Telesystem International Wireless closes US$229 million primary and secondary offering

Telesystem International Wireless Inc. (TIW) closed, on March 25, 2004 and on April 5, 2004 for the over-allotment option, an approximate US$229,425,000 million primary and secondary offering to the public in Canada and the United States and to certain qualified purchasers in the United Kingdom, Germany, France, Italy and Switzerland of an aggregate of 24,149,999 common shares of TIW. The primary offering consisted of 8,050,000 common shares for total gross proceeds of US$76,475,000. The secondary offering consisted of 16,099,999 common shares sold by Telesystem Ltd., a subsidiary of Hutchison Whampoa Limited, affiliates of J.P. Morgan Partners LLC and EEIF Melville B.V. and certain of its affiliates for total gross proceeds of US$152,949,990.50. The offering was underwritten by BMO Nesbitt Burns Inc., J.P. Morgan Securities Inc., Lazard Frères & Co. LLC, UBS Securities Company Inc. and TD Securities Inc.

Upon completion of the primary offering, TIW acquired 10,942,625 Class A subordinate voting shares of its majority-owned subsidiary ClearWave N.V. which represents a 13% equity interest, from two institutional shareholders in consideration for 10.9 million common shares of TIW and US$35.7 million in cash. As a result of the transaction, TIW's equity in ClearWave N.V. increased from 86.8% to 99.8%.

TIW was represented by general counsel Margriet Zwarts, Hélène Hallak and Grégoire Baillargeon and assisted in Canada by a team of Fasken Martineau including Gilles Leclerc, Catherine Isabelle, Daniel Yelin and Ali Martin-Mayer (corporate) and Benoit Dupuis and Thomas Copeland (taxation).