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2004 RESULTS – ALMOST HALF OF OSKAR CUSTOMERS ON POSTPAID TARIFFS

23. February 2005

Oskar Mobil a.s. added 284,365 new subscribers in 2004 to reach 1,831,116 as of December 31, 2004, representing a year-on-year increase of 18.4%. During the year, Oskar estimates its market share has grown from 16% to 17%.

Oskar Mobil a.s. added 284,365 new subscribers in 2004 to reach 1,831,116 as of December 31, 2004, representing a year-on-year increase of 18.4%. During the year, Oskar estimates its market share has grown from 16% to 17%.

By end of December 2004, postpaid customers as a percent of our total customer base had risen to nearly 48%, which represents a 5.4% increase compared to the end of 2003. “Almost half of our customers are using one of our postpaid tariffs, which we see as a validation of our long-term strategy oriented on favourable rates and competitive services without written commitments,“ says Karla D. Stephens, Chief Operating Officer of Oskar.

Despite an estimated 105% mobile telephony market penetration as of December 31, 2004, Oskar’s service revenues increased by 23.7% compared to the previous year to reach CZK 13.4 billion, as compared with CZK 10.8 billion in 2003. ARPU for the year ended December 31, 2004, was CZK 640, the highest in the market. Also according to estimates, Oskar had a 20.8% share of national cellular service revenue during the fourth quarter of 2004 compared to 18.9% for the same period in 2003

Operating income before depreciation and amortization (“OIBDA”)* reached CZK 4.1 billion in 2004 compared to OIBDA of CZK 2.9 billion, representing a 43.4% increase.

In December 2004, the Czech government adopted a cabinet decision in which it mandated the Czech Telecommunication Office (CTU) to organize a tender to issue a UMTS license. On February 4, 2005, Oskar Mobil a.s. submitted an offer to the CTU for its consideration. The CTU is currently evaluating the offer.

UNAUDITED Information

Oskar 20042003
Results from Operations:
Service revenues (CZK mil.)13 38810 820
Operational Data:
Number of customers (in thousands)1,8311,547
Market share (est.)17%16%
ARPU1 (CZK)640644
OIBDA1 (CZK mil.)4 1472 892
% of postpaid subscribers47.9%42.5%

Oskar is a trademark of Oskar Mobil a.s., a subsidiary of Telesystem International Wireless Inc. (“TIW”). TIW is a leading provider of wireless voice, data and short messaging services in Central and Eastern Europe with about 6.7 million subscribers. TIW operates in Romania through MobiFon S.A. under the brand name Connex and in the Czech Republic through Oskar Mobil a.s. under the brand name Oskar. TIW’s shares are listed on NASDAQ (“TIWI”) and on the Toronto Stock Exchange (“TIW”).

On 27 September 2004 Český Mobil a.s., operator of the Oskar network, changed its name to Oskar Mobil a.s.

This information is taken from the TIW press release dated February 22, 2004 and is available by accessing the TIW web site (www.tiw.ca). Financial results are unaudited and prepared using Canadian generally accepted accounting principles (“GAAP”).

* We use the term operating income before depreciation and amortization (“OIBDA”) and average revenue per user (“ARPU”), which may not be comparable to similarly titled measures reported by other companies. We believe that OIBDA, referred to by some other telecommunication operators as EBITDA, provides useful information to investors because it is an indicator of the strength and performance for our ongoing business operations, including our ability to fund discretionary spending such as capital expenditure and other investments and our ability to incur and service debt. While depreciation and amortization are considered operating costs under generally accepted accounting principles, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Our OIBDA calculation is commonly used as one of the bases for investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within the wireless telecommunications industry. We believe that ARPU provides useful information concerning the appeal of our rate plans and service offerings and our performance in attracting and retaining high value customers. ARPU excludes equipment revenues, revenues from other wireless networks’ customers roaming on our network and miscellaneous revenues. OIBDA and ARPU should not be considered in isolation or as alternatives measures of performance under GAAP. For the reconciliation of OIBDA to net income, in US dollars, and for the reconciliation between service revenues and ARPU, in US Dollars, refer to the non GAAP measures and operating data section of the TIW press release dated February 22, 2005.