TIW's Subsidiary, Dolphin Telecom, Closes Euro95 Million Bank Financing

Business Wire, June 29, 1999

MONTREAL--(BUSINESS WIRE)--June 29, 1999--

TIW Telesystem International Wireless Inc. (NASDAQ:TIWI)(ME:TIW.)(TSE:TIW.) announces that its subsidiary, Dolphin Telecom plc (Dolphin), has closed a Euro95 million (approximately US$100 million) senior bank financing for the deployment of its digital specialised mobile radio (ESMR) network in France.

The facility which matures on March 31, 2000, can be extended to June 30, 2000. The availability of funds and such extension are subject to fulfillment of certain conditions precedent.

The financing was arranged by Chase Manhattan plc, CIBC World Markets plc and Societe Generale, who were joined by Export Development Corporation of Canada, Leonia Corporate Bank plc, Merita Bank plc and Nordic Investment Bank.

"The closing of this facility in France provides another milestone toward the launch of our ESMR service in France in 1999," said Marc Godin, Chief Financial Officer of Dolphin. "The level of interest from the lending banks, their commitment to Dolphin and the significant support provided by Nokia, the infrastructure supplier in France, have contributed to the successful completion of this financing."

Dolphin, which groups TIW's specialised mobile radio (SMR) and ESMR activities in the United Kingdom, France, Germany, Belgium, Portugal and Spain, is the largest SMR operator in Europe, serving approximately 300,000 subscribers and holds licenses covering a population of more than 220 million.

Dolphin is a 77.8 percent owned subsidiary of Telesystem International Wireless Inc. ("TIW"). TIW is a global wireless operator. It develops, acquires, owns and operates wireless telecommunications networks in developing and developed markets throughout the world. In addition to SMR services provided by Dolphin in Europe, TIW provides digital cellular services in Romania, Brazil, India and China as well as paging services in Mexico and the Netherlands. TIW is listed on the Montreal Exchange and the Toronto Stock Exchange under the symbol "TIW" and on the NASDAQ Stock Market under the symbol "TIWI."