Tigo Markets Fact Book
2020
YEARS
BUILDING OUR FUTURE Millicom International Cellular S.A. Latam Market Summary
GDP Per Capita ($k) Inflation (%)
35 6 30 5 25 4 20 3 15
10 2
5 1
0 0 Bolivia Bolivia Panama Panama Paraguay Paraguay Colombia Colombia Honduras Honduras Nicaragua Nicaragua Costa Rica Costa Rica Guatemala Guatemala El Salvador El Salvador
Population (m) Urban population (% of total)
90 60 80
50 70
60 40 50 30 40
20 30
20 10 10
0 0 Bolivia Bolivia Panama Panama Paraguay Paraguay Colombia Colombia Honduras Honduras Nicaragua Nicaragua Costa Rica Costa Rica Guatemala Guatemala El Salvador El Salvador
Households (m) Banking Penetration (%)
60
15 50
12 40
9 30
20 6
10
3
0 0 Bolivia Bolivia Panama Panama Paraguay Paraguay Colombia Colombia Honduras Honduras Nicaragua Nicaragua Costa Rica Costa Costa Rica Costa Guatemala Guatemala El Salvador El Salvador
GDP Growth (%) LATAM Tigo Countries
5 3.9 4 3.7
3 2.4 2 1.7 1.4 1.1 1 -0.6 0.0 0 2015 2016 2017 2018 2019
Source: GDP growth, inflation and population are 2019 figures from October 2020 IMF. Urban population are 2019 figures from World bank. Banking penetration are 2019 1 figures from World Bank. Households are 2019 estimates from Oxford Economics. Latam GDP growth is an average of 33 countries in Latin America and the Caribbean. Latam Market Summary
Overview 41.7 m Mobile Customers 4.5 m Home Customer Relationships
4G Data User BBI Pay TV Total Mobile Penetration (%) Total Homes Penetration (%) Total Homes Penetration (%)
40
35 50
80 30
70 40 25 60
30 50 20
40 15 20 30 10 20 10
10 5
0 0 0 Bolivia Bolivia Bolivia Panama Panama Panama Paraguay Colombia Honduras Paraguay Colombia Honduras Paraguay Colombia Nicaragua Honduras Nicaragua Guatemala Nicaragua Guatemala Costa Rica El Salvador Guatemala Costa Rica El Salvador El Salvador
Source: Global Data and Millicom estimates. Source: Global Data and Millicom estimates. Source: Global Data and Millicom estimates. .
Service revenue* ($m) 2020 1% other Mobile service revenue* $3,220m
Guatemala Colombia Bolivia Paraguay 39% cable $1,042m $490m $347m $317m
$5,377
Honduras El Salvador Panama B2B $421m $224m $202 m Cable + Mobile 60% Nicaragua mobile $181m
Cable service revenue* $2,007m B2B service revenue* $884m
Colombia Panama Bolivia Paraguay Colombia Guatemala Honduras Paraguay $723m $359m $227m $195m
Bolivia El Salvador Panama Costa Rica El Salvador Honduras
$139m $123m $91m Nicaragua Guatemala $228m
Costa Rica
Nicaragua $28m
*Non-IFRS measure. A reconciliation of non-IFRS measures to the nearest equivalent. IFRS measures are available at millicom.com/investors/reporting-center. Mobile service revenue includes B2C and B2B mobile. Cable service revenue includes home and fixed service revenue. B2B includes both mobile and fixed B2B services revenue.
Spectrum Position 2XMhz Highband Lowband
100
80
60
40
20
0
Bolivia Colombia El Salvador Guatemala Honduras Nicaragua Paraguay Panama
2 Latam Market Positions
Panama Nº 1 of 4 in Mobile Nº 1 of 2 in BBI Nº 1 of 2 in Pay TV Honduras Nº 1 of 2 in Mobile Nº 1 of 3 in BBI Nº 1 of 3 in Pay TV Colombia Guatemala Nº 3 of 4 in Mobile Nº 1 of 2 in Mobile Nº 2 of 4 in BBI Nº 2 of 2 in BBI Nº 2 of 5 in Pay TV Nº 1 of 2 in Pay TV
El Salvador Nº 1 of 4 in Mobile Nº 2 of 2 in BBI Nº 2 of 2 in Pay TV
Nicaragua Nº 1 of 2 in Mobile Nº 3 of 3 in BBI Nº 3 of 4 in Pay TV
Costa Rica Nº 3 of 4 in BBI Nº 2 of 4 in Pay TV
Bolivia Nº 2 of 3 in Mobile Nº 1 of 2 in BBI Nº 1 of 2 in Pay TV
Paraguay Nº 1 of 4 in Mobile Nº 1 of 3 in BBI Nº 1 of 3 in Pay TV
3 Bolivia Market Summary
Bolivia: Country Penetration Data 62 % 4G data user penetration
25% Pay TV penetration
25% Broadband penetration
Source: 4G data user penetration from company estimates, PayTV and Broadband from LA PAZ Global Data and company estimates. SANTA CRUZ MACROECONOMIC AND POLITICAL OVERVIEW · Bolivia is a resource rich country with strong growth potential. After allegations of electoral fraud, social unrest and rising violence, Evo Morales stepped down as President in 2019 and new elections took place in 2020. · Bolivian (BOB) is adjustable peg to US$. · Luis Arce was elected president in 2020, Arce was previously Minister of Economy from 2006-2017 and in 2019. · The Constitution states that presidents serve five-year terms with a two-term limit, although a Constitutional Court lifted limits on re-election in 2017. · The next presidential and legislative elections are in 2025.
Macroeconomic Profile Economic and Source: IMF, World Bank, Social Indicators Oxford Economics Fuels and Mining products 20% Other 2010 2019 GDP Per Capita ($) 6,700 8,696 Agricultural 8% Exports products Inflation (%) 2.5 1.8
Travel Population (m) 9.9 11.6 14% 58% Urban population (% of total) 66.4 69.8 Households (m) 2.6 3.2 Banking penetration (%)* 28.0 54.4 Agriculture *Banking penetration data as of 2011 and 2017 12% Services International bond ratings Industry 62% GDP 26% Rating Fitch B Moody’s B2 S&P B+ Source: Bloomberg, Dec 2020 Source: 2019 exports from WTO, 2018 GDP from World Bank
GDP Growth (%) LATAM Bolivia
5 4.3 4.2 4.2 4 3 2.2
2 1.4 1.1 1 -0.6 0.0 0 2015 2016 2017 2018 2019 Latam GDP growth is an average of 33 countries in Latin America and the Caribbean. 4 Bolivia Market Summary
Bolivia Overview
3.9 m Mobile Customers 0.5 m Home Customer Relationships
Spectrum Position Amounts in 2xMHz 49.5 40 60% $575m mobile Service 39% revenue* cable Lowband
B2B Highband Cable + Mobile
Player 1 Player 2
Segment Share Player 1 Player 2 Others
Mobile Broadband Pay TV
39% 56% 56%
Second First First position position position
Market players include Entel, Viva and others. Source: Voice interconnection traffic for mobile, official country data (SIGET, MINTIC), internal data for fixed. *Non-IFRS measure. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/ investors/reporting-center. Mobile service revenue includes B2C and B2B mobile. Cable service revenue includes home and fixed service revenue. B2B includes both mobile and fixed B2B services revenue. 5 Colombia Market Summary
Colombia: Country Penetration Data 40 % 4G data user penetration
MEDELLIN 38% Pay TV penetration
BOGOTA 43% Broadband penetration
Source: 4G data user penetration from company estimates, PayTV and Broadband from Global Data and company estimates. MACROECONOMIC AND POLITICAL OVERVIEW · The Colombian economy has matured significantly in recent years, with an inflation-targeting central bank, a developed financial sector and contained imbalances. The country's recent accession to the OECD evidences this evolution. · The central bank is independent, Governors serve an initial term of 4 years, with the possibility of being reappointed twice. · The Colombian peso (COP) is a floating exchange rate · Ivan Duque was elected president in 2018 · Presidents serve four-year terms and can not run for re-election. · The next presidential and legislative elections are in 2022.
Macroeconomic Profile Economic and Source: IMF, World Bank, Social Indicators Oxford Economics Fuels and Mining products 19% 15% Agricultural 2010 2019 products GDP Per Capita ($) 11,827 14,712 Exports Manufacturing Inflation (%) 2.3 3.5 17% Other Population (m) 45.5 50.4 49% Urban population (% of total) 78.0 81.1 Households (m) 12.2 14.7 Banking penetration (%)* 30.4 45.8 Services *Banking penetration data as of 2011 and 2017 7% Agriculture International bond ratings 26% Industry Investment Grade GDP Rating Fitch BBB- 67% Moody’s Baa2 S&P BBB- Source: Bloomberg, Dec 2020 Source: 2018 exports from WTO, 2019 GDP from World Bank
GDP Growth (%) LATAM Colombia
5
4 3.3 3 2.5 2.1 2 1.4 1.1 1 1.4 -0.6 0.0 0 2015 2016 2017 2018 2019 Latam GDP growth is an average of 33 countries in Latin America and the Caribbean. 6 Colombia Market Summary
Colombia Overview
10 m Mobile Customers 1.7 m Home Customer Relationships
4% other Spectrum Position Amounts in 2xMHz Lowband
Highband 62.5 39% $1,258m mobile Service 57% revenue* cable
B2B Cable + Mobile Player 1 Player 2 Player 3
Segment Share Player 1 Player 2 Others
27%
Mobile Broadband Pay TV
17% 25% 21%
Third Second Second position position position
Market players include Claro, Movistar, WOM, DirecTV, ETB, and others. Source: Voice interconnection traffic for mobile, official country data (SIGET, MINTIC), internal data for fixed. *Non-IFRS measure. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/ investors/reporting-center. Mobile service revenue includes B2C and B2B mobile. Cable service revenue includes home and fixed service revenue. B2B includes both mobile and fixed B2B services revenue. 7 Costa Rica Market Summary
Costa Rica: Country Penetration Data
40% Pay TV penetration
50% Broadband penetration
Source: 4G data user penetration from company estimates, PayTV and Broadband from Global Data and company estimates.
MACROECONOMIC AND POLITICAL OVERVIEW
· Costa Rica has one of the highest GDP per capitas in the region, driven by a diversified agricultural base, strong education, infrastructure and public service. · The Costa Rican Colon floats against the US Dollar. · Carlos Alvarado Quesada was elected president in 2018. · The president is elected to a four-year term and is not eligible for re-election. · The next presidential and legislative elections are in 2022.
Macroeconomic Profile Economic and Source: IMF, World Bank, Social Indicators Oxford Economics Manufacturing 19% 2010 2019 31% Other GDP Per Capita ($) 16,000 19,535 Agricultural Exports products Inflation (%) 5.7 2.1
21% Travel Population (m) 4.6 5.1 Urban population (% of total) 71.7 80.1 29% Households (m) 1.3 1.5 Banking penetration (%)* 50.4 67.8 Services *Banking penetration data as of 2011 and 2017 5% 19% Agriculture International bond ratings Industry GDP Rating Fitch B Moody’s B2 76% S&P B Source: Bloomberg, Dec 2020
Source: 2019 exports from WTO, 2018 GDP from World Bank
GDP Growth (%) LATAM Costa Rica
5 4.2 3.9 4 2.7 3 2.1 2 1.4 1.1 1 -0.6 0.0 0 2015 2016 2017 2018 2019 Latam GDP growth is an average of 33 countries in Latin America and the Caribbean. 8 Costa Rica Market Summary
Costa Rica Overview
25% B2B $139m Service Revenue* 75% B2C
0.2 m Home Customer Relationships
Segment Share Player 1 Player 2 Player 3 Others
Broadband Pay TV
20% 21%
Third Second position position
Market players include Kolbi, Telecable, Cabletica and others. Source: Voice interconnection traffic for mobile, official country data (SIGET, MINTIC), internal data for fixed. *Non-IFRS measure. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/ investors/reporting-center. Mobile service revenue includes B2C and B2B mobile. Cable service revenue includes home and fixed service revenue. B2B includes both mobile and fixed B2B services revenue. 9 El Salvador Market Summary
El Salvador: Country Penetration Data 47 % 4G data user penetration
15% Pay TV penetration
SAN SALVADOR 30% Broadband penetration
Source: 4G data user penetration from company estimates, PayTV and Broadband from Global Data and company estimates.
MACROECONOMIC AND POLITICAL OVERVIEW · El Salvador's economy depends largely on US trade and remittances, high public debt and financing constraints have impacted GDP growth in recent years. · El Salvador has been dollarized since 2001. · Nayib Bukele was elected president in 2019. · The president is elected to a five-year term and can not run for re-election. · The next presidential elections are in 2024.
Macroeconomic Profile Economic and Source: IMF, World Bank, Social Indicators Oxford Economics Manufacturing 24% Other 2010 2019 GDP Per Capita ($) 7,329 8,775 Agricultural Exports 50% products Inflation (%) 1.2 0.1 12% Travel Population (m) 6.2 6.5 Urban population (% of total) 65.5 72.7 14% Households (m) 1.5 1.7 Banking penetration (%)* 13.8 30.4 5% Services *Banking penetration data as of 2011 and 2017
Agriculture 26% International bond ratings GDP Industry Rating 69% Fitch B- Moody’s B3 S&P B- Source: Bloomberg, Dec 2020 Source: 2019 exports from WTO, 2018 GDP from World Bank
GDP Growth (%) LATAM El Salvador
5 4 3
2 1.4 1.1 1.1 1 0.6 0.1 1.0 0.0 0 -0.6 2015 2016 2017 2018 2019 Latam GDP growth is an average of 33 countries in Latin America and the Caribbean. 10 El Salvador Market Summary
El Salvador Overview
2.7 m Mobile Customers 0.3 m Home Customer Relationships
Spectrum Position Lowband Amounts in 2xMHz Highband
35% 40 cable $348m 22.5 Service Revenue* B2B 64% Cable + Mobile mobile
Player 1 Player 2 Player 3
Segment Share Player 1 Player 2 Player 3 Others
Mobile Broadband Pay TV
38% 31% 34%
First Second Second position position position
Market players include Claro, Movistar, Digicel and others. Source: Voice interconnection traffic for mobile, official country data (SIGET, MINTIC), internal data for fixed. *Non-IFRS measure. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/ investors/reporting-center. Mobile service revenue includes B2C and B2B mobile. Cable service revenue includes home and fixed service revenue. B2B includes both mobile and fixed B2B services revenue. 11 Guatemala2 Market Summary
Guatemala: Country Penetration Data 40 % 4G data user penetration
15% Pay TV penetration
15% Broadband penetration
Source: 4G data user penetration from company estimates, PayTV and Broadband from Global Data and company estimates.
MACROECONOMIC AND POLITICAL OVERVIEW · Guatemala is the most populous country in Central America, and is the top receiver of remittances in the region due to a large expatriate population in the US. Remittances totaled a record US$11.34bn in 2020 - surpassing the value of the country’s income from exports. · The Guatemalan Quetzal (GTQ) is a floating exchange rate. · Alejandro Giammattei was elected president in 2020. · The president is elected to a four-year term and can not seek re-election. · The next presidential and legislative elections are in 2023.
Macroeconomic Profile Economic and Source: IMF, World Bank, Social Indicators Oxford Economics Agricultural products 19% Other 2010 2019 39% GDP Per Capita ($) 7,133 8,143 9% Manufacturing Exports Inflation (%) 3.9 3.7 Travel Population (m) 14.6 17.6 Urban population (% of total) 48.4 51.4 34% a Households (m) 2.8 3.6 Banking penetration (%)* 22.3 44.1 Agriculture *Banking penetration data as of 2011 and 2017 9% Services
22% International bond ratings GDP Industry 69% Rating Fitch BB- Moody’s Ba1 S&P B Source: Bloomberg, Dec 2020 Source: 2019 exports from WTO, 2019 GDP from World Bank
GDP Growth (%) LATAM Guatemala
5 3.8 4 3.2 2.7 3.0 3
2 1.4 1.1 1 -0.6 0.0 0 2015 2016 2017 2018 2019 Latam GDP growth is an average of 33 countries in Latin America and the Caribbean.
12 Guatemala Market Summary
Guatemala Overview
11.4 m Mobile Customers 0.6 m Home Customer Relationships
Spectrum Position Amounts in 2xMHz
82% 34 $1,273m mobile Service
revenue* Lowband
Highband B2B 18% Cable + Mobile cable Player 1
Segment Share Player 1 Others
Mobile Broadband Pay TV
63% 40% 35%
First Second First position position position
Market players include Claro and others. Source: Voice interconnection traffic for mobile, official country data (SIGET, MINTIC), internal data for fixed. *Non-IFRS measure. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/ investors/reporting-center. Mobile service revenue includes B2C and B2B mobile. Cable service revenue includes home and fixed service revenue. B2B includes both mobile and fixed B2B services revenue. 13 Honduras Market Summary
Honduras: Country Penetration Data 46 % 4G data user penetration
10% Pay TV penetration
20% Broadband penetration
Source: 4G data user penetration from company estimates, PayTV and Broadband from Global Data and company estimates.
MACROECONOMIC AND POLITICAL OVERVIEW · The Honduran economy depends largely on US trade and remittances, the country has been severely impacted by recent hurricanes and of course the COVID-19 pandemic. · The Honduran Lempira (HNL) uses a crawling peg that allows the Lempira to fluctuate by 7% against the USD in either direction. · Juan Orlando Hernandez was elected president in 2013. · The next presidential and legislative elections are in 2021.
Macroeconomic Profile Economic and Source: IMF, World Bank, Social Indicators Oxford Economics 8% Manufacturing 2019 13% Other 2010 GDP Per Capita ($) 4,860 5,705 Agricultural Exports 51% products Inflation (%) 4.7 4.4
Travel Population (m) 8.3 9.8 28% Urban population (% of total) 51.9 57.7 Households (m) 1.7 2.1 Banking penetration (%)* 20.5 45.3 Services *Banking penetration data as of 2011 and 2017 11% Agriculture International bond ratings Industry 27% GDP Rating 62% Moody’s B1 S&P BB- Source: Bloomberg, Dec 2020
Source: 2019 exports from WTO, 2019 GDP from World Bank
GDP Growth (%) LATAM Honduras 4.8 5 3.9 3.7 4 2.7 3
2 1.4 1.1 1 -0.6 0.0 0 2015 2016 2017 2018 2019 Latam GDP growth is an average of 33 countries in Latin America and the Caribbean.
14 Honduras Market Summary
Honduras Overview
4.6 m Mobile Customers 0.2 m Home Customer Relationships
Spectrum Position Amounts in 2xMHz 82% mobile 55
$516m Service
Revenue* Lowband
Highband 18% B2B cable Cable + Mobile Player 1 Player 2
Segment Share Player 1 Player 2 Other
Mobile Broadband Pay TV
64% 34% 33%
First First First position position position
Market players include Claro, Cable Color and others. Source: Voice interconnection traffic for mobile, official country data (SIGET, MINTIC), internal data for fixed. *Non-IFRS measure. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/ investors/reporting-center. Mobile service revenue includes B2C and B2B mobile. Cable service revenue includes home and fixed service revenue. B2B includes both mobile and fixed B2B services revenue. 15 Nicaragua Market Summary
Nicaragua: Country Penetration Data 30 % 4G data user penetration
20% Pay TV penetration
25% Broadband penetration
Source: 4G data user penetration from company estimates, PayTV and Broadband from Global Data and company estimates.
MACROECONOMIC AND POLITICAL OVERVIEW
· The Nicaraguan Cordoba has a crawling peg exchange rate with the US dollar as the anchor. · Daniel Ortega was elected president in 2006. · The president is elected to a five-year term and a 2015 consitutional reform removed the ban of re-election.
Macroeconomic Profile Economic and Source: IMF, World Bank, Social Indicators Oxford Economics 7% Manufacturing 2010 2019 33% Other GDP Per Capita ($) 4,619 5,422 29% Agricultural Exports products Inflation (%) 5.5 5.4
Travel Population (m) 8.3 9.8 Urban population (% of total) 56.9 58.8 31% Households (m) 1.2 1.4 Banking penetration (%)* 14.2 30.9 Services *Banking penetration data as of 2011 and 2017 15% Agriculture International bond ratings Industry 25% GDP Rating 60% Fitch B- Moody’s B3 S&P B- Source: Bloomberg, Dec 2020 Source: 2019 exports from WTO, 2019 GDP from World Bank
GDP Growth (%) LATAM Nicaragua 4.6 4.6 5 4 3
2 1.4 1.1 1 -0.6 0.0 0 2015 2016 2017 2018 2019
Latam GDP growth is an average of 33 countries in Latin America and the Caribbean. -4.0 -3.9
16 Nicaragua Market Summary
Nicaragua Overview
3.5 m Mobile Customers 31k Home Customer Relationships
Spectrum Position Amounts in 2xMHz 87% mobile 82.5 $209m 22,5 Service Revenue* Lowband
Highband 13% B2B cable Cable + Mobile Player 1
Segment Share Player 1 Player 2 Player 3 Others
Mobile Broadband Pay TV
60% 7% 5%
First Third Third position position position
Market players include Claro, Telecable, IBW and others. Source: Voice interconnection traffic for mobile, official country data (SIGET, MINTIC), internal data for fixed. *Non-IFRS measure. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/ investors/reporting-center. Mobile service revenue includes B2C and B2B mobile. Cable service revenue includes home and fixed service revenue. B2B includes both mobile and fixed B2B services revenue. 17 Panama Market Summary
Panama: Country Penetration Data 51 % 4G data user penetration
35% Pay TV penetration
40% Broadband penetration
Source: 4G data user penetration from company estimates, PayTV and Broadband from Global Data and company estimates.
MACROECONOMIC AND POLITICAL OVERVIEW · Panama is one of the highest GDP/capita countries in Latin America. · The Panamanian Balboa has been fixed to the USD since the country's independence in 1904. · The USD is also legal tender in Panama. · Laurentino Cortizo was elected president in 2019. · The president is elected to a five-year term and are limited to two non-consecutive terms. · The next presidential and legislative elections are in 2024.
Macroeconomic Profile Economic and Source: IMF, World Bank, Social Indicators Oxford Economics Manufacturing 18% 2010 2019 Other 37% GDP Per Capita ($) 21,236 31,665 Exports Transport 17% Inflation (%) 3.5 -0.4 Population (m) 3.7 4.2 Travel Urban population (% of total) 65.1 68.1 28% Households (m) 1.0 1.2 Banking penetration (%)* 24.9 46.5
2% Services *Banking penetration data as of 2011 and 2017 30% Agriculture International bond ratings Industry Investment Grade GDP 68% Rating Fitch BBB- Moody’s Baa1 S&P BBB Source: Bloomberg, Dec 2020 Source: 2019 exports from WTO, 2019 GDP from World Bank
GDP Growth (%) LATAM Panama 5.6 5.0 5 3.7 4 3.0 3
2 1.4 1.1 1 -0.6 0.0 0 2015 2016 2017 2018 2019 Latam GDP growth is an average of 33 countries in Latin America and the Caribbean. 18 Panama Market Summary
Panama Overview
2 .0 m Mobile Customers 0.4 m Home Customer Relationships
1% Spectrum Position Lowband other Amounts in 2xMHz Highband 32.5 36% mobile $567m Service Revenue* 63% cable B2B Cable + Mobile
Player 1 Player 2 Player 3
Segment Share Player 1 Player 2 Player 3 Others
Mobile Broadband Pay TV
41% 74% 79%
First First First position position position
Market players include +Movil, Claro, Digicel and others. Source: Voice interconnection traffic for mobile, official country data (SIGET, MINTIC), internal data for fixed. *Non-IFRS measure. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/ investors/reporting-center. Mobile service revenue includes B2C and B2B mobile. Cable service revenue includes home and fixed service revenue. B2B includes both mobile and fixed B2B services revenue. 19 Paraguay Market Summary
Paraguay: Country Penetration Data 51 % 4G data user penetration
15% Pay TV penetration
35% Broadband penetration
Source: 4G data user penetration from company estimates, PayTV and Broadband from Global Data and company estimates.
MACROECONOMIC AND POLITICAL OVERVIEW · One of the region's least impacted economies by COVID-19. Recent fiscal consolidation has allowed the country to fight off impacts related to Argentina's recession and Brazil's slow economy. · The Guarani (PYG) is a floating exchange rate. · Mario Benitez was elected president in 2018. · The Constitution limits the president to a single five-year term in office with no possibility of re-election. · The next presidential and legislative elections are in 2023.
Macroeconomic Profile Economic and Source: IMF, World Bank, Social Indicators Oxford Economics Agricultural 8% products 10.8% Other 2010 2019
Fuels and Mining GDP Per Capita ($) 10,376 12,493 Exports products Inflation (%) 4.7 2.8 22% 59% Manufacturing Population (m) 6.3 7.2 Urban population (% of total) 59.3 61.9 Households (m) 1.4 1.7 Banking penetration (%)* 21.7 48.6 Services *Banking penetration data as of 2011 and 2017 10% Agriculture International bond ratings Industry 58% GDP 32% Rating Fitch BB+ 33% Moody’s Ba1 S&P BB+ Source: Bloomberg, Dec 2020 Source: 2018 exports from WTO, 2019 GDP from World Bank
GDP Growth (%) LATAM Paraguay 5.0 5 4.3 4 3.4 3
2 1.4 1.1 1 0.0 -0.6 0.0 0 2015 2016 2017 2018 2019 Latam GDP growth is an average of 33 countries in Latin America and the Caribbean.
20 Paraguay Market Summary
Paraguay Overview
3.6 m Mobile Customers 0.5 m Home Customer Relationships
Spectrum Position Lowband Amounts in 2xMHz Highband 57.5
62% $513m mobile Service 38% revenue* cable B2B Cable + Mobile
Player 1 Player 2 Player 3
Segment Share Player 1 Player 2 Others
Mobile Broadband Pay TV
52% 68% 55%
First First First position position position
Market players include Personal, Claro, Vox and others. Source: Voice interconnection traffic for mobile, official country data (SIGET, MINTIC), internal data for fixed. *Non-IFRS measure. A reconciliation of non-IFRS measures to the nearest equivalent IFRS measures is available at millicom.com/ investors/reporting-center. Mobile service revenue includes B2C and B2B mobile. Cable service revenue includes home and fixed service revenue. B2B includes both mobile and fixed B2B services revenue. 21