<SEC-DOCUMENT>0000950103-22-008953.txt : 20220523
<SEC-HEADER>0000950103-22-008953.hdr.sgml : 20220523
<ACCEPTANCE-DATETIME>20220523060038
ACCESSION NUMBER:		0000950103-22-008953
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220523
DATE AS OF CHANGE:		20220523

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:		22949466

	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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<SEQUENCE>1
<FILENAME>dp173598_fwp-ceoltr.htm
<DESCRIPTION>FORM FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>FREE WRITING PROSPECTUS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration Statement No.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>333-263203</B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 102px; width: 198px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.6pt 0pt 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.6pt 0pt 6pt; text-align: justify; color: #365F91"><B>Dear owner in Millicom,</B></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: center; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: center; color: #365F91"><B>7 for 10 Rights
Offer at SEK 106.00 per new SDR or USD 10.61 per new Share</B></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: center; color: #365F91">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #365F91"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>1.</B></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><B>Introduction:</B></TD></TR></TABLE>

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

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">On November
12, 2021, Millicom announced the acquisition of the remaining 45% equity stake in our joint venture business in Guatemala (&ldquo;Tigo
Guatemala&rdquo;) for USD 2.2 billion in cash. With this transaction, we now own a 100% equity interest in Tigo Guatemala and have consolidated
our position as the leading telecommunication service provider in Central America. At the time of the acquisition, the funding was provided
by a group of leading international banks. The bridge funding was intended to be refinanced with approximately USD 1.5 billion of new
long-term debt and approximately USD 750 million of new equity, which Millicom is now seeking to raise via a rights offering (the &ldquo;Rights
Offer&rdquo;).</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">The purpose
of this letter is to explain the rationale for launching the Rights Offer and why the Board of Directors and the executive management
team<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>1</SUP></B></FONT> believe this is in the best interests of Millicom
equity holders. The letter also provides details of how you can participate in the Rights Offer.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">Under the terms
of the Rights Offer, Millicom is offering seven new Swedish Depository Receipts (&ldquo;SDRs&rdquo;) for every ten SDR rights owned at
a subscription price of SEK 106.00 per new SDR, and seven new common shares for every ten common share rights owned at a subscription
price of USD 10.61 per common share. As a part of the Rights Offer, equity holders of record on May 23, 2022 will receive preferential
subscription rights. If you hold SDRs, please refer to the last page in this letter for a description of how to proceed in order to exercise
your SDR rights.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #365F91"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>2.</B></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><B>Reasons for the acquisition of Tigo Guatemala:</B></TD></TR></TABLE>

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

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">Tigo Guatemala
is the most profitable business within the Millicom Group, with an EBITDA<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>2</SUP></B></FONT>
margin of 53.6% in 2021. The acquisition of the remaining 45% equity interest was in line with our stated inorganic capital allocation
strategy, which includes acquisitions of the remaining minority interests owned by third parties in our operations, when we believe those
transactions can be executed in an accretive manner. In recent years, Tigo Guatemala has grown to become the biggest contributor to the
Group&rsquo;s cash flow generation.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"></P>


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

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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"><SUP>1</SUP> <I>However, neither I, the executive management
team 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 new SDRs or common shares or take no action with respect
to your rights based on your own assessment of your best interests.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"><SUP>2</SUP> <I>EBITDA and operating cash flow (OCF),
which are used throughout this letter, are Non-IFRS measures. Please refer to the end of this letter for non-IFRS disclosures and a reconciliation
of these measures to the nearest equivalent IFRS measures. EBITDA margin is EBITDA as a percentage of revenue.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"></P>


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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">Over the last
five years, Tigo Guatemala has proven a strong growth track record with revenue growing at a compounded annual rate of over four percent
and EBITDA increasing at a compounded annual growth rate of over six percent. In addition, there has been a sustained growth through the
pandemic.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">The Guatemalan
market is an underpenetrated two-player mobile and fixed telecommunications market, where Tigo Guatemala is the number one market player
in Mobile and Broadband, and the second largest in Pay TV<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>3</SUP></B></FONT>.
The Guatemalan economy as a whole has shown resiliency and was one of the least impacted economies during the pandemic, and the currency,
the Guatemala Quetzal, has been very stable compared to the US dollar for the last 20 years.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">Finally, the
purchase price of the remaining 45% in Tigo Guatemala represented an attractive valuation given the high cash flow profile of the business.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #365F91"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>3.</B></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><B>Financial impact of the acquisition:</B></TD></TR></TABLE>

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

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">As a result
of the acquisition, Millicom fully consolidates Tigo Guatemala&rsquo;s results and balance sheet. In 2021, Tigo Guatemala&rsquo;s revenue
grew 6.5% to USD 1.6 billion, EBITDA rose 10.2% to USD 857 million and operating cash flow (&ldquo;OCF&rdquo;) increased 10.4% to USD
660 million.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>4</SUP></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #365F91"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 18pt"><B>4.</B></TD><TD STYLE="text-align: justify; padding-right: 5.8pt"><B>Shareholder intentions and Board and management indications:</B></TD></TR></TABLE>

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

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">Several of our
largest institutional shareholders have already informed us of their intentions to fully subscribe for their respective pro rata shares
in the Rights Offer. Additionally, I plan to exercise my rights in full, and all 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.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">I would like
to thank all our equity holders for your trust, and I hope that you will consider exercising your preferential subscription rights to
further strengthen Millicom and take part in our continued growth journey.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>5</SUP></B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"><B>Mauricio
Ramos</B></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">CEO, Millicom</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>


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

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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"><SUP>3</SUP> <I>Pay TV consists of direct-to-home satellite
TV and cable TV services.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"><SUP>4</SUP> <I>EBITDA and OCF are Non-IFRS
measures. Please refer to the end of this letter for non-IFRS disclosures and reconciliations of these measures to the nearest
equivalent IFRS measures.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"><SUP>5</SUP> <I>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.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"></P>

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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; text-indent: 6pt; color: #365F91"><B>Important
information:</B></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; text-indent: 6pt; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">This communication
is not an offer to sell or the solicitation of an offer to buy any securities, and neither we nor Millicom will offer or sell the securities
referred to herein in any jurisdiction in which such offer or sale would be unlawful.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">You were, as
of May 23, 2022, registered as an SDR holder or common shareholder in Millicom, and have received SDR/common share subscription rights
which give you a preferential right to subscribe for new SDRs/common shares in the Rights Offer. If you hold SDRs, please refer to the
last page for a description of how holders of SDR rights may proceed to subscribe for new SDRs. A prospectus prepared in accordance with
Prospectus Regulation (EU) 2017/1129 and approved by the Swedish Financial Supervisory Authority (the &ldquo;Swedish Prospectus&rdquo;)
with information regarding the Rights Offer and a detailed description of Millicom and Tigo Guatemala is now available for eligible investors
at www.nordea.se/prospekt and at www.millicom.com/investors. Only eligible investors may access the Swedish Prospectus and subscribe for
new SDRs.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">This
communication does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 (as amended, the &ldquo;Prospectus
Regulation&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.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.75pt; text-align: justify; color: #365F91"><B>Important information
for persons in the United States:</B></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.75pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">The Rights
Offer referred to in this communication may be made in the United States only by means of a prospectus meeting the requirements of
the Securities Act of 1933, as amended.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; color: #365F91">Millicom has filed a registration
statement (including a prospectus) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) on March 1, 2022 and a related prospectus
supplement on May 18, 2022 for the Rights Offer (the &ldquo;US Prospectus&rdquo;). Before you invest, you should read the prospectus in
that registration statement, the related prospectus supplement 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
Offer. In particular, you should read the section titled &ldquo;Risk Factors&rdquo; in the prospectus supplement and the information in
Item 1 of our Report on Form 6-K, filed with the SEC on May 10, 2022. You may get these documents for free by visiting EDGAR on the SEC&rsquo;s
website at www.sec.gov. Alternatively, Millicom&rsquo;s agent for the Rights Offer will arrange to send you the prospectus at no charge
if you request it by calling toll-free +1 (888) 789-8409.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; color: #365F91">&nbsp;</P>


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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"><B>Important
dates:</B></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">May 27&ndash;June
13, 2022: New SDRs/common shares can be subscribed for. Payment for subscription of new SDRs must be received by Nordea<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>6</SUP></B></FONT>
no later than 15:00 CET on June 13, 2022. Payment for subscription of new common shares must be made no later than 5:00 p.m. New York
City time on June 13, 2022.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">June 8, 2022:
Last day of trading in SDR/common share subscription rights on Nasdaq Stockholm/Nasdaq US.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">June 17, 2022:
Announcement of the outcome of the Rights Offer.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">In order to
ensure that the SDR/common share subscription rights received do not become void and without value, the SDR holder/common shareholder
must either use the SDR/common share subscription rights by subscribing for new SDRs/common shares no later than June 13, 2022 or by selling
the SDR/common share subscription rights that the holder does not intend to use no later than June 8, 2022.</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>


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

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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: rgb(54,95,145)"><SUP>6</SUP> <I>Nordea Bank Abp, filial
i Sverige is not registered as a broker or dealer in the United States and will not be engaging in direct communications relating to the
Rights Offer to investors located within the United States (whether on a reverse-inquiry basis or otherwise).</I></FONT></P>

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

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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"><B>Reconciliations
of Non-IFRS Measures:</B></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"><FONT STYLE="font-style: normal">The
non-IFRS measures presented below are not measures permitted or required under IFRS, and these measures may not be comparable to similarly-titled
measures presented by other companies. These non-IFRS measures should not be considered a substitute for performance or liquidity measures
presented under IFRS. Investors are cautioned not to place undue reliance on these non-IFRS measures.</FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"><FONT STYLE="font-style: normal"><B>Guatemala
EBITDA (USD in millions)</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"></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="white-space: nowrap; width: 73%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><B><U>2016</U></B></FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><B><U>2021</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #365F91">Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">330</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">451</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">530</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #365F91">Add back:</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 17pt"><FONT STYLE="font-size: 10pt; color: #365F91">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">280</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">323</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">326</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 17pt"><FONT STYLE="font-size: 10pt; color: #365F91">Share of profit in joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 17pt"><FONT STYLE="font-size: 10pt; color: #365F91">Other operating income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">21</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #365F91"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><B>631</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><B>778</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><B>857</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"><FONT STYLE="font-style: normal"><B>Guatemala
OCF (USD in millions)</B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"></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="white-space: nowrap; width: 73%">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><B><U>2020</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><B><U>2021</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 8.25pt"><FONT STYLE="font-size: 10pt; color: #365F91">EBITDA</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">778</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">857</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 8.25pt"><FONT STYLE="font-size: 10pt; color: #365F91">Less:</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 26pt"><FONT STYLE="font-size: 10pt; color: #365F91">Capex</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">181</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91">197</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 8.25pt"><FONT STYLE="font-size: 10pt; color: #365F91"><B>OCF</B></FONT></TD>
    <TD STYLE="padding-left: 0pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><B>598</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><B>660</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"><FONT STYLE="font-size: 12pt"><B><I><U>For SDR holders
only </U></I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91"><FONT STYLE="font-size: 12pt"><B>Subscription
for new SDRs representing common shares with SDR subscription rights </B></FONT></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"><B><I>1. You are allocated SDR subscription rights</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 4pt; width: 28%; border: #1F497D 2.25pt solid"><FONT STYLE="font-size: 10pt; color: #365F91"><I>For each Millicom SDR you owned on the record date, you will receive one (1) subscription right</I></FONT></TD>
    <TD STYLE="padding: 4pt; width: 9%; border-right: #1F497D 2.25pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 27%; border-top: #1F497D 2.25pt solid; border-right: #1F497D 2.25pt solid; border-bottom: #1F497D 2.25pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><I>One (1) Millicom SDR</I></FONT></TD>
    <TD STYLE="padding: 4pt; width: 9%; border-right: #D9D9D9 2.25pt solid; text-align: center"><IMG SRC="image_003.jpg" ALT=""></TD>
    <TD STYLE="padding: 4pt; width: 27%; border-top: #D9D9D9 2.25pt solid; border-right: #D9D9D9 2.25pt solid; border-bottom: #D9D9D9 2.25pt solid; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><I>One (1)<BR>
subscription right</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"><B><I>2. How to exercise the SDR subscription rights</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 4pt; width: 28%; border: #1F497D 2.25pt solid"><FONT STYLE="font-size: 10pt; color: #365F91"><I>Ten (10) SDR subscription rights + SEK 742.00 (SEK 106.00 * 7) entitles you to seven (7) new Millicom SDRs</I></FONT></TD>
    <TD STYLE="padding: 4pt; width: 9%; border-right: #D9D9D9 2.25pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 27%; border-top: #D9D9D9 2.25pt solid; border-right: #D9D9D9 2.25pt solid; border-bottom: #D9D9D9 2.25pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #365F91"><I>Ten (10)</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #365F91"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #365F91"><I>SDR subscription rights +</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #365F91"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #365F91"><I>SEK 742.00 </I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #365F91"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #365F91"><I>(SEK 106.00 * 7)</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #365F91"></P></TD>
    <TD STYLE="padding: 4pt; width: 9%; border-right: #1F497D 2.25pt solid; text-align: center"><IMG SRC="image_003.jpg" ALT=""></TD>
    <TD STYLE="padding: 4pt; width: 27%; border-top: #1F497D 2.25pt solid; border-right: #1F497D 2.25pt solid; border-bottom: #1F497D 2.25pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #365F91"><I>Seven (7)</I></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: #365F91"><I>new Millicom SDRs</I></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91"><B><I>3. If you have a VP account (i.e. directly registered)
and are resident in Sweden</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #365F91">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 4pt; width: 28%; border: #1F497D 2.25pt solid"><FONT STYLE="font-size: 10pt; color: #365F91"><I>You wish to exercise all your SDR subscription rights</I></FONT></TD>
    <TD STYLE="padding: 4pt; width: 8%; border-right: #CFD9E0 2.25pt solid; text-align: center"><IMG SRC="image_003.jpg" ALT=""></TD>
    <TD STYLE="padding: 4pt; width: 64%; border-top: #CFD9E0 2.25pt solid; border-right: #CFD9E0 2.25pt solid; border-bottom: #CFD9E0 2.25pt solid; background-color: #CFD9E0; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><I>Use the pre-printed issue statement distributed by<BR>
Euroclear Sweden.</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; border-bottom: #1F497D 2.25pt solid">&nbsp;</TD>
    <TD STYLE="padding: 4pt">&nbsp;</TD>
    <TD STYLE="padding: 4pt; border-bottom: #CFD9E0 2.25pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 4pt; border-right: #1F497D 2.25pt solid; border-bottom: #1F497D 2.25pt solid; border-left: #1F497D 2.25pt solid"><FONT STYLE="font-size: 10pt; color: #365F91"><I>You have purchased, sold or transferred SDR subscription rights to/from your VP account</I></FONT></TD>
    <TD STYLE="padding: 4pt; border-right: #CFD9E0 2.25pt solid; text-align: center"><IMG SRC="image_003.jpg" ALT=""></TD>
    <TD STYLE="padding: 4pt; border-right: #CFD9E0 2.25pt solid; border-bottom: #CFD9E0 2.25pt solid; background-color: #CFD9E0; text-align: center"><FONT STYLE="font-size: 10pt; color: #365F91"><I>Fill in the subscription form from Nordea<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><SUP>7</SUP></B></FONT> which can be obtained by emailing Nordea at Issuerservices.se@nordea.com. Payment is done in accordance with the instructions on the subscription form.</FONT></FONT></I></TD></TR>
  </TABLE>
<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #365F91">Please note that
those with a VP account (i.e. directly registered) and resident outside Sweden should read &ldquo;Subscription and payment by SDR holders
with directly registered holdings not residing in Sweden&rdquo; in the section &ldquo;Terms and conditions of the offering&rdquo; in the
Swedish Prospectus. SDR holders with a VP account that reside in the United States or are otherwise &ldquo;U.S. persons&rdquo; (as defined
in Regulation S under the Securities Act of 1933, as amended) should read &ldquo;SDR Rights Holders Not Residing in Sweden&rdquo; in the
US Prospectus. If you hold your SDRs with one or more depositories, banks or securities institutions, you will receive information from
your nominee(s) about the SDR subscription rights. Please follow the instructions that you receive from your nominee(s).</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #365F91">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #365F91">&nbsp;</P>


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

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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 5.8pt 0pt 0; text-align: justify; color: #365F91"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #365F91"><SUP>7</SUP> <I>Nordea Bank Abp, filial
i Sverige is not registered as a broker or dealer in the United States and will not be engaging in direct communications relating to the
Rights Offer to investors located within the United States (whether on a reverse-inquiry basis or otherwise).</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #365F91"></P>

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