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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-03-001631.txt : 20030807
<SEC-HEADER>0000950103-03-001631.hdr.sgml : 20030807
<ACCEPTANCE-DATETIME>20030807121123
ACCESSION NUMBER:		0000950103-03-001631
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030806
FILED AS OF DATE:		20030807

FILER:

	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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22828
		FILM NUMBER:		03828160

	BUSINESS ADDRESS:	
		STREET 1:		75 ROUTE DE LONGWY
		STREET 2:		BOX 23 BERTRANGE
		CITY:			GRAND DUCHY OF LUXEN
		STATE:			N4
		ZIP:			L8080
		BUSINESS PHONE:		3524571451
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>aug0603_6k.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF">

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>FORM 6-K </B></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT SIZE="2">Washington, D.C. 20549</FONT></B></FONT></FONT> </P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Report of Foreign Issuer</B></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Pursuant to Rule 13a-16
or 15d-16<BR>of the Securities Exchange Act of 1934</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Part 2" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">For
  August 7, 2003</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Commission File
Number: 000-22828 </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3">MILLICOM INTERNATIONAL CELLULAR S.A.</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
75 Route de Longwy<BR>
Box 23, L-8080 Bertrange<BR>
Grand-Duchy of Luxembourg<BR>(Address of principal executive offices) </FONT></P>


<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indicate by check mark
whether the registrant files or will file annual reports under cover of Form 20-F or Form
40-F.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Form 20-F" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH="40%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form 20-F&nbsp;&nbsp;<U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="40%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form 40-F&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1): ___</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7): ___</FONT> </P>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indicate by check mark
whether the registrant by furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.</FONT> </P>

<!-- MARKER FORMAT-SHEET="No" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
<TD WIDTH="40%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
<TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="40%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">No&nbsp;&nbsp;<U>&nbsp;&nbsp;X&nbsp;&nbsp;</U></FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">If &quot;Yes&quot; is
marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b): 82-  ____________</FONT> </P>





<!-- *************************************************************************** -->
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<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>


<!-- MARKER FORMAT-SHEET="Center" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">MILLICOM
INTERNATIONAL CELLULAR S.A. </FONT></P>


<!-- MARKER FORMAT-SHEET="Center" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">INDEX TO EXHIBITS </FONT></P>


<!-- MARKER FORMAT-SHEET="Left" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><U>Item</U></FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Hang" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1.  </FONT></TD>
    <TD WIDTH="96%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
      Press release dated August 6, 2003 </FONT></TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 4; page: 4" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Center" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><U>SIGNATURES</U></FONT></FONT> </P>

<!-- MARKER FORMAT-SHEET="Indent" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be&nbsp;signed on its behalf by the undersigned, thereunto&nbsp;duly
authorized. </FONT></P>

<!-- MARKER FORMAT-SHEET="Company Name" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">MILLICOM
INTERNATIONAL CELLULAR S.A.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) </FONT></TD>
</TR>
</TABLE>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Signature (With By:)" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date:
      August 7, 2003</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:  </FONT></TD>
<TD WIDTH="36%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/
John Ratcliffe &nbsp;<HR ALIGN=LEFT SIZE="1" WIDTH="70%" NOSHADE></FONT></TD>
</TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Name & Title (With By:)" -->
<TABLE WIDTH="100%" CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="36%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:
John Ratcliffe<BR>Title: Chief Financial Controller  </FONT></TD>
</TR>
</TABLE>
<BR>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 5; page: 5" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Right" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Item 1</B></FONT></FONT> </P>


<A name="page_1"></A>
<P align="center"> <IMG src="pressrelx1x1.jpg" border=0> </P>
<P align="center"> <B><FONT size=5 face="TimesNewRoman,Bold,Times New Roman,Times,serif">MILLICOM
  INTERNATIONAL CELLULAR S.A. </FONT></B> </P>
<P align="right"> <B><FONT size=4 face="TimesNewRoman,Bold,Times New Roman,Times,serif">
  </FONT></B><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">FOR
  IMMEDIATE RELEASE</FONT></B> <br>
  <B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">August
  6, 2003</FONT></B> </P>
<P align="center"> <B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">MILLICOM
  INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS</FONT></B> <br>
  <B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">FOR
  THE QUARTER ENDED JUNE 30, 2003 </FONT></B> </P>
<table width="75%" border="0" align="center" cellpadding="0" cellspacing="0">
  <tr>
    <td><ul>
        <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">29%
          increase in EBITDA to $73.4m (Q2 02: $56.8m)*</FONT></B><BR>
        </LI>
        <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">13%
          increase in revenue to $143.9m (Q2 02: $127.8m)*</FONT></B><BR>
        </LI>
        <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">98%
          increase in quarterly EBITDA in Africa from Q2 2002*</FONT></B><BR>
        </LI>
        <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">38%
          increase in quarterly EBITDA in Asia from Q2 2002*</FONT></B><BR>
        </LI>
        <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">41%
          reduction in interest expense for the 6 months to June 30, 2003</FONT></B><BR>
        </LI>
        <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">EBITDA
          Margin of 51%*</FONT></B></LI>
      </ul></td>
  </tr>
</table>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">New York,
  London and Luxembourg &#150; August 6, 2003 &#150; Millicom International
  Cellular SA (Nasdaq Stock Market: MICC), the global telecommunications
  investor, today announces results for the quarter ended June 30, 2003.
  </FONT> </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="7" align="center"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Financial
      summary for the quarters ended June 30, 2003 and 2002</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">June
      30,</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">June
      30,</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Change</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">2003</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">2002</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Worldwide
      subscribers </FONT></B><B><SUP><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">(i)
      </FONT></SUP></B><B><FONT size=2
face="TimesNewRoman,Bold,Times New Roman,Times,serif">*</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left">&#150;&nbsp;&nbsp;&nbsp;<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">proportional
      cellular</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">3,083,955</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">2,472,960</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">25</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left">&#150;<FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;gross
      cellular</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">4,471,835</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">3,483,573</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">28</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="5"><hr noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif"><u>US$
      &#145;000</u></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Revenues*</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">143,862</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">127,750</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">13</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Operating
      profit before depreciation and amortization, EBITDA</FONT></B><b><sup><font size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">(ii)</font></sup></b><b><font size=2
face="TimesNewRoman,Bold,Times New Roman,Times,serif">*</font></b></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">73,403</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">56,763</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">29</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">%</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">EBITDA
      margin*</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">51</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">%</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">44</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">%</FONT></TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Profit
      before financing, taxes and other income</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">103,821</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">55,566</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="5"><hr size="1" noshade></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Profit
      (loss) for the quarter</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">176,035</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(14,038</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD align="right">&#150;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="5"><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Basic
      and diluted earnings (loss) percommon share (US$)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">10.81</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(0.86</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="5"> <HR noshade size=2> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Weighted
      average number of shares and diluted potential shares (thousands)</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">16,284</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">16,305</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="5"> <HR noshade size=2> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%">
  <tr valign="top">
    <td><i><font size=1 face="TimesNewRoman,Italic,Times New Roman,Times,serif">(i)
      </font></i></td>
    <td><I><FONT size=1 face="TimesNewRoman,Italic,Times New Roman,Times,serif">Subscriber
      figures represent the worldwide total number of subscribers of cellular
      systems in which MIC has an ownership interest.</FONT></I> <I><FONT size=1 face="TimesNewRoman,Italic,Times New Roman,Times,serif">Subscriber
      figures do not include divested operations or the subscribers of Tele2
      AB, in which MIC has a 6.0% interest at August 6, 2003.</FONT></I></td>
  </tr>
  <tr valign="top">
    <td><i><font size=1 face="TimesNewRoman,Italic,Times New Roman,Times,serif">(ii)</font></i></td>
    <td><I><FONT size=1 face="TimesNewRoman,Italic,Times New Roman,Times,serif">
      EBITDA; operating profit before interest, taxation, depreciation and
      amortization, is derived by deducting cost of revenues, sales and
      marketing costs, and general and administrative costs from revenues.</FONT></I>
    </td>
  </tr>
  <tr valign="top">
    <td><font
size=1 face="TimesNewRoman,Times New Roman,Times,serif">*</font></td>
    <td><I><FONT size=1 face="TimesNewRoman,Italic,Times New Roman,Times,serif">Due
      to local issues in El Salvador, MIC has discontinued consolidating
      El Salvador on a proportional basis with effect from May 2001. All
      comparatives in this press release, other than those noted in the
      appendices, exclude divested operations and El Salvador in respect
      to subscribers and for financial results, up to and including EBITDA.</FONT></I></td>
  </tr>
</TABLE>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Marc Beuls,
  MIC&#146;s President and Chief Executive Officer stated:</FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&#147;The
  second quarter of 2003 has been positive for MIC and I am pleased to report
  a 29% increase in EBITDA for the quarter from the same period in 2002,
  the highest increase for over two years. MIC Africa was the best performer
  in terms of EBITDA, producing growth of 98%, which is a record result
  representing a turnaround for the region. Group revenues increased by
  13% from the second quarter of 2002 and the EBITDA margin rose to 51%,
  evidencing the benefit of our recent cost cutting exercise and the renewed
  focus on our core businesses.</FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Millicom
  has taken several steps in the first half of 2003 to reduce total net
  debt on the balance sheet and at June 30, 2003, this figure stood at $875.1
  million, a 35% reduction from the same time last year, and interest payments
  are now 41% lower. These and subsequent initiatives to retire high-yield
  debt will result in an increase in free cash flow going forward, allowing
  MIC to grow its mobile businesses faster and deliver increased value to
  shareholders.&#148; </FONT> </P>
<P align="center"> <B><U><FONT size=3 face="TimesNewRoman,Bold,Times New Roman,Times,serif">FINANCIAL
  AND OPERATING SUMMARY</FONT></U></B><font size="3"><B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">
  </FONT></B></font> </P>
<TABLE width="102%">
  <TR>
    <TD width="5%" align="center" valign="MIDDLE"><B><FONT size=4>&#149;</FONT></B>
    </TD>
    <td valign="middle" colspan="2"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Subscriber
      growth:</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="3%">&nbsp;</td>
    <td valign="top" width="3%"><B><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></B></td>
    <td valign="top"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">An
      annual increase in worldwide gross cellular subscribers of 28% to
      4,471,835 as at June 30, 2003</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="3%">&nbsp;</td>
    <td valign="top" width="3%"><B><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></B></td>
    <td valign="top"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">An
      annual increase in worldwide proportional cellular subscribers of
      25% to 3,083,955 as at June 30, 2003</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="3%">&nbsp;</td>
    <td valign="top" width="3%"><B><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></B></td>
    <td valign="top"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">In
      the second quarter of 2003 MIC added 223,121 net new gross cellular
      subscribers</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="3%">&nbsp;</td>
    <td valign="top" width="3%"><B><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></B></td>
    <td valign="top"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">An
      annual increase in proportional prepaid subscribers of 31% to 2,764,099
      as at June 30, 2003</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="middle"><B><FONT size=4 face="Times New Roman, Times, serif">&#149;</FONT></B></td>
    <td valign="middle" colspan="2"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Financial
      highlights:</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="3%">&nbsp;</td>
    <td valign="top" width="3%"><B><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></B></td>
    <td valign="top"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Revenue
      for the second quarter of 2003 was $143.9 million, an increase of
      13% from the second quarter of 2002</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="3%">&nbsp;</td>
    <td valign="top" width="3%"><B><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></B></td>
    <td valign="top"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">EBITDA
      increased by 29% in the second quarter of 2003 to $73.4 million, from
      $56.8 million for the second quarter of 2002</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="3%">&nbsp;</td>
    <td valign="top" width="3%"><B><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></B></td>
    <td valign="top"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">The
      Group EBITDA margin was 51% in the second quarter of 2003 increasing
      from 44% in the second quarter of 2002</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top"><B><FONT size=4 face="Times New Roman, Times, serif">&#149;</FONT></B><BR>
      &nbsp;&nbsp;</td>
    <td valign="top" colspan="2"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Total
      cellular minutes increased by 32% for the three months ended June
      30, 2003 from the same quarter in 2002, with prepaid minutes increasing
      by 62% in the same period</FONT></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top"><B><FONT size=4 face="Times New Roman, Times, serif">&#149;</FONT></B></td>
    <td valign="top" colspan="2"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">In
      April 2003 MIC launched GSM services in the Lao People&#146;s Democratic
      Republic (Laos) under the Tango brand name.</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top"><B><FONT size=4 face="Times New Roman, Times, serif">&#149;</FONT></B><BR>
      &nbsp;&nbsp;</td>
    <td valign="top" colspan="2"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">On
      May 5, 2003 MIC announced that approximately $781 million or 85% of
      the outstanding amount of Millicom&#146;s 13-1/2% Senior Subordinated
      discount Notes due 2006 or the &#147;Old Notes&#148; had been tendered
      in Millicom&#146;s private exchange offer and consented to certain
      amendments to the existing indenture covering the Old Notes.</FONT></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top"><B><FONT size=4 face="Times New Roman, Times, serif">&#149;</FONT></B></td>
    <td valign="top" colspan="2"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Upon
      closing of the exchange offer on May 7, 2003, Millicom issued approximately
      $562 million of Millicom&#146;s 11% Senior Notes due 2006 and approximately
      $64 million of Millicom&#146;s 2% Senior Convertible PIK (payment
      in kind) Notes due 2006 in exchange for the $781 million of Old Notes</FONT></td>
  </tr>
</TABLE>
<P align="right"> <FONT face="TimesNewRoman,Times New Roman,Times,serif">2</FONT>
</P>
<hr width="100%" size=3 noshade>
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<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">tendered.
  In addition Millicom also paid to holders of Old Notes, who consented
  to the amendments of the Old Notes indenture, $50 per $1,000 of Old Notes
  so consenting (excluding affiliates of Millicom) or approximately $38
  million in the aggregate. Millicom&#146;s 2% Senior Convertible PIK Notes
  due 2006 are convertible into Millicom common stock at a conversion price
  of $10.75 per share. If the original principal amount of approximately
  $64 million of the new 2% Senior Convertible Notes were converted into
  Millicom&#146;s common stock, the 2% Notes would convert into approximately
  5.93 million shares of Millicom&#146;s common stock (which, when issued,
  would constitute approximately 26.7% of the then issued and outstanding
  common stock). </FONT> </P>
<TABLE>
  <TR>
    <TD width="5%" align="center" valign="top"><B><FONT size=4 face="Times New Roman, Times, serif">&#149;</FONT></B></TD>
    <td valign="top" colspan="2"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">As
      at June 30, 2003, MIC reports total net debt, after cash and time
      deposits, of $875.1 million, a reduction of 23% compared with total
      net debt of $1,141.9 million as at December 31, 2002, and a reduction
      of 35% compared with total net debt of $1,356.1 million as at June
      30, 2002. Of this debt, $49.7 million is in respect of PIK Notes convertible
      at any time into MIC shares at a price of $10.75.</FONT></td>
  </tr>
  <tr>
    <td align="center" valign="top"><font size="4" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr valign="middle">
    <td width="3%" align="center"><B><FONT size=4 face="Times New Roman, Times, serif">&#149;</FONT></B></td>
    <td colspan="2"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">In
      the second quarter of 2003, MIC sold 1,000,000 B shares in Tele2 AB
      realizing a gain of $2.0 million.</FONT></td>
  </tr>
  <tr>
    <td align="center" valign="top"><font size="4" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr valign="middle">
    <td width="3%" align="center"><B><FONT size=4 face="Times New Roman, Times, serif">&#149;</FONT></B></td>
    <td colspan="2"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Subsequent
      events:</FONT></td>
  </tr>
  <tr>
    <td align="center" valign="top"><font size="4" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top"><font size="4" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top" width="3%"><B><FONT size=2 face="Wingdings,WingDings">&Oslash;</FONT></B></td>
    <td valign="top"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">On
      July 18, 2003 MIC launched a mandatory exchangeable bond offering
      of approximately SEK 2,556 million (US$310 million). The bonds will
      be convertible into MIC&#146;s total current holding of 8,968,400
      Tele2 AB Series B shares. The bonds, which will mature in August 2006,
      carry a coupon of 5% and the exchange premium has been set at 30%
      with a reference price of SEK 285. </font></td>
  </tr>
</TABLE>
<P> <B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif"> </FONT></B>
</P>
<P align="center"> <B><U><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">REVIEW
  OF OPERATIONS</FONT></U></B><B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">
  </FONT></B> </P>
<P align="center"> <B><U><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">SUBSCRIBER
  GROWTH*</FONT></U></B><B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">
  </FONT></B> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">At June
  30, 2003 MIC&#146;s worldwide gross cellular subscriber base increased
  by 28% to 4,471,835 cellular subscribers, from 3,483,573 as at June 30,
  2002. Particularly significant percentage increases were recorded in Cambodia,
  Vietnam, Ghana, and Senegal.</FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">MIC&#146;s
  proportional cellular subscriber base increased by 25% to 3,083,955 at
  June 30, 2003, from 2,472,960 at June 30, 2002. </FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Within
  the 3,083,955 proportional cellular subscribers reported at the end of
  the second quarter 2003, 2,764,099 were pre-paid customers, representing
  a 31% increase on the 2,110,002 proportional prepaid subscribers recorded
  at the end of June 2002. Pre-paid subscribers currently represent 90%
  of gross reported proportional cellular subscribers. </FONT> </P>
<P align="center"> <B><U><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">FINANCIAL
  RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2003*</FONT></U></B><B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">
  </FONT></B> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Total
  revenues for the three months ended June 30, 2003 were $</FONT><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">143.9
  </FONT><FONT size=2 face="TimesNewRoman,Times New
Roman,Times,serif">million, an increase of 13% from the second quarter of
  2002. This increase, following two successive quarters with growth of
  11%, reflect the increasing trend of growth in MIC&#146;s operations.
  MIC recorded revenue growth in Asia of 24% in the second quarter of 2003
  compared with the same period in 2002, with Pakcom in Pakistan producing
  growth of 38%, and revenues for Africa for the second quarter of 2003,
  increased by 30% to $18.5 million from the same period last year.</FONT>
</P>
<P align="right"> <FONT face="TimesNewRoman,Times New Roman,Times,serif">3</FONT>
</P>
<hr width="100%" size=3 noshade>
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<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Second
  quarter revenues for Latin America decreased by just over 2% from the
  second quarter of 2002 as a result of currency devaluations in South America
  in the second half of 2002, although the Central American market continued
  to perform strongly with Guatemala producing a revenue increase of 17%
  from the second quarter of 2002. Against the first quarter of 2003, revenues
  in Latin America increased by over 2% reflecting increased stabilization
  in the region. </FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">EBITDA
  for the three months ended June 30, 2003 was $73.4 million, an increase
  of 29% from the quarter ended June 30, 2002. EBITDA for Asia increased
  by 38% from the second quarter of 2002 to $38.2 million, with a particularly
  strong increase produced by Cambodia, which recorded growth from the second
  quarter of 2002 of 164%. The strong EBITDA growth in the region as a whole
  reflects the buoyancy of this market and the impact of stringent cost
  cutting measures. MIC Africa produced impressive EBITDA growth of 98%
  from the second quarter of 2002 to $8.3 million, a record for the region.
  The EBITDA margin in Africa increased from 30% in the second quarter of
  2002 to 45% in 2003. </FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">The positive
  impact of cost cutting in Latin America was reflected in the EBITDA for
  the region, which increased by 7% from the second quarter of 2002 to $26
  million, with margins increasing from 43% to 48%. The main contributors
  to EBITDA increase were Guatemala and Honduras, which recorded increases
  of 36% and 16% respectively from the second quarter of 2002. Against the
  first quarter of 2003, EBITDA in Latin America increased by over 4%. </FONT>
</P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">As a result
  of the debt exchange in May 2003, MIC recorded a book gain of $97.1 million.
  </FONT> </P>
<P align="center"> <B><U><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">FINANCIAL
  RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2003*</FONT></U></B> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Total
  revenues for the first half of 2003 were $282.6 million with revenues
  for Asia and Africa increasing by 24% and 28% to $131.7 million and $36.5
  million respectively, relative to the first half of 2002. Revenues for
  Latin America for the first half of the year decreased by 4% to $107.9
  million, due significantly to currency devaluations and an economic slow-down
  in South America.</FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">EBITDA
  for the first half of 2003 was $142.4 million, an increase of 25% over
  the first half of 2002. Most notably Africa recorded a 67% increase in
  EBITDA for the six months ended June 30, 2003. The respective increases
  for Asia and Latin America were 36% and 4%. The EBITDA margin for the
  six months to June 30, 2003 was 50%, an increase over the 45% recorded
  for the same period in 2002, with a notable increase from 32% to 42% in
  Africa. </FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Total
  cellular minutes increased by 31% for the first half of 2003 compared
  with the same period in 2002. </FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">In the
  first six months of 2003, MIC reduced its interest expense by 41% to $55.7
  million from $94.1 million as at June 30, 2002 as a result of debt restructuring
  and the divestment of certain highly leveraged operations. </FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">In the
  first half of 2003, the market value of MIC&#146;s holding in Tele2 AB
  has increased by $99.9 million. </FONT> </P>
<P> <FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">During
  the second quarter of 2003, MIC cancelled the circular stock that had
  previously been disclosed as treasury stock in equity. </FONT> </P>
<P align="right"> <FONT face="TimesNewRoman,Times New Roman,Times,serif">4</FONT>
</P>
<hr width="100%" size=3 noshade>
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<P align="center"> <B><U><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">CORPORATE
  LIQUIDITY AND DEBT INDICATORS</FONT></U></B> <font size=2 face="TimesNewRoman,Times New Roman,Times,serif"><br>
  </font></P>
<div align="right"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
  </font>
  <table width="75%" border="0" align="center" cellpadding="4" cellspacing="0">
    <tr>
      <td align="right"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">At
        June 30, 2003</font> </td>
    </tr>
  </table>
</div>
<TABLE width="75%" border=1 align="center" cellpadding=4 cellspacing=0>
  <TR>
    <TD width="77%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Cash
      at the corporate level</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">$22.1</FONT><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">m&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Cash
      upstreamed from operations</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">$48.1</FONT><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">m&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Toronto
      Dominion debt outstanding</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">$60.2</FONT><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">m&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">13.5%</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">$136.4</FONT><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">m&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">11%</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">$562.2</FONT><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">m&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">2%</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">$49.7</FONT><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">m&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Subsidiary
      debt</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">$155.2</FONT><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">m&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Total
      Tele2 shares</FONT></TD>
    <TD align="right" width="23%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">8,968,414&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P> <I><FONT size=2 face="TimesNewRoman,Italic,Times New Roman,Times,serif">Millicom
  International Cellular S.A. is a global telecommunications investor with
  cellular operations in Asia, Latin America and Africa. It currently has
  a total of 16 cellular operations and licenses in 15 countries. The Group&#146;s
  cellular operations have a combined population under license (excluding
  Tele2) of approximately 382 million people. In addition, MIC provides
  high-speed wireless data services in five countries. MIC also has a 6.0%
  interest in Tele2 AB, the leading alternative pan-European telecommunications
  company offering fixed and mobile telephony, data network and Internet
  services to 18.7 million customers in 22 countries. The Company&#146;s
  shares are traded on the Luxembourg Bourse and the Nasdaq Stock Market
  under the symbol MICC. </FONT></I> </P>
<P> <I><FONT size=2 face="TimesNewRoman,Italic,Times New Roman,Times,serif">This
  press release may contain certain &#147;forward-looking statements&#148;
  with respect to Millicom&#146;s expectations and plans, strategy, management&#146;s
  objectives, future performance, costs, revenues, earnings and other trend
  information. It is important to note that Millicom&#146;s actual results
  in the future could differ materially from those anticipated in forward-looking
  statements depending on various important factors. Please refer to the
  documents that Millicom has filed with the U.S. Securities and Exchange
  Commission under the U.S. Securities Exchange Act of 1934, as amended,
  including Millicom&#146;s most recent annual report on Form 20-F, for
  a discussion of certain of these factors. </FONT></I> </P>
<P> <I><FONT size=2 face="TimesNewRoman,Italic,Times New Roman,Times,serif">All
  forward-looking statements in this press release 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. members or persons acting on Millicom&#146;s
  behalf are expressly qualified in their entirety by the factors referred
  to above. Millicom does not intend to update these forward-looking statements.
  </FONT></I> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">CONTACTS:</FONT></B></TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Marc
      Beuls</FONT></B></TD>
    <TD align="center" width="14%"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Telephone:</FONT></B></TD>
    <TD align="center" width="2%"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">+</FONT></B></TD>
    <TD align="left" width="21%"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">&nbsp;&nbsp;352
      27 759 101</FONT></B></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">President
      and Chief Executive Officer</FONT></TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Millicom
      International Cellular S.A., Luxembourg</FONT></TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Andrew
      Best</FONT></B></TD>
    <TD width="14%" align="center"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Telephone:</FONT></B></TD>
    <TD align="right" width="2%"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">+</FONT></B></TD>
    <TD width="21%"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">&nbsp;&nbsp;44
      20 7321 5022</FONT></B></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Investor
      Relations</FONT></TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Shared
      Value Ltd, London</FONT></TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Visit
      our web site at </FONT><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif"><u>http://www.millicom.com</u></FONT></B></TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <B><U><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">CONFERENCE
  CALL DETAILS</FONT></U></B><B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">
  </FONT></B> </P>
<P> <B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">A
  conference call to discuss the results will be held at 16:00 Luxembourg
  time / 10:00 New York time, on Wednesday, August 6, 2003. The dial-in
  numbers are: +44 (0) 1452 542300 or US: 1866 2201452 and participants
  should quote Millicom International Cellular. A live audio stream of the
  conference call can also be accessed at </FONT></B><B><U><FONT size=2 face="TimesNewRoman,Bold,Times New
Roman,Times,serif">www.millicom.com</FONT></U></B><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">.
  Please dial in / log on 5 minutes prior to the start of the conference
  call to allow time for registration. A recording of the conference call
  will be available for 7 days, commencing shortly after the live call has
  finished, on +44 (0) 1452 550000, access code: 374238#.</FONT></B><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">
  </FONT> </P>
<P align="right"> <FONT face="TimesNewRoman,Times New Roman,Times,serif">5</FONT>
</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P align="center"> <B><U><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">APPENDICES</FONT></U></B>
</P>
<UL>
  <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Consolidated
    statements of profit and loss for the three months ended June 30, 2003
    and 2002</FONT></B><BR>
    <br>
  </LI>
  <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Consolidated
    statements of profit and loss for the six months ended June 30, 2003
    and 2002</FONT></B><br>
    <br>
  </LI>
  <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Consolidated
    balance sheets as at June 30, 2003 and December 31, 2002</FONT></B><br>
    <br>
  </LI>
  <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Consolidated
    statements of cashflows for the six months ended June 30, 2003 and 2002</FONT></B><br>
    <BR>
  </LI>
  <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Consolidated
    statements of shareholders&#146; equity as at June 30, 2003 and December
    31, 2002</FONT></B><br>
    <BR>
  </LI>
  <LI><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">MIC
    quarterly analysis by region</FONT></B><BR>
  </LI>
</UL>
<P align="right"> <FONT face="TimesNewRoman,Times New Roman,Times,serif">6</FONT>
</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">Millicom
  International Cellular S.A. <br>
  Consolidated statements of profit and loss <br>
  for the three months ended June 30, 2003 and 2002</FONT></B> </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Quarter
      ended</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Quarter
      ended</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="right"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">June
      30, 2003</FONT></B></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">June
      30, 2002</FONT></B></TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">(Unaudited)</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">(Unaudited)</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">US$
      &#146;000</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">US$
      &#146;000</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Revenues</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">143,862</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">149,015</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Operating
      expenses</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Cost
      of sales (excluding depreciation and&nbsp;&nbsp;<font face="TimesNewRoman,Times New Roman,Times,serif">amortization)</font></FONT></font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(34,125</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(43,280</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Sales
      and marketing</FONT></font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(18,772</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(19,443</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">General
      and administrative expenses</FONT></font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(17,562</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(21,952</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Corporate
      and license acquisition costs</FONT></font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(5,116</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(7,465</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Write-down
      of assets, net</FONT></font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(82</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(1,319</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Depreciation
      and amortization</FONT></font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(27,885</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(33,414</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Operating
      profit</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">40,320</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">22,142</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Gain
      on exchange and disposal of investments</FONT></font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">1,784</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">34,284</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Valuation
      movement on securities</FONT></font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">61,636</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;Profit/
      (loss) from associate companies</FONT></TD>
    <TD align="right"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      81</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">
      (860</font></TD>
    <TD><font size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan=3>
      <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Profit
      before financing and taxes</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">103,821</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">55,566</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;Interest
      expense</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(16,818</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(46,482</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;Interest
      income</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">451</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">2,612</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;Gain
      realized on debt exchange</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">97,052</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;Charge
      for financial instruments</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">0</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(3,169</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;Exchange
      gain/ (loss), net</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">4,355</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(12,962</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Profit
      (loss) before taxes</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">188,861</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(4,435</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;Taxes</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(8,154</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(7,588</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Profit
      (loss) after taxes</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">180,707</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(12,023</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;Minority
      interest</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(4,672</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(2,015</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Profit
      (loss) for the quarter</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">176,035</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(14,038</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=2></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Basic
      and diluted earnings (loss) per common share (US$)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">10.81</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(0.86</FONT></TD>
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=2></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Weighted
      average number of shares and diluted potential<br>
      shares in the period (in thousands)</FONT></B></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">16,284</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">16,305</FONT></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=2></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>
<P align="right"> <FONT face="TimesNewRoman,Times New Roman,Times,serif">7</FONT>
</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<center>
  <B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">Millicom
  International Cellular S.A. <br>
  Consolidated statements of profit and loss <br>
  for the six months ended June 30, 2003 and 2002</FONT></B>
</center>
<hr size="2" noshade color="#000000">
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="17%" align="right"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">6
      months ended</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="17%" align="right"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">6
      months ended</FONT></B></TD>
    <TD width="2%" align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="17%" align="right"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">June
      30, 2003</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="17%" align="right"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">June
      30, 2002</FONT></B></TD>
    <TD width="2%" align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="17%" align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">(Unaudited)</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="17%" align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">(Unaudited)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD width="17%" align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">US$
      &#146;000</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="17%" align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">US$
      &#146;000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Revenues</FONT></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">288,581</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">294,081</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">Operating
      expenses</FONT></TD>
    <TD width="17%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Cost
      of sales (excluding depreciation and</FONT><font size="2">&nbsp;<font face="TimesNewRoman,Times New Roman,Times,serif">amortization)</font></font></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(70,671</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(83,488</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2"><FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRoman,Times New Roman,Times,serif">Sales
      and marketing</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(36,728</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(39,902</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2"><FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRoman,Times New Roman,Times,serif">General
      and administrative expenses</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(36,209</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(42,684</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Corporate
      and license acquisition costs</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(11,115</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(13,263</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Write-down
      of assets, net</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(466</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(1,608</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Depreciation
      and amortization</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(58,388</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(68,535</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=1> </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Operating
      profit</FONT></B></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">75,004</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">44,601</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2"><FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain
      on exchange and disposal of investments</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">2,965</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">26,698</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2"><FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRoman,Times New Roman,Times,serif">Valuation
      movement on securities</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">99,873</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">0</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2"><FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRoman,Times New Roman,Times,serif">Profit/
      (loss) from associate companies</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">126</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(1,680</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3">
      <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Profit
      before financing and taxes</FONT></B></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">177,968</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">69,619</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Interest
      expense</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(55,720</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(94,140</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Interest
      income</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">1,580</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">5,938</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Gain
      realized on debt exchange</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">97,052</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">0</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Other
      income</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">0</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">15,211</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Charge
      for financial instruments</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">0</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(3,989</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Exchange
      gain/ (loss) , net</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">8,109</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(16,209</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=1> <font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Profit
      (loss) before taxes</FONT></B></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">228,989</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(23,570</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Taxes</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(18,352</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(13,705</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3">
      <HR noshade size=1>
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Profit
      (loss) after taxes</FONT></B></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">210,637</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(37,275</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Minority
      interest</FONT></font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(8,376</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(3,103</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Profit
      (loss) for the period</FONT></B></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">202,261</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(40,378</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD>
      <HR noshade size=2></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD>
      <HR noshade size=2></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Basic
      and diluted earnings (loss) per common share (US$)</FONT></B></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">12.42</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">(2.47</FONT></TD>
    <TD width="2%"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=2> </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Weighted
      average number of shares and diluted potential</FONT></B></TD>
    <TD width="17%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">shares
      in the period (in thousands)</FONT></B></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">16,284</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="17%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">16,341</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3">
      <HR noshade size=2> </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>
<P align="right"> <FONT face="TimesNewRoman,Times New Roman,Times,serif">8</FONT>
</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<center>
  <B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">Millicom
  International Cellular S.A.<br>
  </FONT></B><B><FONT face="TimesNewRoman,Bold,Times New Roman,Times,serif">Consolidated
  balance sheets<br>
  as at June 30, 2003 and December 31, 2002</FONT></B>
  <hr size="2" noshade color="#000000">
</center>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="16%"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">June
      30,</FONT></B></TD>
    <TD width="3%" align="right">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Dec
      31,</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="16%"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">2003</FONT></B></TD>
    <TD width="3%" align="right">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=1 face="TimesNewRoman,Bold,Times New Roman,Times,serif">2002</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%" align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">(Unaudited)</FONT></TD>
    <TD width="3%" align="right">&nbsp;</TD>
    <TD width="13%" align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">(Audited)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%" align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">US$
      &#146;000</FONT></TD>
    <TD width="3%" align="right">&nbsp;</TD>
    <TD width="13%" align="right"><FONT size=1 face="TimesNewRoman,Times New Roman,Times,serif">US$
      &#146;000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif"><u>Assets</u></FONT></B></TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Non-current
      assets</FONT></B></TD>
    <TD width="16%"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Intangible
      assets</FONT></font></TD>
    <TD width="16%"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Goodwill,
      net</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">6,943</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">10,172</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Licenses,
      net</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">29,866</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">84,471</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Deferred
      costs and other non-current assets, net</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">6,167</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">4,919</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Tangible
      assets, net</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">412,503</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">458,933</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Financial
      assets</FONT></font></TD>
    <TD width="16%"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Investment
      in securities</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">286,307</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">220,386</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Investment
      in associated company</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">1,101</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">1,013</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Pledged
      deposits</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">20,158</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">32,921</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Deferred
      taxation</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">7,044</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">8,470</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3">
      <hr size="1" noshade></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Total
      non-current assets</FONT></B></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">770,089</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">821,285</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3">
      <hr size="1" noshade></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Current
      assets</FONT></B></TD>
    <TD width="16%"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Investment
      in securities</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">103,682</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">101,540</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Inventories</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">7,076</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">6,962</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">Debtors</FONT></font></TD>
    <TD width="16%"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRoman,Times New Roman,Times,serif">Trade
      debtors, net</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">105,950</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">113,221</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRoman,Times New Roman,Times,serif">Amounts
      due from joint ventures</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">12,398</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">14,053</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRoman,Times New Roman,Times,serif">Amounts
      due from affiliated companies</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">6,672</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">6,806</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRoman,Times New Roman,Times,serif">Prepaid
      and accrued income</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">18,876</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">14,148</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRoman,Times New Roman,Times,serif">Other
      current assets</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">32,269</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">38,453</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time
      deposits</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">11,750</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">16,200</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRoman,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents</FONT></font></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">76,817</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">70,451</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3">
      <hr size="1" noshade></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Total
      current assets</FONT></B></TD>
    <TD width="16%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">375,490</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><FONT size=2 face="TimesNewRoman,Times New Roman,Times,serif">381,834</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3">
      <hr size="1" noshade></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">Total
      assets</FONT></B></TD>
    <TD width="16%" align="right"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">1,145,579</FONT></B></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="13%" align="right"><B><FONT size=2 face="TimesNewRoman,Bold,Times New Roman,Times,serif">1,203,119</FONT></B></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3">
      <HR noshade size=2> </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>
<P align="right"> <FONT face="TimesNewRoman,Times New Roman,Times,serif">9</FONT>
</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<div align="center"><br>
  <br>
  <font size="2" face="Times New Roman, Times, serif"><strong>Millicom International
  Cellular S.A.<br>
  Consolidated balance sheets <br>
  as at June 30, 2003 and December 31, 2002 </strong></font> </div>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="4" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="4" align="left"><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="center"><strong><font size="2" face="Times New Roman, Times, serif">June
      30,<br>
      2003 </font></strong></TD>
    <TD>&nbsp;</TD>
    <TD width="10%" align="center"><strong><font size="2" face="Times New Roman, Times, serif">Dec
      31,<br>
      2002 </font></strong></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">(Unaudited)<br>
      US$ '000<br>
      </font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">(Audited)<br>
      US$ '000</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><strong><font size="2" face="Times New Roman, Times, serif"><u>Shareholders&#146;
      equity and liabilities</u></font></strong></TD>
    <TD width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><strong><font size="2" face="Times New Roman, Times, serif">Shareholders&#146;
      equity </font></strong></TD>
    <TD width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Share
      capital and premium</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">238,696</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">281,989</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Treasury
      stock</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(11,228</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(54,521</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;2%
      PIK notes</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">16,293</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Legal
      reserve</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">4,256</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">4,256</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Retained
      loss brought forward</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(442,862</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(57,719</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Profit
      (loss) for the period</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">202,261</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(385,143</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Currency
      translation reserve</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(93,986</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="Times New Roman, Times, serif">(84,121</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="3" align="right"><font size="2" face="Times New Roman, Times, serif">
      <hr noshade size=1>
      </font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="Times New Roman, Times, serif">Total
      shareholders&#146; equity</FONT></B></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">(86,570</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">(295,259</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="3" align="right"><font size="2" face="Times New Roman, Times, serif">
      <hr noshade size=1>
      </font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="Times New Roman, Times, serif">Minority
      interest</FONT></B></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">32,534</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">23,733</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="3" align="right"><font size="2" face="Times New Roman, Times, serif">
      <hr noshade size=1>
      </font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="Times New Roman, Times, serif">Liabilities</FONT></B></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Liabilities
      due after more than one year</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      taxation</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">26,875</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">26,874</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
      13.5% debt</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">136,384</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">912,539</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
      11% debt</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">562,219</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%
      PIK notes</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">49,738</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      debt and financing</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">132,630</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">159,370</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="3" align="right"><font size="2" face="Times New Roman, Times, serif">
      <hr noshade size=1>
      </font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">907,846</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">1,098,783</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="3" align="right"><font size="2" face="Times New Roman, Times, serif">
      <hr noshade size=1>
      </font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;Liabilities
      due within one year</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      debt and financing</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">82,685</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">156,666</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
      creditors</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">86,485</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">90,945</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
      due to shareholders</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">1,016</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">4,021</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
      due to affiliated companies</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">68</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">6,487</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
      interest and other expenses</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">42,143</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">42,745</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      current liabilities</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">79,372</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">74,998</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="3" align="right"><font size="2" face="Times New Roman, Times, serif">
      <hr noshade size=1>
      </font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">291,769</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">375,862</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="3" align="right"><font size="2" face="Times New Roman, Times, serif">
      <hr noshade size=1>
      </font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="Times New Roman, Times, serif">Total
      liabilities</FONT></B></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">1,199,615</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="Times New Roman, Times, serif">1,474,645</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="3" align="right"><font size="2" face="Times New Roman, Times, serif">
      <hr noshade size=1>
      </font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="Times New Roman, Times, serif">Total
      shareholders&#146; equity and liabilities</FONT></B></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="Times New Roman, Times, serif">1,145,579</FONT></B></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="Times New Roman, Times, serif">1,203,119</FONT></B></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="right"><hr noshade size=3></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="right">&nbsp;</TD>
    <TD><font size="3" face="Times New Roman, Times, serif">10</font></TD>
  </TR>
</TABLE>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<br>
<P align="center"> &nbsp;&nbsp;<font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;<B>Millicom
  International Cellular S.A. <br>
  Consolidated statements of cash flows <br>
  for the six months ended June 30, 2003 and 2002 </B></font> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;<b><font size=1 face="serif">June
      30,</font></b><br> <b><font size=1 face="serif">2003</font></b></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><b><font size=1 face="serif">June
      30,<br>
      2002</font></b></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><font size=1 face="serif">(Unaudited)</font></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><font size=1 face="serif">(Unaudited)</font></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;<font size=1 face="serif">US$
      &#146;000</font></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><font size=1 face="serif">US$ &#146;000</font></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="serif">Net cash provided by operating activities</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">73,670</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">11,480</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="serif">Cash flow from investing activities</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">13,192</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">29,347</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="serif">Cash flow from financing activities</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(80,893)</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(52,924)</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="serif">Cash effect of exchange rate changes</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">397</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(650)</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3" align="right"><hr size="1" noshade> </TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="serif">Net decrease in cash and cash equivalents</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">6,366</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(12,747)</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="serif">Cash and cash equivalents, beginning</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">70,451</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">56,276</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="4" align="right"> <hr size="1" noshade> </TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><FONT size=2 face="serif">Cash and cash equivalents, ending</FONT></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">76,817</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">43,529</FONT></TD>
    <TD width="2%" align="left"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right"><hr size="2" noshade></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
</TABLE>
<P align="right">&nbsp;</P>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size="2" face="Times New Roman, Times, serif">Millicom
  International Cellular S.A. <br>
  Consolidated statements of shareholders&#146; equity <br>
  as at June 30, 2003 and December 31, 2002 </FONT></B> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="5"> <hr noshade size=2></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom">&nbsp;</TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=1 face="serif">June
      30,</FONT></B></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=1 face="serif">December
      31,</FONT></B></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=1 face="serif">2003</FONT></B></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=1 face="serif">2002</FONT></B></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=1 face="serif">(Unaudited)</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=1 face="serif">(Audited)</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=1 face="serif">US$
      &#146;000</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=1 face="serif">US$
      &#146;000</FONT></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Shareholders&#146;
      equity at January 1</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">(295,259</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">68,894</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Purchase of treasury
      stock</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">(2,488</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Profit (loss)
      for the period</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">202,261</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">(385,143</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Prolonged decrease
      in market value of Tele2 AB shares</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">-</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">61,325</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Movement in currency
      translation reserve</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">(9,865</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">(37,847</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Issuance of equity
      instruments</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">16,293</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="3" align="right" valign="bottom"><hr size="2" noshade>
    </TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Shareholders&#146;
      equity</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">(86,570</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">(295,259</FONT></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">)</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="3" align="right" valign="bottom"><hr size="2" noshade>
    </TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left">&nbsp;</TD>
  </TR>
</TABLE>
<P align="right"><font size="3" face="Times New Roman, Times, serif">11</font>
</P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<div align="center"> <br>
  <font size="2" face="Times New Roman, Times, serif"><strong>Millicom International
  Cellular S.A.<br>
  Quarterly analysis by region </strong></font> <br>
  <br>
</div>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="39%">&nbsp;</TD>
    <TD align="right" valign="bottom"><strong><font size="1" face="Times New Roman, Times, serif">03
      Q2</font></strong></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><strong><font size="1" face="Times New Roman, Times, serif">03
      Q1</font></strong></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><strong><font size="1" face="Times New Roman, Times, serif">02
      Q4</font></strong></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><strong><font size="1" face="Times New Roman, Times, serif">02
      Q3</font></strong></TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><strong><font size="1" face="Times New Roman, Times, serif">02
      Q2</font></strong></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Times New Roman, Times, serif">Gross cellular
      subs</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Sanbao Telecom</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">2,228,165</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">2,013,922</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,841,537</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,662,352</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,513,642</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">MIC Latin America</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">1,798,128</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,814,199</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,755,124</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,665,919</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,597,531</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">MIC Africa</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">445,542</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">420,593</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">406,250</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">387,460</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">372,400</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="9" align="right" valign="bottom"> <HR noshade size=1> </TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Sub-total</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">4,471,835</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">4,248,714</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">4,002,911</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">3,715,731</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">3,483,573</FONT></B></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Divested</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">0</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">249,126</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">254,370</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">264,701</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="9" align="right" valign="bottom"> <HR noshade size=1> </TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Total</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">4,471,835</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">4,248,714</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">4,252,037</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">3,970,101</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">3,748,274</FONT></B></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="9" align="right" valign="bottom"> <hr noshade size=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Times New Roman, Times, serif">Prop cellular
      subs</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Sanbao Telecom</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">1,393,918</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,260,683</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,158,253</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,055,479</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">991,877</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">MIC Latin America</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">1,393,363</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,422,825</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,359,437</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,294,547</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,255,495</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">MIC Africa</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">296,674</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">279,095</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">266,497</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">251,743</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">225,588</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="9" align="right" valign="bottom"> <HR noshade size=1> </TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Sub-total</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">3,083,955</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">2,962,603</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">2,784,187</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">2,601,769</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">2,472,960</FONT></B></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Divested</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">0</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">0</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">237,686</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">221,455</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">223,417</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="9" align="right" valign="bottom"> <HR noshade size=1> </TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Total</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">3,083,955</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">2,962,603</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">3,021,873</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">2,823,224</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">2,696,377</FONT></B></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9" align="right" valign="bottom"> <HR noshade size=2> </TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Times New Roman, Times, serif">Revenue (US$
      &#146;000)</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Sanbao Telecom</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">67,456</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">64,264</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">59,996</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">56,730</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">54,389</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">MIC Latin America</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">54,581</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">53,272</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">57,821</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">56,789</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">55,864</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">MIC Africa</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">18,474</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">17,992</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">16,892</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">16,614</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">14,183</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Other</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">3,351</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">3,175</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">2,606</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">2,690</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">3,314</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9" align="right" valign="bottom"> <HR noshade size=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Sub-total</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">143,862</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">138,703</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">137,315</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">132,823</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">127,750</FONT></B></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Divested</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">0</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">6,016</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">17,964</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">23,003</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">21,265</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="9" align="right" valign="bottom"> <HR noshade size=1> </TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Total</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">143,862</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">144,719</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">155,279</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">155,826</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">149,015</FONT></B></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9" align="right" valign="bottom"> <HR noshade size=2> </TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="Times New Roman, Times, serif">EBITDA (US$
      &#146;000)</FONT></B></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Sanbao Telecom</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">38,214</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">36,394</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">37,060</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">31,922</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">27,604</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">MIC Latin America</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">25,985</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">24,942</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">26,552</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">25,327</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">24,263</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">MIC Africa</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">8,317</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">6,955</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">1,237</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">4,304</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">4,211</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Other</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">887</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">670</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">699</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">98</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">685</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="9" align="right" valign="bottom"> <HR noshade size=1> </TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Sub-total</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">73,403</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">68,961</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">65,548</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">61,651</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">56,763</FONT></B></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Divested</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">0</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">2,609</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">6,896</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">9,438</FONT></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><FONT size=2 face="Times New Roman, Times, serif">7,577</FONT></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="9" align="right" valign="bottom"> <HR noshade size=1> </TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="Times New Roman, Times, serif">Total</FONT></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">73,403</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">71,570</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">72,444</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">71,089</FONT></B></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><B><FONT size=2 face="Times New Roman, Times, serif">64,340</FONT></B></TD>
    <TD width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="9" align="right" valign="bottom"><hr noshade size=2> </TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="2%" align="left" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD width="10%" align="right" valign="bottom"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="6%" valign="top"><em><font size="1" face="Times New Roman, Times, serif">N.B:</font></em></td>
    <td width="2%" valign="top"><em><font size="1" face="Times New Roman, Times, serif">-
      </font></em></td>
    <td width="92%"><em><font size="1" face="Times New Roman, Times, serif">MIC
      has reclassified its operation in Mauritius to MIC Africa from Sanbao
      Telecom and has restated all prior periods to reflect this change</font></em></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top"><em><font size="1" face="Times New Roman, Times, serif">-</font></em></td>
    <td><em><font size="1" face="Times New Roman, Times, serif">MIC has
      discontinued consolidating El Salvador on a proportional basis with
      effect from May 2001 </font></em></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
</table>
<div align="right"><font size="3" face="Times New Roman, Times, serif">12</font><br>
</div>
<br>
<P align="left">&nbsp; </P>
<BR>
</BODY>
</HTML>

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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
