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TIW and IPB create a joint venture company to participate in tender for third GSM licence

12. July 1999

Telesystem International Wireless (TIW), a Canadian based global mobile operator is pleased to announce it has signed a shareholders agreement with Investiční a Poštovní banka (IPB) creating a new joint venture company, to participate in the upcoming tender for the third national mobile licence in the Czech Republic. In the newly created company TIW holds 51 % of equity and IPB holds 49 %. TIW will provide not only the technological and operational know-how acquired through its presence around the world but as well its trademark entrepreneurial management style. IPB will play a crucial role during the tender as its knowledge of the Czech market will prove essential when preparing the financial and marketing aspects of the bid. Once the licence is obtained, IPB is prepared to arrange an investment into the development of the third mobile network.

Telesystem International Wireless (TIW), a Canadian based global mobile operator is pleased to announce it has signed a shareholders agreement with Investiční a Poštovní banka (IPB) creating a new joint venture company, to participate in the upcoming tender for the third national mobile licence in the Czech Republic. In the newly created company TIW holds 51 % of equity and IPB holds 49 %.

TIW will provide not only the technological and operational know-how acquired through its presence around the world but as well its trademark entrepreneurial management style. IPB will play a crucial role during the tender as its knowledge of the Czech market will prove essential when preparing the financial and marketing aspects of the bid. Once the licence is obtained, IPB is prepared to arrange an investment into the development of the third mobile network.

Mario Bertrand, TIW's President, New Ventures, believes in the success of this consortium and the success of the future operator in the Czech market as well. "The consortium was built on the combination of the individual strengths of its partners in the technological, financial, marketing and operational sectors and their knowledge of the Czech market. TIW strongly believes it has found in IPB the perfect complement to its own know-how. We plan on offering the latest technology combined with an improved level of customer care but at an affordable price".

According to Jan Klacek, Chairman of Board of Directors and General Manager of IPB, the telecommunications industry is one of the most dynamic sectors in the country and the tremendous growth rate in this industry represents an excellent investment opportunity for the bank. "TIW is one of the fastest growing mobile operators in recent years. We have chosen TIW because of its entrepreneurial and innovative track record in Eastern Europe and in 12 countries, as well as its ability to deliver to Czech consumers the benefits of a rapidly evolving wireless technology. All this, while at the same time improving quality and reducing costs " said Jan Klacek.

TIW is a global wireless operator. It develops, acquires, owns and operates wireless telecommunications networks in developing and developed markets throughout the world. TIW provides digital cellular services in Romania, Brazil, India and China. The Company also provides specialised mobile radio (SMR) services in the United Kingdom, France, Germany, Belgium, Spain and Portugal 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 "TW" and on the Nasdaq Stock Market under the symbol "TIWI".

TIW is a member of the Canadian-based private communications group Telesystem Ltd., which manages companies which together employ 18 000 people. The leading telecommunications company within the Telesystem group is Teleglobe, which has revenues of over US$ 3,5 billion. The group's strong position in wireless communications is secured internationally through TIW and in Canada through Microcell Telecommunications, operator of the third national wireless licence (PCS 1900 Mhz) awarded by the Canadian government.

IPB is the biggest private bank in the Czech Republic and at the same time the third largest bank operating in CR measured by volumes of loans, deposits and total assets. IPB´s equity amounts to 13.4 billions CZK, it serves more than 2,6 millions clients and operates over 3 millions accounts.