TIW Files Final Prospectus for the Issue of CDN$148.5 Million of Subordinate Voting Shares

Business Wire, Jan 19, 2000

Business Editors

MONTREAL--(BUSINESS WIRE)--Jan. 19, 2000

TIW(NASDAQ:TIWI) (TSE:TIW.) (NASDAQ: TIWI) Telesystem International Wireless Inc. ("TIW" or "the Corporation") is pleased to announce that it has filed a final prospectus in each of the provinces of Canada and in the United States for the issue of 3,300,000 Subordinate Voting Shares of the Corporation at CDN$45.00 (US$30.90) per share. This includes 300,000 Subordinate Voting Shares issued at the offering price pursuant to the exercise of the underwriters' over-allotment option. The gross proceeds of the issue will be CDN$148.5 million (US$102.0 million).

Concurrently with the public offering, Telesystem Ltd. has agreed to purchase 174,057 Multiple Voting Shares, in order to maintain the voting interest of its Multiple Voting Shares, at the January 10, 2000 closing price of CDN$49.60 of the Subordinate Voting Shares on the TSE. After the closing of the offering, Telesystem Ltd. will hold a 17.6 % equity interest and 39.2 % of the voting rights attached to all shares of TIW.

TIW anticipates that the net proceeds of the public offering, combined with Telesystem's purchase of Multiple Voting Shares, will be approximately CDN$149.7 million (US$102.8 million) after deducting underwriting fees and other estimated expenses. It is expected that the closing of the offering will take place on or about February 3, 2000.

TIW is a rapidly-growing, global mobile communications operator with over 2.7 million subscribers in four dynamic geographic clusters. The Company's shares are listed on the Toronto Stock Exchange ("TIW") and NASDAQ ("TIWI").

TIW is deploying a pan-European digital specialized mobile radio (ESMR) network through its subsidiary Dolphin Telecom plc, the leading specialized mobile radio (SMR) provider in Europe. Dolphin currently offers ESMR services in the United Kingdom in addition to analog SMR services in the United Kingdom, France, Germany, Belgium, Spain and Portugal. In Central and Eastern Europe, TIW is the cellular market leader in Romania and was recently awarded the GSM 1800 license in the Czech Republic. In Brazil, TIW is the strategic and operating partner of the country's fifth largest cellular group, with operations in four regions. The Company is pursuing opportunities in Asia through TIW Asia an affiliate company established in October 1999 with an initial capital commitment in excess of US$400 million and cellular operations in India and China.

Our web site address is www.tiw.ca.