TD>
    <TD>an individual , corporation, partnership, association, trust or any other entity or organization.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Conditions</B></TD>
    <TD>the performance conditions which determine the extent of Vesting of a Performance Share Award in accordance with Rule 3;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Period</B></TD>
    <TD>the period determined by the Compensation Committee and specified in the Award Notice over which the Performance Conditions normally apply;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Share Award</B></TD>
    <TD>a conditional right to be granted in PRSUs or shares by the Company under Rule 2;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Performance Share Plan or Plan</B></TD>
    <TD>the Millicom International Cellular S.A. Performance Share Plan constituted by these Rules as amended from time to time;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>PRSU</B></TD>
    <TD>Performance Restricted Stock Units to be settled in shares at the time of vesting;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Personal Performance Rating</B></TD>
    <TD>the rating for personal performance of an Eligible Employee under the Company&rsquo;s performance evaluation plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Price</B></TD>
    <TD>an amount equal to the average of the closing prices of a Share, as so quoted on the Nasdaq Stockholm/Nasdaq US, for the three last months of the calendar year previous to the calendar year of Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Value</B></TD>
    <TD>Amount of PRSUs or shares of an Award multiplied by the Share Grant Price;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Shares</B></TD>
    <TD>common shares in the capital of the Company with a par value of US $1.50 each, or any securities representing them;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Subsidiary</B></TD>
    <TD STYLE="width: 65%">means a subsidiary undertaking of the Company as defined under article 309 (2) of the Luxembourg Law of 10 August 1915 on commercial companies, as amended, except that for purposes of this Agreement it shall be irrelevant whether a subsidiary is consolidated or not with the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Variation</B></TD>
    <TD>any material variation of the share capital of the Company, including but without limitation a capitalization issue, rights issue, rights offer and a sub division, consolidation or reduction in the capital of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vest</B></TD>
    <TD>a Participant becoming, in accordance with these Rules, entitled to the Shares subject to an Award and &ldquo;Vested, and &ldquo;Vesting&rsquo;&rsquo; shall be construed accordingly; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vesting Date</B></TD>
    <TD>the date when an Award normally Vests, as per Rule 3.</TD></TR>
</TABLE>
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.2</TD><TD>Construction</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless otherwise specified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>the contents and headings are inserted for ease of reference only and do not affect their interpretation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>save as provided for by law a reference to writing includes any mode of reproducing words in a legible form and reduced to
paper or electronic format or communication including, for the avoidance of doubt, correspondence via e-mail;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c)</TD><TD>the singular includes the plural and vice-versa and the masculine includes the feminine;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d)</TD><TD>a reference to a statutory provision includes any statutory modification, amendment or re-enactment thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD><FONT STYLE="text-transform: uppercase">Grants
                                         under the Performance Share Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.1</TD><TD>Invitation decisions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to these Rules, the Compensation Committee shall determine
in its absolute discretion during which calendar year an offer for the grant of Performance Share Awards shall be made, the Eligible
Employees to whom such offer shall be made and the terms governing the offer for the grant of such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.2</TD><TD>Grant size</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a rule, the target grant size will be determined by the Compensation
Committee as a percentage of Annual Base Salary and will be on a nominative basis or on a job title or job level basis. The percentage
will be applied to the New Annual Base Salary. The percentages will be approved by the Compensation Committee at its absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New Hires and New Promotions will be taken into consideration
without a pro rata applied. Except in cases where the Compensation Committee provides for an exception upon request by the CEO,
Eligible Employees with effective employment date after 1 April of the year of grant will not participate. Promotions of Eligible
Employees after 1 April of the year of grant will not be taken into consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.3</TD><TD>Individual limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offer for the grant of a Performance Share Award shall be
made to an Eligible Employee if as a result:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>for all Eligible Employees except for the CEO, the aggregate Share Grant Value of the Shares subject to all Share Awards to
be granted to him during the same calendar year under all of the Company&rsquo;s Deferred and Performance Share Plans (taking the
Share Grant Value at the Grant Date for each Award), excluding, however,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">any Exceptional Deferred Share
Awards issued under the Company&rsquo;s Deferred Share Plan, would exceed 300 per cent of his New Annual Base Salary, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>for the CEO, the aggregate Share Grant Value of the Shares subject to all Share Awards to be granted to him during the same
calendar year under all of the Company&rsquo;s Share Plans (taking the Share Grant Value at the Grant Date for each Award), excluding,
however, any Exceptional Deferred Share Awards issued under the Company&rsquo;s Deferred Share Plan, would exceed 600 per cent
of his New Annual Base Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the share capital limit in Rule 9 would be exceeded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.4</TD><TD>Procedure for grant of Awards and Grant Date</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case the Compensation Committee issues an Award to
a named Eligible Employee, the CEO of the Company shall have the discretionary power to decide whether a grant offer will be made
to an Eligible Employee, including New Hires and New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With the timing at the discretion of the CEO, the Company shall
inform such Eligible Employee by a notice in writing of such offer in accordance with rule 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offer for the grant of the Performance Share Award must
be accepted by the Eligible Employee within ninety days after the notice of the Award has been given to the Eligible Employee (as
determined in accordance with Rule 14.1). If not accepted within ninety days, the Award shall automatically be treated as never
having been granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.5</TD><TD>Contents of Award Notice</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award Notice for a Performance Share Award shall specify
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Grant Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the number of Shares or PRSUs subject to the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the date on which the Award will normally Vest, which shall be at the end of the ten trading days immediately following the
date of publication of the Annual Results Press Release relating to the second financial year following the year of grant; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the Performance Period, the Performance Conditions and any further conditions applicable to the Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.6</TD><TD>Right to refuse Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that an Eligible Employee, to whom an offer for
the grant of a Performance Share Award is made, refuses to accept such offer for whatever reason within the period set out in rule
2.4, the Award shall automatically and without exception be treated, for the purpose of the Plan, as never having been granted.
For the avoidance of doubt, no consideration shall be due from the Company to the Eligible Employee for any such refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.7</TD><TD>Awards non-transferable</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Performance Share Award shall be personal to the Participant
and, subject to Rule 5.2, shall not be capable of being transferred, charged or otherwise alienated and shall lapse immediately
if the Participant purports to transfer, charge or otherwise alienate the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.8</TD><TD>Participant&rsquo;s rights over Shares subject to Performance
Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Participant shall not become the legal or beneficial owner
of the Shares subject to his Performance Share Award until such Shares are issued or transferred to him (or his nominee) by or
on behalf of the Company, and until that date the Participant shall not be entitled to any voting, dividend, transfer or other
rights attaching to the Shares subject to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.9</TD><TD>Share Ownership Requirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Shares issued or transferred to a Participant (or his nominee)
under a Performance Share Award will be subject to the terms set out in the Company&rsquo;s Share Ownership Policy. The Compensation
Committee may at its absolute discretion take into account any failure to adhere to the terms of the Share Ownership Policy when
determining the grant of future incentives and when determining the vesting of awards under any of the Company&rsquo;s share plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.10</TD><TD>Sign- On Awards under the Performance Share Plan</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grants may be issued under the Performance Share Plan to newcomers
who forfeited an LTIP with their previous employer in their year of joining, upon Management approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD><FONT STYLE="text-transform: uppercase">Performance
                                         Conditions Applicable to Performance Share Awards</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.1</TD><TD>Imposition of Performance Conditions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the grant of a Performance Share Award, the Compensation
Committee shall impose Performance Conditions and any further conditions on Vesting which the Compensation Committee determines
to be appropriate. Such conditions shall be set out in, or attached in the form of a schedule to the Award Notice. The initial
Performance Conditions for the first Performance Share Awards shall be those set out in the First Schedule to these Rules. The
Compensation Committee may change the Performance Conditions subject to Rule 3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.2</TD><TD>Substitution, variation or waiver of Performance Conditions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an event occurs which causes the Compensation Committee to
consider that the Performance Conditions or any further conditions imposed under Rule 3.1, subject to which an Award has been granted,
are no longer appropriate, the Compensation Committee may substitute, vary or waive the terms and conditions with respect to the
Performance Conditions or the further conditions in such manner as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>is reasonable in the circumstances;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the Performance Conditions remain challenging yet attainable and are aligned with the interests of the Company; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>except in the case of waiver, produces a fairer measure of performance and is not materially less difficult to satisfy than
were the Performance Conditions immediately before such event occurred.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Award shall then take effect with respect to the Performance
Conditions or the further conditions as so substituted, varied or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall, as soon as reasonably practicable, notify
each Participant concerned of any substitution, variation or waiver of the Performance Conditions or further conditions made by
the Compensation Committee under Rule 3.2 and explain how it affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD><FONT STYLE="text-transform: uppercase">Vesting</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.1</TD><TD>Vesting of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to Rules 5 and 6, an Award shall Vest on the normal
Vesting Date specified in the Award Notice. The number of Shares in respect of which the Award Vests shall be determined by the
Compensation Committee as soon as practicable in accordance with the Performance Conditions and any further conditions imposed
under Rule 3.1, in their original form or as substituted or varied from time to time. To the extent that a Performance Share Award
has not Vested on the Vesting Date, it shall lapse immediately. The Participant shall become irrevocably entitled to the Shares
subject to an Award to the extent that the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.2</TD><TD>Delivery of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to any necessary consents, the execution of any necessary
agreements or documents by the Participant, as determined by the Compensation Committee, and to compliance by the Participant with
these Rules, the Company shall, as soon as reasonably practicable and in any event not later than ninety calendar days after the
Vesting Date of an Award, issue to the Participant, or procure the transfer to the Participant of, the number of Shares in respect
of which the Award has Vested (subject to rule 11). In case of the Shares being issued to the Participant, the par value of the
Shares will be fully paid up by way of capitalization of available reserves of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should the Company not have been able to issue the Shares to
the Participant in accordance with the above and in the time frame of ninety calendar days after the Vesting Date of an Award because
the relevant Participant has not timely executed any necessary agreements or documents as determined by the Compensation Committee,
the relevant Award shall automatically be treated, as never having been granted. For the avoidance of doubt, no consideration shall
be due from the Company to the Eligible Employee in any such situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, if a Participant is a US taxpayer,
the Company shall issue to the Participant, or procure the transfer to the Participant of, the number of Shares in respect of which
the Award has Vested on the earlier of the ninety day period specified above and March 15 of the calendar year following the year
in which the Award Vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.3</TD><TD>Cash Equivalents</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to confirmation by local counsel that the sale of Shares
is not reasonably possible in a country, Participants residing and working in such country and not travelling internationally for
business purposes and not being expatriates, may elect to receive Cash Equivalents upon authorization by the CEO. Any Cash Equivalents
issued under the Plan will be reported annually to the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD><FONT STYLE="text-transform: uppercase">Cessation
                                         of Employment</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.1</TD><TD>General rule</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the remainder of this Rule 5, an Award may Vest only
while the Participant holds an office or employment within the Group and, if a Participant resigns, is dismissed or ceases to hold
any such office or employment for any other reason, any Award granted to him which has not Vested shall lapse immediately. Except
where such cessation is for one of the reasons mentioned in Rule 5.2 or 5.3, the Participant shall be deemed to cease to hold such
office or employment on the date when he or his employer gives written notice of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.2</TD><TD>Death</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 4.1 and 5.1, if a Participant dies before
his Award has Vested the Award shall Vest immediately. The number of Shares or PRSUs in respect of which the Award Vests shall
be determined by the Compensation Committee as soon as practicable taking account the Performance Conditions and shall be reduced
pro rata to the proportion of the Performance Period which has elapsed at the date of the Participant&rsquo;s death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue or procure the transfer to the Participant&rsquo;s
legal personal representatives in accordance with Rule 4.2 (and, if applicable, Rule 11) the number of Shares in respect of which
the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.3</TD><TD>Retirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of Retirement vesting of the Award shall happen
as per the Millicom Equity Eligibility Retirement Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.4</TD><TD>Injury, disability and other reasons</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 4.1 and 5.1, if a Participant ceases to
hold any office or employment within the Group before his Award has Vested by reason of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>injury, ill health or disability;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Participant is a Good Leaver as per definition described above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the Participant being employed by a company which ceases to be a member of the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the Participant being employed in an undertaking or part of an undertaking which is transferred to a person who is not a member
of the Group; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other special
circumstances, at the discretion of the Compensation Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the Award shall Vest on a date determined by the Compensation
Committee, which shall be no earlier than the date of such cessation and no later than the normal Vesting Date specified in the
Award Notice. The number of Shares in respect of which the Performance Share Award Vests shall be reduced pro rata to the proportion
of the Performance Period which has elapsed at the date of such cessation and be subject to achievement of relevant performance
conditions over the vesting period. Notwithstanding the foregoing, if a Participant is a US taxpayer, the Award shall Vest on the
date of cessation of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 4.2 (and, if applicable
, Rule 11).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD><FONT STYLE="text-transform: uppercase">Corporate
                                         Events</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.1</TD><TD>Impact of Change of Control</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For any Awards outstanding as of a Change of Control, either
of the following shall apply, depending on whether, and the extent to which, Awards are assumed, converted, or replaced by the
resulting entity in the Change of Control:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>To the extent Awards are not assumed, converted, or replaced, then the Awards shall Vest on a Change of Control. The number
of Shares in respect of which the Performance Share Award Vests shall be reduced pro rata to the proportion of the Performance
Period which has elapsed at the date of such cessation and be subject to achievement of relevant performance conditions over the
vesting period.; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>To the extent Awards are assumed, converted, or replaced, if, within the one year period after the Change of Control, a Participant
is terminated by the Company as a Good Leaver or terminates for Good Reason, the Awards shall vest. The number of Shares in respect
of which the Performance Share Award Vests shall be reduced pro rata to the proportion of the Performance Period which has elapsed
at the date of such cessation and be subject to achievement of relevant performance conditions over the vesting period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.2</TD><TD>Change of Control Definition</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Change of Control means the first of the following events to
occur following the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Any Person (other than an Excluded Person) acquires by any means together with all Affiliates of such Person, Beneficial Ownership
of securities representing forty per cent (40%) or more of the combined voting power of the voting stock then outstanding of the
Company, unless such Person acquires Beneficial Ownership of 40% or more of the combined voting power of the voting stock then
outstanding solely as a result of an acquisition of voting stock by the Company which, by reducing the voting stock outstanding,
increases the proportionate voting stock beneficially owned by such Person (together with all Affiliates of such Person ) to 40%
or more of the combined voting power of the voting stock then outstanding;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>A reorganization, merger or consolidation of the Company is consummated (other than a reorganization resulting from the Company&rsquo;s
insolvency), in each case, unless, immediately following such reorganization, merger or consolidation, (i) more than fifty percent
(50%) of the then outstanding shares of common stock of the Company or any other undertaking, resulting from such reorganization,
merger or consolidation and the combined voting power of the then outstanding voting securities of such corporation entitled to
vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of
the</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">individuals and entities who were
the Beneficial Owners of the voting stock outstanding immediately prior to such reorganization, merger or consolidation in substantially
the same proportion as their Beneficial Ownership of the Voting Securities immediately before the reorganization, merger or consolidation,
(ii) no Person (but excluding for this purpose any Excluded Person and any other Person beneficially owning, immediately prior
to such reorganization, merger or consolidation, directly or indirectly, 50% or more of the voting power of the outstanding voting
stock) beneficially owns, directly or indirectly, 50% or more of, respectively, the then outstanding shares of common stock of
the corporation resulting from such reorganization, merger or consolidation or the combined voting power of the then outstanding
voting securities of such corporation entitled to vote generally in the election of directors and (iii) at least a majority of
the members of the board of directors of the corporation resulting from such reorganization, merger or consolidation were members
of the Board at the time of the execution of the initial agreement providing for such reorganization, merger or consolidation;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>The consummation of (i) a transfer of all or substantially all of the assets of the Company during or upon completion of the
liquidation of the Company (other than as a result of the Company&rsquo;s insolvency) or (ii) the sale or other disposition of
all or substantially all of the assets of the Company, other than to any corporation with respect to which, immediately following
such sale or other disposition, (A) more than 50% of, respectively, the then outstanding shares of common stock of such corporation
and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election
of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who
were the Beneficial Owners of the voting stock outstanding immediately prior to such sale or other disposition of assets, (B) no
Person (but excluding for this purpose any Excluded Person and any Person beneficially owning, immediately prior to such sale or
other disposition, directly or indirectly, 50% or more of the voting power of the outstanding voting stock) beneficially owns,
directly or indirectly, 50% or more of, respectively, the then outstanding shares of common stock of such corporation or the combined
voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors
and (C) at least a majority of the members of the board of directors of such corporation were members of the Board at the time
of the execution of the initial agreement or action of the Board providing for such sale or other disposition of assets of the
Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, in no event shall a &ldquo;Change
of Control&rdquo; be deemed to have occurred as a result of the formation of a Holding Company. In addition, for purposes of the
definition of &ldquo;Change of Control&rdquo; a Person engaged in business as an underwriter of securities shall not be deemed
to be the &ldquo;Beneficial Owner&rdquo; of, or to &ldquo;beneficially own,&rdquo; any securities acquired through such Person&rsquo;s
participation in good faith in a firm commitment underwriting until the expiration of forty days after the date of such acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If as a consequence of a reorganization, (i) a company (or a
similar entity) owns more than 90 per cent of the Shares of the Company, and (ii) the Controlling Shareholder still has Control
of the Company, the Compensation Committee may resolve that all Awards shall Vest immediately in accordance with the terms of Rule
5.1. If all the Awards do not Vest immediately, the Compensation Committee shall procure that all the Awards be replaced by the
grant of an awards over shares in the company (or similar entity) owning more than 90 per cent of the Shares of the Company, which,
in the opinion of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that as a consequence of a reorganization, (i)
(a) the Company is absorbed by another company by means of a legal merger or otherwise or (b) the Company is divided into two or
more companies (or similar entities) by means of a legal de-merger, a contribution of all its assets and liabilities or otherwise,
(ii) the Award Agreements are assigned to any of this/these companies or other entities and (iii) the Controlling Shareholder has
Control of this/ these companies or other entities, the Compensation Committee shall make reasonable efforts to procure that all
the Awards be replaced by the grant of an award over shares in this/these company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Awards, it being understood that such undertaking
shall be assigned to this/these company or entity by the Company together with its assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of the occurrence, or the likely occurrence, of any of the events referred to in this Rule 5 and explain
how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD><FONT STYLE="text-transform: uppercase">Lapse
                                         of Award</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award shall lapse on the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Compensation Committee determining that the Performance Conditions have not been satisfied either in whole or in part in
relation to any Performance Share Award, and can no longer be satisfied either in whole or in part;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>subject to Rule 5, the Participant ceasing to hold an office or employment within the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the replacement of the Award under Rule 6 (for the avoidance of doubt, this paragraph will not cause any replacement award
to lapse);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the date on which a resolution is passed or an order is made by the court for the winding up of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>the date on which the Participant becomes bankrupt, enters into a compromise with his creditors generally or purports to transfer,
charge or otherwise alienate the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>any other event set out in these Rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD><FONT STYLE="text-transform: uppercase">Variation
                                         of Share Capital</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.1</TD><TD>Power to amend Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a Variation or the payment of an ordinary dividend
by the Company, the terms of any outstanding Award may be amended in such manner with respect to the number of Shares subject to
the Award as the Compensation Committee shall determine to be fair and reasonable, having consulted the Company&rsquo;s professional
advisers as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case an extra-ordinary dividend is paid by the Company, the
Company will compensate the Participants with outstanding share awards {&ldquo;Outstanding Awards&rdquo;) at the moment of the
dividend distribution in accordance with the below rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participants will be compensated by adding a number of PRSUs
or shares to the Outstanding Awards (&ldquo;Additional Award&rdquo;) which will vest at the time of final vesting of the respective
Outstanding Award. In case of vesting in tranches over several years, the Additional Award will only vest on the moment of vesting
of the final tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Additional Award will be calculated and processed as follows
at the time of the final vesting of the Initial Award:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 1<BR>
Exceptional Dividend multiplied by the number of PRSUs or shares in the Outstanding Award = &ldquo;Additional Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 2<BR>
Divide the Additional Amount by the dosing share price average for the 3 trading days counting as from the ex-dividend date= &ldquo;Additional
Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 3<BR>
Add the Additional Award under the respective LTI plans with outstanding non vested awards to the Outstanding Award to determine
the &ldquo;New Outstanding Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 4<BR>
Apply the initial plan rules and conditions, including Performance Conditions, as applicable to the Outstanding Award, to the New
Outstanding Award as if the Additional Award would have been part of the initial award to determine the portion of the New Outstanding
Award that vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.2</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of any adjustment made under this Rule 8 and explain how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">9.</TD><TD><FONT STYLE="text-transform: uppercase">Share
                                         Capital Limit</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.1</TD><TD>Limit to number of new Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award may not be granted if the result would be that the
aggregate number of Shares issued or issuable under Awards granted under all of the Company&rsquo;s share plans would exceed five
million Shares (adjusted for any Variations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.2</TD><TD>Clarification of limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purpose of the limits contained in Rule 9.1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>there shall be disregarded any Shares which have been purchased, or the Compensation Committee has determined will be purchased,
in order to satisfy an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>there shall be disregarded any Shares subject to an Award which has lapsed, been renounced or otherwise become incapable of
Vesting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>any Shares issued to a Participant following the Vesting of an Award shall be taken into account once only (when the Award
is granted) and shall not fall out of account when the Shares are issued to the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">10.</TD><TD><FONT STYLE="text-transform: uppercase">Shares
                                         Issued Under Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">10.1</TD><TD>Rights attaching to Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Shares issued to Participants under the Plan (whether directly
to the Participant or indirectly via a trustee or other intermediary) shall, as to voting, dividend, transfer and other rights,
including those arising on a liquidation of the Company, rank equally in all respects and as one class with the Shares of the same
class in issue at the date of issue save as regards any rights attaching to such shares by reference to a record date prior to
the date of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">10.2</TD><TD>Availability of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board shall make reasonable efforts to, at all times, have
the authority under the articles of association of the Company to (i) issue Shares to satisfy all Awards which the Compensation
Committee has determined will be satisfied by the issue of Shares (whether directly to the Participant or indirectly via a trustee
or other intermediary) and (ii) to waive the preferential subscription rights of the existing shareholders of the Company with
respect to the issue of Shares to satisfy the grant of any such Awards by the Company. Prior to making an Award which will be satisfied
by the transfer of Shares, the Compensation Committee shall ensure that the Company has obtained the agreement of a trustee or
other intermediary on the procedures for funding the acquisition of and delivery of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">11.</TD><TD><FONT STYLE="text-transform: uppercase">Tax
                                         and Social Security Withholding</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual gross cash amount paid to
the Participant, a member of the Group is liable, or is in accordance with current practice believed by the Company to be liable,
to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Participant,
the number of Shares subject to an Award which has Vested to be issued to the Participant shall be decreased by such a number of
Shares the aggregate Market Value of which equal an amount sufficient to discharge the liability. Alternatively, the Participant
may, by agreement with the member of the Group, enter some other arrangement to ensure that such amount is available to the Group
(whether by authorizing the sale of some or all of the Shares subject to his Award and the payment to the member of the Group of
the requisite amount out of the proceeds of sale or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual net cash amount paid to
the Participant, a member of the Group or the Participant is liable, or is in accordance with current practice believed by the
Company to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability
of the Participant, the relevant member of the Group or the Company will discharge this liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">12.</TD><TD><FONT STYLE="text-transform: uppercase">Contractual
                                         Rights</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provision of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Plan shall not form part of any contract of employment between any member of the Group and an Eligible Employee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>unless expressly so provided in his contract of employment, an Eligible Employee has no right to be granted an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of limitation, any
Awards held by him) shall not form any part of his remuneration or count as his remuneration for the purpose of any employer&rsquo;s
contribution to any pension or other benefit scheme operated by a member of the Group; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>if an Eligible Employee ceases to hold an office or employment within the Group, he shall not be entitled to compensation for
the loss of any right or benefit or prospective right or benefit under the Plan (including, in particular but not by way of limitation,
any Awards held by him which lapse by reason of his ceasing to hold an office or employment within the Group) whether by way of
damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By accepting the grant of an Award and not renouncing it, a
Participant is deemed to have agreed to the provisions of this Rule 12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">13.</TD><TD><FONT STYLE="text-transform: uppercase">Administration</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.1</TD><TD>Compensation Committee responsible for administration</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall be responsible for, and shall
be made reasonably and in good faith and shall be final and binding in all matters relating the conduct and the administration
of the Plan. The Compensation Committee may from time to time make or amend regulations for the administration of the Plan provided
that such regulations shall not be inconsistent with these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.2</TD><TD>Compensation Committee&rsquo;s decision final and binding</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The decision of the Compensation Committee shall be final and
binding in all matters relating to the conduct and administration of the Plan, including but not limited to the resolution of any
dispute concerning, or any inconsistency or ambiguity in, these Rules or any document used in connection with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.3</TD><TD>Discretionary nature of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Awards shall be granted entirely at the discretion of the
Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.4</TD><TD>Provision of information</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participant shall provide to a member of the Group as soon
as reasonably practicable such information as the member of the Group reasonably requests for the purpose of complying with its
tax and social security withholding and reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.5</TD><TD>Shareholder communications</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may send to Participants copies of any notice or
other document sent by the Company to its shareholders generally without being however obliged to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.6</TD><TD>Costs</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of introducing, conducting and administering the Plan
shall be met by the Company. The Company shall be entitled, if it wishes, in its absolute discretion, to charge an appropriate
part of such costs to another member of the Group. The Company shall also be entitled, if it wishes, in its absolute discretion,
to charge to another member of the Group the cost of issuing Shares under the Plan to a Participant employed by that member as
well as the aggregate Share Grant Price of the Shares issued under the Plan to a Participant employed by that member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.7</TD><TD>Variation of Plan for foreign territories</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may make such modifications to the
Plan as are necessary or expedient to take account of local tax, exchange control, securities laws or other regulations in any
jurisdiction (a &ldquo;Modified Plan&rdquo;). The limit on the number of Shares which may be subject to Awards as set out in Rule
8 shall apply so as to limit the number of Shares which may be made subject to Awards granted under a Modified Plan and Shares
subject to Awards granted under a Modified Plan shall be included for the purpose of the limit set out in Rule 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">14.</TD><TD><FONT STYLE="text-transform: uppercase">Amendments</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.1</TD><TD>Power to amend Rules</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may from time to time amend these
Rules. No such amendment shall adversely affect the rights of an existing Participant, except as provided herein, including notably
in Rule 14 .2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.2</TD><TD>Rights of existing Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without prejudice to the terms of Rule 2.2, the Compensation
Committee may resolve to propose to amend the terms of an Award Agreement to which a Participant is a party. No such amendment
shall adversely affect the rights of an existing Participant. The proposal shall be made by notice in writing to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">15.</TD><TD><FONT STYLE="text-transform: uppercase">Notices</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.1</TD><TD>Notice by Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given by, or on behalf of, the Company to any person in connection with the Plan shall be deemed to have been duly given if delivered
by hand or sent by e-mail or fax to him at his place of work, if he is employed within the Group if sent by e-mail to such e-mail
address as may be specified from time to time, or sent through the post in a pre-paid envelope to the postal address last known
to the Company to be his address and, if so sent, shall be deemed to have been duly given on the third calendar day after the date
of posting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.2</TD><TD>Deceased Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
so sent to a Participant shall be deemed to have been duly given notwithstanding that such Participant is then deceased (and whether
or not the Company has notice of his death) except where his personal representatives have established their title to the satisfaction
of the Company and supplied to the Company an e-mail or postal address to which notices, documents and other communications are
to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">15.3</TD><TD>Notice to Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given to the Company in connection with the Plan shall be delivered by hand or sent by e-mail, fax or post to the Company Secretary
at the Company&rsquo;s registered office or such other e-mail or postal address as may from time to time be notified to Participants
but shall not in any event be duly given unless it is actually received at the registered office or such e-mail or postal address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">16.</TD><TD><FONT STYLE="text-transform: uppercase">Governing
                                         Law and Jurisdiction</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The format ion, existence, construction, performance, validity
and all aspects whatsoever of the Plan, any term of the Plan and any Award granted under it shall be governed by the laws of the
Grand-Duchy of Luxembourg. The</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">courts of Luxembourg City shall have jurisdiction to settle
any dispute which may arise out of, or in connection with, the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">17.</TD><TD><FONT STYLE="text-transform: uppercase">Section
                                         409A of the Internal Revenue Code</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Awards under the Plan to US taxpayers are intended to meet the
short deferral exception under Section 409A of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). However,
if the Awards fail to meet the exception, then the remainder of this Rule shall apply. For purposes of this Agreement, cessation
of employment and correlative phrases, mean a &ldquo;separation from service&rdquo; as defined in Treasury Regulation section 1.409A-1(h).
To the extent that a Participant is determined to be a &ldquo;specified employee&rdquo;, within the meaning of the Code Section
409A Regulations, as of the date of the Participant&rsquo; s separation from service, no amount that constitutes a &ldquo;deferral
of compensation,&rdquo; within the meaning of the Section 409A Regulations, which is payable on account of the Participant&rsquo;s
separation from service shall be paid to the Participant before the date (the &ldquo;Delayed Payment Date&rdquo;) which is the
first day of the seventh month after the date of the Participant&rsquo;s separation from service or, if earlier, the date of the
Employee&rsquo;s death following such separation from service. All such amounts that would, but for this Section, become payable
prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company intends that income provided to the Participant
pursuant to the Plan will not be subject to taxation under Section 409A of the Code. The provisions of the Plan shall be interpreted
and construed in favor of satisfying any applicable requirements of Code Section 409A. However, the Company does not guarantee
any particular tax effect for income provided to the Participant pursuant to the Plan. In any event, except for the Company&rsquo;s
responsibility to withhold applicable income and employment taxes from compensation paid or provided to a Participant, the Company
shall not be responsible for the payment of any applicable taxes on compensation paid or provided to the Participant pursuant to
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, for purposes of Code Section 409A, the right to a series
of installment payments under the Plan shall be treated as a right to a series of separate payments. Any payment made under the
Plan subject to Code Section 409A shall be paid by a date that is no later than 30 days of the payment date specified herein and
may not be accelerated or postponed except as specifically permitted under Code Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">First Schedule: The Performance
Conditions for Performance Share Awards and Target Grant Size Percentage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule sets out the Performance Conditions which will
determine the extent of Vesting of the Performance Share Award made to the Participant under the Performance Share Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may modify the requirements of these
performance conditions in accordance with Section 3.2 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Vesting of Performance Share Awards is made of the following
components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>50% based on Operating Free Cash Flow</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>25% based on Service Revenue</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>25% based on relative Total Shareholder Return</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Performance Conditions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>In the event the Company achieves 80% or less of the target, the corresponding portion of the vesting will be reduced to zero;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>in the event the Company achieves between 80% and 120% of the target, the corresponding portion of the grant will be adjusted
in linear pro rata of the achievement starting at a payout of 0% at an achievement of 80%, up to a maximum value of 200% if target
achievement is 120% or higher.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>For the relative TSR, if the target is not met at 100% of achievement at least, the corresponding portion of the vesting will
be zero. If the Company achieves between 100% and 120% of the target, the corresponding portion of the grant will be adjusted in
linear pro rata of the achievement starting at 100% at an achievement of 100% up to a maximum of 200% if the achievement is 120%
or higher.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>For the avoidance of doubt: Max award (2X) for
peer group median plus 20% (e.g., if peer group median is 10%, the max award is earned for 12% TSR)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Target Grant Size Percentage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The grant size percentage will be determined for each Eligible
Employee on their offer letter, contract, or subsequent LTI Target Communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Second Schedule: Date and Share
Price at Grant and Vest</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border: Black 1pt solid"><B>Award Grant Date</B></TD>
    <TD STYLE="width: 64%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">March 1st of the year of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Award Grant Share Price</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Average closing MIC Share Price of the last quarter of the immediate preceding year of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Vesting Date</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">March 1st &ndash; cliff vesting on the 3rd year after grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Vesting Share Price</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Closing Price of the last trading day preceding the vesting date.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Annex 1: Approved by the Remuneration Committee on Dec
12th, 2018</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Relative TSR Performance Measurement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The calculation for the performance achievement of the relative
TSR metric, will be done using the following criteria:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Currency
Approach (USD) and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No market capitalization
weighting of peers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit B-1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">The
Rules of the Millicom International Cellular S.A. Deferred Short-Term Incentive Share&nbsp;Plan </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULES</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE MILLICOM INTERNATIONAL CELLULAR
S.A.</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEFERRED SHORT TERM INCENTIVE SHARE
PLAN</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Approved
by the Compensation Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(upon
delegation by the Board of Directors)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">17 May
2016</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">1.&nbsp;&nbsp;&nbsp;Interpretation</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">2.&nbsp;&nbsp;&nbsp;Grants under the Deferred Short Term Incentive Share Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">3.&nbsp;&nbsp;&nbsp;Vesting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">4.&nbsp;&nbsp;&nbsp;Cessation of Employment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">5.&nbsp;&nbsp;&nbsp;Corporate Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">6.&nbsp;&nbsp;&nbsp;Lapse of Award</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">7.&nbsp;&nbsp;&nbsp;Variation of Share Capital</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">8.&nbsp;&nbsp;&nbsp;Share Capital Limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">9.&nbsp;&nbsp;&nbsp;Shares Issued Under Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">10.&nbsp;&nbsp;&nbsp;Tax and Social Security Withholding</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">11.&nbsp;&nbsp;&nbsp;Contractual Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">12.&nbsp;&nbsp;&nbsp;Administration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">13.&nbsp;&nbsp;&nbsp;Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">14.&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">15.&nbsp;&nbsp;&nbsp;Governing Law and Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attached Schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">First Schedule: The Vesting Schedule for Deferred Short Term Incentive Share Awards</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Second Schedule: The Grant Size Percentages for Deferred Share Awards</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">RULES OF THE MILLICOM INTERNATIONAL CELLULAR S.A. DEFERRED
SHORT TERM INCENTIVE SHARE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD><FONT STYLE="text-transform: uppercase">Interpretation</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD>Definitions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless the context otherwise requires, the following
words and expressions have the meanings indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Annual Base Salary</B></TD>
    <TD STYLE="width: 65%">the annual gross or net, depending on the contractual terms, guaranteed cash amount to which an Eligible Employee is entitled, whether the amount is paid in one, twelve or more instalments per year, excluding (for the clarity sake) all benefits, perquisites, pension allowances, car allowances, housing allowances, school fees, variable pay and/or bonus;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award</B></TD>
    <TD>a Deferred Share Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award Notice</B></TD>
    <TD>the notice sent by the Company to an Eligible Employee in respect of the grant of an Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Board</B></TD>
    <TD>the Board of Directors of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Cash Equivalents</B></TD>
    <TD>payout in cash of the Market Value on Vesting Date of Shares upon authorization by the CEO;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>CEO</B></TD>
    <TD>the Company&rsquo;s Chief Executive Officer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Company</B></TD>
    <TD>Millicom International Cellular S.A., incorporated under the laws of Luxembourg, registered with the Luxembourg Register of Trade and Companies under number B 40630, having its registered office located at 2, rue Fort Bourbon, L- 3372 Luxembourg, Luxembourg;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Compensation Committee</B></TD>
    <TD>the Company&rsquo;s Compensation Committee to whom the Board delegated certain authority notably with respect to this Plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Control</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">in relation to a company, means the power of a person
        to secure that the affairs of that company are conducted in accordance with the wishes of that person:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;by
        means of the holding of shares or the possession of voting power in or in relation to that or any other company, whether directly
        or indirectly, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;by
        virtue of any powers conferred by the articles of association or other document regulating that or any other company, or by contract
        or otherwise.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Controlling Shareholder</B></TD>
    <TD>Investment AB Kinnevik and any of its subsidiaries or affiliates which jointly Control the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Share</B></TD>
    <TD>a Share granted to a Participant under the Deferred Short Term Incentive Share Plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Share Award</B></TD>
    <TD>a conditional right to be granted Shares by the Company under Rule 2;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Short Term Incentive Share Plan or Plan;</B></TD>
    <TD>the Millicom International Cellular S.A. Deferred Share Plan Plan constituted by these Rules as Plan amended from time to time;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Eligible Employee</B></TD>
    <TD STYLE="width: 65%">an employee (other than a non-executive director) of any member of the Group with Director grade or above;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Exceptional Deferred Share Award</B></TD>
    <TD>a Deferred Share Award under Rule 2.9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Grant Date</B></TD>
    <TD>the date on which the Award granted to the Eligible Employee is effective as indicated in the Award Notice;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Group</B></TD>
    <TD>the Company and any company under the Control of the Company (including joint Control with another company) from time to time and &ldquo;member of the Group&rdquo; shall be construed accordingly;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Last Year Annual Base</B></TD>
    <TD>the Annual Base Salary that was effectively paid to the</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Salary</B></TD>
    <TD>Eligible Employee during the immediately preceding full calendar year. For practical reasons the Company can in its absolute discretion calculate the Last Year Annual Base Salary by multiplying the December monthly guaranteed cash amount of the preceding calendar year by twelve or more instalments as applicable;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Market Value</B></TD>
    <TD>of a Share on any day, the closing price of a Share as quoted on the Nasdaq OMX for the dealing day immediately preceding such day;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Hires</B></TD>
    <TD>Eligible Employees with effective employment starting during or after the immediately preceding full calendar year but before April 1 of the year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Promotions</B></TD>
    <TD>Eligible Employees with the first date of effectiveness of the promotion during or after the immediately preceding full calendar year but before April 1 of the year of grant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Participant</B></TD>
    <TD>an individual who holds a subsisting Award or, where the context permits, his legal personal representatives;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Personal Performance Rating</B></TD>
    <TD>the rating for personal performance of an Eligible Employee under the Company&rsquo;s performance evaluation plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Price</B></TD>
    <TD>an amount equal to the average of the closing prices of a Share, as so quoted on the Nasdaq OMX, for the three last months of the calendar year previous to the calendar year of Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Shares</B></TD>
    <TD>common shares in the capital of the Company with a par value of US $1.50 each, or any securities representing them;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Variation</B></TD>
    <TD>any material variation of the share capital of the Company, including but without limitation a capitalisation issue, rights issue, rights offer and a sub division, consolidation or reduction in the capital of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vest</B></TD>
    <TD>a Participant becoming, in accordance with these Rules, entitled to the Shares subject to an Award and &ldquo;<B>Vested</B>&rdquo; and &ldquo;<B>Vesting</B>&rdquo; shall be construed accordingly; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vesting Date</B></TD>
    <TD>the date when an Award normally Vests, pursuant to Rule 3.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.2</TD><TD>Construction</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless otherwise specified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the contents and headings are inserted for ease of reference only and do not affect their interpretation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>save as provided for by law a reference to writing includes any mode of reproducing words in a legible form and reduced to
paper or electronic format or communication including, for the avoidance of doubt, correspondence via e-mail;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the singular includes the plural and vice-versa and the masculine includes the feminine; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>a reference to a statutory provision includes any statutory modification, amendment or re-enactment thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD><FONT STYLE="text-transform: uppercase">Grants
                                         under the Deferred Short Term Incentive Share Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.1</TD><TD>Invitation decisions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to these Rules, the Compensation Committee shall determine
in its absolute discretion when an offer for the grant of Deferred Share Awards shall be made, the Eligible Employees to whom such
offer shall be made and the terms governing the offer for the grant of such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.2</TD><TD>Grant size</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a rule, for each year the Compensation Committee will establish</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>target grant sizes, on a nominative basis or on a job title or job level basis, as percentages of Last Year Annual Base Salary;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Group and personal performance criteria and targets, which shall be used to calculate the percentage of the target grants that
are actually awarded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The initial target grant sizes, performance criteria and targets
are set out in the Second Schedule to these Rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case where the Compensation Committee provides for
an exception upon request by the CEO, New Hires with an effective employment date after the last calendar year will not participate.
New Hires with an effective employment date during the last calendar year will participate on a pro rata basis since the percentage
is applied to Last Year Annual Base Salary. New Promotions after the last calendar year will not be taken into consideration. New
Promotions during the last calendar year will be taken into consideration but Last Year Annual Base Salary will be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.3</TD><TD>Individual limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offer for the grant of a Deferred Short Term Incentive Share
Award shall be made to an Eligible Employee if as a result:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the aggregate Share Grant Price of the Shares subject to all Share Awards to be granted to him during the same calendar year
under all of the Company&rsquo;s share plans (taking the Share Grant Price at the Grant Date for each Award), excluding, however,
any Exceptional Deferred Share Awards, would exceed 300 per cent of his New Annual Base Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the share capital limit in Rule 8 would be exceeded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.4</TD><TD>Procedure for grant of Awards and Grant Date</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case the Compensation Committee determines the size
of the grant to a named Eligible Employee, within the rules of this Plan and within the limits of the grant size defined as a percentage
by the Compensation Committee, the CEO of the Company shall have the discretionary power to decide whether a grant offer will be
made to an Eligible Employee, including New Hires and New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With the timing at the discretion of the CEO, the Company shall
inform such Eligible Employee by a notice in writing of such offer in accordance with rule 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offer for the grant of the Performance Share Award must
be accepted by the Eligible Employee within thirty days after the notice of the Award has been given to the Eligible Employee (as
determined in accordance with Rule 14.1). If not accepted within thirty days the Award shall automatically be treated as never
having been granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.5</TD><TD>Contents of Award Notice</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award Notice for a Deferred Short Term Incentive Share Award
shall specify the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Grant Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the number of Shares subject to the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the dates on which the Award will normally Vest which shall be spread out over a three years period ending on January 1 of
the third year following the year of grant in accordance with the vesting scheme as defined by the Compensation Committee and as
set out in the First Schedule to these Rules and possibly amended by new Schedules on a year by year basis; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>any further conditions applicable to the Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.6</TD><TD>Right to refuse Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that an Eligible Employee, to whom an offer for
the grant of a Deferred Short Term Incentive Share Award is made, refuses to accept such offer for whatever reason within the period
set out in rule 2.4, the Award shall automatically and without exception be treated, for the purpose of the Plan, as never having
been granted. For the avoidance of doubt, no consideration shall be due from the Company to the Eligible Employee for any such
refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.7</TD><TD>Awards non-transferable</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Deferred Short Term Incentive Share Award shall be personal
to the Participant and, subject to Rule 4.2, shall not be capable of being transferred, charged or otherwise alienated and shall
lapse immediately if the Participant purports to transfer, charge or otherwise alienate the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.8</TD><TD>Participant&rsquo;s rights over Shares subject to Deferred
Short Term Incentive Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the avoidance of doubt, a Participant shall not become the
legal or beneficial owner of the Shares subject to his Deferred Short Term Incentive Share Award until such Shares are issued or
transferred to him (or his nominee) by or on behalf of the Company, and until that date the Participant shall not be entitled to
any voting, dividend, transfer or other rights attaching to the Shares subject to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.9</TD><TD>Exceptional Deferred Short Term Incentive Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee can determine in its absolute discretion
to make an offer for the grant of an Exceptional Deferred Short Term Incentive Share Award to key personnel under the following
conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Grant Size of the Exceptional Deferred Short Term Incentive Share Award shall amount to maximum 100% of Last Year Annual Base
Salary. The actual Grant Size will be decided by the Compensation Committee on a case by case basis upon proposal by the CEO.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The Exceptional Deferred Short Term Incentive Share Awards will vest in accordance with section 2.5 (c) above. However, each
annual vesting shall be conditional to a Personal Performance Rating of &ldquo;on target&rdquo; or above, as proposed by the CEO
and approved by the Compensation Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With exception of the two conditions directly above, the Exceptional
Share Awards will be subject to the rules set forth hereinabove in sections 2.1 to and including 2.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.10</TD><TD>Sign-On Awards under the Deferred Share Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Newcomers who had an LTIP with their previous employer can be
granted a full award under the Deferred Share Plan of the relevant year upon joining during such year and/or for the following
year (as if they would have worked a full year for Millicom during the year of joining), upon Management approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.11</TD><TD>Share Ownership Requirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Shares issued or transferred to a Participant (or his nominee)
under a Deferred Share Plan award may be subject to the terms set out in the Company&rsquo;s Share Ownership Policy. The Compensation
Committee may at its absolute discretion take into account any failure to adhere to the terms of the Share Ownership Policy when
determining the grant of future incentives and when determining the vesting of awards under any of the Company&rsquo;s share plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD><FONT STYLE="text-transform: uppercase">Vesting</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.1</TD><TD>Vesting of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to Rules 4 and 5, an Award shall Vest on the normal
Vesting Date specified on the Award Notice. The Participant shall become irrevocably entitled to the Shares subject to an Award
to the extent that the Award has Vested. Deferred Short Term Incentive Share Awards shall Vest in accordance with the rules in
the Vesting schedule for the Deferred Short Term Incentive Shares Awards as outlined in the First Schedule to these Rules. Exceptional
Deferred Short Term Incentive Share Awards shall vest in accordance with the rules for Deferred Short Term Incentive Share Awards
but conditional to a Personal Performance Rating of &ldquo;on target&rdquo; or above, as proposed by the CEO and approved by the
Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.2</TD><TD>Delivery of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to any necessary consents, the execution of any relevant
agreements or documents by the Participant, as determined by the Compensation Committee, and to compliance by the Participant with
these Rules, the Company shall, as soon as reasonably practicable and in any event not later than ninety calendar days after the
Vesting Date of an Award, issue to the Participant, or procure the transfer to the Participant of, the number of Shares in respect
of which the Award has Vested (subject to rule 10). In case of the Shares being issued to the Participant, the par value of the
Shares will be fully paid up by way of capitalisation of available reserves of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should the Company not have been able to issue the Shares to
the Participant in accordance with the above and in the time frame of ninety calendar days after the Vesting Date of an Award because
the relevant Participant has not timely executed any relevant agreements or documents as determined by the Compensation Committee,
the relevant Award shall automatically be treated, for the purpose of the Plan, as never having been granted. For the avoidance
of doubt, no consideration shall be due from the Company to the Eligible Employee in any such situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.3</TD><TD>Cash Equivalents</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to confirmation by local counsel that the sale of Shares
is not reasonably possible in a country, Participants residing and working in such country and not travelling internationally for
business purposes and not being expatriates, may elect to receive Cash Equivalents upon authorization by the CEO. Any Cash Equivalents
issued under the Plan will be reported annually to the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD><FONT STYLE="text-transform: uppercase">Cessation
                                         of Employment</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.1</TD><TD>General rule</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the remainder of this Rule 4, an Award may Vest only
while the Participant holds an office or employment within the Group and, if a Participant resigns, is dismissed or ceases to hold
any such office or employment for any other reason, any Award granted to him which has not Vested shall lapse immediately. Except
where such cessation is for one of the reasons mentioned in Rule 4.2 or 4.3, the Participant shall be deemed to cease to hold such
office or employment on the date when he or his employer gives written notice of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.2</TD><TD>Death</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 3.1 and 4.1, if a Participant dies before
his Award has Vested the Award shall Vest immediately. The number of Shares in respect of which the Deferred Shares Award Vests
shall be determined by the Compensation Committee and shall be reduced pro rata to the proportion of the three years vesting period
which has elapsed at the date of the Participants death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue or procure the transfer to the Participant&rsquo;s
legal personal representatives in accordance with Rule 3.2 (and, if applicable, Rule 10) the number of Shares in respect of which
the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.3</TD><TD>Injury, disability and other reasons</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 3.1 and 4.1, if a Participant ceases to
hold any office or employment within the Group before his Award has Vested by reason of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>injury, ill health or disability;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>redundancy, as defined by the Compensation Committee from time to time;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the Participant being employed by a company which ceases to be a member of the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the Participant being employed in an undertaking or part of an undertaking which is transferred to a person who is not a member
of the Group; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>any other special circumstances, at the discretion of the Compensation Committee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">a portion of the Award shall Vest on a date determined by the
Compensation Committee, which shall be no earlier than the date of such cessation and no later than the normal Vesting Date specified
in the Award Notice. The number of Shares in respect of which the Deferred Short Term Incentive Share Award Vests shall be reduced
pro rata to the proportion of the three years vesting period which has elapsed at the date of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the specific cessation events of (b), (c) and (d) above,
vesting will typically continue to be determined according to the Vesting Date attached to the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 3.2 (and, if applicable,
Rule 10).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD><FONT STYLE="text-transform: uppercase">Corporate
                                         Events</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.1</TD><TD>General offer for Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rule 3.1 but subject to Rule 5.2, if in the
judgement of the Compensation Committee, the Control of the Company changes, a portion of all Awards shall Vest with effect immediately
before such change of Control occurs. The number of Shares in respect of which the Deferred Short Term Incentive Share Award Vests
shall be determined by the Compensation Committee and shall be reduced pro rata to the proportion of the three years vesting period
which has elapsed at the date when such Control is obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the change of Control is made by way of the absorption of
the Company by another company or entity, by means of a legal merger or otherwise, the Compensation Committee may resolve that
an Award shall not Vest in accordance with the previous paragraph, subject to the Compensation Committee instead procuring that
the Award be replaced by the grant of an award over shares in such company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Award, it being understood that such undertaking
shall be assigned to the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If all or substantially all the assets and liabilities of the
Company are transferred to one (or more) company or entity, which is not under the Control of the Controlling Shareholder, the
Compensation Committee may resolve that all Awards shall Vest in accordance with the first paragraph of this Rule 5.1. Alternatively,
the Compensation Committee may resolve that an Award shall not Vest, but that instead it shall procure that the Award be replaced
by the grant of an award over shares in such other company or entity, which, in the opinion of the Compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Committee, is substantially equivalent, in value and in terms
and conditions, to the Award, it being understood that such undertaking shall be assigned to the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.2</TD><TD>Reorganisation not involving a change in Control</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If as a consequence of a reorganisation, (i) a company (or a
similar entity) owns more than 90 per cent of the Shares of the Company, and (ii) the Controlling Shareholder still has Control
of the Company, the Compensation Committee may resolve that all Awards shall Vest immediately in accordance with the terms of Rule
5.1. If all the Awards do not Vest immediately, the Compensation Committee shall procure that all the Awards be replaced by the
grant of an awards over shares in the company (or similar entity) owning more than 90 per cent of the Shares of the Company, which,
in the opinion of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that as a consequence of a reorganisation, (i)
(a) the Company is absorbed by another company by means of a legal merger or otherwise or (b) the Company is divided into two or
more companies (or similar entities) by means of a legal de-merger, a contribution of all its assets and liabilities or otherwise,
(ii) the Award Agreements are assigned to any of this/these companies or other entities and (iii) the Controlling Shareholder has
Control of this/these companies or other entities, the Compensation Committee shall make reasonable efforts to procure that all
the Awards be replaced by the grant of an award over shares in this/these company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Awards, it being understood that such undertaking
shall be assigned to this/these company or entity by the Company together with its assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of the occurrence, or the likely occurrence, of any of the events referred to in this Rule 5 and explain
how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD><FONT STYLE="text-transform: uppercase">Lapse
                                         of Award</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award shall lapse on the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Compensation Committee determining that the Performance Conditions or any further conditions imposed under Rule 2 and detailed
in the Second Schedule.9 have not been satisfied neither in whole nor in part in relation to any Performance Share Award and can
no longer be satisfied either in whole or in part;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>subject to Rule 4, the Participant ceasing to hold an office or employment within the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the replacement of the Award under Rule 5 (for the avoidance of doubt, this paragraph will not cause any replacement award
to lapse);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the date on which a resolution is passed or an order is made by the court for the winding up of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>the date on which the Participant becomes bankrupt, enters into a compromise with his creditors generally or purports to transfer,
charge or otherwise alienate the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>any other event set out in these Rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD><FONT STYLE="text-transform: uppercase">Variation
                                         of Share Capital</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">7.1</TD><TD>Power to amend Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a Variation or the payment of an ordinary dividend
by the Company, the terms of any outstanding Award may be amended in such manner with respect to the number of Shares subject to
the Award as the Compensation Committee shall determine to be fair and reasonable, having consulted the Company&rsquo;s professional
advisers as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case an extra-ordinary dividend is paid by the Company, the
Company will compensate the Participants with outstanding share awards (&ldquo;Outstanding Awards&rdquo;) at the moment of the
dividend distribution in accordance with the below rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participants will be compensated by adding a number of shares
to the Outstanding Awards (&ldquo;Additional Award&rdquo;) which will vest at the time of final vesting of the respective Outstanding
Award. In case of vesting in tranches over several years, the Additional Award will only vest on the moment of vesting of the final
tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Additional Award will be calculated and processed as follows
at the time of the final vesting of the Initial Award:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 1<BR>
Exceptional Dividend multiplied by the number of shares in the Outstanding Award = &ldquo;Additional Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 2<BR>
Divide the Additional Amount by the closing share price average for the 3 trading days counting as from the ex-dividend date =
&ldquo;Additional Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 3<BR>
Add the Additional Award under the respective LTI plans with outstanding non-vested awards to the Outstanding Award to determine
the &ldquo;New Outstanding Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 4<BR>
Apply the initial plan rules and conditions as applicable to the Outstanding Award, to the New Outstanding Award as if the Additional
Award would have been part of the initial award to determine the portion of the New Outstanding Award that vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">7.2</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of any adjustment made under this Rule 7 and explain how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD><FONT STYLE="text-transform: uppercase">Share
                                         Capital Limit</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.1</TD><TD>Limit to number of new Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award may not be granted if the result would be that the
aggregate number of Shares issued or issuable under Awards granted under all of the Company&rsquo;s share plans would exceed five
million Shares (adjusted for any Variations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.2</TD><TD>Clarification of limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purpose of the limits contained in Rule 8.1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>there shall be disregarded any Shares which have been purchased, or the Compensation Committee has determined will be purchased,
in order to satisfy an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>there shall be disregarded any Shares subject to an Award which has lapsed, been renounced or otherwise become incapable of
Vesting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>any Shares issued to a Participant following the Vesting of an Award shall be taken into account once only (when the Award
is granted) and shall not fall out of account when the Shares are issued to the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">9.</TD><TD><FONT STYLE="text-transform: uppercase">Shares
                                         Issued Under Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.1</TD><TD>Rights attaching to Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Shares issued to Participants under the Plan (whether directly
to the Participant or indirectly via a trustee or other intermediary) shall, as to voting, dividend, transfer and other rights,
including those arising on a liquidation of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company, rank equally in all respects and as one class with
the Shares of the same class in issue at the date of issue save as regards any rights attaching to such shares by reference to
a record date prior to the date of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.2</TD><TD>Availability of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board shall make reasonable efforts to, at all times, have
the authority under the articles of association of the Company to (i) issue Shares to satisfy all Awards which the Compensation
Committee has determined will be satisfied by the issue of Shares (whether directly to the Participant or indirectly via a trustee
or other intermediary) and (ii) to waive the preferential subscription rights of the existing shareholders of the Company with
respect to the issue of Shares to satisfy the grant of any such Awards by the Company. Prior to making an Award which will be satisfied
by the transfer of Shares, the Compensation Committee shall ensure that the Company has obtained the agreement of a trustee or
other intermediary on the procedures for funding the acquisition of and delivery of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">10.</TD><TD><FONT STYLE="text-transform: uppercase">Tax
                                         and Social Security Withholding</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual gross cash amount paid to
the Participant, a member of the Group is liable, or is in accordance with current practice believed by the Company to be liable,
to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Participant,
the number of Shares subject to an Award which has Vested to be issued to the Participant shall be decreased by such a number of
Shares the aggregate Market Value of which equal an amount sufficient to discharge the liability. Alternatively, the Participant
may, by agreement with the member of the Group, enter into some other arrangement to ensure that such amount is available to the
Group (whether by authorising the sale of some or all of the Shares subject to his Award and the payment to the member of the Group
of the requisite amount out of the proceeds of sale or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual net cash amount paid to
the Participant, a member of the Group or the Participant is liable, or is in accordance with current practice believed by the
Company to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability
of the Participant, the relevant member of the Group or the Company will discharge this liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">11.</TD><TD><FONT STYLE="text-transform: uppercase">Contractual
                                         Rights</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provision of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Plan shall not form part of any contract of employment between any member of the Group and an Eligible Employee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>unless expressly so provided in his contract of employment, an Eligible Employee has no right to be granted an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of limitation, any
Awards held by him) shall not form any part of his remuneration or count as his remuneration for the purpose of any employer&rsquo;s
contribution to any pension or other benefit scheme operated by a member of the Group; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>if an Eligible Employee ceases to hold an office or employment within the Group, he shall not be entitled to compensation for
the loss of any right or benefit or prospective right or benefit under the Plan (including, in particular but not by way of limitation,
any Awards held by him which lapse by reason of his ceasing to hold an office or employment within the Group) whether by way of
damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By accepting the grant of an Award and not renouncing it, a
Participant is deemed to have agreed to the provisions of this Rule 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">12.</TD><TD><FONT STYLE="text-transform: uppercase">Administration</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.1</TD><TD>Compensation Committee responsible for administration</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall be responsible for, and shall
have the conduct and the administration of the Plan. The Compensation Committee may from time to time make or amend regulations
for the administration of the Plan provided that such regulations shall not be inconsistent with these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.2</TD><TD>Compensation Committee&rsquo;s decision final and binding</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The decision of the Compensation Committee shall be final and
binding in all matters relating to the conduct and administration of the Plan, including but not limited to the resolution of any
dispute concerning, or any inconsistency or ambiguity in, these Rules or any document used in connection with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.3</TD><TD>Discretionary nature of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Awards shall be granted entirely at the discretion of the
Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.4</TD><TD>Provision of information</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participant shall provide to a member of the Group as soon
as reasonably practicable such information as the member of the Group reasonably requests for the purpose of complying with its
tax and social security withholding and reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.5</TD><TD>Shareholder communications</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may send to Participants copies of any notice or
other document sent by the Company to its shareholders generally without being however obliged to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.6</TD><TD>Costs</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of introducing, conducting and administering the Plan
shall be met by the Company. The Company shall be entitled, if it wishes, in its absolute discretion, to charge an appropriate
part of such costs to another member of the Group. The Company shall also be entitled, if it wishes, in its absolute discretion,
to charge to another member of the Group the cost of issuing Shares under the Plan to a Participant employed by that member as
well as the aggregate Share Grant Price of the Shares issued under the Plan to a Participant employed by that member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.7</TD><TD>Variation of Plan for foreign territories</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may make such modifications to the
Plan as are necessary or expedient to take account of local tax, exchange control, securities laws or other regulations in any
jurisdiction (a &ldquo;Modified Plan&rdquo;). The limit on the number of Shares which may be subject to Awards as set out in Rule
8 shall apply so as to limit the number of Shares which may be made subject to Awards granted under a Modified Plan and Shares
subject to Awards granted under a Modified Plan shall be included for the purpose of the limit set out in Rule 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">13.</TD><TD><FONT STYLE="text-transform: uppercase">Amendments</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.1</TD><TD>Power to amend Rules</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may from time to time amend these
Rules. No such amendment shall adversely affect the rights of an existing Participant, except as provided herein, including notably
in Rule 13.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.2</TD><TD>Rights of existing Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without prejudice to the terms of Rule 2.2, the Compensation
Committee may resolve to propose to amend the terms of an Award Agreement to which a Participant is a party. The proposal shall
be made by notice in writing to the Participant and such notice shall specify the period within which the Participant must accept
or refuse the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company has not received from the Participant a written
notice pursuant to which the proposal is accepted or rejected before or on the last day of the period of acceptance, the Participant
will be deemed to have rejected the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Participant rejects the proposal, the Company shall have
the right to terminate the Award Agreement to which the Participant is a party, with immediate effect, within a period of 6 months
starting on the last day of the period of acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Participant accepts the proposal, the Award shall then
take effect subject to terms and conditions of the Award Agreement as amended in accordance with this Rule 13.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">14.</TD><TD><FONT STYLE="text-transform: uppercase">Notices</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.1</TD><TD>Notice by Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given by, or on behalf of, the Company to any person in connection with the Plan shall be deemed to have been duly given if delivered
by hand or sent by e-mail or fax to him at his place of work, if he is employed within the Group if sent by e-mail to such e-mail
address as may be specified from time to time, or sent through the post in a pre-paid envelope to the postal address last known
to the Company to be his address and, if so sent, shall be deemed to have been duly given on the third calendar day after the date
of posting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.2</TD><TD>Deceased Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
so sent to a Participant shall be deemed to have been duly given notwithstanding that such Participant is then deceased (and whether
or not the Company has notice of his death) except where his personal representatives have established their title to the satisfaction
of the Company and supplied to the Company an e-mail or postal address to which notices, documents and other communications are
to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.3</TD><TD>Notice to Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given to the Company in connection with the Plan shall be delivered by hand or sent by e-mail, fax or post to the Company Secretary
at the Company&rsquo;s registered office or such other e-mail or postal address as may from time to time be notified to Participants
but shall not in any event be duly given unless it is actually received at the registered office or such e-mail or postal address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">15.</TD><TD><FONT STYLE="text-transform: uppercase">Governing
                                         Law and Jurisdiction</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The formation, existence, construction, performance, validity
and all aspects whatsoever of the Plan, any term of the Plan and any Award granted under it shall be governed by the laws of the
Grand-Duchy of Luxembourg. The courts of Luxembourg City shall have jurisdiction to settle any dispute which may arise out of,
or in connection with, the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">First Schedule: The Vesting
Schedule for Deferred Short Term Incentive Share Awards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>This Schedule sets out the vesting timeline for the Deferred Short Term Incentive Share Plan awards.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The vesting schedule has been set as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">I.</TD><TD>On 1 January of the first year following the year of grant 16.5% of the Award will vest,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">II.</TD><TD>On 1 January of the second year following the year of grant another 16.5% of the Award will vest,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">III.</TD><TD>On 1 January of the third year following the year of grant the remaining 67% (17% and 50%) of the Award will vest.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Second Schedule: The Grant Size
Percentages for Deferred Share Awards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The calculation of the grant size of an Award is based the following
percentage of Last Year Annual Base Salary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 58%; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 42%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Target Grant Size Percentage of Last <BR>
Year Annual Base Salary</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Executive Vice Presidents and Global Senior Management</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Corporate Director Roles and Operations GM-1 roles</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">40%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">High Potentials in Corporate and Local offices and people in Key Roles - by nomination only</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to determine the actual grant entitlement for each
Eligible Employee, the following criteria based on the performance of the Company and the Eligible Employee in the year corresponding
to the Last Year Annual Base Salary shall be applied to the Target Grant Size Percentage indicated above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>1/4 of Target Grant awarded if the Company achieves 100% of Revenue vs. budget;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>1/4 of Target Grant awarded if the Company achieves 100% of EBITDA vs. budget;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>1/4 of Target Grant awarded if the Company achieves 100% of OFCF vs. budget (Operating Free Cash-flow); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>1/4 of Target Grant awarded if the Eligible Employee achieves a rating of Solid Performer or above against personal goals.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Only for the awards to Global Sr. Management / Local Sr. Management
and equivalent an accelerator can apply bringing the Maximum Grant Size Percentage to 50%, as per below rule:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Additional 10% in case of Exceptional Future Potential or Significant Contribution</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Achievement of less than 100% of any of the above targets will
reduce the corresponding 1/4 of the grant as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the event the Company achieves less than 90% of the target, the corresponding 1/4 of the grant will be reduced to zero;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the event the Company achieves between 90% and 100% of the target, the corresponding 1/4 of the grant will be adjusted in
linear pro rata of the achievement up to a maximal value of 100%.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit B-2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">The
Rules of the Millicom International Cellular S.A. Deferred Short-Term Incentive Share Plan for the Performance Year 2017 </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULES</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE MILLICOM INTERNATIONAL CELLULAR
S.A.</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEFERRED SHORT TERM INCENTIVE SHARE</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PLAN FOR THE PERFORMANCE YEAR 2017</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(TO BE GRANTED IN 2018)</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Approved
by the Compensation Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(By delegation
of the Board of Directors)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">March
05, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">1.&nbsp;&nbsp;&nbsp;Interpretation</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">2.&nbsp;&nbsp;&nbsp;Grants under the Deferred Short Term Incentive Share Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">3.&nbsp;&nbsp;&nbsp;Vesting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">4.&nbsp;&nbsp;&nbsp;Cessation of Employment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">5.&nbsp;&nbsp;&nbsp;Corporate Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">6.&nbsp;&nbsp;&nbsp;Lapse of Award</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">7.&nbsp;&nbsp;&nbsp;Variation of Share Capital</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">8.&nbsp;&nbsp;&nbsp;Share Capital Limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">9.&nbsp;&nbsp;&nbsp;Shares Issued Under Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">10.&nbsp;&nbsp;&nbsp;Tax and Social Security Withholding</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">11.&nbsp;&nbsp;&nbsp;Contractual Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">12.&nbsp;&nbsp;&nbsp;Administration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">13.&nbsp;&nbsp;&nbsp;Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">14.&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">15.&nbsp;&nbsp;&nbsp;Governing Law and Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attached Schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">First Schedule: Vesting Schedule for Deferred Short Term Incentive Share Awards</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Second Schedule: Award Performance metrics and Target Grant Size Percentage</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Third Schedule: Date and Share Price at Grant and Vest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">15</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD><FONT STYLE="text-transform: uppercase">Interpretation</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD>Definitions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless the context otherwise requires, the following
words and expressions have the meanings indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Annual Base Salary</B></TD>
    <TD STYLE="width: 65%">the annual gross or net, depending on the contractual terms, guaranteed cash amount to which an Eligible Employee is entitled, whether the amount is paid in one, twelve or more instalments per year, excluding all non-mandatory monthly salary payments, benefits, perquisites, pension allowances, car allowances, housing allowances, school fees, variable pay and/or bonus;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award</B></TD>
    <TD>a Deferred Share Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award Notice</B></TD>
    <TD>the notice sent by the Company to an Eligible Employee in respect of the grant of an Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Board</B></TD>
    <TD>the Board of Directors of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Cash Equivalents</B></TD>
    <TD>payout in cash of the Market Value on Vesting Date of Shares upon authorization by the CEO;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>CEO</B></TD>
    <TD>the Company&rsquo;s Chief Executive Officer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Company</B></TD>
    <TD>Millicom International Cellular S.A., incorporated under the laws of Luxembourg, registered with the Luxembourg Register of Trade and Companies under number B 40630, having its registered office located at 2, rue Fort Bourbon, L-3372 Luxembourg, Luxembourg;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Compensation Committee</B></TD>
    <TD>the Company&rsquo;s Compensation Committee to whom the Board delegated certain authority notably with respect to this Plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Control</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">in relation to a company, means the power of a person
        to secure that the affairs of that company are conducted in accordance with the wishes of that person:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;by
        means of the holding of shares or the possession of voting power in or in relation to that or any other company, whether directly
        or indirectly, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;by
any powers conferred by the articles of association or other document regulating that or any other company, or by contract or
otherwise.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Controlling Shareholder</B></TD>
    <TD>Investment AB Kinnevik and any of its subsidiaries or affiliates which jointly Control the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Share</B></TD>
    <TD>a Share granted to a Participant under the Deferred Short Term Incentive Share Plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Share Award</B></TD>
    <TD>a conditional right to be granted Shares by the Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Short Term Incentive Share Plan or Plan</B></TD>
    <TD>the Millicom International Cellular S.A. Deferred Share Plan<BR>
Plan constituted by these Rules as amended from time to time;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Eligible Employee</B></TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">an employee or contractor (other than a non-executive
        director) of any member of the Group in a role or position which has either:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;a
        Director grade or above in one of the Company&rsquo;s Corporate Headquarter offices in accordance with the Company&rsquo;s role
        grading system, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;is
        a constant member of a country operation&rsquo;s Senior Management team.;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Exceptional Deferred Share Award</B></TD>
    <TD>a Deferred Share Award under Rule 2.9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Grant Date</B></TD>
    <TD>the date on which the Award granted to the Eligible Employee is effective as indicated in the Award Notice;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Group</B></TD>
    <TD>the Company and any company under the Control of the Company (including joint Control with another company) from time to time and &ldquo;<B>member of the Group</B>&rdquo; shall be construed accordingly;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Last Year Annual Base Salary</B></TD>
    <TD>the Annual Base Salary that was effectively paid to the Eligible Employee during the immediately preceding full calendar year. For practical reasons the Company can in its absolute discretion calculate the Last Year Annual Base Salary by multiplying the April monthly guaranteed cash amount of the preceding calendar year by twelve or more instalments as applicable; for those employees whose monthly salary changed after April, proration will apply.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Market Value</B></TD>
    <TD>of a Share on any day, the closing price of a Share as quoted on the Nasdaq Stockholm for the dealing day immediately preceding such day;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Hires</B></TD>
    <TD>Eligible Employees with effective employment starting during the immediately preceding full calendar year but before October 1;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Promotions</B></TD>
    <TD>Eligible Employees with the first date of effectiveness of the promotion during the immediately preceding full calendar year but before October 1;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Participant</B></TD>
    <TD>an individual who holds a subsisting Award or, where the context permits, his legal personal representatives;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Personal Performance Rating</B></TD>
    <TD>the rating for personal performance of an Eligible Employee under the Company&rsquo;s performance evaluation plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Price</B></TD>
    <TD>an amount equal to the average of the closing prices of a Share, as so quoted on the Nasdaq Stockholm, for the three last months of the calendar year previous to the calendar year of Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Shares</B></TD>
    <TD>common shares in the capital of the Company with a par value of US $1.50 each, or any securities representing them;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Variation</B></TD>
    <TD>any material variation of the share capital of the Company, including but without limitation a capitalization issue, rights issue, rights offer and a subdivision, consolidation or reduction in the capital of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vest</B></TD>
    <TD>a Participant becoming, in accordance with these Rules, entitled to the Shares subject to an Award and &ldquo;<B>Vested</B>&rdquo; and &ldquo;<B>Vesting</B>&rdquo; shall be construed accordingly; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Vesting Date</B></TD>
    <TD STYLE="width: 65%">the date when an Award normally Vests, as per Rule 3.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Good Leaver</B></TD>
    <TD>an Employee who leaves the company under the following circumstances: (1) Restructure/redundancy, where the current position will no longer exist or will be downgraded or upgraded. (2) Full restructure of the department, (3) change job location more than 50 miles, (4) Exceptional case based on factors such as tenure with MIC, circumstances of exit, performance history and contributions to company, subject to approval of CEO and CHRO.</TD></TR>
</TABLE>
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.2</TD><TD>Construction</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless otherwise specified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the contents and headings are inserted for ease of reference only and do not affect their interpretation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>save as provided for by law a reference to writing includes any mode of reproducing words in a legible form and reduced to
paper or electronic format or communication including, for the avoidance of doubt, correspondence via e-mail;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the singular includes the plural and vice-versa and the masculine includes the feminine; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>a reference to a statutory provision includes any statutory modification, amendment or re-enactment thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD><FONT STYLE="text-transform: uppercase">Grants
                                         under the Deferred Short Term Incentive Share Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.1</TD><TD>Invitation decisions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to these Rules, the Compensation Committee shall determine
in its absolute discretion when an offer for the grant of Deferred Share Awards shall be made, the Eligible Employees to whom such
offer shall be made and the terms governing the offer for the grant of such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.2</TD><TD>Grant size</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a rule, for each year the Compensation Committee will establish
Deferred Share Award opportunities by defining either an Award value based upon the Company&rsquo;s Short-Term Incentive Plan,
or an Award value determined by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>target grant sizes, on a nominative basis or on a job title or job level basis, as percentage of Last Year Annual Base Salary;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Group and personal performance criteria and targets, which shall be used to calculate the percentage of the target grants that
are awarded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Award opportunity through Short-Term Incentive Plan participation,
as well as the initial target grant sizes, and performance criteria and targets for other Awards are set out in the Second Schedule
to these Rules. The award will be granted on a prorata basis for those employees who had changes in their compensation schemes
after April, 2018 and for New Joiners or New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case where the Compensation Committee provides for
an exception upon request by the CEO, New Hires with an effective employment date after the last calendar year will not participate.
New Hires with an effective employment date during the last calendar year will participate on a pro rata basis since the percentage
is applied to Last Year Annual Base Salary. New Promotions after the last calendar year will not be taken into consideration. New</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Promotions during the last calendar year will be taken into
consideration but Last Year Annual Base Salary will be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.3</TD><TD>Individual limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offer for the grant of a Deferred Short Term Incentive Share
Award shall be made to an Eligible Employee if as a result:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the aggregate Share Grant Price of the Shares subject to all Share Awards to be granted to him during the same calendar year
under all of the Company&rsquo;s share plans (taking the Share Grant Price at the Grant Date for each Award), excluding, however,
any Exceptional Deferred Share Awards, would exceed 300 per cent of his New Annual Base Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the share capital limit in Rule 8 would be exceeded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.4</TD><TD>Procedure for grant of Awards and Grant Date</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case the Compensation Committee determines the size
of the grant to a named Eligible Employee, within the rules of this Plan and within the limits of the grant size defined as a percentage
by the Compensation Committee, the CEO of the Company shall have the discretionary power to decide whether a grant offer will be
made to an Eligible Employee, including New Hires and New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With the timing at the discretion of the CEO, the Company shall
inform such Eligible Employee by a notice in writing of such offer in accordance with rule 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offer for the grant of the Performance Share Award must
be accepted by the Eligible Employee within sixty days after the notice of the Award has been given to the Eligible Employee (as
determined in accordance with Rule 14.1). If not accepted within sixty days, the Award shall automatically be treated as never
having been granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.5</TD><TD>Contents of Award Notice</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award Notice for a Deferred Short Term Incentive Share Award
shall specify the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Grant Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the number of Shares subject to the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the dates on which the Award will normally Vest which shall be spread out over a three years period ending on January 1 of
the third year following the year of grant in accordance with the vesting scheme as defined by the Compensation Committee and as
set out in the First Schedule to these Rules and possibly amended by new Schedules on a year by year basis; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>any further conditions applicable to the Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.6</TD><TD>Right to refuse Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that an Eligible Employee, to whom an offer for
the grant of a Deferred Short Term Incentive Share Award is made, refuses to accept such offer for whatever reason within the period
set out in rule 2.4, the Award shall automatically and without exception be treated, for the purpose of the Plan, as never having
been granted. For the avoidance of doubt, no consideration shall be due from the Company to the Eligible Employee for any such
refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.7</TD><TD>Awards non-transferable</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Deferred Short Term Incentive Share Award shall be personal
to the Participant and, subject to Rule 4.2, shall not be capable of being transferred, charged or otherwise alienated and shall
lapse immediately if the Participant purports to transfer, charge or otherwise alienate the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.8</TD><TD>Participant&rsquo;s rights over Shares subject to Deferred
Short Term Incentive Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Participant shall not become the legal or beneficial owner
of the Shares subject to his Deferred Short Term Incentive Share Award until such Shares are issued or transferred to him (or his
nominee) by or on behalf of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company, and until that date the Participant shall not be entitled
to any voting, dividend, transfer or other rights attaching to the Shares subject to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.9</TD><TD>Exceptional Deferred Short Term Incentive Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee can determine in its absolute discretion
to make an offer for the grant of an Exceptional Deferred Short Term Incentive Share Award to key personnel under the following
conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Grant Size of the Exceptional Deferred Short Term Incentive Share Award shall amount to maximum 100% of Last Year Annual Base
Salary. The actual Grant Size will be decided by the Compensation Committee on a case by case basis upon proposal by the CEO.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The Exceptional Deferred Short Term Incentive Share Awards will vest in accordance with section 2.5 (c) above. However, each
annual vesting shall be conditional to a Personal Performance Rating of &ldquo;on target&rdquo; or above, as proposed by the CEO
and approved by the Compensation Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With exception of the two conditions directly above, the Exceptional
Share Awards will be subject to the rules set forth hereinabove in sections 2.1 to and including 2.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.10</TD><TD>Sign-On Awards under the Deferred Share Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Newcomers who had an LTIP with their previous employer can be
granted a full award under the Deferred Share Plan of the relevant year upon joining during such year and/or for the following
year (as if they would have worked a full year for Millicom during the year of joining), upon Management approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.11</TD><TD>Share Ownership Requirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Shares issued or transferred to a Participant (or his nominee)
under a Deferred Share Plan award may be subject to the terms set out in the Company&rsquo;s Share Ownership Policy. The Compensation
Committee may at its absolute discretion take into account any failure to adhere to the terms of the Share Ownership Policy when
determining the grant of future incentives and when determining the vesting of awards under any of the Company&rsquo;s share plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD><FONT STYLE="text-transform: uppercase">Vesting</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.1</TD><TD>Vesting of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to Rules 4 and 5, an Award shall Vest on the normal
Vesting Date specified on the Award Notice. The Participant shall become irrevocably entitled to the Shares subject to an Award
to the extent that the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deferred Short Term Incentive Share Awards shall Vest in accordance
with the rules in the Vesting schedule for the Deferred Short Term Incentive Shares Awards as outlined in the First Schedule to
these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exceptional Deferred Short Term Incentive Share Awards shall
vest in accordance with the rules for Deferred Short Term Incentive Share Awards but conditional to a Personal Performance Rating
of &ldquo;on target&rdquo; or above, as proposed by the CEO and approved by the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.2</TD><TD>Delivery of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to any necessary consents, the execution of any relevant
agreements or documents by the Participant, as determined by the Compensation Committee, and to compliance by the Participant with
these Rules, the Company shall, as soon as reasonably practicable and in any event not later than ninety calendar days after the
Vesting Date of an Award, issue to the Participant, or procure the transfer to the Participant of, the number of Shares in respect
of which the Award has Vested (subject to rule 10). In case of the Shares being issued to the Participant, the par value of the
Shares will be fully paid up by way of capitalization of available reserves of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should the Company not have been able to issue the Shares to
the Participant in accordance with the above and in the time frame of ninety calendar days after the Vesting Date of an Award because
the relevant Participant has not timely executed any relevant agreements or documents as determined by the Compensation Committee,
the relevant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Award shall automatically be treated, as never having been granted.
For the avoidance of doubt, no consideration shall be due from the Company to the Eligible Employee in any such situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.3</TD><TD>Cash Equivalents</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to confirmation by local counsel that the sale of Shares
is not reasonably possible in a country, Participants residing and working in such country and not travelling internationally for
business purposes and not being expatriates, may elect to receive Cash Equivalents upon authorization by the CEO. Any Cash Equivalents
issued under the Plan will be reported annually to the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD><FONT STYLE="text-transform: uppercase">Cessation
                                         of Employment</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.1</TD><TD>General rule</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the remainder of this Rule 4, an Award may Vest only
while the Participant holds an office or employment within the Group and, if a Participant resigns, is dismissed or ceases to hold
any such office or employment for any other reason, any Award granted to him which has not Vested shall lapse immediately. Except
where such cessation is for one of the reasons mentioned in Rule 4.2, 4.3, or 4.4, the Participant shall be deemed to cease to
hold such office or employment on the date when he or his employer gives written notice of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.2</TD><TD>Death</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 3.1 and 4.1, if a Participant dies before
his Award has Vested the Award shall Vest immediately and entirely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue or procure the transfer to the Participant&rsquo;s
legal personal representatives in accordance with Rule 3.2 (and, if applicable, Rule 10) the number of Shares in respect of which
the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.3</TD><TD>Retirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of Retirement vesting of the Award shall happen
as per the Millicom Equity Eligibility Retirement Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.4</TD><TD>Injury, disability and other reasons</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 3.1 and 4.1, if a Participant ceases to
hold any office or employment within the Group before his Award has Vested by reason of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>injury, ill health or disability;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Participant is a Good Leaver as per definition described above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the Participant being employed by a company which ceases to be a member of the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the Participant being employed in an undertaking or part of an undertaking which is transferred to a person who is not a member
of the Group; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>any other special circumstances, at the discretion of the Compensation Committee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the entire Award shall Vest on a date determined by the Compensation
Committee, which shall be no earlier than the date of such cessation and no later than the normal Vesting Date specified in the
Award Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 3.2 (and, if applicable,
Rule 10).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD><FONT STYLE="text-transform: uppercase">Corporate
                                         Events</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.1</TD><TD>General offer for Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rule 3.1 but subject to Rule 5.2, if in the
judgement of the Compensation Committee, the Control of the Company changes, a portion of all Awards shall Vest with effect immediately
before such change of Control occurs. The number of Shares in respect of which the Deferred Short Term Incentive Share Award Vests
shall be determined by the Compensation Committee and shall be reduced pro rata to the proportion of the three years vesting period
which has elapsed at the date when such Control is obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the change of Control is made by way of the absorption of
the Company by another company or entity, by means of a legal merger or otherwise, the Compensation Committee may resolve that
an Award shall not Vest in accordance with the previous paragraph, subject to the Compensation Committee instead procuring that
the Award be replaced by the grant of an award over shares in such company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Award, it being understood that such undertaking
shall be assigned to the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If all or substantially all the assets and liabilities of the
Company are transferred to one (or more) company or entity, which is not under the Control of the Controlling Shareholder, the
Compensation Committee may resolve that all Awards shall Vest in accordance with the first paragraph of this Rule 5.1. Alternatively,
the Compensation Committee may resolve that an Award shall not Vest, but that instead it shall procure that the Award be replaced
by the grant of an award over shares in such other company or entity, which, in the opinion of the Compensation Committee, is substantially
equivalent, in value and in terms and conditions, to the Award, it being understood that such undertaking shall be assigned to
the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.2</TD><TD>Reorganization not involving a change in Control</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If as a consequence of a reorganization, (i) a company (or a
similar entity) owns more than 90 per cent of the Shares of the Company, and (ii) the Controlling Shareholder still has Control
of the Company, the Compensation Committee may resolve that all Awards shall Vest immediately in accordance with the terms of Rule
5.1. If all the Awards do not Vest immediately, the Compensation Committee shall procure that all the Awards be replaced by the
grant of an awards over shares in the company (or similar entity) owning more than 90 per cent of the Shares of the Company, which,
in the opinion of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that as a consequence of a reorganization, (i)
(a) the Company is absorbed by another company by means of a legal merger or otherwise or (b) the Company is divided into two or
more companies (or similar entities) by means of a legal de-merger, a contribution of all its assets and liabilities or otherwise,
(ii) the Award Agreements are assigned to any of this/these companies or other entities and (iii) the Controlling Shareholder has
Control of this/these companies or other entities, the Compensation Committee shall make reasonable efforts to procure that all
the Awards be replaced by the grant of an award over shares in this/these company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Awards, it being understood that such undertaking
shall be assigned to this/these company or entity by the Company together with its assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of the occurrence, or the likely occurrence, of any of the events referred to in this Rule 5 and explain
how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD><FONT STYLE="text-transform: uppercase">Lapse
                                         of Award</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award shall lapse on the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Compensation Committee determining that the Performance Conditions or any further conditions imposed under Rule 2 and detailed
in the Second Schedule.9 have not been satisfied neither in whole nor in part in relation to any Performance Share Award and can
no longer be satisfied either in whole or in part;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>subject to Rule 4, the Participant ceasing to hold an office or employment within the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the replacement of the Award under Rule 5 (for the avoidance of doubt, this paragraph will not cause any replacement award
to lapse);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the date on which a resolution is passed or an order is made by the court for the winding up of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>the date on which the Participant becomes bankrupt, enters into a compromise with his creditors generally or purports to transfer,
charge or otherwise alienate the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>any other event set out in these Rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD><FONT STYLE="text-transform: uppercase">Variation
                                         of Share Capital</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">7.1</TD><TD>Power to amend Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a Variation or the payment of an ordinary dividend
by the Company, the terms of any outstanding Award may be amended in such manner with respect to the number of Shares subject to
the Award as the Compensation Committee shall determine to be fair and reasonable, having consulted the Company&rsquo;s professional
advisers as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case an extra-ordinary dividend is paid by the Company, the
Company will compensate the Participants with outstanding share awards (&ldquo;Outstanding Awards&rdquo;) at the moment of the
dividend distribution in accordance with the below rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participants will be compensated by adding a number of shares
to the Outstanding Awards (&ldquo;Additional Award&rdquo;) which will vest at the time of final vesting of the respective Outstanding
Award. In case of vesting in tranches over several years, the Additional Award will only vest on the moment of vesting of the final
tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Additional Award will be calculated and processed as follows
at the time of the final vesting of the Initial Award:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 1<BR>
Exceptional Dividend multiplied by the number of shares in the Outstanding Award = &ldquo;Additional Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 2<BR>
Divide the Additional Amount by the closing share price average for the 3 trading days counting as from the ex-dividend date =
&ldquo;Additional Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 3<BR>
Add the Additional Award under the respective LTI plans with outstanding non-vested awards to the Outstanding Award to determine
the &ldquo;New Outstanding Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 4<BR>
Apply the initial plan rules and conditions as applicable to the Outstanding Award, to the New Outstanding Award as if the Additional
Award would have been part of the initial award to determine the portion of the New Outstanding Award that vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">7.2</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of any adjustment made under this Rule 7 and explain how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD><FONT STYLE="text-transform: uppercase">Share
                                         Capital Limit</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.1</TD><TD>Limit to number of new Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award may not be granted if the result would be that the
aggregate number of Shares issued or issuable under Awards granted under all of the Company&rsquo;s share plans would exceed five
million Shares (adjusted for any Variations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.2</TD><TD>Clarification of limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purpose of the limits contained in Rule 8.1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>there shall be disregarded any Shares which have been purchased, or the Compensation Committee has determined will be purchased,
in order to satisfy an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>there shall be disregarded any Shares subject to an Award which has lapsed, been renounced or otherwise become incapable of
Vesting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>any Shares issued to a Participant following the Vesting of an Award shall be taken into account once only (when the Award
is granted) and shall not fall out of account when the Shares are issued to the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">9.</TD><TD><FONT STYLE="text-transform: uppercase">Shares
                                         Issued Under Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.1</TD><TD>Rights attaching to Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Shares issued to Participants under the Plan (whether directly
to the Participant or indirectly via a trustee or other intermediary) shall, as to voting, dividend, transfer and other rights,
including those arising on a liquidation of the Company, rank equally in all respects and as one class with the Shares of the same
class in issue at the date of issue save as regards any rights attaching to such shares by reference to a record date prior to
the date of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.2</TD><TD>Availability of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board shall make reasonable efforts to, at all times, have
the authority under the articles of association of the Company to (i) issue Shares to satisfy all Awards which the Compensation
Committee has determined will be satisfied by the issue of Shares (whether directly to the Participant or indirectly via a trustee
or other intermediary) and (ii) to waive the preferential subscription rights of the existing shareholders of the Company with
respect to the issue of Shares to satisfy the grant of any such Awards by the Company. Prior to making an Award which will be satisfied
by the transfer of Shares, the Compensation Committee shall ensure that the Company has obtained the agreement of a trustee or
other intermediary on the procedures for funding the acquisition of and delivery of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">10.</TD><TD><FONT STYLE="text-transform: uppercase">Tax
                                         and Social Security Withholding</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual gross cash amount paid to
the Participant, a member of the Group is liable, or is in accordance with current practice believed by the Company to be liable,
to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Participant,
the number of Shares subject to an Award which has Vested to be issued to the Participant shall be decreased by such a number of
Shares the aggregate Market Value of which equal an amount sufficient to discharge the liability. Alternatively, the Participant
may, by agreement with the member of the Group, enter some other arrangement to ensure that such amount is available to the Group
(whether by authorizing the sale of some or all of the Shares subject to his Award and the payment to the member of the Group of
the requisite amount out of the proceeds of sale or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual net cash amount paid to
the Participant, a member of the Group or the Participant is liable, or is in accordance with current practice believed by the
Company to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability
of the Participant, the relevant member of the Group or the Company will discharge this liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">11.</TD><TD><FONT STYLE="text-transform: uppercase">Contractual
                                         Rights</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provision of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Plan shall not form part of any contract of employment between any member of the Group and an Eligible Employee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>unless expressly so provided in his contract of employment, an Eligible Employee has no right to be granted an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of limitation, any
Awards held by him) shall not form any part of his remuneration or count as his remuneration for the purpose of any employer&rsquo;s
contribution to any pension or other benefit scheme operated by a member of the Group; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>if an Eligible Employee ceases to hold an office or employment within the Group, he shall not be entitled to compensation for
the loss of any right or benefit or prospective right or benefit under the Plan (including, in particular but not by way of limitation,
any Awards held by him which lapse by reason of his ceasing to hold an office or employment within the Group) whether by way of
damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By accepting the grant of an Award and not renouncing it, a
Participant is deemed to have agreed to the provisions of this Rule 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">12.</TD><TD><FONT STYLE="text-transform: uppercase">Administration</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.1</TD><TD>Compensation Committee responsible for administration</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall be responsible for, and shall
have the conduct and the administration of the Plan. The Compensation Committee may from time to time make or amend regulations
for the administration of the Plan provided that such regulations shall not be inconsistent with these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.2</TD><TD>Compensation Committee&rsquo;s decision final and binding</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The decision of the Compensation Committee shall be final and
binding in all matters relating to the conduct and administration of the Plan, including but not limited to the resolution of any
dispute concerning, or any inconsistency or ambiguity in, these Rules or any document used in connection with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.3</TD><TD>Discretionary nature of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Awards shall be granted entirely at the discretion of the
Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.4</TD><TD>Provision of information</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participant shall provide to a member of the Group as soon
as reasonably practicable such information as the member of the Group reasonably requests for the purpose of complying with its
tax and social security withholding and reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.5</TD><TD>Shareholder communications</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may send to Participants copies of any notice or
other document sent by the Company to its shareholders generally without being however obliged to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.6</TD><TD>Costs</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of introducing, conducting and administering the Plan
shall be met by the Company. The Company shall be entitled, if it wishes, in its absolute discretion, to charge an appropriate
part of such costs to another member of the Group. The Company shall also be entitled, if it wishes, in its absolute discretion,
to charge to another member of the Group the cost of issuing Shares under the Plan to a Participant employed by that member as
well as the aggregate Share Grant Price of the Shares issued under the Plan to a Participant employed by that member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.7</TD><TD>Variation of Plan for foreign territories</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may make such modifications to the
Plan as are necessary or expedient to take account of local tax, exchange control, securities laws or other regulations in any
jurisdiction (a &ldquo;Modified Plan&rdquo;). The limit on the number of Shares which may be subject to Awards as set out in Rule
8 shall apply so as to limit the number of Shares which may be made subject to Awards granted under a Modified Plan and Shares
subject to Awards granted under a Modified Plan shall be included for the purpose of the limit set out in Rule 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">13.</TD><TD><FONT STYLE="text-transform: uppercase">Amendments</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.1</TD><TD>Power to amend Rules</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may from time to time amend these
Rules. No such amendment shall adversely affect the rights of an existing Participant, except as provided herein, including notably
in Rule 13.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.2</TD><TD>Rights of existing Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without prejudice to the terms of Rule 2.2, the Compensation
Committee may resolve to propose to amend the terms of an Award Agreement to which a Participant is a party. The proposal shall
be made by notice in writing to the Participant and such notice shall specify the period within which the Participant must accept
or refuse the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company has not received from the Participant a written
notice pursuant to which the proposal is accepted or rejected before or on the last day of the period of acceptance, the Participant
will be deemed to have rejected the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Participant rejects the proposal, the Company shall have
the right to terminate the Award Agreement to which the Participant is a party, with immediate effect, within a period of 6 months
starting on the last day of the period of acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Participant accepts the proposal, the Award shall then
take effect subject to terms and conditions of the Award Agreement as amended in accordance with this Rule 13.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">14.</TD><TD><FONT STYLE="text-transform: uppercase">Notices</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.1</TD><TD>Notice by Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given by, or on behalf of, the Company to any person in connection with the Plan shall be deemed to have been duly given if delivered
by hand or sent by e-mail or fax to him at his place of work, if he is employed within the Group if sent by e-mail to such e-mail
address as may be specified from time to time, or sent through the post in a pre-paid envelope to the postal address last known
to the Company to be his address and, if so sent, shall be deemed to have been duly given on the third calendar day after the date
of posting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.2</TD><TD>Deceased Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
so sent to a Participant shall be deemed to have been duly given notwithstanding that such Participant is then deceased (and whether
or not the Company has notice of his death) except where his personal representatives have established their title to the satisfaction
of the Company and supplied to the Company an e-mail or postal address to which notices, documents and other communications are
to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.3</TD><TD>Notice to Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given to the Company in connection with the Plan shall be delivered by hand or sent by e-mail, fax or post to the Company Secretary
at the Company&rsquo;s registered office or such other e-mail or postal address as may from time to time be notified to Participants
but shall not in any event be duly given unless it is actually received at the registered office or such e-mail or postal address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">15.</TD><TD><FONT STYLE="text-transform: uppercase">Governing
                                         Law and Jurisdiction</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The formation, existence, construction, performance, validity
and all aspects whatsoever of the Plan, any term of the Plan and any Award granted under it shall be governed by the laws of the
Grand-Duchy of Luxembourg. The courts of Luxembourg City shall have jurisdiction to settle any dispute which may arise out of,
or in connection with, the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">First Schedule: Vesting Schedule
for Deferred Short Term Incentive Share Awards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>This Schedule sets out the vesting timeline for the Deferred Short Term Incentive Share Plan awards.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The vesting schedule has been set as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>On 1 January of the first year following the year of grant 16.5% of the Award will vest,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>On 1 January of the second year following the year of grant an additional 16.5% of the Award will vest,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD>On 1 January of the third year following the year of grant the remaining 67% of the Award will vest.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Second Schedule: Award Performance
metrics and Target Grant Size Percentage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grants of Deferred Share Awards are made (with exception of
Awards made according to rules 2.9 and 2.10) either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>as a result of the Eligible Employee participating in the company&rsquo;s Short-Term Incentive Plan, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>as a result of the Eligible Employee holding a position of a level that carries default eligibility</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>through nomination by their respective Business Leaders with specific approval by the Group CEO.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Award performance metrics and achievement computation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To determine the actual grant for each Eligible Employee, the
following criteria based on the performance of the Company and the Eligible Employee in the year corresponding to the Last Year
Annual Base Salary shall be applied to the Target Grant Size Percentage indicated above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>23.3% of Target Grant awarded if the Company achieves 100% of 2017 Service Revenue vs. budget;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>23.3% of Target Grant awarded if the Company achieves 100% of 2017 EBITDA vs. budget;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>23.3% of Target Grant awarded if the Company achieves 100% of 2017 OFCF vs. budget (Operating Free Cash Flow);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>30% of Target Grant awarded if the Eligible Employee achieves a rating for the 2017 Performance Year on target or above against
personal goals. A performance rating below the target results in no award at all.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event the Company achieves less than 90% of any of the
three financial targets, the corresponding portion of the grant related to that metric will be reduced to zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Determination of Final Award Size</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a)</TD><TD>the final size of a Deferred Share award is further subject to the applicable Short- Term-Incentive Plan rules of the performance
year of 2017, where the above achievement calculation is applied to the full STI Award. The full STI award is delivered half as
cash and half as Deferred Shares. Applies for all Global Senior Management Team Members.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b)</TD><TD>other Eligible Employees and Nominations receive a Deferred Share award size as determined by the achievement computation multiplied
by the respective Target Grant Size percentage.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Target Grant Size Percentage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The grant size percentage will be determined for each Eligible
Employee on their offer letter, contract, or subsequent LTI Target Communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Third Schedule: Date and Share
Price at Grant and Vest</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: Black 1pt solid"><B>Award Grant Date</B></TD>
    <TD STYLE="width: 66%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">January 1st of the year of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Award Grant Share Price</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Average closing MIC Share Price of the last quarter of the immediate preceding year of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Vesting Date</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">January 1st of each year of vesting</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Vesting Share Price</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Closing Price of the last trading day preceding the vesting date.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit B-3</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">The
Rules of the Millicom International Cellular S.A. Deferred Short-Term Incentive Share Plan for the Performance Year 2018 </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULES</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE MILLICOM INTERNATIONAL CELLULAR
S.A.</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEFERRED SHORT TERM INCENTIVE SHARE</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PLAN FOR THE PERFORMANCE YEAR 2018</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(TO BE GRANTED IN 2019)</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Approved
by the Compensation Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(By delegation
of the Board of Directors)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">March
05, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">1.&nbsp;&nbsp;&nbsp;Interpretation</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">2.&nbsp;&nbsp;&nbsp;Grants under the Deferred Short Term Incentive Share Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">3.&nbsp;&nbsp;&nbsp;Vesting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">4.&nbsp;&nbsp;&nbsp;Cessation of Employment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">5.&nbsp;&nbsp;&nbsp;Corporate Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">6.&nbsp;&nbsp;&nbsp;Lapse of Award</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">7.&nbsp;&nbsp;&nbsp;Variation of Share Capital</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">8.&nbsp;&nbsp;&nbsp;Share Capital Limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">9.&nbsp;&nbsp;&nbsp;Shares Issued Under Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">10.&nbsp;&nbsp;&nbsp;Tax and Social Security Withholding</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">11.&nbsp;&nbsp;&nbsp;Contractual Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">12.&nbsp;&nbsp;&nbsp;Administration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">13.&nbsp;&nbsp;&nbsp;Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">14.&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">15.&nbsp;&nbsp;&nbsp;Governing Law and Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attached Schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">First Schedule: Vesting Schedule for Deferred Short Term Incentive Share Awards</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Second Schedule: Award Performance metrics and Target Grant Size Percentage</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Third Schedule: Date and Share Price at Grant and Vest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">14</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD><FONT STYLE="text-transform: uppercase">Interpretation</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD>Definitions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless the context otherwise requires, the following
words and expressions have the meanings indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Annual Base Salary</B></TD>
    <TD STYLE="width: 65%">the annual gross or net, depending on the contractual terms, guaranteed cash amount to which an Eligible Employee is entitled, whether the amount is paid in one, twelve or more instalments per year, excluding all non-mandatory monthly salary payments, benefits, perquisites, pension allowances, car allowances, housing allowances, school fees, variable pay and/or bonus;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award</B></TD>
    <TD>a Deferred Share Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award Notice</B></TD>
    <TD>the notice sent by the Company to an Eligible Employee in respect of the grant of an Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Board</B></TD>
    <TD>the Board of Directors of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Cash Equivalents</B></TD>
    <TD>payout in cash of the Market Value on Vesting Date of Shares upon authorization by the CEO;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>CEO</B></TD>
    <TD>the Company&rsquo;s Chief Executive Officer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Company</B></TD>
    <TD>Millicom International Cellular S.A., incorporated under the laws of Luxembourg, registered with the Luxembourg Register of Trade and Companies under number B 40630, having its registered office located at 2, rue Fort Bourbon, L- 3372 Luxembourg, Luxembourg;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Compensation Committee</B></TD>
    <TD>the Company&rsquo;s Compensation Committee to whom the Board delegated certain authority notably with respect to this Plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Control</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">in relation to a company, means the power of a person
        to secure that the affairs of that company are conducted in accordance with the wishes of that person:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;by
        means of the holding of shares or the possession of voting power in or in relation to that or any other company, whether directly
        or indirectly, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;by
any powers conferred by the articles of association or other document regulating that or any other company, or by contract or
otherwise.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Controlling Shareholder</B></TD>
    <TD>Investment AB Kinnevik and any of its subsidiaries or affiliates which directly or indirectly own shares in the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Share</B></TD>
    <TD>a Share granted to a Participant under the Deferred Short Term Incentive Share Plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Share Award</B></TD>
    <TD>a conditional right to be granted Shares by the Company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Short Term Incentive Share Plan or Plan</B></TD>
    <TD>the Millicom International Cellular S.A. Deferred Share Plan<BR>
Plan constituted by these Rules as amended from time to time;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Eligible Employee</B></TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">an employee or contractor (other than a non-executive
        director) of any member of the Group in a role or position which has either:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;a
        Director grade or above in one of the Company&rsquo;s Corporate Headquarter offices in accordance with the Company&rsquo;s role
        grading system, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;is
a constant member of a country operation&rsquo;s Senior Management team.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Exceptional Deferred Share Award</B></TD>
    <TD><BR>
a Deferred Share Award under Rule 2.9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Grant Date</B></TD>
    <TD>the date on which the Award granted to the Eligible Employee is effective as indicated in the Award Notice;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Group</B></TD>
    <TD>the Company and any company under the Control of the Company (including joint Control with another company) from time to time and &ldquo;<B>member of the Group</B>&rdquo; shall be construed accordingly;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Last Year Annual Base Salary</B></TD>
    <TD>the Annual Base Salary that was effectively paid to the Eligible Employee during the immediately preceding full calendar year. For practical reasons the Company can in its absolute discretion calculate the Last Year Annual Base Salary by multiplying the April monthly guaranteed cash amount of the preceding calendar year by twelve or more instalments as applicable; for those whose monthly salary changed after April, proration will apply.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Market Value</B></TD>
    <TD>of a Share on any day, the closing price of a Share as quoted on the Nasdaq Stockholm for the dealing day immediately preceding such day;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Hires</B></TD>
    <TD>Eligible Employees with effective employment starting during the immediately preceding full calendar year but before October 1;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Promotions</B></TD>
    <TD>Eligible Employees with the first date of effectiveness of the promotion during the immediately preceding full calendar year but before October&nbsp;1;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Participant</B></TD>
    <TD>an individual who holds a subsisting Award or, where the context permits, his legal personal representatives;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Personal Performance Rating</B></TD>
    <TD>the rating for personal performance of an Eligible Employee under the Company&rsquo;s performance evaluation plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Price</B></TD>
    <TD>an amount equal to the average of the closing prices of a Share, as so quoted on the Nasdaq Stockholm, for the three last months of the calendar year previous to the calendar year of Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Value</B></TD>
    <TD>Amount of shares of an Award multiplied by the Share Grant Price.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Shares</B></TD>
    <TD>common shares in the capital of the Company with a par value of US $1.50 each, or any securities representing them;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Variation</B></TD>
    <TD>any material variation of the share capital of the Company, including but without limitation a capitalization issue, rights issue, rights offer and a sub division, consolidation or reduction in the capital of the Company;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Vest</B></TD>
    <TD STYLE="width: 65%">a Participant becoming, in accordance with these Rules, entitled to the Shares subject to an Award and &ldquo;Vested&rdquo; and &ldquo;Vesting&rdquo; shall be construed accordingly; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vesting Date</B></TD>
    <TD>the date when an Award normally Vests, as per Rule 3.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Good Leaver</B></TD>
    <TD>an Employee who leaves the company under the following circumstances: (1) Restructure/redundancy, where the Employee is not offered a position or is offered a position with a lower level of compensation, benefits or responsibility (3) change job location more than 50 miles, (4) Exceptional case based on factors such as tenure with MIC, circumstances of exit, performance history and contributions to company, subject to approval of CEO and CHRO.</TD></TR>
</TABLE>
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.2</TD><TD>Construction</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless otherwise specified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the contents and headings are inserted for ease of reference only and do not affect their interpretation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>save as provided for by law a reference to writing includes any mode of reproducing words in a legible form and reduced to
paper or electronic format or communication including, for the avoidance of doubt, correspondence via e-mail;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the singular includes the plural and vice-versa and the masculine includes the feminine; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>a reference to a statutory provision includes any statutory modification, amendment or re-enactment thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD><FONT STYLE="text-transform: uppercase">Grants
                                         under the Deferred Short Term Incentive Share Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.1</TD><TD>Invitation decisions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to these Rules, the Compensation Committee shall determine
in its absolute discretion when an offer for the grant of Deferred Share Awards shall be made, the Eligible Employees to whom such
offer shall be made and the terms governing the offer for the grant of such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.2</TD><TD>Grant size</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a rule, for each year the Compensation Committee will establish
Deferred Share Award opportunities by defining either an Award value based upon the Company&rsquo;s Short-Term Incentive Plan,
or an Award value determined by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>target grant sizes, on a nominative basis or on a job title or job level basis, as percentage of Last Year Annual Base Salary;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Group and personal performance criteria and targets, which shall be used to calculate the percentage of the target grants that
are awarded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Award opportunity through Short-Term Incentive Plan participation,
as well as the initial target grant sizes, and performance criteria and targets for other Awards are set out in the Second Schedule
to these Rules. The award will be granted on a prorata basis for those employees who had changes in their compensation schemes
after April, 2018 and for New Joiners or New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case where the Compensation Committee provides for
an exception upon request by the CEO, New Hires with an effective employment date after the last calendar year will not participate.
New Hires with an effective employment date during the last calendar year will participate on a pro rata basis since the percentage
is applied to Last Year Annual Base Salary. New Promotions after the last calendar year will not be taken into consideration. New</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Promotions during the last calendar year will be taken into
consideration but Last Year Annual Base Salary will be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.3</TD><TD>Individual limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offer for the grant of a Deferred Short Term Incentive Share
Award shall be made to an Eligible Employee if as a result:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>for all Eligible Employees except for the CEO, the aggregate Share Grant Value of the Shares subject to all Share Awards to
be granted to him during the same calendar year under all of the Company&rsquo;s Share Plans (taking the Share Grant Value at the
Grant Date for each Award), excluding, however, any Exceptional Deferred Share Awards, would exceed 300 per cent of his New Annual
Base Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>for the CEO, the aggregate Share Grant Value of the Shares subject to all Share Awards to be granted to him during the same
calendar year under the Company&rsquo;s Deferred Share Plans and Performance Share Plans (taking the Share Grant Value at the Grant
Date for each Award), excluding, however, any Exceptional Deferred Share Awards, would exceed 550 per cent of his New Annual Base
Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the share capital limit in Rule 9 would be exceeded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.4</TD><TD>Procedure for grant of Awards and Grant Date</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case the Compensation Committee issues an Award to
a named Eligible Employee, within the rules of this Plan and within the limits of the grant size defined as a percentage by the
Compensation Committee, the CEO of the Company shall have the discretionary power to decide whether a grant offer will be made
to an Eligible Employee, including New Hires and New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With the timing at the discretion of the CEO, the Company shall
inform such Eligible Employee by a notice in writing of such offer in accordance with rule 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offer for the grant of the Performance Share Award must
be accepted by the Eligible Employee within sixty days after the notice of the Award has been given to the Eligible Employee (as
determined in accordance with Rule 14.1). If not accepted within sixty days, the Award shall automatically be treated as never
having been granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.5</TD><TD>Contents of Award Notice</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award Notice for a Deferred Short Term Incentive Share Award
shall specify the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Grant Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the number of Shares subject to the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the dates on which the Award will normally Vest which shall be spread out over a three years period ending on January 1 of
the third year following the year of grant in accordance with the vesting scheme as defined by the Compensation Committee and as
set out in the First Schedule to these Rules and possibly amended by new Schedules on a year by year basis; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>any further conditions applicable to the Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.6</TD><TD>Right to refuse Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that an Eligible Employee, to whom an offer for
the grant of a Deferred Short Term Incentive Share Award is made, refuses to accept such offer for whatever reason within the period
set out in rule 2.4, the Award shall automatically and without exception be treated, for the purpose of the Plan, as never having
been granted. For the avoidance of doubt, no consideration shall be due from the Company to the Eligible Employee for any such
refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.7</TD><TD>Awards non-transferable</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Deferred Short Term Incentive Share Award shall be personal
to the Participant and, subject to Rule 4.2, shall not be capable of being transferred, charged or otherwise alienated and shall
lapse immediately if the Participant purports to transfer, charge or otherwise alienate the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.8</TD><TD>Participant&rsquo;s rights over Shares subject to Deferred
Short Term Incentive Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Participant shall not become the legal or beneficial owner
of the Shares subject to his Deferred Short Term Incentive Share Award until such Shares are issued or transferred to him (or his
nominee) by or on behalf of the Company, and until that date the Participant shall not be entitled to any voting, dividend, transfer
or other rights attaching to the Shares subject to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.9</TD><TD>Exceptional Deferred Short Term Incentive Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee can determine in its absolute discretion
to make an offer for the grant of an Exceptional Deferred Short Term Incentive Share Award to key personnel under the following
conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Grant Size of the Exceptional Deferred Short Term Incentive Share Award shall amount to maximum 100% of Last Year Annual Base
Salary. The actual Grant Size will be decided by the Compensation Committee on a case by case basis upon proposal by the CEO.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The Exceptional Deferred Short Term Incentive Share Awards will vest in accordance with section 2.5 (c) above. However, each
annual vesting shall be conditional to a Personal Performance Rating of &ldquo;on target&rdquo; or above, as proposed by the CEO
and approved by the Compensation Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With exception of the two conditions directly above, the Exceptional
Share Awards will be subject to the rules set forth hereinabove in sections 2.1 to and including 2.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.10</TD><TD>Sign-On Awards under the Deferred Share Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Newcomers who had an LTIP with their previous employer can be
granted a full award under the Deferred Share Plan of the relevant year upon joining during such year and/or for the following
year (as if they would have worked a full year for Millicom during the year of joining), upon Management approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.11</TD><TD>Share Ownership Requirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Shares issued or transferred to a Participant (or his nominee)
under a Deferred Share Plan award may be subject to the terms set out in the Company&rsquo;s Share Ownership Policy. The Compensation
Committee may at its absolute discretion take into account any failure to adhere to the terms of the Share Ownership Policy when
determining the grant of future incentives and when determining the vesting of awards under any of the Company&rsquo;s share plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD><FONT STYLE="text-transform: uppercase">Vesting</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.1</TD><TD>Vesting of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to Rules 4 and 5, an Award shall Vest on the normal
Vesting Date specified on the Award Notice. The Participant shall become irrevocably entitled to the Shares subject to an Award
to the extent that the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deferred Short Term Incentive Share Awards shall Vest in accordance
with the rules in the Vesting schedule for the Deferred Short Term Incentive Shares Awards as outlined in the First Schedule to
these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exceptional Deferred Short Term Incentive Share Awards shall
vest in accordance with the rules for Deferred Short Term Incentive Share Awards but conditional to a Personal Performance Rating
of &ldquo;on target&rdquo; or above, as proposed by the CEO and approved by the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.2</TD><TD>Delivery of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to any necessary consents, the execution of any necessary
agreements or documents by the Participant, as determined by the Compensation Committee, and to compliance by the Participant with
these Rules, the Company shall, as soon as reasonably practicable and in any event not later than ninety calendar days after the
Vesting Date of an Award, issue to the Participant, or procure the transfer to the Participant of, the number of Shares in respect
of which the Award has Vested (subject to rule 10). In case of the Shares being issued to the Participant, the par value of the
Shares will be fully paid up by way of capitalization of available reserves of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should the Company not have been able to issue the Shares to
the Participant in accordance with the above and in the time frame of ninety calendar days after the Vesting Date of an Award because
the relevant Participant has not timely executed any necessary agreements or documents as determined by the Compensation Committee,
the relevant Award shall automatically be treated, as never having been granted. For the avoidance of doubt, no consideration shall
be due from the Company to the Eligible Employee in any such situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.3</TD><TD>Cash Equivalents</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to confirmation by local counsel that the sale of Shares
is not reasonably possible in a country, Participants residing and working in such country and not travelling internationally for
business purposes and not being expatriates, may elect to receive Cash Equivalents upon authorization by the CEO. Any Cash Equivalents
issued under the Plan will be reported annually to the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD><FONT STYLE="text-transform: uppercase">Cessation
                                         of Employment</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.1</TD><TD>General rule</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the remainder of this Rule 4, an Award may Vest only
while the Participant holds an office or employment within the Group and, if a Participant resigns, is dismissed or ceases to hold
any such office or employment for any other reason, any Award granted to him which has not Vested shall lapse immediately. Except
where such cessation is for one of the reasons mentioned in Rule 4.2, 4.3, or 4.4, the Participant shall be deemed to cease to
hold such office or employment on the date when he or his employer gives written notice of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.2</TD><TD>Death</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 3.1 and 4.1, if a Participant dies before
his Award has Vested the Award shall Vest immediately and entirely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue or procure the transfer to the Participant&rsquo;s
legal personal representatives in accordance with Rule 3.2 (and, if applicable, Rule 10) the number of Shares in respect of which
the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.3</TD><TD>Retirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of Retirement vesting of the Award shall happen
as per the Millicom Equity Elegibility Retirement Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.4</TD><TD>Injury, disability and other reasons</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 3.1 and 4.1, if a Participant ceases to
hold any office or employment within the Group before his Award has Vested by reason of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>injury, ill health or disability;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Participant is a Good Leaver as per definition described above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the Participant being employed by a company which ceases to be a member of the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the Participant being employed in an undertaking or part of an undertaking which is transferred to a person who is not a member
of the Group; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>any other special circumstances, at the discretion of the Compensation Committee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the entire Award shall Vest on a date determined by the Compensation
Committee, which shall be no earlier than the date of such cessation and no later than the normal Vesting Date specified in the
Award Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 3.2 (and, if applicable,
Rule 10).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD><FONT STYLE="text-transform: uppercase">Corporate
                                         Events</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.1</TD><TD>General offer for Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rule 3.1 but subject to Rule 5.2, if in the
judgement of the Compensation Committee, the Control of the Company changes, a portion of all Awards shall Vest with effect immediately
before such change of Control occurs. The number of Shares in respect of which the Deferred Short Term Incentive Share Award Vests
shall be determined by the Compensation Committee and shall be reduced pro rata to the proportion of the three years vesting period
which has elapsed at the date when such Control is obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the change of Control is made by way of the absorption of
the Company by another company or entity, by means of a legal merger or otherwise, the Compensation Committee may resolve that
an Award shall not Vest in accordance with the previous paragraph, subject to the Compensation Committee instead procuring that
the Award be replaced by the grant of an award over shares in such company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Award, it being understood that such undertaking
shall be assigned to the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If all or substantially all the assets and liabilities of the
Company are transferred to one (or more) company or entity, which is not under the Control of the Controlling Shareholder, the
Compensation Committee may resolve that all Awards shall Vest in accordance with the first paragraph of this Rule 5.1. Alternatively,
the Compensation Committee may resolve that an Award shall not Vest, but that instead it shall procure that the Award be replaced
by the grant of an award over shares in such other company or entity, which, in the opinion of the Compensation Committee, is substantially
equivalent, in value and in terms and conditions, to the Award, it being understood that such undertaking shall be assigned to
the absorbing company or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.2</TD><TD>Reorganization not involving a change in Control</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If as a consequence of a reorganization, (i) a company (or a
similar entity) owns more than 90 per cent of the Shares of the Company, and (ii) the Controlling Shareholder still has Control
of the Company, the Compensation Committee may resolve that all Awards shall Vest immediately in accordance with the terms of Rule
5.1. If all the Awards do not Vest immediately, the Compensation Committee shall procure that all the Awards be replaced by the
grant of an awards over shares in the company (or similar entity) owning more than 90 per cent of the Shares of the Company, which,
in the opinion of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that as a consequence of a reorganization, (i)
(a) the Company is absorbed by another company by means of a legal merger or otherwise or (b) the Company is divided into two or
more companies (or similar entities) by means of a legal de-merger, a contribution of all its assets and liabilities or otherwise,
(ii) the Award Agreements are assigned to any of this/these companies or other entities and (iii) the Controlling Shareholder has
Control of this/these companies or other entities, the Compensation Committee shall make reasonable efforts to procure that all
the Awards be replaced by the grant of an award over shares in this/these company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Awards, it being understood that such undertaking
shall be assigned to this/these company or entity by the Company together with its assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of the occurrence, or the likely occurrence, of any of the events referred to in this Rule 5 and explain
how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD><FONT STYLE="text-transform: uppercase">Lapse
                                         of Award</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award shall lapse on the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Compensation Committee determining that the Performance Conditions or any further conditions imposed under Rule 2 and detailed
in the Second Schedule.9 have not been satisfied neither in whole nor in part in relation to any Performance Share Award, and can
no longer be satisfied either in whole or in part;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>subject to Rule 4, the Participant ceasing to hold an office or employment within the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the replacement of the Award under Rule 5 (for the avoidance of doubt, this paragraph will not cause any replacement award
to lapse);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the date on which a resolution is passed or an order is made by the court for the winding up of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>the date on which the Participant becomes bankrupt, enters into a compromise with his creditors generally or purports to transfer,
charge or otherwise alienate the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>any other event set out in these Rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD><FONT STYLE="text-transform: uppercase">Variation
                                         of Share Capital</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">7.1</TD><TD>Power to amend Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a Variation or the payment of an ordinary dividend
by the Company, the terms of any outstanding Award may be amended in such manner with respect to the number of Shares subject to
the Award as the Compensation Committee shall determine to be fair and reasonable, having consulted the Company&rsquo;s professional
advisers as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case an extra-ordinary dividend is paid by the Company, the
Company will compensate the Participants with outstanding share awards (&ldquo;Outstanding Awards&rdquo;) at the moment of the
dividend distribution in accordance with the below rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participants will be compensated by adding a number of shares
to the Outstanding Awards (&ldquo;Additional Award&rdquo;) which will vest at the time of final vesting of the respective Outstanding
Award. In case of vesting in tranches over several years, the Additional Award will only vest on the moment of vesting of the final
tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Additional Award will be calculated and processed as follows
at the time of the final vesting of the Initial Award:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 1<BR>
Exceptional Dividend multiplied by the number of shares in the Outstanding Award = &ldquo;Additional Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 2<BR>
Divide the Additional Amount by the closing share price average for the 3 trading days counting as from the ex-dividend date =
&ldquo;Additional Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 3<BR>
Add the Additional Award under the respective LTI plans with outstanding non-vested awards to the Outstanding Award to determine
the &ldquo;New Outstanding Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 4<BR>
Apply the initial plan rules and conditions as applicable to the Outstanding Award, to the New Outstanding Award as if the Additional
Award would have been part of the initial award to determine the portion of the New Outstanding Award that vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">7.2</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of any adjustment made under this Rule 7 and explain how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD><FONT STYLE="text-transform: uppercase">Share
                                         Capital Limit</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.1</TD><TD>Limit to number of new Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award may not be granted if the result would be that the
aggregate number of Shares issued or issuable under Awards granted under all of the Company&rsquo;s share plans would exceed five
million Shares (adjusted for any Variations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.2</TD><TD>Clarification of limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purpose of the limits contained in Rule 8.1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>there shall be disregarded any Shares which have been purchased, or the Compensation Committee has determined will be purchased,
in order to satisfy an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>there shall be disregarded any Shares subject to an Award which has lapsed, been renounced or otherwise become incapable of
Vesting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>any Shares issued to a Participant following the Vesting of an Award shall be taken into account once only (when the Award
is granted) and shall not fall out of account when the Shares are issued to the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">9.</TD><TD><FONT STYLE="text-transform: uppercase">Shares
                                         Issued Under Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.1</TD><TD>Rights attaching to Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Shares issued to Participants under the Plan (whether directly
to the Participant or indirectly via a trustee or other intermediary) shall, as to voting, dividend, transfer and other rights,
including those arising on a liquidation of the Company, rank equally in all respects and as one class with the Shares of the same
class in issue at the date of issue save as regards any rights attaching to such shares by reference to a record date prior to
the date of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.2</TD><TD>Availability of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board shall make reasonable efforts to, at all times, have
the authority under the articles of association of the Company to (i) issue Shares to satisfy all Awards which the Compensation
Committee has determined will be satisfied by the issue of Shares (whether directly to the Participant or indirectly via a trustee
or other intermediary) and (ii) to waive the preferential subscription rights of the existing shareholders of the Company with
respect to the issue of Shares to satisfy the grant of any such Awards by the Company. Prior to making an Award which will be satisfied
by the transfer of Shares, the Compensation Committee shall ensure that the Company has obtained the agreement of a trustee or
other intermediary on the procedures for funding the acquisition of and delivery of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">10.</TD><TD><FONT STYLE="text-transform: uppercase">Tax
                                         and Social Security Withholding</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual gross cash amount paid to
the Participant, a member of the Group is liable, or is in accordance with current practice believed by the Company to be liable,
to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Participant,
the number of Shares subject to an Award which has Vested to be issued to the Participant shall be decreased by such a number of
Shares the aggregate Market Value of which equal an amount sufficient to discharge the liability. Alternatively, the Participant
may, by agreement with the member of the Group, enter some other arrangement to ensure that such amount is available to the Group
(whether by authorizing the sale of some or all of the Shares subject to his Award and the payment to the member of the Group of
the requisite amount out of the proceeds of sale or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual net cash amount paid to
the Participant, a member of the Group or the Participant is liable, or is in accordance with current practice believed by the
Company to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability
of the Participant, the relevant member of the Group or the Company will discharge this liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">11.</TD><TD><FONT STYLE="text-transform: uppercase">Contractual
                                         Rights</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provision of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Plan shall not form part of any contract of employment between any member of the Group and an Eligible Employee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>unless expressly so provided in his contract of employment, an Eligible Employee has no right to be granted an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of limitation, any
Awards held by him) shall not form any part of his remuneration or count as his remuneration for the purpose of any employer&rsquo;s
contribution to any pension or other benefit scheme operated by a member of the Group; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>if an Eligible Employee ceases to hold an office or employment within the Group, he shall not be entitled to compensation for
the loss of any right or benefit or prospective right or benefit under the Plan (including, in particular but not by way of limitation,
any Awards held by him which lapse by reason of his ceasing to hold an office or employment within the Group) whether by way of
damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By accepting the grant of an Award and not renouncing it, a
Participant is deemed to have agreed to the provisions of this Rule 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">12.</TD><TD><FONT STYLE="text-transform: uppercase">Administration</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.1</TD><TD>Compensation Committee responsible for administration</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall be responsible for, and shall
be made reasonably and in good faith and shall be final and binding in all matters relating the conduct and the administration
of the Plan. The Compensation Committee may from time to time make or amend regulations for the administration of the Plan provided
that such regulations shall not be inconsistent with these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.2</TD><TD>Compensation Committee&rsquo;s decision final and binding</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The decision of the Compensation Committee shall be final and
binding in all matters relating to the conduct and administration of the Plan, including but not limited to the resolution of any
dispute concerning, or any inconsistency or ambiguity in, these Rules or any document used in connection with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.3</TD><TD>Discretionary nature of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Awards shall be granted entirely at the discretion of the
Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.4</TD><TD>Provision of information</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participant shall provide to a member of the Group as soon
as reasonably practicable such information as the member of the Group reasonably requests for the purpose of complying with its
tax and social security withholding and reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.5</TD><TD>Shareholder communications</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may send to Participants copies of any notice or
other document sent by the Company to its shareholders generally without being however obliged to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.6</TD><TD>Costs</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of introducing, conducting and administering the Plan
shall be met by the Company. The Company shall be entitled, if it wishes, in its absolute discretion, to charge an appropriate
part of such costs to another member of the Group. The Company shall also be entitled, if it wishes, in its absolute discretion,
to charge to another member</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of the Group the cost of issuing Shares under the Plan to a
Participant employed by that member as well as the aggregate Share Grant Price of the Shares issued under the Plan to a Participant
employed by that member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.7</TD><TD>Variation of Plan for foreign territories</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may make such modifications to the
Plan as are necessary or expedient to take account of local tax, exchange control, securities laws or other regulations in any
jurisdiction (a &ldquo;Modified Plan&rdquo;). The limit on the number of Shares which may be subject to Awards as set out in Rule
8 shall apply so as to limit the number of Shares which may be made subject to Awards granted under a Modified Plan and Shares
subject to Awards granted under a Modified Plan shall be included for the purpose of the limit set out in Rule 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">13.</TD><TD><FONT STYLE="text-transform: uppercase">Amendments</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.1</TD><TD>Power to amend Rules</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may from time to time amend these
Rules. No such amendment shall adversely affect the rights of an existing Participant, except as provided herein, including notably
in Rule 13.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.2</TD><TD>Rights of existing Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without prejudice to the terms of Rule 2.2, the Compensation
Committee may resolve may resolve to propose to amend the terms of an Award Agreement to which a Participant is a party. No such
amendment shall adversely affect the rights of an existing Participant. The proposal shall be made by notice in writing to the
Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">14.</TD><TD><FONT STYLE="text-transform: uppercase">Notices</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.1</TD><TD>Notice by Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given by, or on behalf of, the Company to any person in connection with the Plan shall be deemed to have been duly given if delivered
by hand or sent by e-mail or fax to him at his place of work, if he is employed within the Group if sent by e-mail to such e-mail
address as may be specified from time to time, or sent through the post in a pre-paid envelope to the postal address last known
to the Company to be his address and, if so sent, shall be deemed to have been duly given on the third calendar day after the date
of posting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.2</TD><TD>Deceased Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
so sent to a Participant shall be deemed to have been duly given notwithstanding that such Participant is then deceased (and whether
or not the Company has notice of his death) except where his personal representatives have established their title to the satisfaction
of the Company and supplied to the Company an e-mail or postal address to which notices, documents and other communications are
to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.3</TD><TD>Notice to Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given to the Company in connection with the Plan shall be delivered by hand or sent by e-mail, fax or post to the Company Secretary
at the Company&rsquo;s registered office or such other e-mail or postal address as may from time to time be notified to Participants
but shall not in any event be duly given unless it is actually received at the registered office or such e-mail or postal address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">15.</TD><TD><FONT STYLE="text-transform: uppercase">Governing
                                         Law and Jurisdiction</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The formation, existence, construction, performance, validity
and all aspects whatsoever of the Plan, any term of the Plan and any Award granted under it shall be governed by the laws of the
Grand-Duchy of Luxembourg. The courts of Luxembourg City shall have jurisdiction to settle any dispute which may arise out of,
or in connection with, the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">First Schedule: Vesting Schedule
for Deferred Short Term Incentive Share Awards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>This Schedule sets out the vesting timeline for the Deferred Short Term Incentive Share Plan awards.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The vesting schedule has been set as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>On 1 January of the first year following the year of grant, 30% of the Award will vest,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>On 1 January of the second year following the year of grant, an additional 30% of the Award will vest,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD>On 1 January of the third year following the year of grant, the remaining 40% of the Award will vest.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Second Schedule: Award Performance
metrics and Target Grant Size Percentage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grants of Deferred Share Awards are made (with exception of
Awards made according to rules 2.9 and 2.10) either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>as a result of the Eligible Employee participating in the company&rsquo;s Short-Term Incentive Plan, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>through nomination by their respective Business Leaders with specific approval by the Group CEO.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Award performance metrics and achievement computation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To determine the actual grant for each Eligible Employee, the
following criteria based on the performance of the Company and the Eligible Employee in the year corresponding to the Last Year
Annual Base Salary shall be applied to the Target Grant Size Percentage indicated above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>20% of Target Grant awarded if the Company achieves 100% of 2018 Service Revenue vs. budget;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>20% of Target Grant awarded if the Company achieves 100% of 2018 EBITDA vs. budget;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>20% of Target Grant awarded if the Company achieves 100% of 2018 OFCF vs. budget (Operating Free Cash Flow);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>10% of Target Grant awarded if the Company achieves the 2018 Net Promoter Score target</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>30% of Target Grant awarded if the Eligible Employee achieves a rating for the 2018 Performance Year of &ldquo;meets&rdquo;
against personal goals. A performance rating below the target results in no award at all.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">If employee achieves a rating of &ldquo;Exceeds&rdquo;
or &ldquo;Exceptionally Exceeds&rdquo; will get 45% or 60% respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Achievement of less than 100% of any of the above financial
targets reduces the grant as follows (this does not apply to Personal Performance or NPS):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the event the Company achieves less than 95% of the target, the corresponding portion of the grant will be reduced to zero;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the event the Company achieves between 95% and 110% of the target, the corresponding portion of the grant will be adjusted
in linear pro rata of the achievement starting at a payout of 80% at an achievement of 95%, up to a maximum value of 200% if target
achievement is 110% or higher.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Determination of Final Award Size</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the final size of a Deferred Share award is further subject to the applicable Short- Term-Incentive Plan rules of the performance
year of 2018, where the above achievement calculation is applied to the full STI Award. The full STI award is delivered half as
cash and half as Deferred Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>nominations receive a Deferred Share award size as determined by the achievement computation multiplied by the respective Target
Grant Size percentage.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Target Grant Size Percentage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The grant size percentage will be determined for each Eligible
Employee on their offer letter, contract, or subsequent LTI Target Communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Third Schedule: Date and Share
Price at Grant and Vest</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border: Black 1pt solid"><B>Award Grant Date</B></TD>
    <TD STYLE="width: 70%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">January 1st of the year of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Award Grant Share Price</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Average closing MIC Share Price of the last quarter of the immediate preceding year of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Vesting Date</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">January 1st of each year of vesting</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Vesting Share Price</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Closing Price of the last trading day preceding the vesting date.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit B-4</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">The
Rules of the Millicom International Cellular S.A. Deferred Short-Term Incentive Share Plan for the Performance Year 2019 </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RULES</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE MILLICOM INTERNATIONAL CELLULAR
S.A.</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEFERRED SHORT TERM INCENTIVE SHARE
PLAN</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR THE PERFORMANCE YEAR 2019</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(TO BE GRANTED IN 2020)</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">To be
approved by the Compensation Committee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(By delegation
of the Board of Directors)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">June 25,
2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">1.&nbsp;&nbsp;&nbsp;Interpretation</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">2.&nbsp;&nbsp;&nbsp;Grants under the Deferred Short Term Incentive Share Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">3.&nbsp;&nbsp;&nbsp;Vesting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">4.&nbsp;&nbsp;&nbsp;Cessation of Employment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">5.&nbsp;&nbsp;&nbsp;Corporate Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">6.&nbsp;&nbsp;&nbsp;Lapse of Award</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">7.&nbsp;&nbsp;&nbsp;Variation of Share Capital</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">8.&nbsp;&nbsp;&nbsp;Share Capital Limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">9.&nbsp;&nbsp;&nbsp;Shares Issued Under Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">10.&nbsp;&nbsp;&nbsp;Tax and Social Security Withholding</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">11.&nbsp;&nbsp;&nbsp;Contractual Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">12.&nbsp;&nbsp;&nbsp;Administration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">13.&nbsp;&nbsp;&nbsp;Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">14.&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">15.&nbsp;&nbsp;&nbsp;Governing Law and Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">16.&nbsp;&nbsp;&nbsp;Section 409A of the Internal Revenue Code</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">13</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attached Schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">First Schedule: Vesting Schedule for Deferred Short Term Incentive Share Awards</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Second Schedule: Award Performance metrics and Target Grant Size Percentage</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in">Third Schedule: Date and Share Price at Grant and Vest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt">17</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD><FONT STYLE="text-transform: uppercase">Interpretation</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD>Definitions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless the context otherwise requires, the following
words and expressions have the meanings indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Affiliate</B></TD>
    <TD STYLE="width: 65%">any subsidiary of a Person and any holding company of that Person and any direct or indirect subsidiary of such holding company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Annual Base Salary</B></TD>
    <TD>the annual gross or net, depending on the contractual terms, guaranteed cash amount to which an Eligible Employee is entitled, whether the amount is paid in one, twelve or more instalments per year, excluding all non-mandatory monthly salary payments, benefits, perquisites, pension allowances, car allowances, housing allowances, school fees, variable pay and/or bonus;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award</B></TD>
    <TD>a Deferred Share Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Award Notice</B></TD>
    <TD>the notice sent by the Company to an Eligible Employee in respect of the grant of an Award;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Beneficial Ownership</B></TD>
    <TD>A Person shall be deemed the &ldquo;<B>Beneficial Owner</B>&rdquo; or to have &ldquo;<B>beneficial ownership</B>&rdquo; of, and shall be deemed to &ldquo;<B>beneficially own</B>&rdquo;, securities pursuant to Rule 13d-3 under the United States Securities Exchange Act of 1934 (as amended), as in effect on the date hereof.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Board</B></TD>
    <TD>the Board of Directors of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Cash Equivalents</B></TD>
    <TD>payout in cash of the Market Value on Vesting Date of Shares upon authorization by the CEO;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Cause</B></TD>
    <TD>unless otherwise defined in an employment or change of control agreement between the Company and a Participant (1) a Participant&rsquo;s willful and continued failure substantially to perform his/her duties with the Company (other than as a result of total or partial incapacity due to physical or mental illness or as a result of termination by the Participant for Good Reason), (2) any willful act or omission by the Participant constituting dishonesty, fraud or other malfeasance against the Company or (3) the Participant&rsquo;s conviction of a crime under the laws of any jurisdiction in which the Group conducts business;&emsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>CEO</B></TD>
    <TD>the Company&rsquo;s Chief Executive Officer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Change of Control</B></TD>
    <TD>a Change of Control under Rule 5.2;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Company</B></TD>
    <TD>Millicom International Cellular S.A., incorporated under the laws of Luxembourg, registered with the Luxembourg Register of Trade and Companies under number B 40630, having its registered office located at 2, rue Fort Bourbon, L 3372 Luxembourg, Luxembourg;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Compensation Committee</B></TD>
    <TD>the Company&rsquo;s Compensation Committee to whom the Board delegated certain authority notably with respect to this Plan;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Control</B></TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">in relation to a company, means the power of a person
        to secure that the affairs of that company are conducted in accordance with the wishes of that person:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;by
        means of the holding of shares or the possession of voting power in or in relation to that or any other company, whether directly
        or indirectly, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;by
any powers conferred by the articles of association or other document regulating that or any other company, or by contract or
otherwise.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Controlling Shareholder</B></TD>
    <TD>Investment AB Kinnevik and any of its subsidiaries or affiliates which directly or indirectly own shares in the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Share</B></TD>
    <TD>a Share granted to a Participant under the Deferred Short Term Incentive Share Plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Share Award</B></TD>
    <TD>a grant of RSUs or Deferred Shares by the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Deferred Short Term Incentive Share Plan or Plan</B></TD>
    <TD>the Millicom International Cellular S.A. Deferred Share Plan constituted by these Rules as amended from time to time;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Eligible Employee</B></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">an employee or contractor (other than a nonexecutive
        director) of any member of the Group in a role or position which has either:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(a)&nbsp;&nbsp;&nbsp;a
        Director grade or above in one of the Company&rsquo;s Corporate Headquarter offices in accordance with the Company&rsquo;s role
        grading system, or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.25in">(b)&nbsp;&nbsp;&nbsp;is
a constant member of a country operation&rsquo;s Senior Management team;&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Exceptional Deferred Share Award</B></TD>
    <TD><BR>
a Deferred Share Award under Rule 2.9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Excluded Person</B></TD>
    <TD>any of (i) the Company; (ii) any of the Company&rsquo;s Subsidiaries; (iii) any Holding Company; (iv) any employee benefit plan of the Company, any of its Subsidiaries or a Holding Company; (v) any Person organized, appointed or established by the Company, any of its Subsidiaries or a Holding Company for or pursuant to the terms of any plan described in clause (iv); (vi) Investment AB Kinnevik, Kinnevik B.V. and each of their Affiliates; or (vii) the estate, spouse, ancestors and lineal descendants of Mr. Jan H. Stenbeck, the legal representatives of any of the foregoing and the bona fide trust of which the foregoing are the sole beneficiaries or the grantors, or any Person of which the foregoing beneficially own 66 and 2/3% of the total voting power of all classes of capital stock of such Person (exclusive of any matters as to which class voting rights exist).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Good Leaver</B></TD>
    <TD>an Employee who leaves the company under the following circumstances: (1) Restructure/redundancy, where the Employee is not offered a position or is offered a position with a lower level of compensation, benefits or responsibility (2) change job location more than 50 miles, (3) Exceptional case based on factors such as tenure with MIC, circumstances of exit, performance history and contributions to company, subject to approval of CEO and CHRO;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Good Reason</B></TD>
    <TD STYLE="width: 65%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">unless otherwise defined in an employment or change
        of control agreement between the Company and a Participant (but excluding any Discretionary Termination Window trigger under a
        change of control agreement), any of the following occurs without a Participant&rsquo;s written consent: (1) Material diminution
        in the Participant&rsquo;s duties or responsibilities; (2) Failure by the Company to pay the Participant any compensation otherwise
        vested and due if such failure continues for 20 business days following notice to the Company thereof (3) Reduction in Annual Base
        Salary, bonus opportunity or aggregate benefits; (4) Relocation of the Participant more than 50 miles away from the Participant&rsquo;s
        previous principal office location;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">Notwithstanding the foregoing, Good Reason shall not
        exist unless the Participant gives the Company written notice thereof within 45 days after the Participant becomes aware its occurrence
        and the Company shall not have corrected the action within 15 days after such written notice;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Grant Date</B></TD>
    <TD>the date on which the Award granted to the Eligible Employee is effective as indicated in the Award Notice;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Group</B></TD>
    <TD>the Company and any company under the Control of the Company (including joint Control with another company) from time to time and &ldquo;member of the Group&rdquo; shall be construed accordingly;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Last Year Annual Base Salary</B></TD>
    <TD>the Annual Base Salary that was effectively paid to the Eligible Employee during the immediately preceding full calendar year. For practical reasons the Company can in its absolute discretion calculate the Last Year Annual Base Salary by multiplying the April monthly guaranteed cash amount of the preceding calendar year by twelve or more instalments as applicable; for those whose monthly salary changed after April, proration will apply;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Market Value</B></TD>
    <TD>of a Share on any day, the closing price of a Share as quoted on the Nasdaq Stockholm / Nasdaq US for the dealing day immediately preceding such day;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Hires</B></TD>
    <TD>Eligible Employees with effective employment starting during the immediately preceding full calendar year but before October 1;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>New Promotions</B></TD>
    <TD>Eligible Employees with the first date of effectiveness of the promotion during the immediately preceding full calendar year but before October&nbsp;1;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Participant</B></TD>
    <TD>an individual who holds a subsisting Award or, where the context permits, his legal personal representatives;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Personal Performance Rating</B></TD>
    <TD>the rating for personal performance of an Eligible Employee the rating for personal performance of an Eligible Employee under the Company&rsquo;s performance evaluation plan;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>RSUs</B></TD>
    <TD>Restricted Stock Units to be settled in Shares at the time of vesting;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Share Grant Price</B></TD>
    <TD>an amount equal to the average of the closing prices of a Share, as so quoted on the Nasdaq Stockholm/Nasdaq US, for the three last months of the calendar year previous to the calendar year of Award;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Share Grant Value</B></TD>
    <TD STYLE="width: 65%">Amount of RSUs or shares of an Award multiplied by the Share Grant Price;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Shares</B></TD>
    <TD>common shares in the capital of the Company with a par value of US $1.50 each, or any securities representing them;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Subsidiary</B></TD>
    <TD>means a subsidiary undertaking of the Company as defined under article 309 (2) of the Luxembourg Law of 10 August 1915 on commercial companies, as amended, except that for purposes of this Agreement it shall be irrelevant whether a subsidiary is consolidated or not with the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Variation</B></TD>
    <TD>any material variation of the share capital of the Company, including but without limitation a capitalization issue, rights issue, rights offer and a sub division, consolidation or reduction in the capital of the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vest</B></TD>
    <TD>a Participant becoming, in accordance with these Rules, entitled to the Shares subject to an Award and &ldquo;<B>Vested</B>&rdquo; and &ldquo;<B>Vesting</B>&rdquo; shall be construed accordingly; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Vesting Date</B></TD>
    <TD>the date when an Award normally Vests, as per Rule 3.</TD></TR>
</TABLE>
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.2</TD><TD>Construction</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In these Rules, unless otherwise specified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the contents and headings are inserted for ease of reference only and do not affect their interpretation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>save as provided for by law a reference to writing includes any mode of reproducing words in a legible form and reduced to
paper or electronic format or communication including, for the avoidance of doubt, correspondence via email;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the singular includes the plural and vice-versa and the masculine includes the feminine; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>a reference to a statutory provision includes any statutory modification, amendment or reenactment thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD><FONT STYLE="text-transform: uppercase">Grants
                                         under the Deferred Short Term Incentive Share Plan</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.1</TD><TD>Invitation decisions</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to these Rules, the Compensation Committee shall determine
in its absolute discretion when an offer for the grant of Deferred Share Awards shall be made, the Eligible Employees to whom such
offer shall be made and the terms governing the offer for the grant of such Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.2</TD><TD>Grant size</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a rule, for each year the Compensation Committee will establish
Deferred Share Award opportunities by defining either an Award value based upon the Company&rsquo;s Short-Term Incentive Plan,
or an Award value determined by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>target grant sizes, on a nominative basis or on a job title or job level basis, as percentage of Last Year Annual Base Salary;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Group and personal performance criteria and targets, which shall be used to calculate the percentage of the target grants that
are awarded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Award opportunity through Short-Term Incentive Plan participation,
as well as the initial target grant sizes, and performance criteria and targets for other Awards are set out in the Second Schedule
to these Rules. The award will</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">be granted on a prorata basis for those employees who had changes
in their compensation schemes after April, 2019 and for New Hires or New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case where the Compensation Committee provides for
an exception upon request by the CEO, New Hires with an effective employment date after the last calendar year will not participate.
New Hires and/or New Promotions with an effective employment date during the last calendar year will participate on a pro rata
basis since the percentage is applied to Last Year Annual Base Salary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.3</TD><TD>Individual limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offer for the grant of a Deferred Short Term Incentive Share
Award shall be made to an Eligible Employee if as a result:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>for all Eligible Employees except for the CEO, the aggregate Share Grant Value of the Shares subject to all Share Awards to
be granted to him during the same calendar year under all of the Company&rsquo;s Share Plans (taking the Share Grant Value at the
Grant Date for each Award), excluding, however, any Exceptional Deferred Share Awards, would exceed 300 per cent of his New Annual
Base Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>for the CEO, the aggregate Share Grant Value of the Shares subject to all Share Awards to be granted to him during the same
calendar year under the Company&rsquo;s Deferred Share Plans and Performance Share Plans (taking the Share Grant Value at the Grant
Date for each Award), excluding, however, any Exceptional Deferred Share Awards, would exceed 600 per cent of his New Annual Base
Salary, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the share capital limit in Rule 9 would be exceeded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.4</TD><TD>Procedure for grant of Awards and Grant Date</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except in case the Compensation Committee issues an Award to
a named Eligible Employee, within the rules of this Plan and within the limits of the grant size defined as a percentage by the
Compensation Committee, the CEO of the Company shall have the discretionary power to decide whether a grant offer will be made
to an Eligible Employee, including New Hires and New Promotions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With the timing at the discretion of the CEO, the Company shall
inform such Eligible Employee by a notice in writing of such offer in accordance with rule 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offer for the grant of the Performance Share Award must
be accepted by the Eligible Employee within ninety days after the notice of the Award has been given to the Eligible Employee (as
determined in accordance with Rule 14.1). If not accepted within ninety days, the Award shall automatically be treated as never
having been granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.5</TD><TD>Contents of Award Notice</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award Notice for a Deferred Short Term Incentive Share Award
shall specify the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Grant Date;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the number of Shares or RSUs subject to the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the dates on which the Award will normally Vest which shall be spread out over a three years period ending on January 1 of
the third year following the year of grant in accordance with the vesting scheme as defined by the Compensation Committee and as
set out in the First Schedule to these Rules and possibly amended by new Schedules on a year by year basis; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>any further conditions applicable to the Award.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.6</TD><TD>Right to refuse Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that an Eligible Employee, to whom an offer for
the grant of a Deferred Short Term Incentive Share Award is made, refuses to accept such offer for whatever reason within the period
set out in rule 2.4, the Award shall automatically and without exception be treated, for the purpose of the Plan, as never having
been granted. For</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the avoidance of doubt, no consideration shall be due from the
Company to the Eligible Employee for any such refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.7</TD><TD>Awards non-transferable</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Deferred Short Term Incentive Share Award shall be personal
to the Participant and, subject to Rule 4.2, shall not be capable of being transferred, charged or otherwise alienated and shall
lapse immediately if the Participant purports to transfer, charge or otherwise alienate the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.8</TD><TD>Participant&rsquo;s rights over Shares subject to Deferred
Short Term Incentive Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Participant shall not become the legal or beneficial owner
of the Shares subject to his Deferred Short Term Incentive Share Award until such Shares are issued or transferred to him (or his
nominee) by or on behalf of the Company, and until that date the Participant shall not be entitled to any voting, dividend, transfer
or other rights attaching to the Shares subject to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.9</TD><TD>Exceptional Deferred Short Term Incentive Share Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee can determine in its absolute discretion
to make an offer for the grant of an Exceptional Deferred Short Term Incentive Share Award to key personnel under the following
conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The Grant Size of the Exceptional Deferred Short Term Incentive Share Award shall be, at a maximum, 100% of Last Year Annual
Base Salary. The actual Grant Size will be decided by the Compensation Committee on a case by case basis upon proposal by the CEO.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The Exceptional Deferred Short Term Incentive Share Awards will vest in accordance with section 2.5 (c) above. However, each
annual vesting shall be conditional to a Personal Performance Rating of &ldquo;on target&rdquo; or above, as proposed by the CEO
and approved by the Compensation Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With exception of the two conditions directly above, the Exceptional
Share Awards will be subject to the rules set forth hereinabove in sections 2.1 to and including 2.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.10</TD><TD>Sign-On Awards under the Deferred Share Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Newcomers who had an LTIP with their previous employer can be
granted a full award under the Deferred Share Plan of the relevant year upon joining during such year and/or for the following
year (as if they would have worked a full year for Millicom during the year of joining), upon Management approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.11</TD><TD>Share Ownership Requirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Shares issued or transferred to a Participant (or his nominee)
under a Deferred Share Plan award may be subject to the terms set out in the Company&rsquo;s Share Ownership Policy. The Compensation
Committee may at its absolute discretion take into account any failure to adhere to the terms of the Share Ownership Policy when
determining the grant of future incentives and when determining the vesting of awards under any of the Company&rsquo;s share plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD><FONT STYLE="text-transform: uppercase">Vesting</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.1</TD><TD>Vesting of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to Rules 4 and 5, an Award shall Vest on the normal
Vesting Date specified on the Award Notice. The Participant shall become irrevocably entitled to the Shares subject to an Award
to the extent that the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deferred Short Term Incentive Share Awards shall Vest in accordance
with the rules in the Vesting schedule for the Deferred Short Term Incentive Shares Awards as outlined in the First Schedule to
these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exceptional Deferred Short Term Incentive Share Awards shall
vest in accordance with the rules for Deferred Short Term Incentive Share Awards but conditional to a Personal Performance Rating
of &ldquo;on target&rdquo; or above, as proposed by the CEO and approved by the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.2</TD><TD>Delivery of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to any necessary consents, the execution of any necessary
agreements or documents by the Participant, as determined by the Compensation Committee, and to compliance by the Participant with
these Rules, the Company shall, as soon as reasonably practicable and in any event not later than ninety calendar days after the
Vesting Date of an Award, issue to the Participant, or procure the transfer to the Participant of, the number of Shares in respect
of which the Award has Vested (subject to rule 10). In case of the Shares being issued to the Participant, the par value of the
Shares will be fully paid up by way of capitalization of available reserves of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should the Company not have been able to issue the Shares to
the Participant in accordance with the above and in the time frame of ninety calendar days after the Vesting Date of an Award because
the relevant Participant has not timely executed any necessary agreements or documents as determined by the Compensation Committee,
the relevant Award shall automatically be treated, as never having been granted. For the avoidance of doubt, no consideration shall
be due from the Company to the Eligible Employee in any such situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, if a Participant is a US taxpayer,
the Company shall issue to the Participant, or procure the transfer to the Participant of, the number of Shares in respect of which
the Award has Vested on the earlier of the ninety day period specified above and March 15 of the calendar year following the year
in which the Award Vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.3</TD><TD>Cash Equivalents</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to confirmation by local counsel that the sale of Shares
is not reasonably possible in a country, Participants residing and working in such country and not travelling internationally for
business purposes and not being expatriates, may elect to receive Cash Equivalents upon authorization by the CEO. Any Cash Equivalents
issued under the Plan will be reported annually to the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD><FONT STYLE="text-transform: uppercase">Cessation
                                         of Employment</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.1</TD><TD>General rule</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the remainder of this Rule 4, an Award may Vest only
while the Participant holds an office or employment within the Group and, if a Participant resigns, is dismissed or ceases to hold
any such office or employment for any other reason, any Award granted to him which has not Vested shall lapse immediately. Except
where such cessation is for one of the reasons mentioned in Rule 4.2, 4.3, or 4.4, the Participant shall be deemed to cease to
hold such office or employment on the date when he or his employer gives written notice of such cessation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.2</TD><TD>Death</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 3.1 and 4.1, if a Participant dies before
his Award has Vested the Award shall Vest immediately and entirely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue or procure the transfer to the Participant&rsquo;s
legal personal representatives in accordance with Rule 3.2 (and, if applicable, Rule 10) the number of Shares in respect of which
the Award has Vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.3</TD><TD>Retirement</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of Retirement vesting of the Award shall happen
as per the Millicom Equity Eligibility Retirement Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">4.4</TD><TD>Injury, disability and other reasons</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding Rules 3.1 and 4.1, if a Participant ceases to
hold any office or employment within the Group before his Award has Vested by reason of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>injury, ill health or disability;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Participant is a Good Leaver as per definition described above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the Participant being employed by a company which ceases to be a member of the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the Participant being employed in an undertaking or part of an undertaking which is transferred to a person who is not a member
of the Group; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>any other special circumstances, at the discretion of the Compensation Committee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the entire Award shall Vest on a date determined by the Compensation
Committee, which shall be no earlier than the date of such cessation and no later than the normal Vesting Date specified in the
Award Notice. Notwithstanding the foregoing, if a Participant is a US taxpayer, the Award shall Vest on the date of cessation of
employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 3.2 (and, if applicable,
Rule 10).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD><FONT STYLE="text-transform: uppercase">Corporate
                                         Events</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.1</TD><TD>General offer for Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For any Awards outstanding as of a Change of Control, either
of the following shall apply, depending on whether, and the extent to which, Awards are assumed, converted, or replaced by the
resulting entity in the Change of Control:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>To the extent Awards are not assumed, converted, or replaced, then the Awards shall Vest on a Change of Control; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>To the extent Awards are assumed, converted, or replaced, if, within the one year period after the Change of Control, a Participant
is terminated by the Company as a Good Leaver or terminates for Good Reason, the Awards shall vest.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company shall issue to the Participant, or procure the transfer
to the Participant of, the number of Shares in respect of which the Award has Vested, in accordance with Rule 3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.2</TD><TD>Change of Control Definition</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Change of Control means the first of the following events to
occur following the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Any Person (other than an Excluded Person) acquires by any means together with all Affiliates of such Person, Beneficial Ownership
of securities representing forty per cent (40%) or more of the combined voting power of the voting stock then outstanding of the
Company, unless such Person acquires Beneficial Ownership of 40% or more of the combined voting power of the voting stock then
outstanding solely as a result of an acquisition of voting stock by the Company which, by reducing the voting stock outstanding,
increases the proportionate voting stock beneficially owned by such Person (together with all Affiliates of such Person) to 40%
or more of the combined voting power of the voting stock then outstanding;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>A reorganization, merger or consolidation of the Company is consummated (other than a reorganization resulting from the Company&rsquo;s
insolvency), in each case, unless, immediately following such reorganization, merger or consolidation, (i) more than fifty per
cent (50%) of the then outstanding shares of common stock of the Company or any other undertaking, resulting from such reorganization,
merger or consolidation and the combined voting power of the then outstanding voting securities of such corporation entitled to
vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of
the individuals and entities who were the Beneficial Owners of the voting stock outstanding immediately prior to such reorganization,
merger or consolidation in substantially the same proportion as their Beneficial Ownership of the Voting Securities immediately
before the reorganization, merger or consolidation, (ii) no Person (but excluding for this purpose any Excluded Person and any
other Person beneficially owning, immediately prior to such reorganization, merger or consolidation, directly or indirectly, 50%
or more of the voting power of the outstanding voting stock) beneficially owns, directly or indirectly, 50% or more of, respectively,
the then outstanding shares of common stock of the corporation resulting from such reorganization, merger or consolidation or the
combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election
of directors and (iii) at least a majority of the members of the board of directors of the corporation resulting from such reorganization,
merger or consolidation were members of the</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Board at the time of the execution
of the initial agreement providing for such reorganization, merger or consolidation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>The consummation of (i) a transfer of all or substantially all of the assets of the Company during or upon completion of the
liquidation of the Company (other than as a result of the Company&rsquo;s insolvency) or (ii) the sale or other disposition of
all or substantially all of the assets of the Company, other than to any corporation with respect to which, immediately following
such sale or other disposition, (A) more than 50% of, respectively, the then outstanding shares of common stock of such corporation
and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election
of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who
were the Beneficial Owners of the voting stock outstanding immediately prior to such sale or other disposition of assets, (B) no
Person (but excluding for this purpose any Excluded Person and any Person beneficially owning, immediately prior to such sale or
other disposition, directly or indirectly, 50% or more of the voting power of the outstanding voting stock) beneficially owns,
directly or indirectly, 50% or more of, respectively, the then outstanding shares of common stock of such corporation or the combined
voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors
and (C) at least a majority of the members of the board of directors of such corporation were members of the Board at the time
of the execution of the initial agreement or action of the Board providing for such sale or other disposition of assets of the
Company.&emsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, in no event shall a &ldquo;Change
of Control&rdquo; be deemed to have occurred as a result of the formation of a Holding Company. In addition, for purposes of the
definition of &ldquo;Change of Control&rdquo; a Person engaged in business as an underwriter of securities shall not be deemed
to be the &ldquo;Beneficial Owner&rdquo; of, or to &ldquo;beneficially own,&rdquo; any securities acquired through such Person&rsquo;s
participation in good faith in a firm commitment underwriting until the expiration of forty days after the date of such acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If as a consequence of a reorganization, (i) a company (or a
similar entity) owns more than 90 per cent of the Shares of the Company, and (ii) the Controlling Shareholder still has Control
of the Company, the Compensation Committee may resolve that all Awards shall Vest immediately in accordance with the terms of Rule
5.1. If all the Awards do not Vest immediately, the Compensation Committee shall procure that all the Awards be replaced by the
grant of an awards over shares in the company (or similar entity) owning more than 90 per cent of the Shares of the Company, which,
in the opinion of the Compensation Committee, is substantially equivalent, in value and in terms and conditions, to the Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that as a consequence of a reorganization, (i)
(a) the Company is absorbed by another company by means of a legal merger or otherwise or (b) the Company is divided into two or
more companies (or similar entities) by means of a legal demerger, a contribution of all its assets and liabilities or otherwise,
(ii) the Award Agreements are assigned to any of this/these companies or other entities and (iii) the Controlling Shareholder has
Control of this/these companies or other entities, the Compensation Committee shall make reasonable efforts to procure that all
the Awards be replaced by the grant of an award over shares in this/these company or entity, which, in the opinion of the Compensation
Committee, is substantially equivalent, in value and in terms and conditions, to the Awards, it being understood that such undertaking
shall be assigned to this/these company or entity by the Company together with its assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.3</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of the occurrence, or the likely occurrence, of a Change of Control and explain how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">6.</TD><TD><FONT STYLE="text-transform: uppercase">Lapse
                                         of Award</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award shall lapse on the earliest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Compensation Committee determining that the Performance Conditions or any further conditions imposed under Rule 2 and detailed
in the Second Schedule.9 have not been satisfied neither in whole nor in part in relation to any Performance Share Award, and can
no longer be satisfied either in whole or in part;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>subject to Rule 4, the Participant ceasing to hold an office or employment within the Group;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the replacement of the Award under Rule 5 (for the avoidance of doubt, this paragraph will not cause any replacement award
to lapse);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the date on which a resolution is passed or an order is made by the court for the winding up of the Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>the date on which the Participant becomes bankrupt, enters into a compromise with his creditors generally or purports to transfer,
charge or otherwise alienate the Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>any other event set out in these Rules.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">7.</TD><TD><FONT STYLE="text-transform: uppercase">Variation
                                         of Share Capital</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">7.1</TD><TD>Power to amend Award</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a Variation or the payment of an ordinary dividend
by the Company, the terms of any outstanding Award may be amended in such manner with respect to the number of Shares subject to
the Award as the Compensation Committee shall determine to be fair and reasonable, having consulted the Company&rsquo;s professional
advisers as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case an extraordinary dividend is paid by the Company, the
Company will compensate the Participants with outstanding share awards (&ldquo;Outstanding Awards&rdquo;) at the moment of the
dividend distribution in accordance with the below rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participants will be compensated by adding a number of RSUs
or Shares to the Outstanding Awards (&ldquo;Additional Award&rdquo;) which will vest at the time of final vesting of the respective
Outstanding Award. In case of vesting in tranches over several years, the Additional Award will only vest on the moment of vesting
of the final tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Additional Award will be calculated and processed as follows
at the time of the final vesting of the Initial Award:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 1<BR>
Exceptional Dividend multiplied by the number of RSUs or Shares in the Outstanding Award = &ldquo;Additional Amount&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 2<BR>
Divide the Additional Amount by the closing share price average for the 3 trading days counting as from the exdividend date = &ldquo;Additional
Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 3<BR>
Add the Additional Award under the respective LTI plans with outstanding nonvested awards to the Outstanding Award to determine
the &ldquo;New Outstanding Award&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">STEP 4<BR>
Apply the initial plan rules and conditions as applicable to the Outstanding Award, to the New Outstanding Award as if the Additional
Award would have been part of the initial award to determine the portion of the New Outstanding Award that vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">7.2</TD><TD>Notification of Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall, as soon as reasonably practicable,
notify each Participant of any adjustment made under this Rule 7 and explain how this affects his Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">8.</TD><TD><FONT STYLE="text-transform: uppercase">Share
                                         Capital Limit</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.1</TD><TD>Limit to number of new Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An Award may not be granted if the result would be that the
aggregate number of Shares issued or issuable under Awards granted under all of the Company&rsquo;s share plans would exceed five
million Shares (adjusted for any Variations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">8.2</TD><TD>Clarification of limit</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purpose of the limits contained in Rule 8.1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>there shall be disregarded any Shares which have been purchased, or the Compensation Committee has determined will be purchased,
in order to satisfy an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>there shall be disregarded any Shares subject to an Award which has lapsed, been renounced or otherwise become incapable of
Vesting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>any Shares issued to a Participant following the Vesting of an Award shall be taken into account once only (when the Award
is granted) and shall not fall out of account when the Shares are issued to the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.</TD><TD>Shares Issued Under Plan</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.1</TD><TD>Rights attaching to Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Shares issued to Participants under the Plan (whether directly
to the Participant or indirectly via a trustee or other intermediary) shall, as to voting, dividend, transfer and other rights,
including those arising on a liquidation of the Company, rank equally in all respects and as one class with the Shares of the same
class in issue at the date of issue save as regards any rights attaching to such shares by reference to a record date prior to
the date of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">9.2</TD><TD>Availability of Shares</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board shall make reasonable efforts to, at all times, have
the authority under the articles of association of the Company to (i) issue Shares to satisfy all Awards which the Compensation
Committee has determined will be satisfied by the issue of Shares (whether directly to the Participant or indirectly via a trustee
or other intermediary) and (ii) to waive the preferential subscription rights of the existing shareholders of the Company with
respect to the issue of Shares to satisfy the grant of any such Awards by the Company. Prior to making an Award which will be satisfied
by the transfer of Shares, the Compensation Committee shall ensure that the Company has obtained the agreement of a trustee or
other intermediary on the procedures for funding the acquisition of and delivery of such Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">10.</TD><TD><FONT STYLE="text-transform: uppercase">Tax
                                         and Social Security Withholding</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual gross cash amount paid to
the Participant, a member of the Group is liable, or is in accordance with current practice believed by the Company to be liable,
to account to any revenue or other authority for any sum in respect of any tax or social security liability of the Participant,
the number of Shares subject to an Award which has Vested to be issued to the Participant shall be decreased by such a number of
Shares the aggregate Market Value of which equal an amount sufficient to discharge the liability. Alternatively, the Participant
may, by agreement with the member of the Group, enter some other arrangement to ensure that such amount is available to the Group
(whether by authorizing the sale of some or all of the Shares subject to his Award and the payment to the member of the Group of
the requisite amount out of the proceeds of sale or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where, in relation to an Award granted under the Plan to a Participant
the size of which has been proportional to an Annual Base Salary determined by reference to the annual net cash amount paid to
the Participant, a member of the Group or the Participant is liable, or is in accordance with current practice believed by the
Company to be liable, to account to any revenue or other authority for any sum in respect of any tax or social security liability
of the Participant, the relevant member of the Group or the Company will discharge this liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">11.</TD><TD><FONT STYLE="text-transform: uppercase">Contractual
                                         Rights</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provision of the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Plan shall not form part of any contract of employment between any member of the Group and an Eligible Employee;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>unless expressly so provided in his contract of employment, an Eligible Employee has no right to be granted an Award;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the benefit to an Eligible Employee of participation in the Plan (including, in particular but not by way of limitation, any
Awards held by him) shall not form any part of his remuneration or count as his remuneration for the purpose of any employer&rsquo;s
contribution to any pension or other benefit scheme operated by a member of the Group; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>if an Eligible Employee ceases to hold an office or employment within the Group, he shall not be entitled to compensation for
the loss of any right or benefit or prospective right or benefit under the Plan (including, in particular but not by way of limitation,
any Awards held by him which lapse by reason of his ceasing to hold an office or employment within the Group) whether by way of
damages for unfair dismissal, wrongful dismissal, breach of contract or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By accepting the grant of an Award and not renouncing it, a
Participant is deemed to have agreed to the provisions of this Rule 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">12.</TD><TD><FONT STYLE="text-transform: uppercase">Administration</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.1</TD><TD>Compensation Committee responsible for administration</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee shall be responsible for, and shall
be made reasonably and in good faith and shall be final and binding in all matters relating the conduct and the administration
of the Plan. The Compensation Committee may from time to time make or amend regulations for the administration of the Plan provided
that such regulations shall not be inconsistent with these Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.2</TD><TD>Compensation Committee&rsquo;s decision final and binding</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The decision of the Compensation Committee shall be final and
binding in all matters relating to the conduct and administration of the Plan, including but not limited to the resolution of any
dispute concerning, or any inconsistency or ambiguity in, these Rules or any document used in connection with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.3</TD><TD>Discretionary nature of Awards</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Awards shall be granted entirely at the discretion of the
Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.4</TD><TD>Provision of information</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Participant shall provide to a member of the Group as soon
as reasonably practicable such information as the member of the Group reasonably requests for the purpose of complying with its
tax and social security withholding and reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.5</TD><TD>Shareholder communications</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may send to Participants copies of any notice or
other document sent by the Company to its shareholders generally without being however obliged to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.6</TD><TD>Costs</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The costs of introducing, conducting and administering the Plan
shall be met by the Company. The Company shall be entitled, if it wishes, in its absolute discretion, to charge an appropriate
part of such costs to another member of the Group. The Company shall also be entitled, if it wishes, in its absolute discretion,
to charge to another member of the Group the cost of issuing Shares under the Plan to a Participant employed by that member as
well as the aggregate Share Grant Price of the Shares issued under the Plan to a Participant employed by that member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">12.7</TD><TD>Variation of Plan for foreign territories</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may make such modifications to the
Plan as are necessary or expedient to take account of local tax, exchange control, securities laws or other regulations in any
jurisdiction (a &ldquo;Modified Plan&rdquo;). The limit on the number of Shares which may be subject to Awards as set out in Rule
8 shall apply so as to limit the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">number of Shares which may be made subject to Awards granted
under a Modified Plan and Shares subject to Awards granted under a Modified Plan shall be included for the purpose of the limit
set out in Rule 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">13.</TD><TD><FONT STYLE="text-transform: uppercase">Amendments</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.1</TD><TD>Power to amend Rules</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Compensation Committee may from time to time amend these
Rules. No such amendment shall adversely affect the rights of an existing Participant, except as provided herein, including notably
in Rule 13.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">13.2</TD><TD>Rights of existing Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Without prejudice to the terms of Rule 2.2, the Compensation
Committee may resolve may resolve to propose to amend the terms of an Award Agreement to which a Participant is a party. No such
amendment shall adversely affect the rights of an existing Participant. The proposal shall be made by notice in writing to the
Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">14.</TD><TD><FONT STYLE="text-transform: uppercase">Notices</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.1</TD><TD>Notice by Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given by, or on behalf of, the Company to any person in connection with the Plan shall be deemed to have been duly given if delivered
by hand or sent by email or fax to him at his place of work, if he is employed within the Group if sent by email to such email
address as may be specified from time to time, or sent through the post in a prepaid envelope to the postal address last known
to the Company to be his address and, if so sent, shall be deemed to have been duly given on the third calendar day after the date
of posting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.2</TD><TD>Deceased Participants</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
so sent to a Participant shall be deemed to have been duly given notwithstanding that such Participant is then deceased (and whether
or not the Company has notice of his death) except where his personal representatives have established their title to the satisfaction
of the Company and supplied to the Company an email or postal address to which notices, documents and other communications are
to be sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">14.3</TD><TD>Notice to Company</TD>
</TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Save as provided for by law any notice, document or other communication
given to the Company in connection with the Plan shall be delivered by hand or sent by email, fax or post to the Company Secretary
at the Company&rsquo;s registered office or such other email or postal address as may from time to time be notified to Participants
but shall not in any event be duly given unless it is actually received at the registered office or such email or postal address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">15.</TD><TD><FONT STYLE="text-transform: uppercase">Governing
                                         Law and Jurisdiction</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The formation, existence, construction, performance, validity
and all aspects whatsoever of the Plan, any term of the Plan and any Award granted under it shall be governed by the laws of the
Grand-Duchy of Luxembourg. The courts of Luxembourg City shall have jurisdiction to settle any dispute which may arise out of,
or in connection with, the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">16.</TD><TD><FONT STYLE="text-transform: uppercase">Section
                                         409A of the Internal Revenue Code</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Awards under the Plan to US taxpayers are intended to meet the
short deferral exception under Section 409A of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, if the Awards fail to meet the exception, then the
remainder of this Rule shall apply. For purposes of this Agreement, cessation of employment and correlative phrases, mean a &ldquo;separation
from service&rdquo; as defined in Treasury Regulation section 1.409A-1(h). To the extent that a Participant is determined to be
a &ldquo;specified employee&rdquo;, within the meaning of the Code Section 409A Regulations, as of the date of the Participant&rsquo;s
separation from service, no amount that constitutes a &ldquo;deferral of compensation,&rdquo; within the meaning of the Section
409A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulations, which is payable on account of the Participant&rsquo;s
separation from service shall be paid to the Participant before the date (the &ldquo;Delayed Payment Date&rdquo;) which is the
first day of the seventh month after the date of the Participant&rsquo;s separation from service or, if earlier, the date of the
Employee&rsquo;s death following such separation from service. All such amounts that would, but for this Section, become payable
prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company intends that income provided to the Participant
pursuant to the Plan will not be subject to taxation under Section 409A of the Code. The provisions of the Plan shall be interpreted
and construed in favor of satisfying any applicable requirements of Code Section 409A. However, the Company does not guarantee
any particular tax effect for income provided to the Participant pursuant to the Plan. In any event, except for the Company&rsquo;s
responsibility to withhold applicable income and employment taxes from compensation paid or provided to a Participant, the Company
shall not be responsible for the payment of any applicable taxes on compensation paid or provided to the Participant pursuant to
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, for purposes of Code Section 409A, the right to a series
of installment payments under the Plan shall be treated as a right to a series of separate payments. Any payment made under the
Plan subject to Code Section 409A shall be paid by a date that is no later than 30 days of the payment date specified herein and
may not be accelerated or postponed except as specifically permitted under Code Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">First Schedule: Vesting Schedule
for Deferred Short Term Incentive Share Awards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>This Schedule sets out the vesting timeline for the Deferred Short Term Incentive Share Plan awards.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The vesting schedule has been set as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>On 1 January of the first year following the year of grant, 30% of the Award will vest,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>On 1 January of the second year following the year of grant, an additional 30% of the Award will vest,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD>On 1 January of the third year following the year of grant, the remaining 40% of the Award will vest.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Second Schedule: Award Performance
metrics and Target Grant Size Percentage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Grants of Deferred Share Awards are made (with exception of
Awards made according to rules 2.9 and 2.10) either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>as a result of the Eligible Employee participating in the company&rsquo;s Short-Term Incentive Plan, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>through nomination by their respective Business Leaders with specific approval by the Group CEO.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Award performance metrics and achievement computation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To determine the actual grant for each Eligible Employee, the
following criteria based on the performance of the Company and the Eligible Employee in the year corresponding to the Last Year
Annual Base Salary shall be applied to the Target Grant Size Percentage indicated above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>20% of Target Grant awarded if the Company achieves 100% of 2019 Service Revenue vs. budget;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>20% of Target Grant awarded if the Company achieves 100% of 2019 EBITDA vs. budget;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>20% of Target Grant awarded if the Company achieves 100% of 2019 OFCF vs. budget (Operating Free Cash Flow);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>10% of Target Grant awarded if the Company achieves the 2019 Net Promoter Score target</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>30% of Target Grant awarded if the Eligible Employee achieves a rating for the 2019 Performance Year of &ldquo;meets&rdquo;
against personal goals. A performance rating below the target results in no award at all.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">If employee achieves a rating of &ldquo;Exceeds&rdquo;
or &ldquo;Exceptionally Exceeds&rdquo; will get 45% or 60% respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Achievement of less than 100% of any of the above financial
targets reduces the grant as follows (this does not apply to Personal Performance):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the event the Company achieves less than 95% of the target, the corresponding portion of the grant will be reduced to zero;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the event the Company achieves between 95% and 110% of the target, the corresponding portion of the grant will be adjusted
in linear pro rata of the achievement starting at a payout of 80% at an achievement of 95%, up to a maximum value of 200% if target
achievement is 110% or higher.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Determination of Final Award Size</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the final size of a Deferred Share award is further subject to the applicable ShortTerm-Incentive Plan rules of the performance
year of 2019, where the above achievement calculation is applied to the full STI Award. The full STI award is delivered half as
cash and half as Deferred Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>nominations receive a Deferred Share award size as determined by the achievement computation multiplied by the respective Target
Grant Size percentage.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Target Grant Size Percentage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The grant size percentage will be determined for each Eligible
Employee on their offer letter, contract, or subsequent LTI Target Communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">Third Schedule: Date and Share
Price at Grant and Vest</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; border: Black 1pt solid"><B>Award Grant Date</B></TD>
    <TD STYLE="width: 70%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">January 1st of the year of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Award Grant Share Price</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Average closing MIC Share Price of the last quarter of the immediate preceding year of grant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Vesting Date</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">January 1st of each year of vesting</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Vesting Share Price</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">Closing Price of the last trading day preceding the vesting date.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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