-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HinhFwDCu82gPPkbDn+IHdehEv7v7oTAwHGdQKTlXNPOUqcK3DwCs/uftdkyXz50
 NXCRauTUrQ1DHZlD2kLSwA==

<SEC-DOCUMENT>0000950103-04-001152.txt : 20040812
<SEC-HEADER>0000950103-04-001152.hdr.sgml : 20040812
<ACCEPTANCE-DATETIME>20040812095224
ACCESSION NUMBER:		0000950103-04-001152
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:		04968693

	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><font size="2" face="Times New Roman, Times, serif"> The information contained in this report is incorporated by reference into
Registration Statement No. 333-111779 and No. 333-112948. </font></p>
<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="logo.jpg" border=0>
</P>
<P>
<B><FONT size=5 face="serif">MILLICOM INTERNATIONAL CELLULAR S.A. </FONT></B>
</P>
 <table width="100%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="3%" align="left" valign="top">&nbsp;</td>
            <td width="3%" align="left" valign="top">&nbsp;</td>
            <td width="80%" align="left" valign="top">&nbsp;</td>
            <td width="14%" align="right" valign="top"><b><font size=2 face="serif">August 3, 2004</font></b> </td>
          </tr>
</table>

<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>

<blockquote>
        <blockquote>
        <blockquote>
        <blockquote>
<UL>
<LI><B><FONT size=2 face="serif">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">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">49</FONT></B><B><FONT size=2 face="serif">% increase in revenues for the first half of 2004 to $429.9m (2003: $288.6m)*</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><BR></LI>
</UL>
</blockquote>
        </blockquote>
        </blockquote>
</blockquote>
<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="95%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=2 face="serif">June 30<br>
&nbsp;<b><font size=2 face="serif">2004</font></b></font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=2 face="serif">June 30<br>
2003</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=2 face="serif">Change</font></b></TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Worldwide subscribers </FONT><sup><font size=1 face="serif">(i)</font></sup></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="67%">-&nbsp;&nbsp;<font size=2 face="serif">proportional cellular </font><sup><font size=2 face="serif">(ii)</font></sup></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">4,421,185</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">3,083,955</FONT></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">43%</FONT></TD>
</TR>
<TR>
   <TD align="left" width="67%">-&nbsp;&nbsp;<font size=2 face="serif">total cellular</font></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">6,372,367</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">4,471,835</FONT></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">43%</FONT></TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align="right"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%" align="center">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD align="left" width="67%"><B><FONT size=2 face="serif"><u>US$ &#145;000</u></FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Revenues</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">216,049</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">143,862</FONT></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">50%</FONT></TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Operating profit</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">59,037</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">39,635</FONT></TD>
   <TD align="center" width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">49%</FONT></TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Profit for the quarter</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">14,786</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">176,035</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align="right"><HR noshade size=1></TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Basic profit per common share (US$)</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0.17</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2.70</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Diluted profit per common share (US$)</FONT></B></TD>
   <TD width="3%"><B></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0.17</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2.58</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="5" align="right"><HR noshade size=1></TD>
  </TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">Weighted average number of shares (thousands)</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">86,094</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">65,138</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="5" align="right"><HR noshade size=1></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="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="67%" align="left"><B><FONT size=2 face="serif">potential shares (thousands)</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">89,601</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">68,655</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align="right"><HR noshade size=1></TD>
</TR>
</TABLE>
<br>

<TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD valign="top"><font size="1"><i>(i) </i></font></TD>
  <TD width="52%"><font size="1"><i>Subscriber figures represent the worldwide total number of subscribers of cellular systems in which MIC has an ownership interest.</i></font></TD>
</TR>
<TR>
   <TD width="4%" valign="top"><I><FONT size=1 face="serif">(ii)</FONT></I></TD>
   <TD><I><FONT size=1 face="serif">Proportional subscribers are calculated as the sum of</FONT></I><I><FONT size=1 face="serif">MIC&#146;s percentage ownership of subscribers in each operation.</FONT></I></TD>
  </TR>
<TR>
   <TD width="4%" valign="top"><I><FONT size=1 face="serif">*</FONT></I></TD>
   <TD width="97%"><I><FONT size=1 face="serif">Due to local issues in El Salvador, MIC discontinued consolidating El Salvador on a proportional basis from May 2001 to September 2003. Figures for 2003 in this press release therefore do not include El Salvador in respect to subscribers and financial result. Figures for 2004 include El Salvador.</FONT></I></TD>
</TR>
</TABLE>


<hr width="100%" size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>

<P>
<FONT size=2 face="serif">Marc Beuls, MIC&#146;s President and Chief Executive Officer stated:</FONT>
</P>
<P>
<FONT size=2 face="serif">&#147;MIC has built on the buoyant start of 2004 by producing revenue growth of over 50 %. MIC added 474,996 net new total cellular subscribers in the second quarter of 2004, 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 capital expenditure 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. 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>
<B><U><FONT size=2 face="serif">FINANCIAL AND OPERATING SUMMARY*</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
 <table width="100%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="3%" align="left" valign="top">&#149;</td>
            <td colspan="3" align="left" valign="top">&nbsp;<font size=2 face="sans-serif">&nbsp; </font><font size=2 face="serif">Subscriber growth: </font></td>
          </tr>
          <tr>
            <td width="3%" align="left" valign="top">&nbsp;</td>
            <td width="3%" align="left" valign="top">&nbsp;</td>
            <td width="3%" align="left" valign="top">&nbsp;</td>
            <td width="91%" valign="top">&nbsp;</td>
          </tr>
          <tr valign="baseline">
            <td align="left">&nbsp;</td>
            <td align="left"><font face="wingdings">&#216;</font></td>
            <td colspan="2" align="left"><font size=2 face="serif">An annual increase in total cellular subscribers of 43% to 6,372,367 at June 30, 2004, including 487,116 subscribers in El Salvador</font> </td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="top">&nbsp;</td>
          </tr>
          <tr valign="baseline">
            <td align="left">&nbsp;</td>
            <td align="left"><font face="wingdings">&#216;</font></td>
            <td colspan="2" align="left"><font size=2 face="sans-serif">&nbsp; </font><font size=2 face="serif">An annual increase in proportional cellular subscribers of 43% to 4,421,185 at June 30, 2004, including 487,116 subscribers in El Salvador</font> </td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="top">&nbsp;</td>
          </tr>
          <tr valign="baseline">
            <td align="left">&nbsp;</td>
            <td align="left"><font face="wingdings">&#216;</font></td>
            <td colspan="2" align="left"><font size=2 face="serif">In the second quarter of 2004 MIC added 474,996 net new total cellular subscribers </font> </td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="top">&nbsp;</td>
          </tr>
          <tr valign="baseline">
            <td align="left">&nbsp;</td>
            <td align="left"><font face="wingdings">&#216;</font></td>
            <td colspan="2" align="left"><font size=2 face="sans-serif">&nbsp; </font><font size=2 face="serif">Proportional prepaid subscribers increased to 3,915,886 (including 343,973 prepaid subscribers in El Salvador) from 2,764,099 at June 30, 2003 </font></td>
          </tr>
</table>

<P align="right">
<FONT size=2 face="serif">2</FONT>
</P>

<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
 <table width="100%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="3%" align="left" valign="top">&#149;</td>
            <td colspan="3" align="left" valign="top"><font size=2 face="serif">Financial highlights: </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td width="3%" align="left" valign="top">&nbsp;</td>
            <td width="91%" valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings">&#216;</font></td>
            <td colspan="2" align="left" valign="baseline"><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. Revenues for </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="baseline"><font size=2 face="serif">the second quarter of 2004 for El Salvador, which was reconsolidated in September 2003, amounted to $35.4 million. </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="baseline">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings">&#216;</font></td>
            <td colspan="2" align="left" valign="baseline"><font size=2 face="serif">Operating profit increased by 49% in the second quarter of 2004 to $59.0 million, from $39.6 million for </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="baseline"><font size=2 face="serif">the second quarter of 2003. Operating profit for the second quarter of 2004 for El Salvador, which was reconsolidated in September 2003, was $10.5 million.</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="baseline">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings">&#216;</font></td>
            <td colspan="2" align="left" valign="baseline"><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>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="baseline">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="baseline"><font face="wingdings">&#216;</font></td>
            <td colspan="2" align="left" valign="baseline"><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</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="baseline"><font size=2 face="serif">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>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="baseline">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings">&#216;</font></td>
            <td colspan="2" align="left" valign="baseline"><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>
            <td width="3%" align="left" valign="top">&nbsp;</td>
            <td width="3%" align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="top"><font size=2 face="sans-serif">&nbsp; </font></td>
          </tr>
</table>
 <table width="100%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="3%" align="left" valign="top">&#149;</td>
            <td colspan="2" align="left" valign="top"><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. 10% of the total cellular minutes sold in the three months ended June 30, 2004 related to El Salvador. Prepaid minutes increased by 57% in the same period. 7% of the total prepaid minutes sold in the three months ended June 30, 2004 related to El Salvador.</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&#149;</td>
            <td colspan="2" align="left" valign="top"><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>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&#149;</td>
            <td colspan="2" align="left" valign="top"><font size=2 face="serif">Subsequent events:</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td colspan="2" align="left" valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td width="3%" align="left" valign="baseline"><font face="wingdings">&#216;</font></td>
            <td width="94%" align="left" valign="baseline"><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 </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="baseline">&nbsp;</td>
            <td align="left" valign="baseline"><font size=2 face="serif">and towns, under the brand name of Tigo.</font></td>
          </tr>
</table>

<br>

<P align="center">
<B><U><FONT size=2 face="serif">REVIEW OF OPERATIONS</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
<P align="center">
<B><U><FONT size=2 face="serif">SUBSCRIBER GROWTH*</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
<P>
<FONT size=2 face="serif">In the second quarter of 2004 MIC&#146;s worldwide operations in Asia, Latin America and Africa added 474,996 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 (including 487,116 cellular subscribers in El Salvador) 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 (including 487,116 proportionnal subscribers in El Salvador) 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. 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>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
<br>
<TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="11" align="center"><b><font size=2 face="serif">Cellular Operations</font></b><b><font size=2 face="serif">*</font></b>
    <hr noshade size=1></TD>
  <TD>&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>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Proportional (i)</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Proportional (i)</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Total</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Total</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Subs at</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Subs at</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Annualized</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Subs at</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Subs at</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Annualized</font></b></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">June 30, 2004</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">June 30, 2003</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Increase</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">June 30, 2004</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">June 30, 2003</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Increase</font></b></TD>
  <TD>&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>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">South East Asia</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">883,229</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">562,246</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">57%</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,939,790</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,222,404</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">59%</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">South Asia</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,063,081</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">831,671</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">28%</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,271,138</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,005,761</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">26%</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2">&nbsp;</font></TD>
   <TD colspan="11" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">MIC Asia</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,946,310</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,393,917</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">40%</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">3,210,928</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,228,165</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">44%</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD><font size="2">&nbsp;</font></TD>
  <TD colspan="11" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Central America</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,037,755</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">431,124</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">141%</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,523,790</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">811,731</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">88%</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">South America</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">754,900</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">962,240</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">-22%</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">774,304</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">986,397</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">-22%</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD><font size="2">&nbsp;</font></TD>
  <TD colspan="11" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">MIC Latin America</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,792,655</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,393,364</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">29%</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,298,094</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,798,128</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">28%</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD><font size="2">&nbsp;</font></TD>
  <TD colspan="11" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">MIC Africa</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">682,220</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">296,674</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">130%</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">863,345</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">445,542</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">94%</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD><font size="2">&nbsp;</font></TD>
  <TD colspan="11" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Total Cellular Ops</FONT></B></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">4,421,185</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">3,083,955</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">43%</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">6,372,367</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">4,471,835</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">43%</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD><font size="2">&nbsp;</font></TD>
  <TD colspan="11" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&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>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="3%"><I><FONT size=1 face="serif">(i)</FONT></I></TD>
   <TD align="left" width="98%"><I><FONT size=1 face="serif">Proportional subscribers are calculated as the sum of MIC&#146;s percentage ownership of subscribers in each operation.</FONT></I></TD>
</TR>
<TR>
   <TD width="3%"><FONT size=1 face="serif">*</FONT></TD>
   <TD width="98%"><I><FONT size=1 face="serif">Due to local issues in El Salvador, MIC discontinued consolidating El Salvador on a proportional basis from May 2001 to September 2003. Figures for 2003 therefore do not include El Salvador. Figures for 2004 include El Salvador.</FONT></I></TD>
</TR>
<TR>
   <TD width="3%">&nbsp;</TD>
   <TD width="98%"><I></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 due to the reconsolidation of El Salvador. The Central American market continued to perform strongly, producing a 130%
increase in revenues from the second quarter of 2003, 115% represented the reconsolidation of El Salvador and 15% other operations. 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">Operating profit for the three months ended June 30, 2004 was $59.0 million, an increase of 49 % from the quarter ended June 30, 2003. Operating profit for the three months ended June 30, 2004 for El Salvador, which was
reconsolidated in September 2003, was $10.5 million. </FONT>
</P>
<P align="right">
<FONT size=2 face="serif">4</FONT>
</P>

<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
<div align="center"><br>
    <B><U><FONT size=2 face="serif">FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2004*</FONT></U></B>
</div>
<P>
<FONT size=2 face="serif">Total revenues for the first half of 2004 were $429.9 million, an increase of 49% from the first half of 2003, reflecting the increasing trend of growth in MIC&#146;s operations and the reconsolidation of El Salvador.</FONT>
</P>
<P>
<FONT size=2 face="serif">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 68% to $191.1. This increase was mainly due to the reconsolidation of El Salvador since September 2003 with revenues for the first half of 2004 of $69.2 million.
Revenues for Central America and South America were $139.5 million and $51.6 million respectively.</FONT>
</P>
<P>
<FONT size=2 face="serif">Operating profit was $121.1 million for the first half of 2004, an increase of 59 % over the first half of 2003, reflecting the increasing trend of growth in MIC&#146;s operations and the reconsolidation of El
Salvador.</FONT>
</P>
<P>
<FONT size=2 face="serif">Total cellular minutes increased by 50% 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="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="40%"><B><FONT size=2 face="serif">CONTACTS:</FONT></B></TD>
   <TD width="38%" align="left">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Marc Beuls</FONT></B></TD>
   <TD align="left" width="38%"><B><FONT size=2 face="serif">Telephone: +352 27 759 327</FONT></B></TD>
   <TD align="center" width="22%"><B></B></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">President and Chief Executive Officer</FONT></TD>
   <TD width="38%" align="left">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Millicom International Cellular S.A., Luxembourg</FONT></TD>
   <TD width="38%" align="left">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Andrew Best</FONT></B></TD>
   <TD width="38%" align="left"><B><FONT size=2 face="serif">Telephone: +44 20 7321 5022</FONT></B></TD>
   <TD width="22%"><B></B></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Investor Relations</FONT></TD>
   <TD width="38%" align="left">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Shared Value Ltd, London</FONT></TD>
   <TD width="38%" align="left">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Visit our web site at </FONT><B><FONT size=2 face="serif"><u>http://www.millicom.com</u></FONT></B></TD>
   <TD width="38%" align="left">&nbsp;</TD>
   <TD width="22%">&nbsp;</TD>
</TR>
</TABLE>
<P align="center">
<B><U><FONT size=2 face="serif">CONFERENCE CALL DETAILS</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
<P>
<B><FONT size=2 face="serif">A conference call to discuss the results will be held at 16:00 Luxembourg time / 10:00 New York time, on Tuesday, 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 </FONT></B><B><U><FONT size=2 face="serif">www.millicom.com</FONT></U></B><B><FONT size=2 face="serif">. Please dial in / log on 5 minutes
prior to the start of the conference call to allow time for registration.  A recording of the conference call will be available for 7 days after the conference call, commencing approximately 30 minutes after the live call has finished, on: +44 (0)20
7984 7578 or +1 718 354 1112, access code: 845873#.</FONT></B><FONT size=2 face="serif"> </FONT>
</P>
<P align="right">
<FONT size=2 face="serif">5</FONT>
</P>

<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
<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</FONT></B>
<BR><br>
</LI>
<LI><B><FONT size=2 face="serif">Consolidated statements of profit and loss for the six months ended June 30, 2004 and 2003</FONT></B><BR>
<br>
</LI>
<LI><B><FONT size=2 face="serif">Consolidated balance sheets as of June 30, 2004 and December 31, 2003</FONT></B><br>
<br>
</LI>
<LI><B><FONT size=2 face="serif">Condensed consolidated statements of cash flows for the six months ended June 30, 2004 and 2003</FONT></B><br>
<BR></LI>
<LI><B><FONT size=2 face="serif">Condensed consolidated statements of changes in shareholders&#146; equity for the six months ended June 30, 2004 and for the year ended December 31, 2003</FONT></B><br>
<BR></LI>
<LI><B><FONT size=2 face="serif">Quarterly analysis by cluster</FONT></B><BR></LI>
</UL>
<P align="right">
<FONT size=2 face="serif">6</FONT>
</P>

<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
<br>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
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="5"><hr noshade size=2></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Quarter ended</font></b></TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Quarter ended</font></b></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">June 30, 2004</font></b></TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">June 30, 2003</font></b></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right"><font size=1 face="serif">(Unaudited)</font><br>    <font size=1 face="serif">US$ &#146;000</font></TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right"><font size=1 face="serif">(Unaudited)<br>
    US$ &#146;000</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Revenues</FONT></B></TD>
   <TD align="center" width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">216,049</FONT></TD>
   <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">143,862</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Operating expenses</FONT></B></TD>
   <TD align="center" width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Cost of sales (excluding depreciation and<font size="2"> amortization)</font></FONT> </font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(57,415)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(34,125)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Sales and marketing</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(27,706)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(18,772)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">General and administrative expenses</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(23,223)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(17,562)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Corporate and license acquisition costs</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(6,492)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(5,116)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Write-down of assets, net</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(84)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(82)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from sale of subsidiaries and joint ventures, net</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(685)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Depreciation and amortization</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(42,092)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(27,885)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><hr noshade size=1></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Operating profit</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">59,037</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">39,635</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss)/Gain and Valuation movement on investment in securities</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(19,907)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">64,105</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest expense</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(24,061)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(16,818)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest income</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,488</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">451</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other income</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">200</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">97,052</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Fair value result on financial instruments</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">19,647</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Exchange gain (loss), net</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(785)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">4,355</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Profit from associated companies</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">470</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">81</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Profit before taxes</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">36,089</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">188,861</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Taxes</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(16,803)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(8,154)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Profit after taxes</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">19,286</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">180,707</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Minority interest</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(4,500)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(4,672)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Profit for the quarter</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">14,786</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">176,035</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Basic earnings per common share (US$)</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0.17</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2.70</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Weighted average number of shares</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">outstanding in the quarter (in thousands)</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">86,094</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">65,138</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Profit for the quarter used to determine diluted earnings</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">per common share</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">14,935</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">176,825</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Diluted earnings per common share (US</FONT><font size="2"><b><font size=2 face="serif">$)</font></b></font></B></TD>
   <TD width="3%"><B></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0.17</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2.58</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%">&nbsp;</TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><hr noshade size=2>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Weighted average number of shares and potential</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">dilutive shares outstanding in the quarter (in thousands)</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">89,601</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">68,655</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="3" align="right"><HR noshade size=2>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<P align="right">
<FONT size=2 face="serif">7</FONT>
</P>

<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
<br>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
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="5"><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="75%">&nbsp;</TD>
  <TD width="3%" align="center">&nbsp;</TD>
  <TD width="8%" align="right"><b><font size=1 face="serif">6 months ended<br>
&nbsp;<b><font size=1 face="serif">June 30, 2004</font></b></font></b></TD>
  <TD width="3%" align="right">&nbsp;</TD>
  <TD width="8%" align="right"><b><font size=1 face="serif">6 months ended<br>
June 30, 2003</font></b></TD>
  <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="75%">&nbsp;</TD>
  <TD width="3%" align="center">&nbsp;</TD>
  <TD width="8%" align="right">&nbsp;<font size=1 face="serif">(Unaudited)<br>
US$ &#146;000</font></TD>
  <TD width="3%" align="right">&nbsp;</TD>
  <TD width="8%" align="right"><font size=1 face="serif">(Unaudited)<br>
    US$ &#146;000</font></TD>
  <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="75%"><font size="2">&nbsp;</font></TD>
  <TD width="3%" align="center"><font size="2">&nbsp;</font></TD>
  <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
  <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
  <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
  <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Revenues</FONT></B></TD>
   <TD align="center" width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">429,908</FONT></TD>
   <TD width="3%" align="right"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">288,581</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Operating expenses</FONT></B></TD>
   <TD align="center" width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Cost of sales (excluding depreciation and</FONT><font size="2"> <font face="serif">amortization)</font></font></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(113,489)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(70,671)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Sales and marketing</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(56,496)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(36,728)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">General and administrative expenses</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(45,428)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(36,209)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Corporate and license acquisition costs</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(13,806)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(11,115)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Write-down of assets, net</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(489)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(466)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Gain from sale of subsidiaries and joint ventures, net</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">30</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,133</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Depreciation and amortization</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(79,096)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(58,388)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Operating profit</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">121,134</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">76,137</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(Loss)/Gain and Valuation movement on investment in securities</FONT></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(86,013)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">101,705</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest expense</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(51,410)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(55,720)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest income</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">3,062</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,580</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other Income</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">200</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">97,052</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Fair value result on financial instruments</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">71,347</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Exchange gain, net</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">13,639</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">8,109</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Profit from associated companies</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">604</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">126</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD colspan="3" align="right"><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Profit before taxes</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">72,563</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">228,989</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Taxes</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(33,505)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(18,352)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Profit after taxes</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">39,058</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">210,637</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Minority interest</FONT></font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(9,542)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(8,376)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Profit for the period</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">29,516</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">202,261</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2> </TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Basic earnings per common share (US$)</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0.39</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">3.11</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2> </TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Weighted average number of shares</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">outstanding in the period (in thousands)</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">76,028</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">65,138</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Profit for the period used to determine diluted earnings</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">per common share</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">30,733</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">203,051</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Diluted earnings per common share (US$)</FONT></B></TD>
   <TD width="3%"><B></B></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">0.34</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">3.03</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">Weighted average number of shares and potential</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%"><B><FONT size=2 face="serif">dilutive shares outstanding in the period (in thousands)</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">89,369</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">66,906</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="75%">&nbsp;</TD>
   <TD width="3%">&nbsp;</TD>
   <TD colspan="3" align="right"><HR noshade size=2></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
</TABLE>
<P align="right">
<FONT size=2 face="serif">8</FONT>
</P>

<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
<br>
<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A.</FONT></B><I><FONT size=1 face="serif"> </FONT></I>
<br>
<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" align="left"><hr noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;<b><font size=1 face="serif">June 30, <b><font size=1 face="serif">2004</font></b></font></b></td>
    <td>&nbsp;</td>
    <td align="right"><b><font size=1 face="serif">Dec 31, 2003</font></b></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td align="right" valign="bottom"><font size=1 face="serif">(Unaudited)<br>
      US$ &#146;000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><font size=1 face="serif">US$ &#146;000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif"><u>Assets</u></font></b></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Non-current assets</font></b></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Intangible assets</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Goodwill, net</font></td>
    <td align="right" width="8%"><font size=2 face="serif">41,946</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">49,578</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Licenses, net</font></td>
    <td align="right" width="8%"><font size=2 face="serif">29,923</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">30,889</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Other intangible assets, net</font></td>
    <td align="right" width="8%"><font size=2 face="serif">5,103</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">5,148</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Property, plant and equipment, net</font></td>
    <td align="right" width="8%"><font size=2 face="serif">524,586</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">487,746</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Financial assets</font></td>
    <td align="right" width="8%"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Investment in Tele2 AB shares</font></td>
    <td align="right" width="8%"><font size=2 face="serif">393,027</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">479,040</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Investment in other securities</font></td>
    <td align="right" width="8%"><font size=2 face="serif">17,727</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">25,397</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Investment in associated companies</font></td>
    <td align="right" width="8%"><font size=2 face="serif">1,666</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">1,340</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Pledged deposits</font></td>
    <td align="right" width="8%"><font size=2 face="serif">32,094</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">31,530</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Deferred taxation</font></td>
    <td align="right" width="8%"><font size=2 face="serif">3,908</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">5,226</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Total non-current assets</font></b></font></td>
    <td align="right" width="8%"><font size=2 face="serif">1,049,980</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">1,115,894</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Current assets</font></b></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size=2 face="serif">Investment in securities</font></td>
    <td align="right" width="8%"><font size=2 face="serif">15,149</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">15,291</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size=2 face="serif">Inventories</font></td>
    <td align="right" width="8%"><font size=2 face="serif">14,930</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">10,941</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size=2 face="serif">Debtors</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Trade debtors, net</font></td>
    <td align="right" width="8%"><font size=2 face="serif">136,972</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">113,750</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Amounts due from joint ventures</font></td>
    <td align="right" width="8%"><font size=2 face="serif">9,710</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">13,137</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Amounts due from other related parties</font></td>
    <td align="right" width="8%"><font size=2 face="serif">2,859</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">2,905</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Prepayments and accrued income</font></td>
    <td align="right" width="8%"><font size=2 face="serif">33,155</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">19,739</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Other current assets</font></td>
    <td align="right" width="8%"><font size=2 face="serif">59,281</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">49,583</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Time deposits</font></td>
    <td align="right" width="8%"><font size=2 face="serif">20,679</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">32,880</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Cash and cash equivalents</font></td>
    <td align="right" width="8%"><font size=2 face="serif">171,269</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">148,829</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Total current assets</font></b></font></td>
    <td align="right" width="8%"><font size=2 face="serif">464,004</font></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">407,055</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Total assets</font></b></font></td>
    <td align="right" width="8%"><b><font size=2 face="serif">1,513,984</font></b></td>
    <td width="3%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><b><font size=2 face="serif">1,522,949</font></b></td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=2> </td>
    <td width="3%">&nbsp;</td>
  </tr>
</table>

<P align="right">
<FONT size=2 face="serif">9</FONT>
</P>

<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>
<br>
<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A. </FONT></B>
<br>
<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" align="left"><hr noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;<b><font size=1 face="serif">June 30, <b><font size=1 face="serif">2004</font></b></font></b></td>
    <td>&nbsp;</td>
    <td align="right"><b><font size=1 face="serif">Dec 31, 2003</font></b></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td align="right" valign="bottom"><font size=1 face="serif">(Unaudited)<br>
&nbsp;<font size=1 face="serif">US$ &#146;000</font></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align="right" valign="bottom"><font size=1 face="serif">US$ &#146;000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif"><u>Shareholders&#146; equity and liabilities</u></font></b></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Shareholders&#146; equity</font></b></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Share capital and premium (represented by 89,847,669 shares as of June 30, 2004)</font></td>
    <td align="right" width="8%"><font size=2 face="serif">308,593</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">239,876</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Treasury stock (represented by 654,852 shares as of June 30, 2004)</font></td>
    <td align="right" width="8%"><font size=2 face="serif">(8,833)</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">(8,833)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">2% PIK Notes &#150; equity component</font></td>
    <td align="right" width="8%"><font size=2 face="serif">0</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">16,006</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Legal reserve</font></td>
    <td align="right" width="8%"><font size=2 face="serif">13,576</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">4,256</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Retained losses brought forward</font></td>
    <td align="right" width="8%"><font size=2 face="serif">(276,607)</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">(446,110)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Profit for the period</font></td>
    <td align="right" width="8%"><font size=2 face="serif">29,516</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">178,823</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Currency translation reserve</font></td>
    <td align="right" width="8%"><font size=2 face="serif">(70,521)</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">(69,198)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Total shareholders&#146; equity</font></b></font></td>
    <td align="right" width="8%"><font size=2 face="serif">(4,276)</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">(85,180)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Minority interest</font></b></font></td>
    <td align="right" width="8%"><font size=2 face="serif">38,776</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">26,571</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Liabilities</font></b></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp; <b><font face="serif">Non-current liabilities</font></b> </font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Corporate 10% debt</font></td>
    <td align="right" width="8%"><font size=2 face="serif">536,455</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">536,036</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">2% PIK Notes</font></td>
    <td align="right" width="8%"><font size=2 face="serif">0</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">50,923</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">5% Mandatory Exchangeable Bond &#150; Debt component</font></td>
    <td align="right" width="8%"><font size=2 face="serif">317,518</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">327,635</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">5% Mandatory Exchangeable Bond &#150; Embedded derivative</font></td>
    <td align="right" width="8%"><font size=2 face="serif">32,110</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">103,457</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Other debt and financing</font></td>
    <td align="right" width="8%"><font size=2 face="serif">116,047</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">126,150</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Deferred Taxation</font></td>
    <td align="right" width="8%"><font size=2 face="serif">36,744</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">33,944</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Total non-current liabilities</font></b></font></td>
    <td align="right" width="8%"><font size=2 face="serif">1,038,874</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">1,178,145</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp; <b><font face="serif">Current liabilities</font></b> </font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Other debt and financing</font></td>
    <td align="right" width="8%"><font size=2 face="serif">106,279</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">132,664</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Trade payables</font></td>
    <td align="right" width="8%"><font size=2 face="serif">157,875</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">112,764</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Amounts due to related parties</font></td>
    <td align="right" width="8%"><font size=2 face="serif">286</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">608</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Accrued interest and other expenses</font></td>
    <td align="right" width="8%"><font size=2 face="serif">48,578</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">44,673</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td><font size="2">&nbsp;</font></td>
    <td width="8%" align="right"><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> <font size=2 face="serif">Other current liabilities</font></td>
    <td align="right" width="8%"><font size=2 face="serif">127,592</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">112,704</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Total current liabilities</font></b></font></td>
    <td align="right" width="8%"><font size=2 face="serif">440,610</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">403,413</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Total liabilities</font></b></font></td>
    <td align="right" width="8%"><font size=2 face="serif">1,479,484</font></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><font size=2 face="serif">1,581,558</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"></font></td>
    <td colspan="3" align="right"><hr noshade size=1>      <font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left"><font size="2"><b><font face="serif">Total shareholders&#146; equity and liabilities</font></b></font></td>
    <td align="right" width="8%"><b><font size=2 face="serif">1,513,984</font></b></td>
    <td width="2%"><font size="2">&nbsp;</font></td>
    <td align="right" width="8%"><b><font size=2 face="serif">1,522,949</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="78%" align="left">&nbsp;</td>
    <td colspan="3" align="right"><hr noshade size=2></td>
    <td>&nbsp;</td>
  </tr>
</table>

<P align="right">
<FONT size=2 face="serif">10</FONT>
</P>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<hr size=2 color=GRAY noshade>




<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
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=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;<b><font size=1 face="serif">June 30, 2004</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">June 30, 2003</font></b></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right"><font size=1 face="serif">(Unaudited)</font></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><font size=1 face="serif">(Unaudited)</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;&nbsp;<font size=1 face="serif">US$ &#146;000</font></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><font size=1 face="serif">US$ &#146;000</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net cash provided by operating activities</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">114,605</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">73,670</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Cash flow (used) provided by investing activities</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(51,004)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">13,192</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Cash flow used by financing activities</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(40,660)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(80,893)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Cash effect of exchange rate changes</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(501)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">397</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2">&nbsp;</font></TD>
   <TD colspan="3"><hr noshade size=1></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Net increase in cash and cash equivalents</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">22,440</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">6,366</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2">&nbsp;</font></TD>
   <TD width="8%"><font size="2">&nbsp;</font></TD>
   <TD><font size="2">&nbsp;</font></TD>
   <TD width="8%"><font size="2">&nbsp;</font></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Cash and cash equivalents, beginning</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">148,829</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">70,451</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2">&nbsp;</font></TD>
   <TD colspan="3"><hr noshade size=1>     <font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Cash and cash equivalents, ending</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">171,269</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">76,817</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan="3"><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<br>

<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A. </FONT></B>
<br>
<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=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right"><font size=1 face="serif"><b><font size=1 face="serif">June 30, 2004<br>
  </font></b>(Unaudited)</font></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Dec 31, 2003</font></b><br>
<font size=1 face="serif">(Unaudited)</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right"><font size=1 face="serif">US$ &#146;000</font></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><font size=1 face="serif">US$ &#146;000</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Shareholders&#146; equity at January 1</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(85,180)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(295,259)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Disposal / Cancellation of treasury stock</FONT></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,394</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Profit for the period</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">29,516</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">178,823</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Shares issued via the exercise of stock options</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,153</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Effect of consolidation of El Salvador</FONT></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(3,248)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Issuance / Conversion of 2% PIK Notes</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">51,558</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">17,187</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Movement in currency translation reserve</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(1,323)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">14,923</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2">&nbsp;</font></TD>
   <TD colspan="3"><hr noshade size=1>     <font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Shareholders&#146; equity</FONT></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(4,276)</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">(85,180)</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan="3"><HR noshade size=2></TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="right">
<FONT size=2 face="serif">11</FONT>
</P>



<hr width="100%" size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A. </FONT></B>
<br>

<B><FONT size=2 face="serif">Quarterly analysis by cluster </FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="10" align="left"><hr noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="45%" align="left">&nbsp;</TD>
  <TD align="center"><b><font size=1 face="serif">04 Q2</font></b></TD>
  <TD width="3%" align="center">&nbsp;</TD>
  <TD align="center"><b><font size=1 face="serif">04 Q1</font></b></TD>
  <TD width="3%" align="center">&nbsp;</TD>
  <TD align="center"><b><font size=1 face="serif">03 Q4</font></b></TD>
  <TD width="3%" align="center">&nbsp;</TD>
  <TD align="center"><b><font size=1 face="serif">03 Q3</font></b></TD>
  <TD width="3%" align="center">&nbsp;</TD>
  <TD align="center"><b><font size=1 face="serif">03 Q2</font></b></TD>
  <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD width="45%" align="left">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><B><FONT size=2 face="serif">Total cellular subs</FONT></B></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South East Asia</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">1,939,790</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,706,073</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,484,867</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,334,088</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,222,404</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South Asia</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">1,271,138</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,246,692</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,192,282</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,103,671</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,005,761</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="9" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">MIC Asia</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">3,210,928</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,952,765</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,677,149</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,437,759</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,228,165</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central America</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">1,523,790</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,443,815</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,412,513</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,320,493</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">811,731</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South America</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">774,304</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">739,530</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">939,376</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,013,846</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">986,397</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">2,298,094</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,183,345</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,351,889</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,334,339</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,798,128</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">MIC Africa</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">863,345</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">761,261</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">661,504</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">531,743</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">445,542</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">Sub-total</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">6,372,367</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">5,897,371</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">5,690,542</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">5,303,841</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">4,471,835</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">Divested</FONT></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">Total</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">6,372,367</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">5,897,371</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">5,690,542</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">5,303,841</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">4,471,835</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><B><FONT size=2 face="serif">Prop cellular subs</FONT></B></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South East Asia</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">883,229</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">779,517</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">680,129</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">614,518</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">562,246</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South Asia</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">1,063,081</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,044,513</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">998,207</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">919,804</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">831,671</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">MIC Asia</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">1,946,310</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,824,030</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,678,336</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,534,322</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,393,917</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central America</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">1,037,755</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">987,115</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">968,635</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">918,361</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">431,124</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South America</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">754,900</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">721,602</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">915,174</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">989,281</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">962,240</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">1,792,655</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,708,717</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,883,809</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,907,642</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,393,364</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">MIC Africa</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">682,220</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">595,283</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">463,432</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">364,682</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">296,674</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">Sub-total</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">4,421,185</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">4,128,030</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">4,025,577</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">3,806,646</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">3,083,955</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">Divested</FONT></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">Total</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">4,421,185</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">4,128,030</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">4,025,577</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">3,806,646</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">3,083,955</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><B><FONT size=2 face="serif">Revenues (US$ &#146;000)</FONT></B></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD width="8%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South East Asia</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">51,803</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">55,743</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">50,195</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">41,805</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">41,989</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South Asia</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">29,746</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">30,608</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">29,140</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">27,896</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">25,467</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">MIC Asia</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">81,549</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">86,351</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">79,335</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">69,701</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">67,456</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central America</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">70,691</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">68,784</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">67,414</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">37,993</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">30,693</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South America</FONT></font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">26,573</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">25,014</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">26,023</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">25,455</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">23,888</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">97,264</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">93,798</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">93,437</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">63,448</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">54,581</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">MIC Africa</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">35,193</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">31,672</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">27,213</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">21,179</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">18,474</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">Other</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">2,043</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,038</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">1,870</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">2,340</FONT></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><FONT size=2 face="serif">3,351</FONT></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">Sub-total</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">216,049</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">213,859</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">201,855</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">156,668</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">143,862</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">Divested</FONT></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><font size="2">-</font></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="45%" align="left"><FONT size=2 face="serif">Total</FONT></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">216,049</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">213,859</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">201,855</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">156,668</FONT></B></TD>
   <TD width="3%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="8%"><B><FONT size=2 face="serif">143,862</FONT></B></TD>
   <TD width="3%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="9" align="right"><HR noshade size=1>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="right">
<FONT size=2 face="serif">12</FONT>
</P>

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

<P align="center">&nbsp; </P>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``W`&H#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#ZC\0?\%RO
MVZ[#7]>TRPUOP+Y&G:QK%G"DG@719G2VL+VXMXCY@M_,<K%;L\S2'!^_QR:_
M=K_@D9^W)\0OVU?A7\3;[XLW6DS_`!$^'7CBWTVX.B6MOI5G=>%O$>BP:EH-
MY]@M=B)(+ZTUNR,P`XM54$$C'\EO[./PP_X7/^UM:?"L())_'D'[0FA6`/(C
MUN^^$'Q6?0K@`9)>QUQ;"^BP"1+:HXPRC'W9_P`$+?C#JWPT_;:7X8:C<2:3
MH_QK\%>)O"VJ:->+]F>'Q=X,CN_%/AV.1'V^7?65OIOBS3`C!7+:B(3\RA1^
M#\*<3YZ\ZRFIF68U,1@,QQ&,RIX6K)S4<1'V4J,N;E@N9^VH7=[\LIIJZN_]
MN_I*_1S\&ZO@UXCX;@#@#AKA7CW@'@KA?Q%IYGE>$]EC<PRF6(S)YK22BU**
MJY9D6?5:BG"4'5PU*:LI*W]K<&2G)8\G!8[CC`[Y/0Y'7(.0>0:9=R+%;R2.
MYC1%+O(&V;$0%W8MD;0%4Y.>GMFG0D[,$Y"D8/&2HC7)X[AR<]P>#TQ7Q+_P
M4>^-%_\``3]B?]H'XD:->"P\26/@F?0?#%PN/,B\2>,;VT\):/+""<M-;7>M
M1WBJ.<6Y88`)'[?B\1#"83%8JI[D,-0KUYW;]U4H3J2ULW9<KLTMK-(_QAX5
MX>QO%G%'#?">5I?VCQ)GF49#E_.VXK%YMC\-E^&E4:L^6-;$0<[VTC*[T;/Y
ML_BW_P`%S?VO;/XJ?$NT^&VK^#8/ASI?CWQ;IW@I+_PAI.H7W_"(6/B&XTW0
M;F[O9(6:ZDO+%;.=;F1BSM=(<EF-?MY_P2)_:_\`C+^V1\%?BAXZ^,M[I5[K
MWA'XL2^"M,DT;2[72+;^QU\&>#_$*M+;6:1Q/<_;=<O4$Q4N841,X7C^1[PI
M\%;O_ABGXL_M":I:$6A^.7PF^#OA.=U8+<1IX?\`''BSQ;)%*PS)&D=AX,B1
MURWVB.593EB*_I"_X-W/^38_CU[?M"SD'OD?"_X<$?RK\@X,SO/,=Q%A:68Y
MAC*F'QF`Q&/IX2<HNA3IU.=4HQFX1G)<JYDTK)I-ZG^N/TO?!OP/X1^C[QIC
M^`>`.&LHX@X)XWX1X*K<49?AE#,L3B:>!R:OFZK5%*HHUYRS&%#'KGYHXZEB
MH;15_JC_`(*X_M>?&/\`8X^!OP^\?_!N]TBTUSQ+\5;'P?J#ZWI-MJ\!TF;P
MAXGUJ7R8;H,BSB[TBW3S5P`"V06!S>_X)%?M8_%[]L7]GWQQ\2_C)?:7>>)-
M"^+VL^"K)]'TZ#2K-=(T_P`*>#]:A5K6U1(7G%SK]TLDP0%@BJ>$%?*G_!P^
MN/V5/@T03\WQ^T\X]S\._'AS[GWQZ5H_\&\^[_ACKXH[2,_\-'>*0,],_P#"
MOOAGU^N?K]:^GAF6/CXC3RWZY4_L^KE7/'!\L73]O&E3J2G>UXZ.Z2ZW5S^8
MJGAWP-_Q3^AXD/A?)WQU/Q-AE7^M'U=K-XY?_;%2E]3>+4O]W5+W''V?\-<K
MDU8_=W6-4L]+TZ^U*]O(;&QTZVFO+Z]N)5AM[2TM%::[N)I794CC@ACEDD=S
ML41MNXK^8[]MC_@O#JN@>*;GP)^R%;Z1?:?H&IO;:I\6?$=B-6TGQ`%#1O;^
M&-$N(3BV2Y3,&LWY>&[C;Y;6!`&?Z*_X+M?M;:O\(?@WX8_9\\%:E/IOBOXZ
M)K=UXFO[.7RKFP^&FA/#!J=A'+&RRV\WBK5[NRTQ7R-^GVNMQ(02YKX2_P""
M-/\`P3?\%?';2;S]IWXXZ7_;?A/2O%4NE_#+PG<`Q:=JVJ^'+B%]6\1:S`0(
M[_3;+49VTK3;`J;:2]T_4'GW+`@$\0YWFV,SB'"_#M2&&Q4J//F&8U(QDL)2
M4%6E&$&GSS]G5HM237O3E32YHMKU?H^>#?A3P1X/8_Z4'TA<NKY_PS+,:F4\
M`<!NDHQXES.-9X-8K$<U>DL73JXNAC*6&P-:V%I87+LPS7%1Q%*G1H5/DZ3_
M`(*7?\%1O&UQ_P`))I'BOXFWEE&AE27PC\-M870!'&2^YH]%TW^R;H`#]X27
M^7@@`BO;/@U_P76_:W\`>,=)MOCC8Z1\1_"5A(\'B/1O[!L?!GBY4*+'&8KN
M*TB:VN[5F^TS)J5M(]T@>,H&4,/[#]*\+>'M$T^/3-'T32=)T](?*6QTW3K.
MRM$4IM(2WMH8H5ZYX3D@'M7X2_\`!9G]@;X;>,_@MXZ_:A\"Z%9>&OBE\)?#
MR>(_$5QI5M#:6_B_P7H\RRZY!J5I;Q)!+J6EV$LVJ6=]L,\BVEQ#,QC.:\_&
M<.<4Y/AJF:X'BC&9CB,*E7G@\7%JA5I\MJRCSUZD5)1E)QCRIO[,E*R?VO`G
MT@/HO^+?%6!\.../HQ\"\#9'Q5B*619-Q+D"R^EC\IS+'XFA0RMXG$9=D64X
MG"4J^)E3P]3&4<57AAI58UZN'JTHSBOV%_9U^/WP\_:8^%OAGXN?##6QK'AC
MQ+8K-L<JE_I.I1A$U#1-7M!+*UCJNEW0EMKRV8D*P5XV>)T=O=J_D._X-^/V
MA-:\-_''XA?LW7%P9?"OQ%\&:G\1='AGE+IIWC/P7/HNG7RVD>3Y2:SX;OVD
MNDB4>=+H"W#`L)&/]=Z$LBD]2H)QTR0#7VG#6=QS_*:&8>R="K)SHXBE=/DK
MT6HS2:>JDN6:TVE;<_CKZ2/@U5\"/%OB+@&&)GC\II>PS;AW'U%%5L5D69.I
M/"+$*,I)8K"5J6)R_$M.TZV$G42CS\D?X,/^"9/[S_@J)\`E`R?^%H_%(\$`
M;?\`A7WQ0X;(Y&TXP.F>.E=M^VCINL?L)?\`!5'6?B3IFDB+1]+^*_AC]H+P
ME:6L?D0ZKX6\6:I)X@\2:3;,0BJL^L/XP\/'8#%'!$8#\JX/%?\`!,,8_P""
MHG[/Q[M\3?BD3_X;WXG8./<<^]?K)_P<)_`*YU/P[\%OVE-+-IY7A?4;[X1>
M,8R6%Y)8>*%F\1^$;MB%*FUTS4M+\26K`D%)?$-L1DRR!?QC+L'.MP3CLRH*
M*Q62\0?VI2FE=P]E1P:DH];)PIR<;K13UU/]>^,N,\OR7Z9/`'`W$#A6X9\9
M/H[4^`,VP=>35#$XO,LRXDKY=!12<57Q3I8O)J$Y+W(9O6@M*C/Z1/#&O6GB
M?P_HGB32Y%N-,U[1].UC3[A"I2XLM3LK>_MIT9<AUGMYXI$?H0XQFOYXO^#A
M+X[2>'OA1\(?V?;6X6*[^(OB/4?B'XBF26,&VT3X?1VUGI@N$!!$5WKNM_:H
ME90#+H!*C@5]Y?\`!'/XY7'QK_82^&3:Q>M=^(OA7>:K\(=:ED=7EE'@]+.Z
M\-2'!!/F>#-5\.)N;YWF24')4X_"S]K>X?\`;Q_X+&Z!\$Y=EYX&\&_$#0/A
M`T$LN^!_"_PV%]XR^*CXBP0M]=6GBNS?!$CBUM5S@H:_1^*LXIXSA+"/!2;J
M<15,!@L(Y)R;>/</:J;6O^[RJ*7\LUK=JQ_`'T9/"A\%_2FXS_UR@ED7T<:'
M&_%W$F)J*\9?ZI+$Y;DV)H+K*MCJ^%SG"*S4J.&]ILKKV3]KWX#M^SQ_P1%_
M9N\'WF#KVN_%WP'\2_$S"(Q2QZY\2?"OQ"\4OI\B,H<2Z+9:KINA2%LY.E97
M"E17UE_P;N?\FQ?'K_LX2X_]5?\`#BN^_P""^-G;V7["?@ZTLHTM[.R^.OP\
MMK>WC`V16\7A/Q[%!"BJ`H2"...-%'`50.`H-<#_`,&[G_)L7QZ_[.$N/_57
M_#BO*P>#C@/$'`82#2AAN'*6'IP5K1C1HSBWIUE/GD_*W9M_I7$/%&8<:_0"
M\0N+LUE4J9CQ/]('&9_BZM27-S5LVSO`8R=.*=VO8RJ2BKVM3=.G%)4RY_P<
M0?\`)JGP6/\`U7VP'XGX<^/<?XUH_P#!O-D_L=_$\#I_PTCXGW<XX_X5_P##
M+C\>?0Y`P>*SO^#B#!_93^"__9?M/_,?#GQ]_7BM+_@WD./V//BASC/[2'B8
M#WQ\/_AID=1ZCZ]@:MM_\12C;IEE3_U#H?E=OY'D7O\`LRX1=DH^+D'JNKSR
MHFFGO=.UONU/R/\`^"\WC&Z\0?MSRZ*\BFW\"?"7X>^'DB#;EB?49_$?BV]9
MD4_*9/\`A)+8G/S,D<3G(*5_3=_P3+\%0>!_V#?V6M(CLQ:R7_PD\/\`BR[C
M=&1UO_'8E\:7Y=&4,)#>:_,2S')0XP00:_E2_P""W=K<6O\`P4(^+C280:IX
M7^&-W;L#AFLY/A]I&FL['!()NK.>$[?F5(493O8&OZ__`-BC6;+7_P!D#]E_
M5[$*MKJ'[/\`\()8`N_:H_X0#P\CQJ)"SX217'S,6P,U'"<I5>-^,:L]9J<Z
M*NOAIQQ2IJW;W$HWU3271(]?Z53EE_T+?HDY3@TXY77P.2YE7Y6HT9YE5X+^
MM3G5A?WZZKYMCZOM-V\54ZN3/J*N5\8^#]!\>^&_$'@[Q7I=IK?A?Q/H^I:!
MKNC7JLUKJFDZO9R:?J-E<A<,8+NRN+FVE"L"8Y3C!KJ1P`/0"FO+'&&+R(@4
M;F+,%`7#')R1@85CGT4GH#7ZDU%P<9*,H2CRR4DI1E'K=---'^8]*I5HU:5>
MA4JT:]"I"M1K4:DZ56E5IR4J=2G4IRC.$X22E"<)1E&23332/C?X4_L`?LB_
M`_QMIOQ&^%'P/\,>!_&^CP:A:Z9XCTF[UQ[ZUM]4LI].U")%O-6N;9DN[.YG
MAD$D#X$A9<.%8?9$2"*..-<[8T1!DY.$4*,GN<#D]ZR+7Q)X>OIX[:SUS2+N
MXFW>3!;:C:332[$:1_+CCF9WV(K.VT':JLQP`36T"",@Y!Y!'0CUK'#8?"X:
MFZ>$H4*%.4Y5)1P].G3BYR45*35-)-M1C=];+R/9XBXBXHXGS"&9\6Y_Q!Q%
MFD<-#"T\=Q'FN8YMCHX2%:O7IX>&(S*OB*\</"OB,14ITHS5*$ZM5QBG.5_X
M,O\`@F/_`,I1_P!G[_LI/Q,_]5O\3*_K'_X*:_!:\^.7[#G[0?@W1=(;5_%=
MIX0C\;>#[2')NI_$G@6[M/%6GQ6@PVZXO$TJ;2UC"D2K>20$,)"I_DV_X)D2
M1?\`#T?X`XDBX^)?Q13'F+G?'\-OB664+N#?+E>!C@\&O[O9(8Y8GCE/F(;;
MR)(WY1Q+ABK8SD%#Y>"""IP=W?\`-/#[!T\7PQGF`J-2CB<7B\-)I-KEK8.A
M!KO=I^]%JZ3MU/\`1;Z?G$V/X+^D5X)\6Y;%/'<*<"\$9[@U*:C#$8C(N+,\
MQE.,N62FJ,ZV&E&<7:;4'[MFK_QR?\$6?VK8O@-:_M=Z!XF\0Q6/A.P^!.M?
M'K0-*U"1(;,>*OAW:06.H&VDDC`;4_$>EZWX>M9=.B=Y9SHT2QP>:KL>V_X(
M/?";Q)\6?VI?BU^T[XUN;C6)O`.@7_G:K<)$@UCXF_%R[OI-5U9E12GVN#1+
M/Q.ES%&X,2>((&*K$;<5^3G[7WPDUS]F+]I_X^_!R"[O;+3M.\5:Y96'V9Y[
M:/5?A[XN>S\7>&;2[16'VFVFT#4-&%W#)O@:]@G*+M50/ZV_^"*7P'@^#O[#
M_@[Q/)YKZY\==6O_`(NZI,Z,C)I>K1PZ)X2MXD?:?);PIH&D:IG.TW&JW+HN
M)"3\WP?3QV.S;*<GQ,$L)PI6S+%<LIIN5:=10PT7%-N+HO\`>44TG%MRTN?T
M!]+#'<)<">#GBIXP<(XW!+-/I5X+PRR;)JU#"^SQ-')J?#N(Q6<RIUJ454A2
MSCAY5:N8*M*$:N*Q6%I5H2G1CS^;?\%^D`_8=\.*.B_'[P(00<@JGA+Q^P^N
MY5'_``+D]37G'_!N[_R;!\>?^SB9/_58_#:O1_\`@OXT:_L.^'_G5"/C[X$(
M!8`!/^$4\?AP"<9Q$K8Y^Z&`'``\U_X-W'5OV8OCSM(8-^T/.!C)7/\`PJ[X
M<$;6!(R-RD$GJ5Z\U]9*S\4(6E'3)8JS?+)MT:FB3MS:7E)Q;45\35S^8L$F
M_P!FIG32O'_B,E)*;E3<G;'Y:W&45+G]U3OS<KBU>S=B_P#\'$7_`":I\&/^
MR_Z?_P"JZ\?5H?\`!O,!_P`,=?%(\97]H[Q.RY.`"/A]\-`3DD#\S69_P</E
M?^&5O@TID!=?C]II\LLH<>9\._'P7Y<[C]T@<=SZC&I_P;R*K?L=?%-6PP;]
MH[Q2K+DY`_X5_P##3KM'!)X`.",8K-)?\13MS>]')Y56G&7PSPU*FDGM?W6W
MKK%VZG=*S_9FQ3YK2\7(J3BDW#_A<J6;5W9]8MI13MJ?FI_P<&?#V;0?VL_A
MK\18;&?^S/B/\'+33S>QQO\`9KK7_`'B76+/5X?.($2S6OA[Q#X5=H`?,D@9
MYT#102,/W+_X([_%W3/B=^P;\';.'5+2\U?X7VNN_#+7K)9(OMFE2^%]=OX_
M#5O<6ZDSPK-X&E\.W=LTD2B:*8*'>2.0KW'_``4J_8M@_;1_9YU3P9I,\.E_
M$?P=?KXS^&>JW49DM_[;T^VFM[GP]>,F)8=-\5::9M*N)XW_`-#GEL[]X9S9
MB(_R-?LC_M?_`!]_X)I_&;Q1IEWX2U"2WN[BST/XL_!CQ<]UI3:F^GP33V-Y
M;3NKMH>O6]M=K-9^(;.QOHM2LKJU6\T_4K&6T:TQQE7_`%1XTQ6;8F,H9+G>
M%7ML73BYQPV*DDN6M3A>HVJM&=1RA&:=.M%KWE.,?K>$\KA]+KZ&N1^%_#&-
MP*\7_`[,\/C,#P]B:]#!U<ZR7"RQF6X-+&8Z=&A1P>+RO.Z.&HXKVJHTLUR3
M#X;&/"X>OA:T_P"_Y3D`^H!].H]*^%?^"D7QDB^!G[&7Q_\`&<6MPZ!X@N_A
M]K'A3P1=?:!'=W7C?Q=;2>'O#UM8P85[B[@NK\:A&D<FZ."TNKD[5MW=?SG\
M/_\`!PM^RG+HD,WBCX<?''0?$`AD-UHUCHGA/7+"&YC3B"WUZ7Q3H1N59\%9
MFTJT0(3NC?B(?B1_P4,_X*,?$/\`X*#^+/!OA'PMX0UCPQ\,-"UE6\#?#JU\
MSQ!XF\6>,-0M+RQAU75CI%NDFHZK)83W=OI'AS38KH:9%<W,\;:A<2K+'Z^>
M\=9+0RVLLKS&ECL?7@Z.&HX>%6<_:U8VC)J5.*5K]6FG9+K;\<\#/H3>-.:^
M)_#3\1>`\TX.X(R'-L-G/%6;9^\KI8:IEN3XB.,JY?AJ=7'../\`[6EAXX*5
M:BJV&PN%Q%7'5Y*C0=^I_P""%GP@3Q3^WIX4\66>A[M*^$?@#QQXRU#5$M'-
MOI][JND/X$T2">X`D6.XO6\4WT]G&NV22?2;P@%+*?']Q5M&L-M;Q(J*D4$4
M:K&"$54C555`0"$``"@@$``$`U^2G_!(/]B2\_9&^`MQK?C-&_X6I\:4T7Q?
MXRLI8@LGA'3X+$+X:\%%_O&XTRTN[G4=8)"AM;U2^A0-#:0.?UR`P,#H.!7J
M<&99B<KR'"T<;4JU<57E/&595JCG./MXPY*;3<K<E.,5:^FJL?F_TR?$;A?Q
M+\=N(<QX*I8"/"G#V"P7"63XK+<+#!X/,EE53%8C,,PP]"G1H0>'JYOF&84<
M)6=-RK8+#X:HIN$HQC^?OPP_X)A_L<_![XH^'_C-X"^&3Z/\1?#&K:GK6C:Z
M?$?B"[%KJ&KZ?J.EW\WV*ZU&6S?SK'5;^'8T)1%F^4#%??8@`*X8@+CA0%R`
M``"1CC'&!V.!BBBOH<)@L)@:;I8+"X?"TW+GE##T:=%2G91YY*G&/--J*3D[
MMV5WH?SUQ-Q=Q3QGB\/C^+N(\\XFQV#PL,#A,7GV:8W-<1A<%2JU*U/"8>MC
M:U:='#0JU:M2-"G*-*,ZM1J*<Y7^'/CS_P`$W_V1_P!I7X@7/Q0^+GPT'B#Q
MM>Z1I>A7FKVVOZ]HYN]/T>%X+!;BWTN_MK>6>"!_LXNGC,[6T5O`TAC@C5?L
M#P?X,\/^`O"WAWP7X4T^#1?#'A71M+\/Z#I%FI2UT[1]&LXM/TVQMT).R&UL
M[>"&(#H(_>BBE2P6$HUJV(HX:C2KXAIUZU.G&%2JX[.<XI2D^]WKUN7FW&/%
MN?91DV09WQ-G^;9%P[2]AD.39EF^/QN5Y-1]G3HJEEF`Q%>IA<%3C2HTZ488
M:E3C&G%4XI1T/*_VA?V:/A+^U'X'L_AS\9O#[^)_"-GXAL?%4>F+J%_IO_$[
MTRSO[&QN_M.FW%K<`0V^J7ZF+S/+D\_YU.Q<9W[.'[*7P7_90\+Z[X,^"/AF
M3PKX;\1Z^?$^K6#ZIJ6JFYULZ=INDF\^T:I<W4Z?\2[2;"V$2.(PL"D*"311
M5/"85XB.+>'HO%0A[*.(=*#KQIM-<D:K7.E9M64MM.B)7%W%4>&:G!<>),]C
MP?5QBS&KPNLUQRX?J8]2A)8V64*O]0>*4J<'[=T/:7C?FWN_]HW]E3X*_M7>
M%](\&_&_PN_BSP]H6OP^)M,LDU34]*-OK$.G7VE"Z,VF75K+)_H6HW</ER.T
M>)22IJ7]F_\`9=^#_P"RAX0UGP)\%?#LGAGPQKOB6Z\6W^GR:CJ&IM+KEYI^
MFZ9<W9N=2N+FX_>6FDV4>SS-B^7E0,G)141P&"CBI8Z.$PZQLH>SEBE1I_6'
M#3W/:\O/RNVJYM>N[+?&?%SX9?!?^LV??ZH/%QQ_^K']JXU9!]=C4]LL7_9*
MK?4?K/M?WCK>P]HY^\Y-ZGT&4)0J".3U(R/IC]:^.?VA_P!@/]E7]J2\_M7X
MQ?"K1M;U\Q^2WBG3)+OP]XJDA6.*&*&;7]%GLM1FB@AACBA26=EC10%`Y!**
MTQ.%P^,IRHXNA2Q%*7Q4JT(U*<M&M823BW9O6U]3DX=XDXAX1S/#YUPMGF;\
M.9QA;_5LTR3,<7EF/HIV;5/%X.M1KQBW%-Q4^5M7L?GS??\`!`;]CJXU:6\L
M]7^(]AILEP91H\?B6XFBCA)S]G2\G\R^`'W1)Y_F8Y)+<U]O_L__`/!-;]C_
M`/9KU:Q\2_#;X4Z<OBS3TB^R^*_$=U>^*-?M9XB&%W8:AKD][+IUP7W/NLO)
M`+$`;>***\O"\.9%@JOML+E.!HU;J2J0H04DU;:Z=MKV6E^FBM^B\2^/_C;Q
MAE-3(N)?%/CG-\GK4U2Q.6XKB/,GA<7345#DQM*%>"QL7%<LEB_;<R<E*ZD[
M_=,5NL4C.&)!0(JD`!%!Z+CCG`W'&6(!)JQ117MWO^7HNR['X^DELDN_GI:[
&[NR2N?_9
`
end

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