-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 O5rciGNltRvec1Bvz2BSeoJlSjDmgAhMuwXIlK1slqRQ6HOhswJbETYXs62YRF3W
 I+JB767J0WwOb7jMAGCQpQ==

<SEC-DOCUMENT>0000950103-04-000592.txt : 20040429
<SEC-HEADER>0000950103-04-000592.hdr.sgml : 20040429
<ACCEPTANCE-DATETIME>20040429134124
ACCESSION NUMBER:		0000950103-04-000592
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040429
FILED AS OF DATE:		20040429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILLICOM INTERNATIONAL CELLULAR SA
		CENTRAL INDEX KEY:			0000912958
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO TELEPHONE COMMUNICATIONS [4812]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22828
		FILM NUMBER:		04763907

	BUSINESS ADDRESS:	
		STREET 1:		75 ROUTE DE LONGWY
		STREET 2:		BOX 23 BERTRANGE
		CITY:			GRAND DUCHY OF LUXEN
		STATE:			N4
		ZIP:			L8080
		BUSINESS PHONE:		3524571451
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>apr2804_6k2.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 April
  29, 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">MILLICOM INTERNATIONAL</font></div>

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

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

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

    <u>
    <div align="center"><font size="3" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand-Duchy of Luxembourg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div>
    </u>    <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="30%" 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="40%" align="left" valign="top">&nbsp;</TD>
          <td width="30%" 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 April 20, 2004. </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
    and No. 333-112948. </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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:
        April 29, 2004 </font></td>
      <td width="6%" align="left"><font size="2" face="Times New Roman, Times, serif">By:</font></td>
      <td width="44%"><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="6%" align="center">&nbsp;</td>
      <td width="44%"><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="6%" align="left"><font size="2" face="Times New Roman, Times, serif">Name:</font></td>
      <td width="44%"><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="6%"><font size="2" face="Times New Roman, Times, serif">Title:</font></td>
      <td width="44%"><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>&nbsp; </p>
<P align="center"> <font size="2"><img src="logo.jpg" width="113" height="60"> </font></P>
<P>
<BR>
</P>
<P align="center"> <B><FONT size=4 face="serif">MILLICOM INTERNATIONAL CELLULAR
  S.A. </FONT></B> </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="right"><b><font size=2 face="serif">FOR IMMEDIATE RELEASE<br>
      April 20, 2004</font></b> </td>
  </tr>
  <tr>
    <td align="right">&nbsp;</td>
  </tr>
</table>
<br>
<div align=center>
<B><FONT size=2 face="serif">MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS<br>
FOR THE QUARTER ENDED MARCH 31, 2004 </FONT></B>
</div>
<blockquote><blockquote>
<blockquote><blockquote>
<UL>
<LI><B><FONT size=2 face="serif">48% increase in revenues for Q1 04 to $213.9m (Q1 03: $144.7m)</FONT></B></LI>
<LI><B><FONT size=2 face="serif">Profit of $14.7m for Q1 04 (Q1 03: $26.2m)</FONT></B></LI>
<LI><B><FONT size=2 face="serif">Profit per common share of $0.22 for Q1 04 (Q1 03: $0.40)</FONT></B></LI>
<LI><B><FONT size=2 face="serif">39% annual increase in proportional subs to 4.1m and in total subs to 5.9m</FONT></B><BR></LI>
</UL></blockquote></blockquote>
</blockquote></blockquote>
<P>
<FONT size=2 face="serif">New York, Stockholm, London and Luxembourg &#150; April 20, 2004 &#150; Millicom International Cellular SA (Nasdaq Stock Market: MICC, Stockholmsb&ouml;rsen: MIC), (&#147;MIC&#148;) the global telecommunications investor,
today announces results for the quarter ended March 31, 2004. </FONT>
</P>
<P align="center"> <FONT size=2 face="serif">Financial summary for the quarters
  ended March 31, 2004 and 2003*</FONT><FONT size=2 face="serif"> </FONT> </P>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif">March 31 2004</font></b></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif">March 31 2003</font></b></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif"> Change</font></b></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left"><B><FONT size=2 face="serif">Worldwide subscribers
      </FONT></B><B><SUP><FONT size=2 face="serif">(i)</FONT></SUP></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" width="65%">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">proportional
      cellular </font><sup><font size=2 face="serif">(ii)</font></sup></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">4,128,030</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">2,962,603</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">39%</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" width="65%">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">total
      cellular</font></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">5,897,371</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">4,248,714</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">39%</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif"></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left">&nbsp;</TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%" align="center">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" width="65%"><B><FONT size=2 face="serif"><u>US$ &#145;000</u></FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right">&nbsp; </TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left"><B><FONT size=2 face="serif">Revenues</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">213,859</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">144,719</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">48%</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left"><B><FONT size=2 face="serif">Operating profit</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">62,067</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">34,684</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">79%</FONT></TD>
    <TD align="center" width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif"></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left"><B><FONT size=2 face="serif">Profit for the period</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">14,730</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">26,226</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif"></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left"><B><FONT size=2 face="serif">Basic profit per
      common share (US$)</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">0.22</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">0.40</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left"><B><FONT size=2 face="serif">Diluted profit per
      common share (US$)</FONT></B></TD>
    <TD width="2%"><B></B></TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">0.20</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">0.40</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif"></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left"><B><FONT size=2 face="serif">Weighted average
      number of shares (thousands)</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">65,963</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">65,136</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif"></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="65%" align="left"><B><FONT size=2 face="serif">Weighted average
      number of shares and dilutive potential shares (thousands)</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT size=2 face="serif">79,930</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right"><FONT size=2 face="serif">65,136</FONT></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="65%" align="left"><B></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD width="8%" align="right">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif"></FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE><br>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="4%"><I><FONT size=1 face="serif">(i)</FONT></I></TD>
   <TD width="96%"><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..</FONT></I></TD>
</TR>
<TR>
   <TD><I><FONT size=1 face="serif">(ii)</FONT></I></TD>
   <TD width="96%"><I><FONT size=1 face="serif">Proportional subscribers are calculated as the sum of MIC&#146;s percentage ownership of subscribers in each operation.</FONT></I></TD>
</TR>
<TR>
   <TD><I><FONT size=1 face="serif">*</FONT></I></TD>
   <TD width="96%"><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></TD>
</TR>
<TR>
   <TD colspan=2><I><FONT size=1 face="serif">Figures for 2003 in this press release therefore do not include El Salvador. Figures for 2004 include El Salvador.,</FONT></I></TD>
</TR>
</TABLE>

<br>
<hr size=5 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<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;We have changed our financial reporting to reflect the five operational clusters in the group which are South East Asia, South Asia, Africa, Central America and South America. Countries within a cluster have
historically shown similar developments and breaking down the numbers in this way provides greater transparency and enables our shareholders, bondholders and analysts to gain a better understanding of the trends we see in certain parts of the
company. </FONT>
</P>
<P>
<FONT size=2 face="serif">MIC has had a buoyant start in 2004, building on the growth seen last quarter, by producing increases in revenues of 48% and increases in operating profit of 79% over the first quarter of 2003. Our African operations in
particular continued to show very impressive growth with revenues up 75% year on year, fuelled by annual total subscriber growth of 81%. Asia continued to perform well and we are encouraged by definite signs of recovery in South America. Our
priority for 2004 is to accelerate the growth of our existing operations, whilst seeking opportunities in adjacent markets. Our current licence renewals are progressing well. We signed a Memorandum of Understanding in Vietnam and, in Pakistan, our
licence extension has been confirmed and negotiations continue with the Ministry of Telecoms regarding final terms.&#148; </FONT>
</P>
<P align="center"> <B><U><FONT size=2 face="serif">FINANCIAL AND OPERATING SUMMARY</FONT></U></B><B><FONT size=2 face="serif">
  </FONT></B> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="center" width="4%">&#149;</TD>
    <TD colspan="2" align="left"><FONT size=2 face="serif">Subscriber growth:</FONT></TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top">&nbsp;</TD>
    <TD width="92%" align="left" valign="top"><FONT size=2 face="sans-serif">&nbsp;
      </FONT></TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top"><img src="stylex2x1.jpg"></TD>
    <TD width="92%" align="left" valign="top"><font size=2>An annual increase
      in worldwide total cellular subscribers of 39% to 5,897,371 at March 31,
      2004, including 468,591 total subscribers in El Salvador.</FONT></TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top">&nbsp;</TD>
    <TD width="92%" align="left" valign="top"><FONT size=2 face="sans-serif">&nbsp;
      </FONT></TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top"><img src="stylex2x1.jpg"></TD>
    <TD width="92%" align="left" valign="top"><font size=2>An annual increase
      in proportional cellular subscribers of 39% to 4,128,030 at March 31, 2004,
      including 468,591 proportionnal subscribers in El Salvador.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top"><img src="stylex2x1.jpg"></TD>
    <TD width="92%" align="left" valign="top"><FONT size=2> In the first quarter
      of 2004 MIC added 206,829 net new total cellular subscribers.</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top"><img src="stylex2x1.jpg"></TD>
    <TD width="92%" align="left" valign="top"><FONT size=2> Proportional prepaid
      subscribers increased to 3,641,976 at March 31, 2004 (of which</FONT> <font size=2 face="serif">325,675
      in El Salvador), from 2,641,734 at March 31, 2003.</font></TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center" width="4%"><font size=2 face="sans-serif">&#149; </font></TD>
    <TD colspan="2" align="left" valign="top"> <FONT size=2 face="serif">Financial
      highlights:</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top"><img src="stylex2x1.jpg"></TD>
    <TD width="92%" align="left" valign="top"><FONT size=2> Revenues for the first
      quarter of 2004 were </FONT><FONT size=2 face="serif">$213.9 million, an
      increase of 48% from the first quarter of 2003. Revenues for the first quarter
      of 2004 for El Salvador, which was reconsolidated in September 2003, was
      $33.8 million.</FONT></TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top">&nbsp;</TD>
    <TD width="92%" align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top"><img src="stylex2x1.jpg"></TD>
    <TD width="92%" align="left" valign="top"><FONT size=2> From the first quarter
      of 2004, MIC is providing greater disclosure in its financial reporting</FONT>
      <font size=2 face="serif">by reflecting revenues for the five operational
      clusters in the group; South East Asia, South Asia, Africa, Central America
      and South America.</font></TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top">&nbsp;</TD>
    <TD width="92%" align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top"><img src="stylex2x1.jpg"></TD>
    <TD width="92%" align="left" valign="top"><FONT size=2> Operating profit for
      the first quarter of 2004 was $62,067,000, an increase of 79% from the</FONT>
      <font size=2 face="serif">first quarter of 2003. Operating profit for the
      first quarter of 2004 for El Salvador, which was reconsolidated in September
      2003, was $11,061,000.</font></TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top">&nbsp;</TD>
    <TD width="92%" align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="center" width="4%"><font size=2 face="sans-serif">&#149; </font></TD>
    <TD colspan="2" align="left" valign="top"><FONT size=2 face="serif">Total cellular minutes increased by 53%
      for the three months ended March 31, 2004 from the same quarter in 2003,
      with prepaid minutes increasing by 66% in the same period.</FONT></TD>
  </TR>
  <TR>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%" valign="top">&nbsp;</TD>
    <TD width="92%" align="left" valign="top">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><font size="2">2</font></TD>
  </TR>
</TABLE>

<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<br>
<br>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="TOP">
    <TD WIDTH="4%">&#149;</TD>
    <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">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></FONT> </P></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="3%">&#149;</TD>
    <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">On
        February 5, 2004 MIC acquired 26% of Millicom Tanzania Ltd from the Government
        of Tanzania, bringing its ownership to 84%. MIC now controls Millicom
        Tanzania Ltd. </FONT></FONT> </P></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&#149;</TD>
    <TD><font face="Times New Roman, Times, Serif"><font size="2">An Extraordinary
      General Meeting of Shareholders held on February 16, 2004, approved a stock
      split of the issued shares of MIC by which each share with a par value of
      $6 was split into four new shares with a par value of US$ 1.50. The stock
      split became effective after close of business on February 20, 2004. </font></font>
    </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&#149;</TD>
    <TD><font face="Times New Roman, Times, Serif"><font size="2">On February
      17, 2004 MIC signed a management agreement with Rafsanjan Industrial Complex
      (&#145;RIC&#146;) in Iran to manage a nationwide GSM network to be owned
      by RIC under a build, operate and transfer contract between RIC and Telecommunications
      Company of Iran. The contract allows RIC to build and operate the network
      for 2 million prepaid subscribers for a period of 11 years. MIC will be
      paid a share of the revenues generated by the network and has been awarded
      an option to acquire 47% of the company that will operate it. </font></font></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&#149;</TD>
    <TD><font face="Times New Roman, Times, Serif"><font size="2">On March 19,
      2004 MIC formally requested the Trustee to call the entire outstanding amount
      of 2% Senior Convertible PIK Notes (the &#147;2% PIK Notes&#148;) for redemption
      in cash on April 26, 2004 in accordance with the terms of the Indenture
      covering these Notes. During the quarter ended March 31, 2004, 40% of the
      2% PIK Notes outstanding at year end were converted.</font></font> </TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD>&#149;</TD>
    <TD>&nbsp;<font face="Times New Roman, Times, Serif"><font size="2">MIC&#146;s
      listing on the Stockholmsb&ouml;rsen (Swedish Stock Exchange) became effective
      on March 30, 2004.</font></font> </TD>
  </TR>
</TABLE>
<BR>



<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><B><FONT size=2 face="serif"> </FONT></B>
</P>
<P>
<FONT size=2 face="serif">In the first quarter of 2004 MIC&#146;s worldwide operations in Asia, Latin America and Africa added 206,829 net new total cellular subscribers.  On a proportional basis, MIC added 102,453 subscribers, bringing the total at
March 31, 2004 to 4.1 million. </FONT>
</P>
<P>
<FONT size=2 face="serif">At March 31 2004, MIC&#146;s total cellular subscriber base increased by 39% to 5,897,371 cellular subscribers from 4,248,714 as at March 31, 2003.  Particularly significant percentage increases were recorded in Ghana,
Senegal, Sierra Leone, Vietnam and Pakistan.  MIC&#146;s proportional subscriber base increased to 4,128,030 from 2,962,603 at March 31, 2003, also an increase of 39%.</FONT>
</P>
<P>
<FONT size=2 face="serif">MIC experienced negative subscriber growth in South America over the last twelve months as a result of the subscriber review in Paraguay earlier this year and a similar review last year in Bolivia.</FONT>
</P>
<P>
<FONT size=2 face="serif">Within the 4,128,030 proportional cellular subscribers reported at the end of the first quarter, 3,641,976 were pre-paid customers. Pre-paid subscribers currently represent respectively 87% and 88% of total and proportional
cellular subscribers. </FONT>
</P>

<div align="right"><font size="2">3</font><br>
</div>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P align="center">
<B><U><FONT size=2 face="serif">Cellular Operations</FONT></U></B><U><FONT size=2 face="serif">*</FONT></U><FONT size=2 face="serif"> </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="16%"><B><FONT size=1 face="serif">Proportional (i)</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="16%"><B><FONT size=1 face="serif">Proportional (i)</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="10%"><B></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=1 face="serif">Total</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=1 face="serif">Total</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="10%"><B></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="16%"><B><FONT size=1 face="serif">Subs at</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="16%"><B><FONT size=1 face="serif">Subs at</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="10%"><B><font size=1 face="serif">Annualized</font></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=1 face="serif">Subs at</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=1 face="serif">Subs at</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="10%"><B><font size=1 face="serif">Annualized</font></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="16%"><B><FONT size=1 face="serif">Mar 31, 2004</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="16%"><B><FONT size=1 face="serif">Mar 31, 2003</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="10%"><b><font size=1 face="serif">Increase</font></b></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=1 face="serif">Mar 31, 2004</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=1 face="serif">Mar 31, 2003</FONT></B></TD>
    <TD width="2%" align="right">&nbsp;</TD>
    <TD align="right" width="10%"><b><font size=1 face="serif">Increase</font></b></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="serif">South East Asia</FONT></TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">779,517</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">508,987</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">53%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">1,706,073</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">1,107,885</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">54%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="serif">South Asia</FONT></TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">1,044,513</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">751,696</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">39%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">1,246,692</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">906,037</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">38%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="serif">MIC Asia</FONT></TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">1,824,030</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">1,260,683</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">45%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">2,952,765</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">2,013,922</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">47%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="serif">Central America</FONT></TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">987,115</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">417,628</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">136%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">1,443,815</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">786,346</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">84%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="serif">South America</FONT></TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">721,602</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">1,005,197</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">-28%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">739,530</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">1,027,853</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">-28%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="serif">MIC Latin America</FONT></TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">1,708,717</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">1,422,825</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">20%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">2,183,345</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">1,814,199</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">20%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="serif">MIC Africa</FONT></TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">595,283</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="16%"><FONT size=1 face="serif">279,095</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">113%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">761,261</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><FONT size=1 face="serif">420,593</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=1 face="serif">81%</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=1 face="serif">Total Cellular Ops</FONT></B></TD>
    <TD align="right" width="16%"><B><FONT size=1 face="serif">4,128,030</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="16%"><B><FONT size=1 face="serif">2,962,603</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="serif">39%</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=1 face="serif">5,897,371</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=1 face="serif">4,248,714</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=1 face="serif">39%</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right">
<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 align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="5%"><i><font size=1 face="serif">(i) </font></i></td>
    <td><i><font size=1 face="serif">Proportional subscribers are calculated as
      the sum of MIC&#146;s percentage ownership of subscribers in each operation.</font></i>
    </td>
  </tr>
  <tr>
    <td width="5%"><font size=1 face="serif">*</font><font size=2 face="serif">&nbsp;
      </font><i><font size=1 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. Figures for 2003 therefore do not include El Salvador. Figures for
      2004 include El Salvador. </font></i></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>


<P align="center"> <B><U><FONT size=2 face="serif">FINANCIAL RESULTS FOR THE THREE
  MONTHS ENDED MARCH 31, 2004</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 March 31, 2004 were $213.9 million, an increase of 48% from the first quarter of 2003, reflecting the increasing trend of growth in MIC&#146;s operations. MIC recorded revenue
growth in Africa of 75% to $31.7m in the first quarter of 2004 compared with the same period in 2003, with Ghana producing growth of 153%.  Revenues for Asia for the first quarter of 2004 increased by 34% from the same period last year, to $86.4
million, with $55.7 million for South East Asia and $30.6 million for South Asia.</FONT>
</P>
<P>
<FONT size=2 face="serif">First quarter revenues for Latin America increased by 58% from the first quarter of 2003, mainly because of the reconsolidation of El Salvador. The Central American market continued to perform strongly with Guatemala and
Honduras producing increases in revenues of 20% and 19% respectively from the first quarter of 2003.  In South America, Bolivia and Paraguay produced revenue increases of 6% and 4% respectively, their highest year-on-year quarterly increases for
several years, pointing to an upturn in the region.</FONT>
</P>
<P>
<FONT size=2 face="serif">The profit per common share on a non-dilutive basis for the first quarter of 2004 was $0.22. Excluding the gain on exchange and disposal of investments, the valuation movements on securities, the fair value result on
financial instruments and the exchange gain on the 5% Mandatory Exchangeable Notes, the profit per share was $0.21. The corresponding loss per share for the first quarter of 2003 was ($0.20), derived from the profit per share of $0.40 after
deduction of $0.60 relating to a non-recurring gain on exchange and disposal of investments and valuation movements on securities. </FONT>
</P>
<P>
<I><FONT size=2 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 387 million people. </FONT></I>
</P>
<P>
<I><FONT size=2 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.</FONT></I>
</P>
<P align="right"> <FONT size=2 face="serif"> 4 </FONT> </P>


<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P>
<I><FONT size=2 face="serif">It is important to note that Millicom&#146;s actual results in the future could differ materially from those anticipated in forward-looking statements depending on various important factors. Please refer to the documents
that Millicom has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Millicom&#146;s most recent annual report on Form 20-F, for a discussion of certain of these factors.
</FONT></I>
</P>
<P>
<I><FONT size=2 face="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 width="56%"><B><FONT size=2 face="serif">CONTACTS:</FONT></B></TD>
   <TD width="39%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Marc Beuls</FONT></B></TD>
    <TD align="left" width="39%"><B><FONT size=2 face="serif">Telephone: +352
      27 759 327</FONT></B></TD>
    <TD align="center" width="5%"><B></B></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">President and Chief Executive Officer</FONT></TD>
    <TD width="39%" align="left">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Millicom International Cellular S.A., Luxembourg</FONT></TD>
    <TD width="39%" align="left">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Andrew Best</FONT></B></TD>
    <TD width="39%" align="left"><B><FONT size=2 face="serif">Telephone: +44 20
      7321 5022</FONT></B></TD>
    <TD width="5%"><B></B></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Investor Relations</FONT></TD>
   <TD width="39%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Shared Value Ltd, London</FONT></TD>
   <TD width="39%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
    <TD><FONT size=2 face="serif">Visit our web site at </FONT><B><FONT size=2 face="serif"><u>http://www.millicom.com</u></FONT></B></TD>
   <TD width="39%">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<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, April 20, 2004. The dial-in numbers are: +44 1452 542 300 or +1 866 220 1452 and participants should quote
Millicom International Cellular. A live audio stream of the conference call can also be accessed at </FONT></B><B><U><FONT size=2 face="serif">www.millicom.com</FONT></U></B><B><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 after the conference call, commencing approximately 30 minutes after the live call has finished, on +44 1452 550 000 or
+1 866 247 4222, access code: 1220441#.</FONT></B><FONT size=2 face="serif"> </FONT>
</P>
<P align="right"> <FONT size=2 face="serif">5 </FONT> </P>


<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<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 March 31, 2004 and 2003</FONT></B><BR><br>
</LI>
<LI><B><FONT size=2 face="serif">Consolidated balance sheets as of March 31, 2004 and December 31, 2003</FONT></B><BR><br>
</LI>
<LI><B><FONT size=2 face="serif">Condensed consolidated statements of cash flows for the three months ended March 31, 2004 and 2003</FONT></B><BR><br>
</LI>
<LI><B><FONT size=2 face="serif">Condensed consolidated statements of changes in
shareholders&#146; equity for the three months ended March 31, 2004 and for the year
ended December 31, 2003</FONT></B><BR><br>
</LI>
<LI><B><FONT size=2 face="serif">MIC quarterly analysis by cluster</FONT></B><BR></LI>
</UL>
<P align="right"> <FONT size=2 face="serif">6 </FONT> </P>

<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Millicom
  International Cellular S.A. <br>
  <br>
  Consolidated statements of profit and loss <br>
  for the three months ended March 31, 2004 and 2003</FONT></B> </P>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr noshade size=1></td>
  </tr>
</table>
<br>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="70%" align="left">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=2 face="serif">Quarter ended</FONT></B></TD>
    <TD width="2%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><B><FONT size=2 face="serif">Quarter ended</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left">&nbsp;</TD>
    <TD align="right" width="12%"><B><FONT size=2 face="serif">March 31, 2004</FONT></B></TD>
    <TD width="2%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><B><FONT size=2 face="serif">March 31, 2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left">&nbsp;</TD>
    <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left">&nbsp;</TD>
    <TD width="12%" align="right"><FONT size=2 face="serif">(Unaudited)</FONT></TD>
    <TD width="2%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="12%" align="right"><FONT size=2 face="serif">(Unaudited)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left">&nbsp;</TD>
    <TD width="12%" align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="2%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="12%" align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><FONT size=2 face="serif">Revenues</FONT></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">213,859</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">144,719</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><FONT size=2 face="serif">Operating expenses</FONT></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&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">(56,074)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(36,546)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Sales
      and marketing</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(28,790)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(17,956)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">General
      and administrative expenses</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(22,205)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(18,647)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Corporate
      and license acquisition costs</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(7,314)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(5,999)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" height="23" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Write-down
      of assets, net</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(405)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(384)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Depreciation
      and amortization</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(37,004)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(30,503)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><B><FONT size=2 face="serif">Operating profit</FONT></B></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">62,067</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">34,684</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Gain
      on exchange and disposal of investments</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">30</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">1,181</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Valuation
      movement on securities</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(66,106)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">38,237</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Fair
      value result on financial instuments</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">51,700</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">0</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Profit
      from associates</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">134</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest
      expense</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(27,349)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(38,902)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest
      income</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">1,574</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">1,129</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Exchange
      gain, net</FONT></font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">14,424</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">3,754</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><B><FONT size=2 face="serif">Profit before taxes</FONT></B></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">36,474</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">40,128</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><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">(16,702)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(10,198)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><B><FONT size=2 face="serif">Profit after taxes</FONT></B></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">19,772</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">29,930</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><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">(5,042)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">(3,704)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><B><FONT size=2 face="serif">Profit for the period</FONT></B></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">14,730</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">26,226</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><B><FONT size=2 face="serif">Basic earnings per
      common share (US$)</FONT></B></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">0.22</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">0.40</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><B><FONT size=2 face="serif">Weighted average
      number of shares</FONT></B></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><B><FONT size=2 face="serif">outstanding in the
      period (in thousands)</FONT></B></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">65,963</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">65,136</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><B><FONT size=2 face="serif">Diluted earnings
      per common share (US$)</FONT></B></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">0.20</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">0.40</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><B><FONT size=2 face="serif">Weighted average
      number of shares and potential</FONT></B></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="12%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"><B><FONT size=2 face="serif">dilutive shares
      outstanding in the period (in thousands)</FONT></B></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">79,930</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="12%"><FONT size=2 face="serif">65,136</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="70%" align="left"></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=2 face="serif">7 </FONT> </P>


<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P align="center"> <B><FONT size=2 face="serif">Millicom International Cellular
  S.A.<br>
  <br>
  Consolidated balance sheets <br>
  as of March 31, 2004 and December 31, 2003</FONT></B> </P>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr noshade size=1></td>
  </tr>
</table><br>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" colspan=2><B><FONT size=2 face="serif">March 31,</FONT></B></TD>
    <TD width="1%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><B><FONT size=2 face="serif">Dec 31,</FONT></B></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2">&nbsp;</TD>
    <TD align="right" width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="8%"><B><FONT size=2 face="serif">2004</FONT></B></TD>
    <TD width="1%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><B><FONT size=2 face="serif">2003</FONT></B></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2">&nbsp;</TD>
    <TD colspan=2 align="right"><FONT size=2 face="serif">(Unaudited)</FONT></TD>
    <TD width="1%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="9%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2">&nbsp;</TD>
    <TD width="1%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="1%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="9%" align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="6%">&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2"><B><FONT size=2 face="serif"><u>Assets</u></FONT></B></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><B><FONT size=2 face="serif">Non-current assets</FONT></B></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Intangible
      assets</FONT></font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Goodwill,
      net</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">43,924</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">49,578</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Licenses,
      net</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">31,544</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">30,889</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other
      intangible assets, net</FONT></font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">5,417</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">5,148</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Property,
      plant and equipment, net</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">522,042</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">487,746</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Financial
      assets</FONT></font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Investment
      in Tele2 AB shares <SUP>(i)</SUP></FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">412,934</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">479,040</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Investment
      in other securities</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">25,424</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">25,397</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Investment
      in associated companies</FONT></font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">1,458</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,340</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Pledged
      deposits</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">24,639</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">31,530</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><FONT size=2 face="serif">Deferred taxation</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">5,146</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">5,226</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2">&nbsp;</TD>
    <TD colspan=4><HR noshade size=1> </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><B><FONT size=2 face="serif">Total non-current assets</FONT></B></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">1,072,528</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,115,894</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"></TD>
    <TD colspan=4><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><B><FONT size=2 face="serif">Current assets</FONT></B></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><FONT size=2 face="serif">Financial assets - Investment in
      other securities</FONT></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">15,291</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">15,291</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><FONT size=2 face="serif">Inventories</FONT></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">12,474</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">10,941</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><FONT size=2 face="serif">Debtors</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Trade
      receivables, net</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">135,690</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">113,750</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><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" colspan=2><FONT size=2 face="serif">10,400</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">13,137</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Amounts
      due from other related parties</FONT></font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="8%"><FONT size=2 face="serif">3,075</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">2,905</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Prepayments
      and accrued income</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">27,366</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">19,739</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Other
      current assets</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">59,476</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">49,583</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Time deposits</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">98,462</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">32,880</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Cash and
      cash equivalents</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">96,889</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">148,829</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><B><FONT size=2 face="serif">Total current assets</FONT></B></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">459,123</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">407,055</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><font size="2">&nbsp;</font></TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><B><FONT size=2 face="serif">Total assets</FONT></B></TD>
    <TD align="right" colspan=2><B><FONT size=2 face="serif">1,531,651</FONT></B></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><B><FONT size=2 face="serif">1,522,949</FONT></B></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><font size="2">&nbsp;</font></TD>
    <TD colspan=2><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD width="5%"><font size="2">&nbsp;</font></TD>
    <TD width="70%"><hr noshade size=1></TD>
    <TD><hr noshade size=1></TD>
    <TD><hr noshade size=1></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 colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">(i)
      Net position of the 5% Mandatory Exchangeable Notes as of March 31, 2004</FONT></B></font></TD>
    <TD colspan=2 align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Investment
      in Tele2 shares</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">412,934</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><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>
    <TD colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Embedded
      derivative on the 5% Mandatory Exchangeable Notes in Tele2</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">(51,757)</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><font size="2">&nbsp;</font></TD>
    <TD colspan=2><HR noshade size=1></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 colspan="2"><font size="2">&nbsp;</font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">361,177</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><font size="2">&nbsp;</font></TD>
    <TD colspan=2><HR noshade size=1></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 colspan="2"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5%
      Mandatory Exchangeable Notes in Tele2 - debt component</FONT></font></TD>
    <TD align="right" colspan=2><FONT size=2 face="serif">(314,881)</FONT></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="9%"><font size="2">&nbsp;</font></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD colspan="2"><font size="2">&nbsp;</font></TD>
    <TD colspan=2><HR noshade size=1></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 colspan="2"><font size="2">&nbsp;</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      position</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font><font size=2 face="serif">46,296</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><hr noshade size=1></TD>
    <TD><hr noshade size=1></TD>
    <TD><hr noshade size=1></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 colspan="2"><font size="2">&nbsp;</font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="1%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">8</FONT></TD>
    <TD width="6%"><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>

<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P align="center"> <B><FONT size=2 face="serif">Millicom International Cellular
  S.A. <br>
  <br>
  Consolidated balance sheets <br>
  as of March 31, 2004 and December 31, 2003</FONT></B> </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><hr noshade size=1></td>
  </tr>
</table><br>


<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">Mar 31,</FONT></B></TD>
    <TD width="2%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">Dec 31,</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">2004</FONT></B></TD>
    <TD width="2%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(Unaudited)</FONT></TD>
    <TD width="2%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="2%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif"><u>Shareholders&#146; equity and liabilities</u></FONT></B></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Shareholders&#146; equity</FONT></B></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&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="10%"><FONT size=2 face="serif">268,044</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">239,876</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Treasury stock</FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(8,833)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(8,833)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">2% PIK notes &#150;
      equity component</FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">9,485</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">16,006</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Legal reserve</FONT></font></TD>
    <TD align="right" width="10%"><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;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Retained losses brought
      forward</FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(267,287)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(446,110)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Profit for the period</FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">14,730</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">178,823</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Currency translation
      reserve</FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(70,221)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(69,198)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Total shareholders&#146; equity</FONT></B></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(49,826)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(85,180)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Minority interest</FONT></B></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">30,456</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">26,571</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Liabilities</FONT></B></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Non-current liabilities</FONT></font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">10%
      Senior Notes</FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">536,244</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">536,036</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2%
      PIK notes - debt component</FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">31,001</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">50,923</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5%
      Mandatory Exchangeable Notes - debt component<SUP>(i)</SUP></FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">314,881</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">327,635</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Embedded
      derivative on the 5% Mandatory Exchangeable Notes<SUP>(i)</SUP></FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">51,757</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">103,457</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&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="10%"><FONT size=2 face="serif">112,297</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">126,150</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</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" width="10%"><FONT size=2 face="serif">36,460</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">33,944</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Total non-current liabilities</FONT></B></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">1,082,640</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">1,178,145</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Current liabilities</FONT></font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&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="10%"><FONT size=2 face="serif">123,743</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">132,664</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Trade
      payables</FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">147,129</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">112,764</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Amounts
      due to other related parties</FONT></font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">2,124</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">608</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&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="10%"><FONT size=2 face="serif">56,620</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">44,673</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD>&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="10%"><FONT size=2 face="serif">138,765</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">112,704</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Total current liabilities</FONT></B></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">468,381</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">403,413</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Total liabilities</FONT></B></TD>
    <TD align="right"><FONT size=2 face="serif">1,551,021</FONT></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><FONT size=2 face="serif">1,581,558</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3" align="right">
      <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Total shareholders&#146; equity and liabilities</FONT></B></TD>
    <TD align="right"><B><FONT size=2 face="serif">1,531,651</FONT></B></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><B><FONT size=2 face="serif">1,522,949</FONT></B></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">9</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>

<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Millicom
  International Cellular S.A. <br>
  <br>
  Condensed consolidated statements of cash flows<br>
  for the three months ended March 31, 2004 and 2003</FONT></B> </P>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td><hr noshade size=2> </td>
  </tr>
</table>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">Mar 31,</FONT></B></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">Mar 31,</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">2004</FONT></B></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">2003</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(Unaudited)</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(Unaudited)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Net cash provided by operating activities</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">75,405</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">61,984</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash flow used by investing activities</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(97,043</FONT></TD>
    <TD width="3%"><font size=2 face="serif">)</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(38,134</FONT></TD>
    <TD width="3%"><font size=2 face="serif">)</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash flow used by financing activities</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(30,360</FONT></TD>
    <TD width="3%"><font size=2 face="serif">)</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(16,916</FONT></TD>
    <TD width="3%"><font size=2 face="serif">)</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash effect of exchange rate changes</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">58</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">173</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</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><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Net increase in cash and cash equivalents</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(51,940</FONT></TD>
    <TD width="3%"><font size=2 face="serif">)</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">7,107</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash and cash equivalents, beginning</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">148,829</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">70,451</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</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><FONT size=2 face="serif">Cash and cash equivalents, ending</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">96,889</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">77,558</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</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>
</TABLE>
<p>&nbsp;</p>


<P align="center"> <B><FONT size=2 face="serif">Millicom International Cellular
  S.A. <br>
  <br>
  Condensed consolidated statements of changes in shareholders&#146; equity <br>
  for the three months ended March 31, 2004 and for the year ended December 31,
  2003</FONT></B> </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><HR noshade size=2> </TD>
  </TR>
</TABLE>
<br>


<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">Mar 31,</FONT></B></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">Dec 31,</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">2004</FONT></B></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">2003</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">(Unaudited)</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=1 face="serif">US$ &#146;000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%" align="right"><FONT size=1 face="serif">US$ &#146;000</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Shareholders&#146; equity at January 1</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(85,180</FONT></TD>
    <TD width="3%"><font size=2 face="serif">)</font><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(295,259</FONT></TD>
    <TD width="3%"><font size=2 face="serif">)</font><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Disposal / Cancellation of treasury stock</FONT></TD>
    <TD align="right" width="10%"><font size="2">-</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">2,394</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Profit for the period</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">14,730</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">178,823</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Shares issued via the exercise of stock options</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">333</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><font size="2">-</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Effect of consolidation of El Salvador</FONT></TD>
    <TD align="right" width="10%"><font size="2">-</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(3,248</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Issuance / Conversion of 2% PIK Notes</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">21,314</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">17,187</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Movement in currency translation reserve</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(1,023</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">14,923</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="3" align="right"> <HR noshade size=1> </TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Shareholders&#146; equity</FONT></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(49,826</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="10%"><FONT size=2 face="serif">(85,180</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="right"><FONT size=2 face="serif">10</FONT> </P>


<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
Quarterly analysis by cluster </FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">04 Q1</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">03 Q4</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">03 Q3</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">03 Q2</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><B><FONT size=2 face="serif">03 Q1</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Total cellular subs</FONT></B></TD>
    <TD align="right" width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South East Asia</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">1,706,073</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,484,867</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,334,088</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,222,404</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,107,885</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South Asia</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">1,246,692</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,192,282</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,103,671</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,005,761</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">906,037</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD colspan="9" align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">2,952,765</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">2,677,149</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">2,437,759</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">2,228,165</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">2,013,922</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central America</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">1,443,815</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,412,513</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,320,493</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">811,731</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">786,346</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South America</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">739,530</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">939,376</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,013,846</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">986,397</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,027,853</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Latin America</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">2,183,345</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">2,351,889</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">2,334,339</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,798,128</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,814,199</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Africa</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">761,261</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">661,504</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">531,743</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">445,542</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">420,593</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Total</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">5,897,371</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">5,690,542</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">5,303,841</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">4,471,835</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">4,248,714</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Prop cellular subs</FONT></B></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South East Asia</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">779,517</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">680,129</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">614,518</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">562,246</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">508,987</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South Asia</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">1,044,513</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">998,207</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">919,804</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">831,671</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">751,696</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">1,824,030</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,678,336</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,534,322</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,393,917</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,260,683</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central America</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">987,115</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">968,635</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">918,361</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">431,124</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">417,628</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South America</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">721,602</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">915,174</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">989,281</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">962,240</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,005,197</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Latin America</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">1,708,717</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,883,809</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,907,642</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,393,364</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,422,825</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Africa</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">595,283</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">463,432</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">364,682</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">296,674</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">279,095</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Total</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">4,128,030</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">4,025,577</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">3,806,646</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">3,083,955</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">2,962,603</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Revenues (US$ &#146;000)</FONT></B></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South East Asia</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">55,743</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">50,195</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">41,805</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">41,989</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">41,165</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South Asia</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">30,608</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">29,140</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">27,896</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">25,467</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">23,099</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">86,351</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">79,335</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">69,701</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">67,456</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">64,264</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central America</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">68,784</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">67,414</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">37,993</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">30,693</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">35,221</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South America</FONT></font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">25,014</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">26,023</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">25,455</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">23,888</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">23,977</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Latin America</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">93,798</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">93,437</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">63,448</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">54,581</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">59,198</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Africa</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">31,672</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">27,213</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">21,179</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">18,474</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">18,082</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Other</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">2,038</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">1,870</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">2,340</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">3,351</FONT></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><FONT size=2 face="serif">3,175</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Total</FONT></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">213,859</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">201,855</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">156,668</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">143,862</FONT></B></TD>
    <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align="right"><B><FONT size=2 face="serif">144,719</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD colspan="9" align="right"> <HR noshade size=1> </TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=2 face="serif">11</FONT> </P>

<HR noshade align="center" width="100%" size=2>


</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``\`'$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_*6XMX"H
MGGAA+YV"65(RV"H.W>PW8+*#C."R@]11%<03[C!/#,%QN,4B2;=PRN[8S8W#
MD9ZCD5_*+_P<F?$SXA_#_P`;?LHQ>!O'/B_P>FI^%?BL^HQ^&=?U+18+]K;5
MO!*P/>KI]U;^=+`L\JVQE5\)+<!2OS!OA7_@BG^V]\6?`7[;/A#X9_%'XA^+
M]>\%_&^#_A#[NS\:>(];O;>R\0"RU"^\(:C"-5NY8(!+<W-Q;*TD82<7UN(Y
M%(B)_&\Q\8LNROCW_4?%Y37A_M^`R^6;?6J?L8U<QPV'KT)RP[HJ2@JF)IT9
M_O;I*5172Y3_`$EX,_9P<8<>?1*?TI.'^/\`*\3/_5/BSBZEX>RR'%K,J^!X
M.SS.,LS6A1SF.8RHU,2\#DF+S'#I9=RU*DJ6";C*?ME_=51117[(?YM#))8H
M5WRR1Q)D+ND=47<QPJ[F(&2>`,Y)Z5''=6TK!(KB"1F!*K'-&[$!58D*K$D!
M71B0,!74]&!/\P?_``<7_M9^+OA_I_P,_9Y^&?C#7O#/B#7[G4OB1XMF\+ZM
M<:;J+Z=:E]!\,6$MQIDL=_$\MW+J]S]E:6)+B)[>7R9R(9(/RI_X(Q?&/XS>
M)O\`@HS\%/#7C/XF?$77=,9?'$6H:#XB\6>(K^S:XL_!VNJ([W3;^^DB::VF
M!)2>$LDZ*SKYD:E?QS-_&#`99QUA^"*>4U\95JYAEF6ULQABZ=.C0Q.8NA>/
ML71G*I]66(C[1>T@Y3C."MR\S_TC\.OV<?%O'/T5,W^E%C?$'+.&\!@>$...
M-<NX-Q'#^+QN8YIDW!T,S]G5_M*.9X6CA?[9JY5B/JLW@Z\*6'J8?$2=3VCI
MQ_O9JO'=VLS!(KFWE<@D)'-&[$``DA58D@!E).,`,#T(KC_B;--;_#;X@W%O
M+)!<0>!_%DT$\,C130S1:#?O%+%*A5XY(W5721&#(P#*00#7\.__``1"^,WQ
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M^@_7/%?A;PS";CQ)XET#P_`N"T^N:SIVDPJ",@F2_N;=!D<C+<CFN-T?XX?!
M7Q#>?V?H'Q?^%VN7_F+#]AT?X@>$]3O/-8E5B^S66K3S>8S`JJ;-Q((`R#7\
M./PH_P""9W_!2_\`X*226/QL^)_B#5HM#\11FZTSXA?'?Q1J37VHZ>S!$FT'
MPZL=YJ<.ED*PLH4LM*LS"L3V<7V*6*8_0WB[_@VJ_:IT32)K_P`*?&GX/>,=
M5@MI)HM'CA\3^'WGN44-';PZAJ-D]NH=L@3RB/;@'RR3@?E='Q/X^S*E_:&3
M>%698C*9+VF'K8O,XX3%8F@TI0JT\/+"<S52+4H^Q6)@TUR5)K5_WSF/T%OH
MD<%8Y<(>)7T_."<F\0J,OJ>;99P_P56S_(<CS:G-TL3@,9G-#B%48O"UE*E6
M_M.ID>(IRC)8C"X>4917]JT<D<R++%(DL;@,DD;JZ.IY#*ZDJP(Y!!(-/K^#
M?X3_`+<W_!17_@DY\9M-^%G[0</C3Q)X"M#;RZG\*?B!JL^MZ+>^';F;?<:I
M\,?%$DUU;:=<JPE$;Z=<SZ2;D307^GI-)YT?]M?P'^-W@+]HSX2^"?C+\--6
MCU?PAXXT>'5+"967[19W`+0ZAI.H1*S&WU'2KZ.>RO(6)Q+"9(VDADBD?[;@
MGQ#ROC.6-P4<+C,GSW+++,LCS*'L\7AUS*$JM-M1=:C&HU3FW"E5ISE!5:--
M5*;G_,'TG_H<\=_1II<-<35<_P"'/$CPIXY3EP5XI<%8A8OA_-Y.E+$T\%C(
MQJ5UEV8UL'&6+P].&*QN!QM"GB)9?F.+E@\;##>NT445^@'\A'\A'_!SV'_X
M3G]D,C=Y8\)_%P-@X4.=8\"^7N7'S,5$GEG/R`2#`WY/Y1?M7^`-:^"GA'_@
MG;^UCX(MO[%O/B#\$?!GBBTO;*()IFG_`!%^$/B9[6-H'5EF>\EMK70]7O=S
MEEFN&591A<?JW_P<]C_BN_V0B0?^12^+X4GI_P`ACP$6`.\9/W-W[ML?+ETR
M`_N'Q2_9JM/V@/\`@W\^!>N66F"]\;_!7X.VGQ)\,7$$/^F#3-+UN\E\6Z="
M,%!%=Z+:B]NY&`9QI"N)%WN'_CGB_(*O$''WBW1PUUCLLR3*\\P,HI\ZQ&5T
M,BK2]FX^\JE3"2Q-*G:]ZE2+W2M_TB_1T\6L!X0?1+_9XYCG?)/A?CGQ1X]\
M+.*Z55KZK4R?CO-_%/+L//&PJ-T)X/"<04<CQ^,E42Y<'A*\5[LJG-_19\`_
MBAI'QI^"GPJ^*NB7MK?V/C[P!X3\4F6TG-S%#=ZQH=A?:A8O*RJXN=/O9Y[*
MZCF5)XKF"6*:-)8Y$7UMW6-'D=@B(K.[,<*JJ"S,3V``))[`5_/'_P`&Y_[0
MEO\`$#]E'Q9\!K_4?/\`$?P/\87E]90RRN]TO@WX@7=]JVFB,2JXDAL==MM>
MC+!C';Q75C;JFT`+^JW[?_[16E?LM?LA_&SXP:E(\=[IG@[4-`\+1*RK)-XV
M\70/X<\)1#[P9(M<U&TNKK9DK9VUS(&`3</Z4X=XLPF9\#X#BW$5(4\/_8LL
M?F$N:\:-;!49K,(-Z7]EB*%>"T3?*G;6Q_B=XQ_1^XAX(^E)Q7]'C)\'B<9F
MW_$3*7"7"-&5)QKYGEW$N8X6?!^)5.[2_M#*<URS$.TI0A[22<[1YC^4?Q=&
M?^"BW_!;KQ):7=R^K?#_`.&/B?7WB$3_`&JTB\&_L_Z?=70ME\HF&6QUCQE8
M+9R2*RV]Q%JPDDE$+,P^9?\`@BOJL^O_`/!4'X+:W>I$+O4KGXA:A,(TD:-)
M[GP7X@>0Q&1Y'B'[QU#.[?(S1#&\`?J?_P`&[WP"FE^'_P"T]^U1XC@DO-2\
M0VNH_#?PQJ%R7>[E6UTVZUWQ=>PSL,-+?WU]86UT[.TADM5;@.Q;\FO^"'QQ
M_P`%*O@$-T0RGCL8D^^W_%"^(#MAY'[WC<>&_<K+Q_$O\HT<)B)9OX6<28Z+
MCC^,^.\TS^OS-N2P\LXR*C@:3;WIP@J]6C:R5/$VMM;_`*`L?Q%DU/P]^GAX
M)\+U8U.%/HS_`$4^`O"7*_9*,:,\XI>'/BMF7%.-A"-^3$XJM_967YES7E+%
M9*VWS<TG_?I\4_\`DF'Q'_[$/Q?_`.H]J-?P8_\`!!TJ/^"C_P`+"P4C_A%_
M'X`8`C<?#\H4@&2(;E8AD.XE7"L(Y2!$_P#>;\5<?\*O^)&X;E_X0'QAN&TM
MD?\`"/:CD;0"6R.-H!)Z8.:_@P_X(/''_!1_X5\X_P"*8\>CKCKH$@QG?'US
MC&X[LXV29\M_UWQ9_P"3A^#_`/V.ZW_JQR0_SN_9[J_T//VC&^OAEEJ[?\T=
MXG[/O^1_<Y^TM\7;/X"?`#XP?&6_95M_AQX`\1^*`6!8-<Z=I\KV2;0DC.7O
M&@0(L<C.2%$;D[3_``_?\$DOV;4_X*$?MY>(/'/QQ<^+/#G@X:K\</B58ZG&
M;RT\9ZSJ'B&UL])\-7YEG\V.PN]5U1M0E3+HVEZ%/IP9#/#G^IK_`(+9:S=:
M)_P3/_:3NK19#)=:?X$T>1DX5+77OB5X1T:[:1MC81K:]ECP-I:1XT+*'Y_*
M'_@V,\-:;%H'[4OC!>=8O=7\">&IR4.4TW2[+4]4M=KE<#S+K5[S<BN"WE(7
M4[8R'Q[0CQ%XN\`<,8V*K95A,#B,]KX6IK1KU8RQTXJI3?NU4Y991IRA)-.E
M.K%IQG*+P^B5F6(\'/V=?TO/'7A>K4R[C[B#BK)_"K*L^PEH9CE.7U*7"F'K
MSP6+BO;X&K&EQWF6+IXBC*$XX["Y?5IRA6PU&K#^JZ"""SMX+6UABM[6UAC@
M@MX(A'%!;P1B.&""*,!8XXD5$CC1=JHH15`QB>BC`'08ZG\2<D_B>3[U_022
M2LE9+1);)=C_`"";<FY2;E*3;E)MMR;=VVWJVW=MMMML_+'_`(*W?L*R?MP_
MLR7>@>#=(MKWXU^`=7L/$OPNN))K&Q>[GGN(M-U_P[=ZGJ$UO;VFEZCI%W-J
M,I:5"U_H^GJK;7D5_*O^"+/[,'[4W[(7P:^)'P@_:+T&ST?27\:0>*?A]]C\
M1Z5KD<4>IZ=';>(+41Z7J%\+;==6=I<;I4M@P95C-QM?[/\`M'17R53@O*)<
M7T>-:<L7A\XIX&67UHT*M.&$QE&4)TU+&471E.K5A"4(QDJT$E0H>[>G=_T)
MA?I,>(M#Z.V9_1CQ5/(,V\.,;Q51XNP%;-<#C,3Q%PWF5+$83%RH\.YC#,:.
M%P&!KXC#XJK7P]3+\3*<LWS:U2*Q=J91117UI_/1_(1_P<]@_P#"<_LB-M?:
M/"?Q;!<-A`6UCP,55DP=SD*QC8,-H60$-O!3]T?^"7>@Z3XI_P""8O[,/AC7
MK.'4M"\1_!"70=:T^9#Y%_I.L76NZ?J-E,A)W1W5G<302]G5V(`#`#\+?^#G
MO'_"<_LB?*A)\)_%SYBP$B@:QX%^54)!9'SEV`(1HT#%=ZA_WI_X)-_\HY/V
M1NI_XM18]0P/_(7U?LW.!T!'RD8*_*17X#PM&,_'7Q&C**E&618&,HR2<91=
M#($TTU9IJZ:=TUIY+_7'QZK5</\`LI_H7UZ%6I1KT/%3BVM0K4IRIU:56EG'
MBU.G5IU(2YJ=2G-*4)1<)1DE):I2?\SW_!-#7]>_8)_X*]>//V<O&0GT+P[X
MY\4>,_A.T6H2&W2]T^]OI_$/PKUU0I>(0:W9)HE_:^:JL]OJ<*L8I,;?K3_@
MX_\`VGS=?\*K_8T\-2S2ZEJ%YI/Q3\:VT4S%)4N'U#1?`]@T49RTKW<6L7CV
M\NY4`L;D1AYHI*\0_P""_GPP\1_L_P#[:7P._;+\%*;1_%]MX<F>YMC+`(_'
MWPBNM/DM)+NXCY1M9\/-IEH$0@R6^C73%&+2,WR5\-=9UG_@K=_P5R\&>)]3
M@FLO#&H>)-#\2WEG<QJPM/A?\&[&UU0:==1(HBM9=?M]*33[A%9D75=>?9,S
M2JU?F.89AC\BR[BCP>P<JJQV8\:X3!9/&46Y2R#.Y+$-1GI",7R83VJ22Y<;
M7725O[GX/X1X4\5N-/`K]H]Q+3P$N%N#OHQY[Q/XDXBE52IT/%WPQHK)E.KA
M'S5ZU2"Q.?RP+<I5%5X8RUKFDZ2G_7'^PK^S\/V9OV"?A=\*+BSCM-?LOA1=
M^(?&<*1-#=2>+_%NESZ[JZW.XJRW5C)=C2)6>(,YT^,@1B,H?XSO^"'F[_AY
M3\!-K;1Y?CK>-A;>O_"#Z]A=P($>'VOO.0=OEXS("/\`0-\5C/A3Q,&Y!T#6
M\[MO0Z?=<'!4;<<#)!VXW,&R:_S\?^"'O_*2KX!_,RX3QWPI4!_^*&U\;7#<
MLHSO`3YMZ(Q^17K[OQ-P&'RKBOP/RS"QY,-E^:PP=".S5+"XWANC3O;JXP3D
M^LFV[MN_\J_0:XMS;C[P"_:C\;Y]6]OG7%W`=7B7-:MW*,\PSOAKQKS+%<CE
M=JFJV(G&C&R]G35.$;*,5'^_+XJ9_P"%7_$?`!/_``@7C#`)P"?^$>U'`)`)
M`)ZD`XZX/2OX,?\`@@]@?\%'_A7EU0?\(QX^Y>,2`DZ!(%0*5;#.V$23`,3L
MLH9"F]?[SOBKC_A5_P`2-QVK_P`(#XPW'<5P/^$>U')W`@K@<[@01UR,5_!C
M_P`$'2P_X*/_``KVEU/_``C'CX90LIVGP_(&!*JQV,I*R`@*R%E=D0LZ]WBS
M_P`G"\(/^QW6_P#5CDA\M^SW5_H=_M&//PRRU=/^B.\3^ZDOOBUW36A_7Q_P
M5B^'][\2_P#@GK^U#X:TRTFU'4K?X>MXGLM/MT\V>XN/".JZ?XFC2&$`F24_
MV4SQJP;YX@T069$<?@-_P;*?$NVL?B?^TI\([V^ABEU[P3X4\>Z%922)&]Q+
MX?UN70?$#0AY`T\@BU_0#Y4:,RQQ2R$A0<?UY^(]`TOQ7X?UOPSK=K'>Z/X@
MTJ_T;4[25%>.XL=2M9;2YC96!'S12MM/56PRD$`C_/U^)_A'XU_\$:/^"A-G
MXH\/Z9>7.@>&O$=WXB\#&:XO[/PW\3?A;K$MU!)X<U"^C0^?&MJ\FG7\#B6Y
ML=1L;74E5+B.UG6_%/VO"_&_`_B)*C5JY7@95,FSF=*,IO#X?$/$1IU91BFV
MG2QN+E!;2JT*=--2J1OR?0)6`\=OHN_2G^AM2S'`8'CSBRG@_$OPUPV85Z.'
MAG.;91#)JN+P-"M6J1A3J4\?POP_1Q,HKGI8#-,7C)\V'P==P_T(Z,Y_4<@C
MH<=_T/0CD<5^?O[+7_!3/]D?]JWPAHNN>"_BKX6\/>*;V"$:Q\//&FL67AOQ
M9H6H#:M[:2V.HRQ?;(87\PVE_9M-97T2++#<>47D3ZF\:_'GX)?#7P_>^*?'
M/Q8^'_ACP_86\EU=:GJ_B_18(5@@C#.T8>^:6<A`#L@21V)!"EGR?VO!YYDV
M88*.8X/-,!B,#.FJRQ5/%470C3<>;FG/GY:=E\4:CC*&JDDU8_S#XB\*_$KA
M+B>OP9Q)P%Q=DW%6'QL\OGD.-R#,Z>95,7"K[%4L-AOJSGC%5J:8>IA56I8F
M+C.A.I"49/SK]LW]I;2?V0_V;/B?^T!JNFP:XW@32+:?2?#DUZ-//B/7-1U&
MTTS3-'BN=LCQO/-=&:5HXY'BM;>XG",L35\=?\$O_P#@I1XA_P""B5M\5=7N
M?@_#\-]`^&\_A_3H]1AUV?61JFL:U'=W4EBQDM;>.$V]G;K.-K,[A\LJC%?S
MR?\`!9'_`(*<:7^W-X@\%_LT_LS6^M>)?A?X>\2Q:I=:MIUAJ3:C\3_'<L<^
MEZ58:1HJQ&ZNM(T:*YG_`+-=+?SM2O[^XEC$MK%:R/\`TA?\$D?V,+K]BS]D
M?PUX3\564=K\5/B#>R?$'XF!3&\ECJFI0I#HWAUIHTC\T:!HL=M%*LD?G6^I
M7>I6S2S10PN?RS*.,\TXN\3*N!X<QRJ\%\/Y;)9MB*5*C4PN8YE456-*-#%R
MHRJ656K34%1JQA5A@:]6+E3DG/\`O;Q#^C1P']'CZ#N`XI\:.%G@/I-^+W&=
M&?AYD^8YAFF#S[@_@G"5<MK8^MF?#]#,*.#C.67X#&5,5/,L!7Q&`Q/%&5Y?
M7C0QE*I2H?I_1117[0?YEGY)?\%,?^"5>F?\%'=<^$FM:A\;K_X2'X5:3XNT
MN*VL_A_;>-5UO_A*[O0KMIWEG\7^%VTXV1T-$\M$NQ="?<S0F!-WW7^RG\!H
M?V8/V=OA+\`+?Q1+XTA^%GA2#PQ'XIGTA=!EUM8;N[NOMKZ.FI:PNGEC=%/L
MZZG>!0@(F.[:OT%17@X7AG(\%GN8\2X7`JEG>;4*>&S#'?6,5-XBC2CAX4X.
MA4KSPM+ECA:"YJ-"G)^SO*3<IN7ZQG_CCXI\3^%?!W@EGO%4\?X8<`9GC,YX
M1X7>49!AX91F6/K9M7Q>)CFV$RJAGN-=:KGN:S=+,<TQE"'UMJG3A&CAU2^"
M/^"B'[!OA3_@H)\%-.^$OB'Q?)\/M3T'Q9I_BWPUXVM_#<?BNZT6\MH9[._A
MBTB76_#R3)JNG7,UC.YU*/RXWWJCNJX^9_\`@F]_P1\\#?\`!/;X@^-?B=%\
M7-1^,'BSQ/X:@\*:3>7W@6T\%Q^&=)>\%]K,=ND'BCQ/)?OK,]MIGFM)+:BV
M338EB5_.G+?L?17-B>#.&<7Q#AN*L1E5*KG^$C"&'S!UL4I05*%2G3D\/&O'
M"5*E.%2485:N'G4C:#C).G3<?;R7Z2OCAP]X/9UX!9-Q_C\#X2<0U\5B,WX0
MIY;D-2GB9X[$X3&8VG3SFME57B'!X7%XG!4*N)P."S?#8.NWB8U*$H8W&1Q&
M?JU@NJZ7J6F-)Y2ZCI]Y8-+L\SREO+>2W,GE[DW[!)NV;TW8V[ESD?@9^Q)_
MP0AT?]C3]H[P+^T):_M-ZG\0KCP2FNHOA2X^$=KX8AU(:UHMYH_.LQ_$;7GM
M#;?;&N.-,N1-L$6(LF4?T!T5OF_"V0Y[CLGS+-<`L7CLAQ$L5E-=XC%T7A*\
MJF'K2J*GAZ]*E6O4PN'ERXB%:"]G914934O*\._'GQ8\*.%?$7@GP_XMJ</\
M,>+.4TLB\0<KCDW#V91XARJC@LXR^EA98O.,IS#'9:HX//LVH^VR?%9?B'];
M=255U:&&G1P_%&B+XE\->(O#CW#6:>(-"U?1&NUB$S6JZK87%@UPL)>(3-`)
MS*(C)&)"NPN@.X?A-^PO_P`$+M(_8H_:*\+_`+0%K^TOJ/Q&F\,Z;KNG+X5N
M/A):>%HKP:W8FR,S:PGQ$\1-`;8'S50:7*9"`!)"P#C]]:*,UX6R'/,PRC-<
MTP"Q6/R&O+$93B'B,71>$K2J4*KFJ>'KTJ-:]3#T9<N(IUHKDLHI2DI'A_X\
M^+'A;PAXB<!\!\6SR'A/Q7RRED_'^4QR;A[,8\09;1PF9X"GAI8S-\IQ^89:
MHX3.,RH^UR?%Y?7DL2YRJ.I2H3IE?,G[4W[(/P&_;%^'\WP]^.7@C3_$UE%Y
ML_A_7`IM?$OA+5)(VC35O#FL0-'=V-TBNR21>8]I=PO);W=O/#(Z'Z;HKU\9
M@L)F.%KX+'X:AC,'B:;I8C#8FE"M0K4Y;QJ4YJ49*]FKK1I25FDS\]X;XEXA
MX.SW+.)^%,[S3ASB+)<53QN4YWDN.Q&79GE^+I7Y*^%QF%J4J]&=G*$N6:52
MG*=.:E3G*+_C[^-O_!M+\3='U&2__9J^/_AOQ!:^:9K33_BQ::CX/U+3X_G(
M@_M_PC8>)8=0G7Y`ETNB:0C[GWP1!`TGE/@K_@W0_;:\6ZS9VWQ@^,GPG\.>
M%DN$^TWFE^*_&/C[7+=<J#<V&AW_`(;T#2YRL4LZJLWB"QE+!EP$<,_]K5%?
MDU?P)\.ZV)>(CE^/P]*4E*>"P^:8J.#GJGRN,Y5*ZB[;0KPLG:-DE;_07+?V
MKGTR<OR..45N+^$\WQU*A*AA^*,VX%R"OQ'ATX\L:D*V'H87*ZE:"L_:8G*:
M[J27-7564IN7Y&?L*_\`!&W]F3]B37(?']O-J?QB^+5H_F:3\0?&VGV=F?#+
M\@OX4\/V,UQ8:1.R?*U]//J.I#<XCOHXV$:_KG117Z9DN0Y/P[@89;DF7X?+
M<%"3FJ.'BUSU)64JM6I-RJUZLDDI5:U2I4:44Y-))?Q!XF^*_B-XR\4XGC3Q
M0XOSCC3B;%4J>'EF>;UX2]AA:3DZ6"P&#P].A@,LP%*4YSIX#+<+A<'3J5*E
/2%",ZDY2****]8_/3__9
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>stylex2x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 stylex2x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``T)"@L*"`T+"@L.#@T/$R`5$Q(2
M$R<<'A<@+BDQ,"XI+2PS.DH^,S9&-RPM0%=!1DQ.4E-2,CY:85I08$I14D__
MVP!#`0X.#A,1$R85%29/-2TU3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/
M3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T__P``1"``5`!@#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#TX\CKCWK%
MDUZUTV3[/K%]:12+U+2JC8['83D@^HSSG@8K:.<<=:YZS\)V0U675]3Q?:A*
L^X-(,I$.P5?;`P3SWH`Z!'22-9(V5T8`JRG((/<&BEHH`****`"BBB@#_]D_
`
end

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