<SEC-DOCUMENT>0000950103-22-008733.txt : 20220518
<SEC-HEADER>0000950103-22-008733.hdr.sgml : 20220518
<ACCEPTANCE-DATETIME>20220518060240
ACCESSION NUMBER:		0000950103-22-008733
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220518
DATE AS OF CHANGE:		20220518

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-263203
		FILM NUMBER:		22936953

	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

FILED BY:		

	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:		FWP

	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>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>dp173387_fwp.htm
<DESCRIPTION>FORM FWP
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>FREE WRITING PROSPECTUS</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No. </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>333-263203</B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 102px; width: 198px"></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY
OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO AUSTRALIA, CANADA, HONG KONG OR SINGAPORE OR ANY OTHER JURISDICTION WHERE SUCH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE ADDITIONAL DOCUMENTS TO BE PREPARED OR REGISTERED OR REQUIRE ANY OTHER
ACTIONS TO BE TAKEN. PLEASE REFER TO &ldquo;IMPORTANT INFORMATION&rdquo; AT THE END OF THIS PRESS RELEASE.</P>

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

<P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.7pt 0pt 0; text-align: justify; color: #001F5F"><B>Millicom announces
the terms of its rights offering</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.7pt 0pt 0; text-align: justify; color: rgb(0,31,95)">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal"><B>Luxembourg,
May 18, 2022 &ndash; The board of directors of Millicom International Cellular S.A. (&ldquo;Millicom&rdquo;, the &ldquo;Company&rdquo;
or &ldquo;we&rdquo;) has today, making use of the authorization provided for in the Company&rsquo;s articles of association, resolved
on a rights offering (the &ldquo;Rights Offering&rdquo;) granting preferential subscription rights to existing holders of shares and Swedish
Depositary Receipts (&ldquo;SDRs&rdquo;) to subscribe for up to 70,357,088 shares in aggregate (including in the form of SDRs) and hereby
announces the terms of the Rights Offering.</B></FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal"><B>Background:</B></FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">On
November 12, 2021, Millicom announced the acquisition of the remaining 45% equity stake in our joint venture business in Guatemala (&ldquo;<B>Tigo
Guatemala</B>&rdquo;) for $2.2 billion in cash. With this transaction, we now own a 100% equity interest in Tigo Guatemala and have improved
our position as a leading telecommunication service provider in Central America.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">We
financed the acquisition with a bridge loan provided by a group of leading international banks, in an original principal amount of $2,150
million, of which $350 million remains outstanding. We repaid approximately $1,800 million of the bridge loan with our cash on hand and
the proceeds of $900 million in aggregate principal amount of 5.125% senior notes due 2032, issued on February 3, 2022, on behalf of Tigo
Guatemala, as well as the net cash consideration received from the sale of our operations in Tanzania. In order to strengthen our balance
sheet and repay the remaining part of the bridge loan, we are now raising approximately $746 million of new equity via the Rights Offering.
We expect the net proceeds from the Rights Offering, after deducting estimated underwriting fees and offering expenses payable by us,
to be up to $717 million (SEK 7,162 million).</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">If
the net proceeds of the Rights Offering exceed the amount necessary to repay the bridge loan, we will use such remaining proceeds for
general corporate purposes, which may include the repayment of debt, liabilities or other obligations. Our management will retain broad
discretion in the allocation of the net proceeds of the Rights Offering used for general corporate purposes. </FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>


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<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">The
precise amounts and timing of our use of any such remaining net proceeds will depend upon market conditions and the availability of other
funds, among other factors.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal"><B>Terms
of the Rights Offering:</B></FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">The
Rights Offering consists of an offering of shares, including in the form of SDRs.<SUP>1</SUP> The SDRs will be offered, pursuant to a
prospectus which is expected to be approved by the Swedish Financial Services Authority and published on May 20, 2022, to the general
public in Sweden, Norway, Denmark and Finland and to eligible investors in other jurisdictions (the &ldquo;<B>Swedish Offering</B>&rdquo;),
and the shares, including in the form of SDRs, will be offered in the United States pursuant to a registration statement, including a
prospectus and related prospectus supplement, which is expected to be filed with the U.S. Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;)
on May 18, 2022.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">Those
who are registered as holders of shares/SDRs in Millicom&rsquo;s share/SDR register on May 23, 2022<SUP>2</SUP> will receive one subscription
right for each share (&ldquo;<B>Share Right</B>&rdquo;) or SDR (&ldquo;<B>SDR Right</B>&rdquo;) held in Millicom. Ten (10) Share Rights
will entitle a holder thereof to subscribe for seven (7) new shares in Millicom, and ten (10) SDR Rights will entitle a holder thereof
to subscribe for seven (7) new SDRs in Millicom. To the extent that new shares/SDRs are not fully subscribed for by exercise of subscription
rights, they may be allotted to share and SDR holders pursuant to an oversubscription privilege (subject to proration, if applicable)
and, to the extent not fully subscribed, new SDRs may be allotted to other investors who have subscribed for SDRs without the exercise
of preferential subscription rights.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">The
Rights Offering will, assuming full subscription, result in the issuance of 70.4 million new shares, which would increase the number of
outstanding shares in Millicom (including in the form of SDRs) to 170.9 million, corresponding to a dilution effect of approximately 70%
after the Rights Offering for existing share/SDR holders not participating in the Rights Offering. Such share/SDR holders may have the
option to compensate themselves financially for the dilution by selling their subscription rights.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">The
subscription price has been set at SEK 106 per new SDR and $10.61 per new share.<SUP>3</SUP> The subscription price in SEK has been determined
based on the subscription price in U.S. dollars as resolved by Millicom, $10.61 per new share, using the SEK-U.S. dollar exchange rate
published by the Swedish Central Bank on May 17, 2022.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"></P>

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<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="color: #17365D">&quot;<B>SDRs</B>&quot; refers
to Swedish depository receipts (each representing one (1) Millicom share) issued pursuant to the Custodian Agreement, dated as of December
16, 2011, between Skandinaviska Enskilda Banken AB (publ) and Millicom, as amended.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="color: #17365D">End of day CET for SDR holders
and 5:00 p.m. New York City time for shareholders.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="color: #17365D">The subscription price in
SEK has been determined based on the subscription price in U.S. dollars as resolved by Millicom using the SEK-U.S. dollar exchange rate
published by the Swedish Central Bank on May 17, 2022.</FONT></P>


<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>


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<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>
</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">The
record date for participation in the Rights Offering is May 23, 2022. This means that the shares/SDRs will be traded with the entitlement
to receive subscription rights up to and including May 19, 2022. The subscription period will run from and including May 27, 2022 up
to and including June 13, 2022. Trading in Share Rights will take place on Nasdaq US<SUP>4</SUP> and trading in SDR Rights will take
place on Nasdaq Stockholm during the period from and including May 27, 2022, up to and including June 8, 2022.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">Securities
legislation applicable in certain jurisdictions may affect the possibility for certain foreign shareholders and other investors to receive
subscription rights and subscribe for new SDRs and shares in the Rights Offering. Please see the section &ldquo;Important information&rdquo;
below.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal"><B>Support
from current shareholders, board and management:</B></FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">Several
of Millicom's largest institutional shareholders have already informed Millicom of their intentions to fully subscribe for their respective
pro rata shares in the Rights Offering.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">Our
chief executive officer has indicated that he plans to exercise his rights in full. In addition, all of our directors and all members
of our executive team have indicated that they also plan to exercise their rights in full, except for one director and one member of the
executive team who have indicated that they plan to partially exercise their rights. However, neither we nor our board of directors (nor
any committee thereof) has made any recommendation as to whether you should exercise or transfer your rights. You should decide whether
to transfer your rights, subscribe for shares/SDRs, or simply take no action with respect to your rights based on your own assessment
of your best interests. </FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal"><B>Underwriting
agreement:</B></FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">The
Rights Offering is, subject to certain conditions, fully underwritten by an underwriting syndicate consisting of Goldman Sachs International
(&ldquo;<B>Goldman Sachs</B>&rdquo;), J.P. Morgan Securities plc (&quot;<B>J.P. Morgan</B>&quot;) and Nordea Bank Abp, filial i Sverige
(&quot;<B>Nordea</B>&quot;) as joint global coordinators and joint bookrunners (together, the &quot;<B>Joint Global Coordinators</B>'')
and DNB Markets, a part of DNB Bank ASA, Sweden Branch (&quot;<B>DNB Markets</B>&quot;) and Morgan Stanley &amp; Co. International plc
(&quot;<B>Morgan Stanley</B>&quot;) as joint bookrunners (DNB Markets and Morgan Stanley, together with the Joint Global Coordinators,
the &quot;<B>Joint Bookrunners</B>&quot; or the &quot;<B>Underwriters</B>'').</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">We
have entered into an underwriting agreement pursuant to which the Underwriters have severally but not jointly agreed, on the terms and
conditions set forth therein, to purchase their relevant proportion of the aggregate number of new SDRs and new Shares (with the allocation
between new SDRs and new Shares to be determined by the Joint Global Coordinators following consultation with us) not subscribed for by
SDR and/or shareholders or other eligible investors. The Underwriters intend to offer and sell such new SDRs and such new Shares, if any,
to </FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="color: #001F5F">Nasdaq Stock Market's Global
Select Market in the United States.</FONT></P>

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


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<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>
</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">potential
investors (the &ldquo;<B>Rump Placement</B>&rdquo;). The Rump Placement, if any, is expected to take place on or about June 17, 2022.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal"><B>Preliminary
timetable for the Rights Offering:</B></FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"></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="padding-top: 3pt; width: 31%; font-style: italic; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">May 9&ndash;June 13, 2022</FONT></TD>
    <TD STYLE="padding-top: 3pt; width: 69%; font-style: italic; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">Temporary conversion stop between shares/SDRs</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; font-style: italic; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">May 18, 2022</FONT></TD>
    <TD STYLE="padding-top: 3pt; font-style: italic; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">Filing of prospectus supplement with the SEC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; font-style: italic; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">May 19, 2022</FONT></TD>
    <TD STYLE="padding-top: 3pt; font-style: italic; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">Last trading day with an entitlement to receive subscription rights</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; font-style: italic; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">May 20, 2022</FONT></TD>
    <TD STYLE="padding-top: 3pt; font-style: italic; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">Publication of Swedish prospectus</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; font-style: italic; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">May 23, 2022</FONT></TD>
    <TD STYLE="padding-top: 3pt; font-style: italic; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">Record date for participation in the Rights Offering</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; font-style: italic; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">May 27&ndash;June 8, 2022</FONT></TD>
    <TD STYLE="padding-top: 3pt; font-style: italic; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">Trading in subscription rights</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; font-style: italic; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">May 27&ndash;June 13, 2022</FONT></TD>
    <TD STYLE="padding-top: 3pt; font-style: italic; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">Subscription period</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; font-style: italic; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">May 27&ndash;June 22, 2022</FONT></TD>
    <TD STYLE="padding-top: 3pt; font-style: italic; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">Trading in interim SDRs</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; font-style: italic; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">June 17, 2022</FONT></TD>
    <TD STYLE="padding-top: 3pt; font-style: italic; text-align: justify; padding-bottom: 3pt"><FONT STYLE="font-style: normal; color: #001F5F">Announcement of the outcome of the Rights Offering</FONT></TD></TR>
  </TABLE>
<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal"><B>Important
information:</B></FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT>&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">This
communication is not an offer to sell or the solicitation of an offer to buy any securities, and we will not offer or sell the securities
referred to herein in any jurisdiction in which such offer or sale would be unlawful.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">The
information contained in this press release is not intended for, and must not be accessed by, or distributed or disseminated, directly
or indirectly, in whole or in part, to persons resident or physically present in Australia, Canada, Hong Kong or Singapore or any other
jurisdiction where such action is wholly or partially subject to legal restrictions, or would require additional prospectuses, registration
or measures, or otherwise would be in conflict with the rules of such jurisdictions or could not be made without the application of exemptions
in such jurisdictions. The information in the press release does not constitute an offer to acquire or subscribe for any securities in
Millicom (the &ldquo;<B>Securities</B>&rdquo;) to any person in such jurisdictions. Any failure to comply with the restrictions may constitute
a violation of applicable securities regulations.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #001F5F">The contents of this press release
have been prepared by and are the sole responsibility of Millicom.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">This
press release does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 (as amended, the &ldquo;<B>Prospectus Regulation</B>&rdquo;)
and does not constitute an offer to acquire securities. Any offer to acquire the Securities in connection with the Swedish Offering will
be made, and any investor should make their investment, solely on the basis of information that will be contained in the prospectus to
be made available in connection with the Swedish Offering through Millicom&rsquo;s website, subject to applicable jurisdictional restrictions.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>
</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">Each
of Goldman Sachs International, J.P. Morgan Securities plc and Morgan Stanley &amp; Co. International plc is authorised by the Prudential
Regulatory Authority (the &ldquo;<B>PRA</B>&rdquo;) and regulated in the United Kingdom by the PRA and the Financial Conduct Authority
(the &ldquo;<B>FCA</B>&rdquo;). The Joint Bookrunners are acting exclusively for Millicom and no-one else in connection with the Rights
Offering, and will not regard any other person as their respective clients in relation to the Rights Offering and will not be responsible
to anyone other than Millicom for providing the protections afforded to their respective clients nor for providing advice in relation
to the Rights Offering or any other matters referred to in this press release. </FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>Important Information for Readers in the United States</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">The
rights offering referred to in this press release will be made only by means of a prospectus meeting the requirements of the Securities
Act of 1933, as amended.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">Millicom
has filed a registration statement (including a prospectus) with the SEC on March 1, 2022 covering, among other things, the rights offering
to which this communication relates. Before you invest, you should read the prospectus in that registration statement, together with the
related prospectus supplement that we will file prior to commencing any rights offering and the documents incorporated by reference in
the prospectus and prospectus supplement, as well as the other documents Millicom has filed with the SEC for more complete information
about Millicom and the rights offering. You may get these documents for free by visiting EDGAR on the SEC&rsquo;s website at www.sec.gov.
Alternatively, to request a copy of the prospectus, please contact Broadridge Corporate Issuer Solutions, Inc., Millicom&rsquo;s agent
for the U.S. common share rights offering, toll-free at +1 (888) 789-8409. </FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>Important Information for Readers in the EEA</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">In
any member state of the European Economic Area (&ldquo;<B>EEA</B>&rdquo;), other than Sweden, Norway, Denmark and Finland, this communication
is only addressed to, and directed only at, &ldquo;qualified investors&rdquo; in that member state within the meaning of the Prospectus
Regulation.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>Important Information for Readers in the United Kingdom</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">In
the United Kingdom, this communication and any other materials in relation to the Securities are for distribution only to, and are directed
only at, &ldquo;qualified investors&rdquo; (as defined in the Prospectus Regulation as it forms part of the domestic law of the United
Kingdom by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating
to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended,
the &ldquo;<B>Order</B>&rdquo;); (ii) persons falling within Article 49(2)(a) to (d) (&ldquo;high net worth companies, unincorporated
associations etc.&rdquo;) of the Order; or (iii) persons to whom an invitation or inducement to engage in investment activity (within
the meaning of section 21 of the Financial Services and Markets Act 2000 in connection with the issue or sale of any securities may otherwise
lawfully be communicated or caused to be communicated (all such persons together being referred to as &ldquo;<B>relevant persons</B>&rdquo;).</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>
</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">Any
investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant
persons in the United Kingdom. In the United Kingdom, any person who is not a relevant person should not act or rely on this press release
or any of its contents.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>Important Information for Readers in Luxembourg</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">In
Luxembourg this communication is only addressed to, and directed only at, &ldquo;qualified investors&rdquo; within the meaning of the
Prospectus Regulation and the Luxembourg law on prospectuses for securities dated July 16, 2019.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">Statements
included herein that are not historical facts, including without limitation statements concerning future strategy, plans, objectives,
expectations and intentions, projected financial results, liquidity, growth and prospects, are forward-looking statements. Such forward-looking
statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties
materialize, Millicom&rsquo;s results could be materially adversely affected. In particular, there is uncertainty about the spread of
the COVID-19 virus and the impact it may have on Millicom's operations, the demand for Millicom's products and services, global supply
chains and economic activity in general. The risks and uncertainties include, but are not limited to, the following:</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">global economic conditions and foreign exchange
rate fluctuations as well as local economic conditions in the markets we serve, which can be impacted by geopolitical developments outside
of our principal geographic markets, such as the armed conflict between Russia and the Ukraine and related sanctions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">potential disruption due to diseases, pandemics,
political events, piracy or acts by terrorists, including the impact of the outbreak of the COVID-19 virus and the ongoing efforts throughout
the world to contain it;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">telecommunications usage levels, including traffic,
customer growth and the accelerated transition from traditional to digital services as a result of the COVID-19 pandemic;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">competitive forces, including pricing pressures,
the ability to connect to other operators&rsquo; networks and our ability to retain market share in the face of competition from existing
and new market entrants as well as industry consolidation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">the achievement of our operational goals, financial
targets and strategic plans, including the acceleration of cash flow growth, the reduction in net leverage, the expansion of our fixed
broadband network, and the implementation of a share repurchase program and environmental, social and governance standards;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">legal or regulatory developments and changes, or
changes in governmental policy, including with respect to the availability of spectrum and licenses, the level of tariffs, laws and regulations
which require the provision of services to customers without </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 42pt; text-align: justify; color: #001F5F"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>
</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 42pt; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 42pt; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">charging
or the ability to disconnect such services during the COVID-19 pandemic, tax matters, the terms of interconnection, customer access and
international settlement arrangements;</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 42pt; text-align: justify; color: #001F5F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">our ability to grow our mobile financial services
business in our Latin American markets;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">adverse legal or regulatory disputes or proceedings;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">the success of our business, operating and financing
initiatives and strategies, including partnerships and capital expenditure plans;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">our expectations regarding the growth in fixed
broadband penetration rates and the return that our investment in broadband networks will yield;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">the level and timing of the growth and profitability
of new initiatives, start-up costs associated with entering new markets, the successful deployment of new systems and applications to
support new initiatives;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">our ability to create new organizational structures
for the Tigo Money and Towers businesses and manage them independently to enhance their value; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">relationships with key suppliers and costs of handsets
and other equipment;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">our ability to successfully pursue acquisitions,
investments or merger opportunities, integrate any acquired businesses in a timely and cost-effective manner and achieve the expected
benefits of such transactions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">the availability, terms and use of capital, the
impact of regulatory and competitive developments on capital outlays, the ability to achieve cost savings and realize productivity improvements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">technological development and evolving industry
standards, including challenges in meeting customer demand for new technology and the cost of upgrading existing infrastructure;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">the capacity to upstream cash generated in operations
through dividends, royalties, management fees and repayment of shareholder loans; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #001F5F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-style: normal">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><FONT STYLE="font-style: normal">other factors or trends affecting our financial
condition or results of operations.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">A
further list and description of risks, uncertainties and other matters can be found under the heading &ldquo;Risk Factors&rdquo; in Item
1 of Millicom&rsquo;s Report on Form 6-K, filed with the SEC on May 10, 2022, and in Millicom&rsquo;s subsequent SEC filings, all of which
are available at www.sec.gov. To the extent COVID-19 adversely affects Millicom's business and financial results, it may also have the
effect of heightening many of the risks described in its filings.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F"><FONT STYLE="font-style: normal">All
forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary
statement. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Except to the extent otherwise required by applicable law, we do not undertake any obligation to update or revise forward-looking statements,
whether as a result of new information, future events or otherwise.</FONT></P>

<P STYLE="font: italic 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"></P>
</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>Information to Distributors</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #001F5F"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #001F5F">Solely for the purposes of the
product governance requirements contained within (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (&quot;<B>MiFID
II</B>&quot;); (b) articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing
measures (the &ldquo;<B>EEA Product Governance Requirements</B>&rdquo;) and (d) Chapter 3 of the FCA Handbook Product Intervention and
Product Governance Sourcebook and/or any equivalent requirements elsewhere to the extent determined to be applicable (the &ldquo;<B>UK
Product Governance Requirements</B>&rdquo; and together with the EEA Product Governance Requirements, the &quot;<B>Product Governance
Requirements</B>&quot;), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any &ldquo;manufacturer&rdquo;
(for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Securities have been subject to
a product approval process, which has determined that such Securities are: (i) compatible with an end target market of retail clients
and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II or Chapter 3 of the
FCA Handbook Conduct of Business Sourcebook (&ldquo;<B>COBS</B>&rdquo;), as applicable; and (ii) eligible for distribution through all
permitted distribution channels (the &ldquo;<B>Target Market Assessment</B>&rdquo;). Notwithstanding the Target Market Assessment, distributors
(for the purposes of the Product Governance Requirements) should note that: the price of the Securities may decline and investors could
lose all or part of their investment; the Securities offer no guaranteed income and no capital protection; and an investment in the Securities
is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with
an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient
resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to any contractual,
legal or regulatory selling restrictions in relation to the Rights Offering. Furthermore, in connection with the Rump Placement, it is
noted that, notwithstanding the Target Market Assessment, the Joint Bookrunners will only procure investors who meet the criteria of professional
clients and eligible counterparties (except in relation to a public offering of new shares in the United States).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #001F5F">For the avoidance of doubt, the
Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II or Chapters
9A or 10A respectively of COBS; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other
action whatsoever with respect to the Securities.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #001F5F">Each distributor is responsible
for undertaking its own target market assessment in respect of the Securities and determining appropriate distribution channels.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #001F5F">&nbsp;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #001F5F"></P>

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


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.95pt; color: #000640"><BR>
<B>For further information, please contact:</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.95pt; color: #000640"></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: 54%; border-top: #9CC2E4 1pt solid; border-right: #9CC2E4 1pt solid; border-left: #9CC2E4 1pt solid; border-bottom: #9CC2E4 1.5pt solid">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #001F5F"><B>Press:</B></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #001F5F"></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285">Karim Lesina, EVP Chief External Affairs
    Officer</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285"></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285">Yocasta Valdez, Group Manager Digital Media
    &amp; Communications</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285"></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285">press@millicom.com</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285">&nbsp;</P></TD>
    <TD STYLE="width: 46%; border-top: #9CC2E4 1pt solid; border-right: #9CC2E4 1pt solid; border-bottom: #9CC2E4 1.5pt solid">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #001F5F"><B>Investors:</B></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #001F5F"></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285">Michel Morin, VP Investor Relations</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285"></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285">Sarah Inmon, Director Investor Relations</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285"></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285">investors@millicom.com</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5.25pt; color: #808285">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.95pt 0pt 0; color: #001F5F">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.95pt 0pt 0; color: #001F5F">About Millicom:</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.95pt 0pt 0; color: #001F5F"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.95pt 0pt 0; color: #808285; text-align: justify"><FONT STYLE="font-weight: normal">Millicom
(NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America.
Through our TIGO<SUP>&reg;</SUP> and Tigo Business<SUP>&reg;</SUP> brands, we provide a wide range of digital services and products, including
TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business
solutions such as cloud and security. As of March 31, 2022, Millicom employed approximately 20,000 people and provided mobile and fiber-cable
services through its digital highways to around 50 million customers, with a fiber-cable footprint of close to 13 million homes passed.
Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg. </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.95pt 0pt 0; color: #808285; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.95pt 0pt 0; color: #808285; text-align: justify"><FONT STYLE="font-weight: normal"><I>This
information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU
Market Abuse Regulation. This information was submitted for publication, through the agency of the contact persons set out above, at 08:00&nbsp;CET
on May 18, 2022.</I></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.95pt 0pt 0; color: #808285; text-align: justify"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.95pt 0pt 0; color: #808285; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.95pt 0pt 0; color: #808285; text-align: justify">&nbsp;</P>







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>                                     ?_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
