TIW - Cross-Border Issue of $148.5 Million of Subordinate Voting Shares

Telesystem International Wireless Inc. (TIW) completed in February 2000 a “bought deal”, pursuant to which 3,300,000 Subordinate Voting Shares were issued and sold to CIBC World Markets Inc. and Goldman Sachs for distribution in Canada and in the United States. The gross proceeds of the issue were $148.5 million.

Concurrent with the public offering, Telesystem Ltd. purchased 174,057 Multiple Voting Shares in TIW in order to maintain the voting interest of its Multiple Voting Shares. After the closing of the offering, Telesystem Ltd. now holds a 17.6 per cent equity interest and 39.2 per cent of the voting rights attached to all shares of TIW.

Legal advice was provided to TIW by Robert Paré, Claude Auger (Tax), Frédéric Despars and Christine Vézina of the Montreal office of Fasken Martineau DuMoulin LLP and by David P. Falck of the New York office of Winthrop, Stimson, Putnam & Roberts. CIBC World Markets and Goldman Sachs were represented by Norman M. Steinberg, Chritine Dubé and Nicolas Cimon of Ogilvy Renault and by John T. Gaffney and Julie T. Spellman of Cravath, Swaine & Moore in New York.

Lawyer(s)

Nicolas Cimon David P. Falck Christine Dubé Frédéric Despars Claude Auger Christine Vézina Norman M. Steinberg Robert Paré

Firm(s)

Fasken Martineau DuMoulin LLP Pillsbury Winthrop Shaw Pittman LLP Norton Rose Fulbright Canada LLP Cravath, Swaine & Moore LLP