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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-05-001355.txt : 20050504
<SEC-HEADER>0000950103-05-001355.hdr.sgml : 20050504
<ACCEPTANCE-DATETIME>20050504163810
ACCESSION NUMBER:		0000950103-05-001355
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050504
FILED AS OF DATE:		20050504
DATE AS OF CHANGE:		20050504

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:		05799688

	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>may0405_6k-1.htm
<TEXT>
<html>
<head>
<title></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 May
    4, 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 May 4, 2005. </font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P><FONT SIZE="2"> The information contained in this report is incorporated by
    reference into Registration Statement No. 333-111779 and No. 333-112948. <BR>
     <BR>
</FONT></P>

<hr width="100%" size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2"><u>SIGNATURES</u></font></p>
<p><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
    to the requirements of the Securities Exchange Act of 1934, the Registrant
    has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</font></p>
<div align="right">
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="62%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td colspan="2" align="left"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font><font size="2" face="Times New Roman, Times, serif">MILLICOM
        INTERNATIONAL CELLULAR S.A.</font></td>
    </tr>
    <tr>
      <td width="62%" height="23"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td 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: May 4,
          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" -->
<br>
<br>
<br>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
     <tr>
          <td><div align="right"><strong><font size="2">Item 1 </font></strong></div></td>
     </tr>
</table>

<br>

<div align="center"><img src="logo.jpg" width="106" height="55">
</div>
<P align="center">
<B><FONT size=5 face="serif">MILLICOM INTERNATIONAL CELLULAR S.A.</FONT></B></P>
  <P align="right"><B><FONT size=2 face="serif">FOR IMMEDIATE RELEASE<br>
  </FONT></B><B><FONT size=2 face="serif">May 4, 2005</FONT></B></P>
  <P align="center"> <B><FONT size=2 face="serif">MILLICOM INTERNATIONAL CELLULAR
        S.A. ANNOUNCES RESULTS<br>
  FOR THE QUARTER ENDED MARCH 31, 2005 </FONT></B></P>
  <div align="center">
    <table width="50%"  border="0" cellspacing="0" cellpadding="1">
      <tr>
        <td width="3%">&#149;</td>
        <td width="97%" nowrap><B><FONT size=2 face="serif">26% increase in Revenues
        for Q1 05 to $268.9m (Q1 04: $213.9m)</FONT></B></td>
      </tr>
      <tr>
        <td>&#149;</td>
        <td nowrap><B><FONT size=2 face="serif">(Loss) / Profit for Q1 05 of $(11.3)m
        (Q1 04: $14.6m) </FONT></B><B><SUP><FONT size=2 face="serif">(iii)</FONT></SUP></B></td>
      </tr>
      <tr>
        <td>&#149;</td>
        <td nowrap><B><FONT size=2 face="serif">Basic (Loss) / Earnings per common share
        for Q1 05 of $(0.11) (Q1 04: $0.22) </FONT></B><B><SUP><FONT size=2 face="serif">(iii)</FONT></SUP></B></td>
      </tr>
      <tr>
        <td>&#149;</td>
        <td nowrap><B><FONT size=2 face="serif">Quarterly total subscriber increase
        for Q1 05 of 828,394 </FONT></B><B><SUP><FONT size=2 face="serif">(i)</FONT></SUP></B></td>
      </tr>
    </table>
  </div>
  <P align="left"> <FONT size=2 face="serif">New York, Stockholm and Luxembourg &#150; April
      21, 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 ended March
  31, 2005. </FONT></P>
  <P align="center"> <FONT size=2 face="serif">Financial summary for the quarters
      ended March 31, 2005 and 2004</FONT></P>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right> <B><FONT size=2 face="serif"><B><FONT size=2 face="serif">March
                31</FONT></B><br>
      2005</FONT></B> </TD>
      <TD align=right></TD>
      <TD align=right> <B><FONT size=2 face="serif"><B><FONT size=2 face="serif">March
                31</FONT></B><br>
      2004</FONT></B> </TD>
      <TD align="right">&nbsp;</TD>
      <TD align=right> <B><FONT size=2 face="serif">Change</FONT></B> </TD>
      <TD align=right></TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <B><FONT size=2 face="serif">Worldwide subscribers </FONT></B><B><SUP><FONT size=2 face="serif">(i)</FONT></SUP></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2% align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <FONT size=2 face="serif">-</FONT> <font size=2 face="serif">proportional
          cellular </font><sup><font size=2 face="serif">(ii)</font></sup> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">5,960,090</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">4,128,030</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">44</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <FONT size=2 face="serif">-</FONT> <font size=2 face="serif">total
          cellular</font> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">8,541,595</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">5,897,371</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">45</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    </TR>
    <TR>
      <TD width="68%"> </TD>
      <TD> </TD>
      <TD colspan="6">
        <HR noshade size=2>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <B><U><FONT size=2 face="serif">US$ &#145;000</FONT></U></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <B><FONT size=2 face="serif">Revenues</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">268,891</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">213,859</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">26</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <B><FONT size=2 face="serif">Operating profit</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">38,904</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">61,907</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">-37</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">%</FONT> </TD>
    </TR>
    <TR>
      <TD width="68%"> </TD>
      <TD></TD>
      <TD colspan="6">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <B><FONT size=2 face="serif">(Loss) / Profit
            for the period</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">(11,263</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">14,570</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">-</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="6">
        <HR noshade size=2>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <B><FONT size=2 face="serif">Basic earnings per
            common share (US$)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">0.22</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">-</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <B><FONT size=2 face="serif">Diluted earnings
            per common share (US$)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">0.20</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">-</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="6">
        <HR noshade size=2>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <B><FONT size=2 face="serif">Weighted average
            number of shares (thousands)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">98,637</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">65,963</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">-</FONT></B> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="6">
        <HR noshade size=2>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <B><FONT size=2 face="serif">Weighted average
            number of shares and</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=68% align=left> <B><FONT size=2 face="serif">potential dilutive
            shares (thousands)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">98,637</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">79,930</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">-</FONT></B> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="6">
        <HR noshade size=2>
      </TD>
    </TR>
  </TABLE>
  <BR>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="3%" valign=top> <I><FONT size=1 face="serif">(i)</FONT></I></TD>
      <TD width="97%"> <I><FONT size=1 face="serif">Subscriber figures represent
            the worldwide total number of subscribers of cellular systems in
            which Millicom has an ownership interest.</FONT></I></TD>
    </TR>
    <TR>
      <TD width="3%" valign=top> <I><FONT size=1 face="serif">(ii)</FONT></I></TD>
      <TD width="97%"> <I><FONT size=1 face="serif">Proportional subscribers
            are calculated as the sum of Millicom&#146;s percentage ownership
            of subscribers in each operation.</FONT></I></TD>
    </TR>
    <TR>
      <TD width="3%" valign=top> <I><FONT size=1 face="serif">(iii)</FONT></I></TD>
      <TD width="97%"> <I><FONT size=1 face="serif">Comparative information restated
            as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148;</FONT></I></TD>
    </TR>
    <TR>
      <TD colspan=2>&nbsp;</TD>
    </TR>
  </TABLE>
  <br>
  <br>
  <hr size=3 color=GRAY noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE -->
  <br>
  <br>
  <P> <FONT size=2 face="serif">Marc Beuls, Millicom&#146;s President and Chief
      Executive Officer stated:</FONT></P>
  <P> <FONT size=2 face="serif">&#147;Millicom has started the year strongly
      with good subscriber growth reflecting both increased investment, particularly
      in new GSM networks in 2004, and growing demand in its key markets. Millicom
      has some 8.5 million subscribers and with penetration rates taking off
      in Asia and Africa, the prospects are excellent.</FONT></P>
  <P> <FONT size=2 face="serif">&#147;Paktel is approaching 400,000 subscribers
      on its GSM network and is on track to meet its target of adding one million
      subscribers in the first year since the launch of GSM services. Pakcom
      agreed payment terms for its license similar to Paktel&#146;s on 18th April
      2005 and this business will start to grow again with the conversion to
      CDMA infrastructure in Q4 05. The heavy investment in sales and marketing
      in Pakistan has affected South Asia and group margins in the last two quarters
      and it will take until 2007 before this region again attains average group
      margins. </FONT></P>
  <P> <FONT size=2 face="serif">&#147;Africa remains the fastest growing market
      showing growth in total subscribers of 70% over the first quarter of 2004
      and is today the third largest region in terms of revenues after Central
      America and South East Asia. There will continue to be opportunities to
      expand into new territories in Africa, the latest being Millicom's license
      in Chad which is expected to be operational in 2005. </FONT></P>
  <P> <FONT size=2 face="serif">&#147;In Vietnam the negotiations on the continuation
      of the cooperation have not yet led to an agreement between the parties.
      The negotiations on the creation of a Joint Stock Company, as agreed between
      the parties by signing the MOU last November, are continuing. The Government
      of Vietnam has agreed to equitize VMS, our partner under the current BCC.
      This is the first equitization of a major telecommunication company in
      Vietnam which explains why at present, no information is available as to
      the process of this equitization. For Millicom&#146;s subsidiary Comvik
      International Vietnam &#147;CIV&#148; to form a joint venture with VMS
      changes in legislation will be needed in the future. It is unlikely that
      this process will have started by the end of the BCC on May 18</FONT><SUP><FONT size=2 face="serif">th</FONT></SUP><FONT size=2 face="serif"> and
      without agreement between the parties at that date, Millicom will no longer
      be able to consolidate the Vietnam numbers. Millicom will communicate on
      progress during the second quarter.</FONT></P>
  <P> <FONT size=2 face="serif">&#147;Millicom is today well funded, with cash
      reserves of over half a billion dollars and generating free cash. These
      resources will allow the company to expoit the multiple opportunities that
      are currently available in its markets.&#148; </FONT></P>
  <P align="center"> <B><U><FONT size=2 face="serif">FINANCIAL AND OPERATING
          SUMMARY</FONT></U></B></P>
  <TABLE width=100% border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="5%" valign=top nowrap>&#149;</TD>
      <TD colspan=2> <FONT size=2 face="serif">Subscriber growth:</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%" valign=top nowrap> <font face="wingdings">&#216;</font></TD>
      <TD width="95%"> <FONT size=2 face="serif">An annual increase in total
          cellular subscribers of 45% to 8,541,595 as at March 31, 2005.</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%" valign=top nowrap> <font face="wingdings">&#216;</font></TD>
      <TD width="95%"> <FONT size=2 face="serif">An annual increase in proportional
          cellular subscribers of 44% to 5,960,090 as at March 31, 2005.</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%" valign=top nowrap> <font face="wingdings">&#216;</font> </TD>
      <TD width="95%"> <FONT size=2 face="serif">In the first quarter of 2005
          Millicom added 828,394 net new total cellular subscribers.</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%" valign=top nowrap> <font face="wingdings">&#216;</font> </TD>
      <TD width="95%"> <FONT size=2 face="serif">Proportional prepaid subscribers
          increased to 5,371,690 from 3,641,976 as at March 31, 2004.</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%" valign=top nowrap>&#149;</TD>
      <TD colspan=2> <FONT size=2 face="serif">Financial highlights:</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%" valign=top nowrap> <font face="wingdings">&#216;</font> </TD>
      <TD width="95%"> <FONT size=2 face="serif">Revenues for the first quarter
          of 2005 were $268.9 million, an increase of 26% from the first quarter
          of 2004. Compared to the fourth quarter of 2004, revenues increased
          by 5% from $255.7 million.</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%" valign=top nowrap> <font face="wingdings">&#216;</font> </TD>
      <TD width="95%"> <FONT size=2 face="serif">Loss for the first quarter of
          2005 was $11.3 million, compared to a profit of $14.6 million for the
          first quarter of 2004.</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%" valign=top nowrap> <font face="wingdings">&#216;</font> </TD>
      <TD width="95%"> <FONT size=2 face="serif">Net debt excluding the 5% mandatory
          exchangeable notes amounts to $209.6 million.</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
  </TABLE>
  <P align="right"> <FONT size=2 face="serif">2</FONT></P>
  <br>
  <br>
  <hr size=3 color=GRAY noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE -->
  <br>
  <br>
  <br>
  <TABLE width=100% border=0 cellspacing=0 cellpadding=0>
    <TR>
      <TD width="5%">&nbsp;</TD>
      <TD width="5%" valign=top nowrap> <font face="wingdings">&#216;</font></TD>
      <TD width="90%"> <FONT size=2 face="serif">Cash and cash equivalents as
          of March 31, 2005 amounted to $670.0 million mainly due to the settlement
          in January 2005 of the 4% convertible bonds with net proceeds of $196.0
          million and further cash upstreams from operations.</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%" valign=top nowrap>
        <LI></LI></TD>
      <TD colspan=2> <FONT size=2 face="serif">Total cellular minutes increased
          by 40% for the three months ended March 31, 2005 from the same quarter
          in 2004. Prepaid minutes increased by 47% in the same period.</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%" valign=top nowrap>
        <LI></LI></TD>
      <TD colspan=2> <FONT size=2 face="serif">On March 30, 2005, the license
          in Honduras was renewed until 2021, following approval by Congress.</FONT> </TD>
    </TR>
    <TR>
      <TD colspan=3>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%" valign=top nowrap>
        <LI></LI></TD>
      <TD colspan=2> <FONT size=2 face="serif">On April 18, 2005, Millicom&#146;s
          subsidiary Pakcom reached an agreement with the Pakistan Telecommunications
          Authority (PTA) for the renewal of its license for 15 years. The payment
          terms are similar to the terms agreed in 2004 by Paktel, Millicom&#146;s
          other subsidiary in Pakistan. Pakcom will pay a license fee of $291
          million, with 50% payable over three years and the remaining 50% payable
          over the following ten years. The first down payment for the license
          was made on April 18, 2005. Pakcom is still in negotiations with the
          PTA with regard to the allocation of spectrum.</FONT> </TD>
    </TR>
  </TABLE>
  <P align="center"> <B><U><FONT size=2 face="serif">REVIEW OF OPERATIONS</FONT></U></B></P>
  <P align="center"> <B><U><FONT size=2 face="serif">SUBSCRIBER GROWTH</FONT></U></B></P>
  <P> <FONT size=2 face="serif">In the first quarter of 2005 Millicom&#146;s
      worldwide operations added 828,394</FONT><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif">net
      new total cellular subscribers. On a proportional basis, Millicom added
      627,831 subscribers, bringing the number of proportional cellular subscribers
      as at March 31, 2005 to 5,960,090. </FONT></P>
  <P> <FONT size=2 face="serif">At March 31, 2005, Millicom&#146;s total cellular
      subscriber base increased by 45% to 8,541,595 cellular subscribers from
      5,897,371 as at March 31, 2004. Particularly significant percentage increases
      were recorded in Ghana (124%), Laos (116%), Paktel (91%) and Tanzania (71%).
      Millicom&#146;s proportional subscriber base increased to 5,960,090 as
      at March 31, 2005 from 4,128,030 as at March 31 2004, an increase of 44%.</FONT></P>
  <P> <FONT size=2 face="serif">Within the 5,960,090 proportional cellular subscribers
      reported at the end of the first quarter, 5,371,690 were prepaid subscribers.
      Prepaid subscribers currently represent 88% of total and 90% of proportional
      cellular subscribers. </FONT></P>
  <P align="center"> <B><U><FONT size=2 face="serif">Cellular Operations</FONT></U></B></P>
  <TABLE width=100% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD width="18%" align=left>&nbsp;</TD>
      <TD colspan="2" align="right"> <B><FONT size=2 face="serif">Proportional
            (i)<br>
      Subs as at<br>
      March 31, 2005</FONT></B> </TD>
      <TD colspan="2" align="right"> <B><FONT size=2 face="serif">Proportional
            (i)<br>
      Subs as at<br>
      March 31, 2004</FONT></B> </TD>
      <TD>&nbsp;</TD>
      <TD width="10%" align=right> <B><FONT size=2 face="serif">Annualized<br>
Increase</FONT></B> </TD>
      <TD colspan="2" align=right> <B><FONT size=2 face="serif">Total<br>
      Subs as at<br>
      March 31, 2005</FONT></B> </TD>
      <TD colspan="2" align="right"> <B><FONT size=2 face="serif">Total<br>
      Subs as at<br>
      March 31, 2004</FONT></B> </TD>
      <TD>&nbsp;</TD>
      <TD width="10%" align=right> <B><FONT size=2 face="serif">Annualized<br>
      Increase</FONT></B> </TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width="18%" align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD width="10%" align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD width="10%" align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD width="10%" align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD width="10%" align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD width="10%" align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD width="10%" align=right>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=18% align=left> <FONT size=2 face="serif">South East Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,227,011</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">779,517</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">57%</FONT> </TD>
      <TD width=2% align=left>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">2,724,656</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,706,073</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">60%</FONT> </TD>
      <TD width=2% align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD width=18% align=left> <FONT size=2 face="serif">South Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,474,479</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,044,513</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">41%</FONT> </TD>
      <TD width=2% align=left>&nbsp;</TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,677,299</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,246,692</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">35%</FONT> </TD>
      <TD width=2% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=18% align=left> <FONT size=2 face="serif">Central America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,251,121</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">987,115</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">27%</FONT> </TD>
      <TD width=2% align=left>&nbsp;</TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,859,130</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,443,815</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">29%</FONT> </TD>
      <TD width=2% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=18% align=left> <FONT size=2 face="serif">South America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">964,775</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">721,602</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">34%</FONT> </TD>
      <TD width=2% align=left>&nbsp;</TD>
      <TD width=10% align=right> <FONT size=2 face="serif">985,715</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">739,530</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">33%</FONT> </TD>
      <TD width=2% align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=18% align=left> <FONT size=2 face="serif">Africa</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,042,704</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">595,283</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">75%</FONT> </TD>
      <TD width=2% align=left>&nbsp;</TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,294,795</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">761,261</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">70%</FONT> </TD>
      <TD width=2% align=left>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="18%"> </TD>
      <TD width="2%"> </TD>
      <TD colspan="12">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=18% align=left> <B><FONT size=2 face="serif">Total Cellular Ops</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <B><FONT size=2 face="serif">5,960,090</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <B><FONT size=2 face="serif">4,128,030</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <B><FONT size=2 face="serif">44%</FONT></B> </TD>
      <TD width=2% align=left>&nbsp; </TD>
      <TD width=10% align=right> <B><FONT size=2 face="serif">8,541,595</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <B><FONT size=2 face="serif">5,897,371</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <B><FONT size=2 face="serif">45%</FONT></B> </TD>
      <TD width=2% align=left>&nbsp; </TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="12">
        <HR noshade size=2>
      </TD>
    </TR>
  </TABLE>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="3%">&nbsp;</td>
      <td width="97%">&nbsp;</td>
    </tr>
    <tr align="left" valign="top">
      <td width="3%"><i><font size=1 face="serif">(i)</font></i></td>
      <td width="97%"> <FONT size=1 face="serif">&nbsp; </FONT><I><FONT size=1 face="serif"> Proportional
            subscribers are calculated as the sum of Millicom&#146;s percentage
            ownership of subscribers in each operation.</FONT></I></td>
    </tr>
  </table>
  <BR>
  <P align="right"><FONT size=2 face="serif">3</FONT></P>
  <br>
  <br>
  <hr size=3 color=GRAY noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE -->
  <br>
  <br>
  <P align="center"> <B><U><FONT size=2 face="serif">FINANCIAL RESULTS FOR THE
          THREE MONTHS ENDED MARCH 31, 2005</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
  <P> <FONT size=2 face="serif">Total revenues for the three months ended March
      31, 2005 were $268.9 million, an increase of 26% from the first quarter
      of 2004 and of 5% from the previous quarter, reflecting the increasing
      trend of growth in Millicom&#146;s operations. Millicom recorded revenue
      growth in Africa of 51% to $48.0 million in the first quarter of 2005 compared
      with the same period in 2004, with Senegal producing growth of 67%. First
      quarter revenues for South East Asia were $70.3 million compared to $55.7
      million in the first quarter of 2004, an increase of 26% and for South
      Asia, revenues were $29.7 million, a 3% decrease from the first quarter
      of 2004, but a 19 % increase from the previous quarter when revenues were
      depressed following the delay in the launch of the GSM services. </FONT></P>
  <P> <FONT size=2 face="serif">The Central American market continued to perform
      strongly, producing a 29% increase in revenues from $68.8 million for the
      first quarter of 2004 to $88.6 million for the first quarter of 2005. In
      South America, revenue growth at 25% has improved significantly and Paraguay
      and Bolivia produced revenue increases of 27% and 22% respectively compared
      to the first quarter of 2004. </FONT></P>
  <P align="center"> <B><U><FONT size=2 face="serif">COMMENTS ON FINANCIAL STATEMENTS</FONT></U></B></P>
  <P> <FONT size=2 face="serif">The depreciation and amortisation charge for
      the first quarter of 2005 included $19.0 million in relation to Vietnam. </FONT></P>
  <P> <FONT size=2 face="serif">Write-down of assets include an impairment charge
      of $16.6 million on the property, plant and equipment in Vietnam as the
      Business Cooperation Contract in Vietnam expires on May 18, 2005 and an
      impairment charge on the Pakcom analog equipment of $5.2 million. The Vietnam
      asset impairment is due to a late approval of investments required under
      the BCC preventing CIV from generating revenues on these fixed assets. </FONT></P>
  <P> <FONT size=2 face="serif">The interest expense for the first quarter of
      2005 comprised prepaid interest and amortization of deferred financing
      fees on the 5% Notes of $6.6 million, interest and amortization of deferred
      financing fees on the 10% Notes of $14.7 million and on the 4% convertible
      bonds of $3.5 million, interest expenses of $3.3 million computed on the
      Paktel license payable and interest expenses on other debt and financing
      of $5.2 million. </FONT></P>
  <P> <FONT size=2 face="serif">For the first quarter of 2005, the conversion
      to US dollars of the 5% mandatory exchangeable Notes in Tele2 shares (the &#147;5%
      Notes&#148;) resulted in an exchange gain of $21.4 million and the embedded
      derivative on the 5% Notes resulted in a fair value gain of $26.2 million.
      These gains were offset by a loss resulting from the valuation movement
      on the Tele2 shares of $55.5 million. This resulted in a net loss of $7.9
      million for the quarter. </FONT></P>
  <P> <FONT size=2 face="serif">The 4% convertible bonds are convertible at the
      option of holders at any time up to December 29, 2009, unless previously
      redeemed, converted or purchased and cancelled, into Millicom common stock
      at a conversion price of $34.86 per share. Millicom has apportioned part
      of the value of these notes to equity and part to debt. The value allocated
      to equity as of March 31, 2005 was $39.1 million and the value allocated
      to debt was $158.1 million. </FONT></P>
  <P> <FONT size=2 face="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 March 31, 2005, the Paktel license results
      in a non-current liability of $178.8 million and a current liability of
      $28.7 million. The license in Ghana results in a non-current liability
      of $12.0 million and a current liability of $4.0 million. </FONT></P>
  <P align="right"> <FONT size=2 face="serif">4</FONT></P>
  <br>
  <br>
  <hr size=3 color=GRAY noshade>
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  <br>
  <br>
  <P> <I><FONT size=2 face="serif">Millicom International Cellular S.A. is a
        global telecommunications investor with cellular operations in Asia,
        Latin America and Africa. It currently has a total of 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="serif">This press release may contain certain &#147;forward-looking
        statements&#148; with respect to Millicom&#146;s expectations and plans,
        strategy, management&#146;s objectives, future performance, costs, revenues,
        earnings and other trend information. It is important to note that Millicom&#146;s
        actual results in the future could differ materially from those anticipated
        in forward-looking statements depending on various important factors.
        Please refer to the documents that Millicom has filed with the U.S. Securities
        and Exchange Commission under the U.S. Securities Exchange Act of 1934,
        as amended, including Millicom&#146;s most recent annual report on Form
        20-F, for a discussion of certain of these factors. </FONT></I></P>
  <P> <I><FONT size=2 face="serif">All forward-looking statements in this press
        release are based on information available to Millicom on the date hereof.
        All written or oral forward-looking statements attributable to Millicom
        International Cellular S.A., any Millicom International Cellular S.A.
        members or persons acting on Millicom&#146;s behalf are expressly qualified
        in their entirety by the factors referred to above. Millicom does not
        intend to update these forward-looking statements. </FONT></I></P>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD width=45% align=left> <B><FONT size=2 face="serif">CONTACTS:</FONT></B> </TD>
      <TD width=15% align=left> </TD>
      <TD width=1%>&nbsp; </TD>
      <TD width=39% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=45% align=left> <B><FONT size=2 face="serif">Marc Beuls</FONT></B> </TD>
      <TD width=15% align=right> <B><FONT size=2 face="serif">Telephone:</FONT></B> </TD>
      <TD width=1%>&nbsp; </TD>
      <TD width=39% align=left> &nbsp;<B><FONT size=2 face="serif">+352 27 759
            327</FONT></B> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=45% align=left> <FONT size=2 face="serif">President and Chief
          Executive Officer</FONT> </TD>
      <TD width=15% align=left> </TD>
      <TD width=1%>&nbsp; </TD>
      <TD width=39% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=45% align=left> <FONT size=2 face="serif">Millicom International
          Cellular S.A., Luxembourg</FONT> </TD>
      <TD width=15% align=left> </TD>
      <TD width=1%>&nbsp; </TD>
      <TD width=39% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=45% align=left> <B><FONT size=2 face="serif">Andrew Best</FONT></B> </TD>
      <TD width=15% align=right> <B><FONT size=2 face="serif">Telephone:</FONT></B> </TD>
      <TD width=1%>&nbsp; </TD>
      <TD width=39% align=left> &nbsp;<B><FONT size=2 face="serif">+44 20 7321
            5022</FONT></B> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=45% align=left> <FONT size=2 face="serif">Investor Relations</FONT> </TD>
      <TD width=15% align=left> </TD>
      <TD width=1%>&nbsp; </TD>
      <TD width=39% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=45% align=left> <FONT size=2 face="serif">Shared Value Ltd, London</FONT> </TD>
      <TD width=15% align=left> </TD>
      <TD width=1%>&nbsp; </TD>
      <TD width=39% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=45% align=left> <FONT size=2 face="serif">Visit our web site
          at </FONT><B><U><FONT size=2 face="serif">http://www.millicom.com</FONT></U></B> </TD>
      <TD width=15% align=left> </TD>
      <TD width=1%>&nbsp; </TD>
      <TD width=39% align=left> </TD>
    </TR>
  </TABLE>
  <BR>
  <P align="center"> <B><U><FONT size=2 face="serif">APPENDICES</FONT></U></B></P>
  <UL>
    <LI> <B><FONT size=2 face="serif">Consolidated statements of profit and loss
          for the three months ended March 31, 2005</FONT></B> <B><FONT size=2 face="serif">and
          2004<br>
            <br>
    </FONT></B></LI>
    <LI> <B><FONT size=2 face="serif">Consolidated balance sheets as at March
          31, 2005 and December 31, 2004<br>
            <br>
    </FONT></B></LI>
    <LI> <B><FONT size=2 face="serif">Condensed consolidated statements of cash
          flows for the three months ended December 31,</FONT></B> <B><FONT size=2 face="serif">2005
          and 2004<br>
            <br>
    </FONT></B></LI>
    <LI> <B><FONT size=2 face="serif">Condensed consolidated statements of changes
          in shareholders&#146; equity for the three months</FONT></B> <B><FONT size=2 face="serif">ended
          March 31, 2005 and for the year ended December 31, 2004<br>
            <br>
    </FONT></B></LI>
    <LI> <B><FONT size=2 face="serif">Quarterly analysis by cluster</FONT></B></LI>
  </UL>
  <P align="right"> <FONT size=2 face="serif">5</FONT></P>
  <br>
  <br>
  <hr size=3 color=GRAY noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE -->
  <br>
  <br>
  <P align="center"><B><FONT size=2 face="serif">Millicom International Cellular
        S.A.</FONT></B></P>
  <P align="center"><B><FONT size=2 face="serif">Consolidated statements of profit
        and loss<br>
  for the three months ended March 31, 2005 and 2004</FONT></B></P>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD colspan="6" align=left><hr size=3 color=GRAY noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD width="72%" align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right nowrap> <B><FONT size=2 face="serif">Quarter ended<br>
      March 31, 2005</FONT></B> </TD>
      <TD align=left></TD>
      <TD width="12%" align=right nowrap> <B><FONT size=2 face="serif">Quarter ended<br>
      March 31, 2004(i)</FONT></B></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="serif">(Unaudited)<br>
      US$ &#146;000</FONT> </TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="serif">(Unaudited)<br>
      US$ &#146;000</FONT> </TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width="72%" align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
      <TD width="12%" align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Revenues</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">268,891</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">213,859</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Operating expenses</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Cost of sales
          (excluding depreciation and amortization)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(73,359</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(56,074</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Sales and marketing</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(39,697</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(28,790</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">General and administrative
          expenses</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(30,023</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(22,205</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Other Operating
          income</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">661</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">-</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Corporate and
          license acquisition costs</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(6,590</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(7,314</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Cost of stock
          options granted to directors and employees</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(615</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(160</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Write-down of
          assets, net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(23,098</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(405</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Depreciation
          and amortization</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(57,266</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(37,004</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD width="72%"></TD>
      <TD width="2%"></TD>
      <TD width="10%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
      <TD width="12%">&nbsp;</TD>
      <TD width="2%">&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Operating profit</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">38,904</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">61,907</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Gain on exchange
          and disposal of investments</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">222</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">30</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Valuation movement
          on investment in securities</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(55,512</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(66,106</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Fair value result
          on financial instruments</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">26,225</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">51,700</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Interest expense</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(33,287</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(27,349</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Interest income</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">4,919</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">1,574</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Exchange gain,
          net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">19,693</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">14,424</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Profit from associates</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">62</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">134</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Profit before taxes</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,226</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">36,314</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Taxes</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(11,968</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(16,702</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Net Profit / (Loss)
            after taxes, before minority interest</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(10,742</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">19,612</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Minority interest</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(521</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(5,042</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Net Profit / (Loss)
            for the quarter</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(11,263</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">14,570</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD colspan="4">
        <HR noshade size=2>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Basic earnings per
            common share (US$)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">0.22</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="4">
        <HR noshade size=2>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Weighted average
            number of shares</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">outstanding in the
            quarter (in thousands)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">98,637</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">65,963</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="4">
        <HR noshade size=2>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Profit for the quarter
            used to determine diluted earnings per</FONT></B> <B><FONT size=2 face="serif">common
            share</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(11,263</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">16,123</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="4">
        <HR noshade size=2>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Diluted earnings
            per common share (US$)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(0.11</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">0.20</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="4">
        <HR noshade size=2>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Weighted average
            number of shares and potential</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">dilutive shares
            outstanding in the quarter (in thousands)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">98,637</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">79,930</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="4">
        <HR noshade size=2>
      </TD>
    </TR>
</TABLE>
  <BR>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR align="left" valign="bottom">
      <TD width=3%><FONT size=1 face="serif">(i)</FONT></TD>
      <TD width=97%> <FONT size=1 face="serif">Comparative information restated
          as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148; and
          IAS 1, revised, &#147;Presentation of Financial Statement&#148;</FONT> </TD>
    </TR>
  </TABLE>
  <BR>
  <P align="right"> <FONT size=2 face="serif">6 </FONT></P>
  <br>
  <br>
  <hr size=3 color=GRAY noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE -->
  <br>
  <br>
  <P align="center"><B><FONT size=2 face="serif">Millicom International Cellular
        S.A.</FONT></B></P>
  <P align="center"><B><FONT size=2 face="serif">Consolidated balance sheets<br>
  as at March 31, 2005 and December 31, 2004</FONT></B></P>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD colspan="6" align=left><hr size=3 color=GRAY noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right> <B><FONT size=2 face="serif"> March 31,<br>
      2005</FONT></B> </TD>
      <TD align=left></TD>
      <TD align=right> <B><FONT size=2 face="serif"> Dec. 31,<br>
      2004(i)</FONT></B></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="serif">(Unaudited)<br>
      US$ &#146;000</FONT> </TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="serif"> US$ &#146;000</FONT> </TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><U><FONT size=2 face="serif">Assets</FONT></U></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Non-current assets</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Intangible assets</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Goodwill</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">45,329</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">37,702</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Licenses,
          net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">269,911</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">277,705</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other
          intangible assets, net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">2,513</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">2,561</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Property, plant
          and equipment, net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">545,432</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">575,649</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Financial assets</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investment
          in Tele2 AB shares</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">296,370</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">351,882</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investment
          in other securities</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">10,582</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">10,540</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investment
          in associates</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">3,597</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">2,220</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Embedded derivative
          on the 5% Mandatory Exchangeable Notes</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">71,480</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">45,255</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Pledged
          deposits</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">16,797</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">25,544</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Deferred taxation</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">6,009</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">5,883</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="4">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Total non-current
            assets</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,268,020</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">1,334,941</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="4">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Current assets</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Financial assets</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Investment
          in other securities</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">15,390</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">15,327</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Inventories</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">14,298</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">16,304</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Trade receivables,
          net</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">128,171</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">141,972</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Amounts due from
          joint ventures and joint venture partners</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">9,651</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">11,715</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Amounts due from
          other related parties</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,956</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">2,067</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Prepayments and
          accrued income</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">47,324</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">36,875</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Other current
          assets</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">68,185</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">62,377</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Pledged deposits</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,515</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">9,260</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Time deposits</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">13,297</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">610</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp;<FONT size=2 face="serif">Cash and cash
          equivalents</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">669,960</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">413,381</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="4">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Total current assets</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">969,747</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">709,888</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD colspan="4">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Total assets</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <B><FONT size=2 face="serif">2,237,767</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=12% align=right> <B><FONT size=2 face="serif">2,044,829</FONT></B> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD colspan="4">
        <HR noshade size=2>
      </TD>
    </TR>
  </TABLE>
  <BR>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR align="left" valign="bottom">
      <TD width=3%><FONT size=1 face="serif">(i)</FONT></TD>
      <TD width=97%> <FONT size=1 face="serif">Comparative information restated
          as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148; and
          IAS 1, revised, &#147;Presentation of Financial Statement&#148;</FONT> </TD>
    </TR>
  </TABLE>
  <BR>
  <P align="right"> <FONT size=2 face="serif">7 </FONT></P>
  <br>
  <br>
  <hr size=3 color=GRAY noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE -->
  <br>
  <br>
  <P align="center"><B><FONT size=2 face="serif">Millicom International Cellular
        S.A.</FONT></B></P>
  <P align="center"><B><FONT size=2 face="serif">Consolidated balance sheets<br>
  as at March 31, 2005 and December 31, 2004</FONT></B></P>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD colspan="6" align=left><hr size=3 color=GRAY noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right> <B><FONT size=2 face="serif"> March 31,<br>
      2005</FONT></B> </TD>
      <TD align=left></TD>
      <TD align=right> <B><FONT size=2 face="serif"> Dec. 31,<br>
      2004(i)</FONT></B></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="serif">(Unaudited)<br>
      US$ &#146;000</FONT> </TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="serif"> US$ &#146;000</FONT> </TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><U><FONT size=2 face="serif">Shareholders&#146; equity
              and liabilities</FONT></U></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Shareholders&#146; equity</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Share
          capital and premium (represented by 99,361,748 shares as of March 31,
          2005)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">516,073</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">513,782</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Treasury
          stock (represented by 654,852 shares as of March 31, 2005)</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(8,833</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(8,833</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">4% Convertible
          Notes &#150; equity component</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">39,109</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">-</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Stock
          options compensation reserve</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">2,912</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">2,297</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Legal
          reserve</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">13,577</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">13,577</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Retained
          losses brought forward</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(203,037</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(277,053</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Net Profit
          / (Loss) for the period</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(11,263</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">66,389</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Currency
          translation reserve</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(72,385</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(71,116</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<FONT size=2 face="serif">Minority
          interest</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">43,481</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">43,351</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Total shareholders&#146; equity</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">319,634</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">282,394</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Liabilities</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">Non-current
            liabilities</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10%
          Senior Notes</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">536,863</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">536,629</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">4%
          Convertible Notes &#150; Debt component</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">158,115</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">-</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">5%
          Mandatory Exchangeable Notes &#150; Debt component</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">346,347</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">365,006</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other
          debt and financing</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">115,952</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">124,267</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other
          non-current liabilities</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">197,458</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">194,774</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Deferred
          taxation</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">35,298</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">39,216</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Total non-current
            liabilities</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,390,033</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">1,259,892</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp;<B><FONT size=2 face="serif">Current
            liabilities</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=left> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=left> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other
          debt and financing</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">81,910</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">88,511</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Trade
          payables</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">179,127</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">173,969</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Amounts
          due to joint ventures and joint venture partners</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">4,615</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">7,760</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Amounts
          due to related parties</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">147</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">975</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Accrued
          interest and other expenses</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">66,863</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">55,203</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Other
          current liabilities</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">195,438</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">176,125</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Total current liabilities</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">528,100</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">502,543</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Total liabilities</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">1,918,133</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">1,762,435</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <B><FONT size=2 face="serif">Total shareholders&#146; equity
            and liabilities</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <B><FONT size=2 face="serif">2,237,767</FONT></B> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <B><FONT size=2 face="serif">2,044,829</FONT></B> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD colspan="4">
        <HR noshade size=2>
      </TD>
    </TR>
  </TABLE>
  <br>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR align="left" valign="bottom">
      <TD width=3%><FONT size=1 face="serif">(i)</FONT></TD>
      <TD width=97%> <FONT size=1 face="serif">Comparative information restated
          as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148; and
          IAS 1, revised, &#147;Presentation of Financial Statement&#148;</FONT> </TD>
    </TR>
  </TABLE>
  <P align="right"><FONT
size=2 face="serif"> </FONT></P>
  <P align="right"> <FONT size=2 face="serif">8 </FONT></P>
  <br>
  <hr size=3 color=GRAY noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE -->
  <br>
  <br>
  <P align="center"><B><FONT size=2 face="serif">Millicom International Cellular
        S.A.</FONT></B></P>
  <P align="center"><B><FONT size=2 face="serif">Condensed consolidated statements
        of cash flows<br>
  for the three months ended March 31, 2005 and 2004</FONT></B></P>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD colspan="6" align=left><hr size=3 color=GRAY noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right> <B><FONT size=2 face="serif"> March 31,<br>
      2005</FONT></B> </TD>
      <TD align=left></TD>
      <TD align=right> <B><FONT size=2 face="serif"> Dec. 31,<br>
      2004(i)</FONT></B></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="serif">(Unaudited)<br>
      US$ &#146;000</FONT> </TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="serif"> (Unaudited)<br>
      US$ &#146;000</FONT> </TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size="2" face="serif">Net cash provided
          by operating activities</FONT> </TD>
      <TD width=2%><font size="2">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size="2" face="serif">106,910</FONT> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD width=12% align=right> <FONT size="2" face="serif">75,405</FONT> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size="2" face="serif">Cash flow
          used by investing activities</FONT> </TD>
      <TD width=2%><font size="2">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size="2" face="serif">(34,589</FONT> </TD>
      <TD width=2% align=left> <FONT size="2" face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size="2" face="serif">(97,043</FONT> </TD>
      <TD width=2% align=left> <FONT size="2" face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size="2" face="serif">Cash flow
          provided / (used) by financing activities</FONT> </TD>
      <TD width=2%><font size="2">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size="2" face="serif">184,310</FONT> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD width=12% align=right> <FONT size="2" face="serif">(30,360</FONT> </TD>
      <TD width=2% align=left> <FONT size="2" face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size="2" face="serif">Cash effect
          of exchange rate changes</FONT> </TD>
      <TD width=2%><font size="2">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size="2" face="serif">(52</FONT> </TD>
      <TD width=2% align=left> <FONT size="2" face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size="2" face="serif">58</FONT> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR>
      <TD width="72%"><font size="2">&nbsp;</font> </TD>
      <TD width="2%"><font size="2">&nbsp;</font> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size="2" face="serif">Net increase
          in cash and cash equivalents</FONT> </TD>
      <TD width=2%><font size="2">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size="2" face="serif">256,579</FONT> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD width=12% align=right> <FONT size="2" face="serif">(51,940</FONT> </TD>
      <TD width=2% align=left> <FONT size="2" face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size="2" face="serif">Cash and cash
          equivalents, beginning</FONT> </TD>
      <TD width=2%><font size="2">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size="2" face="serif">413,381</FONT> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD width=12% align=right> <FONT size="2" face="serif">148,829</FONT> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR>
      <TD width="72%"><font size="2">&nbsp;</font> </TD>
      <TD width="2%"><font size="2">&nbsp;</font> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size="2" face="serif">Cash and cash
          equivalents, ending</FONT> </TD>
      <TD width=2%><font size="2">&nbsp;</font> </TD>
      <TD width=10% align=right> <FONT size="2" face="serif">669,960</FONT> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
      <TD width=12% align=right> <FONT size="2" face="serif">96,889</FONT> </TD>
      <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD colspan="4">
        <HR noshade size=2>
      </TD>
    </TR>
  </TABLE>
  <BR>
  <P align="center"> <B><FONT size=2 face="serif">Millicom International Cellular
        S.A. </FONT></B></P>
  <P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Condensed
        consolidated statements of changes in shareholders&#146; equity<br>
  for the three months ended March 31, 2005 and for the year ended December 31,
  2004</FONT></B></P>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD colspan="6" align=left><hr size=3 color=GRAY noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right> <B><FONT size=2 face="serif"> March 31,<br>
      2005</FONT></B> </TD>
      <TD align=left></TD>
      <TD align=right> <B><FONT size=2 face="serif"> Dec. 31,<br>
      2004(i)</FONT></B></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="serif">(Unaudited)<br>
      US$ &#146;000</FONT> </TD>
      <TD align=left></TD>
      <TD align=right> <FONT size=2 face="serif"> US$ &#146;000</FONT> </TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">Shareholders&#146; equity
          as at January 1</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">282,394</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(58,609</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">Derecognition of negative
          goodwill on January 1</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">7,627</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">-</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">(Loss) / Profit for
          the period / year</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(11,263</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">66,389</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">Stock options scheme</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">615</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">1,852</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">Net proceeds of equity
          offering</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">-</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">203,616</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">Shares issued via the
          exercise of stock options</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">2,291</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">2,867</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">Equity component of
          4% Convertible Bonds</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">39,109</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">-</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">Conversion of 2% PIK
          Notes</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">-</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">51,417</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">Movement in currency
          translation reserve</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">(1,269</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">(1,918</FONT> </TD>
      <TD width=2% align=left> <FONT size=2 face="serif">)</FONT> </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">Minority interest</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">130</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">16,780</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD width="10%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
      <TD width="12%">
        <HR noshade size=1>
      </TD>
      <TD width="2%">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=72% align=left> <FONT size=2 face="serif">Shareholders&#146; equity</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=10% align=right> <FONT size=2 face="serif">319,634</FONT> </TD>
      <TD width=2% align=left> </TD>
      <TD width=12% align=right> <FONT size=2 face="serif">282,394</FONT> </TD>
      <TD width=2% align=left> </TD>
    </TR>
    <TR>
      <TD width="72%"> </TD>
      <TD width="2%"> </TD>
      <TD colspan="4">
        <HR noshade size=2>
      </TD>
    </TR>
  </TABLE>
  <BR>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR align="left" valign="bottom">
      <TD width=3%><FONT size=1 face="serif">(i)</FONT></TD>
      <TD width=97%> <FONT size=1 face="serif">Comparative information restated
          as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148; and
          IAS 1, revised, &#147;Presentation of Financial Statement&#148;</FONT> </TD>
    </TR>
  </TABLE>
  <BR>
  <P align="right"> <FONT size=2 face="serif">9 </FONT></P>
  <br>
  <br>
  <hr size=3 color=GRAY noshade>
  <!-- *************************************************************************** -->
  <!-- MARKER PAGE -->
  <br>
  <br>
  <P align="center"> <B><FONT size=2 face="serif">Millicom International Cellular
        S.A.<br>
  Quarterly analysis by cluster</FONT></B></P>
  <TABLE width=95% border=0 cellspacing=0 cellpadding=0>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=center> <B><FONT size=2 face="serif">05 Q1</FONT></B></TD>
      <TD align="center">&nbsp;</TD>
      <TD align=center> <B><FONT size=2 face="serif">04 Q4</FONT></B></TD>
      <TD align="center">&nbsp;</TD>
      <TD align=center> <B><FONT size=2 face="serif">04 Q3</FONT></B></TD>
      <TD align="center">&nbsp;</TD>
      <TD align=center> <B><FONT size=2 face="serif">04 Q2</FONT></B></TD>
      <TD align="center">&nbsp;</TD>
      <TD align=center> <B><FONT size=2 face="serif">04 Q1</FONT></B></TD>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</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>
      <TD align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="serif">Total cellular subs</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2% align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">South East Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">2,724,656</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">2,499,307</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">2,180,800</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,939,790</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,706,073</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">South Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">1,677,299</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,458,846</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,300,977</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,271,138</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,246,692</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">Central America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">1,859,130</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,697,036</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,537,904</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,523,790</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,443,815</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">South America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">985,715</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">937,397</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">843,384</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">774,304</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">739,530</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">Africa</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">1,294,795</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,120,615</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">990,168</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">863,345</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">761,261</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD width="48%"> </TD>
      <TD> </TD>
      <TD colspan="10">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">Total</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">8,541,595</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">7,713,201</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">6,853,233</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">6,372,367</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">5,897,371</FONT></B> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="10">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="serif">Prop cellular subs</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2% align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">South East Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">1,227,011</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,125,808</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">990,144</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">883,229</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">779,517</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">South Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">1,474,479</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,246,132</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,083,736</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,063,081</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,044,513</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">Central America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">1,251,121</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,149,299</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,049,491</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,037,755</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">987,115</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">South America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">964,775</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">916,465</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">823,360</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">754,900</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">721,602</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">Africa</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">1,042,704</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">894,555</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">790,990</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">682,220</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">595,283</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="10">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">Total</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">5,960,090</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">5,332,259</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">4,737,721</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">4,421,185</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">4,128,030</FONT></B> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="10">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <B><FONT size=2 face="serif">Revenues (US$ &#146;000)</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=left> </TD>
      <TD width=2% align=left></TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">South East Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">70,296</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">64,632</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">59,624</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">51,803</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">55,743</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">South Asia</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">29,704</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">24,889</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">28,006</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">29,746</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">30,608</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">Central America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">88,592</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">87,899</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">77,660</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">70,691</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">68,784</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">South America</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">31,211</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">32,302</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">30,116</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">26,573</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">25,014</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">Africa</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">47,954</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">44,355</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">38,759</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">35,193</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">31,672</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">Other</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">1,134</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,609</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">1,707</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">2,043</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <FONT size=2 face="serif">2,038</FONT> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="10">
        <HR noshade size=1>
      </TD>
    </TR>
    <TR valign="bottom">
      <TD width=48% align=left> <FONT size=2 face="serif">Total</FONT> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">268,891</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">255,686</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">235,872</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">216,049</FONT></B> </TD>
      <TD width=2%>&nbsp; </TD>
      <TD width=8% align=right> <B><FONT size=2 face="serif">213,859</FONT></B> </TD>
      <TD width=2% align=right>&nbsp;</TD>
    </TR>
    <TR>
      <TD> </TD>
      <TD> </TD>
      <TD colspan="10">
        <HR noshade size=1>
      </TD>
    </TR>
  </TABLE>
  <BR>
  <P align="right"> <FONT size=2 face="serif">10</FONT></P>
  <BR>

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