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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-04-000270.txt : 20040218
<SEC-HEADER>0000950103-04-000270.hdr.sgml : 20040218
<ACCEPTANCE-DATETIME>20040218170959
ACCESSION NUMBER:		0000950103-04-000270
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040218
FILED AS OF DATE:		20040218

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22828
		FILM NUMBER:		04613859

	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/A
<SEQUENCE>1
<FILENAME>feb1804_6k.htm
<TEXT>
<html>
<head>
<title>MILLICOM INTERNATIONAL</title>
</head>
<body leftmargin="50p" marginwidth="50p">
<hr align="center" width="100%" size="4" noshade color="#000000" style="margin-top: -2px">
<hr align="center" width="100%" size="1" noshade color="#000000" style="margin-top: -10px">
<p>&nbsp;</p>
<p align="center"><font face="Times New Roman, Times, serif" size="2"><b><font size="3">FORM 6-K</font></b></font></p>
<div align="center"><font face="Times New Roman, Times, serif" size="3"><b>SECURITIES AND EXCHANGE COMMISSION<br>
  Washington, D.C. 20549</b></font>
</div>
<p align="center"><font face="Times New Roman, Times, serif" size="3"><b>Report of Foreign Issuer</b></font></p>
<p align="center"><font face="Times New Roman, Times, serif" size="3"><b>Pursuant to Rule 13a-16
      or 15d-16 of<br>
the Securities
      Exchange Act of 1934</b></font></p>
<p align="center"><font face="Times New Roman, Times, serif" size="3">For February
  18, 2004</font></p>
<p align="center"><font face="Times New Roman, Times, serif" size="3">Commission File Number: 000-22828</font></p>

    <div align="center"><font size="3" face="Times New Roman, Times, serif" align="left">MILLICOM INTERNATIONAL</font></div>

    <div align="center"><font size="3" face="Times New Roman, Times, serif" align="left">CELLULAR S.A.</font></div>

    <div align="center"><font size="3" face="Times New Roman, Times, serif" align="left">75 Route de Longwy</font></div>

    <div align="center"><font size="3" face="Times New Roman, Times, serif" align="left">Box 23, L-8080 Bertrange</font></div>

    <div align="center"><font size="3" face="Times New Roman, Times, serif" align="left">Grand-Duchy of Luxembourg</font></div>
<hr align=center width=30% size=1 noshade color="#000000">
    <div align="center"><font face="Times New Roman, Times, serif" size="2">(Address of principal executive offices)</font>
    </div>
    <blockquote>
      <blockquote>
        <blockquote>
          <p><font size="3" face="Times New Roman, Times, serif">Indicate
                    by check mark whether the registrant files or will file annual reports
                under cover of Form 20-F or Form 40-F.</font></p>
        </blockquote>
      </blockquote>
    </blockquote>
<div align=center>
  <table width="60%" border=0 cellpadding=0 cellspacing=0>
        <tr align="center">
          <td width="25%" align="right" valign="top"><font size="3" face="Times New Roman, Times, serif">Form
              20-F <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u> </font></td>
          <td width="50%" align="left" valign="top">&nbsp;</TD>
          <td width="25%" align="left" valign="top"><font size="3" face="Times New Roman, Times, serif">Form
              40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>   </tr>
  </table>
</div>
<blockquote>
  <blockquote>
        <blockquote>
          <p><font size="3" 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><font size="3" 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><font size="3" 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 the information to the Commission
      pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font>
          </p>
        </blockquote>
  </blockquote>
</blockquote>
<div align=center>
  <table width="60%" border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="25%" align="right" valign="top"><font size="3" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
      <td width="50%" align="left" valign="top">&nbsp;</TD>
      <td width="25%" align="left" valign="top"><font size="3" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></TD>
    </tr>
  </table>
</div>
<blockquote>
  <blockquote>
    <blockquote>
      <p><font size="3" 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><font size="2" face="Times New Roman, Times, serif"><br>
        <br>
      </font></p>
    </blockquote>
  </blockquote>
</blockquote>
<hr align="center" width="100%" size="1" noshade color="#000000" style="margin-top: -2px">
<hr align="center" width="100%" size="4" noshade color="#000000" style="margin-top: -10px">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">MILLICOM INTERNATIONAL CELLULAR S.A.</font></p>
<p align="center"><font face="Times New Roman, Times, serif" size="2">INDEX TO EXHIBITS</font></p>
<p><font face="Times New Roman, Times, serif" size="2"><u>Item</u></font></p>
<table width="90%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%" valign="top"><font face="Times New Roman, Times, serif" size="2">1.</font></td>
    <td width="96%"><font face="Times New Roman, Times, serif" size="2">Press
      release dated dated February 10, 2004. This Form 6-K/A amends and restates
      in is entirety from 6-K filed on February 13, 2004 as incorporated by reference
      into Registration Statement No. 333-111779.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p><font size="2" face="Times New Roman, Times, serif">The information contained in this report is incorporated by reference into Registration Statement No. 333-111779.
  </font></p>
<hr width="100%" size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2"><u>SIGNATURES</u></font></p>
<p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
    to the requirements of the Securities Exchange Act of 1934, the Registrant
    has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</font></p>
<div align="right">
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">MILLICOM
      INTERNATIONAL CELLULAR S.A.</font></td>
    </tr>
    <tr>
      <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="center">&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">(Registrant)</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="50%"><font face="Times New Roman, Times, serif" size="2">Date:
        February 18, 2004 </font></td>
      <td width="5%" align="left"><font size="2" face="Times New Roman, Times, serif">By:</font></td>
      <td width="45%"><font size="2" face="Times New Roman, Times, serif">/s/
      Bruno Nieuwland</font></td>
    </tr>
    <tr>
      <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="5%" align="center">&nbsp;</td>
      <td width="45%"><hr align="left" width=60% size=1 noshade color="#000000"></td>
    </tr>
    <tr>
      <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="5%" align="left"><font size="2" face="Times New Roman, Times, serif">Name:</font></td>
      <td width="45%"><font size="2" face="Times New Roman, Times, serif">Bruno
      Nieuwland</font></td>
    </tr>
    <tr>
      <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="5%"><font size="2" face="Times New Roman, Times, serif">Title:</font></td>
      <td width="45%"><font size="2" face="Times New Roman, Times, serif">Chief
      Financial Controller</font></td>
    </tr>
  </table>
</div>
<p><br>
</p>
<hr width="100%" size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<p align="right"><font face="Times New Roman, Times, serif" size="2"><b>Item 1</b></font></p>
<P align="center"> <IMG src="feb1804_item1x1x1.jpg" border=0> </P>
<P align="center"> <B><FONT size=4 face="serif">MILLICOM INTERNATIONAL CELLULAR
  S.A. </FONT></B> </P>
<P align="right"> <B><FONT face="serif"> </FONT></B><B><FONT size=2 face="serif">FOR
  IMMEDIATE RELEASE <br>
  February 10, 2004 </FONT></B> </P>
<P align="center"> <B><FONT size=2 face="serif">MILLICOM INTERNATIONAL CELLULAR
  S.A. ANNOUNCES RESULTS</FONT></B> <br>
  <B><FONT size=2 face="serif">FOR THE YEAR ENDED DECEMBER 31, 2003 </FONT></B>
</P>
<div align="center">
  <UL>
    <LI> <B><FONT size=2 face="serif">44% Annual Increase in Proportional Subscribers
      to 4 million*</FONT></B> </LI>
    <LI><B><FONT size=2 face="serif">7% Annual Increase in Revenues to $647.1m
      (2002: $605.2m)</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;</LI>
  </UL>
</div>
<P> <FONT size=2 face="serif">New York, London and Luxembourg &#150; February
  10, 2004 &#150; Millicom International Cellular S.A. (Nasdaq Stock Market: MICC),
  the global telecommunications investor, today announces results for the quarter
  and year ended December 31, 2003. </FONT> </P>
<table width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td colspan="9" align="center"><b><font size=2 face="serif">Financial summary
      for the years ended December 31, 2003 and 2002</font></b></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2">&nbsp;</font></td>
    <td align="center"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="47%"><font size="2">&nbsp;</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><b><font size=2 face="serif">Dec 31,</font></b></td>
    <td width="2%" align="right"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><b><font size=2 face="serif">Dec 31,</font></b></td>
    <td width="4%" align="right"><font size="2">&nbsp;</font></td>
    <td width="7%" align="right"><b><font size=2 face="serif">Change</font></b></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="47%"><font size="2">&nbsp;</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><b><font size=2 face="serif">2003</font></b></td>
    <td width="2%" align="right"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><b><font size=2 face="serif">2002</font></b></td>
    <td width="4%" align="right"><font size="2">&nbsp;</font></td>
    <td width="7%" align="right"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="2"><b><font face="serif">Worldwide cellular subscribers
      <sup>(i) *</sup></font></b></font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%"><font size="2">&nbsp;</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%"><font size="2">&nbsp;</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="7%" align="center"><font size="2">-</font></td>
    <td width="47%"><font size=2 face="serif">proportional</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><font size=2 face="serif">4,025,577</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><font size=2 face="serif">2,784,187</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
    <td width="7%" align="right"><font size=2 face="serif">44</font></td>
    <td width="8%"><font size=2 face="serif">%</font></td>
  </tr>
  <tr valign="bottom">
    <td width="7%" align="center"><font size="2">-</font></td>
    <td width="47%"><font size=2 face="serif">gross</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><font size=2 face="serif">5,690,542</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><font size=2 face="serif">4,002,911</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
    <td width="7%" align="right"><font size=2 face="serif">42</font></td>
    <td width="8%"><font size=2 face="serif">%</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="5"> <hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2 align="left"><b><font size=2 face="serif"><u>US$ &#145;000</u></font></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%"><font size="2">&nbsp;</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%"><font size="2">&nbsp;</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><b><font size=2 face="serif">Revenues</font></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><font size=2 face="serif">647,104</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><font size=2 face="serif">605,186</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><b><font size=2 face="serif">Operating Profit</font></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><font size=2 face="serif">160,302</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><font size=2 face="serif">20,922</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><font size="2">&nbsp;</font></td>
    <td colspan="4"><hr size="1" noshade> </td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><b><font size=2 face="serif">Profit/ (loss) for the year</font></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><font size=2 face="serif">178,823</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><font size=2 face="serif">(385,143</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="4"><hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><b><font size=2 face="serif">Basic profit / (loss) per common
      share (US$)</font></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><font size=2 face="serif">10.95</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><font size=2 face="serif">(23.60</font></td>
    <td width="4%"><font size=2 face="serif">)<sup>(ii)</sup></font><font size="2">&nbsp;</font></td>
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="4"><HR size="1" noshade color="#000000"> <HR size="1" noshade color="#000000" style="margin-top: -12px"></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><b><font size=2 face="serif">Diluted profit / (loss) per common
      share (US$)</font></b></td>
    <td width="2%"><b></b></td>
    <td width="10%" align="right"><font size=2 face="serif">9.06</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><font size=2 face="serif">(23.60</font></td>
    <td width="4%"><font size=2 face="serif">)<sup>(ii)</sup></font><font size="2">&nbsp;</font></td>
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="4"><HR size="1" noshade color="#000000"> <HR size="1" noshade color="#000000" style="margin-top: -12px"></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><b><font size=2 face="serif">Weighted average number of shares
      (thousands)</font></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><b><font size=2 face="serif">16,328</font></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><font size="2"><b><font face="serif">16,318</font></b></font></td>
    <td width="4%"><font size="2"><b><font face="serif"> </font></b><font face="serif"><sup>(ii)</sup></font></font></td>
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="4"><HR size="1" noshade color="#000000"> <HR size="1" noshade color="#000000" style="margin-top: -12px"></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><b><font size=2 face="serif">Weighted average number of shares
      and</font></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><b></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><b></b></td>
    <td width="4%"><sup></sup></td>
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2><b><font size=2 face="serif">dilutive potential shares (thousands)</font></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2">&nbsp;<b><font size=2 face="serif">20,125</font></b></font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="13%" align="right"><font size="2">&nbsp;<b><font size=2 face="serif">16,318</font></b></font></td>
    <td width="4%"><font size="2">&nbsp;<sup><font size=2 face="serif">(ii)</font></sup></font></td>
    <td width="7%"><font size="2">&nbsp;</font></td>
    <td width="8%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="4"><HR size="1" noshade color="#000000"> <HR size="1" noshade color="#000000" style="margin-top: -12px"></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan=2>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<br>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%"><i><font size=1 face="serif">(i)</font></i><i><font size=1 face="sans-serif">
      </font></i><i><font size=1 face="serif"></font></i></td>
    <td width="97%"><i><font size=1 face="serif">Subscriber figures represent
      the worldwide total number of subscribers of cellular systems in which MIC
      has an ownership interest. Subscriber figures do not include divested operations.</font></i></td>
  </tr>
  <tr valign="top">
    <td><i><font size=1 face="serif">(ii)</font></i></td>
    <td><i><font size=1 face="serif"> </font></i><i><font size=1 face="sans-serif">
      </font></i><i><font size=1 face="serif">Pro forma number of shares and loss
      per share for 2002, adjusted for reverse 3 to 1 stock split of February
      2003. </font></i> </td>
  </tr>
  <tr valign="top">
    <td><i><font size=1 face="serif">*</font><font size=2 face="serif"></font></i></td>
    <td> <i><font size=1 face="serif">Due to local issues in El Salvador, MIC
      discontinued consolidating El Salvador on a proportional basis from May
      2001 to September 2003.</font></i> <i><font size=1 face="serif">Figures
      for 2002 in this press release therefore exclude divested operations and
      El Salvador in respect to subscribers. Figures for 2003 include El Salvador
      since September 15, 2003. </font></i> </td>
  </tr>
</table>
<br>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P><FONT size=2 face="serif">Marc Beuls, MIC&#146;s President and Chief Executive
  Officer stated:</FONT> </P>
<P> <FONT size=2 face="serif">&#147;In 2003 MIC increased its annualised quarterly
  top line growth in reve nues from 0% in Q1 to 30% in Q4. This increase of the
  growth in revenues is mainly due to the reconsolidation of El Salvador since
  September 2003 and is also driven by accelerated investments in our networks
  and our mass market prepaid offerings. The improved balance sheet structure
  combined with the free cash flow generation has not only allowed the Company
  to consolidate in our existing operations, as demonstrated by the recent acquisition
  of 26% of Millicom Tanzania Ltd, but also to look for new opportunities in the
  mobile telephony business. </FONT> </P>
<P> <FONT size=2 face="serif">&#147;Our priority will of course be to grow our
  existing operations and we are pleased with the prospect of long term co-operation
  in Vietnam, MIC's largest market, following the signing of the Memorandum of
  Understanding last week.&#148; </FONT> </P>
<P align="center"> <B><U><FONT face="serif">FINANCIAL AND OPERATING SUMMARY</FONT></U></B><B><FONT face="serif">
  </FONT></B> </P>
<TABLE>
  <TR>
    <TD width="5%" align="center" valign="top"><B><FONT size=4 face="serif">&#149;</FONT></B><BR>
    </TD>
    <td valign="top" colspan="2"><FONT size=2 face="serif">Subscriber growth*:</FONT></td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top">&nbsp;</td>
    <td valign="top" width="3%"><font face="Wingdings">&Oslash;</font><BR> &nbsp;&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">An annual increase in worldwide
      gross cellular subscribers of 42% to 5,690,542 as at December 31, 2003</FONT><BR></td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top">&nbsp;</td>
    <td valign="top" width="3%"><font face="Wingdings">&Oslash;</font><BR> &nbsp;&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">An annual increase in worldwide
      proportional cellular subscribers of 44% to 4,025,577 as at December 31,
      2003</FONT><BR></td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top">&nbsp;</td>
    <td valign="top" width="3%"><font face="Wingdings">&Oslash;</font><BR> &nbsp;&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">In the fourth quarter of 2003 MIC
      added 386,701 net new gross cellular subscribers.</FONT><BR></td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top">&nbsp;</td>
    <td valign="top" width="3%"><font face="Wingdings">&Oslash;</font><BR> &nbsp;&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">Proportional prepaid subscribers
      increased by 45% to 3,550,322 from 2,453,273 as at December 31, 2002 or
      excluding El Salvador, increased by 32% from December 2002</FONT><BR></td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top">&nbsp;</td>
    <td valign="top" width="3%"><font face="Wingdings">&Oslash;</font><BR>
    </td>
    <td valign="top"><FONT size=2 face="serif">Total cellular minutes increased
      by 48% for the three months ended December 31, 2003 from the same quarter
      in 2002 and increased by 32% excluding El Salvador, with prepaid minutes
      increasing by 67% in the same period and by 55% excluding El Salvador.</FONT></td>
  </tr>
  <tr>
    <td align="center" valign="top">&nbsp;</td>
    <td valign="top" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top"><B><FONT size=4 face="serif">&#149;</FONT></B><BR>
      &nbsp;&nbsp;</td>
    <td valign="top" colspan="2"><FONT size=2 face="serif">Financial highlights:</FONT><BR></td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top">&nbsp;</td>
    <td valign="top" width="3%"><font face="Wingdings">&Oslash;</font><BR> &nbsp;&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">Revenues for the fourth quarter
      of 2003 were $201.9 million, an increase of 30% from the fourth quarter
      of 2002.</FONT><BR></td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top"><B><FONT size=4 face="serif">&#149;</FONT></B><BR>
      &nbsp;&nbsp;</td>
    <td valign="top" colspan="2"><FONT size=2 face="serif">In October 2003, MIC&#146;s
      subsidiary Paktel Limited in Pakistan was allocated GSM frequency under
      its existing license.</FONT><BR></td>
  </tr>
  <tr>
    <td width="3%" align="center" valign="top"><B><FONT size=4 face="serif">&#149;</FONT></B><BR>
      &nbsp;&nbsp;</td>
    <td valign="top" colspan="2"><FONT size=2 face="serif">In November 2003, MIC
      began the third and final stage of its financial restructuring process through
      the offering of US$550 million 10% Senior Notes due 2013. The proceeds were
      used to repay the remaining US$137 million 13.5% Senior Subordinated Notes
      due 2006 and the outstanding $395 million 11% Senior Notes due 2006. Both
      amounts were fully retired by the end of December 2003.</FONT><BR></td>
  </tr>
</TABLE>
<P align="right"> <FONT size=2 face="serif">2 </FONT> </P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P align="center"> <B><U><FONT size=2 face="serif">REVIEW OF OPERATIONS</FONT></U></B><B><FONT size=2 face="serif">
  </FONT></B> </P>
<P align="center"> <B><U><FONT size=2 face="serif">SUBSCRIBER GROWTH* </FONT></U></B>
</P>
<P> <FONT size=2 face="serif">At December 31, 2003, MIC&#146;s worldwide gross
  cellular subscriber base increased to 5,690,542 cellular subscribers from 4,002,911
  as at December 31, 2002. Particularly significant percentage increases were
  recorded in Ghana, Senegal, Mauritius, Sri Lanka and Vietnam. Both Asia and
  Africa recorded their best ever quarter in terms of total subscriber growth
  with additions of respectively 239,390 and 129,761 subscribers. For Asia, this
  represented an increase in total subscribers of 45% from December 31, 2002 and
  10% from September 30, 2003 and for Africa, an increase of 63% from December
  31, 2002 and 24% from September 30, 2003. </FONT> </P>
<P> <FONT size=2 face="serif">At December 31, 2003, MIC&#146;s proportional subscriber
  base increased to 4,025,577 from 2,784,187 at December 31, 2002, an increase
  of 44%. </FONT> </P>
<P> <FONT size=2 face="serif">Within the 4,025,577 proportional cellular subscribers
  reported at the end of the fourth quarter, 3,550,322 were pre-paid customers.
  Proportional pre-paid subscribers increased by 45% from December 2002 and by
  32% excluding El Salvador. </FONT> </P>
<P align="center"> <B><U><FONT size=2 face="serif">FINANCIAL RESULTS FOR THE THREE
  MONTHS ENDED DECEMBER 31, 2003</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
<P> <FONT size=2 face="serif">Total revenues for the three months ended December
  31, 2003 were $201.9</FONT><FONT size=1 face="serif"> </FONT><FONT size=2 face="serif">million,
  an increase of 30% from the fourth quarter of 2002, reflecting the increasing
  trend of growth in MIC&#146;s operations and the reconsolidation of El Salvador
  since September 2003 . MIC recorded revenue growth in Africa of 61% to $27.2
  million in the fourth quarter of 2003 compared with the same period in 2002,
  with Ghana producing growth of 134%. Revenues for Asia for the fourth quarter
  of 2003 increased by 33% from the same period last year, to $79.3 million. All
  of the African and Asian cellular operations reported record quarterly revenues.
  </FONT> </P>
<P> <FONT size=2 face="serif">Fourth quarter revenues for Latin America increased
  by 32% from the fourth quarter of 2002, because of the reconsolidation of El
  Salvador and the increased stabilization of the region. The Central American
  market continued to perform strongly with Guatemala producing a 10% increase
  in revenues from the fourth quarter of 2002. South America continued to demonstrate
  recovery with Bolivia and Paraguay reporting their highest revenues since the
  fourth quarter 2001 and the third quarter 2002 respectively. </FONT> </P>
<P> <FONT size=2 face="serif">Included in the interest expense for the quarter
  is $24.3 million in respect of the 13.5% Senior Subordinated Notes due 2006
  and the 11% Senior Notes due 2006, which were fully repaid in December 2003.</FONT>
</P>
<P align="right"> <FONT size=2 face="serif">3 </FONT> </P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P align="center"> <B><U><FONT size=2 face="serif">FINANCIAL RESULTS FOR THE YEAR
  ENDED DECEMBER 31, 2003</FONT></U></B> </P>
<P> <FONT size=2 face="serif">Total revenues for the year ended December 31, 2003
  were $647.1 million with revenues for Asia and Africa increasing by 25% and
  35% to $280.8 million and $84.9 million respectively from December 2002. Revenues
  for Latin America for the same period decreased by 2% to $270.6 million. </FONT>
</P>
<P> <FONT size=2 face="serif">Total cellular minutes for the twelve- month period
  to December 2003 relative to 2002 showed growth of 35%. </FONT> </P>
<P align="center"> <B><U><FONT size=2 face="serif">5% MANDATORY EXCHANGEABLE NOTES
  DUE 2006</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B> </P>
<P> <FONT size=2 face="serif">In August 2003, MIC issued the 5% Mandatory Exchangeable
  Notes due 2006 (the &#147;5% Notes&#147;), exchangeable into Tele2 AB &#147;B&#148;
  shares (&#147;Tele2&#148;). The 5% Notes, denominated in Swedish Kronas, have
  been converted at the year-end exchange rate with a value of $327.6 million
  (net of deferred costs). This conversion led to an unrealised exchange loss
  of $41.8 million in the statement of profit and loss. </FONT> </P>
<P> <FONT size=2 face="serif">The Tele2 shares are evaluated at fair value using
  the closing price and the year-end exchange rate, with a value of $479.0 million.
  In contrast to the 5% Notes, the exchange impact on the Tele2 shares is recorded,
  together with the effect of the increase in share price, in the statement of
  profit and loss as valuation movement on securities. In order to reflect MIC&#146;s
  limited right to participate in the increase in value of the Tele2 shares, an
  embedded derivative is recognised as a separate liability in the balance sheet
  with changes in fair value recorded in the statement of profit and loss as fair
  value result on financial instruments. The fair value of the embedded derivative
  reflects the sharing in the upside of the Tele2 shares and takes into account
  time and volatility factors. </FONT> </P>
<P> <FONT size=2 face="serif">As at December 31, 2003, the net position with respect
  to the 5% Mandatory Exchangeable Notes in Tele2 shares is as follows: </FONT>
</P>
<table width="94%" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td width="7%">&nbsp;</td>
    <td width="78%"><font size=2 face="serif">Investment in Tele2 shares</font></td>
    <td align="right"><font size=2 face="serif">$479.0m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Embedded derivative on the 5% Notes</font></td>
    <td align="right"><font size=2 face="serif">$(103.5)</font><font size=2 face="serif">m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">$</font><font size=2 face="serif">375.5</font><font size=2 face="serif">m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td align="left">&nbsp; </td>
    <td align="left"><font size=2 face="serif">5% Mandatory Exchangeable Notes
      &#150; debt component</font></td>
    <td align="right"><font size=2 face="serif">$(327.6)</font><font size=2 face="serif">m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="left"><font size=2 face="serif">Net position</font></td>
    <td align="right"><font size=2 face="serif">47.9</font><font size=2 face="serif">m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><div align="center"><b><font size=2 face="serif"><u>CORPORATE LIQUIDITY</u></font></b></div></td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Cash at the corporate level at December 31,
      2003</font></td>
    <td align="right"><font size=2 face="serif">$</font><font size=2 face="serif">56.7</font><font size=2 face="serif">m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Cash upstreamed from operations in 2003</font></td>
    <td align="right"><font size=2 face="serif">$</font><font size=2 face="serif">129.3</font><font size=2 face="serif">m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr noshade size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><b><font size=2 face="serif"><u>DEBT INDICATORS</u></font></b></td>
    <td width="12%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2" align="right"><font size=2 face="serif"><u>At Dec 31, 2003</u></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">10% Notes</font></td>
    <td align="right"><font size=2 face="serif">$</font><font size=2 face="serif">536.0m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade size=1></td>
    <td><hr noshade size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><b><font size=2 face="serif">Total corporate debt</font></b></td>
    <td align="right"><b><font size=2 face="serif">$</font></b><b><font size=2 face="serif">536.0m</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Subsidiary debt</font></td>
    <td align="right"><font size=2 face="serif">$</font><font size=2 face="serif">258.8m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade size=1></td>
    <td><hr noshade size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">$</font><font size=2 face="serif">794.8m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Cash and time deposits</font></td>
    <td align="right"><font size=2 face="serif">$</font><font size=2 face="serif">181.7m</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr noshade size=1></td>
    <td><hr noshade size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><b><font size=2 face="serif">Net Debt</font></b></td>
    <td align="right"><b><font size=2 face="serif">$</font></b><b><font size=2 face="serif">613.1m</font></b></td>
  </tr>
</table>
<P> <I><FONT size=1 face="serif">The above table excludes both the 2% PIK Notes
  that are convertible into MIC common shares and the 5% Mandatory Exchangeable
  Notes that are fully and mandatorily exchangeable into MIC&#146;s holding of
  Tele2 shares.</FONT></I> </P>
<P align="right"> <FONT size=2 face="serif">4 </FONT> </P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P align="center"> <B><U><FONT size=2 face="serif">SUBSEQUENT EVENTS</FONT></U></B>
</P>
<P> <FONT size=2 face="serif">In January 2004 Millicom&#146;s Registration of
  its 2% Senior Convertible PIK Notes due 2006 was declared effective by the U.S.
  Securities and Exchange Commission (the SEC). </FONT> </P>
<P> <FONT size=2 face="serif">The Board of Directors began preparations to apply
  for a listing of Millicom shares on the Stockholmsb&ouml;rsen (Swedish Stock
  Exchange) in January 2004. The listing will be in addition to the existing listings
  of Millicom&#146;s shares on the NASDAQ National Market and the Luxembourg stock
  exchange and is expected to become effective during the first half of 2004.
  </FONT> </P>
<P> <FONT size=2 face="serif">Millicom held an Extraordinary General Meeting of
  Shareholders on February 16, 2004, which approved a stock split of the issued
  shares of the Company by which each share with a par value of US$ 6 is split
  into four new shares with a par value of US$ 1.50. The stock split will be effective
  on February 20, 2004 with a record date of February 17, 2004. </FONT> </P>
<P> <FONT size=2 face="serif">On February 4, 2004 MIC&#146;s subsidiary in Vietnam,
  Comvik International Vietnam signed a Memorandum of Understanding with its partner
  VMS, a subsidiary of the Vietnam Posts and Telecommunications, to confirm their
  intention to extend the co-operation for the long term. </FONT> </P>
<P> <FONT size=2 face="serif">On February 5, 2004 MIC acquired 26% of Millicom
  Tanzania Ltd from the Government of Tanzania, bringing its ownership to 84%.
  </FONT> </P>
<P> <I><FONT size=1 face="serif">Millicom International Cellular S.A. is a global
  telecommunications investor with cellular operations in Asia, Latin America
  and Africa. It currently has a total of 16 cellular operations and licenses
  in 15 countries. The Group&#146;s cellular operations have a combined population
  under license of approximately 382 million people. In addition, MIC provides
  high-speed wireless data services in five countries. </FONT></I> </P>
<P> <I><FONT size=1 face="serif">This press release may contain certain &#147;forward-looking
  statements&#148; with respect to Millicom&#146;s expectations and plans, strategy,
  management&#146;s objectives, future performance, costs, revenues, earnings
  and other trend information. It is important to note that Millicom&#146;s actual
  results in the future could differ materially from those anticipated in forward-looking
  statements depending on various important factors. Please refer to the documents
  that Millicom has filed with the U.S. Securities and Exchange Commission under
  the U.S. Securities Exchange Act of 1934, as amended, including Millicom&#146;s
  most recent annual report on Form 20-F, for a discussion of certain of these
  factors. </FONT></I> </P>
<P> <I><FONT size=1 face="serif">All forward-looking statements in this press
  release are based on information available to Millicom on the date hereof. All
  written or oral forward -looking statements attributable to Millicom International
  Cellular S.A., any Millicom International Cellular S.A. members or persons acting
  on Millicom&#146;s behalf are expressly qualified in their entirety by the factors
  referred to above. Millicom does not intend to update these forward -looking
  statements. </FONT></I> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><B><FONT size=2 face="serif">CONTACTS:</FONT></B></TD>
    <TD width="14%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="21%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Marc Beuls</FONT></B></TD>
    <TD colspan="3" align="left"><font size="2"><B><FONT face="serif">Telephone:+352
      27 759 327</FONT></B></font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">President and Chief Executive Officer</FONT></TD>
    <TD width="14%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="21%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Millicom International Cellular S.A., Luxembourg</FONT></TD>
    <TD width="14%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="21%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Andrew Best</FONT></B></TD>
    <TD colspan="3" align="left"><font size="2"><B><FONT face="serif">Telephone:+44
      20 7321 5022</FONT></B></font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Investor Relations</FONT></TD>
    <TD width="14%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="21%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Shared Value Ltd, London</FONT></TD>
    <TD width="14%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="21%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Visit our web site at </FONT><font size="2"><B><FONT color="#6633FF" face="serif"><u>http://www.millicom.com</u></FONT></B></font></TD>
    <TD width="14%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="21%"><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=2 face="serif">5 </FONT> </P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<P align="center"> <B><U><FONT size=2 face="serif">CONFERENCE CALL DETAILS</FONT></U></B><B><FONT size=2 face="serif">
  </FONT></B> </P>
<P> <B><FONT size=2 face="serif">A conference call to discuss the results will
  be held at 16:00 Luxembourg time / 10:00 New York time, on Tuesday, February
  10, 2004. The dial-in numbers are: +44 (0) 1452 542300 or US: 1866 2201452 and
  participants should quote Millicom International Cellular. A live audio stream
  of the conference call can also be accessed at </FONT><U><FONT color="#6600FF" size=2 face="serif">www.millicom.com</FONT></U><FONT size=2 face="serif">.
  Please dial in / log on 5 minutes prior to the start of the conference call
  to allow time for registration. A recording of the conference call will be available
  for 7 days, commencing shortly after the live call has finished, on +44 (0)
  1452 550000 or US: 1866 2761167, access code: 986478#.</FONT></B><FONT size=2 face="serif">
  </FONT> </P>
<P align="center"> <B><U><FONT size=2 face="serif">APPENDICES</FONT></U></B> </P>
<UL>
  <LI><B><FONT size=2 face="serif">Consolidated statements of profit and loss
    for the three months ended December 31, 2003 and 2002</FONT></B><br>
    <BR>
  </LI>
  <LI><B><FONT size=2 face="serif">Consolidated statements of profit and loss
    for the years ended December 31, 2003 and 2002</FONT></B><br>
    <BR>
  </LI>
  <LI><B><FONT size=2 face="serif">Consolidated balance sheets as at December
    31, 2003 and December 31, 2002</FONT></B><br>
    <BR>
  </LI>
  <LI><B><FONT size=2 face="serif">Condensed consolidated statements of cash flows
    for the years ended December 31, 2003 and 2002</FONT></B><br>
    <BR>
  </LI>
  <LI><B><FONT size=2 face="serif">Condensed consolidated statements of changes
    in shareholders&#146; equity for the years ended December 31, 2003 and 2002</FONT></B><br>
    <BR>
  </LI>
  <LI><B><FONT size=2 face="serif">MIC quarterly analysis by region</FONT></B><BR>
  </LI>
</UL>
<P align="right"> <FONT size=2 face="serif">6 </FONT> </P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<div align="center"><br>
  <B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
  Consolidated statements of profit and loss <br>
  for the three months ended December 31, 2003 and 2002</FONT></B> </div>
<hr size="2" noshade>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="14%" align="center"><div align="right"><B><FONT size=1 face="serif">Quarter
        ended</FONT></B></div>
      <div align="right"><B><FONT size=1 face="serif">Dec 31, 2003</FONT></B></div></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="11%" align="center"><div align="right"><B><FONT size=1 face="serif">Quarter
        ended</FONT></B></div>
      <div align="right"><B><FONT size=1 face="serif">Dec 31, 2002</FONT></B></div></TD>
    <TD width="4%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="14%" align="right"><FONT size=1 face="serif">(Unaudited)</FONT><FONT size=1 face="serif"><br>
      US$ &#146;000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><FONT size=1 face="serif">(Unaudited)<br>
      </FONT><FONT size=1 face="serif">US$ &#146;000</FONT></TD>
    <TD width="4%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Revenues</FONT></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">201,855</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">155,279</FONT></TD>
    <TD width="4%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Operating expenses</FONT></TD>
    <TD width="14%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%"><font size="2">&nbsp;</font></TD>
    <TD width="4%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT face="serif" size="2">&nbsp;&nbsp;&nbsp;Cost of sales (excluding
      depreciation and amortization)</font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(54,320</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(40,809</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Sales and marketing</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(30,289</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(20,946</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">General and administrative
      expenses</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(24,270</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(21,080</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Corporate and license
      acquisition costs</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(8,355</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(4,769</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Write-down of assets,
      net</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(6,172</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(80,260</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Depreciation and amortization</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(37,918</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(33,403</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"><hr size="1" noshade></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Operating profit (loss)</FONT></B></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">40,531</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(45,988</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Gain (loss) on exchange
      and disposal of investments</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">1,082</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(46,395</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Valuation movement
      on securities</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">127,521</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(119,138</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Fair value result
      on financial instruments</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(58,138</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><font size="2">-</font></TD>
    <TD width="4%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Profit from associated
      companies</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">163</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">2,602</FONT></TD>
    <TD width="4%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest expense*</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(43,548</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(42,110</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest income</FONT></font></TD>
    <TD align="right" width="14%"><font size="2">-</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">3,600</FONT></TD>
    <TD width="4%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Other income (expense),
      net</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(304</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">28,676</FONT></TD>
    <TD width="4%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Charge from financial
      instruments</FONT></font></TD>
    <TD align="right" width="14%"><font size="2">-</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(28,420</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Exchange loss, net
      **</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(51,915</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(5,075</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Profit / (loss) before taxes</FONT></B></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">15,392</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(252,248</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Taxes</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(23,268</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(3,185</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Loss after taxes</FONT></B></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(7,876</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(255,433</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Minority interest</FONT></font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(2,357</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(16,974</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Loss for the quarter</FONT></B></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(10,233</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(272,407</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"><hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Basic and diluted loss per common share (US$)</FONT></B></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(0.62</FONT></TD>
    <TD width="2%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="11%"><font size=2 face="serif">(16.73</font></TD>
    <TD width="4%"><font size="2"><font size=2 face="serif">)</font><sup><font size=2 face="serif">(i)</font></sup></font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"><hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><B><font size=2 face="serif">Weighted average number of shares and dilutive
      potential shares in the period (in thousands)</font></B></TD>
    <TD width="14%" align="right"><FONT size=2 face="serif">16,416</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="serif">16,284</FONT></TD>
    <TD width="4%"><FONT size=2 face="serif"><SUP>(i)</SUP></FONT></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"><HR size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE>
  <TR>
    <TD valign="top" width="5%"><I><FONT size=1 face="serif">*</FONT></I><BR>
      &nbsp;&nbsp;</TD>
    <TD valign="top"><I><FONT size=1 face="serif">24.3 million is included in
      the interest expense in respect of the 13.5% Senior Subordinated Notes due
      2006 and the 11% Senior Notes due 2006, which were fully repaid in December
      2003</FONT></I></TD>
  </TR>
  <TR>
    <TD valign="top" width="5%"><I><FONT size=1 face="serif">**</FONT></I><BR>
      &nbsp;&nbsp;</TD>
    <TD valign="top"><I><FONT size=1 face="serif">MIC recorded a book, non-cash
      exchange loss of 41.8 million in respect of the 5% Mandatory Exchangeable
      Notes</FONT></I><BR></TD>
  </TR>
  <TR>
    <TD valign="top" width="5%"><I><FONT size=1 face="serif">(i)</FONT></I><BR>
      &nbsp;&nbsp;</TD>
    <td valign="top"><I><FONT size=1 face="serif">Pro forma number of shares and
      loss per share for 2002, adjusted for reverse 3 to 1 stock split of February
      2003</FONT></I><BR></td>
  </tr>
</TABLE>
<P align="right"> <FONT size=2 face="serif">7 </FONT> </P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<div align="center"><B><FONT size=2 face="serif">Millicom International Cellular
  S.A. <br>
  Consolidated statements of profit and loss <br>
  for the years ended December 31, 2003 and 2002</FONT></B> </div>
<hr size="2" noshade>
<table width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td>&nbsp;</td>
    <td align="right"><b><font size=1 face="serif">Year </font></b><b><font size=1 face="serif">ended</font></b></td>
    <td align="right" width="3%">&nbsp;</td>
    <td align="right"><b><font size=1 face="serif">Year</font></b><b><font size=1 face="serif">
      ended</font></b></td>
    <td align="center" width="4%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right" width="12%"><b><font size=1 face="serif">Dec 31, 2003</font></b></td>
    <td align="right" width="3%">&nbsp;</td>
    <td align="right" width="12%"><b><font size=1 face="serif">Dec 31, 2002</font></b></td>
    <td align="center" width="4%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right" width="12%"><font size=1 face="serif">(Unaudited)</font></td>
    <td width="3%">&nbsp;</td>
    <td align="right" width="12%"><font size=1 face="serif">(Audited)</font></td>
    <td width="4%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right" width="12%"><font size=1 face="serif">US$ &#146;000</font></td>
    <td width="3%">&nbsp;</td>
    <td align="right" width="12%"><font size=1 face="serif">US$ &#146;000</font></td>
    <td width="4%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="serif">Revenues</font></td>
    <td align="right" width="12%"><font size=2 face="serif">647,104</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">605,186</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size=2 face="serif">Operating expenses</font></td>
    <td width="12%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="12%"><font size="2">&nbsp;</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Cost
      of sales (excluding depreciation and amortization)</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(161,891</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(164,707</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Sales
      and marketing</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(87,575</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(80,941</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">General
      and administrative expenses</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(76,827</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(87,998</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Corporate
      and license acquisition costs</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(25,455</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(21,591</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Write-down
      of assets, net</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(6,482</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(89,709</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Depreciation
      and amortization</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(128,572</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(139,318</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="3"><hr noshade size=1></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><b><font size=2 face="serif">Operating profit</font></b></td>
    <td align="right" width="12%"><font size=2 face="serif">160,302</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">20,922</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="59%"><font size=2 face="serif">Gain (loss) on exchange and disposal
      of investments</font></td>
    <td align="right" width="12%"><font size=2 face="serif">4,047</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(79,434</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Valuation
      movement on securities</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">244,926</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(119,138</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Fair
      value result on financial instruments</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(84,578</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size="2">-</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Profit
      from associated companies</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">380</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">62</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Interest
      expense</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(135,172</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(185,959</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Interest
      income</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">4,836</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">12,726</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Gain
      on debt restructuring</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">96,748</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size="2">-</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Other
      income</font></font></td>
    <td align="right" width="12%"><font size="2">-</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">42,247</font></td>
    <td width="4%"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Charge
      from financial instruments</font></font></td>
    <td align="right" width="12%"><font size="2">-</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(7,858</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Exchange
      loss, net*</font></font> </td>
    <td align="right" width="12%"><font size=2 face="serif">(45,602</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(23,483</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="3"><hr noshade size=1></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><b><font size=2 face="serif">Profit (loss) before taxes</font></b></td>
    <td align="right" width="12%"><font size=2 face="serif">245,887</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(339,915</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Taxes</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(52,369</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(22,734</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="3"><hr noshade size=1></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><b><font size=2 face="serif">Profit (loss) after taxes</font></b></td>
    <td align="right" width="12%"><font size=2 face="serif">193,518</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(362,649</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Minority
      interest</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(14,695</font></td>
    <td width="3%"><font size=2 face="serif">)</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(22,494</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="3"><hr noshade size=1></td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><b><font size=2 face="serif">Profit (loss) for the year</font></b></td>
    <td align="right" width="12%"><font size=2 face="serif">178,823</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(385,143</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2"><b></b></font></td>
    <td colspan="3"> <hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><b><font size=2 face="serif">Profit (loss) for the year on a diluted basis</font></b></td>
    <td align="right" width="12%"><font size=2 face="serif">182,299</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">(385,143</font></td>
    <td width="4%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td colspan="3"><hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size=2 face="serif">Basic earnings (loss) per common share (US$)</font></b></td>
    <td width="12%" align="right"><font size=2 face="serif">10.95</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="12%" align="right"><font size=2 face="serif">(23.60</font></td>
    <td width="4%"><font size="2"><font face="serif">)<sup>(i)</sup></font></font></td>
  </tr>
  <tr>
    <td><font size="2"><b></b></font></td>
    <td colspan="3"> <hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td><b><font size=2 face="serif">Diluted earnings (loss) per common shares
      (US$)</font></b></td>
    <td align="right"><font size=2 face="serif">9.06</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td align="right"><font size=2 face="serif">(23.60</font></td>
    <td width="4%"><font size=2 face="serif">)<sup>(i)</sup></font></td>
  </tr>
  <tr>
    <td><font size="2"><b></b></font></td>
    <td colspan="3"> <hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><b><font size=2 face="serif">Weighted average number of shares in the
      year&nbsp;<b>(in thousands)</b></font></b></td>
    <td align="right" width="12%"><font size=2 face="serif">16,328</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="12%"><font size=2 face="serif">16,318</font></td>
    <td width="4%"><sup><font size=2 face="serif">(i)</font></sup></td>
  </tr>
  <tr>
    <td><font size="2"><b></b></font></td>
    <td colspan="3"> <hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </td>
    <td><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="59%"><b><font size=2 face="serif">Weighted average number of shares
      and dilutive potential shares in the year (in thousands)</font></b></td>
    <td width="12%" align="right"><font size=2 face="serif">20,125</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="12%" align="right"><font size=2 face="serif">16,318</font></td>
    <td width="4%"><sup><font size=2 face="serif">(i)</font></sup></td>
  </tr>
  <tr>
    <td><font size="2"><b></b></font></td>
    <td colspan="3"> <hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </td>
    <td width="4%"><font size="2">&nbsp;</font></td>
  </tr>
</table>
<TABLE>
  <TR>
    <TD valign="top" width="5%"><I><FONT size=1 face="serif">*</FONT></I></TD>
    <TD valign="top"><I><FONT size=1 face="serif">MIC recorded a book, non-cash
      exchange loss of 41.8 million in respect of the 5% Mandatory Exchangeable
      Notes</FONT></I></TD>
  </TR>
  <TR>
    <TD valign="top" width="5%"><I><FONT size=1 face="serif">(i)</FONT></I></TD>
    <td valign="top"><I><FONT size=1 face="serif">Pro forma number of shares and
      loss per share for 2002, adjusted for reverse 3 to 1 stock split of February
      2003</FONT></I></td>
  </tr>
</TABLE>
<P align="right"> <FONT size=2 face="serif">8 </FONT> </P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<div align="center"><B><FONT size=2 face="serif"><br>
  Millicom International Cellular S.A.</FONT></B><B><FONT size=2 face="serif"><br>
  Consolidated balance sheets <br>
  as at December 31, 2003 and 2002</FONT></B>
  <hr size="2" noshade>
</div>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td>&nbsp;</td>
    <td align="right"><font size="2"><b><font face="serif">Dec 31,</font></b></font></td>
    <td width="6%">&nbsp;</td>
    <td align="right"><font size="2"><b><font face="serif">Dec 31,</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right"><font size="2"><b><font face="serif">2003</font></b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="2"><b><font face="serif">2002</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">(Unaudited)</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">(Audited)</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">US$ &#146;000</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">US$ &#146;000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif"><u>Assets</u></font></b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif">Non-current assets</font></b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Intangible assets</font></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Goodwill,
      net</font></font></td>
    <td align="right"><font size=2 face="serif">49,578</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">10,172</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Licenses,
      net</font></font></td>
    <td align="right"><font size=2 face="serif">30,889</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">84,471</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Deferred
      costs and other non-current assets, net</font></font></td>
    <td align="right"><font size=2 face="serif">5,148</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">4,919</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Tangible assets, net</font></font></td>
    <td align="right"><font size=2 face="serif">487,746</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">458,933</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Financial assets</font></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Investment
      in Tele2 shares</font></font></td>
    <td align="right"><font size=2 face="serif">479,040</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">164,031</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Investment
      in other securities</font></font></td>
    <td align="right"><font size=2 face="serif">25,397</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">56,355</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Investment
      in associated company</font></font></td>
    <td align="right"><font size=2 face="serif">1,340</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">1,013</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Pledged
      deposits</font></font></td>
    <td align="right"><font size=2 face="serif">31,530</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">32,921</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Deferred
      taxation</font></font></td>
    <td align="right"><font size=2 face="serif">5,226</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">8,470</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan=3><hr noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif">Total non-current assets</font></b></font></td>
    <td align="right"><font size=2 face="serif">1,115,894</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">821,285</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan=3><hr noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif">Current assets</font></b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Investment in Tele2
      shares</font></font></td>
    <td align="right"><font size="2">-</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">101,540</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Investment in other
      securities</font></font></td>
    <td align="right"><font size=2 face="serif">15,291</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="2">-</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Inventories</font></font></td>
    <td align="right"><font size=2 face="serif">10,941</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">6,962</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Debtors</font></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Trade
      debtors, net</font></font></td>
    <td align="right"><font size=2 face="serif">113,750</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">113,221</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Amounts
      due from joint ventures</font></font></td>
    <td align="right"><font size=2 face="serif">13,137</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">14,053</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Prepayments and accrued
      income</font></font></td>
    <td align="right"><font size=2 face="serif">20,491</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">14,148</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Other current assets</font></font></td>
    <td align="right"><font size=2 face="serif">51,736</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">45,259</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Time deposits</font></font></td>
    <td align="right"><font size=2 face="serif">32,880</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">16,200</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Cash and cash equivalents</font></font></td>
    <td align="right"><font size=2 face="serif">148,829</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">70,451</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan=3><hr noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif">Total current assets</font></b></font></td>
    <td align="right"><font size=2 face="serif">407,055</font></td>
    <td>&nbsp;</td>
    <td align="right"><font size=2 face="serif">381,834</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan=3><hr noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif">Total assets</font></b></font></td>
    <td align="right"><font size="2"><b><font face="serif">1,522,949</font></b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="2"><b><font face="serif">1,203,119</font></b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan=3><hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan=3>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<div align="center">
  <table  width="75%" border="1" cellpadding="0" cellspacing="0" frame="box" rules="none">
    <tr>
      <td colspan=3><font size="2"><b><font face="serif">Net position of the 5%
        Mandatory Exchangeable Notes as at December 31, 2003</font></b></font></td>
    </tr>
    <tr>
      <td width="82%">&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;<font face="serif">Investment in Tele2 shares</font></font></td>
      <td align="right" width="14%"><font size=2 face="serif">479,040</font></td>
      <td width="4%">&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;<font face="serif">Embedded derivative on
        the 5% Mandatory Exchangeable Notes in Tele2</font></font></td>
      <td align="right" width="14%"><font size=2 face="serif">(103,457</font></td>
      <td width="4%"><font size=2 face="serif">)</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="2"><hr noshade size=1></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td align="right" width="14%"><font size=2 face="serif">375,583</font></td>
      <td width="4%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="2"><hr noshade size=1></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;<font face="serif">5% Mandatory Exchangeable
        Notes in Tele2 - debt component</font></font></td>
      <td align="right" width="14%"><font size=2 face="serif">(327,635</font></td>
      <td width="4%"><font size=2 face="serif">)</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="2"><hr noshade size=1></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;&nbsp;<font face="serif">Net position</font></font></td>
      <td align="right" width="14%"><font size=2 face="serif">47,948</font></td>
      <td width="4%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="2"><hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
      </td>
    </tr>
  </table>
</div>
<P align="right"> <FONT size=2 face="serif">9 </FONT> </P>
<hr align="left" width="100%" size=3 noshade>
<div align="left">
  <p><font size="2">
    <!-- *************************************************************************** -->
    <!-- MARKER PAGE="sheet: 1; page: 1" -->
    </font></p>
  <div align="center"><font size="2"><br>
    </font> <font size="2"><B><FONT face="serif"> Millicom International Cellular
    S.A.</FONT></B><br>
    </font><font size="2"><B><FONT face="serif">Consolidated balance sheets <br>
    as at December 31, 2003 and 2002 </FONT></B></font> </div>
</div>
<hr size="2" noshade>
<font size="2"> </font>
<table width="100%" border=0 cellspacing=0 cellpadding=0>
  <tr>
    <td>&nbsp;</td>
    <td align="right" width="12%"><font size="2"><b><font face="serif">Dec 31,</font></b></font></td>
    <td align="right" width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size="2"><b><font face="serif">Dec 31,</font></b></font></td>
    <td align="center" width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right" width="12%"><font size="2"><b><font face="serif">2003</font></b></font></td>
    <td align="right" width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size="2"><b><font face="serif">2002</font></b></font></td>
    <td align="center" width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="12%" align="right"><font size=2 face="serif">(Unaudited)</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="10%" align="right"><font size=2 face="serif">(Audited)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="12%" align="right"><font size=2 face="serif">US$ &#146;000</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="10%" align="right"><font size=2 face="serif">US$ &#146;000</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif"><u>Shareholders&#146; equity and
      liabilities</u></font></b></font></td>
    <td width="12%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif"><br>
      Shareholders&#146; equity</font></b></font></td>
    <td width="12%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Share capital and
      premium</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">239,876</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">281,989</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Treasury stock</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(8,833</font></td>
    <td width="2%"><font size=2 face="serif">)</font></td>
    <td align="right" width="10%"><font size=2 face="serif">(54,521</font></td>
    <td width="2%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">2% PIK notes</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">16,006</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size="2">-</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Legal reserve</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">4,256</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">4,256</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Retained loss brought
      forward</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(446,110</font></td>
    <td width="2%"><font size=2 face="serif">)</font></td>
    <td align="right" width="10%"><font size=2 face="serif">(57,719</font></td>
    <td width="2%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Profit (loss) for
      the year</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">178,823</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">(385,143</font></td>
    <td width="2%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Currency translation
      reserve</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(69,198</font></td>
    <td width="2%"><font size=2 face="serif">)</font></td>
    <td align="right" width="10%"><font size=2 face="serif">(84,121</font></td>
    <td width="2%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif">Total shareholders&#146; equity</font></b></font></td>
    <td align="right" width="12%"><font size=2 face="serif">(85,180</font></td>
    <td width="2%"><font size=2 face="serif">)</font></td>
    <td align="right" width="10%"><font size=2 face="serif">(295,259</font></td>
    <td width="2%"><font size=2 face="serif">)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif">Minority interest</font></b></font></td>
    <td align="right" width="12%"><font size=2 face="serif">26,571</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">23,733</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif">Liabilities</font></b></font></td>
    <td width="12%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Non-current liabilities</font></font></td>
    <td width="12%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Corporate
      13.5% debt</font></font></td>
    <td align="right" width="12%"><font size="2">-</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">912,539</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Corporate
      10% debt</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">536,036</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size="2">-</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">2%
      PIK notes</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">50,923</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size="2">-</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">5%
      Mandatory Exchangeable in Tele2 shares - debt component<sup>(i)</sup></font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">327,635</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size="2">-</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Embedded
      derivative on the 5% Mandatory Exchangeable in Tele2 shares<sup>(i)</sup></font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">103,457</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size="2">-</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Other
      debt and financing</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">126,150</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">159,370</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Deferred
      taxation</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">33,944</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">26,874</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right" width="12%"><font size=2 face="serif">1,178,145</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">1,098,783</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Current liabilities</font></font></td>
    <td width="12%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Other
      debt and financing</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">132,664</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">156,666</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Trade
      creditors</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">112,764</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">90,945</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Amounts
      due to shareholders</font></font></td>
    <td align="right" width="12%"><font size="2">-</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">4,021</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Accrued
      interest and other expenses</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">44,673</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">42,745</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="serif">Other
      current liabilities</font></font></td>
    <td align="right" width="12%"><font size=2 face="serif">113,312</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">81,485</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right" width="12%"><font size=2 face="serif">403,413</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">375,862</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif">Total liabilities</font></b></font></td>
    <td align="right" width="12%"><font size=2 face="serif">1,581,558</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size=2 face="serif">1,474,645</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><b><font face="serif">Total shareholders&#146; equity and
      liabilities</font></b></font></td>
    <td align="right" width="12%"><font size="2"><b><font face="serif">1,522,949</font></b></font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="10%"><font size="2"><b><font face="serif">1,203,119</font></b></font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </td>
    <td>&nbsp;</td>
  </tr>
</table>
<P> <font size="2"><I><FONT size="1" face="serif">(i) The net position of the
  5% Mandatory Exchangeable Notes is summarized on page 9 </FONT></I> </font></P>
<P align="right"> <FONT size=2 face="serif">10 </FONT> </P>
<hr width="100%" size=3 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<div align="center"><font size="2"><B><FONT face="serif"><br>
  Millicom International Cellular S.A. <br>
  Condensed consolidated statements of cash flows <br>
  for the years ended December 31, 2003 and 2002</FONT></B> </font>
  <hr size="2" noshade>
</div>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="16%"><div align="right"><font size="2"><B><FONT face="serif">Dec
        31,</FONT></B></font></div></TD>
    <TD align="center" width="3%"><div align="right"></div></TD>
    <TD align="center" width="13%"><div align="right"><font size="2"><B><FONT face="serif">Dec
        31,</FONT></B></font></div></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center" width="16%"><div align="right"><font size="2"><B><FONT face="serif">2003</FONT></B></font></div></TD>
    <TD align="center" width="3%"><div align="right"></div></TD>
    <TD align="center" width="13%"><div align="right"><font size="2"><B><FONT face="serif">2002</FONT></B></font></div></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><div align="right"><FONT size=2 face="serif">(Unaudited)</FONT></div></TD>
    <TD width="3%"><div align="right"></div></TD>
    <TD width="13%"><div align="right"><FONT size=2 face="serif">(Audited)</FONT></div></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%"><div align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></div></TD>
    <TD width="3%"><div align="right"></div></TD>
    <TD width="13%"><div align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></div></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Net cash provided by operating activities</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">167,928</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">72,581</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash flow (used) provided by investing activities</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">(86,066</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">141,665</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash flow used by financing activities</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">(4,605</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">(199,780</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash effect of exchange rate changes</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">1,121</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">(291</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="3"><hr size="1" noshade></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Net increase in cash and cash equivalents</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">78,378</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">14,175</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash and cash equivalents, beginning</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">70,451</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">56,276</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="3"><hr size="1" noshade></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash and cash equivalents, ending</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">148,829</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">70,451</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right"><hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<div align="center"><font size="2"><B><FONT face="serif">Millicom International
  Cellular S.A. </FONT></B> </font><br>
  <font size="2"><B><FONT face="serif">Condensed consolidated statements of changes
  in shareholders&#146; equity <br>
  for the years ended December 31, 2003 and 2002</FONT></B></font> </div>
<hr size="2" noshade>
<font size="2"> </font>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="64%">&nbsp;</TD>
    <TD align="right" width="16%"><font size="2"><B><FONT face="serif">Dec 31,</FONT></B></font></TD>
    <TD align="right" width="3%">&nbsp;</TD>
    <TD align="right" width="14%"><font size="2"><B><FONT face="serif">Dec 31,</FONT></B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="16%"><font size="2"><B><FONT face="serif">2003</FONT></B></font></TD>
    <TD align="right" width="3%">&nbsp;</TD>
    <TD align="right" width="14%"><font size="2"><B><FONT face="serif">2002</FONT></B></font></TD>
    <TD align="center" width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%" align="right"><FONT size=2 face="serif">(Unaudited)</FONT></TD>
    <TD width="3%" align="right">&nbsp;</TD>
    <TD width="14%" align="right"><FONT size=2 face="serif">(Audited)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><font size=2 face="serif">US$ &#146;000</font></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><font size=2 face="serif">US$ &#146;000</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Shareholders&#146; equity at January 1</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">(295,259</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">68,894</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">New shares issued</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">1,181</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="14%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Disposal / (purchase) of treasury stock</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">2,394</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(2,488</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Profit (loss) for the year</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">178,823</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(385,143</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Effect of consolidation of El Salvador</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">(3,248</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="14%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Movement in revaluation reserve</FONT></TD>
    <TD align="right" width="16%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">61,325</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Movem ent in currency translation reserve</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">14,923</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(37,847</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Issuance of equity instruments (2% PIK Notes)</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">16,006</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="14%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="3"><hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Shareholders&#146; equity</FONT></TD>
    <TD align="right" width="16%"><FONT size=2 face="serif">(85,180</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(295,259</FONT></TD>
    <TD width="3%"><FONT size=2 face="serif">)</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right"><hr size="1" noshade color="#000000"> <hr size="1" noshade color="#000000" style="margin-top: -12px">
    </TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=2 face="serif">11 </FONT> </P>
<hr width="100%" size=3 noshade>
<font size="2">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan="11" align="center"><font size="2"><B><FONT face="serif">Millicom
      International Cellular S.A.</FONT></B></font><font size="2"><B><FONT face="serif"><br>
      Quarterly analysis by region</FONT></B></font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">03 Q4</FONT></B></font></TD>
    <TD><font size="2"><B><FONT face="serif"> </FONT></B></font></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">03 Q3</FONT></B></font></TD>
    <TD><font size="2"><B><FONT face="serif"> </FONT></B></font></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">03 Q2</FONT></B></font></TD>
    <TD><font size="2"><B><FONT face="serif"> </FONT></B></font></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">03</FONT></B></font><font size="2"><B><FONT face="serif">
      Q1</FONT></B></font></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">02 </FONT><font size="2"><b><font face="serif">Q4</font></b></font></B></font></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2"><B><FONT face="serif">Gross cellular subs</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">2,677,149</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">2,437,759</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">2,228,165</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">2,013,922</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,841,537</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Latin America</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">2,351,889</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">2,334,339</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,798,128</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,814,199</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,755,124</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Africa</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">661,504</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">531,743</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">445,542</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">420,593</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">406,250</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Sub-total</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">5,690,542</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">5,303,841</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">4,471,835</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">4,248,714</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">4,002,911</FONT></B></font></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Divested</FONT></TD>
    <TD align="right"><font size="2">-</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">-</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">-</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">-</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">249,126</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Total</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">5,690,542</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">5,303,841</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">4,471,835</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">4,248,714</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">4,252,037</FONT></B></font></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2"><B><FONT face="serif">Prop cellular subs</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">1,678,336</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,534,322</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,393,918</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,260,683</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,158,253</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Latin America</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">1,883,809</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,907,642</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,393,363</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,422,825</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">1,359,437</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Africa</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">463,432</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">364,682</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">296,674</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">279,095</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">266,497</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Sub-total</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">4,025,577</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">3,806,646</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">3,083,955</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">2,962,603</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">2,784,187</FONT></B></font></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Divested</FONT></TD>
    <TD align="right"><font size="2">-</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">-</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">-</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">-</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">237,686</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Total</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">4,025,577</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">3,806,646</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">3,083,955</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">2,962,603</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">3,021,873</FONT></B></font></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2"><B><FONT face="serif">Revenues (US$ &#146;000)</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">79,335</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">69,701</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">67,456</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">64,264</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">60,239</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Latin America</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">93,437</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">63,448</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">54,581</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">59,198</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">70,488</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Africa</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">27,213</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">21,179</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">18,474</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">17,992</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">16,892</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Other</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">1,870</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">2,340</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">3,351</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">3,265</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="serif">7,660</FONT></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Total</FONT></TD>
    <TD align="right"><font size="2"><B><FONT face="serif">201,855</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">156,668</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">143,862</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">144,719</FONT></B></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2"><B><FONT face="serif">155,279</FONT></B></font></TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=2 face="serif">12 </FONT> </P>
<HR noshade align="center" width="100%" size=2>
</body>
</html>

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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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