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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-04-001153.txt : 20040812
<SEC-HEADER>0000950103-04-001153.hdr.sgml : 20040812
<ACCEPTANCE-DATETIME>20040812095308
ACCESSION NUMBER:		0000950103-04-001153
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040803
FILED AS OF DATE:		20040812

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:		04968694

	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>aug1104_6k.htm
<TEXT>
<html>
<head>
<title>MILLICOM INTERNATIONAL</title>
</head>
<body leftmargin="25p" marginwidth="25p">
<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 </font><FONT face="serif">August
    3,
    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>

    <div align="center"><font size="3" face="Times New Roman, Times, serif"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand-Duchy of Luxembourg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></font></div>
        <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 August 3, 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 width="7%" align="center">&nbsp;</td>
      <td width="43%"><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;(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:
           August 12, 2004 </font></td>
      <td colspan="2" align="left"><font size="2" face="Times New Roman, Times, serif">By:&nbsp;</font><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 colspan="2" align="center"><hr align="left" width=50% size=1 noshade color="#000000"></td>
    </tr>
    <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">Name:</font><font size="2" face="Times New Roman, Times, serif">&nbsp;Bruno
      Nieuwland</font></td>
    </tr>
    <tr>
      <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Title:&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Times New Roman, Times, serif">Chief
      Financial Controller</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="2" align="left"><font size="2" face="Times New Roman, Times, serif">By:&nbsp;</font><font size="2" face="Times New Roman, Times, serif">/s/ Marc Beuls</font></td>
    </tr>
    <tr>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" align="center"><hr align="left" width=50% size=1 noshade color="#000000"></td>
    </tr>
    <tr>
      <td><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">Name:</font><font size="2" face="Times New Roman, Times, serif">&nbsp;Marc Beuls</font></td>
    </tr>
    <tr>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Title:&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">President and Chief Executive Officer</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
  </table>
</div>

<hr width="100%" size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<p align="right"><font face="Times New Roman, Times, serif" size="2"><b>Item 1</b></font></p>
<P align="center">
<IMG src="item1x1x1.jpg" border=0>
</P>
<P align="center">
<B><FONT size=5 face="serif">MILLICOM INTERNATIONAL CELLULAR S.A. </FONT></B>
</P>
<P align="right">
<B><FONT face="serif">                          </FONT></B><B><FONT size=2 face="serif">FOR IMMEDIATE
RELEASE<br>
August 3, 2004</FONT></B>
</P>
<P align="center">
<B><FONT size=2 face="serif">MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS</FONT></B><br>
<B><FONT size=2 face="serif">FOR THE PERIOD ENDED JUNE 30, 2004 </FONT></B></P>
<UL>
<LI><B><FONT size=2 face="serif">Record quarterly total subscriber increase for Q2 04 of 474,996 *</FONT></B><B><SUP><FONT size=2 face="serif">(i)</FONT></SUP></B><BR></LI>
<LI><B><FONT size=2 face="serif">50% increase in revenues for Q2 04 to $216.0m (Q2 03: $143.9m)*</FONT></B><BR></LI>
<LI><B><FONT size=2 face="serif">47% increase in EBITDA for Q2 04 to $107.7m (Q2 03: $73.4m)*</FONT></B><BR></LI>
<LI><B><FONT size=2 face="serif">Profit for Q2 04 of $14.8m (2003: $176.0m)</FONT></B><BR></LI>
<LI><B><FONT size=2 face="serif">Profit per common share of $0.17 for Q2 04 (Q2 03: $2.70)</FONT></B><br>
<BR></LI>
<LI><B><FONT size=2 face="serif">52% increase in revenues for the first half of 2004 to $429.9m (2003: $282.6m)*</FONT></B><BR></LI>
<LI><B><FONT size=2 face="serif">51% increase in EBITDA for the first half of 2004 to $214.5m (2003: $142.4m)*</FONT></B><BR></LI>
<LI><B><FONT size=2 face="serif">Profit for the first half of 2004 of $29.5m (2003: $202.3m)</FONT></B><BR></LI>
<LI><B><FONT size=2 face="serif">Profit per common share of $0.39 for the first half of 2004 (2003: $3.11)</FONT></B></LI>
</UL>
<P>
<FONT size=2 face="serif">New York, Stockholm, London and Luxembourg &#150; August 3, 2004 &#150; Millicom International Cellular S.A. (Nasdaq Stock Market: MICC, Stockholmsb&ouml;rsen and Luxembourg Stock Exchange: MIC), the global
telecommunications investor, today announces results for the quarter and six months ended June 30, 2004. </FONT>
</P>
<P align="center">
<FONT size=2 face="serif">Financial summary for the quarters ended June 30, 2004 and 2003* </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align="left">&nbsp;</TD>
  <TD align="right"><B><FONT size=2 face="serif">June 30</FONT></B><br>
    <B><FONT size=2 face="serif">2004</FONT></B></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><B><FONT size=2 face="serif">June 30</FONT></B><br>
    <B><FONT size=2 face="serif">2003</FONT></B></TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><B><FONT size=2 face="serif">Change</FONT></B></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Worldwide subscribers </FONT></B><B><SUP><FONT size=2 face="serif">(i)</FONT></SUP></B></TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="67%">- <FONT size=2 face="serif">proportional cellular </FONT><SUP><FONT size=2 face="serif">(ii)</FONT></SUP></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">4,421,185</FONT></TD>
   <TD align="left" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">3,083,955</FONT></TD>
   <TD align="left" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">43%</FONT></TD>
   <TD align="left" width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="67%">- <FONT size=2 face="serif">total cellular</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">6,372,367</FONT></TD>
   <TD align="left" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">4,471,835</FONT></TD>
   <TD align="left" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">43%</FONT></TD>
   <TD align="left" width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD colspan="5" align="right"><HR noshade size=2></TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="67%"><u><B><FONT size=2 face="serif">US$ &#145;000</FONT></B></u></TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Revenues</FONT></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">216,049</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">143,862</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">50%</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Operating profit before interest, taxes,</FONT></B></TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">depreciation and amortization, EBITDA</FONT></B><B><SUP><FONT size=2 face="serif">(iii)</FONT></SUP></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">107,705</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">73,403</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">47%</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">EBITDA margin</FONT></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">50%</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">51%</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD colspan="5" align="right"><HR noshade size=1></TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Profit for the quarter</FONT></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">14,786</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">176,035</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Basic profit per common share (US$)</FONT></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0.17</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2.70</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Diluted profit per
    common share (US$)</FONT></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0.17</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2.58</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Weighted average number of shares (thousands)</FONT></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">86,094</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">65,138</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Weighted average number of shares and dilutive</FONT></B></TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">potential shares (thousands)</FONT></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">89,601</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">68,655</FONT></TD>
   <TD width="3%" align="left">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="left">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align="right"><HR noshade size=2></TD>
  <TD align="left">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="5" align="right">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td><i><font size=1 face="serif">(i)</font></i><i><font size=1 face="sans-serif"> </font></i><i><font size=1 face="serif"></font></i></td>
    <td><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
    exclude divested operations.</font></i></td>
  </tr>
  <tr align="left" valign="top">
    <td><i><font size=1 face="serif">(ii)</font></i><i><font size=1 face="sans-serif"> </font></i><i><font size=1 face="serif"></font></i></td>
    <td><i><font size=1 face="serif"> </font></i><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 align="left" valign="top">
    <td><i><font size=1 face="serif">(iii)</font></i><i><font size=1 face="sans-serif"> </font></i><i><font size=1 face="serif"></font></i></td>
    <td> <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 align="left" valign="top">
    <td width="5%"><i><font size=1 face="serif">*</font></i><i><font size=2 face="serif"> </font></i><i><font size=1 face="serif"></font></i></td>
    <td width="95%"> <i><font size=1 face="serif">Due
          to local issues in El Salvador, MIC discontinued consolidating El Salvador
          on a proportional basis from May 2001 to September 2003.</font></i> <I><FONT size=1 face="serif">Figures
          for 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>
</table>

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

<P>
<FONT size=2 face="serif">Marc Beuls, MIC&#146;s President and Chief Executive Officer stated:</FONT>
</P>
<P>
<FONT size=2 face="serif">&#147;MIC has built on the buoyant start of 2004 by producing revenue growth of over 50 % whilst keeping the EBITDA margin at 50% in the second quarter of 2004. MIC added 474,996 net new total cellular subscribers in the
second quarter of 2004, the highest quarterly absolute increase in subscribers excluding El Salvador and divested operations on record, bringing the total subscribers for the Group to almost 6.4 million at the end of June 2004. The accelerated
subscriber growth is driven by the increase in capex spent since the third quarter of 2003 but does not yet include the impact of our recent investment in four GSM networks in Latin America, which will all be launched by the end of August 2004.
</FONT>
</P>
<P>
<FONT size=2 face="serif">&#147;Paktel, one of our operations in Pakistan, has finalized phase one of the build-out of its GSM network and has asked permission from the PTA (the Pakistan regulator) to launch the service nationwide.  Paktel&#146;s
license was modified in 2002 to allow the company to market GSM services, subject to Paktel committing to invest US$150 million within 3 years, paying Rs200 million in administrative fees and lowering existing tariffs by at least 20%. Despite being
in compliance with the modified license terms and conditions however, Paktel has been prevented from launching its GSM network and has been ordered by the PTA to pay an additional US$38.8 million in order to launch its GSM network.  Paktel
fundamentally disagrees with the order and has, in line with the prescribed process, launched an appeal in the Pakistan High Court. In the light of the planned GSM migration, both Paktel and Pakcom stopped investments in the TDMA network in the
beginning of 2004, which impacted revenues slightly in the second quarter. </FONT>
</P>
<P>
<FONT size=2 face="serif">&#147;As I indicated last quarter, revenues in Vietnam were impacted by the tariff reduction introduced on May 1st and by changes in the interconnect terms. We noticed, however, increases of 11 and 8 percent in minutes of
use respectively for the prepaid and postpaid market in June from the previous month and expect that revenues will again be at the April level in July. It confirms once more the price elasticity in the mobile industry in the emerging markets. New
tariff reductions have been decided by the VNPT starting August 1st. We expect to see a similar impact in Q3 as we experienced in Q2. </FONT>
</P>
<P>
<FONT size=2 face="serif">&#147;The benefits of further investment in GSM networks saw MIC Africa perform particularly strongly, producing year-on-year quarterly growth in revenues and EBITDA of 91% and 68% respectively. Growth in our West African
operation Ghana has been particularly strong since the beginning of this year. </FONT>
</P>
<P>
<FONT size=2 face="serif">&#147;Our operations in Central America continue to show good growth and, in South America, both Bolivia and Paraguay produced their highest quarterly revenue increases for several years, giving us confidence that the Latin
American markets will continue to improve, fuelled by the GSM migration in Paraguay, Guatemala, El Salvador and Honduras under the common Tigo brand. Telemovil, our operation in El Salvador has been improving its profitability over the quarter and
is approaching the MIC average.&#148;</FONT><FONT size=2 face="sans-serif"> </FONT>
</P>
<P align="center">
<B><U><FONT size=2 face="serif">FINANCIAL AND OPERATING SUMMARY*</FONT></U></B></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&#149;</td>
    <td colspan="2"><FONT size=2 face="serif">Subscriber growth: </FONT> </td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="serif">An annual increase in total cellular subscribers
    of 43% to 6,372,367 at June 30, 2004</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="serif">32% underlying annual growth in total cellular
    subscribers excluding El Salvador</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="sans-serif"></FONT><FONT size=2
face="serif">An annual increase in proportional cellular subscribers of 43% to
    4,421,185 at June 30, 2004</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="serif">28% underlying annual growth in proportional
    subscribers excluding El Salvador</FONT><FONT size=2 face="serif">&nbsp;</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="sans-serif"></FONT><FONT size=2 face="serif">In
    the second quarter of 2004 MIC added 474,996 net new total cellular subscribers</FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="serif">Proportional prepaid subscribers increased
    to 3,915,886 from 2,764,099 at June 30, 2003</FONT></td>
  </tr>
</table>

<P>&nbsp;</P>
<P align="right">
<FONT size=2 face="serif">2</FONT>
</P>
<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
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<br>
<br>

<P>&nbsp;
</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&#149;</td>
    <td colspan="2"><FONT size=2 face="serif">Financial highlights: </FONT> </td>
  </tr>
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="serif">Revenues for the second quarter of 2004 were
        $216.0 million, an increase of 50% from the second quarter of 2003. Excluding
    El Salvador the increase was 26%. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="serif">EBITDA increased by 47% in the second quarter
        of 2004 to $107.7 million, from $73.4 million for the second quarter
    of 2003. Excluding El Salvador, the increase was 24%. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="serif">Total shareholders&#146; equity at June 30,
    2004 was ($4.3m) compared to ($85.2m) at December 31, 2003. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="sans-serif"></FONT><FONT size=2 face="serif">Profit
        for the second quarter of 2004 was $14.8 million, compared to $176.0
        million for the second quarter of 2003. The profit for the second quarter
        of 2003 included an amount of $161.2 million relating to the gain and
    valuation movement on investment in securities and the gain on debt restructuring. </FONT> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="sans-serif"></FONT><FONT size=2 face="serif">Capital
        expenditure for the three months ended June 30, 2004 was $42.0 million
    and for the six months ended June 30, 2004 was $103.3 million. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&#149;</td>
    <td colspan="2"><FONT size=2 face="serif">Total cellular minutes increased
        by 48% for the three months ended June 30, 2004 from the same quarter
        in 2003 and increased by 32% excluding El Salvador. Prepaid minutes increased
    by 57% in the same period and by 47% excluding El Salvador. </FONT></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&#149;</td>
    <td colspan="2"><FONT size=2 face="serif">On April 26, 2004 Millicom called
    the entire outstanding amount of its 2% Senior Convertible PIK Notes
    Due 2006 for redemption in cash in accordance with the terms of the Indenture
    covering the 2% Notes. A total of $63,371,000 of the 2% Notes was converted
    into shares of MIC common stock, with a par value of $1.50 each from the
    initial amount of $63,531,000. </FONT> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&#149;</td>
    <td colspan="2"><FONT size=2 face="serif">Subsequent events: </FONT> </td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font face="wingdings">&#216;</font></td>
    <td><FONT size=2 face="serif">On July 1, 2004, Telecel S.A., Millicom&#146;s
        operation in Paraguay, launched GSM services in the 850MHz frequency,
    covering 95 cities and towns, under the brand name of Tigo. </FONT> </td>
  </tr>
</table>
<P align="center"><B><U><FONT size=2 face="serif">REVIEW OF OPERATIONS</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="center">
<B><U><FONT size=2 face="serif">SUBSCRIBER GROWTH*</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
<P>
<FONT size=2 face="serif">In the second quarter of 2004 MIC&#146;s worldwide operations in Asia, Latin America and Africa added 474,996</FONT><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif">net new total cellular subscribers.  On
a proportional basis, MIC added 293,155 subscribers, bringing the number of proportional cellular subscribers at June 30, 2004 to 4.4 million. </FONT>
</P>
<P>
<FONT size=2 face="serif">At June 30, 2004, MIC&#146;s total cellular subscriber base increased by 43% to 6,372,367 cellular subscribers from 4,471,835 as at June 30, 2003. Particularly significant percentage increases were recorded in Ghana,
Senegal, Sierra Leone and Vietnam. MIC&#146;s proportional subscriber base increased to 4,421,185 at June 2004 from 3,083,955 at June 30, 2003, an increase of 43%.</FONT>
</P>
<P>
<FONT size=2 face="serif">Within the 4,421,185 proportional cellular subscribers reported at the end of the second quarter, 3,915,886 were prepaid subscribers. Excluding El Salvador, proportional prepaid subscribers increased by 29% from June 2003.
Prepaid subscribers currently represent respectively 87% and 89% of total and proportional cellular subscribers. </FONT>
</P>
<P align="right">
<FONT size=2 face="serif">3</FONT>
</P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
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<br>
<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 valign="bottom">
  <TD width="16%" nowrap>&nbsp;</TD>
  <TD width="12%" align="right" nowrap><B><FONT size=2 face="serif">Proportional (ii)<br>
Subs at<br>
June 30, 2004</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD width="12%" align="right" nowrap><B><FONT size=2 face="serif">Proportional (ii)<br>
Subs at<br>
June 30, 2003</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD width="12%" align="right" nowrap><B><FONT size=2 face="serif">Annualized<br>
Increase</FONT></B></TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD align="right" nowrap><B><FONT size=2 face="serif">Total<br>
  Subs at<br>
  June 30, 2004</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align="right" nowrap><B><FONT size=2 face="serif">Total<br>
  Subs at<br>
  June 30, 2003</FONT></B></TD>
  <TD nowrap>&nbsp;</TD>
  <TD align="right" nowrap><B><FONT size=2 face="serif">Annualized<br>
  Increase</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD width="16%" nowrap>&nbsp;</TD>
  <TD width="12%" align="right" nowrap>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
  <TD width="12%" align="right" nowrap>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
  <TD width="12%" align="right" nowrap>&nbsp;</TD>
  <TD align="center" nowrap>&nbsp;</TD>
  <TD width="12%" align="right" nowrap>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
  <TD width="12%" align="right" nowrap>&nbsp;</TD>
  <TD nowrap>&nbsp;</TD>
  <TD width="12%" align="right" nowrap>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD width="16%" nowrap><FONT size=2 face="serif">South East Asia</FONT></TD>
   <TD width="12%" align="right" nowrap><FONT size=2 face="serif">883,229</FONT></TD>
   <TD width="2%" nowrap>&nbsp;</TD>
   <TD width="12%" align="right" nowrap><FONT size=2 face="serif">562,246</FONT></TD>
   <TD width="2%" nowrap>&nbsp;</TD>
   <TD width="12%" align="right" nowrap><FONT size=2 face="serif">57%</FONT></TD>
   <TD width="2%" align="center" nowrap>&nbsp;</TD>
   <TD width="12%" align="right" nowrap><FONT size=2 face="serif">1,939,790</FONT></TD>
   <TD width="2%" nowrap>&nbsp;</TD>
   <TD width="12%" align="right" nowrap><FONT size=2 face="serif">1,222,404</FONT></TD>
   <TD width="2%" nowrap>&nbsp;</TD>
   <TD width="12%" align="right" nowrap><FONT size=2 face="serif">59%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</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 align="center">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD width="16%"><FONT size=2 face="serif">South Asia</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,063,081</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">831,671</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">28%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,271,138</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,005,761</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">26%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD colspan="11" align="right"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="16%"><FONT size=2 face="serif">MIC Asia</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,946,310</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,393,917</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">40%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">3,210,928</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,228,165</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">44%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="11" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="16%"><FONT size=2 face="serif">Central America</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,037,755</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">431,124</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">141%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,523,790</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">811,731</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">88%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</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 align="center">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
   <TD width="16%"><FONT size=2 face="serif">South America</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">754,900</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">962,240</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">-22%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">774,304</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">986,397</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">-22%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="11" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="16%"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,792,655</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,393,364</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">29%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,298,094</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,798,128</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">28%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="11" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="16%"><FONT size=2 face="serif">MIC Africa</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">682,220</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">296,674</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">130%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">863,345</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">445,542</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">94%</FONT></TD>
   <TD align="center" width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="11" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="16%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%" align="center">&nbsp;</TD>
</TR>
<TR>
   <TD width="16%"><B><FONT size=2 face="serif">Total Cellular Ops</FONT></B></TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">4,421,185</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">3,083,955</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">43%</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">6,372,367</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">4,471,835</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">43%</FONT></B></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="11" align="right"><HR noshade size=2></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="11" align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><i><font size=1 face="serif">(i)</font></i></td>
    <td width="90%"> <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 align="left" valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><i><font size=1 face="serif">(ii) </font></i></td>
    <td width="90%"> <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 align="left" valign="top">
    <td>&nbsp;</td>
    <td><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>

<P align="center"><B><U><FONT size=2 face="serif">FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 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 June 30, 2004 were $216.0 million, an increase of 50% from the second quarter of 2003, reflecting the increasing trend of growth in MIC&#146;s operations and the reconsolidation of
El Salvador. MIC recorded revenue growth in Africa of 91% to $35.2m in the second quarter of 2004 compared with the same period in 2003, with Ghana producing growth of 170%. Revenues for Asia for the second quarter of 2004 increased by 21% from the
same period last year, to $81.5 million, with $51.8 million for South East Asia and $29.7 million for South Asia.</FONT>
</P>
<P>
<FONT size=2 face="serif">Second quarter revenues for Latin America increased by 78% from the second 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, producing a 130% increase in revenues from the second quarter of 2003 and by 15% excluding El Salvador.  In South America, Bolivia and Paraguay produced revenue increases of 7% and 14% respectively, their highest year-on-year
quarterly increases for several years, pointing to a sustained recovery in the region.</FONT>
</P>
<P>
<FONT size=2 face="serif">Second quarter revenues for South East Asia were $51.8 million compared to $55.7 million in the first quarter of 2004. This decrease was mainly due to the tariff reduction introduced on May 1st and to changes in the
interconnect terms in Vietnam. A 10 percent increase in total minutes of use was however recorded in June as compared to May, and revenues are expected to return to the April level in July. </FONT>
</P>
<P>
<FONT size=2 face="serif">Second quarter revenues for South Asia were $29.7 million compared to $30.6 million in the first quarter of 2004. This decrease was partly due to the fact that, in light of the planned GSM migration of Paktel, both Paktel
and Pakcom stopped investments in the TDMA network at the beginning of 2004, which impacted revenues slightly in the second quarter. </FONT>
</P>
<P>
<FONT size=2 face="serif">EBITDA for the three months ended June 30, 2004 was $107.7 million, an increase of 47% from the quarter ended June 30, 2003. EBITDA for Africa increased by 68% to $14.0 million in the second quarter of 2004 from $8.3
million in the second quarter of 2003, with the most impressive growth occurring in Ghana. EBITDA for Asia was $47.4 million for the second quarter, an increase of 24% from the same period in 2003, with increases of 28% and 16% for South East Asia
and South Asia respectively.  Latin America recorded growth in EBITDA of 78% from the second quarter of 2003 to $46.4 million, following the reconsolidation of El Salvador, with a strong increase of 22% produced by Guatemala.  Excluding El Salvador,
EBITDA grew by 16%. The quarterly EBITDA margin for Asia was 58%, (63% for South East Asia and 50% for South Asia), for Latin America it was 48% (51% for Central America and 38% for South America) and for Africa it was 40%. </FONT>
</P>
<P align="right">
<FONT size=2 face="serif">              4 </FONT>
</P>

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

<P align="center">
<B><U><FONT size=2 face="serif">FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2004*</FONT></U></B>
</P>
<P>
<FONT size=2 face="serif">Total revenues for the first half of 2004 were $429.9 million, an increase of 52% from the first half of 2003. Revenues for Africa were $66.9 million, increasing by an impressive 83%. In Asia revenues increased by 27% from
the first half of 2003 to $167.9 million, with $107.5 million recorded for South East Asia and $60.4 million for South Asia. Revenues for Latin America for the first half of the year increased by 77% to $191.1 or by 13% to $121.8 million if El
Salvador is excluded. Revenues for Central America (including El Salvador) and South America were $139.5 million and $51.6 million respectively.</FONT>
</P>
<P>
<FONT size=2 face="serif">EBITDA was $214.5 million for the first half of 2004, an increase of 51% over the first half of 2003. Most notably Africa recorded a 79% increase to $27.3 million for the six months ended June 30, 2004. EBITDA for Asia was
$97.4 million, up 31% from the first half of 2003, with $65.5 million and $31.9 million recorded for South East Asia and South Asia respectively. EBITDA for Latin America increased by 76% to $89.9 million with $69.9 million recorded for Central
America and $20.0 million recorded for South America. Excluding El Salvador, EBITDA for Latin America for the first half of the year increased by 16% from the same period in 2003. The Group EBITDA margin for the six months to June 30, 2004 was 50%,
for Asia it was 58% (61% for South East Asia and 53% for South Asia), for Latin America it was 47% (50% for Central America and 39% for South America) and for Africa it was 41%. </FONT>
</P>
<P>
<FONT size=2 face="serif">Total cellular minutes increased by 52% for the first half of 2004 compared with the same period in 2003. </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="90%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="40%" nowrap><B><FONT size=2 face="serif">CONTACTS:</FONT></B></TD>
   <TD width="10%" align="left" nowrap>&nbsp;</TD>
   <TD width="50%" align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
   <TD width="40%" nowrap>&nbsp;</TD>
   <TD width="10%" align="left" nowrap>&nbsp;</TD>
   <TD width="50%" align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
   <TD width="40%" nowrap><B><FONT size=2 face="serif">Marc Beuls</FONT></B></TD>
   <TD width="10%" align="left" nowrap><B><FONT size=2 face="serif">Telephone:</FONT></B></TD>
   <TD width="50%" align="left" nowrap><B><FONT size=2 face="serif">+352 27 759 327</FONT></B></TD>
</TR>
<TR>
   <TD width="40%" nowrap><FONT size=2 face="serif">President and Chief Executive Officer</FONT></TD>
   <TD width="10%" align="left" nowrap>&nbsp;</TD>
   <TD width="50%" align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
   <TD width="40%" nowrap><FONT size=2 face="serif">Millicom International Cellular S.A., Luxembourg</FONT></TD>
   <TD width="10%" align="left" nowrap>&nbsp;</TD>
   <TD width="50%" align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
   <TD width="40%" nowrap>&nbsp;</TD>
   <TD width="10%" align="left" nowrap>&nbsp;</TD>
   <TD width="50%" align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
   <TD width="40%" nowrap><B><FONT size=2 face="serif">Andrew Best</FONT></B></TD>
   <TD width="10%" align="left" nowrap><B><FONT size=2 face="serif">Telephone:</FONT></B></TD>
   <TD width="50%" align="left" nowrap><B><FONT size=2 face="serif">+44 20 7321 5022</FONT></B></TD>
</TR>
<TR>
   <TD width="40%" nowrap><FONT size=2 face="serif">Investor Relations</FONT></TD>
   <TD width="10%" align="left" nowrap>&nbsp;</TD>
   <TD width="50%" align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
   <TD width="40%" nowrap><FONT size=2 face="serif">Shared Value Ltd, London</FONT></TD>
   <TD width="10%" align="left" nowrap>&nbsp;</TD>
   <TD width="50%" align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
   <TD width="40%" nowrap>&nbsp;</TD>
   <TD width="10%" align="left" nowrap>&nbsp;</TD>
   <TD width="50%" align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
   <TD width="40%" nowrap><FONT size=2 face="serif">Visit our web site at <B><u>http://www.millicom.com</u></B></FONT></TD>
   <TD width="10%" align="left" nowrap>&nbsp;</TD>
   <TD width="50%" align="left" nowrap>&nbsp;</TD>
</TR>
<TR>
   <TD width="40%" nowrap>&nbsp;</TD>
   <TD width="10%" align="left" nowrap>&nbsp;</TD>
   <TD width="50%" align="left" nowrap>&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<B><U><FONT size=2 face="serif">CONFERENCE CALL DETAILS</FONT></U></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, August 3, 2004.  The dial-in numbers are: +44 (0)20 7019 9504 or +1 718 354 1152 and participants should
  quote Millicom International Cellular.  A live audio stream of the conference call can also be accessed at <U>www.millicom.com</U>. 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 (0)20
  7984 7578 or +1 718 354 1112, access code: 845873#.</FONT></B>
</P>
<P align="right">
<FONT size=2 face="serif">              5 </FONT>
</P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<br>
<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 June 30, 2004 and 2003<br>
  <br>
</FONT></B></LI>
<LI><B><FONT size=2 face="serif">Consolidated statements of profit and loss for the six months ended June 30, 2004 and 2003<br>
  <br>
</FONT></B></LI>
<LI>    <B><FONT size=2 face="serif">Consolidated balance sheets as of June 30, 2004 and December 31, 2003<br>
  <br>
</FONT></B></LI>
<LI>    <B><FONT size=2 face="serif">Condensed consolidated statements of cash flows for the six months ended June 30, 2004 and 2003<br>
  <br>
</FONT></B></LI>
<LI><B><FONT size=2 face="serif">Condensed consolidated statements of changes in shareholders&#146; equity for the six months ended June 30, 2004 and for the year ended December 31, 2003<br>
  <br>
</FONT></B></LI>
<LI><B><FONT size=2 face="serif">Quarterly analysis by cluster</FONT></B></LI>
</UL>
<P align="right">
<FONT size=2 face="serif">6</FONT>
</P>

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

<P align="center"><B><FONT size=2 face="serif">Millicom International
Cellular S.A.<br>
</FONT></B><B><FONT size=2 face="serif">Consolidated statements of profit
      and loss<br>
  for the three months ended June 30, 2004 and 2003</FONT></B></P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="4"><hr noshade size=2></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif">Quarter ended<br>
June 30, 2004</FONT></B></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif">Quarter ended<br>
June 30, 2003</FONT></B></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif">(Unaudited)<br>
US$ &#146;000</FONT></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif">(Unaudited)<br>
US$ &#146;000</FONT></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width="73%" nowrap><font size="2" face="Times New Roman, Times, serif"><strong>Revenues</strong></font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">216,049</font></td>
    <td width="3%" nowrap>&nbsp;</td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">143,862</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Operating
          expenses</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Cost
        of sales (excluding depreciation and amortization)</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(57,415)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(34,125)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Sales
        and marketing</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(27,706)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(18,772)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;General
        and administrative expenses</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(23,223)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(17,562)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Corporate
        and license acquisition costs</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(6,492)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(5,116)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Write-down
        of assets, net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(84)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(82)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Loss
        from sale of subsidiaries and joint ventures, net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">0</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(685)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
        and amortization</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(42,092)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(27,885)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Operating
          profit</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">59,037</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">39,635</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;(Loss)/Gain
        and Valuation movement on investment in securities</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(19,907)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">64,105</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Interest
        expense</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(24,061)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(16,818)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Interest
        income</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,488</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">451</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Other
        income</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">200</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">97,052</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Fair
        value result on financial instruments</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">19,647</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">0</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Exchange
        gain (loss), net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(785)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">4,355</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Profit
        from associated companies</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">470</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">81</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Profit
          before taxes</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">36,089</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">188,861</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Taxes</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(16,803)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(8,154)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Profit
          after taxes</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">19,286</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">180,707</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Minority
        interest</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(4,500)</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(4,672)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Profit
          for the quarter</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">14,786</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">176,035</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Basic
          earnings per common share (US$)</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">0.17</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">2.70</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Weighted
          average number of shares</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">outstanding
          in the quarter (in thousands)</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">86,094</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">65,138</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Profit
          for the quarter used to determine diluted earnings</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">per
          common share</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">14,935</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">176,825</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Diluted
          earnings per common share (US$)</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">0.17</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">2.58</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Weighted
          average number of shares and potential</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">dilutive
          shares outstanding in the quarter (in thousands)</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">89,601</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">68,655</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
</table>
<P align="right">
<FONT size=2 face="serif">7</FONT>
</P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
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<br>
<br>

<P align="center"><B><FONT size=2 face="serif">Millicom International
Cellular S.A.<br>
</FONT></B><B><FONT size=2 face="serif">Consolidated statements of profit
      and loss<br>
  for the six months ended June 30, 2004 and 2003</FONT></B></P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="4"><hr noshade size=2></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif">6 months ended<br>
    June 30, 2004</FONT></B></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif">6 months ended<br>
    June 30, 2003</FONT></B></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif">(Unaudited)<br>
    US$ &#146;000</FONT></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif">(Unaudited)<br>
    US$ &#146;000</FONT></td>
  </tr>
  <tr align="left">
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%" nowrap><strong><font size="2" face="Times New Roman, Times, serif">Revenues</font></strong></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">429,908</font></td>
    <td width="3%" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">288,581</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Operating
          expenses</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Cost
        of sales (excluding depreciation and amortization)</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(113,489)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(70,671)</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Sales
        and marketing</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(56,496)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(36,728)</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;General
        and administrative expenses</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(45,428)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(36,209)</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Corporate
        and license acquisition costs</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(13,806)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(11,115)</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Write-down
        of assets, net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(489)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(466)</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Gain
        from sale of subsidiaries and joint ventures, net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">30</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,133</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
        and amortization</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(79,096)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(58,388)</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=1></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Operating
          profit</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">121,134</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">76,137</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;(Loss)/Gain
        and Valuation movement on investment in securities</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(86,013)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">101,705</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Interest
        expense</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(51,410)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(55,720)</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Interest
        income</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">3,062</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,580</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Other
        Income</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">200</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">97,052</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Fair
        value result on financial instruments</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">71,347</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">0</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Exchange
        gain, net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">13,639</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">8,109</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Profit
        from associated companies</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">604</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">126</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=1></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Profit
          before taxes</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">72,563</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">228,989</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Taxes</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(33,505)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(18,352)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=1></td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif"><strong>Profit
        after taxes</strong></font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">39,058</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">210,637</font></td>
  </tr>
  <tr align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left">
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Minority
        interest</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(9,542)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(8,376)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=1></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Profit
          for the period</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">29,516</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">202,261</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Basic
          earnings per common share (US$)</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">0.39</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">3.11</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Weighted
          average number of shares</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">outstanding
          in the period (in thousands)</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">76,028</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">65,138</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Profit
          for the period used to determine diluted earnings</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">per
          common share</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">30,733</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">203,051</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Diluted
          earnings per common share (US$)</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">0.34</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">3.03</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Weighted
          average number of shares and potential</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr align="left">
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">dilutive
          shares outstanding in the period (in thousands)</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">89,369</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">66,906</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
  </tr>
</table>
<P align="right">
<FONT size=2 face="serif">8</FONT>
</P>

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

<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A.</FONT></B> <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Consolidated balance
sheets<br>
as of June 30, 2004 and December 31, 2003</FONT></B></P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="4"><hr noshade size=2></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif">    June 30, 2004</FONT></B></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif">    Dec 31, 2003</FONT></B></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif">(Unaudited)<br>
    US$ &#146;000</FONT></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif"><br>
    US$ &#146;000</FONT></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif"><strong><u>Assets</u></strong></font></td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Non-current
          assets</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Intangible
        assets</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill,
        net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">41,946</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">49,578</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licenses,
        net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">29,923</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">30,889</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
        intangible assets, net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">5,103</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">5,148</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Property,
        plant and equipment, net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">524,586</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">487,746</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Financial
        assets</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
        in Tele2 AB shares</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">393,027</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">479,040</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
        in other securities</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">17,727</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">25,397</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
        in associated companies</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,666</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,340</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pledged
        deposits</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">32,094</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">31,530</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Deferred
        taxation</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">3,908</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">5,226</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Total
          non-current assets</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,049,980</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,115,894</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Current
          assets</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Investment
        in securities</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">15,149</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">15,291</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Inventories</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">14,930</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">10,941</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Debtors</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
        debtors, net</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">136,972</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">113,750</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
        due from joint ventures</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">9,710</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">13,137</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
        due from other related parties</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">2,859</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">2,905</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Prepayments
        and accrued income</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">33,155</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">19,739</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Other
        current assets</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">59,281</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">49,583</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Time
        deposits</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">20,679</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">32,880</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Cash
        and cash equivalents</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">171,269</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">148,829</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Total
          current assets</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">464,004</font></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">407,055</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Total
          assets</font></strong></td>
    <td width="12%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,513,984</font></strong></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,522,949</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=2></td>
  </tr>
</table>
<P align="right">
<FONT size=2 face="serif">9</FONT>
</P>

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

<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
</FONT></B><B><FONT size=2 face="serif">Consolidated balance sheets as of<br>
June
30, 2004 and December 31, 2003</FONT></B>
</P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="4"><hr noshade size=2></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif"> June 30, 2004</FONT></B></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif"> Dec 31, 2003</FONT></B></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif">(Unaudited)<br>
    US$ &#146;000</FONT></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif"><br>
    US$ &#146;000</FONT></td>
  </tr>
  <tr>
    <td width="73%" nowrap><u><strong><font size="2" face="Times New Roman, Times, serif">Shareholders&#146; equity
            and liabilities</font></strong></u></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width="73%" nowrap><strong><font size="2" face="Times New Roman, Times, serif">Shareholders&#146; equity</font></strong></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width="73%" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Share
        capital and premium (represented by 89,847,669 shares as of June 30,
        2004)</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">308,593</font></td>
    <td width="3%" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">239,876</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Treasury
        stock (represented by 654,852 shares as of June 30, 2004)</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(8,833)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(8,833)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;2%
        PIK Notes - equity component</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">0</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">16,006</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Legal
        reserve</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">13,576</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">4,256</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Retained
        losses brought forward</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(276,607)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(446,110)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Profit
        for the period</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">29,516</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">178,823</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Currency
        translation reserve</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(70,521)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(69,198)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Total
          shareholders' equity</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(4,276)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(85,180)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Minority
          interest</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">38,776</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">26,571</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Liabilities</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Non-current
          liabilities</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
        10% debt</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">536,455</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">536,036</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2%
        PIK Notes</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">0</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">50,923</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%
        Mandatory Exchangeable Bond &#150; Debt component</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">317,518</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">327,635</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%
        Mandatory Exchangeable Bond &#150; Embedded derivative</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">32,110</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">103,457</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
        debt and financing</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">116,047</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">126,150</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
        Taxation</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">36,744</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">33,944</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Total
          non-current liabilities</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,038,874</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,178,145</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Current
          liabilities</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
        debt and financing</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">106,279</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">132,664</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
        payables</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">157,875</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">112,764</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts
        due to related parties</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">286</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">608</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
        interest and other expenses</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">48,578</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">44,673</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
        current liabilities</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">127,592</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">112,704</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Total
          current liabilities</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">440,610</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">403,413</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Total
          liabilities</font></strong></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,479,484</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,581,558</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><strong><font size="2" face="Times New Roman, Times, serif">Total
          shareholders&#146; equity and liabilities</font></strong></td>
    <td width="12%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,513,984</font></strong></td>
    <td width="3%">&nbsp;</td>
    <td width="12%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,522,949</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=2></td>
  </tr>
</table>
<P align="right">
<FONT size=2 face="serif">10</FONT>
</P>

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

<P align="center"><B><FONT size=2 face="serif">Millicom International
Cellular S.A.<br>
</FONT></B><B><FONT size=2 face="serif">Condensed consolidated statements
      of cash flows<br>
  for the six months ended June 30, 2004 and 2003</FONT></B></P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="4"><hr noshade size=2></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif">    June 30, 2004</FONT></B></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif">    June 30, 2003</FONT></B></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif">(Unaudited)<br>
    US$ &#146;000</FONT></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif">(Unaudited)<br>
    US$ &#146;000</FONT></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width="73%" nowrap><font size="2" face="Times New Roman, Times, serif">Net cash
        provided by operating activities</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">114,605</font></td>
    <td width="3%" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">73,670</font></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width="73%" nowrap><font size="2" face="Times New Roman, Times, serif">Cash
        flow (used) provided by investing activities</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">(51,004)</font></td>
    <td width="3%" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">13,192</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Cash
        flow used by financing activities</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(40,660)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(80,893)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Cash
        effect of exchange rate changes</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(501)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">397</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Net increase
        in cash and cash equivalents</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">22,440</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">6,366</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Cash
        and cash equivalents, beginning</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">148,829</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">70,451</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Cash
        and cash equivalents, ending</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">171,269</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">76,817</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=2></td>
  </tr>
</table>
<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A.<br>
</FONT></B><B><FONT size=2 face="serif">Condensed
consolidated statements of changes in shareholders&#146; equity<br>
for the six months
ended June 30, 2004 and for the year ended December 31, 2003</FONT></B>
</P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="4"><hr noshade size=2></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif"> June 30, 2004</FONT></B></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><B><FONT size=2 face="serif"> June 30, 2003</FONT></B></td>
  </tr>
  <tr valign="bottom">
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif">(Unaudited)<br>
    US$ &#146;000</FONT></td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap><FONT size=2 face="serif">    US$ &#146;000</FONT></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width="73%" nowrap><font size="2" face="Times New Roman, Times, serif">Shareholders&#146; equity
        at January 1</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">(85,180)</font></td>
    <td width="3%" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">(295,259)</font></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
    <td nowrap>&nbsp;</td>
    <td align="right" nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width="73%" nowrap><font size="2" face="Times New Roman, Times, serif">Disposal
        / Cancellation of treasury stock</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="3%" nowrap><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right" nowrap><font size="2" face="Times New Roman, Times, serif">2,394</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Profit
        for the period</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">29,516</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">178,823</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Shares
        issued via the exercise of stock options</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">1,153</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Effect
        of consolidation of El Salvador</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">-</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(3,248)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Issuance
        / Conversion of 2% PIK Notes</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">51,558</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">17,187</font></td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Movement
        in currency translation reserve</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(1,323)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">14,923</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="73%"><font size="2" face="Times New Roman, Times, serif">Shareholders&#146; equity</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(4,276)</font></td>
    <td width="3%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="12%" align="right"><font size="2" face="Times New Roman, Times, serif">(85,180)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><HR noshade size=2></td>
  </tr>
</table>
<P align="right">
<FONT size=2 face="serif">11</FONT>
</P>

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

<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
</FONT></B>
<B><FONT size=2 face="serif">Quarterly analysis by cluster </FONT></B>
</P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="6"><HR noshade size=2></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><strong><font size="2" face="Times New Roman, Times, serif">04
          Q2</font></strong> </td>
    <td align="center"><strong><font size="2" face="Times New Roman, Times, serif">04
          Q1</font></strong></td>
    <td align="center"><strong><font size="2" face="Times New Roman, Times, serif">03
          Q4</font></strong></td>
    <td align="center"><strong><font size="2" face="Times New Roman, Times, serif">03
          Q3</font></strong></td>
    <td align="center"><strong><font size="2" face="Times New Roman, Times, serif">03
          Q2</font></strong></td>
  </tr>
  <tr>
    <td width="50%"><strong><font size="2" face="Times New Roman, Times, serif">Total
          cellular subs</font></strong></td>
    <td width="10%" align="right">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        East Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,939,790</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,706,073</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,484,867</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,334,088</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,222,404</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,271,138</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,246,692</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,192,282</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,103,671</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,005,761</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">3,210,928</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">2,952,765</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">2,677,149</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">2,437,759</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">2,228,165</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Central
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,523,790</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,443,815</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,412,513</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,320,493</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">811,731</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">774,304</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">739,530</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">939,376</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,013,846</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">986,397</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Latin
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">2,298,094</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">2,183,345</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">2,351,889</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">2,334,339</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,798,128</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Africa</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">863,345</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">761,261</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">661,504</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">531,743</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">445,542</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Sub-total</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">6,372,367</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">5,897,371</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">5,690,542</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">5,303,841</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">4,471,835</font></strong></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Divested</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Total</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">6,372,367</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">5,897,371</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">5,690,542</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">5,303,841</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">4,471,835</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><strong><font size="2" face="Times New Roman, Times, serif">Prop
          cellular subs</font></strong></td>
    <td width="10%" align="right">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        East Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">883,229</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">779,517</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">680,129</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">614,518</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">562,246</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,063,081</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,044,513</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">998,207</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">919,804</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">831,671</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,946,310</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,824,030</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,678,336</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,534,322</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,393,917</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Central
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,037,755</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">987,115</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">968,635</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">918,361</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">431,124</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">754,900</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">721,602</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">915,174</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">989,281</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">962,240</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Latin
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">1,792,655</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,708,717</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,883,809</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,907,642</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,393,364</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Africa</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">682,220</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">595,283</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">463,432</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">364,682</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">296,674</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Sub-total</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">4,421,185</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">4,128,030</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">4,025,577</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">3,806,646</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">3,083,955</font></strong></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Divested</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Total</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">4,421,185</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">4,128,030</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">4,025,577</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">3,806,646</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">3,083,955</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><strong><font size="2" face="Times New Roman, Times, serif">Revenues
          (US$ '000)</font></strong></td>
    <td width="10%" align="right">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        East Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">51,803</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">55,743</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">50,195</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">41,805</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">41,989</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">29,746</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">30,608</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">29,140</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">27,896</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">25,467</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">81,549</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">86,351</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">79,335</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">69,701</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">67,456</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Central
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">70,691</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">68,784</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">67,414</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">37,993</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">30,693</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">26,573</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">25,014</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">26,023</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">25,455</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">23,888</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Latin
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">97,264</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">93,798</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">93,437</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">63,448</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">54,581</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Africa</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">35,193</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">31,672</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">27,213</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">21,179</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">18,474</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Other</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">2,043</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">2,038</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">1,870</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">2,340</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">3,351</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Sub-total</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">216,049</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">213,859</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">201,855</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">156,668</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">143,862</font></strong></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Divested</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Total</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">216,049</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">213,859</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">201,855</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">156,668</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">143,862</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><strong><font size="2" face="Times New Roman, Times, serif">EBITDA
          (US$ &#146;000)</font></strong></td>
    <td width="10%" align="right">&nbsp;</td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        East Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">32,420</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">33,108</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">24,453</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">27,632</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">25,341</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">14,983</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">16,908</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">15,734</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">15,244</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">12,873</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Asia</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">47,403</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">50,016</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">40,187</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">42,876</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">38,214</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;Central
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">36,134</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">33,750</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">32,009</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">21,497</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">16,688</font></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;South
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">10,230</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">9,743</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">9,409</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">9,231</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">9,297</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Latin
        America</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">46,364</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">43,493</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">41,418</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">30,728</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">25,985</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">MIC Africa</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">13,981</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">13,319</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">11,456</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">8,929</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">8,317</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Other</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">(43)</font></strong></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">(38)</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">(85)</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">329</font></td>
    <td width="10%" align="right"><font size="2" face="Times New Roman, Times, serif">887</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Sub-total</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">107,705</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">106,790</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">92,976</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">82,862</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">73,403</font></strong></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Divested</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">-</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
  <tr>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">Total</font></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">107,705</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">106,790</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">92,976</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">82,862</font></strong></td>
    <td width="10%" align="right"><strong><font size="2" face="Times New Roman, Times, serif">73,403</font></strong></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="5" align="right"><HR noshade size=1></td>
  </tr>
</table>
<P align="right">
<FONT size=2 face="serif">12</FONT>
</P>
</body>
</html>

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end

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