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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-04-001509.txt : 20041025
<SEC-HEADER>0000950103-04-001509.hdr.sgml : 20041025
<ACCEPTANCE-DATETIME>20041025150941
ACCESSION NUMBER:		0000950103-04-001509
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20041019
FILED AS OF DATE:		20041025
DATE AS OF CHANGE:		20041025

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:		041093868

	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>oct2204_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="3"><b>FORM 6-K</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 October
25, 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"><B>MILLICOM INTERNATIONAL</B></font></div>

    <div align="center"><B><font size="3" face="Times New Roman, Times, serif">CELLULAR S.A.</font></B></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 October 19, 2004</font></td>
  </tr>
</table>
<br>
<p><font size="2">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>
<div align="right"></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" width="106" height="55"></P>
<P align="center">
<B><FONT size=5 face="serif">MILLICOM INTERNATIONAL CELLULAR S.A. </FONT></B></P>
<P align="right">
<B><FONT face="serif">                                  </FONT></B><B></B>
<br>

<B><FONT size=2 face="serif">October 19, 2004</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS</FONT></B>
<br>

<B><FONT size=2 face="serif">FOR THE PERIOD ENDED SEPTEMBER 30, 2004 </FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD align="center" width="29%">&nbsp;</TD>
   <TD align="center" width="3%"><font face="serif" size=4>&#149;</font></TD>
   <TD align="left" width="54%"><B><FONT size=2 face="serif">Strong quarterly total subscriber increase for Q3 04 of 480,866 </FONT></B><B><SUP><FONT size=2 face="serif"></FONT></SUP></B><B><sup><font size=2 face="serif">(i)</font></sup></B><b></b></TD>
   <TD align="center" width="14%">&nbsp;</TD>
  </TR>
<TR>
  <TD align="center" width="29%">&nbsp;</TD>
   <TD align="center" width="3%"><font face="serif" size=4>&#149;</font></TD>
   <TD align="left" width="54%"><B><FONT size=2 face="serif">51% increase in revenues for Q3 04 to $235.9m (Q3 03: $156.7m)*</FONT></B></TD>
   <TD align="center" width="14%">&nbsp;</TD>
  </TR>
<TR>
  <TD align="center">&nbsp;</TD>
  <TD align="center"><font face="serif" size=4>&#149;</font></TD>
  <TD align="left"><B><FONT size=2 face="serif">Profit for Q3 04 of $12.8m (Q3 03: loss of $13.2m)</FONT></B></TD>
  <TD align="center">&nbsp;</TD>
</TR>
<TR>
  <TD align="center" width="29%">&nbsp;</TD>
   <TD align="center" width="3%"><font face="serif" size=4>&#149;</font></TD>
   <TD align="left" width="54%"><B><FONT size=2 face="serif">Earnings per common share for Q3 04 of $0.14 (Q3 03: loss of $0.20)</FONT></B></TD>
   <TD align="center" width="14%">&nbsp;</TD>
  </TR>
<TR>
  <TD align="center" width="29%">&nbsp;</TD>
   <TD align="center" width="3%"><font face="serif" size=4>&#149;</font></TD>
   <TD align="left" width="54%"><B><FONT size=2 face="serif">Total shareholders equity as at Sept 2004 of $8.4m (Dec 2003: $(85.2)m)</FONT></B></TD>
   <TD align="center" width="14%">&nbsp;</TD>
  </TR>
<TR>
  <TD width="29%">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD width="14%">&nbsp;</TD>
</TR>
<TR>
  <TD width="29%">&nbsp;</TD>
   <TD width="3%" align="center"><font face="serif" size=3>&#149;</font></TD>
   <TD width="54%" align="left"><B><FONT size=1 face="serif">52% increase in revenues for the nine months to Sept 2004 to $665.8m (2003: $445.2m)*</FONT></B></TD>
   <TD width="14%"><B></B></TD>
  </TR>
<TR>
  <TD width="29%">&nbsp;</TD>
   <TD width="3%" align="center"><font face="serif" size=3>&#149;</font></TD>
   <TD width="54%" align="left"><B><FONT size=1 face="serif">Profit for the nine
         months to Sept 2004 of $42.3m (2003: $189.1 m)</FONT></B></TD>
   <TD width="14%">&nbsp;</TD>
  </TR>
<TR>
  <TD width="29%">&nbsp;</TD>
   <TD width="3%" align="center"><font face="serif" size=3>&#149;</font></TD>
   <TD width="54%" align="left"><B><FONT size=1 face="serif">Earnings per common share for the nine months to Sept 2004 of $0.53 (2003: $2.90)</FONT></B></TD>
   <TD width="14%"><B></B></TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="serif">New York, Stockholm, London and Luxembourg &#150; October 19, 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 nine months ended September 30, 2004. </FONT>
</P>
<P align="center">
<FONT size=2 face="serif">Financial summary for the quarters ended September 30, 2004 and 2003* </FONT>
</P>
<TABLE width="95%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=2 face="serif">Sept 30<br>
&nbsp;&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">Sept 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 colspan=2><b><font size=2 face="serif">Worldwide subscribers </font></b><b><sup><font size=2 face="serif">(i)</font></sup></b></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD align="center" width="3%">-</TD>
   <TD align="left" width="51%"><FONT size=2 face="serif">proportional cellular </FONT><SUP><FONT size=2 face="serif">(ii)</FONT></SUP></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">4,737,721</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">3,806,646</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">24%</FONT></TD>
</TR>
<TR>
   <TD align="center" width="3%">-</TD>
   <TD align="left" width="51%"><FONT size=2 face="serif">total cellular</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">6,853,233</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">5,303,841</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">29%</FONT></TD>
</TR>
<TR>
   <TD width="3%">&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="5" align="right"><hr noshade size=2></TD>
  </TR>
<TR>
   <TD colspan=2 align="left"><B></B><b><font size=2 face="serif"><u>US$ &#145;000</u></font></b></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><B></B><b><font size=2 face="serif">Revenues</font></b></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">235,872</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">156,668</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">51%</FONT></TD>
</TR>
<TR>
   <TD colspan="2"><b><font size=2 face="serif">Operating profit</font></b></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">68,857</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">44,767</FONT></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">54%</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align="right"><hr noshade size=1></TD>
</TR>
<TR>
   <TD colspan=2><B></B><b><font size=2 face="serif">Profit (loss) for the quarter</font></b></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">12,802</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(13,205</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="5" align="right"><hr noshade size=2></TD>
</TR>
<TR>
   <TD colspan=2><B></B><b><font size=2 face="serif">Basic earnings (loss) per common share (US$)</font></b></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">0.14</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(0.20</FONT></TD>
   <TD width="5%"><font size=2 face="serif">)</font></TD>
   <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><B></B><b><font size=2 face="serif">Diluted earnings (loss) per common share (US$)</font></b></TD>
   <TD width="5%"><B></B></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">0.14</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">(0.20</FONT></TD>
   <TD width="5%"><font size=2 face="serif">)</font></TD>
   <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="3%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="5" align="right"><HR noshade size=2></TD>
  </TR>
<TR>
   <TD colspan=2><B></B><b><font size=2 face="serif">Weighted average number of shares (thousands)</font></b></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">89,230</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">65,299</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="3%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="5" align="right"><HR noshade size=2></TD>
  </TR>
<TR>
   <TD colspan=2><B></B><b><font size=2 face="serif">Weighted average number of shares and dilutive</font></b></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=2><B></B><b><font size=2 face="serif">potential shares (thousands)</font></b></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">89,821</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">65,299</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="10%" align="right">&nbsp;</TD>
</TR>
<TR>
   <TD width="3%">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="5" align="right"><HR noshade size=2></TD>
  </TR>
</TABLE>
<P>
<IMG src="press-releasex1x2.jpg" border=0>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD width="3%"><I><FONT size=1 face="serif">(i)</FONT></I></TD>
   <TD width="98%"><I><FONT size=1 face="serif">Subscriber figures represent the worldwide total number of subscribers of cellular systems in which MIC has an ownership interest.</FONT></I></TD>
</TR>
<TR>
   <TD width="3%"><I><FONT size=1 face="serif">(ii)</FONT></I></TD>
   <TD 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%" valign="top"><I><FONT size=1 face="serif">*</FONT></I></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 15, 2003. Figures for 2003 include El Salvador from September 15 to September 30, 2003 only.</FONT></I></TD>
</TR>
<TR>
   <TD width="3%">&nbsp;</TD>
   <TD width="98%"><I></I></TD>
</TR>
</TABLE>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<FONT size=2 face="serif">Marc Beuls, MIC&#146;s President and Chief Executive Officer stated:</FONT>
<P>
<FONT size=2 face="serif">&#147;In the third quarter MIC added 480,866 net new total cellular subscribers, providing clear evidence of how fast MIC is able to grow its businesses organically. The strongest growth has come from South East Asia, where
price cuts are enabling Millicom to drive penetration at a faster rate than was previously possible, evidenced by our Vietnam operation passing the 1.5 million subscriber mark and, from Africa, where the pace of subscriber acquisition continues to
grow quarter on quarter, the direct result of the increased level of investment in the region during the last year. These strong subscriber numbers have also translated into some exceptionally strong financial numbers as not only is MIC able to grow
its subscriber base but it also reported a 10% increase in prepaid minutes of use compared to last quarter, as lower tariffs encourage greater use of telephony.</FONT>
</P>
<P>
<FONT size=2 face="serif">&#147;Revenues are up 51% year on year and 9% on the quarter.  In Guatemala, Honduras, Paraguay, Ghana, Tanzania and Vietnam revenue growth from the second quarter of 2004 is in excess of 10%, showing the broad base of
growth. In Latin America the growth recovery has been driven by the successful launch of Tigo GSM services. </FONT>
</P>
<P>
<FONT size=2 face="serif">&#147;Paktel and Pakcom are currently negotiating the launch of the GSM network as well as the renewal of their licenses with the Government of Pakistan. Constructive talks are being held between parties with the intention
to achieve a settlement that would address both parties' issues. We will inform the market once the deal is closed with the PTA, the Pakistan regulator. A resolution of the Pakistan issues will definitely be accretive to the future growth of
Millicom.&#148; </FONT>
</P>
<P align="center">
<B><U><FONT size=2 face="serif">FINANCIAL AND OPERATING SUMMARY*</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="3%" align="left" valign="top"><font face="serif" size=4>&#149;</font></td>
            <td colspan="2" align="left" valign="top"><font size=2 face="serif">Subscriber growth: </font> </td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td width="3%" align="left" valign="top">&nbsp;</td>
            <td width="3%" align="left" valign="top"><font face="wingdings"><sup>&#216;</sup></font></td>
            <td width="94%" valign="top"><font size=2 face="serif">An annual increase in total cellular subscribers of 29% to 6,853,233 as at September 30, 2004 </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings"><sup>&#216;</sup></font></td>
            <td valign="top"><font size=2 face="serif">An annual increase in proportional cellular subscribers of 24% to 4,737,721 as at September 30, 2004 </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings"><sup>&#216;</sup></font></td>
            <td valign="top"><font size=2 face="serif">In the third quarter of 2004 MIC added 480,866 net new total cellular subscribers </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings"><sup>&#216;</sup></font></td>
            <td valign="top"><font size=2 face="serif">Proportional prepaid subscribers increased to 4,199,068 from 3,341,001 as at September 30, 2003 </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"><font face="serif" size=4>&#149;</font></td>
            <td colspan="2" align="left" valign="top"><font size=2 face="sans-serif"></font><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 valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings"><sup>&#216;</sup></font></td>
            <td valign="top"><font size=2 face="serif">Revenues for the third quarter of 2004 were $235.9 million, of which $37.3 million for El Salvador.</font> <font size=2 face="serif">Revenues
                for the third quarter of 2004 increased by 51% from the third
                quarter of 2003. Compared to the second quarter of 2004, revenues
            increased by 9% from 216.0 million.</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings"><sup>&#216;</sup></font></td>
            <td valign="top"><font size=2 face="serif">Operating profit increased by 54% in the third quarter of 2004 to $68.9 million, from $44.8 million for the third quarter of 2003. </font> </td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings"><sup>&#216;</sup></font></td>
            <td valign="top"><font size=2 face="serif">Total shareholders&#146; equity became positive reaching $8.4m as at September 30, 2004 compared to ($85.2m) as at December 31, 2003. </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings"><sup>&#216;</sup></font></td>
            <td valign="top"><font size=2 face="serif">Profit for the third quarter of 2004 was $12.8 million, compared to a loss of $13.2 million for the third quarter of 2003.</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings"><sup>&#216;</sup></font></td>
            <td valign="top"><font size=2 face="serif">Capital expenditure for the nine months ended September 30, 2004 was $160.2 million.</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top"><font face="wingdings"><sup>&#216;</sup></font></td>
            <td valign="top"><font size=2 face="serif">Revenues for South America increased by 18% from the third quarter of 2003, highlighting the economic turnaround of this market. </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td align="right" valign="top"><font size=2 face="serif">2</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
            <td align="right" valign="top">&nbsp;</td>
          </tr>
</table>

<hr size=3 color=GRAY noshade>
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<br>
<table width="95%" border="0" cellpadding="0" cellspacing="0">
          <tr>
            <td width="3%" align="left" valign="top"><font face="serif" size=4>&#149;</font></td>
            <td align="left" valign="top"><font size=2 face="serif">Total cellular minutes increased by 50% for the three months ended September 30, 2004 from the same quarter in 2003. Prepaid minutes increased by 57% in the same period. The increases reflected the growth in the MIC&#146;s operations and the reconsolidation of El Salvador. </font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td width="3%" align="left" valign="top"><font face="serif" size=4>&#149;</font></td>
            <td align="left" valign="top"><font size=2 face="serif">During the third quarter Millicom&#146;s operations in Paraguay Guatemala, El Salvador and Honduras, launched GSM services in the 850MHz frequency, under the brand name of Tigo.</font><font face="wingdings">&nbsp;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
          </tr>
          <tr>
            <td align="left" valign="top"><font face="serif" size=4>&#149;</font></td>
            <td align="left" valign="top"><font size=2 face="serif">On September 22, 2004 MIC sold its 65% holding in Millicom Argentina S.A., the high speed wireless data joint venture to the local partner, after having obtained regulatory approval, for a nominal amount. </font> </td>
          </tr>
          <tr>
            <td align="left" valign="top">&nbsp;</td>
            <td align="left" valign="top">&nbsp;</td>
          </tr>
</table>

<P align="center">
<B><U><FONT size=2 face="serif">REVIEW OF OPERATIONS</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
<P align="center">
<B><U><FONT size=2 face="serif">SUBSCRIBER GROWTH</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
<P>
<FONT size=2 face="serif">In the third quarter of 2004 MIC&#146;s worldwide operations in Asia, Latin America and Africa added 480,866 net new total cellular subscribers. On a proportional basis, MIC added 316,536 subscribers, bringing the number of
proportional cellular subscribers as at September 30, 2004 to 4.7 million. </FONT>
</P>
<P>
<FONT size=2 face="serif">At September 30, 2004, MIC&#146;s total cellular subscriber base increased by 29% to 6,853,233 cellular subscribers from 5,303,841 as at September 30, 2003.  Particularly significant percentage increases were recorded in
Ghana (163%), Senegal (97%), Tanzania (79%) and Vietnam (74%).  MIC&#146;s proportional subscriber base increased to 4,737,721 as at September 30, 2004 from 3,806,646 as at September 30, 2003, an increase of 24%.</FONT>
</P>
<P>
<FONT size=2 face="serif">Within the 4,737,721 proportional cellular subscribers reported at the end of the third quarter, 4,199,068 were prepaid subscribers. Prepaid subscribers currently represent 87% of total and 89% of proportional cellular
subscribers. </FONT></P>
<P align="center"><FONT size=2 face="serif"><b><font size=2 face="serif"><u>Cellular Operations </u></font></b></FONT></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;<b><font size=1 face="serif">Proportional (i)<br>
Subs as at<br>
Sept 30, 2004</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Proportional (i)<br>
Subs as at<br>
Sept, 2003</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Annualized<br>
Increase<br>
</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Total<br>
    Subs as at<br>
    Sept 30, 2004</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Total<br>
    Subs as at<br>
    Sept 30, 2003</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=1 face="serif">Annualized<br>
    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 width="28%"><FONT size=2 face="serif">South East Asia</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">990,144</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">614,518</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">61%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">2,180,800</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,334,088</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">63%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><FONT size=2 face="serif">South Asia</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,083,736</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">919,804</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">18%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,300,977</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,103,671</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">18%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><font size="2">&nbsp;</font></TD>
   <TD colspan="11" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><FONT size=2 face="serif">MIC Asia</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">2,073,880</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,534,322</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">35%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">3,481,777</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">2,437,759</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">43%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><font size="2">&nbsp;</font></TD>
   <TD colspan="11" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><FONT size=2 face="serif">Central America</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,049,491</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">918,361</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">14%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,537,904</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,320,493</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">16%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><FONT size=2 face="serif">South America</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">823,360</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">989,281</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">-17%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">843,384</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,013,846</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">-17%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><font size="2">&nbsp;</font></TD>
   <TD colspan="11" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,872,851</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">1,907,642</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">-2%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">2,381,288</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">2,334,339</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">2%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><font size="2">&nbsp;</font></TD>
   <TD colspan="11" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><FONT size=2 face="serif">MIC Africa</FONT></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">790,990</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">364,682</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">117%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">990,168</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">531,743</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><FONT size=2 face="serif">86%</FONT></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><font size="2">&nbsp;</font></TD>
   <TD colspan="11" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><font size="2">&nbsp;</font></TD>
   <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD width="10%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><B><FONT size=2 face="serif">Total Cellular Ops</FONT></B></TD>
   <TD align="right" width="10%"><B><FONT size=2 face="serif">4,737,721</FONT></B></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><B><FONT size=2 face="serif">3,806,646</FONT></B></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><B><FONT size=2 face="serif">24%</FONT></B></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><B><FONT size=2 face="serif">6,853,233</FONT></B></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><B><FONT size=2 face="serif">5,303,841</FONT></B></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="10%"><B><FONT size=2 face="serif">29%</FONT></B></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
   <TD width="28%"><font size="2">&nbsp;</font></TD>
   <TD colspan="11" align="right"><HR noshade size=3>     <font size="2">&nbsp;</font></TD>
   <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<P>
<FONT size=1 face="serif"> </FONT><I><FONT size=1 face="serif">(i)      Proportional subscribers are calculated as the sum of MIC&#146;s percentage ownership of subscribers in each operation.</FONT></I>
</P>
<P align="right"><font size=2 face="serif">3</font>
</P>


<HR SIZE=3 COLOR=GRAY NOSHADE>
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<P align="center">
<B><U><FONT size=2 face="serif">FINANCIAL RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 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 September 30, 2004 were $235.9 million, an increase of 51% from the third quarter of 2003, reflecting the increasing trend of growth in MIC&#146;s operations and the reconsolidation
of El Salvador since September 15, 2003. MIC recorded revenue growth in Africa of 83% to $38.8m in the third quarter of 2004 compared with the same period in 2003, with Ghana producing growth of 118%. Revenues for Asia for the third quarter of 2004
increased by 26% from the same period last year. Third quarter revenues for South East Asia were $59.6 million compared to $41.8 million in the third quarter of 2003. Third quarter revenues for South Asia were flat compared to the third quarter of
2003.</FONT>
</P>
<P>
<FONT size=2 face="serif">Third quarter revenues for Latin America increased by 70% from the third quarter of 2003, mainly because of the reconsolidation of El Salvador since September 15, 2003.  The Central American market continued to perform
strongly, producing a 104% increase in revenues from the third quarter of 2003. In South America, revenue growth was 18% and Paraguay produced a revenue increase of 27%, its highest year-on-year quarterly increase for several years, pointing to a
sustained recovery in the region. </FONT>
</P>
<P>
<FONT size=2 face="serif">Compared to the second quarter of 2004, revenues increased by 9%. Revenues grew by 13%, 17% and 16% in Guatemala, Honduras and Paraguay respectively, reflecting the successful launch of GSM and strong growth in those
countries. Compared to the second quarter of 2004, revenues grew by 15% in South East Asia, with revenues in Vietnam growing by 18% due to increased penetration enabled by price reductions. </FONT>
</P>
<P>
<FONT size=2 face="serif">Operating profit for the three months ended September 30, 2004 was $68.9 million, an increase of 54% from the quarter ended September 30, 2003, reflecting the growth in MIC&#146;s operations and the reconsolidation of El
Salvador. </FONT>
</P>
<P align="center">
<B><U><FONT size=2 face="serif">FINANCIAL RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2004*</FONT></U></B><B><FONT size=2 face="serif"></FONT></B>
</P>
<P>
<FONT size=2 face="serif">Total revenues for the nine months ended September 2004 were $665.8 million, an increase of 50% from the same period of 2003, reflecting the increasing trend of growth in MIC&#146;s operations and the reconsolidation of El
Salvador since September 15, 2003. Revenues for Africa were $105.6 million, increasing by an impressive 83%. In Asia revenues for the nine months to September 30, 2004 increased by 27% from 2003 to $255.5 million, with $167.2 million recorded for
South East Asia and $88.3 million for South Asia. Revenues for Latin America for the nine months to September increased by 74% to $298.8 mainly due to the reconsolidation of El Salvador. Revenues for Central America and South America were $217.1
million and $81.7 million respectively.</FONT>
</P>
<P>
<FONT size=2 face="serif">The profit for the nine months ended September 30, 2004 and 2003 was $42.3 million and $189.1 million respectively. The basic earnings per common share for the nine months ended September 30, 2004 and 2003 was $0.53 and
$2.90 respectively.  The profit for the nine months ended September 30, 2003 included amongst others an amount of $189.8 million relating to the gain and valuation movement on investment in securities, the gain on debt restructuring and the fair
value result on financial instruments. </FONT>
</P>
<P>
<FONT size=2 face="serif">Operating profit was $190.0 million for the nine months ended September 30, 2004, an increase of 57% compared to the nine months ended September 30, 2003, reflecting the 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 51% for the nine months to September 2004 compared with the same period in 2003. </FONT>
</P>
<P align="right">
<FONT size=2 face="serif">4</FONT>
</P>


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


<P align="center">
<B><U><FONT size=2 face="serif">Nominations Committee for the 2005 Annual General Meeting of Shareholders</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B>
</P>
<P>
<FONT size=2 face="serif">Following the Annual General Meeting of Shareholders of MIC held in May 2004, a Nominations Committee was created. The Nominations Committee members are Cristina Stenbeck (Chairman), Vigo Carlund and Daniel Johannesson.
</FONT>
</P>
<P>
<FONT size=2 face="serif">The Nominations Committee will submit a proposal for the composition of the Board of Directors that will be presented for approval to the 2005 Annual General Meeting of Shareholders which will be held on Tuesday, May 31,
2005. </FONT>
</P>
<P>
<FONT size=2 face="serif">Shareholders who would like to suggest representatives for the MIC Board of Directors can send a letter to AGM, Millicom International Cellular S.A., 75 Route de Longwy, L-8080 Bertrange, Luxembourg or an e-mail to
</FONT><U><FONT color="#0000ff" size=2 face="serif">agm@millicom.com</FONT></U><FONT size=2 face="serif">. <br>
</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="37%"><B><FONT size=2 face="serif">CONTACTS:</FONT></B></TD>
   <TD width="9%" align="left">&nbsp;</TD>
   <TD width="54%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Marc Beuls</FONT></B></TD>
   <TD align="left" width="9%"><B><FONT size=2 face="serif">Telephone:</FONT></B></TD>
   <TD align="left" width="54%"><B><FONT size=2 face="serif">+352 27 759 327</FONT></B></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">President and Chief Executive Officer</FONT></TD>
   <TD width="9%" align="left">&nbsp;</TD>
   <TD width="54%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Millicom International Cellular S.A., Luxembourg</FONT></TD>
   <TD width="9%" align="left">&nbsp;</TD>
   <TD width="54%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
</TR>
<TR>
   <TD><B><FONT size=2 face="serif">Andrew Best</FONT></B></TD>
   <TD width="9%" align="left"><B><FONT size=2 face="serif">Telephone:</FONT></B></TD>
   <TD width="54%" align="left"><B><FONT size=2 face="serif">+44 20 7321 5022</FONT></B></TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Investor Relations</FONT></TD>
   <TD width="9%" align="left">&nbsp;</TD>
   <TD width="54%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="serif">Shared Value Ltd, London</FONT></TD>
   <TD width="9%" align="left">&nbsp;</TD>
   <TD width="54%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
   <TD align="left">&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="9%" align="left">&nbsp;</TD>
   <TD width="54%" align="left">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
   <TD align="left">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><font size=2 face="serif">5</font> </TD>
</TR>
</TABLE>
<br>


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

<P align="center">
<B><U><FONT size=2 face="serif">APPENDICES</FONT></U></B>
</P>
<UL>
<LI><B><FONT size=2 face="serif">Consolidated statements of profit and loss for the three months ended September 30, 2004 and 2003</FONT></B><BR><BR></LI>
<LI><B><FONT size=2 face="serif">Consolidated statements of profit and loss for the nine months ended September 30, 2004 and 2003</FONT></B><BR><BR></LI>
<LI><B><FONT size=2 face="serif">Consolidated balance sheets as at September 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 nine months ended September 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 nine months ended September 30, <br>
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></LI>
</UL>
<br>
<br>
<br>
<br>


<P align="right">
<FONT size=2 face="serif">6</FONT>
</P>


<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<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 September 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 width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="61%">&nbsp;</TD>
  <TD width="5%" align="center">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="61%">&nbsp;</TD>
  <TD width="5%" align="center">&nbsp;</TD>
  <TD width="12%" align="right"><font size="2"><b><font face="serif">Quarter ended </font></b> <b><font face="serif">Sept 30, 2004</font></b></font></TD>
  <TD width="5%"><font size="2">&nbsp;</font></TD>
  <TD width="12%" align="right"><font size="2"><b><font face="serif">Quarter ended Sept 30, 2003 </font></b></font></TD>
  <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="61%">&nbsp;</TD>
  <TD width="5%" align="center">&nbsp;</TD>
  <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
  <TD width="5%"><font size="2">&nbsp;</font></TD>
  <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
  <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD width="61%">&nbsp;</TD>
  <TD width="5%" align="center">&nbsp;</TD>
  <TD width="12%" align="right"><font size=2 face="serif">(Unaudited) <br>
    US$ &#146;000 </font></TD>
  <TD width="5%"><font size="2">&nbsp;</font></TD>
  <TD width="12%" align="right"><font size=2 face="serif">(Unaudited) <br>
    US$ &#146;000 </font></TD>
  <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Revenues</FONT></B></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">235,872</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">156,668</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%" align="center">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Operating expenses</FONT></B></TD>
   <TD align="center" width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT><FONT face="serif">Cost of sales (excluding depreciation and</FONT><font size="2">&nbsp;<font face="serif">amortization)</font></font></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(65,216</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(36,900</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT><FONT face="serif">Sales and marketing</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(28,918</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(20,558</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT><FONT face="serif">General and administrative expenses</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(24,144</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(16,348</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT><FONT face="serif">Corporate and license acquisition costs</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(6,536</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(5,985</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT><FONT face="serif">Write-down of assets, net</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(119</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">156</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT><FONT face="serif"></FONT></font><FONT size=2 face="serif">Loss from sale of subsidiaries and joint ventures, net</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(1,981</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT><FONT face="serif">Depreciation and amortization</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(40,101</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(32,266</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="3" align="right"><hr noshade size=1>    <font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Operating profit</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">68,857</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">44,767</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></font><FONT size=2 face="serif">(Loss)/Gain and Valuation movement on investment in securities</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(59,144</FONT></TD>
   <TD width="5%"><font size=2 face="serif">)</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">17,532</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest expense</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(25,916</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(36,044</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest income</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,965</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">3,396</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Fair value result on financial instruments</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">61,055</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(26,440</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Exchange loss, net</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(12,008</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(1,796</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Profit / (Loss) from associated companies</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(101</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">91</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Profit before taxes</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">34,708</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,506</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Taxes</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(17,256</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(10,749</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Profit / (Loss) after taxes</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">17,452</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(9,243</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT><FONT face="serif">Minority interest</FONT></font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(4,650</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(3,962</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
  <TD><font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD colspan="3" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Profit / (Loss) for the quarter</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">12,802</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(13,205</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Basic earnings per common share (US$)</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">0.14</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(0.20</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Weighted average number of shares</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">outstanding in the quarter (in thousands)</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">89,230</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">65,299</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><font size=2 face="serif">Profit for the quarter used to determine diluted earnings per common share</font></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">12,802</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(13,205</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Diluted earnings per common share (US$)</font></B></TD>
   <TD width="5%"><B></B></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">0.14</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(0.20</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Weighted average number of shares and potential</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">dilutive shares outstanding in the quarter (in thousands)</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">89,821</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">65,299</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
<P align="right">
<FONT size=2 face="serif">7</FONT>
</P>

<HR SIZE=3 COLOR=GRAY NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->



<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
Consolidated statements of profit and loss <br>
for the nine months ended September 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 width="61%">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="61%">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size="2"><b><font size=1 face="serif"></font><font face="serif">9 months ended </font></b> <b><font face="serif">Sept 30, 2004</font></b></font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2"><b><font size=1 face="serif"></font><font face="serif">9 months ended Sept 30, 2003 </font></b></font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="61%">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size="2">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="61%">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right"><font size=2 face="serif">(Unaudited) <br>
    US$ &#146;000 </font></TD>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="right"><font size=2 face="serif">(Unaudited) <br>
    US$ &#146;000 </font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="61%">&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
   <TD width="61%"><B><FONT size=2 face="serif">Revenues</FONT></B></TD>
   <TD align="center" width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">665,780</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">445,249</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%" align="center"><font size="2">&nbsp;</font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Operating expenses</FONT></B></TD>
   <TD align="center" width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2"><font face="serif">Cost of sales (excluding depreciation and</font></font> <font face="serif">amortization)</font></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(178,705</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(107,571</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Sales and marketing</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(85,414</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(57,286</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">General and administrative expenses</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(69,572</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(52,557</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Corporate and license acquisition costs</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(20,342</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(17,100</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Write-down of assets, net</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(608</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(310</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></font><FONT size=2 face="serif">(Loss)/Gain from sale of subsidiaries and joint ventures, net</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(1,951</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,133</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Depreciation and amortization</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(119,197</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(90,654</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Operating profit</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">189,991</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">120,904</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif"></FONT></font><FONT size=2 face="serif">(Loss)/Gain and Valuation movement on investment in securities</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(145,157</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">119,237</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest expense</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(77,326</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(91,764</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Interest income</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">5,027</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">4,976</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Other Income</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">200</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">97,052</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Fair value result on financial instruments</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">132,402</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(26,440</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Exchange gain, net</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,631</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">6,313</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Profit from associated companies</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">503</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">217</FONT></TD>
   <TD width="5%">&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>
      <font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Profit before taxes</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">107,271</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">230,495</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Taxes</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(50,761</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(29,101</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Profit after taxes</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">56,510</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">201,394</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Minority interest</FONT></font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(14,192</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(12,338</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1>     <font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Profit for the period</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">42,318</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">189,056</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2>     <font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Basic earnings per common share (US$)</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">0.53</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2.90</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2>     <font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Weighted average number of shares outstanding in the period (in thousands)</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">80,461</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">65,192</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><font size="2">&nbsp;</font>     <HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Profit for the period used to determine diluted earnings</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">per common share</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">43,535</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">191,188</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><font size="2">&nbsp;</font>     <HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Diluted earnings per common share (US$)</FONT></B></TD>
   <TD width="5%"><font size="2"><B></B></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">0.49</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2.45</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><font size="2">&nbsp;</font>     <HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">Weighted average number of shares and potential</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><B><FONT size=2 face="serif">dilutive shares outstanding in the period (in thousands)</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">89,548</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">78,040</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="61%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=2>     <font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
<P align="right">
<FONT size=2 face="serif">8</FONT>
</P>

<HR 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><I><FONT size=1 face="serif"> </FONT></I>
<br>
<B><FONT size=2 face="serif">Consolidated balance sheets <br>
as at September 30, 2004 and December 31, 2003</FONT></B>
</P>
<TABLE width="100%" 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"><b><font size=2 face="serif">Sept 30, </font></b> <font size="2"><b><font face="serif"><br>
    2004</font></b></font></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=2 face="serif">Dec 31,</font></b><font size="2"><b><font face="serif"> <br>
    2003 </font></b></font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><font size=2 face="serif">(Unaudited) <br>
    US$ &#146;000 </font></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><font size=2 face="serif">US$ &#146;000 </font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="66%" align="left"><b><u><font size=2 face="serif">Assets</font></u></b></TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Non-current assets</FONT></B></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Intangible assets</FONT></font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Goodwill, net</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">40,137</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">49,578</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Licenses, net</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">38,197</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">30,889</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other intangible assets, net</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">5,277</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">5,148</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Property, plant and equipment, net</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">540,270</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">487,746</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Financial assets</FONT></font></TD>
   <TD align="right" width="12%"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Investment in Tele2 AB shares</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">333,884</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">479,040</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5% Mandatory Exchangeable Bond &#150; Embedded derivative</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">28,945</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Investment in other securities</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">18,339</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">25,397</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Investment in associated companies</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,873</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,340</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Pledged deposits</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">23,886</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">31,530</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Deferred taxation</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">3,727</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">5,226</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</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="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Total non-current assets</FONT></B></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,034,535</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,115,894</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><font size="2">&nbsp;</font><font size="2">&nbsp;</font>     <HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Current assets</FONT></B></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><FONT size=2 face="serif">Investment in other securities</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">15,149</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">15,291</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><FONT size=2 face="serif">Inventories</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">19,525</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">10,941</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><FONT size=2 face="serif">Debtors</FONT></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Trade receivables, net</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">131,731</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">113,750</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Amounts due from joint ventures</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">6,779</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">13,137</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Amounts due from other related parties</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,889</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,905</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Prepayments and accrued income</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">31,659</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">19,739</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other current assets</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">67,631</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">49,583</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Time deposits</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">13,392</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">32,880</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Cash and cash equivalents</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">209,881</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">148,829</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Total current assets</FONT></B></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">498,636</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">407,055</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><font size="2">&nbsp;</font><font size="2">&nbsp;</font>     <HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Total assets</FONT></B></TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">1,533,171</FONT></B></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">1,522,949</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><font size="2">&nbsp;</font><font size="2">&nbsp;</font>     <HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
<P align="right">
<FONT size=2 face="serif">9 </FONT>
</P>

<HR 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">Consolidated balance sheets <br>
as at September 30, 2004 and December 31, 2003 </FONT></B><FONT size=1 face="serif">     </FONT>
</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"><b><font size="2"><b><font size=2 face="serif">Sept 30,</font></b></font><font size=2 face="serif"> </font></b> <font size="2"><b><font face="serif">2004</font><font face="serif"></font></b></font></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=2 face="serif">Dec 31,</font></b><font size="2"><b><font face="serif"> 2003 </font></b></font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD align="right"><font size=2 face="serif">(Unaudited) <BR>
    US$ &#146;000</font></TD>
  <TD>&nbsp;</TD>
  <TD align="right" valign="bottom"><font size=2 face="serif">US$ &#146;000 </font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><b><u><font size=2 face="serif">Shareholders&#146; equity and liabilities</font></u></b><b><font size=1 face="serif"> </font></b></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;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD align="left"><b><font size=2 face="serif">Shareholders&#146; equity </font></b></TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="right">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Share capital and premium </FONT></font><FONT size=2 face="serif">(represented by 90,063,071 shares as at September 30, 2004)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">309,488</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">239,876</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Treasury stock </FONT></font><FONT size=2 face="serif">(represented by 654,852 shares as at September 30, 2004)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(8,833</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(8,833</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">2% PIK Notes &#150; equity component</FONT></font></TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">16,006</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Legal reserve</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">13,576</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">4,256</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Retained losses brought forward</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(276,607</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(446,110</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Profit for the period</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">42,318</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">178,823</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Currency translation reserve</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(71,555</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(69,198</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
  <TD align="left"><font size="2">&nbsp;</font></TD>
  <TD colspan="3" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Total shareholders&#146; equity</FONT></B></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">8,387</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(85,180</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Minority interest</FONT></B></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">41,725</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">26,571</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Liabilities</FONT></B></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Non-current liabilities</FONT></B></font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Corporate 10% debt</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">536,399</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">536,036</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">2% PIK Notes</FONT></font></TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">50,923</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5% Mandatory Exchangeable Bond &#150; Debt component</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">330,992</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">327,635</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5% Mandatory Exchangeable Bond &#150; Embedded derivative</FONT></font></TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">103,457</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other debt and financing</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">106,280</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">126,150</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Deferred Taxation</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">37,878</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">33,944</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><hr noshade size=1>     <font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Total non-current liabilities</FONT></B></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,011,549</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,178,145</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Current liabilities</FONT></B></font></TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other debt and financing</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">100,212</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">132,664</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Trade payables</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">169,395</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">112,764</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Amounts due to related parties</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,399</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">608</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Accrued interest and other expenses</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">63,161</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">44,673</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Other current liabilities</FONT></font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">136,343</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">112,704</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><hr noshade size=1>     <font size="2">&nbsp;</font><font size="2">&nbsp;</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Total current liabilities</FONT></B></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">471,510</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">403,413</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Total liabilities</FONT></B></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,483,059</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,581,558</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><HR noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><B><FONT size=2 face="serif">Total shareholders&#146; equity and liabilities</FONT></B></TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">1,533,171</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><B><FONT size=2 face="serif">1,522,949</FONT></B></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%" align="left"><font size="2">&nbsp;</font></TD>
   <TD colspan="3" align="right"><hr noshade size=3></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>

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

<HR SIZE=3 COLOR=GRAY NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
Condensed consolidated statements of cash flows <br>
for the nine months ended September 30, 2004 and 2003 </FONT></B>
<FONT size=2 face="serif">              </FONT>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="4"><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&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=2 face="serif">Sept 30, 2004</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=2 face="serif">Sept 30, 2003 </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>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right"><font size=2 face="serif">(Unaudited)<br>
    US$ &#146;000</font></TD>
  <TD align="right">&nbsp;</TD>
  <TD align="right"><font size=2 face="serif">(Unaudited)<br>
    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 width="66%"><FONT size=2 face="serif">Net cash provided by operating activities</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">202,037</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">128,322</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Cash flow used by investing activities</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(82,898</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(14,173</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Cash flow used by financing activities</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(57,055</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(50,464</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Cash effect of exchange rate changes</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(1,032</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">495</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="3"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Net increase in cash and cash equivalents</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">61,052</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">64,180</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Cash and cash equivalents, beginning</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">148,829</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">70,451</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="3"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Cash and cash equivalents, ending</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">209,881</FONT></TD>
   <TD width="5%"><font size="2">&nbsp;</font></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">134,631</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%">&nbsp;</TD>
   <TD colspan="3"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD colspan="3">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<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 nine months ended September 30, 2004 and for the year ended December 31, 2003</FONT></B>
<FONT size=2 face="serif">      </FONT></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="4"><hr noshade size=1>    </TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&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=2 face="serif">Sept 30,  2004</font></b></TD>
  <TD>&nbsp;</TD>
  <TD align="right"><b><font size=2 face="serif">Dec 31, 2003 </font></b> </TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align="right"><font size=2 face="serif">(Unaudited) <br>
US$ &#146;000 </font></TD>
  <TD>&nbsp;</TD>
  <TD align="right" valign="bottom"><font size=2 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 width="66%"><FONT size=2 face="serif">Shareholders&#146; equity as at January 1</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(85,180</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(295,259</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Disposal / Cancellation of treasury stock</FONT></TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,394</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Profit for the period</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">42,318</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">178,823</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Shares issued via the exercise of stock options</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,048</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Effect of consolidation of El Salvador</FONT></TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(3,248</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Issuance / Conversion of 2% PIK Notes</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">51,558</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">17,187</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Movement in currency translation reserve</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(2,357</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">14,923</FONT></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%">&nbsp;</TD>
   <TD colspan="3"><hr noshade size=1></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
<TR>
   <TD width="66%"><FONT size=2 face="serif">Shareholders&#146; equity</FONT></TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">8,387</FONT></TD>
   <TD width="5%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">(85,180</FONT></TD>
   <TD width="5%"><FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
   <TD width="66%">&nbsp;</TD>
   <TD colspan="3"><HR noshade size=2></TD>
   <TD width="5%">&nbsp;</TD>
</TR>
</TABLE>
<P align="right">
  <FONT size=2 face="serif">11 </FONT>
</P>


<HR SIZE=3 COLOR=GRAY NOSHADE>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<font size="2">

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

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

<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD COLSPAN="10" align="left"><hr noshade size=1>    </TD>
  <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="30%" align="left">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="30%" align="left">&nbsp;</TD>
  <TD width="12%" align="right"><font size="2"><b><font face="serif">04 Q3</font></b></font></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right"><font size="2"><b><font face="serif">04 Q2</font></b></font></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right"><font size="2"><b><font face="serif">04 Q1</font></b></font></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right"><font size="2"><b><font face="serif">03 Q4</font></b></font></TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right"><font size="2"><b><font face="serif">03 Q3 </font></b> </font></TD>
  <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="30%" align="left"><font size="2"><b><font face="serif">Total cellular subs </font></b></font></TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD width="30%" align="left">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD width="12%" align="right">&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South East Asia</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">2,180,800</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,939,790</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,706,073</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,484,867</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,334,088</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South Asia</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">1,300,977</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,271,138</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,246,692</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,192,282</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,103,671</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left">&nbsp;</TD>
   <TD colspan="9" align="right"><HR noshade size=1></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">MIC Asia</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">3,481,777</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">3,210,928</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,952,765</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,677,149</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,437,759</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central America</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">1,537,904</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,523,790</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,443,815</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,412,513</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,320,493</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South America</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">843,384</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">774,304</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">739,530</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">939,376</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,013,846</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">2,381,288</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,298,094</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,183,345</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,351,889</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">2,334,339</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">MIC Africa</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">990,168</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">863,345</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">761,261</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">661,504</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">531,743</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">Sub-total</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">6,853,233</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">6,372,367</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">5,897,371</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">5,690,542</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">5,303,841</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">Divested</FONT></TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">Total</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">6,853,233</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">6,372,367</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">5,897,371</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">5,690,542</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">5,303,841</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2"><B><FONT face="serif">Prop cellular subs</FONT></B></font></TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South East Asia</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">990,144</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">883,229</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">779,517</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">680,129</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">614,518</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South Asia</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">1,083,736</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,063,081</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,044,513</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">998,207</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">919,804</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">MIC Asia</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">2,073,880</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,946,310</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,824,030</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,678,336</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,534,322</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central America</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">1,049,491</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,037,755</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">987,115</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">968,635</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">918,361</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South America</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">823,360</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">754,900</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">721,602</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">915,174</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">989,281</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">1,872,851</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,792,655</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,708,717</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,883,809</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,907,642</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">MIC Africa</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">790,990</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">682,220</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">595,283</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">463,432</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">364,682</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">Sub-total</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">4,737,721</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">4,421,185</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">4,128,030</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">4,025,577</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">3,806,646</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">Divested</FONT></TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2">-</font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right"><font size="2">-</font></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">Total</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">4,737,721</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">4,421,185</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">4,128,030</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">4,025,577</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">3,806,646</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2"><B><FONT face="serif">Revenues (US$ &#146;000)</FONT></B></font></TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
   <TD width="12%" align="right">&nbsp;</TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South East Asia</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">59,624</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">51,803</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">55,743</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">50,195</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">41,805</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South Asia</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">28,006</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">29,746</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">30,608</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">29,140</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">27,896</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">MIC Asia</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">87,630</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">81,549</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">86,351</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">79,335</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">69,701</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">Central America</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">77,660</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">70,691</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">68,784</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">67,414</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">37,993</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><font size="2">&nbsp;&nbsp;&nbsp;<FONT face="serif">South America</FONT></font></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">30,116</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">26,573</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">25,014</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">26,023</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">25,455</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">MIC Latin America</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">107,776</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">97,264</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">93,798</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">93,437</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">63,448</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">MIC Africa</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">38,759</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">35,193</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">31,672</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">27,213</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">21,179</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">Other</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">1,122</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,209</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,244</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,136</FONT></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><FONT size=2 face="serif">1,728</FONT></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">Sub-total</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">235,287</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">215,215</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">213,065</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">201,121</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">156,056</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">Divested</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">585</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">834</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">794</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">734</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">612</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
   <TD width="30%" align="left"><FONT size=2 face="serif">Total</FONT></TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">235,872</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">216,049</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">213,859</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">201,855</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
   <TD align="right" width="12%"><font size="2"><B><FONT face="serif">156,668</FONT></B></font></TD>
   <TD width="2%">&nbsp;</TD>
</TR>
<TR>
  <TD align="left">&nbsp;</TD>
  <TD colspan="9" align="right"><HR noshade size=1></TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<P align="right">
<FONT size=2 face="serif">12</FONT>
</P>
<hr width="100%" size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2"><u>SIGNATURES</u></font></p>
<p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
    to the requirements of the Securities Exchange Act of 1934, the Registrant
    has duly caused this report to be signed on its behalf by the undersigned,
    thereunto duly authorized.</font></p>
<div align="right">
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="62%"><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="62%" height="23"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="5%" align="center">&nbsp;</td>
      <td width="33%"><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="62%"><font face="Times New Roman, Times, serif" size="2">Date:
          October 25, 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="62%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" align="center"><hr align="left" width=75% size=1 noshade color="#000000"></td>
    </tr>
    <tr>
      <td width="62%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td align="left"><font size="2" face="Times New Roman, Times, serif">Name:</font></td>
      <td align="left"><font size="2" face="Times New Roman, Times, serif">Bruno
          Nieuwland</font></td>
    </tr>
    <tr>
      <td width="62%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">Title:</font></td>
      <td><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 align="left"><font size="2" face="Times New Roman, Times, serif">Name:</font></td>
      <td align="left"><font size="2" face="Times New Roman, Times, serif">Marc
          Beuls</font></td>
    </tr>
    <tr>
      <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td><font size="2" face="Times New Roman, Times, serif">Title:</font></td>
      <td><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>
<P align="right">&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

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