PRESS RELEASE

Millicom announces pricing of US$500mn senior notes for Cable Onda purchase

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Friday, October 12, 2018

By Millicom

October 12, 2018

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Millicom International Cellular S.A. ("Millicom") (Stockholmsbörsen: MIC) announces the pricing of its $500 million 6.625% senior notes due 2026 (the "Notes"), which are intended to be issued on October 16, 2018 subject to market and other customary conditions. Millicom intends to use the net proceeds of the Notes to finance, in part, the acquisition of Cable Onda S.A.

Purchases of Notes are subject to all applicable securities laws and regulations in force in any relevant jurisdiction. In particular, any purchaser of Notes must be a qualified institutional buyer, as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or a non-U.S. person (as defined in Regulation S under the Securities Act) (and, in this case, only to investors who, if resident in a Member State of the European Economic Area, are not retail investors, whereby a retail investor is defined as a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended ("MiFID II"); or (ii) a customer within the meaning of Directive 2002/92/EC, as amended (the "Insurance Mediation Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU) (the "Prospectus Directive").

This press release is for information purposes only and does not constitute an offer to purchase nor the solicitation of an offer to sell any of the securities described herein nor shall there be any offer or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Certain statements in this press release, including those describing the Offering of the Notes, constitute forward-looking statements. These statements are not historical facts but instead represent only Millicom's belief regarding future events, many of which, by their nature, are inherently uncertain and outside Millicom's control. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements.