-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DPVfrAcn2NxbDNas5yERytyxk5IUMM8Shbnf9NisAxZ+JqXPilzMk7DAzeSkcgbq
 Z0ou0tO5PRGAZxemXlfXrQ==

<SEC-DOCUMENT>0000950103-05-000348.txt : 20050228
<SEC-HEADER>0000950103-05-000348.hdr.sgml : 20050228
<ACCEPTANCE-DATETIME>20050228144113
ACCESSION NUMBER:		0000950103-05-000348
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050225
FILED AS OF DATE:		20050228
DATE AS OF CHANGE:		20050228

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:		05644804

	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>feb2405_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 February
25, 2005</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 February 25, 2005. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P><FONT size="2" face="Times New Roman, Times, serif">The information contained in this report is incorporated by reference into Registration Statement No. 333-111779 and No. 333-112948.</FONT></P>

<BR>
<BR>
<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 colspan="2" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td width="5%" align="center">&nbsp;</td>
      <td width="33%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><font face="Times New Roman, Times, serif" size="2">Date: February
      28, 2005</font></td>
      <td colspan="2" align="left"><font size="2" face="Times New Roman, Times, serif">By:&nbsp;/s/
          Bruno Nieuwland </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=75% 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">Bruno
          Nieuwland</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" 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=75% 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>

<hr width="100%" size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<DIV ALIGN="RIGHT">
  <P><br>
    <FONT SIZE="2"><B>Item 1
</B></FONT></P></div>
  <DIV ALIGN="CENTER"><IMG src="feb25-pressx1x1.jpg" border=0> </DIV>
  <P ALIGN="CENTER"> <B><FONT size=5 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MILLICOM
        INTERNATIONAL CELLULAR S.A.</FONT></B></P>
  <TABLE ALIGN="RIGHT">
    <TR>
      <TD nowrap>
        <DIV ALIGN="RIGHT"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">February
              25, 2005</FONT></B></DIV></TD>
    </TR>
  </TABLE>
  <P>&nbsp;</P>
  <P align="center"> <B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MILLICOM
        INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS <BR>
  FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2004 </FONT></B></P>
 <BLOCKQUOTE> <UL>
    <LI>
      <DIV ALIGN="LEFT"><FONT SIZE="3"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Record
            quarterly total subscriber increase for Q4 04 of 859,968 </FONT><SUP><FONT face="TimesNewRomanPS-BoldMT,Times New
Roman,Times,serif">(i)</FONT></SUP></B></FONT></DIV>
    </LI>
    <LI>
      <DIV ALIGN="LEFT"><FONT SIZE="3"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">27%
            increase in revenues for Q4 04 to $255.7m (Q4 03: $201.9m)*</FONT></B></FONT></DIV>
    </LI>
    <LI>
      <DIV ALIGN="LEFT"><FONT SIZE="3"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
            for Q4 04 of $25.9m (Q4 03: loss of $10.2m)</FONT></B></FONT></DIV>
    </LI>
    <LI>
      <DIV ALIGN="LEFT"><FONT SIZE="3"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Earnings
            per common share for Q4 04 of $0.28 (Q4 03: loss of $0.16)</FONT></B></FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><BR>
            <BR>
      </FONT></B></DIV>
    </LI>
    <LI>
      <DIV ALIGN="LEFT"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">42%
            increase in revenues for the year to Dec 2004 to $921.5m (2003: $647.1m)*</FONT></B></DIV>
    </LI>
    <LI>
      <DIV ALIGN="LEFT"><FONT SIZE="2"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
              for the year to Dec 2004 of $68.2m (2003: $178.8m)</FONT></B></FONT></DIV>
    </LI>
    <LI>
      <DIV ALIGN="LEFT"><FONT SIZE="2"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Earnings
              per common share for the year to Dec 2004 of $0.82 (2003: $2.74)</FONT></B></FONT></DIV>
    </LI>
  </UL></BLOCKQUOTE>
  <P align="LEFT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">New
      York, Stockholm and Luxembourg &#150; February 15, 2005 &#150; Millicom
      International Cellular S.A. (Nasdaq Stock Market: MICC, Stockholmsb&ouml;rsen
      and Luxembourg Stock Exchange: MIC), the global telecommunications investor,
      announced results for the quarter and year ended December 31, 2004. </FONT></P>
  <P align="center"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Financial
      summary for the years ended December 31, 2004 and 2003* </FONT></P>
  <TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD colspan=3 align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=RIGHT VALIGN="TOP"><B><FONT SIZE="2" FACE="Times New Roman, Times, serif">Dec
            31<BR>
      2004 </FONT></B></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD align=RIGHT><B><FONT SIZE="2" FACE="Times New Roman, Times, serif">Dec
            31<BR>
      2003 </FONT></B></TD>
      <TD ALIGN="RIGHT">&nbsp;</TD>
      <TD align=RIGHT VALIGN="TOP"><B><FONT SIZE="2" FACE="Times New Roman, Times, serif">Change</FONT></B></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=RIGHT><B><FONT SIZE="2">(unaudited)</FONT></B></TD>
      <TD>&nbsp;</TD>
      <TD align=left></TD>
      <TD>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Worldwide
            subscribers (unaudited) </FONT></B><B><SUP><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(i)</FONT></SUP></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=left> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">proportional
          cellular </FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(ii)</FONT></SUP> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,332,259</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,025,577</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">32</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=2% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">total
          cellular</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7,713,201</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,690,542</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">36</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD COLSPAN="6" align=left><hr size=2 noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">US$ &#145;000</FONT></U></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=left> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Revenues</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">921,466</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">647,104</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">42</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Operating
            profit</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">248,882</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">162,515</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">53</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
    </TR>
    <TR>
      <TD WIDTH="2%">&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan=6><hr size=1 noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
            for the year</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">68,241</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">178,823</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD COLSPAN="6" align=left><hr size=2 noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Basic
            earnings per common share (US$)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.82</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.74</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Diluted
            earnings per common share (US$)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.77</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.26</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD COLSPAN="6" align=left><hr size=2 noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Weighted
            average number of shares (thousands)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">83,335</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">65,312</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD COLSPAN="6" align=left><hr size=2 noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Weighted
            average number of shares and</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=left> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">potential
            dilutive shares (thousands)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=16% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">90,312</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=17% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">80,500</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=9% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=3 align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD COLSPAN="6" align=left><hr size=2 noshade></TD>
    </TR>
  </TABLE>

  <TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD valign=top nowrap>&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD WIDTH="5%" valign=top nowrap> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">(i)</FONT></I>&nbsp; &nbsp; &nbsp; </TD>
      <TD> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Subscriber
            figures represent the worldwide total number of subscribers of cellular
            systems in which Millicom has an ownership interest.</FONT></I> </TD>
    </TR>
    <TR>
      <TD WIDTH="5%" valign=top nowrap> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">(ii)</FONT></I>&nbsp; &nbsp; &nbsp; </TD>
      <TD> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Proportional
            subscribers are calculated as the sum of Millicom&#146;s percentage
            ownership of subscribers in each operation.</FONT></I> </TD>
    </TR>
  </TABLE>
  <TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD WIDTH="5%" valign=top nowrap> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">*</FONT></I>&nbsp; &nbsp; &nbsp; </TD>
      <TD> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Due
            to local issues in El Salvador, Millicom discontinued consolidating
            its operation in El Salvador on a proportional basis from May 2001
            to September 15, 2003. Figures for 2003 include El Salvador from
            September 15 to December 31, 2003 only. Figures for 2004 include
            El Salvador.</FONT></I> </TD>
    </TR>
    <TR>
      <TD colspan=2>&nbsp;</TD>
    </TR>
  </TABLE>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <BLOCKQUOTE>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Marc
          Beuls, Millicom&#146;s President and Chief Executive Officer stated:</FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;Millicom
          had a strong year with increasing growth in subscribers quarter on quarter
          and total growth in revenues for the year of 42%. Today Millicom has reached
          a total of 8 million subscribers across its operations. This excellent
          momentum has been created by a combination of additional investment in
          GSM and price elasticity in our main markets. In 2004 Millicom rolled out
          GSM across Central and South America and we have rebranded our GSM offering
          under the Tigo brand. Tigo has enabled Millicom to attract higher spending
          customers, particularly in Central America, which is our largest region
          in terms of revenues. In November we launched a GSM network in Pakistan
          leading to rapid growth, so that by the year end we had more than one million
          customers in this market and Paktel has added in excess of 275,000 new
          GSM customers to date. The other key driver to growth in 2004 has been
          the price elasticity we experienced following tariff reductions for customers,
          particularly in Vietnam, which have driven minutes of use for our existing
          customers, as well as enabling us to penetrate these markets more rapidly
          as cellular services become more affordable. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;The
          operating profit in the fourth quarter was negatively impacted by the launch
          of the GSM service by Paktel in Pakistan. It will take Paktel more than
          two years to reach the levels it was experiencing prior to the launch of
          GSM. This will erode Millicom&#146;s overall operating profit somewhat
          over that period of time.</FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;In
            December 2004 and January 2005 Millicom successfully raised and settled
            some $400 million, split evenly between equity and convertible debt, and
            the proceeds of this will be used primarily for funding our businesses
            in Vietnam and Pakistan. Negotiations for an extension of our co-operation
            with VMS in Vietnam are ongoing and a decision on the future of the co-operation
            is expected in the second quarter. In Pakistan, Millicom extended Paktel&#146;s
            license and is waiting to be offered formal terms by the regulator to extend
          Pakcom&#146;s license.&#148;</FONT></P>
  </BLOCKQUOTE>
  <TABLE ALIGN="CENTER">
    <TR>
      <TD nowrap> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FINANCIAL
              AND OPERATING SUMMARY*</FONT></U></B></TD>
    </TR>
  </TABLE>
  <UL>
    <LI> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Subscriber
        growth:</FONT><BR>
    <BR>
    <FONT size=2 face="Wingdings-Regular,WingDings">&#216; </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">An
    annual increase in total cellular subscribers of 36% to 7,713,201 as at December
    31, 2004.</FONT><BR>
    <BR>
    <FONT size=2 face="Wingdings-Regular,WingDings">&#216; </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">An
    annual increase in proportional cellular subscribers of 32% to 5,332,259
    as at December 31, 2004.</FONT><BR>
    <BR>
    <FONT size=2 face="Wingdings-Regular,WingDings">&#216; </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In
    the fourth quarter of 2004 Millicom added 859,968 net new total cellular
    subscribers.</FONT><BR>
    <BR>
    <FONT size=2 face="Wingdings-Regular,WingDings">&#216; </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Proportional
    prepaid subscribers increased to 4,756,113 from 3,550,322 as at December
    31, 2003.<BR>
    <BR>
  </FONT></LI>
    <LI> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Financial
        highlights:</FONT> <BR>
        <P STYLE='margin-left:18.0pt;text-indent:-18.0pt'> <FONT SIZE=2 FACE="Wingdings-Regular,WingDings">&#216; </FONT><FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">Revenues
            for the fourth quarter of 2004 were $255.7 million, an increase of
            27% from the fourth</FONT> <FONT SIZE=2
FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">quarter of 2003. Compared
            to the third quarter of 2004, revenues increased by 8% from $235.9</FONT> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">million.</FONT></P>
        <P STYLE='margin-left:18.0pt;text-indent:-18.0pt'> <FONT size=2 face="Wingdings-Regular,WingDings">&#216; </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Total
            shareholders&#146; equity was $239.0 million at December 31, 2004,
            compared to ($85.2) million as at December 31, 2003, resulting from
            the profit of the year 2004, the equity offering and the</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">conversion
            of the 2% PIK Notes.</FONT></P>
       <P STYLE='margin-left:18.0pt;text-indent:-18.0pt'> <FONT size=2 face="Wingdings-Regular,WingDings">&#216; </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Profit
        for the fourth quarter of 2004 was $25.9 million, compared to a loss
        of $10.2 million for the fourth quarter of
        2003.</FONT></P>
        <FONT size=2 face="Wingdings-Regular,WingDings">&#216; </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Net
        debt excluding the 5% mandatory exchangeable notes reduced to $327.4
        million.</FONT><BR>
        <BR>
        <FONT size=2 face="Wingdings-Regular,WingDings">&#216; </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Capital
        expenditure for the year ended December 31, 2004 was $237.0 million.<BR>
        <BR>
      </FONT></LI>
    <LI> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Total
        cellular minutes increased by 38% for the three months ended December
        31, 2004 from the same</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">quarter
        in 2003. Prepaid minutes increased by 47% in the same period.</FONT></LI>
  </UL>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT></P>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <UL>
    <LI> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Paktel,
        one of Millicom&#146;s businesses in Pakistan, saw the launch of its
        GSM network delayed by four months following a dispute with the PTA (Pakistan regulator),
        which impacted the business in South Asia in
        the fourth quarter. Agreement was reached in October 2004 when the PTA
        agreed that Paktel could switch
        on its GSM network without charge and renew its license for 15 years
        from October 23<SUP>rd </SUP> 2004
        for a fee
        of $291 million payable over 13 years.<BR>
    <BR>
  </FONT></LI>
    <LI> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">On
        November 8<SUP>th </SUP>2004,
        Millicom&#146;s subsidiary Comvik International Vietnam signed a second Memorandum
        of Understanding with Vietnam Mobil Telephone Services Company (VMS-MobiFone) expressing the wish
        of both parties to continue working together in the future in the form
        of a Joint Stock Company
        incorporated under the Law on Enterprises of Vietnam.<BR>
    <BR>
  </FONT></LI>
    <LI> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In
        November Millicom won a tender for a ten year license to operate a GSM
        900 network in the Republic</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of
        Chad, Central Africa.<BR>
    <BR>
    </FONT></LI>
    <LI> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In
        December, Millicom extended its cellular licenses in El Salvador and
        Ghana until 2018 and 2019</FONT> <FONT size=2 face="TimesNewRomanPSMT,Times New
Roman,Times,serif">respectively.<BR>
          <BR>
    </FONT></LI>
    <LI> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In
        the fourth quarter Millicom raised some $400 million. Millicom announced
        a concurrent offering of 8 million
        shares in the form of Ordinary Shares or Swedish Depository Receipts
        (SDRs) and $175 million of
        4% Convertible Bonds due 2010 (the &#147;4% Bonds&#148;) convertible
        into Ordinary Shares and/or SDRs. An additional
        amount of 1 million Ordinary Shares/SDRs and an additional 15% aggregate
        principal amount of the 4% Bonds were issued
        upon the exercise of options granted to the managers of the transaction, making
        the aggregate Share Offering 9 million Ordinary Shares and the aggregate
        principal amount of the 4%
        Bonds $200 million. The net proceeds of the offering of the $200 million
        4% Convertible Bonds due 2010
        were paid and settled on January 7, 2005 in the amount of $195,875,000.</FONT></LI>
  </UL>
  <TABLE ALIGN="CENTER">
    <TR>
      <TD nowrap> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">REVIEW
              OF OPERATIONS</FONT></U></B></TD>
    </TR>
    <TR>
      <TD nowrap>&nbsp;</TD>
    </TR>
    <TR>
      <TD ALIGN="CENTER" nowrap> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SUBSCRIBER
              GROWTH</FONT></U></B></TD>
    </TR>
  </TABLE>
  <BLOCKQUOTE>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In the
          fourth quarter of 2004 Millicom&#146;s worldwide operations added a record
          859,968 net new total cellular subscribers. On a proportional basis, Millicom
          added 594,538 subscribers, bringing the number of proportional cellular
          subscribers as at December 31, 2004 to 5.3 million. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">At December
        31, 2004, Millicom&#146;s total cellular subscriber base increased by 36%
        to 7,713,201 cellular subscribers from 5,690,542 as at December 31, 2003.
        Particularly significant percentage increases were recorded in Ghana (135%),
        Laos (132%), Tanzania (79%) and Vietnam (79%). Millicom&#146;s proportional
        subscriber base increased to 5,332,259 as at December 31, 2004 from 4,025,577
        as at December 31, 2003, an increase of 32%.</FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Within
        the 5,332,259 proportional cellular subscribers reported at the end of
        the fourth quarter, 4,756,113 were prepaid subscribers. Prepaid subscribers
        currently represent 87% of total and 89% of proportional cellular subscribers. </FONT></P>
  </BLOCKQUOTE>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT></P>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <P ALIGN="CENTER"> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Cellular
          Operations</FONT></U></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> </FONT></P>
  <TABLE WIDTH="100%" BORDER=0 CELLPADDING=0 CELLSPACING=0>
    <TR VALIGN="bottom">
      <TD ALIGN=right>&nbsp;</TD>
      <TD WIDTH="12%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Proportional
            (i)</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="12%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Proportional
            (i)</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="10%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Annualized</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD ALIGN=right>&nbsp;</TD>
      <TD WIDTH="10%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="10%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="10%" ALIGN=RIGHT> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Annualized</FONT></B> </TD>
      <TD ALIGN=center>&nbsp;</TD>
    </TR>
    <TR VALIGN="bottom">
      <TD ALIGN=right>&nbsp;</TD>
      <TD WIDTH="12%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Subs
            as at</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="12%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Subs
            as at</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="10%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Increase</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD ALIGN=right>&nbsp;</TD>
      <TD WIDTH="10%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Subs
            as at</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="10%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Subs
            as at</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="10%" ALIGN=RIGHT> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Increase</FONT></B> </TD>
      <TD ALIGN=center>&nbsp;</TD>
    </TR>
    <TR VALIGN="bottom">
      <TD ALIGN=right>&nbsp;</TD>
      <TD WIDTH="12%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31, 2004</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="12%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31, 2003</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="10%" ALIGN=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD ALIGN=right>&nbsp;</TD>
      <TD WIDTH="10%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31, 2004</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="10%" ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31, 2003</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH="10%" ALIGN=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD ALIGN=left></TD>
    </TR>
    <TR VALIGN="bottom">
      <TD ALIGN=left>&nbsp;</TD>
      <TD ALIGN=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD ALIGN=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD ALIGN=right>&nbsp;</TD>
      <TD ALIGN=left>&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 ALIGN=left>&nbsp;</TD>
    </TR>
    <TR VALIGN="bottom">
      <TD ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          East Asia</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">1,125,808</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">680,129</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">66</FONT> </TD>
      <TD WIDTH=2% ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">2,499,307</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">1,484,867</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">68</FONT> </TD>
      <TD WIDTH=2% ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
    </TR>
    <TR VALIGN="bottom">
      <TD ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          Asia</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">1,246,132</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">998,207</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">25</FONT> </TD>
      <TD WIDTH=2% ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">1,458,846</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">1,192,282</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">22</FONT> </TD>
      <TD WIDTH=2% ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
    </TR>
    <TR VALIGN="bottom">
      <TD ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">Central
          America</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">1,149,299</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">968,635</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">19</FONT> </TD>
      <TD WIDTH=2% ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">1,697,036</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">1,412,513</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">20</FONT> </TD>
      <TD WIDTH=2% ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
    </TR>
    <TR VALIGN="bottom">
      <TD ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          America</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">916,465</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">915,174</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">0.1</FONT> </TD>
      <TD WIDTH=2% ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">937,397</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">939,376</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">-0.2</FONT> </TD>
      <TD WIDTH=2% ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
    </TR>
    <TR VALIGN="bottom">
      <TD ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">Africa</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">894,555</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">463,432</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">93</FONT> </TD>
      <TD WIDTH=2% ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">1,120,615</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">661,504</FONT> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">69</FONT> </TD>
      <TD WIDTH=2% ALIGN=left> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">%</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD COLSPAN="13"><HR SIZE=1 NOSHADE></TD>
    </TR>
    <TR VALIGN="bottom">
      <TD ALIGN=left> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total
            Cellular Ops</FONT></B> </TD>
      <TD WIDTH=12% ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">5,332,259</FONT></B> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=12% ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">4,025,577</FONT></B> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">32</FONT></B> </TD>
      <TD WIDTH=2% ALIGN=left> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">%</FONT></B> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">7,713,201</FONT></B> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">5,690,542</FONT></B> </TD>
      <TD WIDTH=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD WIDTH=10% ALIGN=right> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">36</FONT></B> </TD>
      <TD WIDTH=2% ALIGN=left> <B><FONT SIZE=2 FACE="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">%</FONT></B> </TD>
    </TR>
    <TR VALIGN="bottom">
      <TD ALIGN=left>&nbsp;</TD>
      <TD COLSPAN="13" ALIGN=right><HR SIZE=2 NOSHADE></TD>
    </TR>
</TABLE>
  <BLOCKQUOTE>
    <P> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">(i)&nbsp;&nbsp; Proportional
          subscribers are calculated as the sum of Millicom&#146;s percentage
          ownership of subscribers in each operation.<BR>
    </FONT></I></P>
  </BLOCKQUOTE>
  <P ALIGN="CENTER"> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FINANCIAL
          RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2004</FONT></U></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"> </FONT></B></P>
  <BLOCKQUOTE>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Total
        revenues for the three months ended December 31, 2004 were $255.7 million,
        an increase of 27% from the fourth quarter of 2003 and of 8% from the
        previous quarter, reflecting the increasing trend of growth in Millicom&#146;s
        operations. Millicom recorded revenue growth in Africa of 63% to $44.4m
        in the fourth quarter of 2004 compared with the same period in 2003,
        with Tanzania producing growth of 85%. Fourth quarter revenues for South
        East Asia were $64.6 million compared to $50.2 million in the fourth
        quarter of 2003, an increase of 29% and for South Asia, revenues were
        $24.9 million, a 15% decrease from the fourth quarter of 2003, owing
        to the delay in launching GSM services and a reduction in the long distance
        and international toll charges in Pakistan. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The
        Central American market continued to perform strongly, producing a 30%
        increase in revenues from $67.4 million for the fourth quarter of 2003
        to $87.9 million for the fourth quarter of 2004. Comcel, our joint venture
        in Guatemala was mentioned in an investigation by the Guatemalan authorities
        into political donations to the administration of the former President.
        Such political donations are lawful and common practice in Guatemala
        and Comcel is confident that these actions will be confirmed as legitimate
        political support. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In
        South America, revenue growth at 24% has improved significantly and Paraguay
        and Bolivia produced revenue increases of 27% and 20% respectively from
        the quarter ended December 31, 2003.</FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Operating
        profit for the three months ended December 31, 2004 was $58.9 million,
        an increase of 42% from the quarter ended December 31, 2003. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Compared
        to the third quarter of 2004, operating profit decreased by 14%. </FONT></P>
  </BLOCKQUOTE>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT></P>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <P ALIGN="CENTER"> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FINANCIAL
          RESULTS FOR THE YEAR ENDED DECEMBER 31, 2004.</FONT></U></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"> </FONT></B></P>
  <BLOCKQUOTE>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Total
        revenues for the year ended December 31, 2004 were $921.5 million, an
        increase of 42% from 2003. Revenues for Africa were $150.0 million, increasing
        by 77%. In South East Asia, revenues were $231.8 million, an increase
        of 32% from 2003 and revenues for South Asia were $113.2 million, up
        7%. Revenues for Central America were $305.0 million, an increase of
        78% from 2003, reflecting growth and the reconsolidation of El Salvador
        since September 2003. For South America, revenues were $114.0 million,
        an increase of 15% from 2003. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Operating
        profit was $248.9 million for the year, an increase of 53% over 2003. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The
        profit for the years ended December 31, 2004 and 2003 was $68.2 million
        and $178.8 million respectively. The basic earnings per common share
        for the years ended December 31, 2004 and 2003 were $0.82 and $2.74 respectively.
        The profit for the years to December 2004 and 2003 included, amongst
        others, a net gain of $21.6 million and $257.1 million respectively,
        relating to the valuation movement on investment in securities, the fair
        value result on financial instruments and the gain on debt restructuring. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Total
        cellular minutes increased by 39% for the year to December 2004 compared
        with 2003. </FONT></P>
  </BLOCKQUOTE>
  <TABLE ALIGN="CENTER">
    <TR>
      <TD nowrap>
        <DIV ALIGN="CENTER"><B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">COMMENTS
                ON FINANCIAL STATEMENTS</FONT></U></B></DIV></TD>
    </TR>
  </TABLE>
  <BLOCKQUOTE>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The
        net value of licenses increased to $277.5 million in the fourth quarter
        of 2004. This increase was primarily due to the acquisition and/or renewal
        of licenses in Pakistan, Ghana, El Salvador and Chad. The value of the
        Paktel license was recorded at the present value of the total cash outflows
        payable from 2004 to 2017 of a gross amount of $291.0 million, resulting
        in a license value of $216.5 million. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The
        unpaid portion of the licenses is recorded under the captions &#145;other
        non-current liabilities&#146; and &#145;other current liabilities&#146;.
        As of December 31, 2004, the Paktel license results in a non-current
        liability of $176.0 million and a current liability of $28.3 million.
        The license in Ghana results in a non-current liability of $11.7 million
        and a current liability of $4.0 million. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In
        the fourth quarter Millicom recorded a $7.1 million asset impairment
        on AMPS and TDMA network equipment as a result of GSM migration in a
        number of operations. In addition Millicom has decided to shorten the
        amortization period on AMPS and TDMA network equipment in the relevant
        markets so that these assets will be fully amortized by the end of 2008. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">For
        the fourth quarter of 2004, the conversion to US dollars of the 5% mandatory
        exchangeable Notes in Tele2 shares (the &#147;5% Notes&#148;) resulted
        in an exchange loss of $31.5 million. This loss was offset by a gain
        resulting from the valuation movement on the Tele2 shares of $18.0 million
        and a gain on the fair value result of the embedded derivative on the
        5% Notes of $16.3 million. This resulted in a net gain of $2.8 million
        for the quarter. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">For
        the year 2004, the conversion to US dollars of the 5% Notes resulted
        in an exchange loss of $27.5 million and the valuation movement on the
        Tele2 shares resulted in a loss of $127.2 million. These losses were
        offset by a gain on the fair value result of the embedded derivative
        on the 5% Notes of $148.7 million resulting in a net loss for the year
        of $6.0 million. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The
        interest expense for the fourth quarter of 2004 comprised prepaid interest
        and amortization of deferred financing fees on the 5% Notes of $6.4 million,
        interest and amortization of deferred financing fees on the 10% Notes
        of $14.8 million, interest expenses of $2.3 million computed on the Paktel
        license payable, interest expense of $2.1 million due to the early repayment
        of debt to a former minority holder of El Salvador which was recorded
        at the present value of the expected cash outflows, and interest expenses
        on other debt and financing of $5.6 million. </FONT></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#145;Other
        operating income&#146; represents a compensation of $3.3 million received
        from a supplier due to the late delivery of network equipment in Central
        and South America. The total compensation to which Millicom is entitled
        amounts to approximately $9.8 million. The compensation is in the form
        of vouchers to be used for future purchase of equipment. The recognition
        as other operating income occurs when the equipment is</FONT></P>
  </BLOCKQUOTE>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5</FONT></P>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <BLOCKQUOTE>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">delivered.
        Millicom currently has a contingent asset of approximately $6.5 million
        representing compensation which is expected to be recognized as other
        operating income in the first and second quarters of 2005, when the equipment
        is delivered. </FONT></P>
    <P ALIGN="CENTER"> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">NOMINATIONS
            COMMITTEE FOR THE 2005 ANNUAL GENERAL MEETING OF SHAREHOLDERS</FONT></U></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"> </FONT></B></P>
    <P> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Following
        the Annual General Meeting of Shareholders of Millicom 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="TimesNewRomanPSMT,Times New Roman,Times,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="TimesNewRomanPSMT,Times New Roman,Times,serif">Shareholders
        who would like to suggest representatives for the Millicom 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="TimesNewRomanPSMT,Times New Roman,Times,serif">agm@millicom.com</FONT></U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">. </FONT></P>
    <P> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,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 17 cellular operations and licenses in 16 countries.
          The Group&#146;s cellular operations have a combined population under
          license of approximately 399 million people. </FONT></I></P>
    <P> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,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="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">All
          forward-looking statements in this press release are based on information
          available to Millicom on the date hereof. All written or oral forward-looking
          statements attributable to Millicom International Cellular S.A., any
          Millicom International Cellular S.A. members or persons acting on Millicom&#146;s
          behalf are expressly qualified in their entirety by the factors referred
          to above. Millicom does not intend to update these forward-looking
          statements. </FONT></I></P>
    <TABLE WIDTH="90%" border=0 cellpadding=0 cellspacing=0>
      <TR valign="bottom">
        <TD width=55% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CONTACTS:</FONT></B> </TD>
        <TD width=16% align=left> </TD>
        <TD width=11% align=left> </TD>
        <TD width=18% align=left> </TD>
      </TR>
      <TR>
        <TD colspan=4>&nbsp; </TD>
      </TR>
      <TR valign="bottom">
        <TD width=55% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Marc
              Beuls</FONT></B> </TD>
        <TD width=16% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Telephone:</FONT></B> </TD>
        <TD COLSPAN="2" align=LEFT> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&nbsp;&nbsp;+</FONT></B> &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">352
              27 759 327</FONT></B> </TD>
      </TR>
      <TR valign="bottom">
        <TD width=55% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">President
            and Chief Executive Officer</FONT> </TD>
        <TD width=16% align=left> </TD>
        <TD width=11% align=left> </TD>
        <TD width=18% align=left> </TD>
      </TR>
      <TR valign="bottom">
        <TD width=55% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Millicom
            International Cellular S.A., Luxembourg</FONT> </TD>
        <TD width=16% align=left> </TD>
        <TD width=11% align=left> </TD>
        <TD width=18% align=left> </TD>
      </TR>
      <TR>
        <TD colspan=4>&nbsp; </TD>
      </TR>
      <TR valign="bottom">
        <TD width=55% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Andrew
              Best</FONT></B> </TD>
        <TD width=16% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Telephone:</FONT></B> </TD>
        <TD COLSPAN="2" align=LEFT> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&nbsp;&nbsp;+</FONT></B> &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">44
              20 7321 5022</FONT></B> </TD>
      </TR>
      <TR valign="bottom">
        <TD width=55% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investor
            Relations</FONT> </TD>
        <TD width=16% align=left> </TD>
        <TD width=11% align=left> </TD>
        <TD width=18% align=left> </TD>
      </TR>
      <TR valign="bottom">
        <TD width=55% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Shared
            Value Ltd, London</FONT> </TD>
        <TD width=16% align=left> </TD>
        <TD width=11% align=left> </TD>
        <TD width=18% align=left> </TD>
      </TR>
      <TR>
        <TD colspan=4>&nbsp; </TD>
      </TR>
      <TR valign="bottom">
        <TD width=55% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Visit
            our web site at </FONT><B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">http://www.millicom.com</FONT></U></B> </TD>
        <TD width=16% align=left> </TD>
        <TD width=11% align=left> </TD>
        <TD width=18% align=left> </TD>
      </TR>
    </TABLE>
  </BLOCKQUOTE>
  <BR>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">6</FONT></P>
  <hr width="100%" size=3 noshade>
  <BR>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <TABLE ALIGN="CENTER">
    <TR>
      <TD nowrap> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">APPENDICES</FONT></U></B></TD>
    </TR>
  </TABLE>
  <UL>
    <LI> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Consolidated
          statements of profit and loss for the three months ended December 31,
          2004</FONT></B> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New
Roman,Times,serif">and 2003<BR>
            <BR>
    </FONT></B></LI>
    <LI> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Consolidated
          statements of profit and loss for the years ended December 31, 2004</FONT></B> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">and
          2003<BR>
    <BR>
    </FONT></B></LI>
    <LI> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Consolidated
          balance sheets as at December 31, 2004 and December 31, 2003<BR>
            <BR>
    </FONT></B></LI>
    <LI> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Condensed
          consolidated statements of cash flows for the years ended December
          31, 2004 and</FONT></B> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New
Roman,Times,serif">2003<BR>
            <BR>
    </FONT></B></LI>
    <LI> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Condensed
          consolidated statements of changes in shareholders&#146; equity for
          the years ended</FONT></B> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New
Roman,Times,serif">December 31, 2004 and 2003<BR>
            <BR>
    </FONT></B></LI>
    <LI> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Quarterly
          analysis by cluster</FONT></B></LI>
  </UL>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7</FONT></P>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Millicom
        International Cellular S.A. <BR>
          <BR>
  Consolidated statements of profit and loss <BR>
  for the three months ended December 31, 2004 and 2003 </FONT></B></P>
  <TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Quarter
            ended</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Quarter
            ended</FONT></B> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31, 2004</FONT></B> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31, 2003</FONT></B> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan=7>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Unaudited)</FONT> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Unaudited)</FONT> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=right>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;000</FONT> </TD>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD align=right><FONT SIZE="2">&nbsp;</FONT></TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> US$ &#146;000</FONT> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Revenues</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">255,686</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">201,855</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Operating
            expenses</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=left> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cost
            of sales (excluding depreciation and amortization)</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(67,697</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(54,320</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sales
            and marketing</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(37,291</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(30,289</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">General
            and administrative expenses</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(30,217</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(24,270</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other
            Operating income</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,287</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Corporate
            and license acquisition costs</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(6,642</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8,355</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Write-down
            of assets, net</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(6,183</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(6,172</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Gain
            (loss) from sale of subsidiaries and joint ventures, net</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(256</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,080</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Depreciation
            and amortization</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(51,796</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(37,918</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=1 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Operating
            profit</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">58,891</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">41,611</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Valuation
            movement on investment in securities</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">18,200</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">127,523</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fair
            value result on financial instruments</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">16,414</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(58,138</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Profit
            from associated companies</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">311</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">163</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Interest
            expense</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(31,208</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(43,852</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Interest
            income</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,479</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange
            loss, net</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(28,427</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(51,915</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=1 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
            before taxes</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">36,660</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,392</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Taxes</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8,139</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(23,268</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=1 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
            / (Loss) after taxes</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">28,521</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(7,876</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Minority
            interest</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2,598</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2,357</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=1 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
            / (Loss) for the quarter</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">25,923</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(10,233</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Basic
            earnings per common share (US$)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.28</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(0.16</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Weighted
            average number of shares</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">outstanding
            in the quarter (in thousands)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">91,893</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">65,664</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
            for the quarter used to determine diluted earnings per</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">common
            share</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">25,923</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(10,233</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Diluted
            earnings per common share (US$)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.28</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(0.16</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Weighted
            average number of shares and potential</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=49% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">dilutive
            shares outstanding in the quarter (in thousands)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=24% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">92,461</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">65,664</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR>
      <TD><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
  </TABLE>
  <BR>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">8</FONT></P>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Millicom
        International Cellular S.A. </FONT></B></P>
  <P align="center"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Consolidated
        statements of profit and loss <BR>
  for the years ended December 31, 2004 and 2003 </FONT></B></P>
  <TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Year
            ended</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Year
            ended</FONT></B> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31, 2004</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31, 2003</FONT></B> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan=7>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Unaudited)</FONT> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=left> </TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=right>&nbsp;</TD>
      <TD>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;</FONT>000</FONT> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;</FONT>000</FONT> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Revenues</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">921,466</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">647,104</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Operating
            expenses</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=left> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cost
            of sales (excluding depreciation and amortization)</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(246,402</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(161,891</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sales
            and marketing</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(122,705</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(87,575</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">General
            and administrative expenses</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(99,789</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(76,827</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other
            Operating income</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3,287</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Corporate
            and license acquisition costs</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(26,984</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(25,455</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Write-down
            of assets, net</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(6,791</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(6,482</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Gain
            (loss) from sale of subsidiaries and joint ventures, net</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2,207</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,213</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Depreciation
            and amortization</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(170,993</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(128,572</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=1 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Operating
            profit</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">248,882</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">162,515</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Valuation
            movement on investment in securities</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(126,957</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">246,760</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fair
            value result on financial instruments</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">148,816</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(84,578</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Profit
            from associated companies</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">814</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">380</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Interest
            expense</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(108,534</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(135,172</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Interest
            income</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7,706</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,836</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Gain
            on debt restructuring</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">96,748</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exchange
            loss, net</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(26,796</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(45,602</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=1 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
            before taxes</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">143,931</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">245,887</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Taxes</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(58,900</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(52,369</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=1 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
            after taxes</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">85,031</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">193,518</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT SIZE="2">&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Minority
            interest</FONT></FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(16,790</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(14,695</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=1 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
            for the year</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">68,241</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">178,823</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Basic
            earnings per common share (US$)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.82</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.74</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Weighted
            average number of shares outstanding</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">in
            the year (in thousands)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">83,335</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">65,312</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Profit
            for the year used to determine diluted earnings</FONT></B></TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"> per</FONT></B> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">common
            share</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">69,458</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">182,299</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Diluted
            earnings per common share (US$)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0.77</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.26</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Weighted
            average number of shares and potential</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">dilutive
            shares outstanding in the year (in thousands)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">90,312</FONT> </TD>
      <TD width=3% align=left><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=2%><FONT SIZE="2">&nbsp;</FONT> </TD>
      <TD width=15% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">80,500</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=5><HR SIZE=2 NOSHADE></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
  </TABLE>
  <BR>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">9</FONT></P>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <P>&nbsp;</P>
  <DIV ALIGN="CENTER"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Millicom
        International Cellular S.A.</FONT></B><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif"> </FONT></I><B><FONT
size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><BR>
  Consolidated balance sheets <BR>
  as at December 31, 2004 and December 31, 2003</FONT></B> </DIV>
  <hr width="100%" size=2 noshade>
  <BR>
  <TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD WIDTH="20%" align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31,</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD WIDTH="20%" align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31,</FONT></B> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD WIDTH="20%" align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2004</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD WIDTH="20%" align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2003</FONT></B> </TD>
    </TR>
    <TR>
      <TD colspan=5>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD WIDTH="20%" align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Unaudited)</FONT> </TD>
      <TD>&nbsp; </TD>
      <TD WIDTH="20%" align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=right>&nbsp;</TD>
      <TD>&nbsp; </TD>
      <TD WIDTH="20%" align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;</FONT>000</FONT> </TD>
      <TD>&nbsp; </TD>
      <TD WIDTH="20%" align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;</FONT>000</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Assets</FONT></U></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Non-current
            assets</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Intangible
          assets</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Goodwill,
          net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">37,702</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">49,578</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Licenses,
          net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">277,705</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30,889</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other
          intangible assets, net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,561</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,148</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Property,
          plant and equipment, net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">575,649</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">487,746</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Financial
          assets</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment
          in Tele2 AB shares</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">351,882</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">479,040</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment
          in other securities</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">10,540</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">25,397</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment
          in associated companies</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,220</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,340</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5%
          Mandatory Exchangeable Notes &#150; Embedded derivative</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">45,255</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pledged
          deposits</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">25,544</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">23,785</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Deferred
          taxation</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,883</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,226</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=3><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total
            non-current assets</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,334,941</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,108,149</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=3><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current
            assets</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment
          in other securities</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,327</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">15,291</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Inventories</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">16,304</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">10,941</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Debtors</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trade
          receivables, net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">141,972</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">113,750</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Amounts
          due from joint ventures</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11,715</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">13,137</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Amounts
          due from other related parties</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,067</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,905</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Prepayments
          and accrued income</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">36,875</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">19,739</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other
          current assets</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">62,377</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">49,583</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pledged
          deposits</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">9,260</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">7,745</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Time
          deposits</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">610</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">32,880</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cash
          and cash equivalents</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">413,381</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">148,829</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=3><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD WIDTH="20%">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD WIDTH="20%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total
            current assets</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">709,888</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">414,800</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=3><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total
            assets</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2,044,829</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=20% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1,522,949</FONT></B> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=3><HR NOSHADE SIZE="2"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD WIDTH="20%" align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD WIDTH="20%" align=right>&nbsp;</TD>
    </TR>
</TABLE>
  <BR>
  <BR>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">10</FONT></P>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;</P>
  <DIV ALIGN="CENTER"><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Millicom
        International Cellular S.A.</FONT></B><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif"> </FONT></I><B><FONT
size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif"><BR>
  Consolidated balance sheets <BR>
  as at December 31, 2004 and December 31, 2003</FONT></B> </DIV>
  <hr width="100%" size=2 noshade>
  <TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD WIDTH="12%" align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31,</FONT></B> </TD>
      <TD>&nbsp;</TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31,</FONT></B> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD WIDTH="12%" align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2004</FONT></B> </TD>
      <TD>&nbsp;</TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2003</FONT></B> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan=5>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD WIDTH="12%" align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Unaudited)</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD align=left> </TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=right>&nbsp;</TD>
      <TD WIDTH="12%" align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;</FONT>000</FONT> </TD>
      <TD>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;</FONT>000</FONT> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> <B><U><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Shareholders&#146; equity
              and liabilities</FONT></U></B> </TD>
      <TD width=12% align=left> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Shareholders&#146; equity</FONT></B> </TD>
      <TD width=12% align=left> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=LEFT> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Share
          capital and premium (represented by 99,219,079 shares as of December
          31, 2004)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">513,782</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">239,876</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Treasury
          stock (represented by 654,852 shares)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8,833</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(8,833</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2%
          PIK Notes &#150; equity component</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">16,006</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Legal
          reserve</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">13,577</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,256</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Retained
          losses brought forward</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(276,608</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(446,110</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Profit
          for the period</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">68,241</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">178,823</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Currency
          translation reserve</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(71,116</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(69,198</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="4" align=right><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total
            shareholders&#146; equity</FONT></B> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">239,043</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(85,180</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="4" align=right><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Minority
            interest</FONT></B> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">43,351</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">26,571</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="4" align=right><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Liabilities</FONT></B> </TD>
      <TD width=12% align=left> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Non-current
            liabilities</FONT></B> </TD>
      <TD width=12% align=left> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">10%
          Senior Notes</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">536,629</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">536,036</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2%
          PIK Notes &#150; Debt component</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">50,923</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5%
          Mandatory Exchangeable Notes &#150; Debt component</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">365,006</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">327,635</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5%
          Mandatory Exchangeable Notes &#150; Embedded derivative</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">103,457</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other
          debt and financing</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">140,110</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">126,150</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other
          non-current liabilities</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">194,774</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Deferred
          taxation</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">39,303</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">33,944</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="4" align=right><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total
            non-current liabilities</FONT></B> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,275,822</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,178,145</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="4" align=right><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current
            liabilities</FONT></B> </TD>
      <TD width=12% align=left> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other
          debt and financing</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">72,668</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">132,664</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Trade
          payables</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">178,639</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">112,764</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Amounts
          due to related parties</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4,065</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">608</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Accrued
          interest and other expenses</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">55,203</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">44,673</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other
          current liabilities</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">176,038</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">112,704</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="4" align=right><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR>
      <TD colspan=5>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total
            current liabilities</FONT></B> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">486,613</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">403,413</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="4" align=right><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total
            liabilities</FONT></B> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,762,435</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,581,558</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="4" align=right><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR>
      <TD colspan=5>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD width=59% align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total
            shareholders&#146; equity and liabilities</FONT></B> </TD>
      <TD width=12% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2,044,829</FONT></B> </TD>
      <TD width=3% align=left> </TD>
      <TD width=12% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1,522,949</FONT></B> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="4" align=right><HR NOSHADE SIZE="2"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD WIDTH="12%" align=right>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
</TABLE>
  <BR>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11</FONT></P>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Millicom
        International Cellular S.A.<BR>
  </FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Condensed
        consolidated statements of cash flows <BR>
  for the years ended December 31, 2004 and 2003 </FONT></B>      </P>
  <DIV ALIGN="CENTER">
    <hr width="100%" size=2 noshade>
</DIV>
  <TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31,</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31,</FONT></B> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2004</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2003</FONT></B> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Unaudited)</FONT> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=left> </TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;</FONT>000</FONT> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;</FONT>000</FONT> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Net
          cash provided by operating activities</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">      302,573</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">184,360</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cash
          flow used by investing activities</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(186,477</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(95,589</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cash
          flow provided / (used) by financing activities</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">149,842</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(11,638</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cash
          effect of exchange rate changes</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1,386</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,245</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD colspan=5><hr width="100%" size=1 noshade></TD>
    </TR>
    <TR>
      <TD colspan=6>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Net
          increase in cash and cash equivalents</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">264,552</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">78,378</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR>
      <TD colspan=6>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cash
          and cash equivalents, beginning</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">148,829</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">70,451</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD colspan=5><hr width="100%" size=1 noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cash
          and cash equivalents, ending</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">413,381</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">148,829</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="5" align=right><hr width="100%" size=2 noshade></TD>
    </TR>
  </TABLE>
  <BR>
  <BR>
  <P align="center"> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Millicom
        International Cellular S.A.<BR>
  </FONT></B><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Condensed
        consolidated statements of changes in shareholders&#146; equity <BR>
  for the years ended December 31, 2004 and 2003 </FONT></B>      </P>
  <DIV ALIGN="CENTER">
    <hr width="100%" size=2 noshade>
      <P>&nbsp;</P>
</DIV>
  <TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31,</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Dec
            31,</FONT></B> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2004</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2003</FONT></B> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> </TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Unaudited)</FONT> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=left> </TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;</FONT>000</FONT> </TD>
      <TD>&nbsp; </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> <FONT SIZE=2 FACE="TimesNewRomanPSMT,Times New Roman,Times,serif">US$ &#146;</FONT>000</FONT> </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Shareholders&#146; equity
          as at January 1</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(85,180</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(295,259</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Disposal
          / Cancellation of treasury stock</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,394</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Profit
          for the year</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">68,241</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">178,823</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Net
          proceeds of equity offering</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">203,616</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Shares
          issued via the exercise of stock options</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,867</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,181</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Effect
          of consolidation of El Salvador</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">-</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(3,248</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Issuance
          / Conversion of 2% PIK Notes</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">51,417</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">16,006</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Movement
          in currency translation reserve</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1,918</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">14,923</FONT> </TD>
      <TD width=3% align=left> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD colspan=5><hr width="100%" size=1 noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Shareholders&#146; equity</FONT> </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">239,043</FONT> </TD>
      <TD width=3% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=25% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(85,180</FONT> </TD>
      <TD width=3% align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD COLSPAN="5" align=right><hr width="100%" size=2 noshade></TD>
    </TR>
  </TABLE>
  <BR>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12</FONT></P>
  <hr width="100%" size=3 noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
  <P align="center"> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Millicom
        International Cellular S.A. Quarterly analysis by cluster </FONT></B></P>
  <TABLE WIDTH="95%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=LEFT> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">04</FONT></B> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Q4</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">04</FONT></B> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Q3</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">04</FONT></B> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Q2</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">04</FONT></B> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Q1</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">03</FONT></B> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Q4</FONT></B> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=LEFT> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Total
            cellular subs</FONT></B> </TD>
      <TD>&nbsp; </TD>
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD align=left> </TD>
      <TD>&nbsp; </TD>
      <TD align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&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>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          East Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2,499,307</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,180,800</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,939,790</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,706,073</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,484,867</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1,458,846</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,300,977</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,271,138</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,246,692</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,192,282</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Central
          America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1,697,036</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,537,904</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,523,790</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,443,815</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,412,513</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">937,397</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">843,384</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">774,304</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">739,530</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">939,376</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Africa</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1,120,615</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">990,168</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">863,345</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">761,261</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">661,504</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=9><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sub-total</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">7,713,201</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">6,853,233</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">6,372,367</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">5,897,371</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">5,690,542</FONT></B> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Divested</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=9><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Total</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">7,713,201</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">6,853,233</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">6,372,367</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">5,897,371</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">5,690,542</FONT></B> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=9><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR>
      <TD colspan=11>&nbsp; </TD>
    </TR>
    <TR>
      <TD colspan=11>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Prop
            cellular subs</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=left> </TD>
    </TR>
    <TR>
      <TD colspan=11>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          East Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1,125,808</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">990,144</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">883,229</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">779,517</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">680,129</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1,246,132</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,083,736</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,063,081</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,044,513</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">998,207</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Central
          America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1,149,299</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,049,491</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,037,755</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">987,115</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">968,635</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">916,465</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">823,360</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">754,900</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">721,602</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">915,174</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Africa</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">894,555</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">790,990</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">682,220</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">595,283</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">463,432</FONT> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=9><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sub-total</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">5,332,259</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">4,737,721</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">4,421,185</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">4,128,030</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">4,025,577</FONT></B> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Divested</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">-</FONT></B> </TD>
    </TR>
    <TR>
         <TD>&nbsp; </TD>
         <TD>&nbsp;</TD>
         <TD colspan=9><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Total</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">5,332,259</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">4,737,721</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">4,421,185</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">4,128,030</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">4,025,577</FONT></B> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=9><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR>
      <TD colspan=11>&nbsp; </TD>
    </TR>
    <TR>
      <TD colspan=11>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Revenues
            (US$ &#146;000)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=left> </TD>
    </TR>
    <TR>
      <TD colspan=11>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          East Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">64,632</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">59,624</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">51,803</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">55,743</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">50,195</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">24,889</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">28,006</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">29,746</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30,608</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">29,140</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Central
          America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">87,899</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">77,660</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">70,691</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">68,784</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">67,414</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">South
          America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">32,302</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30,116</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">26,573</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">25,014</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">26,023</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Africa</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">44,355</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">38,759</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">35,193</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">31,672</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">27,213</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1,609</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,707</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,043</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2,038</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,870</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> &nbsp;<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Of
            which divested</FONT></I> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><I><FONT size=2 face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif">-</FONT></I></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">585</FONT></I> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">834</FONT></I> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">794</FONT></I> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">734</FONT></I> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=9><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Total</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">255,686</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">235,872</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">216,049</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">213,859</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=13% align=right> <B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">201,855</FONT></B> </TD>
    </TR>
    <TR>
      <TD>&nbsp; </TD>
      <TD>&nbsp;</TD>
      <TD colspan=9><HR NOSHADE SIZE="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&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>
    </TR>
  </TABLE>
  <BR>
  <P ALIGN="RIGHT"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">13</FONT></P>
  <HR noshade align="center" width="100%" size=2>
<P ALIGN="LEFT">&nbsp;</P>
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>feb25-pressx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 feb25-pressx1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``\`'$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_*6XMX"!
M-/#"6!*B65(RP'4@.PR!WQTHBN+>?=Y,\,VW&[RI4DVYSC=L8XS@XSUP<=*_
ME'_X.2OB;\1?A_XS_95B\"^.O%O@^+4_#'Q0DU&/PUK^J:*E]);:KX02W>[7
M3KFW%PT*RRK$TH8H)'"X#'/PG_P16_;?^*_@']M;PC\-?BE\0_&6N^"_C9`?
M"%U9>,-?UK48;3Q!]BOKOPE?1)J=S,L*RW,\]LK+&!<27=MAP`IK\;S'QAR[
M*^/7P1B\JKP2Q^`R^6;?6J?L85<QPV&K4)SP[I*2IJIB84IOVMTN:HKI<I_I
M-P9^S@XQX\^B6_I1\/<?Y5B9/A/BOBZEX>RR'%K,L1@N#\[S?+<UP]#.(YA*
MC4Q,L%DN+S##167VJ5)4<%)QE/VZ_NJHI,CID9],TM?LA_FR1R2Q0KOFDCB3
M(&Z1U1<G.!N8@9.#@9R<&HTO+25@D=U;R.V=J)/$['`R<*K$G`!)P.G-?S"?
M\'%O[6OB[X?V'P/_`&>?AGXNUWPSK^O7.H?$3Q;/X8U6\TS4VL+0_P!B^&K!
MY].GAND\ZZEU.X^SDE;A&B8*2@Q^57_!&/XS_&?Q-_P47^"GAGQE\3?B)KFE
M3+XWCU#0O$/BK7KZSDEMO!^M2(EWIU_>21-)!/&KJLL6Z.5`<!A7X[F_C!E^
M6<=8?@BGE5?&5:N899EM;,88JG3HT,3F+H7C[%T9RG]65>/M%[2+E-2@K<MW
M_I'X=?LY.+N.?HJYO]*+&^(&6<.9?@>$>-^-,NX.Q.08O&9CFF2\'0S-PK+,
M89CAZ.&6<5,JQ'U63PE:%+#U,/7DZGM/9Q_O8)`!)(``R2>``.I)[`57CN[2
M5@D5U;R.>B1S1NQQUPJL2<?2N.^)\\UM\-/B'<6\LD%Q;^!O%L\$T3%)89HM
M`U"2*6-U(9)(W571E(*L`0017\//_!$/XT?%WQG_`,%"?ACH7B[XG>//$VBS
M>'/'$TVDZ]XKUO5=.EE@T1VADDL[V]F@=XF),;-&60DE2#7TO%7'5'AC/^$L
MBJ9=4Q<^*L;/!T\1#$1I1P;AB,%0]I.G*E-U4WC%+EC*#]QJ^MU^)>`GT4\Q
M\=/"3Z07BOA.,<%P[AO`3AS#<0XS)L3E%?,*_$<,3E/$F:K"X;%TL;AJ>7RC
M'AV=%U:M'$IO%1FH6I.,_P"[^BBOYT_^"O'_``63O/V7=8U']G#]FR33=1^-
M/V)1XU\<7*1W^G_#<7\!>UL=*M`7M[_Q<J-'/+'>J]GIBRQBX@GN`T`]OBCB
MC)^$,IK9SG6(='"TI1ITZ=.*GB,5B)INGAL-2O'VE::C)V<HPA",ZE2<*<)2
M7Y9X%>!'B-](OQ!RWPV\,LHCF6>8VG4QF,Q>*JO"Y/D.48>=.&,SK.\=R5%@
M\NPLJU*#E&G6Q&(Q%:AA,'A\3BZ]&A/^@W6_%GA;PS"UQXD\2Z!X?MTQNGUO
M6=.TJ%<\#=+?W-N@R>!EAGM7&Z/\</@KXAO/[/T#XO\`PNUR_P#,$7V'1_B!
MX3U.\\UB0L?V:RU:>;S"00$V;B0<#@U_#=\*?^":7_!2W_@I)+9?&OXFZ]K"
M:'XBC-QIOQ"^.7B6_-YJ%@7`CET'P\5GU&/2SYC_`&2*"STZR\I6-I&82A/T
M1XM_X-K?VJ]!TF;4?"7QG^#_`(QUBWB>>WT>*+Q+X>DFGBP\<,>H:C9O;Q.[
M`A)&`56`SUR/RNCXG\?9E2>89-X59EB<IE^\H5\7F4<+BL30:YH5:>'EA.9\
M\6I1]@L5!W]V<KIG]]9A]!;Z)/!6.7"'B7]/S@G)O$*C+ZIFN6</\%UL^R'(
M\UA+V6)P&-SFCQ"J,'AJRE3JO,YY%B*3C+ZQA</*,HK^U:*6*9%EADCFC<96
M2)UD1AZJZ$J1[@FI*_@Z^$W[='_!13_@E!\9=*^%G[0Z>-?$O@&S^S2:E\*_
MB!JT^NZ7=^')Y5\W5/AMXGEGN8]/G4*XA^R74VE^<)(;[3HYG,L?]M'P'^-O
M@+]HOX2^"?C+\--6BU?PAXXT:#5;"5&4SV4YS%?Z3J$0):WU'2[U)[*\@<`K
M+"73=%)&[_;<$^(>5\9RQN"CA<9D^>Y9;^TLCS*'L\7AUS*$JE-M1]M1C4:A
M.3A3JTY2@JM*FJE-S_E[Z3_T.N.OHTT^&N):N?<.^)'A5QPI2X*\4>"\3];X
M>S>7LI8FG@L7&,ZZR_,JN$C+%4*<,3C<#C*%/$2P&88J6$QD,/Z[1117Z`?R
M&?R$_P#!SS_R._[(_P#V*OQ7_P#3OX,K\HOVK?`6M?!+PG_P3O\`VL?!-LVC
M7_Q"^"7@WQ7!?VL;Q6=K\0_A/XEDLQ(DBN)7NIK2UT+4[QBZEFNL(0.!^KO_
M``<\_P#([_LC_P#8J_%?_P!._@RO;/BC^S7:?'__`(-_?@5KEEI:7OC;X,?!
M^S^(_AFY2$27L>FZ;KUY+XML;9]I,<-WH]O]LNSP#%I:\Y`!_CGB[(:O$''W
MBW1PUUCLLR3*\\P$HKWXXG*Z&159*FU[RJ5,)+%4J=MYU(W6BM_TC?1U\6<!
MX0_1+_9YYAG:C+A?CGQ0X\\*^*Z564?JM3)N.\T\4<OH2QD*C]C/!87B"AD>
M/QGM%987"5TFE*2?]%/P&^)VE?&?X+?"OXJZ->VU_9>/?`'A/Q1Y]K.+B..Z
MUC0[&]OK1Y!AA<65Y-/:7,<BI+%<0R1RHDBLH]?9U1&D=E1$4N[,0%55!+,Q
M/`"@$DG@`$FOYY?^#=#]H.V^('[)_BGX$ZC?//XC^!_C+4+NSBN)WDF/@[QY
M=7.L:<D*R[F,6GZY'KD3%&,<$5U90!(P$#?JE^WW^T5I/[+7[(GQL^+^I3>5
M>Z7X0U'0?"R`C?/XT\6POX<\)1JA!,B1ZYJ-I=72(-PL[>YDRJQLR_TIP[Q7
MA,RX(P'%N(J0IT/[%>/S"7->%&M@Z$UF$')I7]E7H5X7LF^5::V/\3/&+Z/W
M$/!'TH^*_H\Y/@\3C,V_XB93X2X1HNBX5LSR_B7,L/+@_$QI)R2^OY3FF68A
MJ,I1A[22YGR-G\I'C&(_\%%?^"VOB:SNIWU7X?\`PR\2Z[(CPC[591>$/@)I
M]Q=K;W`;:CZ?K7C"P33+AXQB6#55,;,,25\S?\$6=6GU[_@I_P#!G6KF.**X
MU6Z^(%_/'"&$4<MUX1UR9TC#LSA%9R%W,S8`R2>:_4W_`(-X/@!._@#]IO\`
M:I\26TMSJ7B"SU#X<>%=4O5:2XFBMM/N]:\7WT%R^6D:]O[JQM;TLQ9Y+1&.
M3S7Y/?\`!#W_`)23_`;_`*Y^-_\`U#-:K^4:.#Q+SCPMXEQT7''\9\=9GGU>
M]W)8>6<9%1P--M[PA'V]6CHER8C31JW_`$"9AQ%DU+P\^G?X)\+UHUN%/HT?
M13X#\)<K]DHQH3SBGX<^*F9<48V,(MJ.*Q-?^RL!F-VY?6LF=[24W+^_#XK?
M\DN^)/\`V(/C'_U'=1K^#+_@@]_RD>^%G_8L>//_`$Q-7]YOQ6_Y)=\2?^Q!
M\8_^H[J-?P9?\$'O^4CWPL_[%CQY_P"F)J_7?%G_`).'X/\`_8[K?^K')#_.
MW]GQ_P`H=_M%O^S:99_ZQ_B:?W,_M,?%^S^`?P!^+WQCOFB6#X=>`?$7BA?.
M9E1[G3]/F>RB.Q)'9I;PP1JB([.S!%4EA7\0'_!)7]F\?\%"/V\M=\=?&X-X
ML\-^#FU+XV_$NSU&/[78^+M6O]>@MM'\-ZBTTOFK8WVK:@;QX5\PRZ9HMS9!
MHU<2+_4K_P`%LM9N]$_X)I?M)7-FQ62[L?`VC2D,5S::W\2/"6DWBY'4-:W<
MJE>C`X/!K\IO^#8WPWIL6@_M1^+UC_XF][JW@?PY+*57C3M-L]0U."-6QO`:
MYU6X9UW;3M0XR,T^/J,.(O%WP_X8QL56RK"8+$9Y7PL]:->LI8Z<55IOW:L6
M\LH4Y0DFG2J58M.,Y)X_1*S*OX.?LZ_I>>.O"]6>7<?<0<4Y1X597GV%M#,,
MJRZI2X4P]:>!Q4;5L%5C2X[S+%TZ]"4:D<;A<OK0<:N%I5(?U5P6D%G;PVMG
M%';6MM#'!;V\""*&&&%`D<42)A4CC10J(H"J```!5A6R/<=:=1@#H`*_H)))
M62LEHDMDNQ_D"VY-RDW*4FW*3;;;;NVV]6V]6WJV?E=_P5O_`&%)/VW_`-F>
M[T3P9HMG??&OP%JMCXB^&-U)+8V,]W)/<PZ?K_AVXU._N+6VM]-U#2KB;4'$
M\Z+]OTFQ",@>0/Y9_P`$6/V8OVI?V1/@U\1_A!^T3X?M]%T<^,X/%/P^6W\0
M:-K4<2:K8)!XAMA'I.J:BML)+NUM;C,@@#G.`YR1^TE%?(U."\GEQ?1XUIRQ
M>'SBG@99?5C0JTX83&490G34L72=&52K5C"4(QDJT$E0P_NWIZ_T+A/I,^(M
M#Z.N9_1BQ5+(,W\.<=Q31XNP%;-<%C,3Q#PWF5+$83%RH\.YA',:6%P&!K8C
M#XJK6P]3+\1*<LWS:U2*Q=J91117UQ_/)_(3_P`'//\`R._[(_\`V*OQ7_\`
M3OX,K]T/^"76A:5XH_X)C?LP>&==LXM0T3Q#\$GT36+"<!H;W2]5O-=L;^TE
M4]8[BUGEA<=U<U^%_P#P<\_\CO\`LC_]BK\5_P#T[^#*_>?_`()-?\HX_P!D
M;_LE%E_Z=]7K\!X5C&?CMXCPDE*,LCP,91DDXRC+#\/IIIZ---IIZ-:'^N7C
MU6JX?]E/]"^O0J3HUZ'BIQ76HUJ4I0J4JM/-O%F=.I3G%J4)PG%2A*+4HR2:
M::/YGO\`@F=K^N?L$_\`!7?QY^SIXQ,VB^'_`!UXF\8_"9XKQFMH+RSNM1FU
M[X9:T(V_=I%JMI%I5[:R.%<VVHI&KCS2&^M_^#C_`/:?-RGPL_8T\,3M+J6H
MWFE?%'QM9PN"9%EDO]'\"V+*BY#O=+K5Y)!(_P`V=.G$8Q&Y\-_X+]?#+Q'^
MS_\`MI_`_P#;*\&*UJ_B^W\-RM<6VZ!(_'7PCGTYK1KNX13M?6?#YTZT"8;?
M;:/<DJV7!^2OASK>L_\`!6S_`(*X>#/%&H6\UMX:O_$6@^)+NRO8U*VOPR^#
M=A:ZH^G7<48\NU.OPZ4+"95+!=3UXXD9Y-Y_,LPS#'9%EO$_@]@W56.S#C7"
MX')XM-REP_G<OK-E4NHQB^3"^UTMRXVJGIS-?W-PAPAPIXK\:>!/[1WB6G@9
M<+<'?1DSWBGQ(Q%.I%4J'B[X845DL)UL*TZU:K3CB<^G@)-^T57AC+IQN_8J
M7]<'["?[/R?LS_L%_"_X5SV0LM>M/A9=>(_&$31>5.?%OBK29M<UJ*[3`/VJ
MQENX]*FSR385_&C_`,$/?^4D_P`!O^N?C?\`]0S6J_T"O%"A?"?B4`;0/#^L
M@*!@`#3;D``#H!T`].E?Y^O_``0]_P"4D_P&_P"N?C?_`-0S6J^Z\3,!A\JX
MK\#\LPL>3#9?FL<%0CVI8;&\-T87[MQ@G)]6VWN?RM]!OBW-N/?`/]J/QQGU
M5U\[XOX$J\2YK5NY*6/SKAGQIS'$J#E=JE"KB)PI1VA3C&$4DDC^_#XK?\DN
M^)/_`&(/C'_U'=1K^#+_`((/?\I'OA9_V+'CS_TQ-7]YOQ6_Y)=\2?\`L0?&
M/_J.ZC7\&7_!![_E(]\+/^Q8\>?^F)J[O%G_`).'X/\`_8[K?^K')#Y7]GQ_
MRAW^T6_[-IEG_K'^)I_7K_P5A\`WOQ'_`.">W[47AO3K1KZ_A^'TGB2SM(T\
MV6XN/".JZ;XHBCA3!W3EM*'E8P0X!#+C</P)_P"#97XE6UC\3OVE/A->WL<4
MVO>"_"?CG0[.24(T\F@ZS<Z)KS0HS`22"+7-#8A%+B.)V8E%^7^O'Q)X?TSQ
M7H&M>&M:MH[S2=?TJ_T?4K655>.XL=1MI;2YB=6RI#Q2N.1U.:_S]_B9X2^-
M/_!&C_@H79>*-"TVZNM!\,^)+OQ#X):>2\M?#OQ*^%FM27,,OA^]O(EQ,JV$
MSZ=?1!I+C3]4L[>\`2>&"07XINKPOQOP/XB2I5:N5X"53)LYG2C*;PV'Q#Q$
M8591BFVG2QN+E!;.M0ITU[]2*?+]`E8#QV^B[]*?Z&U',<#@>/.+*6$\3/#?
M"X^O3P\,YS;*(9+4Q>"HUJLXPISIX_A;AZAB9J\J.!S7%8R498?!UW'_`$(Z
M:&R3[?KUKX$_9;_X*6?LE?M7>$-%UOP7\5O"WA_Q/?V:-K'P_P#&.LZ?X=\5
MZ'J*1(;RRELM1N8%NXHI686]Y9RSP7<066)B"0/J3QI\=?@M\-_#][XH\<_%
M7P!X8T'3K>2ZO-2U;Q7HMM"D,2EW**;PR3,%Z)`DCL<`*217[9@\\R?,,%#,
M<'FF`Q&!G3558JGBJ+HJ#CS-SGSVIN*=YQJ<LH:J2331_F!Q%X7>)'"7$U?@
MSB3@3BS)^*L/C)9?/(<;D.9TLSJ8N-5T52PV&^K.>+56HK4*F%5:EB$XSH3J
M0E&3\X_;+_:6T;]D/]F[XG?'_6-/@UL^!=(@N-)\.37HL&\1ZWJ&HV>F:9H\
M-QLD9'GGNQ+*T<<C1VT%Q-MVQL1\=?\`!,#_`(*4Z_\`\%$K;XJ:M/\`""'X
M;:#\-Y]!TY-0BUV;6O[4U?68[JY>R.^UMT@^SV4"3\%G?S.0`,G^>G_@LC_P
M4WTK]N+7_!G[-'[,BZWXE^&&B>(K?4KW5;"RODO/B9XWGB>PTJRTK255KJ[T
MG24NIUL"T"37M]=S2")XXX&7^CO_`()(?L8WG[%W[)'AKPKXJLX[7XH_$&[;
MQ_\`$A%,;R6.IZE`D>D>'WEC"^8=#T=+>&97&^'4+B_@+ND:-7Y7E/&>:<7>
M)E7`<.XY5>"\@RZ:S?$4J-&IA<PS*:JQI1HXN5*51I5JM-05&K&%6&"KU8\]
M.2<O[W\0OHT<!_1Y^@]@>*_&?A:6`^DUXN\9T)^'F3YCF&:8+/>#^"<)4RVM
MCJV9\/4<?1PD9RP&!QE3%3S+`5L1@<3Q/E>`K1H8NE.G1_4"BBBOV@_S,/R2
M_P""F/\`P2KTW_@HYK?PFUF_^-U]\(S\+=+\5:9';V?P^@\;#6QXGN]&NFF>
M6;QCX6.GFR.D!!&L=Y]H^T%B\/E;9/NK]E/X"P_LO_L[?";X`6_B>7QI!\+/
M"L/AB/Q3/I":#+K:PW=W=_;7T>/4M733V8W13R%U.\`V;O..[:OT'17@X7AC
M(\%GN8\2X7`JEG>;4*>'S#'?6,5-XBC2CAXTX/#U*\L+3Y8X6@N:C0IR?L[R
MDW*;E^L9_P"./BGQ1X5\'>">>\53Q_AAP!F>+SGA'A=Y1D&'AE&98^KFU;%X
MF.;83*J&>XUU:F>9I+V68YIC*$/K35.E"-'#JE\$?\%#_P!@WPK_`,%`_@II
M_P`)=?\`&,WP\U/0O%>G>*_#OC6U\.1>*KC2+FVCFM;^W71YM:\/I/'JFGSR
MV<K_`-IQ&$,)0DI7:?F;_@F]_P`$?/`W_!/?X@>,_B:GQ;OOC#XM\3>'8O"^
MDWU]X$MO!2^&=)DNA>:O%;)!XK\4->OK$MOIPF=Y+40I81JBOYCFOV0HKFQ/
M!O#.+XAPW%6)RJE5S_"0A##Y@ZV*4H*E"I3IMX>->.$J5*<*DHPJU,/.I'W'
M&:=.FX^WDOTE?'#A[P>SKP"R;C_'X'PCXAQ&*Q.;\(4\MR&=/%3QV)PF,QM.
M&<ULJJ<183"8O$X*A5Q.!P6;X?!5V\1&IAY0QF,C7H:K8C5-+U+3#*81J-A>
M6)F">88A=V\EN91&60.8Q)O";UW8QN7.1^!?[$O_``0@T;]C3]H_P+^T+:?M
M-ZG\0I_!*:XB>%+CX26GAF+4O[:T6]T<EM9B^(NNO:_9Q>&X`&F7'FF,1'RP
MV]?Z`Z*WS?A;(<]Q^3YGFN`6+QV0XB6*RFN\1BZ+PE>57#UG45/#XBE2K7J8
M7#RY<1"M#]W91Y934O*\._'GQ8\*.%?$7@GP_P"+:G#_``QXL932R/Q!RN&3
M</9E'B'*J."S?+Z6$GB\XRG,,?EJC@\^S:C[;)\5E^(?UMSE5=2CAYT<'Q5H
M:^)_#'B/PVUR;)?$.@ZQH;7BQ"=K1=6T^XL#<B`R0B8P"X\T1&6(2%-AD3=N
M'X5?L+_\$+]'_8H_:*\+_M`6?[2VI_$:?PUIFNZ<OA:Y^$]KX6BO!K=B;(S'
M6(OB)K[P&V!\P(-,F$OW"T?WJ_?.BC->%LASS,,HS7-,`L5C\AK2Q&4XAXC%
MT7A*TJE&JYJG0Q%*C6O4P]&7+B*=6/N62M*29X?^//BQX6\(>(?`7`?%L\AX
M3\5LMIY1Q_E$<FX>S&/$&74<'F6`IX:>-S;*<?F.6J.$SC,:7M<GQ>7UG]9<
MW4=2E1G3*^8OVJ/V0/@1^V/\/I_AY\</!MGXALHA/-H&N0_Z)XD\*:E-$8AJ
MOA[5X=MS972`X>,L]K<INANH)HG9#].T5Z^,P6$S'"U\%C\-0QF#Q--TL1AL
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M7]B?7+;X@)/J/QC^+=DWF:3X]\;:;96:^&9""K2^%?#UI-=66D711FC_`+0E
MN+_4PCNB7D<;%*_7BBBOT[)<AR?AS`PRW),OP^6X*$G-4</%KGJ224JE6I-S
MJUZLDDI5:U2I4DDDY-)6_AGQ.\6/$?QFXIQ'&GBCQAG/&G$V)I4\/+,LWKPE
M]7PM)RE2P67X/#T\/E^5X"E*=2=/`9;A,)@Z=2I4J0H*=2<I%%%%>N?GA__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
