JP Morgan and Affiliates Sells TIW Shares

In June 2005, JP Morgan Partners, LLC and affiliates completed the sale from a control block of all of the shares of Telesystem International Wireless Inc. (TIW) held by them, representing approximately 20 per cent of the outstanding shares of TIW. The sales occurred through the facilities of the Toronto Stock Exchange for an aggregate amount of approximately $830 million.

JP Morgan and affiliates were represented in the US by O'Melveny & Myers LLP with a team that included Russell Pinilis (tax) and Gregory Gilbert and James Kelly (corporate/securities), and in Canada by Nat Boidman, Alan Shragie and Michael Kandev (tax) and Sylvain Cossette and Neil Kravitz (corporate/securities) of Davies Ward Phillips & Vineberg LLP.

UBS Investment Bank acted as the appointed agent in connection with the sales and was represented by Ward Sellers and Warren Katz of Osler, Hoskin & Harcourt LLP in Montreal as to Canadian law matters, and by Rob Lando in the New York office as to US law matters.