-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 G21p4P0aMoc5TwrY221mTQLpk2CrCQ1mrnVUgFLY4eW3a0s5I3Sc2RnrXINPSoyO
 Ie7lgxhlLiwUE1pvkfoScg==

<SEC-DOCUMENT>0000950103-05-001771.txt : 20050725
<SEC-HEADER>0000950103-05-001771.hdr.sgml : 20050725
<ACCEPTANCE-DATETIME>20050725150720
ACCESSION NUMBER:		0000950103-05-001771
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050725
FILED AS OF DATE:		20050725
DATE AS OF CHANGE:		20050725

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:		05971220

	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>jul2505_6k.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<br>
  <br>
</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>
  <br>
</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 July
    25, 2005</FONT></p>
<p align="center"><font face="Times New Roman, Times, serif" size="3">Commission File Number: 000-22828</font></p>

    <div align="center"><font size="3" face="Times New Roman, Times, serif"><B>MILLICOM INTERNATIONAL</B></font></div>

    <div align="center"><B><font size="3" face="Times New Roman, Times, serif">CELLULAR S.A.</font></B></div>

    <div align="center"><font size="3" face="Times New Roman, Times, serif">75 Route de Longwy</font></div>

    <div align="center"><font size="3" face="Times New Roman, Times, serif">Box 23, L-8080 Bertrange</font></div>

    <div align="center"><font size="3" face="Times New Roman, Times, serif"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand-Duchy of Luxembourg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></font></div>
        <div align="center"><font face="Times New Roman, Times, serif" size="2">(Address of principal executive offices)</font>
    </div>
    <blockquote>
      <blockquote>
        <blockquote>
          <p><font size="3" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
                    by check mark whether the registrant files or will file annual reports
                under cover of Form 20-F or Form 40-F.</font></p>
        </blockquote>
      </blockquote>
    </blockquote>
<div align=center>
  <table width="60%" border=0 cellpadding=0 cellspacing=0>
        <tr align="center">
          <td width="30%" align="right" valign="top"><font size="3" face="Times New Roman, Times, serif">Form
              20-F <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u> </font></td>
          <td width="40%" align="left" valign="top">&nbsp;</TD>
          <td width="30%" align="left" valign="top"><font size="3" face="Times New Roman, Times, serif">Form
              40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
        </tr>
  </table>
</div>
<blockquote>
  <blockquote>
        <blockquote>
          <p><font size="3" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
                by check mark if the registrant is submitting the Form 6-K in paper as permitted
            by Regulation S-T Rule 101(b)(1): ___</font></p>
          <p><font size="3" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
          by check mark if the registrant is submitting the Form 6-K in paper as permitted
      by Regulation S-T Rule 101(b)(7): ___</font></p>
          <p><font size="3" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
          by check mark whether the registrant by furnishing the information contained
          in this Form is also thereby furnishing the information to the Commission
      pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font>
          </p>
    </blockquote>
  </blockquote>
</blockquote>
<div align=center>
  <table width="60%" border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="25%" align="right" valign="top"><font size="3" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
      <td width="50%" align="left" valign="top">&nbsp;</TD>
      <td width="25%" align="left" valign="top"><font size="3" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></TD>
    </tr>
  </table>
</div>
<blockquote>
  <blockquote>
    <blockquote>
      <p><font size="3" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If &#147;Yes&#148; is
                  marked, indicate below the file number assigned to the registrant
          in connection with Rule 12g3-2(b): 82- ____________</font><font size="2" face="Times New Roman, Times, serif"><br>
        <br>
      </font></p>
    </blockquote>
  </blockquote>
</blockquote>
<hr align="center" width="100%" size="1" noshade color="#000000" style="margin-top: -2px">
<hr align="center" width="100%" size="4" noshade color="#000000" style="margin-top: -10px">
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<br>
<br>
<p align="center"><font face="Times New Roman, Times, serif" size="2">MILLICOM INTERNATIONAL CELLULAR S.A.</font></p>
<p align="center"><font face="Times New Roman, Times, serif" size="2">INDEX TO EXHIBITS</font></p>
<p><font face="Times New Roman, Times, serif" size="2"><u>Items</u></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="4%" valign=top nowrap>
<FONT face="serif" size=2>1.</FONT></TD>
        <TD width="96%">
<FONT face="serif" size=2>Press release dated July 25, 2005 </FONT></TD>
</TR>
</TABLE>
<P>
<FONT face="serif" size=2>The information contained in this report is incorporated by reference into Registration Statement No. 333-111779. </FONT><FONT SIZE="2"><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<br>
</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%">&nbsp;</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 align="center">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><font size="2" face="Times New Roman, Times, serif">Date: July 25,
      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>&nbsp;</td>
      <td colspan="2" align="center"><hr align="left" width=75% size=1 noshade color="#000000"></td>
    </tr>
    <tr>
      <td>&nbsp;</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>&nbsp;</td>
      <td><font size="2" face="Times New Roman, Times, serif">Title:</font></td>
      <td><font size="2">Chief Financial Controller </font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="2" align="left">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td colspan="2" align="left">&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>
<div align="center"><IMG src="releasex1x1.jpg" border=0>
  <br>
  <B><FONT size=5 face="serif">MILLICOM INTERNATIONAL CELLULAR S.A.</FONT></B></div>
<P align="right">
<B><FONT size=2 face="serif">FOR IMMEDIATE RELEASE<br>
</FONT></B>
<B><FONT size=2 face="serif">July 25, 2005</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">MILLICOM INTERNATIONAL CELLULAR S.A. ANNOUNCES RESULTS <br>
FOR THE PERIOD ENDED JUNE 30, 2005 </FONT></B></P>
<UL>
<LI>
<B><FONT size=2 face="serif">21% increase in Revenues for Q2 05 to $261.4m (Q2 04: $215.2m)*</FONT></B></LI>
<LI>
<B><FONT size=2 face="serif">14% increase in EBITDA for Q2 05 to $122.2m (Q2 04: $107.5m)*</FONT></B></LI>
<LI>
<B><FONT size=2 face="serif">Profit for Q2 05 of $4.9m (Q2 04: profit of $14.3m) </FONT></B><B><SUP><FONT size=2 face="serif">(iv)</FONT></SUP></B></LI>
<LI>
<B><FONT size=2 face="serif">Basic Earnings per common share for Q2 05 of $0.05 (Q2 04 Earnings per share: $0.17) </FONT></B><B><SUP><FONT size=2 face="serif">(iv)<br>
</FONT></SUP></B></LI>
<br>
<LI>
<B><FONT size=2 face="serif">24% increase in Revenues for the first half of 2005 to $530.3m (2004: $428.3m)*</FONT></B></LI>
<LI>
<B><FONT size=2 face="serif">16% increase in EBITDA for the first half of 2005 to $248.7m (2004: $214.1m)*</FONT></B></LI>
<LI>
<B><FONT size=2 face="serif">Loss for the first half of 2005 of $6.4m (2004: profit of $28.9m) </FONT></B><B><SUP><FONT size=2 face="serif">(iv)</FONT></SUP></B></LI>
<LI>
<B><FONT size=2 face="serif">Basic Earnings / (Loss) per common share of ($0.06) for the first half of 2005 (2004: $0.38) </FONT></B><B><SUP><FONT size=2 face="serif">(iv)</FONT></SUP></B></LI>
</UL>
<P align="left">
<FONT size=2 face="serif">New York, Stockholm and Luxembourg &#150; July 25, 2005 &#150; Millicom International Cellular S.A. (Nasdaq Stock Market: MICC, Stockholmsb&ouml;rsen and Luxembourg Stock Exchange: MIC), the global telecommunications
investor, today announces results for the quarter and six months ended June 30, 2005. </FONT></P>
<P align="center">
<FONT size=2 face="serif">Financial summary for the quarters ended June 30, 2005 and 2004* </FONT></P>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR align="right" valign="bottom">
  <TD colspan=3>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD></TD>
</TR>
<TR align="right" valign="bottom">
  <TD colspan=3>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2"><b><font size=2 face="serif">June 30<br>
    2005</font></b></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD rowspan="2"><b><font size=2 face="serif">June 30<br>
    2004</font><sup><font size=2 face="serif">(iv)</font></sup></b></TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD></TD>
</TR>
<TR align="right" valign="bottom">
  <TD colspan=3>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD></TD>
  <TD>&nbsp;</TD>
  <TD><b><font size=2 face="serif">Change</font></b></TD>
  <TD></TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 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=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% 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=5% align=left>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD colspan="2">
<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">5,836,160</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,421,185</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD colspan="2">
      <FONT size=2 face="serif">total cellular</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,205,649</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,372,367</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">13</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR>
        <TD width="5%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="47%">
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>      </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=5% align=left>
<B><U><FONT size=2 face="serif">US$ &#145;000</FONT></U></B></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=47% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% 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=5% align=left>
<B><FONT size=2 face="serif">Revenues</FONT></B>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=47% align=left>&nbsp;</TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">261,381</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">215,215</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
     <TD colspan=3 align=left>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left></TD>
     <TD>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left> <b><font size=2 face="serif">Operating profit before interest, taxes,</font></b></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">122,230</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">107,521</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left> <b><font size=2 face="serif">depreciation and amortization, EBITDA</font></b><b><sup><font size=2 face="serif">(iii)</font></sup></b></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% 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 colspan=3 align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left> <b><font size=2 face="serif">EBITDA margin</font></b></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">50</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>&nbsp;
        </TD>
        <TD width=2% align=left><font size=2 face="serif">-</font>

        </TD>
</TR>
<TR>
        <TD width="5%">
        </TD>
        <TD width="2%"></TD>
        <TD width="47%"></TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD width="5%">&nbsp;

        </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left> <b><font size=2 face="serif">Profit for the period </font></b><sup><font size=2 face="serif">(iv)</font></sup></TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,877</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14,323</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>&nbsp;
        </TD>
        <TD width=2% align=left><font size=2 face="serif">-</font>

        </TD>
</TR>
<TR>
        <TD width="5%">
        </TD>
        <TD width="2%"></TD>
        <TD width="47%"></TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left> <b><font size=2 face="serif">Basic earnings per common share (US$) </font></b><sup><font size=2 face="serif">(iv)</font></sup> </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.05</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.17</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>&nbsp;
        </TD>
        <TD width=2% align=left><font size=2 face="serif">-</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left> <b><font size=2 face="serif">Diluted earnings per common share (US$) </font></b><sup><font size=2 face="serif">(iv)</font></sup> </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.05</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">0.16</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>&nbsp;
        </TD>
        <TD width=2% align=left><font size=2 face="serif">-</font>

        </TD>
</TR>
<TR>
        <TD width="5%">
        </TD>
        <TD width="2%"></TD>
        <TD width="47%"></TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 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">98,750</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">86,094</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B></B>
        </TD>
        <TD width=2% align=left><b><font size=2 face="serif">-</font></b>

        </TD>
</TR>
<TR>
        <TD width="5%">
        </TD>
        <TD width="2%"></TD>
        <TD width="47%"></TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 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=2%>&nbsp;
        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% 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 colspan=3 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">99,599</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">89,601</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=8% align=right>
<B></B>
        </TD>
        <TD width=2% align=left><b><font size=2 face="serif">-</font></b>

        </TD>
</TR>
<TR>
        <TD width="5%">
        </TD>
        <TD width="2%"></TD>
        <TD width="47%"></TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2></TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="8%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<I><FONT size=1 face="serif">(i)</FONT></I>         </TD>
        <TD width="95%">
<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. Subscriber figures exclude divested operations.</FONT></I> </TD>
</TR>
<TR>
        <TD width="5%" valign=top nowrap>
<I><FONT size=1 face="serif">(ii)</FONT></I></TD>
        <TD width="95%">
<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="5%" valign=top nowrap>
<I><FONT size=1 face="serif">(iii)</FONT></I></TD>
        <TD width="95%">
<I><FONT size=1 face="serif">EBITDA; operating profit before interest, taxation, depreciation and amortization, is derived by deducting cost of sales, sales and marketing costs, and general and administrative expenses from revenues</FONT></I>      </TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<I><FONT size=1 face="serif">(iv)</FONT></I></TD>
        <TD width="95%">
<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 valign=top nowrap><i><font size=1 face="serif">* </font></i></TD>
  <TD><i><font size=1 face="serif">Figures exclude divested operations (and include Vietnam up to May 18</font></i><i><sup><font size=1 face="serif">th</font></sup></i><i><font size=1 face="serif"> 2005), for financial results down to and including EBITDA</font></i></TD>
</TR>
</TABLE>
<br>
<br>
<hr size=3 color=GRAY noshade>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<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&#146;s second quarter saw the end of our ten year BCC in Vietnam. As Vietnam represented a large part of Millicom&#146;s results, we have produced a pro forma Profit and Loss statement excluding Vietnam and
including our increased ownership in Honduras, in order to illustrate the ongoing position of the business. I am very pleased to say that these pro forma numbers showed revenue growth for Q2 2005 of 30% year on year and 7% quarter on quarter. EBITDA
increased by 25% year on year and 11% quarter on quarter. These numbers show strong growth across Millicom&#146;s operations, especially in Central America, which produced pro forma revenue growth of 12% from the first quarter of 2005.  Central
America is Millicom&#146;s largest region, accounting for 36% of revenue and 38% of EBITDA for the year to date.  In Pakistan, Paktel GSM is on schedule to reach the 1 million subscriber mark at the first anniversary of the launch of the GSM network
and Paktel has established itself as a solid third operator in Pakistan. We are pleased with the launch of the Talya network in Tehran by RIC. This is the first step towards eventually obtaining ownership for Millicom in one of the most promising
markets for mobile telephony.  In Vietnam, the contacts continue with VMS/VNPT regarding a future cooperation but there is no indication of a potential deal yet.&#148; </FONT></P>
<P align="center">
<B><U><FONT size=2 face="serif">FINANCIAL AND OPERATING SUMMARY*</FONT></U></B></P>
<P>
<I><FONT size=1 face="serif">N.B.: Pro forma numbers for current and previous quarters exclude Millicom&#146;s operation in Vietnam, where the BCC ended on May 18, 2005 and include Millicom&#146;s joint venture in Honduras with a percentage
ownership of 66.67%, to reflect the increase in ownership from 50% to 66.67% in May 2005</FONT></I><FONT size=1 face="serif">. </FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<LI></LI>       </TD>
        <TD colspan=2> <font size=2 face="serif">Subscriber growth:</font> </TD>
  </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">An annual increase in total cellular subscribers of 13% to 7,205,649, as at June 30, 2005</FONT>      </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Pro forma annual increase in total cellular subscribers of 45%</FONT> </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">An annual increase in proportional cellular subscribers of 32% to 5,836,160, as at June 30, 2005</FONT>       </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Pro forma annual increase in proportional cellular subscribers of 48%</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">In the second quarter of 2005 Millicom added 685,049 net new total cellular subscribers and 591,993 proportional subscribers on a pro forma basis</FONT>      </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Proportional prepaid subscribers increased by 53% to 5,439,224 as at June 30, 2005 from 3,562,341 as at June 30, 2004</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Pro forma proportional prepaid subscribers increased by 53%</FONT>    </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">At July 22, 2005, managed subscribers in Iran amounted to 194,713</FONT>      </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<LI></LI>       </TD>
        <TD colspan=2> <font size=2 face="serif">Financial highlights:</font> </TD>
    </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Revenues for the second quarter of 2005 were $261.4 million, an increase of 21% from the second quarter of 2004.</FONT>       </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Pro forma revenues for the second quarter were $241.4 million, an increase of 30% from the second quarter of 2004.</FONT>     </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">EBITDA for the second quarter of 2005 was $122.2 million, an increase of 14% from the second quarter of 2004.</FONT>  </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Pro forma EBITDA for the second quarter was $105.3 million, an increase of 25% from the second quarter of 2004.</FONT>        </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Profit for the second quarter of 2005 was $4.9 million, compared to a profit of $14.3 million for the second quarter of 2004.</FONT>  </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>


<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Pro forma profit for the second quarter of 2005 was $2.5 million.</FONT>      </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Net debt excluding the 5% mandatory exchangeable notes amounts to $266.8 million.</FONT>      </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap>&#8250;</TD>
        <TD width="90%">
<FONT size=2 face="serif">Cash and cash equivalents as of June 30, 2005 amounted to $620.4 million.</FONT>      </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
<TD width="5%">&nbsp;</TD>      <TD width="5%" valign=top nowrap></TD>
        <TD width="90%">
<FONT size=2 face="serif">Capex was $43.2m for the second quarter and $93.1m for the six months ended June 30, 2005.</FONT>     </TD>
</TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&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 37% for the three months ended June 30, 2005 from the same quarter in 2004 and prepaid minutes increased by 48% in the same period. Total pro forma minutes increased by 47% and prepaid minutes by 54%.</font> </TD>
    </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&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 has reached agreement with the PTA with regard to the allocation of spectrum.</font> </TD>
  </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<LI></LI>       </TD>
        <TD colspan=2> <font size=2 face="serif">On May 25, 2005, Rafsanjan Industrial Complex (&#147;RIC&#148;) launched GSM services in greater Tehran. Millicom manages the network for 2 million prepaid customers on behalf of RIC.</font> </TD>
    </TR>
<TR><TD width="5%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="90%">&nbsp;</TD>
</TR><TR>
        <TD width="5%" valign=top nowrap>
<LI></LI>       </TD>
        <TD colspan=2> <font size=2 face="serif">On May 26, 2005 Millicom acquired additional shares in its joint venture Celtel in Honduras, bringing its ownership to two thirds of the total outstanding shares. Due to the presence of joint control, Celtel continues to be accounted for as a joint venture using proportional consolidation.</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">Compared with the reported figures for the first quarter of 2005, total subscribers decreased by 1,335,946 and proportional subscribers decreased by 123,930 in the second quarter, due to the end of the BCC in Vietnam.
However, on a pro forma basis, Millicom&#146;s worldwide operations added 685,049</FONT><I><FONT size=2 face="serif"> </FONT></I><FONT size=2 face="serif">net new total cellular subscribers in the second quarter of 2005.  On a pro forma basis,
Millicom added 591,993 proportional subscribers, bringing the number of proportional cellular subscribers as at June 30, 2005 to 5,836,160. </FONT></P>
<P>
<FONT size=2 face="serif">At June 30, 2005, Millicom&#146;s total cellular subscriber base increased by 13% to 7,205,649 cellular subscribers from 6,372,367 as at June 30, 2004.  The pro forma increase was 45%.  Particularly significant percentage
increases were recorded in Pakistan by Paktel (162%), Laos (104%), Senegal (81%) and Ghana (78%). Millicom&#146;s proportional subscriber base increased to 5,836,160 as at June 30, 2005 from 4,421,185 as at June 30, 2004, an increase of 32%. On a
pro forma basis, proportional subscribers increased by 48%.</FONT></P>
<P>
<FONT size=2 face="serif">Within the 5,836,160 proportional cellular subscribers reported at the end of the second quarter, 5,439,224 were prepaid subscribers. Prepaid subscribers currently represent 93% of both total and proportional cellular
subscribers. </FONT></P>
<P align="right">
<FONT size=2 face="serif">3</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="26%" align=center> <b><u><font size=2 face="serif"></font></u></b></TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan="3" align=center><b><u><font size=2 face="serif">Cellular Operations <sup>**</sup></font></u></b></TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="26%" 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 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="26%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="10%" align=right><b><font size=1 face="serif">Proportional (i)<br>
    Subs as at<br>
    June 30, 2005</font></b></TD>
  <TD>&nbsp;</TD>
  <TD width="10%" align=right><b><font size=1 face="serif">Proportional (i)<br>
    Subs as at<br>
    June 30, 2004</font></b></TD>
  <TD>&nbsp;</TD>
  <TD width="10%" align=right><b><font size=1 face="serif">Annualized<br>
    Increase</font></b></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><b><font size=1 face="serif">Total<br>
    Subs as at<br>
    June 30, 2005</font></b></TD>
  <TD>&nbsp;</TD>
  <TD width="10%" align=right><b><font size=1 face="serif">Total<br>
    Subs as at<br>
    June 30, 2004</font></b></TD>
  <TD>&nbsp;</TD>
  <TD width="10%" align=right><b><font size=1 face="serif">Annualized<br>
    Increase</font></b></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="26%" 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 align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD 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=26% align=left>
<FONT size=2 face="serif">South East Asia</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">439,949</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">328,268</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">737,548</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">552,388</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">34</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=26% align=left>
<FONT size=2 face="serif">South Asia</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,736,539</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,063,081</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">63</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,923,088</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,271,138</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">51</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=26% align=left>
<FONT size=2 face="serif">Central America</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,484,783</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,102,859</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">35</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,063,247</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,523,790</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">35</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=26% align=left>
<FONT size=2 face="serif">South America</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,034,673</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">754,900</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">37</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,056,475</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">774,304</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">36</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=26% align=left>
<FONT size=2 face="serif">Africa</FONT></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,140,216</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">682,220</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">67</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,425,291</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">863,345</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">65</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR>
        <TD width="26%"><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="10%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="10%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="10%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="10%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
        <TD width="10%"><HR noshade size=1></TD>
        <TD width="2%"><HR noshade size=1></TD>
</TR>
<TR>
        <TD width="26%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="10%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=26% align=left>
<B><FONT size=2 face="serif">Total Cellular Ops</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">5,836,160</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">3,931,328</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">48</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">7,205,649</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">4,984,965</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="serif">45</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">%</FONT></B>
        </TD>
</TR>
<TR>
        <TD width="26%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="10%"><HR noshade size=2>
</TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="10%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2></TD>
        <TD width="10%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="10%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2></TD>
        <TD width="10%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2></TD>
        <TD width="10%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
</TR>
</TABLE>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="5%" valign=top nowrap>
<FONT size=1 face="serif">**</FONT></TD>
        <TD width="95%">
<I><FONT size=1 face="serif">Pro forma subscriber numbers. Quarterly subscriber numbers including Vietnam for previous quarters are given on p.14 of this statement.</FONT></I> </TD>
</TR>
<TR><TD width="5%"><p> <i><font size=1 face="serif">(i) </font></i></p></TD>
  <TD width="95%"><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>
<P align="center">
<B><U><FONT size=2 face="serif">FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2005*</FONT></U></B></P>
<P>
<FONT size=2 face="serif">Total revenues for the three months ended June 30, 2005 were $261.4 million, an increase of 21% from the second quarter of 2004.  The Central American market continued to perform strongly, producing a 44% increase in
revenues from $70.7 million for the second quarter of 2004 to $101.7 million for the second quarter of 2005, with Guatemala producing growth of 58%. In South America, revenues increased by 26% to $33.4 million, marking a significant improvement in
Bolivia and Paraguay, which produced revenue increases of 33% and 21% respectively compared to the second quarter of 2004. </FONT></P>
<P>
<FONT size=2 face="serif">Second quarter revenues for Africa were $48.0 million compared to $35.2 million in the second quarter of 2004, an increase of 36%. Revenues for South East Asia declined by 12% to $45.5 million over the same period, due to
the end of the BCC in Vietnam in May 2005.</FONT></P>
<P>
<FONT size=2 face="serif">In South Asia, Millicom recorded revenue growth of 6% to $31.6 million, from $29.7 million in the second quarter of 2004.  Paktel GSM has been performing well in a competitive market.  The company has been growing its
active GSM subscriber base from 386,966 at the end of the first quarter to 675,625 subscribers at the end of the second quarter with a monthly ARPU of approximately $5. </FONT></P>
<P>
<FONT size=2 face="serif">EBITDA for the three months ended June 30, 2005 was $122.2 million, an increase of 14% from the quarter ended June 30, 2004. EBITDA for Africa increased by 69% to $23.6 million in the second quarter of 2005 from $14.0
million in the second quarter of 2004. Central America recorded growth in EBITDA of 42% from the second quarter of 2004 to $51.1 million and the equivalent increase for South America was 35%, giving EBITDA of $13.8 million. </FONT></P>
<P>
<FONT size=2 face="serif">South Asia saw a decline in EBITDA in the second quarter of 2005 from the same period last year, to $6.4 million, due to increased sales and marketing costs relating to the GSM services in Pakistan, but an increase of 29%
over last quarter. EBITDA for South East Asia was $27.5 million for the second quarter, a decrease of 15% from the same period in 2004.</FONT></P>
<P>
<FONT size=2 face="serif">The quarterly EBITDA margin for South Asia was 20% and for South East Asia was 60%. Central America recorded an EBITDA margin of 50% and for South America it was 41%. The EBITDA margin for Africa was 49%. </FONT></P>
<P align="right">
<FONT size=2 face="serif">4</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 SIX MONTHS ENDED JUNE 30, 2005*</FONT></U></B></P>
<P>
<FONT size=2 face="serif">Total revenues for the first half of 2005 were $530.3 million, an increase of 24% from the first half of 2004. Revenues for Africa were $95.9 million, increasing by 43%. Revenues for Central America were $190.2 million, an
increase of 36%, and for South America, revenues were $64.6 million, up 25%. In South East Asia revenues were $115.8 million and for South Asia, revenues were $61.3 million, up 8% and 2% respectively.</FONT></P>
<P>
<FONT size=2 face="serif">EBITDA was $248.7 million for the first half of 2005, an increase of 16% over the first half of 2004. Most notably Africa recorded a 64% increase to $44.8 million for the six months ended June 30, 2005. EBITDA for Central
America for the first half of the year increased by 37% from the first half of 2004 to $95.5 million and increased by 31% for South America to $26.2 million.</FONT></P>
<P>
<FONT size=2 face="serif">EBITDA for South East Asia and South Asia were respectively $71.0 million and $11.4 million for the first half of 2005.</FONT></P>
<P>
<FONT size=2 face="serif">The Group EBITDA margin for the six months to June 30, 2005 was 47%, for Central America it was 50%, for South America 41%, for South East Asia 61%, for South Asia 19% and for Africa 47%. </FONT></P>
<P>
<FONT size=2 face="serif">Total cellular minutes increased by 39% for the first half of 2005 compared with the same period in 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 amortization charge for the second quarter of 2005 of $59.0 million included $14.9 million in relation to Vietnam. </FONT></P>
<P>
<FONT size=2 face="serif">For the second quarter of 2005, write-down of assets includes an impairment charge on the Paktel analog equipment of $4.6 million due to the accelerated migration of subscribers to the GSM network. </FONT></P>
<P>
<FONT size=2 face="serif">For the second quarter of 2005, the decline in the Tele2 shares resulted in a valuation movement of ($43.3) million. This loss was mainly offset by the conversion to the US dollar of the 5% mandatory exchangeable Notes in
Tele2 shares (&#145;the 5% Notes&#146;) resulting in an exchange gain of $33.4 million and the valuation of the embedded derivative on the 5% Notes resulting in a fair value gain of $8.3 million. </FONT></P>
<P>
<FONT size=2 face="serif">Licenses mainly increased following the renewal of the Pakcom license recorded at the net present value of the $291 million future cash outflows payable over 13 years leading to a net present value of $218.8 million. The
unpaid portion of the licenses is recorded under the captions &#147;other non-current liabilities&#148; and &#147;other current liabilities&#148;. </FONT></P>
<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><U><FONT size=2 face="serif">PRO FORMA STATEMENTS OF PROFIT AND LOSS</FONT></U></B></P>
<P>
<FONT size=2 face="serif">The following table presents Millicom&#146;s pro forma consolidated statements of profit and loss on an ongoing basis, excluding Millicom&#146;s operation in Vietnam for which the Business Cooperation Contract ended on May
18, 2005 and including Millicom&#146;s joint venture in Honduras with a percentage ownership of 66.67%, in order to reflect the increase in ownership from 50% to 66.67% in May 2005.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Pro forma consolidated statements of profit and loss<br>
<br>
for the three months ended June 30, 2005 and 2004</FONT></B></P>
<p><hr align="left" width="95%" noshade>
</p>
<br>
<BR>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="37%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="10%" align=right nowrap><B><FONT size=1 face="serif">Quarter ended<br>
  </FONT></B> <B><FONT size=1 face="serif">June 30, 2005</FONT></B> </TD>
  <TD align=left nowrap></TD>
  <TD width="10%" align=right nowrap> <B><FONT size=1 face="serif">Quarter ended<br>
  </FONT></B> <B><FONT size=1 face="serif">March 31, 2005</FONT></B> </TD>
  <TD align=left nowrap></TD>
  <TD width="11%" align=right nowrap><b><font size=1 face="serif">Quarter ended</font></b><b><font size=1 face="serif"><br>
June 30, 2004 (i)</font></b> </TD>
  <TD align=left nowrap></TD>
  <TD width="10%" align=right nowrap><b><font size=1 face="serif">Change</font></b><b><font size=1 face="serif"><br>
from Q105</font></b></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="10%" align=right nowrap><b><font size=1 face="serif">Change</font></b><br>
    <b><font size=1 face="serif">from Q204</font></b></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="37%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="10%" align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD width="10%" align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD width="11%" align=right>&nbsp; </TD>
  <TD align=left></TD>
  <TD width="10%" align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD width="10%" align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="37%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="10%" align=right> <FONT size=1 face="serif">(Unaudited)</FONT><FONT size=1 face="serif"><br>
    US$ &#146;000</FONT> </TD>
  <TD align=left></TD>
  <TD width="10%" align=right> <FONT size=1 face="serif">(Unaudited)</FONT><FONT size=1 face="serif"><br>
    US$ &#146;000</FONT> </TD>
  <TD align=left></TD>
  <TD width="11%" align=right> <font size=1 face="serif">(Unaudited)</font><font size=1 face="serif"><br>
    US$ &#146;000</font> </TD>
  <TD align=left></TD>
  <TD width="10%" align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="10%" align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="37%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="10%" align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD width="10%" align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD width="11%" align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD width="10%" align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="10%" align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<B><FONT size=2 face="serif">Revenues</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">241,413</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">225,117</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">185,439</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">7</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">30</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<B><FONT size=2 face="serif">Operating expenses</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
  <FONT size=2 face="serif">Cost of sales (excluding depreciation and</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">`</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">amortization)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(69,126</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(64,064</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(52,676</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <FONT size=2 face="serif">Sales and marketing</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(36,222</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(38,149</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(26,787</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <FONT size=2 face="serif">General and administrative expenses</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(30,775</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(28,768</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(22,042</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <FONT size=2 face="serif">Other operating income</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">661</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="37%"><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="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="11%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<B><FONT size=2 face="serif">EBITDA</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">105,290</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">94,797</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">83,934</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">11</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">25</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">%</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <FONT size=2 face="serif">Corporate and license acquisition costs</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(5,908</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </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=11% align=right>
<FONT size=2 face="serif">(6,492</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
     <FONT size=2 face="serif">Cost of stock options granted to directors and</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      &nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">employees</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(893</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </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=11% align=right>
<FONT size=2 face="serif">(463</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
     <FONT size=2 face="serif">Write-down of assets, net</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(4,958</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(6,529</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(84</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <FONT size=2 face="serif">Depreciation and amortization</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(44,375</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(38,910</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(32,146</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="37%"><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="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="11%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
<B><FONT size=2 face="serif">Operating profit</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">49,156</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">42,153</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">44,749</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <FONT size=2 face="serif">Gain (loss) on exchange and disposal of</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,303</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">222</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">200</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">investments</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<FONT face="serif">Valuation movement on investment in securities</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(43,291</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </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=11% align=right>
<FONT size=2 face="serif">(19,907</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<FONT face="serif">Fair value result on financial instruments</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">8,352</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">26,225</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">19,647</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<FONT face="serif">Interest expense</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(35,224</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(33,080</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(23,760</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<FONT face="serif">Interest income</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">4,551</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">4,284</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">1,134</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<FONT face="serif">Exchange gain, net</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">30,711</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">19,819</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">994</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<FONT face="serif">Profit from associated companies</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">336</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">62</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">470</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="37%"><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="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="11%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<B><FONT face="serif">Profit before taxes</FONT></B>
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">15,894</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">4,173</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">23,527</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<FONT face="serif">Taxes</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(14,558</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(12,826</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(15,158</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="37%"><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="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="11%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<B><FONT face="serif">Net Profit / (Loss) after taxes</FONT></B>
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,336</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(8,653</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">8,369</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<FONT face="serif">Minority interest</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">1,214</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(580</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">(2,108</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="37%"><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="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="11%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="10%">
<HR noshade size=1>        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=37% align=left>
      <font size="2">&nbsp;<B><FONT face="serif">Net Profit / (Loss) for the quarter</FONT></B>
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">2,550</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">(9,233</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=11% align=right>
<FONT size=2 face="serif">6,261</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="37%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="10%"><HR noshade size=2>        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="10%">
<HR noshade size=2>        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
        <TD width="11%">
<HR noshade size=2>        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
        <TD width="10%">
<HR noshade size=2>        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
        <TD width="10%">
<HR noshade size=2>        </TD>
        <TD width="2%">
      <hr noshade size=2>       </TD>
</TR>
<TR>
  <TD width="37%">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="10%">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="10%">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="11%">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="10%">&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="10%">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P><FONT size=1 face="serif">(i) Comparative information restated as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148; and IAS 1, revised, <br>
&#147;Presentation of Financial Statements&#148;</FONT><FONT size=2 face="serif"> </FONT><FONT
size=2 face="serif"> </FONT></P>
<P align="right">
<FONT size=2 face="serif">6</FONT></P>

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


<P>
<FONT size=2 face="serif">Pro forma revenues for the three months ended June 30, 2005, were $241.4 million, an increase of 30% from the second quarter of 2004 and an increase of 7% from the first quarter of 2005. </FONT></P>
<P>
<FONT size=2 face="serif">Pro forma EBITDA for the three months ended June 30, 2005 was $105.3 million, an increase of 25% from the second quarter of 2004 and of 11% from the first quarter of 2005. </FONT></P>
<P>
<FONT size=2 face="serif">The pro forma EBITDA margin was 44% increasing from 42% in Q1 2005 </FONT></P>
<P align="center">
<B><U><FONT size=2 face="serif">APPOINTMENT OF A CHIEF FINANCIAL OFFICER</FONT></U></B></P>
<P>
<FONT size=2 face="serif">Millicom has recruited David Sach as Chief Financial Officer, starting September 1</FONT><SUP><FONT size=2 face="serif">st</FONT></SUP><FONT size=2 face="serif">, 2005. David started his career with Pricewaterhouse in New
York and later in London. He then moved to The Thomson Corporation as VP and CFO of the Professional Publishing division in America. In 1995, David joined the EMI Group, first as VP Finance of EMI Music, then as Group Financial Controller. Before
joining MIC, David worked for Equant as Senior VP Finance and Chief Accounting Officer, which he recently left after Equant was acquired by France Telecom.</FONT></P>
<P>
<FONT size=2 face="serif">David is a CPA and has a BSc in Accounting from the State University of New York. </FONT></P>
<P>
<I><FONT size=2 face="serif">Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in South East Asia, South Asia, Central America, South America and Africa. It currently has a total of 16 cellular
operations and licenses in 15 countries. The Group&#146;s cellular operations have a combined population under license of approximately 332 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 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">CONTACTS:</FONT></B>
        </TD>
        <TD width=20% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="58%">&nbsp;

        </TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">Marc Beuls</FONT></B>
        </TD>
        <TD width=20% align=right>
<B><FONT size=2 face="serif">Telephone:</FONT></B>
        </TD>
        <TD width=2% align=right>
<B><FONT size=2 face="serif">+</FONT></B>
        </TD>
        <TD width=20% align=left>
 &nbsp;<B><FONT size=2 face="serif">352 27 759 327</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>
        </TD>
        <TD width=20% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Millicom International Cellular S.A., Luxembourg</FONT>
        </TD>
        <TD width=20% align=left>&nbsp;</TD>
        <TD width=2% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="58%">&nbsp;

        </TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<B><FONT size=2 face="serif">Andrew Best</FONT></B>
        </TD>
        <TD width=20% align=right>
<B><FONT size=2 face="serif">Telephone:</FONT></B>
        </TD>
        <TD width=2% align=right>
<B><FONT size=2 face="serif">+</FONT></B>
        </TD>
        <TD width=20% align=left>
 &nbsp;<B><FONT size=2 face="serif">44 20 7321 5022</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Investor Relations</FONT>
        </TD>
        <TD width=20% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Shared Value Ltd, London</FONT>
        </TD>
        <TD width=20% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=20% align=left>

        </TD>
</TR>
<TR>
        <TD width="58%">&nbsp;

        </TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=58% align=left>
<FONT size=2 face="serif">Visit our web site at </FONT><B><U><FONT color="#0000ff" size=2 face="serif">www.millicom.com</FONT></U></B>
        </TD>
        <TD width=20% align=left>

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=20% align=left>

        </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><U><FONT size=2 face="serif">CONFERENCE CALL DETAILS</FONT></U></B></P>
<P>
<B><FONT size=2 face="serif">A conference call to discuss the results will be held at 16:00 CET / 10:00 ET, on Monday, July 25, 2005. The dial-in numbers are: +44(0)20 7784 1004 or +1 718 354 1152 and participants should quote Millicom International
Cellular. A live audio stream of the conference call can also be accessed at </FONT></B><B><U><FONT size=2 face="serif">www.millicom.com</FONT></U></B><B><FONT size=2 face="serif">. Please dial in / log on 5 minutes prior to the start of the
conference call to allow time for registration.  A recording of the conference call will be available for 7 days after the conference call, commencing approximately 30 minutes after the live call has finished, on: +44(0)20 7784 1024 or +1 718 354
1112, access code: 3434946#. </FONT></B></P>
<P align="center">
<B><U><FONT size=2 face="serif">APPENDICES</FONT></U></B></P>
<table width="95%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%">&#8226;</td>
    <td width="96%"> <b><font size=2 face="serif">Consolidated statements of profit and loss for the three months ended June 30, 2005</font></b> <b><font size=2 face="serif">and 2004<br>
    </font></b></td>
  </tr>
  <tr>
    <td width="4%">&#8226;</td>
    <td width="96%"> <b><font size=2 face="serif">Consolidated statements of profit and loss for the six months ended June 30, 2005</font></b> <b><font size=2 face="serif">and 2004<br>
    </font></b></td>
  </tr>
  <tr>
    <td width="4%">&#8226;</td>
    <td width="96%"> <b><font size=2 face="serif">Consolidated balance sheets as at June 30, 2005 and December 31, 2004<br>
    </font></b></td>
  </tr>
  <tr>
    <td width="4%">&#8226;</td>
    <td width="96%"> <b><font size=2 face="serif">Condensed consolidated statements of cash flows for the six months ended June 30, 2005 and</font></b> <b><font size=2 face="serif">2004<br>
    </font></b></td>
  </tr>
  <tr>
    <td width="4%">&#8226;</td>
    <td width="96%"> <b><font size=2 face="serif">Condensed consolidated statements of changes in shareholders&#146; equity for the six months</font></b> <b><font size=2 face="serif">ended June 30, 2005 and for the year ended December 31, 2004<br>
    </font></b></td>
  </tr>
  <tr>
    <td width="4%">&#8226;</td>
    <td width="96%"> <b><font size=2 face="serif">Quarterly analysis by cluster</font></b></td>
  </tr>
</table>
<P align="center">&nbsp;</P>
<P align="right">
<FONT size=2 face="serif">8</FONT></P>

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


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
<br>
Consolidated statements of profit and loss <br>
for the three months ended June 30, 2005 and 2004 </FONT></B></P>
<p><hr align="left" width="95%" noshade>
</p>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
<B><FONT size=2 face="serif">Quarter ended</FONT></B>
<B><FONT size=2 face="serif"><br>
June 30, 2005</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
<B><FONT size=2 face="serif">Quarter ended</FONT></B>
<B><FONT size=2 face="serif"><br>
June 30, 2004 (i)</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
<FONT size=2 face="serif">(Unaudited)<br>
</FONT>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
<FONT size=2 face="serif">(Unaudited)<br>
</FONT>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Revenues</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">261,381</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">216,049</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Operating expenses</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Cost of sales (excluding depreciation and amortization)</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(69,748</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(57,415</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Sales and marketing</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(37,653</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(27,706</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">General and administrative expenses</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(31,750</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(23,223</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>          </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">EBITDA</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">122,230</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">107,705</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Corporate and license acquisition costs</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(5,908</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(6,492</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Cost of stock options granted to directors and employees</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(893</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(463</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Write-down of assets, net</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(4,958</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(84</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Depreciation and amortization</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(59,020</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(42,092</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>          </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Operating profit</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">51,451</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">58,574</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Gain on exchange and disposal of investments</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">1,303</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">200</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Valuation movement on investment in securities</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(43,291</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(19,907</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Fair value result on financial instruments</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">8,352</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">19,647</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Interest expense</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(35,250</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(24,061</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Interest income</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">5,820</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">1,488</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Exchange gain (loss), net</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">30,662</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(785</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Profit from associated companies</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">336</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">470</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<B><FONT face="serif">Profit before taxes</FONT></B>
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">19,383</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">35,626</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Taxes</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(14,711</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(16,803</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5"><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<B><FONT face="serif">Net Profit after taxes</FONT></B>
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">4,672</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">18,823</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Minority interest</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">205</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(4,500</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT></TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5"><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<B><FONT face="serif">Net Profit for the quarter</FONT></B>
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">4,877</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">14,323</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5"><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Basic earnings per common share (US$)</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">0.05</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">0.17</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5"><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Weighted average number of shares</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">outstanding in the quarter (in thousands)</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">98,750</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">86,094</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5"><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Profit for the quarter used to determine diluted earnings per</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">common share</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">4,877</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">14,472</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5"><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Diluted earnings per common share (US$)</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">0.05</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">0.16</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5"><HR noshade size=2></TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Weighted average number of shares and potential</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">dilutive shares outstanding in the quarter (in thousands)</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">99,599</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">89,601</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5"><HR noshade size=2></TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=1 face="serif">(i) Comparative information restated as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148; and IAS 1, revised,<br>
&#147;Presentation of Financial Statements&#148;</FONT><FONT size=2 face="serif"> </FONT><FONT
size=2 face="serif"> </FONT></P>
<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">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
<br>
Consolidated statements of profit and loss <br>
for the six months ended June 30, 2005 and 2004 </FONT></B></P>
<hr align="left" width="95%" noshade>
<p>&nbsp;</p>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
<B><FONT size=2 face="serif">6 months ended</FONT></B>
<B><FONT size=2 face="serif"><br>
June 30, 2005</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
<B><FONT size=2 face="serif">6 months ended<br>
</FONT></B>
<B><FONT size=2 face="serif">June 30, 2004 (i)</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
<FONT size=2 face="serif">(Unaudited)<br>
</FONT>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
<FONT size=2 face="serif">(Unaudited)</FONT><br>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Revenues</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">530,272</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">429,908</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Operating expenses</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Cost of sales (excluding depreciation and amortization)</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(143,107</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(113,489</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Sales and marketing</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(77,350</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(56,496</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">General and administrative expenses</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(61,773</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(45,428</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Other operating income</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">661</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">EBITDA</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">248,703</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">214,495</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Corporate and license acquisition costs</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(12,498</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(13,806</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Cost of stock options granted to directors and employees</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(1,508</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(623</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Write-down of assets, net</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(28,056</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(489</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Depreciation and amortization</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(116,286</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(79,096</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Operating profit</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">90,355</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">120,481</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Gain on exchange and disposal of investments</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">1,525</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">230</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Valuation movement on investment in securities</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(98,803</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(86,013</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Fair value result on financial instruments</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">34,577</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">71,347</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Interest expense</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(68,537</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(51,410</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Interest income</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">10,739</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">3,062</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Exchange gain, net</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">50,355</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">13,639</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Profit from associated companies</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">398</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">604</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Profit before taxes</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">20,609</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">71,940</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Taxes</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(26,679</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(33,505</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Net Profit / (Loss) after taxes</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(6,070</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">38,435</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Minority interest</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(316</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(9,542</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><HR noshade size=1>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Net Profit / (Loss) for the period</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(6,386</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">28,893</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="15%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Basic earnings per common share (US$)</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(0.06</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">0.38</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="15%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Weighted average number of shares</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">outstanding in the period (in thousands)</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">98,694</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">76,028</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="15%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Profit for the period used to determine diluted earnings per</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">common share</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(6,386</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">30,110</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="15%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Diluted earnings per common share (US$)</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(0.06</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">0.34</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="15%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Weighted average number of shares and potential</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">dilutive shares outstanding in the period (in thousands)</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">98,694</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">89,369</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="2%"><HR noshade size=2>
        </TD>
        <TD width="15%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=1 face="serif">(i) Comparative information restated as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148; and IAS 1, revised,<br>
&#147;Presentation of Financial Statements&#148;</FONT><FONT size=2 face="serif"> </FONT><FONT
size=2 face="serif"> </FONT></P>
<P align="right">
<FONT size=2 face="serif">10</FONT></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE -->
<br>
<br>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Millicom International Cellular S.A.</FONT></B><I><FONT size=1 face="serif"> </FONT></I><B><FONT size=2 face="serif"><br>

Consolidated balance sheets <br>
as at June 30, 2005 and December 31,
2004</FONT></B></P>
<hr align="left" width="95%" noshade>
<br>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
      <font size="2"><B><FONT face="serif">June 30,</FONT></B><br>
      <B><FONT face="serif">2005</FONT></B>
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
      <font size="2"><B><FONT face="serif">Dec 31,</FONT></B><br>
      <B><FONT face="serif">2004(i)</FONT></B>
          </font></TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left>
<B></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(Unaudited)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><U><FONT size=2 face="serif">Assets</FONT></U></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Non-current assets</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Intangible assets</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Goodwill</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">54,488</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">37,702</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Licenses, net</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">485,425</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">277,705</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Other intangible assets, net</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">2,346</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">2,561</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Property, plant and equipment, net</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">550,483</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">575,649</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Financial assets</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Investment in Tele2 AB shares</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">253,079</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">351,882</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Investment in other securities</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">3,013</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">10,540</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Investment in associates</FONT></font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">4,338</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">2,220</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Embedded derivative on the 5% Mandatory Exchangeable Notes</FONT></font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">79,824</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">45,255</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Pledged deposits</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">31,777</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">25,544</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Deferred taxation</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">6,037</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">5,883</FONT>
        </TD>
        <TD width=2% align=left>

        </TD>
</TR>
<TR>
        <TD width="60%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
        </TD>
        <TD width="2%">
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=8><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Total non-current assets</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">1,470,810</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">1,334,941</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Current assets</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Financial assets</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="serif">Investment in other securities</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">15,364</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">15,327</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Inventories</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">12,896</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">16,304</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Trade receivables, net</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">114,992</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">141,972</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Amounts due from joint ventures and joint venture partners</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">8,409</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">11,715</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Amounts due from other related parties</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">2,216</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">2,067</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Prepayments and accrued income</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">42,208</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">36,875</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Other current assets</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">77,508</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">62,377</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Pledged deposits</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">7,745</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">9,260</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Time deposits</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">9,163</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">610</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp;<FONT face="serif">Cash and cash equivalents</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">620,411</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">413,381</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=8><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Total current assets</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">910,912</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">709,888</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Total assets</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<B><FONT size=2 face="serif">2,381,722</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<B><FONT size=2 face="serif">2,044,829</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=2>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="15%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=1 face="serif">(i) Comparative information restated as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148; and IAS 1, revised,<br>
&#147;Presentation of Financial Statements&#148;</FONT><FONT size=2 face="serif"> </FONT><FONT
size=2 face="serif"> </FONT></P>
<P align="right">
<FONT size=2 face="serif">11</FONT></P>

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


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
Consolidated balance sheets <br>
as at June 30, 2005 and December 31, 2004 </FONT></B></P>
<hr align="left" width="95%" noshade>
<br>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
      <font size="2"><B><FONT face="serif">June 30</FONT></B><br>
      <B><FONT face="serif">2005</FONT></B>
          </font></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
      <font size="2"><B><FONT face="serif">Dec 31,</FONT></B><br>
      <B><FONT face="serif">2004(i)</FONT></B>
          </font></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>
</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(Unaudited)</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><U><FONT size=2 face="serif">Shareholders&#146; equity and liabilities</FONT></U></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Shareholders&#146; equity</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Share capital and premium (represented by 99,533,935 shares as of June 30, 2005)</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">464,013</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">513,782</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Treasury stock (represented by 654,852 shares as of June 30, 2005)</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% 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=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% 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=60% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">4% Convertible Notes &#150; equity component</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">39,109</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Stock option compensation reserve</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">3,805</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">2,297</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Legal reserve</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">13,577</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">13,577</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Retained losses brought forward</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(150,402</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% 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=60% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Net Profit / (Loss) for the period / year</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(6,386</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">66,389</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Currency translation reserve</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(72,711</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% 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=60% align=left>
      <font size="2">&nbsp; &nbsp;<FONT face="serif">Minority interest</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">42,626</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">43,351</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="4">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Total shareholders&#146; equity</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">324,798</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">282,394</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>
        </TD>
  </TR>
<TR>
        <TD colspan=8><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Liabilities</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp;<B><FONT face="serif">Non-current liabilities</FONT></B>
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">10% Senior Notes</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">537,102</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">536,629</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">4% Convertible Notes &#150; Debt component</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">159,606</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">5% Mandatory Exchangeable Notes &#150; Debt component</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">315,681</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">365,006</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Other debt and financing</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">124,227</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">124,267</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Other non-current liabilities</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">364,862</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">194,774</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Deferred taxation</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">38,745</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">39,216</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Total non-current liabilities</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">1,540,223</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">1,259,892</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp;<B><FONT face="serif">Current liabilities</FONT></B>
          </font></TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Other debt and financing</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">75,450</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">88,511</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Trade payables</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">182,226</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">173,969</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Amounts due to joint ventures</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">2,506</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">7,760</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Amounts due to related parties</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">341</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">975</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Accrued interest and other expenses</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">65,092</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">55,203</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
      <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Other current liabilities</FONT></font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">191,086</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">176,125</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>
        </TD>
  </TR>
<TR>
        <TD colspan=8><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Total current liabilities</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">516,701</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">502,543</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
          <hr noshade size=1>
    </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Total liabilities</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">2,056,924</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">1,762,435</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% align=left>
<B><FONT size=2 face="serif">Total shareholders&#146; equity and liabilities</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<B><FONT size=2 face="serif">2,381,722</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<B><FONT size=2 face="serif">2,044,829</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5"><HR noshade size=2>

        </TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=1 face="serif">(i) Comparative information restated as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148; and IAS 1, revised,<br>
&#147;Presentation of Financial Statements&#148;</FONT><FONT size=2 face="serif"> </FONT><FONT
size=2 face="serif"> </FONT></P>
<P align="right">
<FONT size=2 face="serif">12</FONT></P>

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

<br>


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Millicom International Cellular S.A. <br>
Condensed consolidated statements of cash flows <br>
for the six months ended June 30, 2005 and 2004 </FONT></B></P>
<hr align="left" width="95%" noshade>
<br>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
<B><FONT size=2 face="serif">June 30,<br>
</FONT></B>
<B><FONT size=2 face="serif">2005</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
<B><FONT size=2 face="serif">June 30,</FONT></B><br>
<B><FONT size=2 face="serif">2004</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(Unaudited)</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(Unaudited)</FONT></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">162,396</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">114,605</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(142,117</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(51,004</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">187,721</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(40,660</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">30</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(501</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
          <hr noshade size=1>
    </TD>
  </TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">207,030</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">22,440</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% 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=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">413,381</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">148,829</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=60% 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=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">620,411</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">171,269</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5"><HR noshade size=2>

        </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">Millicom International Cellular S.A.<br>
</FONT></B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Condensed consolidated statements of changes in shareholders&#146; equity<br>
for the six months ended June 30, 2005 and for the year ended December 31, 2004</FONT></B></P>
<hr align="left" width="95%" noshade>
<br>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
      <font size="2"><B><FONT face="serif">June 30,</FONT></B><br>
    <B><FONT face="serif">2005</FONT></B>          </font></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% rowspan="2" align=right>
      <font size="2"><B><FONT face="serif">Dec 31,</FONT></B><br>
    <B><FONT face="serif">2004(i)</FONT></B>          </font></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>
</TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(Unaudited)</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">US$ &#146;000</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Shareholders&#146; equity as at January 1</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">282,394</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(58,609</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Derecognition of negative goodwill on January 1</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">7,627</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">(Loss) / Profit for the period / year</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(6,386</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">66,389</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Stock options scheme</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">1,508</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">1,852</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Net proceeds of equity offering</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">203,616</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Shares issued via the exercise of stock options</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">2,866</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">2,867</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Equity component of 4% Convertible Bonds</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">39,109</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Conversion of 2% PIK Notes</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">51,417</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Movement in currency translation reserve</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(1,595</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% 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=60% align=left>
<FONT size=2 face="serif">Minority interest</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">(725</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">16,780</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>    </TD>
  </TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="15%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=60% align=left>
<FONT size=2 face="serif">Shareholders&#146; equity</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">324,798</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=15% align=right>
<FONT size=2 face="serif">282,394</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="60%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD colspan="5">
<HR noshade size=1>    </TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=1 face="serif">(i) Comparative information restated as a result of the adoption of IFRS 2, &#147;Share-based Payment&#148; and IAS 1, revised,<br>
&#147;Presentation of Financial Statements&#148;</FONT><FONT size=2 face="serif"> </FONT><FONT
size=2 face="serif"> </FONT></P>
<P align="right">
<FONT size=2 face="serif">13</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>
<hr align="left" width="95%" noshade>
<br>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=48% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">05Q2</FONT></B>
        </TD>
        <TD width=2% align=left>
      <font size="2"><B></B></font></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">05Q1</FONT></B>
        </TD>
        <TD width=2% align=left>
      <font size="2"><B></B></font></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">04Q4</FONT></B>
        </TD>
        <TD width=2% align=left>
      <font size="2"><B></B></font></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">04Q3</FONT></B>
        </TD>
        <TD width=2% align=left>
      <font size="2"><B></B></font></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">04Q2</FONT></B>
        </TD>
        <TD width=2% align=left>
      <font size="2"><B></B>
          </font></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%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South East Asia</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">737,548</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,724,656</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,499,307</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,180,800</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,939,790</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South Asia</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">1,923,088</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,677,299</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,458,846</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,300,977</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,271,138</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Central America</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">2,063,247</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,859,130</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,697,036</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,537,904</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,523,790</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South America</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">1,056,475</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">985,715</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">937,397</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">843,384</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">774,304</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Africa</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">1,425,291</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,294,795</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,120,615</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">990,168</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">863,345</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<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%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">7,205,649</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">8,541,595</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">7,713,201</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">6,853,233</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">6,372,367</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">- Vietnam</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">-</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,020,995</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,849,288</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,575,604</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,387,402</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">+ 16.67% of Honduras</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">-</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Pro forma Total</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">7,205,649</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">6,520,600</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">5,863,913</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">5,277,629</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">4,984,965</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></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%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South East Asia</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">439,949</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,227,011</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,125,808</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">990,144</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">883,229</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South Asia</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">1,736,539</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,474,479</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,246,132</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,083,736</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,063,081</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Central America</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">1,484,783</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,251,121</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,149,299</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,049,491</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,037,755</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South America</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">1,034,673</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">964,775</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">916,465</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">823,360</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">754,900</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Africa</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">1,140,216</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,042,704</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">894,555</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">790,990</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">682,220</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<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%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">5,836,160</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">5,960,090</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">5,332,259</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">4,737,721</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">4,421,185</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">- Vietnam</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">-</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">808,398</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">739,715</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">630,242</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">554,961</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">+ 16.67% of Honduras</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">92,475</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">81,669</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">70,541</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">65,104</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Pro forma Total</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">5,836,160</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">5,244,167</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">4,674,213</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">4,178,020</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">3,931,328</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></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%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South East Asia</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">45,492</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">70,296</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">64,632</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">59,624</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">51,803</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South Asia</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">31,611</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29,704</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24,889</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28,006</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29,746</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Central America</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">101,652</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">88,592</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">87,899</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">77,660</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">70,691</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South America</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">33,383</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31,211</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32,302</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30,116</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26,573</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Africa</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">47,986</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">47,954</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">44,355</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">38,759</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">35,193</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">1,257</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,134</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,609</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,122</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,209</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Sub-total</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">261,381</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">268,891</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">255,686</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">235,287</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">215,215</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Divested</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">585</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">834</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">261,381</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">268,891</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">255,686</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">235,872</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">216,049</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">- Vietnam</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24,457</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">49,594</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">44,711</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">41,746</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">35,308</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">+ 16.67% of Honduras</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,489</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,820</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,945</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,474</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,698</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">- Divested</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">585</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">834</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Pro forma total</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">241,413</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">225,117</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">216,920</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">199,015</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">184,605</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<B><FONT size=2 face="serif">EBITDA (US$ &#146;000)</FONT></B>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
    <TD width="8%"><font size="2">&nbsp;</font></TD>
    <TD width="2%"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South East Asia</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">27,500</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">43,544</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40,298</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">35,429</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">32,420</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South Asia</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">6,397</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,955</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,908</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12,421</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14,983</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Central America</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">51,136</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">44,331</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">44,695</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40,987</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">36,134</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">South America</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">13,814</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12,375</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">12,894</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,722</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10,230</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Africa</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">23,568</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21,210</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21,760</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">16,748</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">13,981</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Other</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">(185</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="serif">)</FONT></B>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">58</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(787</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">101</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(227</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Sub-total</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">122,230</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">126,473</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">123,768</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">117,408</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">107,521</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Divested</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">186</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">184</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Total</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">122,230</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">126,473</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">123,768</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">117,594</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">107,705</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">- Vietnam</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">19,554</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34,863</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29,634</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28,995</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26,607</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">+ 16.67% of Honduras</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,614</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,186</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,321</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,210</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,835</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">- Divested</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">-</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">186</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">184</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=48% align=left>
<FONT size=2 face="serif">Pro forma total</FONT>
        </TD>
        <TD width=2%><font size="2">&nbsp;</font>
        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">105,290</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">94,796</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">97,455</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">91,623</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="serif">83,749</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR>
        <TD width="48%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="2%"><font size="2">&nbsp;</font>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">14</FONT></P>

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

</BODY>

</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>releasex1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 releasex1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``\`'$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^_*6XMX"!
M-/#"6!*B65(RP'4@.PR!WQTHBN+>?=Y,\,VW&[RI4DVYSC=L8XS@XSUP<=*_
ME'_X.2OB;\1?A_XS_95B\"^.O%O@^+4_#'Q0DU&/PUK^J:*E]);:KX02W>[7
M3KFW%PT*RRK$TH8H)'"X#'/PG_P16_;?^*_@']M;PC\-?BE\0_&6N^"_C9`?
M"%U9>,-?UK48;3Q!]BOKOPE?1)J=S,L*RW,\]LK+&!<27=MAP`IK\;S'QAR[
M*^/7P1B\JKP2Q^`R^6;?6J?L85<QPV&K4)SP[I*2IJIB84IOVMTN:HKI<I_I
M-P9^S@XQX\^B6_I1\/<?Y5B9/A/BOBZEX>RR'%K,L1@N#\[S?+<UP]#.(YA*
MC4Q,L%DN+S##167VJ5)4<%)QE/VZ_NJHI,CID9],TM?LA_FR1R2Q0KOFDCB3
M(&Z1U1<G.!N8@9.#@9R<&HTO+25@D=U;R.V=J)/$['`R<*K$G`!)P.G-?S"?
M\'%O[6OB[X?V'P/_`&>?AGXNUWPSK^O7.H?$3Q;/X8U6\TS4VL+0_P!B^&K!
MY].GAND\ZZEU.X^SDE;A&B8*2@Q^57_!&/XS_&?Q-_P47^"GAGQE\3?B)KFE
M3+XWCU#0O$/BK7KZSDEMO!^M2(EWIU_>21-)!/&KJLL6Z.5`<!A7X[F_C!E^
M6<=8?@BGE5?&5:N899EM;,88JG3HT,3F+H7C[%T9RG]65>/M%[2+E-2@K<MW
M_I'X=?LY.+N.?HJYO]*+&^(&6<.9?@>$>-^-,NX.Q.08O&9CFF2\'0S-PK+,
M89CAZ.&6<5,JQ'U63PE:%+#U,/7DZGM/9Q_O8)`!)(``R2>``.I)[`57CN[2
M5@D5U;R.>B1S1NQQUPJL2<?2N.^)\\UM\-/B'<6\LD%Q;^!O%L\$T3%)89HM
M`U"2*6-U(9)(W571E(*L`0017\//_!$/XT?%WQG_`,%"?ACH7B[XG>//$VBS
M>'/'$TVDZ]XKUO5=.EE@T1VADDL[V]F@=XF),;-&60DE2#7TO%7'5'AC/^$L
MBJ9=4Q<^*L;/!T\1#$1I1P;AB,%0]I.G*E-U4WC%+EC*#]QJ^MU^)>`GT4\Q
M\=/"3Z07BOA.,<%P[AO`3AS#<0XS)L3E%?,*_$<,3E/$F:K"X;%TL;AJ>7RC
M'AV=%U:M'$IO%1FH6I.,_P"[^BBOYT_^"O'_``63O/V7=8U']G#]FR33=1^-
M/V)1XU\<7*1W^G_#<7\!>UL=*M`7M[_Q<J-'/+'>J]GIBRQBX@GN`T`]OBCB
MC)^$,IK9SG6(='"TI1ITZ=.*GB,5B)INGAL-2O'VE::C)V<HPA",ZE2<*<)2
M7Y9X%>!'B-](OQ!RWPV\,LHCF6>8VG4QF,Q>*JO"Y/D.48>=.&,SK.\=R5%@
M\NPLJU*#E&G6Q&(Q%:AA,'A\3BZ]&A/^@W6_%GA;PS"UQXD\2Z!X?MTQNGUO
M6=.TJ%<\#=+?W-N@R>!EAGM7&Z/\</@KXAO/[/T#XO\`PNUR_P#,$7V'1_B!
MX3U.\\UB0L?V:RU:>;S"00$V;B0<#@U_#=\*?^":7_!2W_@I)+9?&OXFZ]K"
M:'XBC-QIOQ"^.7B6_-YJ%@7`CET'P\5GU&/2SYC_`&2*"STZR\I6-I&82A/T
M1XM_X-K?VJ]!TF;4?"7QG^#_`(QUBWB>>WT>*+Q+X>DFGBP\<,>H:C9O;Q.[
M`A)&`56`SUR/RNCXG\?9E2>89-X59EB<IE^\H5\7F4<+BL30:YH5:>'EA.9\
M\6I1]@L5!W]V<KIG]]9A]!;Z)/!6.7"'B7]/S@G)O$*C+ZIFN6</\%UL^R'(
M\UA+V6)P&-SFCQ"J,'AJRE3JO,YY%B*3C+ZQA</*,HK^U:*6*9%EADCFC<96
M2)UD1AZJZ$J1[@FI*_@Z^$W[='_!13_@E!\9=*^%G[0Z>-?$O@&S^S2:E\*_
MB!JT^NZ7=^')Y5\W5/AMXGEGN8]/G4*XA^R74VE^<)(;[3HYG,L?]M'P'^-O
M@+]HOX2^"?C+\--6BU?PAXXT:#5;"5&4SV4YS%?Z3J$0):WU'2[U)[*\@<`K
M+"73=%)&[_;<$^(>5\9RQN"CA<9D^>Y9;^TLCS*'L\7AUS*$JE-M1]M1C4:A
M.3A3JTY2@JM*FJE-S_E[Z3_T.N.OHTT^&N):N?<.^)'A5QPI2X*\4>"\3];X
M>S>7LI8FG@L7&,ZZR_,JN$C+%4*<,3C<#C*%/$2P&88J6$QD,/Z[1117Z`?R
M&?R$_P#!SS_R._[(_P#V*OQ7_P#3OX,K\HOVK?`6M?!+PG_P3O\`VL?!-LVC
M7_Q"^"7@WQ7!?VL;Q6=K\0_A/XEDLQ(DBN)7NIK2UT+4[QBZEFNL(0.!^KO_
M``<\_P#([_LC_P#8J_%?_P!._@RO;/BC^S7:?'__`(-_?@5KEEI:7OC;X,?!
M^S^(_AFY2$27L>FZ;KUY+XML;9]I,<-WH]O]LNSP#%I:\Y`!_CGB[(:O$''W
MBW1PUUCLLR3*\\P$HKWXXG*Z&159*FU[RJ5,)+%4J=MYU(W6BM_TC?1U\6<!
MX0_1+_9YYAG:C+A?CGQ0X\\*^*Z564?JM3)N.\T\4<OH2QD*C]C/!87B"AD>
M/QGM%987"5TFE*2?]%/P&^)VE?&?X+?"OXJZ->VU_9>/?`'A/Q1Y]K.+B..Z
MUC0[&]OK1Y!AA<65Y-/:7,<BI+%<0R1RHDBLH]?9U1&D=E1$4N[,0%55!+,Q
M/`"@$DG@`$FOYY?^#=#]H.V^('[)_BGX$ZC?//XC^!_C+4+NSBN)WDF/@[QY
M=7.L:<D*R[F,6GZY'KD3%&,<$5U90!(P$#?JE^WW^T5I/[+7[(GQL^+^I3>5
M>Z7X0U'0?"R`C?/XT\6POX<\)1JA!,B1ZYJ-I=72(-PL[>YDRJQLR_TIP[Q7
MA,RX(P'%N(J0IT/[%>/S"7->%&M@Z$UF$')I7]E7H5X7LF^5::V/\3/&+Z/W
M$/!'TH^*_H\Y/@\3C,V_XB93X2X1HNBX5LSR_B7,L/+@_$QI)R2^OY3FF68A
MJ,I1A[22YGR-G\I'C&(_\%%?^"VOB:SNIWU7X?\`PR\2Z[(CPC[591>$/@)I
M]Q=K;W`;:CZ?K7C"P33+AXQB6#55,;,,25\S?\$6=6GU[_@I_P#!G6KF.**X
MU6Z^(%_/'"&$4<MUX1UR9TC#LSA%9R%W,S8`R2>:_4W_`(-X/@!._@#]IO\`
M:I\26TMSJ7B"SU#X<>%=4O5:2XFBMM/N]:\7WT%R^6D:]O[JQM;TLQ9Y+1&.
M3S7Y/?\`!#W_`)23_`;_`*Y^-_\`U#-:K^4:.#Q+SCPMXEQT7''\9\=9GGU>
M]W)8>6<9%1P--M[PA'V]6CHER8C31JW_`$"9AQ%DU+P\^G?X)\+UHUN%/HT?
M13X#\)<K]DHQH3SBGX<^*F9<48V,(MJ.*Q-?^RL!F-VY?6LF=[24W+^_#XK?
M\DN^)/\`V(/C'_U'=1K^#+_@@]_RD>^%G_8L>//_`$Q-7]YOQ6_Y)=\2?^Q!
M\8_^H[J-?P9?\$'O^4CWPL_[%CQY_P"F)J_7?%G_`).'X/\`_8[K?^K')#_.
MW]GQ_P`H=_M%O^S:99_ZQ_B:?W,_M,?%^S^`?P!^+WQCOFB6#X=>`?$7BA?.
M9E1[G3]/F>RB.Q)'9I;PP1JB([.S!%4EA7\0'_!)7]F\?\%"/V\M=\=?&X-X
ML\-^#FU+XV_$NSU&/[78^+M6O]>@MM'\-ZBTTOFK8WVK:@;QX5\PRZ9HMS9!
MHU<2+_4K_P`%LM9N]$_X)I?M)7-FQ62[L?`VC2D,5S::W\2/"6DWBY'4-:W<
MJE>C`X/!K\IO^#8WPWIL6@_M1^+UC_XF][JW@?PY+*57C3M-L]0U."-6QO`:
MYU6X9UW;3M0XR,T^/J,.(O%WP_X8QL56RK"8+$9Y7PL]:->LI8Z<55IOW:L6
M\LH4Y0DFG2J58M.,Y)X_1*S*OX.?LZ_I>>.O"]6>7<?<0<4Y1X597GV%M#,,
MJRZI2X4P]:>!Q4;5L%5C2X[S+%TZ]"4:D<;A<OK0<:N%I5(?U5P6D%G;PVMG
M%';6MM#'!;V\""*&&&%`D<42)A4CC10J(H"J```!5A6R/<=:=1@#H`*_H)))
M62LEHDMDNQ_D"VY-RDW*4FW*3;;;;NVV]6V]6WJV?E=_P5O_`&%)/VW_`-F>
M[T3P9HMG??&OP%JMCXB^&-U)+8V,]W)/<PZ?K_AVXU._N+6VM]-U#2KB;4'$
M\Z+]OTFQ",@>0/Y9_P`$6/V8OVI?V1/@U\1_A!^T3X?M]%T<^,X/%/P^6W\0
M:-K4<2:K8)!XAMA'I.J:BML)+NUM;C,@@#G.`YR1^TE%?(U."\GEQ?1XUIRQ
M>'SBG@99?5C0JTX83&490G34L72=&52K5C"4(QDJT$E0P_NWIZ_T+A/I,^(M
M#Z.N9_1BQ5+(,W\.<=Q31XNP%;-<%C,3Q#PWF5+$83%RH\.YA',:6%P&!K8C
M#XJK6P]3+\1*<LWS:U2*Q=J91117UQ_/)_(3_P`'//\`R._[(_\`V*OQ7_\`
M3OX,K]T/^"76A:5XH_X)C?LP>&==LXM0T3Q#\$GT36+"<!H;W2]5O-=L;^TE
M4]8[BUGEA<=U<U^%_P#P<\_\CO\`LC_]BK\5_P#T[^#*_>?_`()-?\HX_P!D
M;_LE%E_Z=]7K\!X5C&?CMXCPDE*,LCP,91DDXRC+#\/IIIZ---IIZ-:'^N7C
MU6JX?]E/]"^O0J3HUZ'BIQ76HUJ4I0J4JM/-O%F=.I3G%J4)PG%2A*+4HR2:
M::/YGO\`@F=K^N?L$_\`!7?QY^SIXQ,VB^'_`!UXF\8_"9XKQFMH+RSNM1FU
M[X9:T(V_=I%JMI%I5[:R.%<VVHI&KCS2&^M_^#C_`/:?-RGPL_8T\,3M+J6H
MWFE?%'QM9PN"9%EDO]'\"V+*BY#O=+K5Y)!(_P`V=.G$8Q&Y\-_X+]?#+Q'^
MS_\`MI_`_P#;*\&*UJ_B^W\-RM<6VZ!(_'7PCGTYK1KNX13M?6?#YTZT"8;?
M;:/<DJV7!^2OASK>L_\`!6S_`(*X>#/%&H6\UMX:O_$6@^)+NRO8U*VOPR^#
M=A:ZH^G7<48\NU.OPZ4+"95+!=3UXXD9Y-Y_,LPS#'9%EO$_@]@W56.S#C7"
MX')XM-REP_G<OK-E4NHQB^3"^UTMRXVJGIS-?W-PAPAPIXK\:>!/[1WB6G@9
M<+<'?1DSWBGQ(Q%.I%4J'B[X845DL)UL*TZU:K3CB<^G@)-^T57AC+IQN_8J
M7]<'["?[/R?LS_L%_"_X5SV0LM>M/A9=>(_&$31>5.?%OBK29M<UJ*[3`/VJ
MQENX]*FSR385_&C_`,$/?^4D_P`!O^N?C?\`]0S6J_T"O%"A?"?B4`;0/#^L
M@*!@`#3;D``#H!T`].E?Y^O_``0]_P"4D_P&_P"N?C?_`-0S6J^Z\3,!A\JX
MK\#\LPL>3#9?FL<%0CVI8;&\-T87[MQ@G)]6VWN?RM]!OBW-N/?`/]J/QQGU
M5U\[XOX$J\2YK5NY*6/SKAGQIS'$J#E=JE"KB)PI1VA3C&$4DDC^_#XK?\DN
M^)/_`&(/C'_U'=1K^#+_`((/?\I'OA9_V+'CS_TQ-7]YOQ6_Y)=\2?\`L0?&
M/_J.ZC7\&7_!![_E(]\+/^Q8\>?^F)J[O%G_`).'X/\`_8[K?^K')#Y7]GQ_
MRAW^T6_[-IEG_K'^)I_7K_P5A\`WOQ'_`.">W[47AO3K1KZ_A^'TGB2SM(T\
MV6XN/".JZ;XHBCA3!W3EM*'E8P0X!#+C</P)_P"#97XE6UC\3OVE/A->WL<4
MVO>"_"?CG0[.24(T\F@ZS<Z)KS0HS`22"+7-#8A%+B.)V8E%^7^O'Q)X?TSQ
M7H&M>&M:MH[S2=?TJ_T?4K655>.XL=1MI;2YB=6RI#Q2N.1U.:_S]_B9X2^-
M/_!&C_@H79>*-"TVZNM!\,^)+OQ#X):>2\M?#OQ*^%FM27,,OA^]O(EQ,JV$
MSZ=?1!I+C3]4L[>\`2>&"07XINKPOQOP/XB2I5:N5X"53)LYG2C*;PV'Q#Q$
M8591BFVG2QN+E!;.M0ITU[]2*?+]`E8#QV^B[]*?Z&U',<#@>/.+*6$\3/#?
M"X^O3P\,YS;*(9+4Q>"HUJLXPISIX_A;AZAB9J\J.!S7%8R498?!UW'_`$(Z
M:&R3[?KUKX$_9;_X*6?LE?M7>$-%UOP7\5O"WA_Q/?V:-K'P_P#&.LZ?X=\5
MZ'J*1(;RRELM1N8%NXHI686]Y9RSP7<066)B"0/J3QI\=?@M\-_#][XH\<_%
M7P!X8T'3K>2ZO-2U;Q7HMM"D,2EW**;PR3,%Z)`DCL<`*217[9@\\R?,,%#,
M<'FF`Q&!G3558JGBJ+HJ#CS-SGSVIN*=YQJ<LH:J2331_F!Q%X7>)'"7$U?@
MSB3@3BS)^*L/C)9?/(<;D.9TLSJ8N-5T52PV&^K.>+56HK4*F%5:EB$XSH3J
M0E&3\X_;+_:6T;]D/]F[XG?'_6-/@UL^!=(@N-)\.37HL&\1ZWJ&HV>F:9H\
M-QLD9'GGNQ+*T<<C1VT%Q-MVQL1\=?\`!,#_`(*4Z_\`\%$K;XJ:M/\`""'X
M;:#\-Y]!TY-0BUV;6O[4U?68[JY>R.^UMT@^SV4"3\%G?S.0`,G^>G_@LC_P
M4WTK]N+7_!G[-'[,BZWXE^&&B>(K?4KW5;"RODO/B9XWGB>PTJRTK255KJ[T
MG24NIUL"T"37M]=S2")XXX&7^CO_`()(?L8WG[%W[)'AKPKXJLX[7XH_$&[;
MQ_\`$A%,;R6.IZE`D>D>'WEC"^8=#T=+>&97&^'4+B_@+ND:-7Y7E/&>:<7>
M)E7`<.XY5>"\@RZ:S?$4J-&IA<PS*:JQI1HXN5*51I5JM-05&K&%6&"KU8\]
M.2<O[W\0OHT<!_1Y^@]@>*_&?A:6`^DUXN\9T)^'F3YCF&:8+/>#^"<)4RVM
MCJV9\/4<?1PD9RP&!QE3%3S+`5L1@<3Q/E>`K1H8NE.G1_4"BBBOV@_S,/R2
M_P""F/\`P2KTW_@HYK?PFUF_^-U]\(S\+=+\5:9';V?P^@\;#6QXGN]&NFF>
M6;QCX6.GFR.D!!&L=Y]H^T%B\/E;9/NK]E/X"P_LO_L[?";X`6_B>7QI!\+/
M"L/AB/Q3/I":#+K:PW=W=_;7T>/4M733V8W13R%U.\`V;O..[:OT'17@X7AC
M(\%GN8\2X7`JEG>;4*>'S#'?6,5-XBC2CAXTX/#U*\L+3Y8X6@N:C0IR?L[R
MDW*;E^L9_P"./BGQ1X5\'>">>\53Q_AAP!F>+SGA'A=Y1D&'AE&98^KFU;%X
MF.;83*J&>XUU:F>9I+V68YIC*$/K35.E"-'#JE\$?\%#_P!@WPK_`,%`_@II
M_P`)=?\`&,WP\U/0O%>G>*_#OC6U\.1>*KC2+FVCFM;^W71YM:\/I/'JFGSR
MV<K_`-IQ&$,)0DI7:?F;_@F]_P`$?/`W_!/?X@>,_B:GQ;OOC#XM\3>'8O"^
MDWU]X$MO!2^&=)DNA>:O%;)!XK\4->OK$MOIPF=Y+40I81JBOYCFOV0HKFQ/
M!O#.+XAPW%6)RJE5S_"0A##Y@ZV*4H*E"I3IMX>->.$J5*<*DHPJU,/.I'W'
M&:=.FX^WDOTE?'#A[P>SKP"R;C_'X'PCXAQ&*Q.;\(4\MR&=/%3QV)PF,QM.
M&<ULJJ<183"8O$X*A5Q.!P6;X?!5V\1&IAY0QF,C7H:K8C5-+U+3#*81J-A>
M6)F">88A=V\EN91&60.8Q)O";UW8QN7.1^!?[$O_``0@T;]C3]H_P+^T+:?M
M-ZG\0I_!*:XB>%+CX26GAF+4O[:T6]T<EM9B^(NNO:_9Q>&X`&F7'FF,1'RP
MV]?Z`Z*WS?A;(<]Q^3YGFN`6+QV0XB6*RFN\1BZ+PE>57#UG45/#XBE2K7J8
M7#RY<1"M#]W91Y934O*\._'GQ8\*.%?$7@GP_P"+:G#_``QXL932R/Q!RN&3
M</9E'B'*J."S?+Z6$GB\XRG,,?EJC@\^S:C[;)\5E^(?UMSE5=2CAYT<'Q5H
M:^)_#'B/PVUR;)?$.@ZQH;7BQ"=K1=6T^XL#<B`R0B8P"X\T1&6(2%-AD3=N
M'X5?L+_\$+]'_8H_:*\+_M`6?[2VI_$:?PUIFNZ<OA:Y^$]KX6BO!K=B;(S'
M6(OB)K[P&V!\P(-,F$OW"T?WJ_?.BC->%LASS,,HS7-,`L5C\AK2Q&4XAXC%
MT7A*TJE&JYJG0Q%*C6O4P]&7+B*=6/N62M*29X?^//BQX6\(>(?`7`?%L\AX
M3\5LMIY1Q_E$<FX>S&/$&74<'F6`IX:>-S;*<?F.6J.$SC,:7M<GQ>7UG]9<
MW4=2E1G3*^8OVJ/V0/@1^V/\/I_AY\</!MGXALHA/-H&N0_Z)XD\*:E-$8AJ
MOA[5X=MS972`X>,L]K<INANH)HG9#].T5Z^,P6$S'"U\%C\-0QF#Q--TL1AL
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M7]B?7+;X@)/J/QC^+=DWF:3X]\;:;96:^&9""K2^%?#UI-=66D711FC_`+0E
MN+_4PCNB7D<;%*_7BBBOT[)<AR?AS`PRW),OP^6X*$G-4</%KGJ224JE6I-S
MJUZLDDI5:U2I4DDDY-)6_AGQ.\6/$?QFXIQ'&GBCQAG/&G$V)I4\/+,LWKPE
M]7PM)RE2P67X/#T\/E^5X"E*=2=/`9;A,)@Z=2I4J0H*=2<I%%%%>N?GA__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
