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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950103-03-002124.txt : 20031104
<SEC-HEADER>0000950103-03-002124.hdr.sgml : 20031104
<ACCEPTANCE-DATETIME>20031104162655
ACCESSION NUMBER:		0000950103-03-002124
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031104
FILED AS OF DATE:		20031104

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:		03976666

	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>nov0403_6k.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>MILLICOM 6-K</TITLE>
</HEAD>
<body leftmargin="50p" marginwidth="50p">
<HR size="4" noshade color="#000000" style="margin-top: -2px">
<HR size="1" noshade color="#000000" style="margin-top: -10px"><br>
<div align="center">
</div>
<p align="center"><b><font size="3" face="Times New Roman, Times, serif">FORM
  6-K</font></b></p>
<div align="center"><font size="3" face="Times New Roman, Times, serif"><b>
  SECURITIES AND EXCHANGE COMMISSION<br>
  Washington, D.C. 20549<BR>
  <BR>
  Report of Foreign Issuer</b> </font></div>
<p align="center"><font size="3" face="Times New Roman, Times, serif"><b>
  Pursuant to Rule 13a-16 or 15d-16 of<br>
  the Securities Exchange Act of 1934 </b></font></p>
<font size="3" face="Times New Roman, Times, serif"><br>
</font><font face="Times New Roman, Times, serif">
<p align="center"><font size="3">For November 4, 2003<br>
  <br>
  Commission File Number: 000-22828<br>
  <br>
  <strong>MILLICOM INTERNATIONAL CELLULAR S.A.</strong><br>
  75 Route de Longwy<br>
  Box 23, L-8080 Bertrange<br>
  Grand-Duchy of Luxembourg </font><br>
  _____________________________________<BR>
  <font size="2">(Address of principal executive offices)</font><br>
</p>
</font>
<blockquote>
  <blockquote>
    <blockquote>
      <p align="left"><font size="2" face="Times New Roman, Times, serif">Indicate
        by check mark whether the Registrant files or will file annual
        reports under cover Form 20-F or Form 40-F:</font></p>
    </blockquote>
  </blockquote>
</blockquote>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%"> <div align="right"><font size="2" face="Times New Roman, Times, serif">FORM
        20-F [X</font></div></td>
    <td width="9%"><font size="2" face="Times New Roman, Times, serif">]</font></td>
    <td width="46%"><font size="2" face="Times New Roman, Times, serif">FORM
      40-F &nbsp;[&nbsp;&nbsp;]</font></td>
  </tr>
</table>
<font face="Times New Roman, Times, serif"><br>
</font>
<blockquote>
  <blockquote>
    <blockquote>
      <p align="left"><font size="2" face="Times New Roman, Times, serif">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>
      <p align="left"><font size="2" face="Times New Roman, Times, serif">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>
      <p align="left"><font size="2" face="Times New Roman, Times, serif">Indicate
        by check mark whether the registrant by furnishing the information
        contained in this Form is also thereby furnishing <br>
        the information to the Commission pursuant to Rule 12g3-2(b)
        under the Securities Exchange Act of 1934.</font></p>
    </blockquote>
  </blockquote>
</blockquote>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%"> <div align="right"><font size="2" face="Times New Roman, Times, serif">YES
        &nbsp;[&nbsp;&nbsp;]</font></div></td>
    <td width="9%">&nbsp;</td>
    <td width="46%"><font size="2" face="Times New Roman, Times, serif">NO
      [X]</font></td>
  </tr>
</table>
<blockquote>
  <blockquote>
    <blockquote>
      <p align="left"><font size="2" face="Times New Roman, Times, serif">If
        &#147;Yes&#148; is marked, indicate below the file number assigned
        to the registrant in connection with Rule 12g3-2(b): 82- ____________</font></p>
    </blockquote>
  </blockquote>
</blockquote>
<font face="Times New Roman, Times, serif"><BR>
</font>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
<font face="Times New Roman, Times, serif">
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<br>
</font>
<table width="90%" border="0" cellspacing="0" cellpadding="10" align="center">
  <tr align="center" valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">MILLICOM
      INTERNATIONAL CELLULAR S.A. </font><font face="Times New Roman, Times, serif"><BR>
      <font size="2">INDEX TO EXHIBITS</font> </font></td>
  </tr>
  <tr>
    <td width="7%" align="center"><font size="2" face="Times New Roman, Times, serif"><u>Item</u>
      </font></td>
    <td width="93%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;
      Press release dated November 4, 2003.</font></td>
  </tr>
</table>
  <br>
  <br>
  <br>
  <br>
  <br>
  <br>
  <br>
  <br>
  <br>
  <br>
  <br>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR align="right" SIZE=5 NOSHADE COLOR=GRAY>
<BR>

<br>
<table width="90%" border="0" cellspacing="0" cellpadding="10" align="center">
  <tr>
    <td><p align=center><FONT SIZE="4"><B><font size="2" face="Times New Roman, Times, serif">SIGNATURES</font></B></FONT></p>
      <p align="left"><font size="2" face="Times New Roman, Times, serif">Pursuant to the
        requirements of the Securities Exchange Act
        of 1934, the Registrant has duly caused this
        report to be signed on its behalf by the undersigned,
        thereunto duly authorized.</font></p>
</td>
  </tr>
</table>
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%" align="center">
  <TR ALIGN="left">
    <TD width="50%" rowspan="2" VALIGN="MIDDLE"><font size="2" face="Times New Roman, Times, serif"><br>
      </font></TD>
    <TD colspan="2" valign="top"><font size="2" face="Times New Roman, Times, serif">MILLICOM
      INTERNATIONAL CELLULAR S.A.</font></TD>
  </tr>
  <TR ALIGN="left">
    <TD colspan="2" align="center" valign="top"><p><font size="2" face="Times New Roman, Times, serif">(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      <p>&nbsp;</p></TD>
  </tr>
  <TR ALIGN="left">
    <TD VALIGN="MIDDLE"><font size="2" face="Times New Roman, Times, serif">Dated:
      November 4, 2003</font></TD>
    <TD width="5%" valign="top"><font size="2" face="Times New Roman, Times, serif">By:</font></TD>
    <TD width="45%" valign="top"><font size="2" face="Times New Roman, Times, serif"><u>/s/
      John Ratcliffe &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
  </tr>
  <TR ALIGN="left">
    <TD VALIGN="MIDDLE"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD valign="top"><font size="2" face="Times New Roman, Times, serif">Name:
      John Ratcliffe<br>
      Title: &nbsp;&nbsp;Chief Financial Controller</font></TD>
  </tr>
</TABLE>
<BR>


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<BR>


<p align="right"><strong><br>
  Item 1 </strong></p>

<P align="center">
<IMG src="logo.jpg" border=0>
</P>

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

<!-- MARKER FORMAT-SHEET="Right Bold" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>FOR IMMEDIATE
RELEASE<BR>November 4, 2003 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Bold" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>REVISION OF
ACCOUNTING TREATMENT OF THE MANDATORILY<BR>EXCHANGEABLE NOTES </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">New York, London and
Luxembourg &#150; November 4, 2003 &#150; Millicom International Cellular S.A.
(&#147;Millicom&#148;) (Nasdaq: MICC) announced its results for the quarter and nine
months ended September 30, 2003 on October 22, 2003. Prior to that release, the accounting
treatment of its approximately $310 million 5% Mandatorily Exchangeable Notes (the
&#147;Notes&#148;) and the Tele2 AB shares into which the Notes are exchangeable was
reviewed by PricewaterhouseCoopers, Millicom&#146;s auditors.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Subsequently,
PricewaterhouseCoopers has advised Millicom that there should be a change of accounting
treatment relating to the Notes and the Tele2 AB shares. Based upon this revised
professional advice, and to ensure compliance with IFRS, Millicom has decided to adopt
this change. As a result, Millicom will mark-to-market on a quarterly basis the value of
its holding of Tele2 AB shares, with any resulting changes in fair value being recorded in
Millicom&#146;s profit and loss statement for such period under the heading
&#147;valuation movement on securities&#148;. Millicom will also account for the embedded
derivative relating to the corresponding Note revaluation and to the potential 30% premium
if the price of the Tele2 AB shares is above the reference price of SEK 285 in accordance
with the terms of the Notes, at fair value with any subsequent change in its fair value
being recorded in the profit and loss statement. The net impact on Millicom&#146;s results
reflects an economic hedge against a decrease in the price of Tele2 AB shares and the
premium that Millicom would realize at maturity if the price of the Tele2 AB shares is
above the reference price in accordance with the terms of the Notes.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Accordingly, Millicom
is reissuing its results for the quarter and nine months ended September 30, 2003 to
reflect the change in accounting treatment relating to the Notes, which results in an
increase of $10.7 million in its profit and net shareholders&#146; equity for the nine
months ended September 30, 2003. Although changes in the market value of the Tele2 AB
shares will impact Millicom&#146;s net income on a quarterly basis until the Notes mature
in August 2006, the aggregate net impact over this period cannot result in a loss to
Millicom.</FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>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 of approximately 382 million people. In addition, MIC
provides high-speed wireless data services in five countries.</I></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>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.</I></FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" -->
<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>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.</I></FONT> </P>


<!-- MARKER FORMAT-SHEET="Two columns - left" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>CONTACTS:</B><BR><B>Marc Beuls</B><BR>
President and Chief Executive Officer<BR>
Millicom International Cellular S.A., Luxembourg</FONT></FONT></TD>
<TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Telephone: +352 27 759 101</B></FONT></FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Two columns - left" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR valign=top>
<TD WIDTH="50%">
<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Andrew Best</B><BR>
Investor Relations<BR>
Shared Value Ltd, London<BR>
Visit our web site at: <U>www.millicom.com</U></FONT></FONT></TD>
<TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Telephone: +44 20 7321 5022</B></FONT></FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Right Italic" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Page 1 of 6 </I></FONT></P>

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<BR>



<!-- MARKER FORMAT-SHEET="Center Bold" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Millicom
International Cellular S.A. </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Bold" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Consolidated
statements of profit and loss<BR>for the three months ended September 30, 2003 and 2002 </B></FONT></P>

<HR SIZE=2 NOSHADE color="#000000">
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>Quarter
      ended<BR>
      Sept 30, 2003</strong><BR>
      <BR>
      (Unaudited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>Quarter
      ended<BR>
      Sept 30, 2002</strong><BR>
      <BR>
      (Unaudited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="69%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Revenues</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">156,668</FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">155,826</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Operating
      expenses</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Cost
      of sales (excluding depreciation and amortization)</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(36,900</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(40,410</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Sales
      and marketing</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(20,558</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(20,093</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;General
      and administrative expenses</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(16,348</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(24,234</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Corporate
      and license acquisition costs</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(5,829</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(3,559</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Write-down
      of assets, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(7,841</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Depreciation
      and amortization</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(32,266</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(37,380</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Operating
      profit</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">44,767</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">22,309</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Loss
      on exchange and disposal of investments</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(59,737</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Valuation
      movement on securities</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">17,532</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(17,462</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Fair
      value result on financial instruments</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(26,440</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Profit/
      (loss) from associated companies</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">91</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(860</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit
      (loss) before financing and taxes</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">35,950</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(55,750</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Interest
      expense</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(36,044</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(49,709</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Interest
      income</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3,396</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">3,188</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Income
      for financial instruments</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">22,911</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Exchange
      loss, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(1,796</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(2,199</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit
      (Loss) before taxes</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,506</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(81,559</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Taxes</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(10,749</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(5,844</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Loss
      after taxes</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(9,243</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(87,403</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Minority
      interest</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(3,962</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(2,417</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Loss
      for the quarter</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(13,205</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(89,820</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Basic
      and diluted loss per common share (US$)</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(0.81</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(5.51</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Weighted
      average number of shares and diluted</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">potential
      shares in the period (in thousands)</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">16,325</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">16,287</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
</TABLE>
<BR>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Page 2 of 6 </I></FONT></P>

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<BR>


<!-- MARKER FORMAT-SHEET="Center Bold" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Millicom International
Cellular S.A. </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Bold" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Consolidated
statements of profit and loss<BR>for the nine months ended September 30, 2003 and 2002 </B></FONT></P>

<HR SIZE=2 NOSHADE color="#000000">
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>9
      months ended<BR>
      Sept 30, 2003</strong><BR>
      <BR>
      (Unaudited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>9
      months ended<BR>
      Sept 30, 2002</strong><BR>
      <BR>
      (Unaudited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="62%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Revenues</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">445,249</FONT></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="14%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">449,907</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Operating
      expenses</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Cost
      of sales (excluding depreciation and</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(107,571</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(123,898</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;amortization)</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Sales
      and marketing</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(57,286</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(59,995</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;General
      and administrative expenses</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(52,557</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(66,918</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Corporate
      and license acquisition costs</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(17,100</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(16,822</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Write-down
      of assets, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(310</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(9,449</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Depreciation
      and amortization</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(90,654</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(105,915</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Operating
      profit</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">119,771</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">66,910</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Gain
      (loss) on exchange and disposal of investments</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,965</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(33,039</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Valuation
      movement on securities</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">117,405</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(305,471</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Fair
      value result on financial instruments</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(26,440</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Profit/
      (loss) from associated companies</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">217</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(2,540</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit
      before financing and taxes</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">213,918</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(274,140</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Interest
      expense</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(91,764</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(143,849</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Interest
      income</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,976</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">9,126</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Gain
      realized on debt exchange</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">97,052</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Other
      income</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">13,571</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Income
      for financial instruments</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">20,562</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Exchange
      gain/ (loss), net</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6,313</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(18,408</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit
      (loss) before taxes</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">230,495</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(393,138</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Taxes</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(29,101</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(19,549</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit
      (loss) after taxes</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">201,394</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(412,687</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;Minority
      interest</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(12,338</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(5,520</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit
      (loss) for the period</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">189,056</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(418,207</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit
      (loss) on a diluted basis</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">191,188</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(418,207</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Basic
      earnings (loss) per common share (US$)</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">11.60</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(25.62</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Diluted
      earnings (loss) per common shares (US$)</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">9.80</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(25.62</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Weighted
      average number of shares in the period</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(in
      thousands)</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">16,298</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">16,326</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Weighted
      average number of shared and diluted</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">potential
      shares in the period (in thousands)</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">19,510</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">16,326</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
</TABLE>

<BR>
<BR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Page 3 of 6 </I></FONT></P>

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<!-- MARKER FORMAT-SHEET="Center Bold" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Millicom
International Cellular S.A.<BR>Consolidated balance sheets<BR>as at September 30, 2003 and
December 31, 2002 </B></FONT></P>

<HR SIZE=2 NOSHADE color="#000000">
<BR>




<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>Sept
      30, 2003</strong><BR>
      (Unaudited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>Dec.
      31, 2002</strong><BR>
      (Audited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="66%" ALIGN="LEFT"><strong><u><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Assets</FONT></u></strong></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="13%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Non-current
      assets</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Intangible
      assets</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill,
      net</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">54,813</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">10,172</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licenses,
      net</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">34,139</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">84,471</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      costs and other non-current assets, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">5,624</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,919</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Tangible
      assets, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">481,691</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">458,933</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Financial
      assets</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
      in securities</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">397,708</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">220,386</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
      in associated company</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,013</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,013</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledged
      deposits</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">20,507</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">32,921</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      taxation</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6,179</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">8,470</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total
      non-current assets</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,001,674</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">821,285</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Current
      assets</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Investment
      in securities</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">101,540</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">10,403</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6,962</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Debtors</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
      debtors, net</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">106,932</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">113,221</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
      due from joint ventures</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">12,385</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">14,053</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
      due from other related parties</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,416</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6,806</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Prepaid
      and accrued income</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">26,456</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">14,148</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Other
      current assets</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">32,319</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">38,453</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Time
      deposits</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">16,034</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">16,200</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">134,631</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">70,451</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total
      current assets</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">343,576</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">381,834</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total
      assets</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,345,250</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,203,119</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
</TABLE>
<BR>
<BR>


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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Page 4 of 6 </I></FONT></P>

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<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Millicom
International  Cellular S.A.<BR>Consolidated balance sheets<BR>as at September 30, 2003 and
December 31, 2002 </B></FONT></P>

<HR SIZE=2 NOSHADE color="#000000">
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>Sept
      30, 2003</strong><BR>
      (Unaudited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>Dec.
      31, 2002</strong><BR>
      (Audited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="69%" ALIGN="LEFT"><strong><u><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Shareholders&#146;
      equity and liabilities</FONT></u></strong></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Shareholders&#146;
      equity</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Share
      capital and premium</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">239,633</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">281,989</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Treasury
      stock</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(8,705</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(54,521</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;2%
      PIK notes</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">16,053</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Legal
      reserve</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,256</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,256</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Retained
      loss brought forward</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(453,563</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(57,719</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Profit
      (loss) for the period</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">189,056</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(385,143</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Currency
      translation reserve</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(91,312</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(84,121</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total
      shareholders&#146; equity</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(104,582</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(295,259</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Minority
      interest</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">23,984</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">23,733</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Liabilities</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Non-current
      liabilities</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      taxation</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">36,574</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">26,874</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
      13.5% debt</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">136,443</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">912,539</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
      11% debt</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">395,219</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%
      PIK notes</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">50,022</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%
      Mandatory Exchangeable Bond - Debt Component</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">283,173</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%
      Mandatory Exchangeable Bond - Embedded Derivative</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">45,320</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      debt and financing</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">125,932</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">159,370</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,072,683</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,098,783</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;Current
      liabilities</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      debt and financing</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">105,616</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">156,666</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
      creditors</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">93,688</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">90,945</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
      due to shareholders</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">4,021</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
      due to other related parties</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">779</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">6,487</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
      interest and other expenses</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">55,241</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">42,745</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      current liabilities</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">97,841</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">74,998</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">353,165</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">375,862</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total
      liabilities</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,425,848</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,474,645</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Total
      shareholders&#146; equity and liabilities</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,345,250</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><strong><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">1,203,119</FONT></strong></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
</TABLE>

<BR>
<BR>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Page 5 of 6 </I></FONT></P>

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<BR>


<!-- MARKER FORMAT-SHEET="Center Bold" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Millicom
International Cellular S.A.<BR>Consolidated statements of cash flows<BR>for the nine months
ended September 30, 2003 and 2002 </B></FONT></P>

<HR SIZE=2 NOSHADE color="#000000">
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>Sept
      30, 2003</strong><BR>
      (Unaudited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>Sept
      30, 2002</strong><BR>
      (Unaudited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="69%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Net
      cash provided by operating activities</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">128,322</FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">54,693</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cash
      flow from investing activities</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(14,173</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">17,206</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cash
      flow from financing activities</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(50,464</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(79,516</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cash
      effect of exchange rate changes</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">495</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(301</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Net
      increase (decrease) in cash and cash equivalents</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">64,180</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(7,918</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cash
      and cash equivalents, beginning</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">70,451</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">56,276</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="1"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Cash
      and cash equivalents, ending</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">134,631</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">48,358</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
</TABLE>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Center Bold" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Millicom
International  Cellular S.A.<BR>Consolidated
statements of changes in shareholders&#146; equity<BR>for the nine months ended  September
30, 2003 and the year ended December 31, 2002 </B></FONT></P>

<HR SIZE=2 NOSHADE color="#000000">
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="95%">
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>Sept
      30, 2003</strong><BR>
      (Unaudited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1"><strong>Dec
      31, 2002</strong><BR>
      (Audited)<BR>
      US$ &#146;000</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="69%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Shareholders&#146;
      equity at January 1</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(295,259</FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD WIDTH="11%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">68,894</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">New
      shares issued</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">937</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Treasury
      shares used to offset liability to shareholders</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">2,523</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Purchase
      of treasury stock</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(2,488</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Profit
      (loss) for the period</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">189,056</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(385,143</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Effect
      of consolidation of El Salvador</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(10,701</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Prolonged
      decrease in market value</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">61,325</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Movement
      in currency translation reserve</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(7,191</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(37,847</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Issuance
      of equity instruments (2% PIK Notes)</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">16,053</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">-</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">Shareholders&#146;
      equity</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(104,582</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">(295,259</FONT></TD>
    <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="-1">)</FONT></TD>
  </TR>
  <TR VALIGN=BOTTOM>
    <TD COLSPAN="2"></TD>
    <TD COLSPAN="2"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
    <TD COLSPAN="2" ALIGN="RIGHT"><HR NOSHADE COLOR="Black" SIZE="3"></TD>
  </TR>
</TABLE>
<BR>
<BR>

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`
end

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