Millicom's Independent Committee Issued Recommendation Under U.S. And Swedish Rules That Shareholders And SRD Holders Reject The Tender Offers Made By Atlas Luxco S.à r.l To Purchase The Shares It Does Not Own For $24/Share

Millicom's (Tigo) Independent Committee

Issued Recommendation Under U.S. and Swedish Rules That Shareholders and SRD Holders Reject

the Tender Offers Made by Atlas Luxco S.à r.l

Luxembourg, July 15, 2024 – Millicom International Cellular S.A. ("Millicom") today announced that a committee of independent members of its Board of Directors (the "Independent Committee"), following deliberation and discussions with Millicom's financial advisors, has unanimously determined that the all-cash tender offers in the U.S. and Sweden (collectively, the "Offers") by Atlas Luxco S.à r.l and its affiliates ("Atlas") for all outstanding common shares and SDRs in Millicom (collectively, the "Shares"; holders of common shares and SDRs are collectively referred to as "Shareholders") that Atlas does not currently own at a price of USD 24 per share (and the SEK equivalent per SDR) (the "Offer Price") significantly undervalue Millicom and are not in the best interests of Millicom and the Shareholders.