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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-04-000593.txt : 20040429
<SEC-HEADER>0000950103-04-000593.hdr.sgml : 20040429
<ACCEPTANCE-DATETIME>20040429150814
ACCESSION NUMBER:		0000950103-04-000593
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
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:		04764556

	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>apr2904_6k3.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>&nbsp;</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 align="center"> <font size="2"><img src="logo.jpg" width="113" height="60"> </font></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>
<P 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> </P><br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="23%">&nbsp;</td>
    <td width="4%" align="center" valign="top">&#149;</td>
    <td width="73%"><b><font size=2 face="serif">54% increase in revenues for
      Q1 04 to $213.9m (Q1 03: $138.7m)*</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="top">&#149;</td>
    <td><b><font size=2 face="serif">Profit of $14.7m for Q1 04 (Q1 03: $26.2m)</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="top">&#149;</td>
    <td><b><font size=2 face="serif">Profit per common share of $0.22 for Q1 04
      (Q1 03: $0.40)</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="top">&#149;</td>
    <td><b><font size=2 face="serif">55% increase in EBITDA for Q1 04 to $106.8m
      (Q1 03: $69.0m)*</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="top">&#149;</td>
    <td><b><font size=2 face="serif">39% annual increase in proportional subs
      to 4.1m and in total subs to 5.9m*</font></b></td>
  </tr>
</table>

<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), 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 align="right"><b><font size=2 face="serif">March 31<br>
      2004</font></b></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif">March 31<br>
      2003</font></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif">Change </font></b></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2"><strong>Worldwide subscribers<sup>(i)</sup></strong></font></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left" width="63%"><FONT size=2 face="serif">-&nbsp;&nbsp;proportional
      cellular </FONT><SUP><FONT size=2 face="serif">(ii)</FONT></SUP></TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">4,128,030</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">2,962,603</FONT></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">39%</FONT></TD>
  </TR>
  <TR>
    <TD align="left" width="63%"><FONT size=2 face="serif">&nbsp;&nbsp;total cellular</FONT></TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">5,897,371</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">4,248,714</FONT></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">39%</FONT></TD>
  </TR>
  <TR>
    <TD width="63%" align="left">&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=1></TD>
  </TR>
  <TR>
    <TD width="63%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif"><u>US$ &#145;000</u></font></b></TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">213,859</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">138,703</FONT></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">54%</FONT></TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif">Revenues</font></b></TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif">Operating profit
      before depreciation and</font></b></TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">106,790</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">68,961</FONT></TD>
    <TD align="center" width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">55%</FONT></TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif">amortization, EBITDA</font></b><b><sup><font size=2 face="serif">(iii)</font></sup></b></TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="63%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif">EBITDA margin</font></b></TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">50%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">50%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=1></TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif">Profit for the period</font></b></TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">14,730</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">26,226</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=2></TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif">Basic profit per
      common share (US$)</font></b></TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">0.22</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">0.40</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="5" align="right">&nbsp; </TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif">Diluted profit per
      common share (US$)</font></b></TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">0.20</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">0.40</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="63%" align="left">&nbsp;</TD>
    <TD colspan="5" align="right"> <HR noshade size=2> </TD>
  </TR>
  <TR>
    <TD width="63%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif">Weighted average
      number of shares (thousands)</font></b></TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">65,963</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">65,136</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=2></TD>
  </TR>
  <TR>
    <TD width="63%" align="left">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif">Weighted average
      number of shares and</font></b></TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">79,930</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="6%"><FONT size=2 face="serif">65,136</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="63%" align="left"><b><font size=2 face="serif">dilutive potential
      shares (thousands)</font></b></TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%" align="right">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="5" align="right"> <hr noshade size=2></TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD valign="top"><I><FONT size=1 face="serif">(i)</FONT></I></TD>
    <TD width="97%"><I><FONT size=1 face="serif">Subscriber figures represent
      the worldwide total number of subscribers of cellular systems in which MIC
      has an ownership interest. Subscriber figures do not include divested operations.</FONT></I></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD width="97%"><I></I></TD>
  </TR>
  <TR>
    <TD valign="top"><I><FONT size=1 face="serif">(ii)</FONT></I></TD>
    <TD width="97%"><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 valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD valign="top"><I><FONT size=1 face="serif">(iii)</FONT></I></TD>
    <TD width="97%"><I><FONT size=1 face="serif">EBITDA; operating profit before
      interest, taxation, depreciation and amortization, is derived by deducting
      cost of sales, sales and marketing costs, and general and administrative
      costs from revenues.</FONT></I></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD width="97%"><I></I></TD>
  </TR>
  <TR>
    <TD valign="top"><i><font size=1 face="serif">*</font></i> </TD>
    <TD width="97%"><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 in this press release therefore
      exclude divested operations and El Salvador in respect to subscribers and
      for financial results, down to and including EBITDA. Figures for 2004 include
      El Salvador and exclude divested operations for subscribers and financial
      results, down to and including EBITDA.</FONT></I></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD width="97%"><I></I></TD>
  </TR>
  <TR>
    <TD valign="top">&nbsp;</TD>
    <TD width="97%"><I></I></TD>
  </TR>
</TABLE>

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

<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Marc Beuls, MIC&#146;s
President and Chief Executive Officer stated:</FONT></FONT> </P>

<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&#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></FONT> </P>

<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">MIC has had a
buoyant start in 2004,  building on the growth seen last quarter,  by producing increases
in revenues  and EBITDA of 54% and 55%  respectively  over the first  quarter of 2003.
Our  African  operations  in  particular  continued to show very  impressive  growth with
revenues up 76% and EBITDA up 92% 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></FONT> </P>
<div align="center"><br>
  <b><font size=2 face="serif">FINANCIAL AND OPERATING SUMMARY*</font></b> <br>
  <br>
</div>
<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.</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>28% underlying annual
      growth in total cellular subscribers excluding 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> IAn annual increase
      in proportional cellular subscribers of 39% to 4,128,030 at March 31, 2004.</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> 24% underlying annual
      growth in proportional subscribers excluding El Salvador.</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">&nbsp;</TD>
    <TD align="center" valign="top"><img src="stylex2x1.jpg"></TD>
    <TD 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 align="center">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="center">&nbsp;</TD>
    <TD align="center" valign="top"><img src="stylex2x1.jpg"></TD>
    <TD align="left" valign="top"><font size="2">Proportional prepaid subscribers
      increased to 3,641,976 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 $213.9 million, an increase of 54% from the first quarter
      of<br>
      2003. Excluding El Salvador the increase was 30%.</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> EBITDA increased by
      55% in the first quarter of 2004 to $106.8 million, from $69.0 million for
      the first
      quarter of 2003. Excluding El Salvador, the increase was 34%.</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
      by<br>
      reflecting the five operational clusters in the group; South East Asia,
      South Asia, Africa, Central<br>
      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%" align="center" valign="top"><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 57% for the three months ended March 31, 2004
      from the same quarter in<br>
      2003 and increased by 41% excluding El Salvador, with prepaid minutes increasing
      by 70% in the same period<br>
      and by 59% excluding 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">&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>
<P>&nbsp; </P>

<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<UL>
<LI><FONT size=2 face="serif">On February 4, 2004 MIC&#146;s subsidiary in Vietnam, Comvik International Vietnam signed a Memorandum of Understanding with its partner VMS, a subsidiary of the Vietnam Posts and Telecommunications, to confirm their
intention to extend the co-operation for the long term.</FONT><BR><br>
</LI>
<LI><FONT size=2 face="serif">On February 5, 2004 MIC acquired 26% of Millicom Tanzania Ltd from the Government of Tanzania, bringing its ownership to 84%. MIC now controls Millicom Tanzania Ltd.</FONT><br>
<BR></LI>
<LI><FONT size=2 face="serif">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><BR><br>
</LI>
<LI><FONT size=2 face="serif">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><BR><br>
</LI>
<LI><FONT size=2 face="serif">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><BR><br>
</LI>
<LI><FONT size=2 face="serif">MIC&#146;s listing on the Stockholmsb&ouml;rsen (Swedish Stock Exchange) became effective on March 30, 2004.</FONT><BR></LI>

</UL>
<P align="center"> <B><U><FONT size=2 face="serif">REVIEW OF OPERATIONS</FONT></U></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 102,454 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.  Excluding El Salvador, proportional pre-paid subscribers increased by 26% from March 2003.
Pre-paid subscribers currently represent respectively 87% and 88% of total and proportional cellular subscribers. </FONT>
</P>
<P align="right"> <FONT size=2 face="serif"> 3 </FONT> </P>

<br>
<hr size=3 color=GRAY noshade>
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<br>
<P align="center"> <B><U><FONT size=2 face="serif">Cellular Operations </FONT></U></B><U><FONT size=2 face="serif">(i)*</FONT></U><FONT size=2 face="serif">
  </FONT> </P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2"><b><font face="serif">Proportional
      (ii) Subs at Mar 31, 2004</font></b><font face="serif"> </font></font></TD>
    <TD valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><b><font size=2 face="serif">Proportional
      (ii) Subs at Mar 31, 2003</font></b></TD>
    <TD valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><b><font size=2 face="serif">Annualized
      Increase</font></b></TD>
    <TD valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><b><font size=2 face="serif">Total Subs
      at Mar 31, 2004</font></b></TD>
    <TD valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><b><font size=2 face="serif">Total Subs
      at Mar 31, 2003</font></b></TD>
    <TD valign="bottom"><font size="2">&nbsp;</font></TD>
    <TD align="right" valign="bottom"><font size="2"><b><font face="serif">Annualized</font></b><font face="serif">
      <b>Increase</b></font></font></TD>
    <TD><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>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <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">South East Asia</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">779,517</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">508,987</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">53%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,706,073</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,107,885</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">54%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">South Asia</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,044,513</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">751,696</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">39%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,246,692</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">906,037</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">38%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD width="9%" align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width="9%" align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width="9%" align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width="9%" align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width="9%" align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width="9%" align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,824,030</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,260,683</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">45%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">2,952,765</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">2,013,922</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">47%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"> <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 align="right"> <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=2 face="serif">Central America</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">987,115</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">417,628</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">136%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,443,815</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">786,346</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">84%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">South America</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">721,602</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,005,197</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">-28%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">739,530</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,027,853</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">-28%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"> <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 align="right"> <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=2 face="serif">MIC Latin America</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,708,717</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,422,825</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">20%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">2,183,345</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">1,814,199</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">20%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"> <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 align="right"> <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=2 face="serif">MIC Africa</FONT></TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">595,283</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">279,095</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">113%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">761,261</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">420,593</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><FONT size=2 face="serif">81%</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"> <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 align="right"> <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="2">&nbsp;</font></TD>
    <TD width="9%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="9%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="9%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="9%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="9%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="9%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><B><FONT size=2 face="serif">Total Cellular Ops</FONT></B></TD>
    <TD align="right" width="9%"><B><FONT size=2 face="serif">4,128,030</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><B><FONT size=2 face="serif">2,962,603</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><B><FONT size=2 face="serif">39%</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><B><FONT size=2 face="serif">5,897,371</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><B><FONT size=2 face="serif">4,248,714</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="9%"><B><FONT size=2 face="serif">39%</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"> <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 align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<IMG src="item1x4x1.jpg" border=0>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><i><font size=1 face="serif">(i) </font></i></td>
    <td><i><font size=1 face="serif">All numbers and comparatives exclude divested
      operations</font></i><font size=2 face="serif">&nbsp; </font></td>
  </tr>
  <tr>
    <td width="5%"><i><font size=1 face="serif">(ii) </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 exclude El Salvador. Figures for 2004 include
      El Salvador. </font></i></td>
  </tr>
</table>
<br>
<br>

<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 54% from the first quarter of 2003, reflecting the increasing trend of growth in MIC&#146;s operations. MIC recorded revenue
growth in Africa of 76% 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 76% from the first quarter of 2003, mainly because of the reconsolidation of El Salvador, or by 13% if El Salvador is excluded. 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">EBITDA for the three months ended March 31, 2004 was $106.8 million, an increase of 55% from the quarter ended March 31, 2003. EBITDA for Africa increased by a 92% to $13.3 million in the first quarter of 2004 from $7.0
million in the first quarter of 2003, with the most impressive growth occurring in Ghana and Senegal.  EBITDA for Asia was $50.0 million for the first quarter, an increase of 37% from the same period in 2003, with increases of 45% and 34% for South
Asia and South East Asia respectively. Latin America recorded growth in EBITDA of 74% from the first quarter of 2003 to $43.5 million, following the reconsolidation of El Salvador, with a particularly strong increase of 37% produced by Guatemala.
Excluding El Salvador, EBITDA grew by 17%. The quarterly EBITDA margin for Asia was 58%, (59% for South East Asia and 55% for South Asia), for Latin America it was 46% (49% for Central America and 39% for South America) and for Africa it was 42%.
</FONT>
</P>
<P align="right"> <FONT size=2 face="serif"> 4 </FONT> </P>

<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<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. 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="62%"><B><FONT size=2 face="serif">CONTACTS:</FONT></B></TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="7%">&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="31%"><B><FONT size=2 face="serif">Telephone: +352
      27 759 327</FONT></B></TD>
    <TD align="center" width="7%"><B></B></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">President and Chief Executive Officer</FONT></TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Millicom International Cellular S.A., Luxembourg</FONT></TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Andrew Best</FONT></B></TD>
    <TD width="31%" align="left"><B><FONT size=2 face="serif">Telephone: +44 20
      7321 5022</FONT></B></TD>
    <TD width="7%"><B></B></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Investor Relations</FONT></TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="7%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Shared Value Ltd, London</FONT></TD>
   <TD width="31%">&nbsp;</TD>
   <TD width="7%">&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="31%">&nbsp;</TD>
   <TD width="7%">&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>

<br>
<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>


<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 colspan="5"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD align="center" width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><B><FONT size=2 face="serif">Quarter ended</FONT></B></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><B><FONT size=2 face="serif">Quarter ended</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD align="center" width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><B><FONT size=2 face="serif">March 31, 2004</FONT></B></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><B><FONT size=2 face="serif">March 31, 2003</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="center"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="serif">(Unaudited)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="serif">(Unaudited)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><FONT size=2 face="serif">Revenues</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">213,859</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">144,719</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><FONT size=2 face="serif">Operating expenses</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Cost of
      sales (excluding depreciation and</font> <font size="2"><font face="serif">amortization)</font></font></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(56,074)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(36,546)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Sales
      and marketing</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(28,790)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(17,956)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">General
      and administrative expenses</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(22,205)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(18,647)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Corporate
      and license acquisition costs</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(7,314)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(5,999)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Write-down
      of assets, net</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(405)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(384)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Depreciation
      and amortization</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(37,004)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(30,503)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><B><FONT size=2 face="serif">Operating profit</FONT></B></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">62,067</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">34,684</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Gain on
      exchange and disposal of investments</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">30</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,181</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Valuation
      movement on securities</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(66,106)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">38,237</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Fair value
      result on financial instuments</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">51,700</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">0</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Profit
      from associates</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">134</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">45</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest
      expense</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(27,349)</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(38,902)</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest
      income</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,574</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,129</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Exchange
      gain, net</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">14,424</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">3,754</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><B><FONT size=2 face="serif">Profit before taxes</FONT></B></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">36,474</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">40,128</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Taxes</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(16,702</FONT></TD>
    <TD width="2%" align="left"><font size=2 face="serif">)</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(10,198</FONT></TD>
    <TD width="2%"><font size=2 face="serif">)</font></TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><B><FONT size=2 face="serif">Profit after taxes</FONT></B></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">19,772</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">29,930</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Minority
      interest</FONT></font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(5,042</FONT></TD>
    <TD width="2%"><font size=2 face="serif">)</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(3,704</FONT></TD>
    <TD width="2%"><font size=2 face="serif">)</font></TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD width="2%"><HR noshade size=1></TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><B><FONT size=2 face="serif">Profit for the period</FONT></B></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">14,730</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">26,226</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"> <HR noshade size=2></TD>
    <TD width="2%"><HR noshade size=2></TD>
    <TD width="11%" align="right"> <HR noshade size=2></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><B><FONT size=2 face="serif">Basic earnings per common share
      (US$)</FONT></B></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">0.22</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">0.40</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><B><FONT size=2 face="serif">Weighted average number of shares
      outstanding in the period (in thousands)</FONT></B></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">65,963</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">65,136</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><B><FONT size=2 face="serif">Diluted earnings per common share
      (US$)</FONT></B></TD>
    <TD width="2%"><font size="2"><B></B></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">0.20</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">0.40</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><B><FONT size=2 face="serif">Weighted average number of shares
      and potential</FONT></B></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD width="72%"><B><FONT size=2 face="serif">dilutive shares outstanding in
      the period (in thousands)</FONT></B></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">79,930</FONT></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">65,136</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size=2 face="serif">7</font> </TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>


<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.</FONT></B><I><FONT size=1 face="serif"> </FONT></I>
</P>
<P align="center"> <B><FONT size=2 face="serif">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 align="left"><font size="2">&nbsp;</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif">March 31, <br>
      2004</font></b></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif">Dec 31, <br>
      2003 </font></b> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size=2 face="serif">(Unaudited) </font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size=2 face="serif">US$ &#146;000 </font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size=2 face="serif">US$ &#146;000 </font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2"><b><u><font face="serif">Assets</font></u><font face="serif">
      </font></b></font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><b><font size=2 face="serif">Non-current assets </font></b></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible
      assets </font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Goodwill,
      net</FONT></font></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">43,924</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">49,578</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Licenses,
      net</FONT></font></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">31,544</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">30,889</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other
      intangible assets, net</FONT></font></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">5,417</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">5,148</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Property,
      plant and equipment, net</FONT></font></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">522,042</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">487,746</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Financial
      assets</FONT></font></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><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="center" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">412,934</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">479,040</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Investment
      in other securities</FONT></font></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">25,424</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">25,397</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Investment
      in associated companies</FONT></font></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,458</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,340</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Pledged
      deposits</FONT></font></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">24,639</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">31,530</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Deferred taxation</FONT></TD>
    <TD align="center" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">5,146</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">5,226</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"> <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 align="left"><B><FONT size=2 face="serif">Total non-current assets</FONT></B></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,072,528</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,115,894</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Current assets</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Financial assets - Investment in
      other securities</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">15,291</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">15,291</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Inventories</FONT></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">12,474</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">10,941</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Debtors</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Trade
      receivables, net</FONT></font></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">135,690</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">113,750</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><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" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">10,400</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">13,137</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><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 align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">3,075</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">2,905</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Prepayments
      and accrued income</FONT></font></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">27,366</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">19,739</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Other
      current assets</FONT></font></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">59,476</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">49,583</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Time
      deposits</FONT></font></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">98,462</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">32,880</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Cash
      and cash equivalents</FONT></font></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">96,889</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">148,829</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Total current assets</FONT></B></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">459,123</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">407,055</FONT></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"> <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 align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Total assets</FONT></B></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><B><FONT size=2 face="serif">1,531,651</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><B><FONT size=2 face="serif">1,522,949</FONT></B></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"> <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 align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
</table>
<br>


<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<BR>


<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH=8%>&nbsp;</TD>
    <TD width="64%" align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="right" valign="top"><font size="2"><b><font face="serif">(i)&nbsp;&nbsp;
      </font></b></font></TD>
    <TD align="left"><font size="2"><B><FONT face="serif">Net position of the
      5% Mandatory Exchangeable Notes as of&nbsp;March 31, 2004</FONT></B></font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><FONT size=2 face="serif">US$ &#146;000</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2"><FONT face="serif">Investment in Tele2 shares</FONT></font></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">412,934</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2">Embedded derivative on the 5% Mandatory Exchangeable
      Notes in Tele2</FONT></font></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(51,757</FONT></TD>
    <TD width="2%"><font size=2 face="serif">)</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">361,177</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2"><FONT face="serif">5% Mandatory Exchangeable
      Notes in Tele2 - debt component</FONT></font></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(314,881</FONT></TD>
    <TD width="2%"><font size=2 face="serif">)</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2"><FONT face="serif">Net position</FONT></font></TD>
    <TD align="right" width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">46,296</FONT></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"> <HR noshade size=2></TD>
    <TD>&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="2%">&nbsp;</TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">8</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">
<B><FONT size=2 face="serif">Millicom International Cellular S.A. </FONT></B>
</P>
<P align="center"><B><FONT size=2 face="serif">Consolidated
  balance sheets <br>
  as of March 31, 2004 and December 31, 2003</FONT></B> </P>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD>
<HR noshade size=1></TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<br>

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><b><font size=2 face="serif">Mar 31, <br>
      2004</font></b> </TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2"><b><font face="serif">Dec 31,<br>
      2003 </font></b></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif">(Unaudited)</font> </TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif"> US$ &#146;000</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif">US$ &#146;000</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2"><b><u><font face="serif">Shareholders&#146;
      equity and liabilities</font></u><font face="serif"> </font></b></font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><b><font size=2 face="serif">Shareholders&#146; equity </font></b></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Share
      capital and premium</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">268,044</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">239,876</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Treasury
      stock</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(8,833</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(8,833</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">2% PIK
      notes &#150; equity component</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">9,485</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">16,006</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Legal
      reserve</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">4,256</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">4,256</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Retained
      losses brought forward</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(267,287</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(446,110</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Profit
      for the period</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">14,730</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">178,823</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Currency
      translation reserve</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(70,221</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(69,198</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Total shareholders&#146; equity</FONT></B></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(49,826</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">(85,180</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Minority interest</FONT></B></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">30,456</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">26,571</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Liabilities</FONT></B></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Non-current
      liabilities</FONT></font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">10%
      Senior Notes</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">536,244</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">536,036</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2%
      PIK notes - debt component</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">31,001</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">50,923</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><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="11%"><FONT size=2 face="serif">314,881</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">327,635</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><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="11%"><FONT size=2 face="serif">51,757</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">103,457</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other
      debt and financing</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">112,297</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">126,150</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Deferred
      taxation</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">36,460</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">33,944</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Total non-current liabilities</FONT></B></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,082,640</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,178,145</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Current
      liabilities</FONT></font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other
      debt and financing</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">123,743</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">132,664</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Trade
      payables</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">147,129</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">112,764</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><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="11%"><FONT size=2 face="serif">2,124</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">608</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Accrued
      interest and other expenses</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">56,620</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">44,673</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other
      current liabilities</FONT></font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">138,765</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">112,704</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Total current liabilities</FONT></B></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">468,381</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">403,413</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Total liabilities</FONT></B></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,551,021</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">1,581,558</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD align="right"> <HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Total shareholders&#146; equity
      and liabilities</FONT></B></TD>
    <TD align="right" width="11%"><B><FONT size=2 face="serif">1,531,651</FONT></B></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><B><FONT size=2 face="serif">1,522,949</FONT></B></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD align="right"> <HR noshade size=2></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD width="11%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="11%"><FONT size=2 face="serif">9</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>

<br>
<hr size=3 color=GRAY noshade>
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<br>
<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>
<br>



<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="4"><HR noshade size=1></TD>
    <TD><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">&nbsp;</font></TD>
    <TD align="right"><b><font size=2 face="serif"> Mar 31, 2004</font></b></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><b><font size=2 face="serif">Mar 31, 2003 </font></b></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif">(Unaudited)</font> </TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif"> (Unaudited) </font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif">US$ &#146;000 </font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif">US$ &#146;000 </font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD 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"><font size=2 face="serif">75,405</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif">61,984 </font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash flow used by investing activities</FONT></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(97,043</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(38,134</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash flow used by financing activities</FONT></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(30,360</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(16,916</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Cash effect of exchange rate changes</FONT></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">58</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="14%"><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><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <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="14%"><FONT size=2 face="serif">(51,940</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="14%"><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><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <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="14%"><FONT size=2 face="serif">148,829</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="14%"><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><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <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="14%"><FONT size=2 face="serif">96,889</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="14%"><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><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>
<br>
<br>

<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A. </FONT></B>
</P>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">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 cellspacing=0 cellpadding=0>
  <TR>
    <TD colspan="4"><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"> <font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><b><font size=2 face="serif">Dec 31, 2004</font></b></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><b><font size=2 face="serif">Mar 31,<br>
      2003 </font></b></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif">(Unaudited) </font> </TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif">US$ &#146;000 </font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif">US$ &#146;000 </font></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD 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="12%"><FONT size=2 face="serif">(85,180</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(295,259</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">Disposal / Cancellation of treasury stock</FONT></TD>
    <TD align="right" width="12%"><font size="2">-</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="14%"><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="12%"><FONT size=2 face="serif">14,730</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="14%"><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="12%"><FONT size=2 face="serif">333</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="14%"><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="12%"><font size="2">-</font></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="14%"><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="12%"><FONT size=2 face="serif">21,314</FONT></TD>
    <TD width="3%"><font size="2">&nbsp;</font></TD>
    <TD align="right" width="14%"><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="12%"><FONT size=2 face="serif">(1,023</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="14%"><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><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><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="12%"><FONT size=2 face="serif">(49,826</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
    <TD align="right" width="14%"><FONT size=2 face="serif">(85,180</FONT></TD>
    <TD width="3%"><font size="2">)&nbsp;</font></TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><font size="2">&nbsp;</font></TD>
  </TR>
</TABLE>
<P align="right"> <FONT size=2 face="serif">10</FONT> </P>

<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. </FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">Quarterly analysis by cluster </FONT></B>
</P>


<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD align="left"><HR noshade size=1></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><b><font size=2 face="serif">04 Q1</font></b></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif">03 Q4</font></b></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif"> 03 Q3</font></b></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif"> 03 Q2</font></b></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><b><font size=2 face="serif"> 03 Q1</font></b> </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><b><font size=2 face="serif"> Total cellular subs </font></b></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      East Asia</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">1,706,073</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,484,867</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,334,088</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,222,404</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,107,885</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      Asia</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">1,246,692</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,192,282</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,103,671</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,005,761</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">906,037</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">2,952,765</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">2,677,149</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">2,437,759</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">2,228,165</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">2,013,922</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central
      America</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">1,443,815</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,412,513</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,320,493</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">811,731</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">786,346</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      America</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">739,530</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">939,376</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,013,846</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">986,397</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,027,853</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">2,183,345</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">2,351,889</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">2,334,339</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,798,128</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,814,199</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Africa</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">761,261</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">661,504</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">531,743</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">445,542</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">420,593</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Sub-total</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">5,897,371</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">5,690,542</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">5,303,841</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">4,471,835</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">4,248,714</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Divested</FONT></TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Total</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">5,897,371</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">5,690,542</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">5,303,841</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">4,471,835</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">4,248,714</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Prop cellular subs</FONT></B></TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      East Asia</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">779,517</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">680,128</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">614,518</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">562,246</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">508,987</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      Asia</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">1,044,513</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">998,207</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">919,804</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">831,671</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">751,696</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">1,824,030</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,678,335</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,534,322</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,393,917</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,260,683</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central
      America</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">987,115</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">968,635</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">918,361</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">431,124</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">417,628</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      America</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">721,602</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">915,174</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">989,281</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">962,240</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,005,197</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">1,708,717</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,883,809</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,907,642</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,393,364</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,422,825</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Africa</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">595,283</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">463,432</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">364,682</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">296,674</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">279,095</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Sub-total</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">4,128,030</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">4,025,576</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">3,806,646</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">3,083,955</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">2,962,603</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Divested</FONT></TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Total</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">4,128,030</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">4,025,576</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">3,806,646</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">3,083,955</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">2,962,603</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">Revenues (US$ &#146;000)</FONT></B></TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      East Asia</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">55,743</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">50,195</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">41,805</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">41,989</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">41,165</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      Asia</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">30,608</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">29,140</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">27,896</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">25,467</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">23,099</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">86,351</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">79,335</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">69,701</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">67,456</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">64,264</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central
      America</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">68,784</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">67,414</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">37,993</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">30,693</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">29,295</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      America</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">25,014</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">26,023</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">25,455</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">23,888</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">23,977</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">93,798</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">93,437</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">63,448</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">54,581</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">53,272</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Africa</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">31,672</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">27,213</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">21,179</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">18,474</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">17,992</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Other</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">2,038</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">1,870</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">2,340</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">3,351</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">3,175</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Sub-total</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">213,859</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">201,855</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">156,668</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">143,862</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">138,703</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Divested</FONT></TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">6,016</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Total</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">213,859</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">201,855</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">156,668</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">143,862</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">144,719</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><B><FONT size=2 face="serif">EBITDA (US$ &#146;000)</FONT></B></TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%" align="right"><font size="2">&nbsp;</font></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      East Asia</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">33,108</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">24,453</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">27,632</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">25,341</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">24,726</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      Asia</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">16,908</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">15,734</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">15,244</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">12,873</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">11,668</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Asia</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">50,016</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">40,187</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">42,876</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">38,214</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">36,394</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central
      America</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">33,750</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">32,009</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">21,497</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">16,688</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">15,552</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South
      America</FONT></font></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">9,743</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">9,409</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">9,231</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">9,297</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">9,390</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">43,493</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">41,418</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">30,728</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">25,985</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">24,942</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">MIC Africa</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">13,319</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">11,456</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">8,929</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">8,317</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">6,955</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Other</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">(38)</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">(85)</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">329</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">887</FONT></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">670</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Sub-total</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">106,790</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">92,976</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">82,862</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">73,403</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">68,961</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Divested</FONT></TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><font size="2">-</font></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><FONT size=2 face="serif">2,609</FONT></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 align="right"> <HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><FONT size=2 face="serif">Total</FONT></TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">106,790</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">92,976</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">82,862</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">73,403</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD align="right" width="13%"><B><FONT size=2 face="serif">71,570</FONT></B></TD>
    <TD width="3%">&nbsp;</TD>
  </TR>
  <TR>
    <TD align="left"><font size="2">&nbsp;</font></TD>
    <TD align="right"> <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 align="right"><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 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>

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