MILLICOM RESULTS SHOW STRONG CONTRIBUTION FROM GHANA AND SENEGAL

Mergers, Acquisitions and Financial Results

Millicom International Cellular S.A. announced results for the quarter ended March 31 2004. According to Marc Beuls, MIC’s President and Chief Executive Officer:""MIC has had a buoyant start in 2004, building on the growth seen last quarter, by producing increases in revenues and EBITDA of 54% and 55% respectively over the first quarter of 2003. Our African operations in particular continued to show very impressive growth with revenues up 76% and EBITDA up 92% year on year, fuelled by annual total subscriber growth of 81%."

Total revenues for the three months ended March 31, 2004 were USD213.9 million, an increase of 54% from the first quarter of 2003, reflecting the increasing trend of growth in MIC’s operations. MIC recorded revenue growth in Africa of 76% to USD31.7m in the first quarter of 2004 compared with the same period in 2003, with Ghana producing growth of 153%".

EBITDA for the three months ended March 31, 2004 was USD106.8 million, an increase of 55% from the quarter ended March 31, 2003. EBITDA for Africa increased by a 92% to $13.3 million in the first quarter of 2004 from USD$7.0 million in the first quarter of 2003, with the most impressive growth occurring in Ghana and Senegal.

In the first quarter of 2004 MIC’s worldwide operations in Asia, Latin America and Africa added 206,829 net new total cellular subscribers. On a proportional basis, MIC added 102,453 subscribers, bringing the total at March 31, 2004 to 4.1 million.

At March 31 2004, MIC’s total cellular subscriber base increased by 39% to 5,897,371 cellular subscribers from 4,248,714 as at March 31, 2003. Particularly significant percentage increases were recorded in Ghana, Senegal, Sierra Leone, Vietnam and Pakistan. MIC’s proportional subscriber base increased to 4,128,030 from 2,962,603 at March 31, 2003, also an increase of 39%.

Within the 4,128,030 proportional cellular subscribers reported at the end of the first quarter, 3,641,976 were pre-paid customers. Excluding El Salvador, proportional pre-paid subscribers increased by 26% from March 2003. Pre-paid subscribers currently represent respectively 87% and 88% of total and proportional cellular subscribers.