Investor presentation

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1 Investor presentation Millicom International Cellular S.A. March, 2018

2 Disclaimer This presentation may contain certain forward-looking statements with respect to Millicom s expectations and plans, strategy, management s objectives, future performance, costs, revenue, earnings and other trend information. It is important to note that Millicom s actual results in the future could differ materially from those anticipated in the forward-looking statements depending on various important factors. All forward-looking statements in this presentation are based on information available to Millicom on the date hereof. All written or oral forward-looking statements attributable to Millicom International Cellular S.A., any Millicom International Cellular S.A. employees or representatives acting on Millicom s behalf are expressly qualified in their entirety by the factors referred to above. Millicom does not intend to update these forward-looking statements. 2

3 Contents 1 Our journey... Big picture 2 Capital allocation and ROIC 3 Latin America service revenue and EBITDA 4 Currency exposure myths and reality 5 Latin America service revenue by business unit 6 Market structure by country 7 Spectrum and licenses 8 Latam snapshot - Macro 9 Latam snapshot - Micro 10 Latest results summary 3

4 1 Our journey big picture We have been transforming the company in many ways FROM Mobile-only Voice + SMS Prepaid Legacy network Analog Legacy IT STRATEGY NETWORK TO Cable + convergence High-speed data (4G) Subscription-driven Compliance leader Purpose driven State-of-the-Art (4G, HFC) Digital OTT like Product & Sales Driven CUSTOMER Customer Centric No Geographic Focus CAPITAL ALLOCATION High-speed data networks IT transformation Latam-only Deteriorating margins Dividend at risk Negative efcf RETURNS Improving margins Dividend covered Positive efcf 4

5 2 Capital allocation and ROIC Re-deploying capital to Latam allows us to accelerate network build and improve returns Total Capex Reported Capex (excl. Spectrum, licences and finance lease capitalization), $m, FY 15 FY17 OCF (EBITDA Capex) Reported Group EBITDA less capex, $m, FY 15 FY17 Return on Capital* Group return on invested capital, %, FY 15 FY 17 1,273 Africa +650 bps +450 bps 1, Latam Mobile Total Latam +4.6% 905 1,141 1, % 13.1% 16.2% Latam Fixed % of Revenue 18.9% 16.5% 16.5% % of 18.3% 19.9% Revenue 13.4% ROIC : NOPAT/Invested Capital 5

6 3 Latin America service revenue and EBITDA Contribution by country FY 2017 Service revenue EBITDA PY 12% ELS 8% PY 15% ELS 7% Full consolidation CO 32% GT 23% CO 22% GT 31% BO 11% HN 11% CR 3% BO 10% CR 3% HN 12% PY 17% ELS 11% PY 21% ELS 10% Proportionate Contribution CO 23% BO 15% CR 5% HN 11% GT 18% CO 15% BO 14% CR 4% HN 12% GT 24% ELS: El Salvador GT: Guatemala HN: Honduras CR: Costa Rica BO: Bolivia CO: Colombia PY: Paraguay

7 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 4 Currency exposure myths and reality Only 15% of our proportional EBITDA is from high volatility FX country 10-year FX trends Bloomberg Weekly FX rates vs USD, Proportionate Latam EBITDA Latam EBITDA by country, adjusted for proportional Millicom ownership, and ranked by currency volatility, % BRL, 182 MXN, 171 CRC 4% COP 15% GTQ 24% COP, 153 HNL 12% 48% HNL, 125 PYG, 122 CRC, % PYG 21% ELS 10% BOB 14% GTQ, 95 BOB, 92 Low volatility Moderate volatility High volatility ELS: El Salvador (US Dollar) GTQ: Guatemalan Quetzal HNL: Honduran Lempira CRC: Costa Rican Colon BOB: Bolivian Bolivianos COP: Colombian Pesos PYG: Paraguayan Guarani 7

8 5 Latam service revenue by business unit Service revenue, FY 2017 El Salvador Contribution in FY 2017 Guatemala Honduras B2B 15% Mobile B2C Data 23% Home 8% B2B 12% Mobile B2C Data 34% Home 8% B2B 15% Mobile B2C Data 25% Home 26% Mobile B2C Voice & Other 36% Mobile B2C Voice & Other 46% Mobile B2C Voice & Other 52% Bolivia Colombia Paraguay Home 12% B2B 13% Mobile B2C Voice & Other 30% Mobile B2C Data 45% B2B 29% Home 35% Mobile B2C Data 17% Mobile B2C Voice & Other 19% Home 24% B2B 13% Mobile B2C Voice & Other 34% Mobile B2C Data 29% 8

9 6 Market structure by country Bolivia El Salvador Mobile 2 nd 1 st 3 rd NA NA BBI 1 st 4 th NA 3 rd 2 nd PayTv 1 st 3 rd NA NA 2 nd Mobile 1 st 3 rd 2 nd 4 th NA NA BBI 2 nd 1 st NA NA NA NA PayTV 1 st 2 nd NA NA 4 th 3 rd Colombia Guatemala Mobile 3 rd 1 st 2 nd 6 th 4 th 5 th NA BBI 2 nd 1 st 3 rd 4 th NA NA 5 th PayTv 2 nd 1 st 4 th 5 th NA NA 3 rd Mobile 1 st 2 nd 3 rd BBI 2 nd 1 st NA PayTv 1 st 2 nd NA Paraguay Honduras Mobile 1 st 3 rd 2 nd 4 th BBI 1 st 3 rd 2 nd PayTV 1 st 2 nd 3 rd 5 th Mobile 1 st 2 nd NA NA NA NA BBI 1 st 3 rd 2 nd 4 th NA NA Pay TV 2 nd 3 rd 1 st 4 th Sources: MIC estimates

10 7 Spectrum and licenses Spectrum auctions possible in ELS, CO, HN, and GT and in next 3 years All amounts in 2xMHz El Salvador Guatemala Honduras Tigo Claro Movistar Digicel Tigo Claro Movistar Tigo Claro Hondutel Bolivia Colombia Paraguay Tigo Entel Viva Tigo Claro Movistar Tigo Claro Personal Vox Copaco Low band 2G/3G Low band 4G High band 2G/3G High band 4G 10

11 8 Latam snapshot - Macro FY 2017 Colombia Guatemala Bolivia Honduras Paraguay El Salvador Costa Rica GDP growth (2018e)* 2.8% 3.4% 4.0% 3.6% 4.0% 2.1% 3.8% GDP per capita (2018e)* $ 14,990 $ 8,440 $ 7,870 $ 5,730 $ 10,230 $ 9,260 $ 17,930 Inflation (2018e)* 3.1% 4.0% 5.0% 4.0% 4.0% 2.0% 3.0% Population (m) Homes (m) Mobile Subscribers (000) 7,851 10,169 3,303 4,625 3,167 2,796 - Homes Connected (000) 1, Mobile 113% 108% 91% 101% 107% 156% - Penetration** Broadband 48% 31% 11% 11% 14% 25% 42% PayTv 44% 32% 20% 44% 37% 23% 61% Market Position Mobile 3 of 5 1 of 3 2 of 3 1 of 3 1 of 4 1 of 4 NA Broadband 2 of 4 2 of 3 1 of >10 3 of 3 1 of 3 2 of 3 2 of 8 Pay TV 2 of 4 2 of 3 1 of 5 2 of 5 1 of 3 1 of 2 1 of 4 Sources: * IMF DataMapper World Economic Outlook ** Dataxis : Mobile penetration as % of population and Fixed Broadband penetration as % of households and JPMorgan : PayTV as % of households

12 9 Latam snapshot - Micro FY 2017 Colombia Guatemala Bolivia Honduras Paraguay El Salvador Costa Rica Revenue $ 1,739m $ 1,328m $ 555m $ 586m $ 662m $ 422m $ 149m EBITDA $ 469m $ 665m $ 217m $ 265m $ 318m $ 155m $ 62m Financials EBITDA% 27.0% 50.1% 39.1% 45.3% 48.0% 36.6% 41.5% Gross debt $ 1,130m $ 995m $ 352m $ 388m $ 488m $ 147m $ 76m Net debt $ 937m $ 686m $ 243m $ 366m $ 360m $ 116m $ 68m Leverage 2.0x 1.0x 1.1x 1.3x 1.1x 0.8x 1.2x MIC ownership 50% 55% 100% 66.7% 100% 100% 100%

13 10 Latest results summary 13

14 2017 Q4 results Strong finish to 2017, accelerating into 2018 Mauricio Ramos, CEO Tim Pennington, CFO February 7, 2018 Millicom International Cellular S.A.

15 Disclaimer This presentation may contain certain forward-looking statements with respect to Millicom s expectations and plans, strategy, management s objectives, future performance, costs, revenue, earnings and other trend information. It is important to note that Millicom s actual results in the future could differ materially from those anticipated in the forward-looking statements depending on various important factors. All forward-looking statements in this presentation are based on information available to Millicom on the date hereof. All written or oral forward-looking statements attributable to Millicom International Cellular S.A., any Millicom International Cellular S.A. employees or representatives acting on Millicom s behalf are expressly qualified in their entirety by the factors referred to above. Millicom does not intend to update these forward-looking statements. 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 person set out above, at 22:00 CET on 6 February

16 1. CEO review Mauricio Ramos

17 Strategic and operational highlights Strong finish to 2017, accelerating into Well into our strategic journey A record year for network build and customer growth Back to growth and financial performance accelerating Delivering on our promise of improving capital allocation 17

18 1 Our journey big picture We have been transforming the company in many ways FROM Mobile-only Voice + SMS Prepaid Legacy network Analog Legacy IT STRATEGY NETWORK TO Cable + convergence High-speed data (4G) Subscription-driven Compliance leader Purpose driven State-of-the-Art (4G, HFC) Digital OTT like Product & Sales Driven CUSTOMER Customer Centric No Geographic Focus CAPITAL ALLOCATION High-speed data networks IT transformation Latam-only Deteriorating margins Dividend at risk Negative efcf RETURNS Improving margins Dividend covered Positive efcf 18

19 1 We have a single strategic purpose Building digital highways that connect people, improve lives, develop communities By year-end 2018: 10M homes will be covered by our fixed network 10M mobile customers will enjoy 4G speeds Technology has the potential, and we the responsibility to transform societal problems into societal good 19

20 1 We are a purpose-driven company Child Rights Protecting young digital citizens UNICEF - MoU COP: +188,000 children M-Birth: +2m children Great Place to Work Taking care of employees Top 20 in GPTW Latam Diversity Gender equality and women in tech Connected Women +24k women trained 33% women in senior roles Sustainable Supply Chain Enhancing suppliers standards +100 suppliers trained on CSR including ABAC Suppliers sustainability criteria for hiring Compliance Doing business the right way Internal policies enhanced 96% employees trained 20

21 2 B2C Mobile - Record 3.5m 4G net adds in Latam Added 3.5m 4G customers comfortably beating our 3 million target and ending with a record Q4 4G network coverage expansion continues Latam 4G coverage in % of population covered 4G points of presence (PoP) Record 4G data user net additions in Q4 and 2017 Latam B2C Smartphone net new data users (000s) by quarter, ,470 Coverage PoP +53% 6,422 2,576 1, ,195 56% % Q4 16 Q Q1 Q2 Q3 Q4 21

22 2 Our mobile business is back to growth ARPU trends improved and revenue growth turned positive in Q4 Latam B2C mobile ARPU evolution Constant currency blended ARPU (Q1 16 = 100 basis), Q1 16- Q4 17 B2C mobile service revenue growth Latam % growth in local currency, Q1 16- Q % -0.9% 0.2% -2.9% -3.8% -5.6% -5.3% -6.5% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 ARPU: recurring revenue excluding MVNO/DVNO revenue and other national roaming revenue on subscribers 22

23 2 Home Record 250k HFC net adds in 2017 We continue to build and connect new HFC homes at a rapid pace, both up more than 65% YoY Added 1.3m HFC homes-passed Latam new HFC homes passed by quarter, (000s) Connected 250k more HFC homes in 2017 Latam new HFC homes connected by quarter, (000s) +66% +65% 1, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 23

24 2 HFC is growing double-digits HFC growth offsetting legacy network attrition 000 s, Q4 16 Q4 17 Homes Passed 000 s, Q4 16 Q4 17 Homes Connected 000 s, Q4 16 Q4 17 RGUs 8, % 9, , % 3,303 5, % 6, , ,894 1, % 12.2% 8, % 7,152 2,075 2,329 3,694 4,367 Q4 16 Q4 17 Q4 16 Q4 17 Q4 16 Q4 17 HFC Other HFC Bundling ratio

25 2 Home revenue growing steadily Subscription-based revenue helps produce consistent sequential growth QoQ Latam Home ARPU evolution Blended ARPU ($/month), Q1 16- Q4 17 Millions of dollars, Q1 16- Q4 17 Latam Home service revenue Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 ARPU: Recurring revenue by home connected 25

26 3 Revenue growth accelerating Fastest Latam revenue growth rate in more than two years %YoY growth, Q1 16 Q4 17 Latam service revenue growth Latam service revenue growth by business unit %YoY growth, Q4 17 % of Latam Service revenue 2.9% 3.1% Mobile Voice, SMS & Others -11.9% 31% 2.3% Mobile Data 18.9% 27% 0.9% -1.3% -0.5% Home 7.1% 22% 68% of our revenue grew 11.3% in Q4-2.0% -2.3% B2B 6.4% 19% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q

27 3 Latam growth broad based We sustained good momentum in all of our largest Latam markets in Q4 El Salvador Service revenue, year-on-year (%), Q1 16 Q % Guatemala 3.5% 3.4% Honduras -0.8% -3.9% -2.5% -4.8% -4.3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Bolivia Colombia Ex regulatory impact a Paraguay a Lower MTR, MVNO, and national roaming tariffs, and mandated decommissioning of UNE fixed wireless network 27

28 3 $400m turnaround in cash flow in three years Rapidly growing equity FCF generation while we invest to accelerate growth Reported efcf $m, Annual equity FCF ~$400m

29 4 Capital allocation delivering on our promise More than $800m in asset disposals since 2015, with more to go DRC Disposal - Q1 16 Senegal Disposal - Q1 17 Ghana JV with Airtel - Q1 17 Paraguay ($125m) Tower Sale Q2 17 Colombia ($147m) Tower Sale Q3 17 Non-core asset Bima Partial Monetization Q4 17 Monetizing dollar Non-core asset asset and Rwanda adding to local Disposal currency Q4 17 Monetizing liabilities dollar asset and Non-core asset adding to local currency Cash: $147m (COP liabilities 448 bn) Towers: Monetizing 1,200 dollar Non-core asset asset and adding to local currency Cash: $145m liabilities Towers: Monetizing 800 dollar asset and adding to local currency Cash: $145m liabilities Towers: 800 Cash: $145m Towers: ~800 El Salvador ($145m) Tower Sale Q

30 2. CFO review Tim Pennington

31 Financial highlights Q4 was our strongest quarter of Revenue growth accelerated Margin expansion also driving earnings growth Capital discipline driving cash flow and return on capital Capital structure healthy 5 Outlook 31

32 1 Key financial metrics Q Group service revenue up 2.0% and EBITDA up 6.9% - full year capex flat Service Revenue a EBITDA a and Margins Capex b $m, Q4 16 Q4 17 $m and %, Q4 16 Q4 17 $m, FY 16 FY % 6.9% $5m 1,427 1, Q4 16 Q4 17 Q4 16 Q4 17 FY 16 FY 17 EBITDA margin +190 bp 34.1% 36.0% a) Q4 16 numbers are adjusted to Q4 17 FX rates and exclude Senegal and Ghana b) Excluding Senegal and Ghana, spectrum & license costs 32

33 1 Service revenue Improvement on a sequential basis %YoY, Q3 17 Q4 17 Group sequential organic service revenue growth analysis 73bps 35bps 1.7% 2.0% Q3 17 Latam Africa Q

34 1 Latam EBITDA up 9% in Latam Latam service revenue $m, Q4 16 Q4 17 Latam OCF (FY) $m and margin, FY 16 FY % +1.4% 1,244 Latam EBITDA $m and margin, Q4 16 Q4 17 1, % 1, % 22.9% 1, Q4 16 Q4 17 Q4 16 Q4 17 FY 16 FY % 39.2% Capex / Revenue 16.2% 16.7% Q4 16 numbers are adjusted to Q4 17 FX rates Capex excluding spectrum & license costs 34

35 1 Colombia progressing as expected Investing in sales and marketing while absorbing regulatory challenges YoY growth, Q4-17 Service revenue growth* % Revenue, Q4 17 Colombia EBITDA bridge 26.8% -0.9% -0.3% One-off 5.1% -3.8% 4.3% 2.5% 2.3% 26.2% Reported 21.7% -0.2% Q4 17 reported Mobile regulatory headwinds Growth ex-regulation EBITDA Q4 16 Regulatory impact Sales & Marketing General & Admin. Mix EBITDA Q4 17 * Discontinued UNE fixed wireless closed in Q

36 1 Africa Africa still challenging but delivering on our cash flow commitment Africa service revenue $m, Q4 16 Q4 17 $m, FY 16 FY 17 Africa efcf (FY) -6.3% Africa EBITDA $m and margin, Q4 16 Q % Q4 16 Q4 17 Q4 16 Q4 17 FY 16 FY % 32.4% Q4 16 numbers are adjusted to Q4 17 FX rates excluding Senegal and Ghana Capex excluding spectrum & license costs 36

37 2 EBITDA Q Latam EBITDA growth offsetting Africa $ million, Q4 16 Q4 17 EBITDA evolution by region +6.9% % Ebitda Q4 16 FX Ebitda Q4 16 (constant currency) LatAm Africa Corporate Ebitda Q % as % of revenue 36.0% 37

38 2 Cost review and margin sustainability Reinvesting G&A savings into sales and marketing to support growth Group total OPEX base $m per OPEX segment and reported growth YoY, FY 16 FY 17 Reported Group FY EBITDA margin FY Reported EBITDA margin, ,301 (2.0%) 2, bps Sales and Marketing +3.8% 36.4% 33.7% 34.8% 32.8% General and Admin (7.2%) FY 16 FY

39 3 Capital focused capex lifting cash flow and ROIC Re-deploying capital to Latam allows us to accelerate network build and improve returns Total Capex Reported Capex (excl. Spectrum, licences and finance lease capitalization), $m, FY 15 FY17 OCF (EBITDA Capex) Reported Group EBITDA less capex, $m, FY 15 FY17 Return on Capital* Group return on invested capital, %, FY 15 FY 17 1,273 Africa +650 bps +450 bps 1, Latam Mobile Total Latam +4.6% 905 1,141 1, % 13.1% 16.2% Latam Fixed % of Revenue 18.9% 16.5% 16.5% % of 18.3% 19.9% Revenue 13.4% ROIC : NOPAT/Invested Capital 39

40 2 P&L review - FY2017 P&L Summary US$ million FY17 FY16 % Var Revenue 6,024 5, % EBITDA 2,190 2, % Depreciation & amortization (1,310) (1,317) (0.5%) Other operating 39 A (38) NM Operating profit % Net financial expense (471) B (456) (3.4%) Others non operating 6 2 NM Associates (85) (49) (74.0%) Profit before tax % Taxes (252) (251) 0.7% Minority interests (102) C (38) NM Key Observations Gain on sale of towers in Paraguay and Colombia A B Include debt management costs Unfavorable comparison to last year results where we had the impact of restructuring in Colombia and fair value adjustments in Guatemala and Honduras C D Include Senegal and Ghana Discontinued operations 71 D 1 NM Net income 85 (32) NM Adjusted EPS % 40

41 3 Cash flow - FY 2017 EFCF up 39% higher year-on-year $ million FY 2017 cash flow 955 2, , Ebitda including discontinued operations Cash capex (ex-spectrum and licenses) Working capital and others Cash from operations Taxes paid Finance charges FCF Dividend to minorities efcf 37.3% 20.3% 8.6% as % of revenue 41

42 4 Capital structure Cash generation and tower sales produced lower leverage in 2017 Net debt evolution in 2017 $ million, 31 December December 2017 % of gross debt, 31 December 2017 Debt profile Gross debt currency exposure LC debt USD debt 53 40% 60% 4,181 4,071 Gross debt distribution Operations 24% Group Net debt YE 2016 Equity FCF Spectrum Dividend Lease M&A capitalization and towers FX and others Net debt YE x Net debt/ltm EBITDA 1.86x 76% Proportionate Net debt/ 2.15x 2.02x Proportionate LTM EBITDA 42

43 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 4 Currency exposure Only 15% of our proportional EBITDA is from high volatility FX country 10-year FX trends Bloomberg Weekly FX rates vs USD, Proportional Latam EBITDA Latam EBITDA by country, adjusted for proportional Millicom ownership, and ranked by currency volatility, % BRL, 182 MXN, 171 CRC 4% COP 15% GTQ 24% COP, 153 HNL 12% 48% HNL, 125 PYG, 122 CRC, % PYG 21% ELS 10% BOB 14% GTQ, 95 BOB, 92 Low volatility Moderate volatility High volatility 43

44 5 Outlook 2018 Targeting faster revenue growth and operating leverage in 2018 Reach 10 million 4G subs, 10 million homes passed by the end of 2018 and add 300,000 HFC homes connected Latam Service Revenue 2-4% organic growth EBITDA 3-6% organic growth Capex Around $1.0 billion Africa efcf Positive 44

45 Recap Gained momentum in 2017, finished strong in Q4, positioning Millicom for an even better We ve come a long way on our journey was a pivotal year as growth returned... we still have many more people and homes to connect... with continued focus on cost control and capital allocation 45

46 Q&A

47 Depreciation and amortization, interest expense A closer look at D&A and net interest expense lines $ million, FY17 Depreciation and amortisation $ million, FY17 Interest expense 317 Average cost of debt of 6.2% , Depreciation Underlying Amortization of intangibles PPA GT and HN D&A 2017 Interest on Debt Finance Leases Debt management Others Interest income Net Interest expense

48 Effective tax rate Withholding, Africa and HQ impact reported tax rate % of Profit before taxes, FY17 Latam effective tax rate was 23% in % 13% 21% 68% 23% Latam effective tax rate Withholding tax Taxes in Africa, Head Office + Associates Other Reported effective tax rate 48

49 Debt maturity profile Comfortable capital structure and liquidity with no major maturities until 2024 $ million Debt maturities by year a Average life of 5.4 years GT $800m 249 SEK $243m PY $300m s $500m s $500m >2027 Bank and other Financings Bonds a) excluding financial leases 49

50 Gross debt by country Central America: Total debt $1,606m 22% guaranteed South America: Total debt $1,970m 4% guaranteed Africa: Total debt $337m 59% guaranteed Corporate: Total debt $1,255m 0% guaranteed Total MIC Debt: $5,168m 12% Guaranteed Honduras: $388m (58% guaranteed) Guatemala: $995m (0% guaranteed) Chad: $70m (92% guaranteed) El Salvador: $147m (87% guaranteed) Costa Rica: $76m (0% guaranteed) Rwanda: $50m (80% guaranteed) Colombia $1,130m (0% guaranteed) Bolivia: $352m (4% guaranteed) Paraguay: $488m (13% guaranteed) Tanzania: $121m (0% guaranteed) Zantel: $96m (100% guaranteed) Including finance leases 50

51 Net debt by country Central America: $1,233m Leverage 1.07x South America: $1,539m Leverage 1.53x Africa: $184m Leverage 1.06x Corporate $1,115m Total Net Debt: $4,071m Leverage 1.86x Honduras: $366m Leverage 1.3x Guatemala: $686m Leverage 1.0x Chad: $61m El Salvador: $116m Leverage 0.8x Rwanda: $41m Costa Rica: $68m Leverage 1.2x Tanzania: $1m Zantel: $83m Colombia: $937m Leverage 2.0x Bolivia: $243m Leverage 1.1x Paraguay: $360m Leverage 1.1x Including finance leases; Leverage is Net debt / LTM EBITDA 51

52 Currency exposure of debt Dec Debt including finance leases Cash Net debt US$ Local Total Total USD Local Total Latin America* 1,709 1,867 3, ,341 1,431 2,772 48% 52% 100% 48% 52% 100% Africa % 59% 100% 72% 28% 100% Corporate 1, , , , % 0% 100% 100% 0% 100% Millicom 3,104 2,064 5,168 1,097 2,593 1,477 4,071 60% 40% 100% 64% 36% 100% *El Salvador has USD as functional currency (treated as local.) 52

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