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Exhibit 4.22

Execution Copy 

Dated July 22, 2004

 

(1) DERASO HOLDINGS B.V.

(2) DEVAYNES HOLDINGSLIMITED 

(3) UPSON ENTERPRISESLIMITED 

(4) EMPORIKI VENTURECAPITAL EMERGING MARKETS LIMITED 

(5) SHAREHOLDERS OF DERASO HOLDINGS LIMITEDLISTED IN SCHEDULE 4, PART C 

(6) MOBIFON HOLDINGS B.V. 

(7) TELESYSTEM INTERNATIONAL WIRELESS INC.

- and - 

(8) INDIVIDUAL PURCHASERS AS DEFINED IN RECITAL(B) 

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  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| **SHARE      TRANSFER AGREEMENT****relating to the      transfer of shares in       MOBIFON S.A.** 
**TABLE OF CONTENTS**     **Page**   1.DEFINITIONS AND INTERPRETATION22.SHARE TRANSFER93.CONDITIONS PRECEDENT94.COMPLETION105.WARRANTIES116.TERMINATION127.INDEMNIFICATION138.COVENANTS149.NOTICES2010.GENERAL PROVISIONS2211.GOVERNING LAW AND DISPUTE RESOLUTION25

SHARE TRANSFER AGREEMENT 

DATE:July 22, 2004PARTIES:-  DERASO  HOLDINGS LIMITED, a company  organised and existing under the laws of The Netherlands and having its  registered office at c/o Private Equity Services (Amsterdam) B.V., Koningslaan  14, 1075 AC, Amsterdam, The Netherlands ("Deraso"); DEVAYNES HOLDINGS  B.V.,a company organised and  existing under the laws of Cyprus and having its registered office at 2-4 Arch  Makarios III Ave., Capital Center, 9th Floor, Nicosia 1505, Cyprus ("Devaynes"); UPSON ENTERPRISES  LIMITED,a company organised and  existing under the laws of Cyprus and having its registered office at 2-4 Arch  Makarios III Ave., Capital Center, 9th floor, Nicosia 1505, Cyprus ("Upson"); EMPORIKI VENTURE  CAPITAL EMERGING MARKETS LIMITED,a company organised and  existing under the laws of Cyprus and having its registered office at 2-4 Arch  Makarios III Ave., Capital Center, 9th floor, Nicosia 1505, Cyprus ("Emporiki"); DIRECT AND  INDIRECT SHAREHOLDERS OF DERASO HOLDINGS LIMITED LISTED IN SCHEDULE 4 Part C,  a group of entities together, as of the date hereof, holding all outstanding  shares of Deraso (collectively referred to herein as the "Deraso  Shareholders"), directly in  the case of Kurisa Holdings N.V. ("Kurisa"),  indirectly through Kurisa in the case of ROMGSM Holdings Limited ("ROMGSM")  and indirectly through ROMGSM and Kurisa in the case of the other Deraso  Shareholders; MOBIFON HOLDINGS  B.V., a company organised  and existing under the laws of The Netherlands and having its registered  office at World Trade Center, Strawinskylaan 707, 1077 XX Amsterdam, The  Netherlands ("MobiFon Holdings"); TELESYSTEM  INTERNATIONAL WIRELESS INC.,  a company organised and existing under the laws of Canada and having its  registered office at 1250 Rene-Levesque Street West, Montreal, Québec, Canada,  H3B 4W8 ("TIW"); BRUNO DUCHARME,  an individual residing at 612 Belmont Avenue, Westmount, Quebec, Canada, H3Y  2V9 ("Ducharme"); ANDRÉ GAUTHIER,  an individual residing at 690, rue Smiley, Saint-Lambert, Quebec, Canada, J4P  1G4 ("Gauthier");  and MARGRIET ZWARTS,  an individual residing at 3461, avenue Holton, Montreal, Quebec, Canada, H3Y  2G4 ("Zwarts").
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**RECITAL:**-  Deraso, Devaynes, Upson and Emporiki (collectively referred  to herein as the "**Sellers**")  are the beneficial owners of an aggregate of 29,388,478 common shares with a  nominal value of ROL 3,750 each (the "**MobiFon  Shares**") in the share  capital of MobiFon S.A., a joint stock company incorporated under the laws of  Romania and having its headquarters at Str. Avrig 3, Sector 2, 74228,  Bucharest, Romania ("**MobiFon**"). The Sellers wish  to transfer all of the MobiFon Shares to MobiFon Holdings, except for three  (3) MobiFon Shares held by Deraso, of which one shall be transferred to  Ducharme, one shall be transferred to Gauthier and one shall be transferred to  Zwarts (collectively referred to herein as the "**Individual  Purchasers**"), and TIW  wishes to pay for the MobiFon Shares, on behalf of its subsidiary MobiFon  Holdings and on behalf of the Individual Purchasers, in cash and in common  shares of TIW's share capital, the whole subject to the ROFR Rights (as  defined below) and upon the terms and conditions set forth below (the "**MobiFon  Share Transfer**"). The parties  acknowledge that the proposed transfer of the MobiFon Shares under this  Agreement is subject to rights of first refusal of the other shareholders of  MobiFon under the Contract of Association (the "**ROFR  Rights**"). 
**IT IS AGREED as follows:**

**1.**

**DEFINITIONS AND INTERPRETATION**

  1.1

  In this Agreement the following words and expressions have the following  meanings:

  Term

  Definition

  "**Accounts**"

  TIW's audited accounts for the year ended 31 December 2003;

  "**Accounts Date**"

  31 December 2003;

  "**Affiliate**" 

  in relation to a specified person, any person that, directly or indirectly,  through one or more intermediaries, (a) owns or Controls the specified person,  (b) is owned or Controlled by the specified person, or (c) is under common  ownership or Control with the specified person, and in the case of a specified  person that is an individual, will include such individual's natural children,  current spouse and/or natural parents, including any trust established for the  benefit of such individual's natural children, current spouse and/or natural  parents, in each case, where "own" means ownership of more than 50 per 

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  cent of the voting interests or rights of the specified person;

  "**Agreement**" 

  this Share Transfer Agreement;

  "**AMFQ**"

  Autorité des marchés financiers du Québec;

  "**Business Day**"

  shall be construed as a reference to a day (other than a Saturday or Sunday)  on which banks and financial markets are open in Romania, the Netherlands,  London, England, Cyprus, and the Province of Québec, Canada, for the  transaction of ordinary business;

  "**Cash Consideration**"

  as defined in Clause 2.2.1;

  "**Completion**" 

  the completion of the MobiFon Share Transfer pursuant to Clause 4 of this  Agreement, which shall take place on the Completion Date by the performance by  the parties of their respective obligations under Clause 4;

  "**Completion Date**" 

  as soon as practicable after the date (being a date not later than the  Termination Date) on which the last of (a) the conditions referred to in  Schedule 1, Part A have been fulfilled (or waived by the Sellers under Clause  3.3) and (b) the conditions referred to in Schedule 1, Part B have been  fulfilled (or waived by the Purchasers under Clause 3.4) and in any event, no  later than 10.00 am on the fifth Business Day after such date or such other  time and date as the parties may agree, provided that, in any event, the  Completion Date shall be no earlier than the earliest date permitted by the  Contract of Association, unless all MobiFon shareholders have, to the  satisfaction of all parties, unconditionally and irrevocably waived all of  their rights pursuant to the right of first refusal procedure contained in the  Contract of Association in relation to the MobiFon Share Transfer; 

  "**Concurrent Secondary Offering**"

  as defined in Clause 8.6;

  "**Conditions**"

  the conditions precedent referred to in Clauses 3.1 and 3.2;

  "**Contract of Association**"

  the contract of association of MobiFon as amended from time to time;

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  "**Control**" 

  the possession, directly or indirectly, or as trustee or executor, of the  power to direct or cause the direction of the general management and policies  of a person, whether through ownership of voting securities, as trustee or  executor, by contract or credit arrangements or otherwise and "Controlled"  shall be construed accordingly;

  "**Encumbrance**" 

  (a) a mortgage, charge, pledge, lien, hypothecation, assignment or deposit by  way of security or other encumbrance of any kind whatsoever securing any  obligation of any person, (b) any restriction, right of first refusal or  pre-emption, third party right or interest, other encumbrance or type of  preferential arrangement (including conditional sale, title transfer and  retention arrangements) having a similar effect; 

  "**Exchange Ratio**"

  as defined in Clause 2.2.2;

  "**Exit Deeds**" 

  the Amended and Restated Exit Agreement dated May 3, 2001 by and among  Telesystem International Wireless Corporation N.V., ClearWave N.V., ROMGSM and  the investors named therein, and the Supplemental Agreement executed on  November 11, 2000 by and among Telesystem International Wireless Corporation  N.V., ClearWave N.V., Devaynes, Upson and Emporiki;

  "**GAAP**"

  generally accepted accounting principles; 

  "**Governmental Authority**" 

  the government of any nation, state, city, locality or other political  subdivision thereof, any entity exercising executive, legislative, judicial,  regulatory or administrative functions and any corporation or other entity  owned or controlled, through stock or capital ownership or otherwise, by any  of the foregoing including, but not limited to, competition and licensing  authorities in Romania or elsewhere;

  "**Indemnified Party**"

  as defined in Clause 7;

  "**Indemnifying Party**"

  as defined in Clause 7;

  "**Individual Purchasers**" 

  as defined in Recital (B);

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  "**Law**" 

  in relation to any person, any law, statute, ordinance, treaty, rule or  regulation, and any judgement, decision, award, order, decree, administrative  guidance, licence, permit, authorisation, franchise or determination of an  arbitrator or a court or other Governmental Authority, in each case applicable  to, or binding upon, such person or any of its property or to which such  person or any of its property is subject or pertaining to any or all of the  transactions contemplated or referred to herein; 

  "**Loan Agreements**"

  the loan facility agreements entered into between MobiFon and the Senior  Lenders, all dated 27 August 2002, and the working capital facility agreements  entered into between MobiFon and ABN AMRO Bank (Romania) S.A., dated 19  February 1999, and MobiFon and Citibank, dated 25 March 1999;

  "**Lock-Up Period**"

  as defined in Clause 8.5.1;

**''Major Shareholders''**

  Telesystem Ltd., U.F. Investments (Barbados) Ltd., J.P. Morgan Partners (BHCA),  L.P., EEIF Melville B.V., Caisse de dépôt et placement du Québec, and their  respective Subsidiaries and Affiliates that own, directly or indirectly,  shares of TIW;

  "**Management Accounts**"

  TIW's unaudited balance sheet as at March 31, 2004, together with its profit  and loss account and cash flow statement for the three-month period ending  March 31, 2004;

  "**Material Adverse Change**" 

  with respect to a party, any event, circumstance, condition, fact, effect or  other matter which has the effect of preventing in a material and adverse way  such party from performing and complying with any of its obligations under  this Agreement or making its Warranties hereunder;

  "**MobiFon**"

  as defined in Recital (A);

  "**MobiFon Dividend**" 

  as defined in Clause 2.1;

  "**MobiFon Shares**" 

  as defined in Recital (A);

  "**MobiFon Share Transfer**"

  as defined in Recital (B);

  "**NASD**"

  as defined in Clause 8.6.3**;**

5

 

  "**Nasdaq**"

  Nasdaq National Market or, in the event the TIW Shares are phased down to the  Nasdaq SmallCap Market by reason of TIW not satisfying the Nasdaq National  Market's minimum bid price continuing listing requirement, ''Nasdaq'' shall  refer to the Nasdaq SmallCap Market**;**

  "**Other TIW Exchange**"

  as defined in Clause 8.6**;**

  "**Pre-Contractual Statement**"

  as defined in Clause 10.2.2;

  "**Prohibited Share Transaction**"

  as defined in Clause 8.5.1;

  "**Purchasers**"

  TIW and MobiFon Holdings;

  "**Québec Act**"

  as defined in Clause 3.5;

  "**Québec Regulation**"

  as defined in Clause 3.5;

  "**Recognized Exchange**"

  Nasdaq, New York Stock Exchange, American Stock Exchange or London Stock  Exchange;

  "**Registration Expenses**"

  as defined in Clause 8.6.3;

  "**Registration Rights Agreement**"

  the Third Amended and Restated Registration Rights Agreement dated as of May  6, 2004 between TIW and the Major Shareholders;

  "**Rights Offering**"

  as defined in Clause 8.2.3;

  "**ROFR Rights**"

  as defined in Recital (C);

  "**ROL**" 

  denotes the lawful currency from time to time of Romania;

  "**SEC**"

  United States Securities and Exchange Commission;

  "**Secondary Offering**"

  as defined in Clause 8.6; 

  "**Securities Laws**"

  collectively, the Securities Acts of the Provinces of Québec and Ontario and  the rules and regulations made thereunder, together with applicable published  policy statements and orders of the securities commission or similar authority  in each of the Provinces of Ontario and Québec; and the by-laws, rules and  regulations of the TSX and Nasdaq; and the 1934 Act and the 1933 Act and the  rules and regulations made thereunder, together with applicable published  interpretations and releases of the SEC;

6

 

  "**Sellers**"

  as defined in Recital (A);

  "**Selling Expenses**"

  as defined in Clause 8.6.3;

  "**Senior Lenders**"

  European Bank for Reconstruction and Development, Nordic Investment Bank and  Export Development Canada;

  "**Share Transfer Documents**"

  as defined in Clause 10.2.1;

  "**Statutes**"

  the statutes of MobiFon as amended from time to time;

  "**Subsidiary**"

  with respect to any specified person, (i) any corporation, association or  other business entity of which (a) more than 50% of the voting power of the  outstanding voting stock is owned, directly or indirectly, by such person and  one or more other Subsidiaries of such person or (b) such person and one or  more other Subsidiaries of such person has the right to appoint or remove a  majority of the members of its board of directors or, in the case of an entity  having a two-level board, its supervisory board; and (ii) any partnership, (a)  the sole general partner or the managing general partner of which is such  person or a Subsidiary of such person or (b) the only general partners of  which are that person or one or more Subsidiaries of that person (or any  combination thereof);

  "**Termination Date**" 

  45 days or, if MobiFon Holdings and at least one other MobiFon Shareholder  exercise their ROFR Rights, 65 days after the date hereof, or such later date  as the parties may agree;

  "**Tag-Along Agreement**"

  the agreement dated June 30, 1998 by and between Telesystem International  Wireless Corporation N.V. and ROMGSM;

  "**TIW Shares**"

  as defined in Clause 2.2.2;

  "**TIW Securities**"

  as defined in Clause 8.2.3;

**"Transfer Notice"**

  as defined in Schedule 1, Part A;

**"TSX"**

  Toronto Stock Exchange;

  "**USD**" 

  denotes the lawful currency from time to time of the United States of America;  

7

**''Waiver''**

  the waiver and consent of the Major Shareholders regarding their rights under  the Registration Rights Agreement sufficient to allow the Sellers to  participate in future Concurrent Secondary Offerings as and to the extent set  forth in Clause 8.6 hereof, in form and content substantially as set forth in  Schedule 6 hereto;

  "**Warranties**"

  the warranties set out in Schedules 3 and 4; 

  "**1933 Act**"

  as defined in Clause 8.3; and

  ''**1934 Act**''

  as defined in Clause 8.3.

 

1.2

Any reference in this Agreement to:

1.2.1

a "**day**" shall mean a calendar day;

1.2.2

a "**party**" or "**parties**" shall, unless the contextotherwise requires, be construed as a reference to a party or the parties (asthe case may be) to this Agreement; and

1.2.3

a "**person**" shall be construed as a reference to anyindividual, firm, corporation, partnership, trust, incorporated orunincorporated association, joint venture, company, Governmental Authority orother entity of any kind, and shall include any successor(by merger orotherwise) of such entity. 

1.3

**Statutes**

Any references in this Agreement to statutory provisions shall beconstrued as references to those provisions as modified, amended or re-enactedfrom time to time.

1.4

**Headings**

The Clause and Schedule headings are inserted for convenience ofreference only and shall not affect the construction of this Agreement.

1.5

**Clauses and Schedules**

Unless the context otherwise requires, references to Recitals,Clauses and Schedules are references to recitals and clauses hereof andschedules hereto, and references to this Agreement include the Schedules.

1.6

**Gender and Plurals**

Any reference to the masculine, feminine or neuter genderrespectively includes the other genders and any reference to the singularincludes the plural (and vice versa).

1.7

**Time**

Any reference to a time of day is a reference to London time.

8

 

1.8

**References**

The words "**hereof**", "**herein**", "**hereunder**"and words of similar import when used in this Agreement shall refer to thisAgreement as a whole and not to any particular provision of this Agreement.

1.9

**Currency**

Unless otherwise specifically indicated, all dollar references inthis Agreement are in USD.

1.10

**Several Obligations**

Except where expressly stated to the contrary, all obligationscontained in this Agreement are several and not joint or joint and several.

**2.**

**SHARE TRANSFER**

2.1

Subject to the ROFR Rights and the provisions of Clauses 2.2, 2.3and 8.7, on and with effect from Completion, each Seller hereby agrees totransfer to MobiFon Holdings (and in the case of three (3) MobiFon Shares heldby Deraso, Deraso agrees to transfer one to each Individual Purchaser) theMobiFon Shares owned by them as set forth in Part C of Schedule 4, together withall rights and title attached thereto, except for the entitlement to receivetheir respective pro rata share of the dividend declared on March 26, 2004 onthe MobiFon Shares (the "**MobiFon Dividend**") in the amount ofapproximately ROL 24,233.7259 per MobiFon Share (ROL 4,607,140,064,000 in theaggregate for all common shares of MobiFon outstanding as of March 26, 2004),which shall remain the property of the Sellers and be paid to them by MobiFonwhen distributed in accordance with the terms of the resolution adopted on March26, 2004 by MobiFon's shareholders.

2.2

For the MobiFon Shares transferred by the Sellers to MobiFonHoldings and the Individual Purchasers, TIW shall, on behalf of MobiFon Holdingsand the Individual Purchasers, pay to the Sellers:

2.2.1

with respect to 4,203,310 MobiFon Shares (or such lesser numberin the event ROFR Rights are exercised), allocated among the Sellers as per PartC of Schedule 4, a cash consideration per MobiFon Share (the "**CashConsideration**") equal to the Exchange Ratio (as defined below) multiplied byUS$7.74, for a maximum aggregate cash consideration of US$36,632,855; and

2.2.2

with respect to 25,185,168 MobiFon Shares (or such lesser numberin the event ROFR Rights are exercised), allocated among the Sellers as per PartC of Schedule 4, a consideration in kind in the form of common shares of TIW'sshare capital (such shares to be issued by TIW to the Sellers, the ''**TIWShares**''**)** equal to 1.126 TIW Shares for every MobiFon Share (the "**ExchangeRatio**"), for a maximum aggregate number of 28,358,499 TIW Shares.

2.3

If ROFR Rights are exercised as a consequence of which less than29,388,478 MobiFon Shares are sold to MobiFon Holdings and the IndividualPurchasers, the allocation of the MobiFon Shares to be purchased for cash andfor TIW Shares 

9

 

 

shall be proportional to the allocation of the MobiFon Sharescurrently existing between Clause 2.2.1 and Clause 2.2.2, and among the Sellersthe allocation of the MobiFon Shares to be purchased shall be proportional tothe allocation of the MobiFon Shares currently existing in Part C of Schedule 4.

**3.**

**CONDITIONS PRECEDENT**

3.1

The obligation of each Seller to transfer the MobiFon Shares toMobiFon Holdings and the Individual Purchasers under Clause 2 is conditional onthe satisfaction of the Conditions set out in Schedule 1, Part A on or beforethe Termination Date and the issue by TIW on Completion of the TIW Shares andpayment of the Cash Consideration to such Seller under Clause 2.

3.2

The obligation of TIW to issue the TIW Shares and pay the CashConsideration to each Seller under Clause 2 (or, in respect of Deraso, to Kurisaor ROMGSM if Deraso and one of Marc van Campen or Tom Mitchell of Baker &McKenzie Amsterdam shall so instruct TIW in writing prior to Completion) isconditional on the satisfaction by such Seller of the Conditions set out inSchedule 1, Part B on or before the Termination Date and the delivery by suchSeller on Completion of the MobiFon Shares to MobiFon Holdings and theIndividual Purchasers under Clause 2. 

3.3

The satisfaction of any Conditions set out in Schedule 1, Part Amay be waived in respect of any Seller for the benefit of the Purchasers (withor without conditions) by such Seller sending written notice to that effect tothe Purchasers and the other Sellers.  The waiver by a Seller shall not affectthe obligations of the Purchasers towards the other Sellers or the obligation ofthe other Sellers to the Purchasers.

3.4

The satisfaction of any Conditions set out in Schedule 1, Part Bmay be waived for the benefit of any Sellers (with or without conditions) by thePurchasers by written notice to that effect to the Sellers.  The waiver by thePurchasers shall not affect the obligations of the other Sellers towards thePurchasers.

3.5

The parties shall use commercially reasonable efforts to ensurethat the Conditions are satisfied as soon as possible after the date of thisAgreement, and in any event prior to the Termination Date.  For the avoidance ofdoubt, neither the Sellers nor the Purchasers shall have any obligationwhatsoever to procure that the shareholders in MobiFon either waive or notexercise their ROFR Rights. In furtherance of the foregoing, if prior toCompletion AMFQ shall have objected to the information filed by TIW underSection 12 of the Securities Act (Quebec) (the ''**Québec Act**'') andSection 115 of the regulation respecting securities (Quebec) (the ''**Québec Regulation**'')in connection with the issuance of the TIW Shares, TIW shall use commerciallyreasonable efforts to promptly file a prospectus to qualify the issuance of theTIW Shares with AMFQ and the Ontario Securities Commission and obtain a receipttherefor.

3.6

Should any party become aware of anything which will or mayprevent any of the Conditions from being satisfied it shall forthwith disclosethe same to the other parties. 

10

 

**4.**

**COMPLETION**

4.1

With respect to the delivery of the TIW Shares by TIW to theSellers (or, in respect of Deraso, to Kurisa or ROMGSM if Deraso and one of Marcvan Campen or Tom Mitchell of Baker & McKenzie Amsterdam shall so instruct TIWin writing prior to Completion), Completion shall take place at the offices ofTIW at 1250 René-Lévesque Blvd. West, 38th floor, Montreal, Québec,Canada and with respect to the other actions to be taken to complete the MobiFonShare Transfer, Completion shall take place at the offices of MobiFon at Str.Avrig 3, Sector 2, 74228, Bucharest, Romania on the Completion Date or at suchother place as shall be mutually agreed between the parties when all (but notsome only) of the events described in this Clause 4 shall occur.

4.2

At Completion, each Seller and Deraso Shareholder shall deliverto TIW, or MobiFon Holdings, as the case may be, those documents and take thoseactions as set out in Schedule 2, Part B****and each Seller shall transferthe MobiFon Shares to MobiFon Holdings and the Individual Purchasers as perClause 2.1, free from any Encumbrances other than those created under the LoanAgreements, the Contract of Association or the Statutes and, together with allrights now or hereafter attaching or accruing thereto, including all rights toany dividend or other distribution declared after the date of this Agreement,except for the right to receive the MobiFon Dividend from MobiFon, which shallremain the property of the Sellers and shall be paid to the Sellers by MobiFonupon distribution.

4.3

At Completion, the Purchasers and the Individual Purchasers shalldeliver to each Seller those documents and take those actions as set out inSchedule 2, Part A****and TIW shall pay the Cash Consideration by wiretransfer in the amounts listed in Schedule 4 (in each case, to the accountspecified by the applicable Seller to TIW in writing prior to Completion) andshall issue the TIW Shares to each Seller as per Clause 2.2 (or, in respect ofDeraso, to Kurisa or ROMGSM if Deraso and one of Marc van Campen or Tom Mitchellof Baker & McKenzie Amsterdam shall so instruct TIW in writing prior toCompletion) as validly issued fully paid and non-assessable common shares of TIW,free from any Encumbrances, together with all rights now or hereafter attachingor accruing thereto, including all rights to any dividend or other distributiondeclared after the Completion Date. 

**5.**

**WARRANTIES**

5.1

TIW makes the Warranties set out in Schedule 3, Part A to and forthe benefit of the Sellers and the Deraso Shareholders as of the date hereof andas of the Completion Date.  TIW and MobiFon Holdings, jointly and severally,make the Warranties set out in Schedule 3, Part B, to and for the benefit of theSellers and the Deraso Shareholders as of the date hereof and as of theCompletion Date.  The Warranties made by TIW and MobiFon Holdings as of theCompletion Date shall be made subject to any further disclosures to the Sellersand the Deraso Shareholders made by TIW or MobiFon Holdings in writing on orbefore Completion in a form and substance satisfactory to ROMGSM, actingreasonably.  For the avoidance of doubt, any such further disclosures made tothe Sellers and the Deraso Shareholders which are not in a form and substancesatisfactory to ROMGSM, acting reasonably, shall entitle any of the Sellers toelect not to proceed to Completion, provided that this will not affectCompletion with respect to the other Sellers.  For the purposes of repeating theWarranties as of the Completion Date, an express or implied reference in aWarranty to the "date of this Agreement" is to be construed as a reference tothe Completion Date.****

5.2

Each Seller makes the Warranties set out in Schedule 4, Part A,in respect of itself only, to and for the benefit of the Purchasers as of thedate hereof and as of the Completion Date.  Each Deraso Shareholder makes theWarranties set out in Schedule 4, Part B, in respect of itself only and alsomakes the Warranties set out in Schedule 4, Part A, in respect of Deraso only,to and for the benefit of the Purchasers as of the date hereof and as of theCompletion Date.  The Warranties made by the Sellers and Deraso Shareholders asof the Completion Date shall be made subject to any further disclosures made tothe Purchasers on or before Completion in a form and substance satisfactory tothe Purchasers, acting reasonably.  For the avoidance of doubt, any such furtherdisclosures made by a particular Seller or Deraso Shareholder to the Purchaserswhich are not in a form and substance satisfactory to the Purchasers, actingreasonably, shall entitle the Purchasers to elect not to proceed to Completionwith respect to such particular Seller or with respect to Deraso, in the case ofa further disclosure made by a Deraso Shareholder, provided that this will notaffect Completion with respect to the 

11

 

other Sellers.  For the purposes of repeating the Warranties asof the Completion Date, an express or implied reference in a Warranty to the"date of this Agreement" is to be construed as a reference to the CompletionDate. 

5.3

The parties are aware and acknowledge that they have entered intothis Agreement in reliance on the Warranties given by each relevant party to theother which have induced it to enter into this Agreement. 

5.4

The rights and remedies of a party in respect of any breach ofthe Warranties by the other party shall not be affected by any information ofwhich such non-breaching party has knowledge (however acquired and whetheractual, imputed or constructive) relating to the other party or the transactionscontemplated in this Agreement, and shall survive Completion and shall not inany respect be extinguished or affected in any way by Completion.  

5.5

Each of the Warranties set out in each paragraph of Schedule 3and Schedule 4 is separate and independent and unless otherwise expresslyprovided shall not be limited by reference to any other Warranty or anything inthis Agreement.

5.6

If in respect of, or in connection with, any breach of any of theWarranties any sum payable by way of compensation is subject to Taxes (whichdefinition shall, for the purpose of this Clause 5.6 only, not include tax onnet income), then a further amount shall be paid so as to secure that the netamount received is equal to the amount of compensation due to it in respect ofsuch breach, less any sums recovered under insurance policies held by the partynot in breach.

**6.**

**TERMINATION**

6.1

If, on or before the Completion Date, a Seller or DerasoShareholder is in breach of a Warranty or another provision of this Agreement,the effect of which is to give rise to a Material Adverse Change in respect ofsuch Seller or Deraso Shareholder, the Purchasers may by written notice to theother parties elect to proceed to

12

 

Completion or terminate this Agreement with respect to suchSeller, or with respect to Deraso, in the case of a breach by a DerasoShareholder, provided that this will not affect the Completion with respect tothe other Sellers. 

6.2

If, on or before the Completion Date, either Purchaser is inbreach of a Warranty or another provision of this Agreement, the effect of whichis to give rise to a Material Adverse Change in respect of such Purchaser, suchSeller may by written notice to the other parties elect to proceed to Completionor terminate this Agreement with respect to itself, provided that this will notaffect the Completion with respect to the other Sellers.

6.3

If Completion does not occur as to the MobiFon Share Transferbetween the Purchasers and a particular Seller on or before the Termination Datethis Agreement shall terminate with respect to the MobiFon Share Transferbetween the Purchasers and such particular Seller.****

6.4

If either the Purchasers or any Seller terminate this Agreementpursuant to Clauses 6.1 or 6.2 or this Agreement terminates automatically byvirtue of Clause 6.3, each party's further rights and obligations hereundershall cease immediately on termination, provided however, that (i) terminationdoes not affect a party's accrued rights and obligations at the date oftermination and (ii) Clauses 9 (Notices), 10.2 (Entire Agreement), and 11(Governing Law and Dispute Resolution) shall survive beyond such termination.

6.5

Except as set out in this Clause 6, no party may terminate orrescind this Agreement, either before or after Completion.

**7.**

**INDEMNIFICATION**

7.1

Each of the (i) Purchasers jointly and severally as regards theSellers and the Deraso Shareholders, (ii) Sellers and Deraso Shareholdersseverally as regards the Purchasers, and (iii) Deraso Shareholders jointly andseverally as regards the Purchasers as to the covenants, warranties andrepresentations of Deraso, covenant and agree, for a period of twelve (12)months following the Completion Date, to protect, indemnify and hold harmlessthe other parties from and against any and all losses, claims, damages,liabilities, costs or expense caused or incurred by reason of, or in any wayarising, directly or indirectly, out of any breach or default of or under anyrepresentation, warranty, covenant or agreement of such party in this Agreement. 

7.2

In the event that any claim, action, suit or proceeding isbrought or instituted against a party in the context of Clause 7.1, such party(an ''**Indemnified Party**'') shall promptly notify the person from whomindemnification is sought (the ''**Indemnifying Party**'') and the IndemnifyingParty shall promptly retain counsel who shall be reasonably satisfactory to theIndemnified Party to represent the Indemnified Party in such claim, action, suitor proceeding, and the Indemnifying Party shall pay all reasonable fees anddisbursements of such counsel relating to such claim, action, suit orproceeding.  No Indemnifying Party shall, without the written consent of theIndemnified Party, effect the settlement or compromise of, or consent to theentry of any judgment with respect to, any pending or threatened action or claimin respect of which indemnification or contribution may be sought 

13

 

hereunder (whether or not the Indemnified Party is an actual orpotential party to such action or claim) unless such settlement, compromise orjudgment (i) includes an unconditional release of the Indemnified Party from allliability arising out of such action or claim and (ii) does not include astatement as to, or an admission of, fault, culpability or a failure to act, byor on behalf of any Indemnified Party.

7.3

The liability under this Agreement of each Seller and, in respectof its representations, warranties and covenants, each Deraso Shareholder shallnot exceed the sum of (i) the cash consideration actually received by suchSeller or Deraso Shareholder, as applicable, as a consequence of the MobiFonShare Transfer pursuant to Clause 2.2.1, plus (ii) 80% of the aggregate marketprice, as of Completion, of the TIW Shares actually received by such Seller orDeraso Shareholder, as applicable, as a consequence of the MobiFon ShareTransfer pursuant to Clause 2.2.2.  The aggregate liability under this Agreementof each Deraso Shareholder in respect of its and Deraso's representations,warranties and covenants and otherwise shall not exceed the sum of (i) the cashconsideration actually received by Deraso, Kurisa and ROMGSM, as the case maybe, as a consequence of the MobiFon Share Transfer pursuant to Clause 2.2.1,plus (ii) 80% of the aggregate market price, as of Completion, of the TIW Sharesactually received by Deraso, Kurisa and ROMGSM as a consequence of the MobiFonShare Transfer pursuant to Clause 2.2.2.

7.4

The aggregate liability of the Purchasers hereunder shall notexceed the sum of (i) the aggregate cash consideration paid to the Sellerspursuant to Clause 2.2.1, plus (ii) 80% of the aggregate market price, as ofCompletion, of the TIW Shares issued to the Sellers pursuant to Clause 2.2.2.

7.5

As used in Clause 7.3 and Clause 7.4, ''market price'' shall bedetermined by reference to the volume weighted average price of the shares ofcommon stock in the share capital of TIW on Nasdaq or, if such shares are nottraded on Nasdaq, on the Recognized Exchange on which such shares are traded, ineach case, for the ten trading days immediately preceding (but not including)the Completion Date.

**8.**

**COVENANTS**

8.1

**Pre-Completion Covenants**

8.1.1

Between the date hereof and the Completion Date, each partyhereto covenants and agrees that it shall promptly notify the other parties ofthe occurrence, or non-occurrence of any event, which would be likely to causeany Conditions to be satisfied by it not to be satisfied.

8.1.2

Each Seller hereby covenants and agrees that it will send theTransfer Notice to all MobiFon shareholders as soon as practicable after thedate hereof and in any event, no later than the third Business Day thereafter.

8.2

**Business of TIW**

TIW covenants and agrees:

14

 

8.2.1

to, between the date hereof and Completion, use its best effortsto ensure that no dividends are declared or paid or common share repurchasescommenced or carried out or any other distributions are declared or made by TIW;

8.2.2

to, between the date hereof and Completion, not amend itsgoverning instruments; 

8.2.3

to, between the date hereof and Completion, conduct its businessin the ordinary and usual course and so as to maintain the same as a goingconcern and, in particular, TIW covenants and agrees not to issue, pursuant to arights offering or similar transactions (a "**Rights Offering**") offered toany of its then existing shareholders, any common shares of TIW or securitiesconvertible into common shares of TIW (the "**TIW Securities**") at adiscount of more than 10% to the then market price of TIW's common shares on theTSX or Nasdaq, whichever is the lower, at the time the transaction is publiclyannounced, unless TIW has offered each Seller the right to acquire that numberof TIW Securities needed by each Seller to maintain the same proportionateequity interest in TIW it will have after completion of the MobiFon ShareTransfer, under the same terms and conditions as the Rights Offering.

8.3

**Rule 144 Information Rights.**

At any time when TIW is neither subject to Section 13 or 15(d) ofthe United States Securities Exchange Act of 1934, as amended (the "**1934 Act**"),nor exempt from the filing requirements of the 1934 Act pursuant to Rule12g3-2(b) thereunder, TIW agrees to furnish holders and prospective purchasersof TIW Shares with the information required by Rule 144A(d)(4) under the UnitedStates Securities Act of 1933, as amended (the "**1933 Act**").

8.4

**TIW Shares.  **

8.4.1

TIW hereby covenants and agrees that (i) it will use best effortsto make the required filing with Nasdaq with respect to the quotation of the TIWShares, as soon as possible, and in any event within ten (10) days followingCompletion, and (ii) throughout the period ending on the eighteen-monthanniversary of Completion, it will use commercially reasonable efforts to (a)maintain the listing of the class of shares of which the TIW Shares form a parton a Recognized Exchange, (b) ensure that the TIW Shares are listed or qualifiedand are freely tradable, subject to any restrictions on trading imposed by orprovided for in this Agreement, on such Recognized Exchange, and (c) maintainits status as a reporting company under the 1934 Act.  

8.4.2

Each Seller and Deraso Shareholder hereby covenants and agreesthat: 

(a)

if required by any applicable Securities Laws, it will assist TIWor MobiFon Holdings, as the case may be, in filing such reports, undertakingsand other documents with respect to the transfer of the MobiFon Shares and theissue of the TIW Shares as may be required of TIW or MobiFon Holdings, as thecase may be, by any relevant securities commission or other regulatoryauthority, it being 

15

 

understood that TIW will be solely responsible for all expensesassociated with such filings; 

(b)

it will comply with its obligations under applicable SecuritiesLaws regarding disclosure of its acquisition, or in the future, as the case maybe, disposition of TIW Shares and, if required, file such reports or otherdocuments with any relevant securities commission or other regulatory authorityand issue such press release disclosing such acquisition or disposition; and

(c)

it will not resell the TIW Shares in Canada or in the UnitedStates except in accordance with the Securities Laws.

8.5

**Lock-up.**

8.5.1

(a) Each Seller as regards the TIW Shares acquired by it, and (b)each Deraso Shareholder as regards the TIW Shares acquired by Deraso andsubsequently distributed or otherwise transferred by Deraso, Kurisa or ROMGSM,as the case may be, to such Deraso Shareholder, in each case covenants andagrees that, unless TIW consents in writing, it will not, directly orindirectly, (1) offer for sale, sell, pledge, or otherwise dispose of (or enterinto any transaction or device that is designed to, or could be expected to,result in the disposition by any person at any time in the future of) any commonshares of TIW (including, without limitation, common shares of TIW that may bedeemed to be beneficially owned by a Seller or a Deraso Shareholder inaccordance with the Securities Laws and common shares of TIW that may be issuedupon exercise of any option or warrant or securities convertible or exchangeablefor common shares of TIW beneficially owned by a Seller or a Deraso Shareholder)or (2) enter into any swap or other derivatives transaction that transfers toanother, in whole or in part, any of the economic benefits or risks of ownershipof the common shares of TIW, whether any such transaction described in clause(1) or (2) above (a "**Prohibited Share Transaction**") is to be settled bydelivery of common shares of TIW or other securities, in cash or otherwise, fora period (the ''**Lock-Up Period**'') of:

(a)

regarding 50% of the TIW Shares it acquires hereunder, twelve(12) months from the Completion Date;

(b)

regarding 16.7% of the TIW Shares it acquires hereunder, nine (9)months from the Completion Date; 

(c)

regarding 16.7% of the TIW Shares it acquires hereunder, six (6)months from the Completion Date; and

(d)

regarding 16.6% of the TIW Shares it acquires hereunder, three(3) months from the Completion Date.

8.5.2

For the avoidance of doubt, Clause 8.5.1 shall not apply to thefollowing transactions: (a) a sale, transfer, disposal or other transaction of anature described in Clause 8.5.1 in respect of shares of TIW acquired by aSeller or a Deraso Shareholder other than the TIW Shares, provided such sharesare not 

16

 

acquired in the context of a derivatives or monetizationtransaction regarding the TIW Shares acquired hereunder, (b) the transfer byDeraso, Kurisa or ROMGSM of any of the TIW Shares to any of ROMGSM**,**Kurisa or the Deraso Shareholders, (c) the transfer by Devaynes of any of theTIW Shares acquired by it under this Agreement to Baring Communications Equity(Emerging Europe) Ltd. and (d) the transfer by Upson of any of the TIW Sharesacquired by it under this Agreement to Bancroft Romania, L.P., in each caseafter the relevant 40-day restricted period set forth in Clause 12 of Schedule4, Part A.

8.5.3

If a Seller or a Deraso Shareholder breaches its covenants underClause 8.5.1, the Lock-Up Period shall automatically be extended to twelve (12)months from the Completion Date for all the TIW Shares that such breaching partyholds as a result of the consummation of the MobiFon Share Transfer hereunderand such breaching party shall no longer benefit from the rights set forth underClause 8.6 hereof; provided, however, that this shall not prevent thenon-breaching parties from seeking any other available remedy against thisbreach or shall not limit in any way the claim resulting from such breach, ifany.

8.5.4

If TIW breaches its covenants set forth under Clause 8.6, in away that is materially adverse to any of the Sellers or Deraso Shareholders, thecovenants of such party set forth under Clause 8.5.1 shall cease to be in force;provided however that this shall not prevent the non-breaching parties fromseeking any other available remedy against this breach or shall not limit in anyway the claim resulting from such breach, if any.

8.5.5

Notwithstanding Clause 8.5.1 but subject to Clause 8.5.3, the TIWShares acquired by the Sellers or Deraso Shareholders as a result of theconsummation of the MobiFon Share Transfer may be sold pursuant to Clause 8.6,provided, however that such TIW Shares to be sold pursuant to Clause 8.6 will betaken in the following chronological order:  (i) first, from the TIW Shares nolonger subject to the Lock-Up Period, (ii) next, from the next tranche to bereleased from the Lock-Up Period immediately after the Secondary Offering (asdefined below), and (iii) thereafter, from the subsequent tranches to bereleased from the Lock-Up Period.

8.5.6

Upon the release of any TIW Shares from the Lock-up Period, TIWshall, upon the request of and without charge to any Seller or DerasoShareholder, (i) instruct the transfer agent to replace any share certificaterelating to such TIW Shares with a new share certificate, which new sharecertificate shall not evidence the transfer restrictions provided for in Clause8.5.1, and (ii) provide such evidence as the transfer agent shall require thatsuch TIW Shares are no longer subject to the Lock-Up Period and otherwisegenerally co-operate with the Sellers and the Deraso Shareholders in theissuance of new share certificates in connection with any permitted transfer bythem of the TIW Shares. 

8.6

**Concurrent Registration Rights**

Notwithstanding the terms of Clause 8.5.1, if at any time duringthe period of eighteen (18) months after the Completion Date, TIW shalldetermine to register under the 1933 Act or effect the qualification underCanadian Securities Laws (as defined in the 

17

 

Registration Rights Agreement), or effect a registration orqualification under the applicable laws and listing rules with respect to anyexchange on which TIW Shares are listed (the ''**Other TIW Exchange**''), orso registers or qualifies, any of its equity securities (or securitiesconvertible or exchangeable into equity securities) in a secondary offering (the''**SecondaryOffering**''), (a) TIW shall give written notice thereof to each Seller andDeraso Shareholder as soon as practicable after TIW determines to register orqualify securities under a Secondary Offering and each such notice shall includea list of the jurisdictions in which TIW intends to attempt to qualify suchsecurities or the distribution thereof, as applicable, under the 1933 Act,applicable blue sky or other state securities laws or Canadian Securities Laws(as defined in the Registration Rights Agreement) or the applicable laws andrules with respect to the Other TIW Exchange, as applicable, and (b) each Sellerand Deraso Shareholder, as the case may be, shall be entitled to have TIWregister or qualify, concurrently with the Secondary Offering, (the ''**ConcurrentSecondary Offering**''), such number of TIW Shares they then hold that isproportional to the number of equity securities of TIW to be included by theMajor Shareholders in the Secondary Offering, in light of the number of equityshares that each such Major Shareholder then holds, and that is specified in awritten request or requests (which may specify all or any part of such TIWShares, as the case may be) made by each Seller and Deraso Shareholder, as thecase may be, within ten (10) days after the date written notice is delivered byTIW, subject to the right of TIW to delay, or not to proceed with, suchSecondary Offering and Concurrent Secondary Offering pursuant to the terms ofthe Registration Rights Agreement, on the following terms and conditions:

8.6.1

The underwriter for the Secondary Offering and the ConcurrentSecondary Offering shall be chosen by TIW or as may be otherwise provided for inthe Registration Rights Agreement, and each Seller and Deraso Shareholder thatintends to include its TIW Shares in such registration or qualification shall(together with TIW and any other shareholders distributing their securitiesthrough such underwriting) enter into an underwriting agreement in customaryform with the underwriter(s). Notwithstanding any other provision of this Clause8.6, if the managing underwriter(s) advise(s) the participating shareholders andTIW in writing that marketing factors require a limitation on the number ofsecurities to be underwritten, then the number of securities to be included insuch registrations or qualifications under the Secondary Offering and theConcurrent Secondary Offering shall be allotted pro rata among the participatingshareholders benefiting from registration rights, including, without limitation,the Major Shareholders, the Sellers and the Deraso Shareholders, as the case maybe, based upon the number of securities owned by such holders at the relevanttime, provided however that in the case of the Sellers and Deraso Shareholders,the pro rata allocation shall only be based upon the number of TIW Shares ownedby such holders at the relevant time.

8.6.2

If a Seller or Deraso Shareholder disapproves of the terms of theunderwriting agreement, it may elect to withdraw its securities by writtennotice to TIW and the underwriter(s), such notice to be given a reasonableperiod of time prior to the finalization of the underwriting agreement. Anysecurities excluded or withdrawn from such underwriting agreement shall not beincluded in such registration or qualification.

18

 

8.6.3

TIW shall pay all Registration Expenses, as hereinafter defined,incurred by TIW, the Sellers and the Deraso Shareholders, as the case may be, inconnection with complying with their obligations pursuant to this Agreement,provided, that such expenses shall not include Selling Expenses, as hereinafterdefined.  Selling Expenses shall be borne by the Sellers and DerasoShareholders, as the case may be, pro rata on the basis of the number of thesecurities so registered and sold by all participants. For the purposes of thisClause, (i) **"Registration Expenses"**shall mean all expenses incident toTIW's, the Sellers' and the Deraso Shareholders' performance of or compliancewith their obligations under this Agreement, including, without limitation, allSEC, National Association of Securities Dealers (**"NASD"**) and stockexchange, Nasdaq, TSX, Canadian Securities Commission or other applicableCanadian securities regulatory authority registration, listing and filing feesand expenses, fees and expenses of compliance with applicable state securitiesor "blue sky" laws or other Securities Laws (including, without limitation, allfees and disbursements of counsel for the underwriters in connection with "bluesky" qualifications of common shares), printing expenses, escrow fees, messengerand delivery expenses, fees and disbursements of counsel for TIW and allindependent certified public accountants or chartered accountants (includingwhere applicable the expenses of any annual audit and "cold comfort" lettersrequired by or incident to such performance and compliance), the disbursementsof underwriters customarily paid in connection with secondary registered publicsales of securities (including the fees and expenses of any "qualifiedindependent underwriter" required by the NASD), fees of one U.S. and oneCanadian counsel, as required, for all the Sellers and Deraso Shareholdersparticipating in the Secondary Offering (which fees shall not exceed US$ 20,000in the aggregate per registration), fees and expenses of any special expertsretained by TIW in connection with such registration, and fees and expenses ofother persons retained by TIW (but not including any Selling Expenses) and (ii)**"Selling Expenses"**shall mean all underwriting discounts and fees andselling commissions and stock transfer taxes, if any, attributable to the saleof securities shares by the selling shareholders.

8.6.4

None of the Sellers or the Deraso Shareholders shall be requiredto make any representations or warranties in connection with any registration orqualification other than representations and warranties as to (i) its ownershipof its TIW Shares to be sold or transferred free and clear of all liens, claimsand encumbrances, (ii) its power and authority to effect such transfer and (iii)such matters pertaining to compliance with Securities Laws as may be reasonablyrequested.  Each Seller and each Deraso Shareholder shall be obligated toprovide an indemnity pursuant to any underwriting arrangements only with respectto information provided by it, any indemnity under any underwriting arrangementsshall be several, not joint and several, among the Sellers and DerasoShareholders selling TIW Shares and the liability of each such Seller and DerasoShareholder will be in proportion to, and such liability will be limited to, thenet amount received by each such Seller and Deraso Shareholder from the sale ofits TIW Shares pursuant to such registration or qualification; provided,however, that TIW shall not be obligated to provide to the underwriters anyindemnification regarding matters described in (i) through (iii) above. 

19

 

8.6.5

If any shareholder of TIW benefiting from registration rightsshall determine not to participate in a Secondary Offering or ConcurrentSecondary Offering, other participating shareholders to the Secondary Offeringand Concurrent Secondary Offering shall have the right to include in suchSecondary Offering and Concurrent Secondary Offering additional securities in anamount up to their respective pro rata share of the securities so withdrawn.

8.6.6

The rights under this Clause 8.6 may be exercised, with respectto an unlimited number of registrations or qualifications, whether suchregistration or qualification is done under blue sky laws or other compliance,or Canadian Securities Laws or other compliance, provided however that suchrights are exercised (i) within the period prescribed in Clause 8.6 and (ii)concurrently with, and pursuant to the same terms and conditions (other thanspecified differences provided in this Agreement) as, a Secondary Offering. Notwithstanding anything contained herein to the contrary, the TIW Sharespermitted to be included and so included in any Concurrent Secondary Offeringshall be covered by the applicable agreement with the underwriters with respectto the Secondary Offering by the Major Shareholders on the same terms as thepurchase, underwriting or other arrangement with the Major Shareholders in suchagreement except as provided herein and customary for transactions of the kindcontemplated.

8.6.7

In the event that any Seller shall waive the Condition set forthin Schedule 1, Part A, paragraph 6, the rights of such Seller under this Clause8.6 shall not apply to the extent that such rights shall conflict with therights of the Major Shareholders under the Registration Rights Agreement.

8.7

**ROFR Exercise**.  

8.7.1

In the event that (a) the ROFR Rights are exercised by anyshareholder of MobiFon or (b) all shareholders, other than MobiFon Holdings,have not waived their ROFR Rights on the last Business Day prior to theexpiration of such ROFR Rights: (i) MobiFon Holdings hereby covenants and agreesto exercise its ROFR Rights, conditional on the exercise of ROFR Rights by anyother MobiFon shareholders, and purchase the maximum number of MobiFon Shares itis allowed to purchase thereunder; (ii) TIW and MobiFon Holdings hereby covenantand agree that the consideration for each such MobiFon Share shall be fully andcompletely satisfied by either the payment of the Cash Consideration or theissuance of TIW Shares based on the Exchange Ratio, such type of considerationto be allocated among all MobiFon Shares to be purchased in the same proportionas the allocation of the shares currently existing between Clause 2.2.1 andClause 2.2.2 and allocated among the Sellers in the same proportion as theallocation of the shares currently existing in Part C of Schedule 4.  EachSeller covenants and agrees to transfer the relevant number of MobiFon Shares toMobiFon Holdings and accept in payment the consideration described in (ii)above; provided however that all terms and conditions of this Agreement apply *mutatis mutandis* to the transactions resulting from the exercise of ROFRRights by MobiFon Holdings.

8.7.2

Consideration for the transfer of MobiFon Shares to MobiFonHoldings upon exercise of its ROFR Rights shall be as described in 8.7.1(ii),regardless of 

20

 

whether the ''Fair Market Value'' of the MobiFon Shares isdetermined pursuant to the Contract of Association with respect to those MobiFonShares purchased in consideration for TIW Shares and regardless of whether suchFair Market Value is higher or lower than the cash equivalent of theconsideration in kind described in 8.7.1(ii) above. The parties understand andacknowledge that shareholders of MobiFon other than MobiFon Holdings whoexercise their ROFR Rights will be entitled under the Contract of Association topurchase (i) their pro rata number of MobiFon Shares subject to Clause 2.2.1 forthe Cash Consideration and (ii) their pro rata number of MobiFon Shares subjectto Clause 2.2.2 for either TIW Shares based on the Exchange Ratio or, if it isimpracticable for such shareholder to deliver TIW Shares, for a cashconsideration equal to the ''Fair Market Value'' of such MobiFon Shares asdetermined under the Contract of Association.

8.8

**Dissolution of Deraso,  ROMGSM and Kurisa**

The Deraso Shareholders covenant and agree to give written noticeto the Purchasers prior to dissolving Deraso, ROMGSM and/or Kurisa, which noticeshall include relevant details regarding transfer of ownership of the TIW Sharesacquired by Deraso under this Agreement to the Deraso Shareholders.

8.9

**MobiFon Dividend**

8.9.1

If, by 31 March 2005, the Sellers have not received payment infull of the balance of their respective shares of the MobiFon Dividend, TIWshall cause MobiFon, in its next distribution(s) of dividends, to pay to theSellers, in preference to TIW's rights to receive its share of suchdistribution(s) of dividends (the ''**Dividend Preference''**), an amount equalto the MobiFon Dividend to which the Sellers were entitled but which remainsunpaid as of that date (the ''**Dividend Shortfall**''); and

8.9.2

Upon TIW ceasing to indirectly own and control sharesrepresenting more than 50% of the equity and voting rights of MobiFon (whetherbefore or after 31 March 2005), TIW shall cause MobiFon to pay to the Sellersthe Dividend Shortfall in preference to any future distributions to the personor entity that acquires TIW's indirect interest in MobiFon.

**9.**

**NOTICES**

9.1

Any notice, communication or other document required to be givenor served under this Agreement ("**Notice**") shall be in writing in Englishduly signed by or on behalf of the party giving it and may be delivered to anyparty by sending it by commercial courier or by facsimile to such party (with acopy by e-mail at the sole discretion of the party giving the Notice andprovided that a failure to send a copy by e-mail shall not otherwise invalidatesuch Notice) at its address set forth below (or at its new address, as notifiedto each of the other parties in writing in accordance with this Clause):

9.1.1

in the case of Deraso, to:

 

Koningslaan 14

21

 

1075 AC Amsterdam

The Netherlands

Fax: +31 20 6730342

Attn: Igor van Vlodrop

With a copy to:

 

Weil, Gotshal & Manges

One South Place

London  EC2M 2WG

United Kingdom

Fax: +44 20 7903 0990

Attn:  Kenneth E. Schiff

9.1.2

in the case of Devaynes, to:

 

c/o Antis Triantafyllides & Sons

Capital Center

P.O. Box 21255

1505 Nicosia

Cyprus

Fax: +357 22 670 670

Attn:  Spyros Hadjinicolau

 

with a copy to:

 

Baring Communications Equity (Emerging Europe) Ltd.

Guernsey International Fund Managers

Trafalgar Court

Les Banques

St. Peter Port

GY1 3QL  Guernsey

Channel Islands

Fax: +44 1481 745 074

Attn:  Martin Scott

9.1.3

in the case of Upson, to:

 

2-4 Arch Makarios III Ave.

Capital Center, 9th floor

Nicosia 1505

Cyprus

Fax:

Attn:

With a copy to:

 

Weil, Gotshal & Manges

One South Place

London  EC2M 2WG

22

 

 

United Kingdom

Fax: +44 20 7903 0990

Attn:  Kenneth E. Schiff

9.1.4

in the case of Emporiki, to:

 

2-4 Arch. Makarios III Ave.

Nicosia 1505

Cyprus

Fax:

+35 722 670670

Attn:

Mr. Stelios Triantafyllides

with a copy to:

 

Emporiki Venture Capital S.A.

58 Kifisias Ave.

Marousi 15125

Athens 

Greece

Fax: +3021 061 99 271

Attn:  Symeon Sikiaridis

9.1.5

in the case of Deraso Shareholders, to:

 

Koningslaan 14

1075 AC Amsterdam

The Netherlands

Fax: +31 20 6730342

Attn: Igor van Vlodrop

 

with a copy to:

 

Weil, Gotshal & Manges

One South Place

London EC2M 2WG

England

Attn: Kenneth E. Schiff

9.1.6

in the case of TIW, to:

 

Telesystem International Wireless Inc.

1250 René Lévesque Street West, 38th Floor

Montreal, Québec

Canada H3B 4W5

Fax:

+1 514 673 8314

Attn:

General Counsel

9.1.7

in the case of MobiFon Holdings, to:

c/o Telesystem International Wireless Inc.

1250 René Lévesque Street West, 38th Floor

23

 

 

Montreal, Québec

Canada H3B 4W5

Fax:

+1 514 673 8314

Attn:

General Counsel

9.2

Any Notice given by commercial courier shall be deemed to havebeen delivered on the second Business Day following the date it is dispatchedand any Notice given by facsimile shall be deemed to have been delivered on thedate that the facsimile is dispatched and confirmation of receipt (electronic orotherwise) is received and provided that if deemed receipt occurs before 9.00a.m. on a Business Day the notice shall be deemed to have been received at 9.00a.m. on that day, and if deemed receipt occurs after 5.00 p.m. on a BusinessDay, or on a day which is not a Business Day, the notice shall be deemed to havebeen received at 9.00 a.m. on the next Business Day.

9.3

Any Notice given by a Seller to TIW will be deemed to be given toboth Purchasers and any Notice given to a Seller by TIW will be deemed to begiven by both Purchasers.

**10.**

**GENERAL PROVISIONS**

10.1

**Successors and Assigns**

No party shall be entitled to assign any of its rights andobligations under this Agreement without the prior written consent of each ofthe other parties, provided, however, that any party may, by written notice toall parties, assign any of its rights and obligations under this Agreement toone or more of its Affiliates and Deraso, or any successor company pursuant to amerger of Deraso with another company, may by written notice to TIW assign itsrights and obligations to ROMGSM or Kurisa.  This Agreement shall be bindingupon the parties and their respective successors (whether as the result of amerger or otherwise) and permitted assigns and no assignment by a party of itsrights and obligations under this Agreement to a permitted assignee shallrelieve the assigning party of its obligations under this Agreement.

10.2

**Entire Agreement**

10.2.1

This Agreement and the documents which are required by its termsto be entered into by the parties or any of them or which are referred to inthis Agreement (together the "**Share Transfer Documents**"), together withthe letter agreement dated February 2, 2004 that pertains to the treatment ofconfidential information, constitute the entire agreement and understanding ofthe parties in connection with the exchange of the shares and other mattersdescribed in them and supersede any previous agreement between the partiesrelating to the subject matter of this Agreement, including, without limitation,the Term Sheet dated May 31, 2004.

10.2.2

Each party acknowledges and agrees that it has not entered intothe Share Transfer Documents or any of them in reliance on any agreement,undertaking, representation, warranty, promise, assurance or arrangement of anynature whatsoever (whether or not in writing, whether express or implied, andwhether 

24

 

 

or not in draft form) made or given by any person at any timeprior to the execution of this Agreement in connection with the transactionsdescribed in the Share Transfer Documents (a "**Pre-Contractual Statement**"),which is not expressly set out in the Share Transfer Documents (or any of them).Each party irrevocably and unconditionally waives any claims, rights or remedieswhich it may otherwise have in relation to a Pre-Contractual Statement; providedalways that this Clause 10.2 shall not exclude or limit any liability or anyright which any party may have in respect of a Pre-Contractual Statement made orgiven fraudulently or dishonestly in circumstances where there has been wilfulconcealment*.*

10.3

**Waiver**

No delay or failure by any party to this Agreement to exerciseany of its powers, rights or remedies under this Agreement shall operate as awaiver of them, nor shall any single or partial exercise of any such powers,rights or remedies preclude any other or further exercise of them.  The remediesprovided in this Agreement are cumulative and not exclusive of any remediesprovided by law.  No waiver by a party of any breach by any other party of anyprovision of this Agreement shall be deemed to be a waiver of any subsequentbreach of that or any other provision of this Agreement.

10.4

**Time of Essence**

Time is of the essence of this Agreement in respect of any dateor period mentioned in this Agreement and any date or period substituted bywritten agreement between the parties or otherwise.

10.5

**Partnership**

Nothing in this Agreement shall be deemed to constitute apartnership between the parties (or any of them) nor constitute any party theagent of any other party (unless otherwise expressly provided) or otherwiseentitle any party to have authority to bind any other party for any purpose.

10.6

**Disclosure**

The parties acknowledge that a letter agreement dated February 2,2004 was signed, pertaining to the treatment of confidential information, whichprovisions shall form an integral part hereof.  The parties further acknowledgethat (i) the terms and conditions of this Agreement are strictly confidentialand agree to hold such terms and conditions in strict confidence and not todisclose them to any person, except as may be otherwise permitted by thisAgreement or required by law (including without limitation any order of a courtof competent jurisdiction) or by the rules of any recognized stock exchange, orgovernmental or other regulatory body, other than their respective shareholders,general and limited partners, employees and representatives, it being understoodthat the disclosing party shall have the obligation to inform any person to whomthe terms and conditions of this Agreement are disclosed of the confidentialnature thereof; and (ii) no party shall make any announcement with regard tothis Agreement and the transactions contemplated hereby without obtaining 

25

 

 

the prior written consent of the other parties hereto, whichconsent shall not be unreasonably withheld. 

10.7

**Further Assurances**

Each party hereto shall do and perform or cause to be done andperformed all such further acts and things and shall execute and deliver allsuch other agreements, certificates, instruments and documents as any otherparty hereto may reasonably request in order to carry out the intent andaccomplish the purposes of this Agreement.

10.8

**Invalidity of Provision**

The invalidity or unenforceability of any provision of thisAgreement in any jurisdiction shall not affect the validity or enforceability ofthe remainder of this Agreement in that jurisdiction or the validity orenforceability of this Agreement, including that provision, in any otherjurisdiction.  The parties shall endeavour in good faith negotiations to modifyany invalid, illegal or unenforceable provision of this Agreement to the extentnecessary to make such provision valid, legal and enforceable.  Each of theparties hereto agrees that it shall not allege the invalidity, illegality orunenforceability of this Agreement, or any one or more of the provisionscontained herein.

10.9

**Counterparts**

This Agreement may be executed in any number of counterparts orfacsimile duplicates each of which shall be an original but such counterparts orfacsimile duplicates shall together constitute one and the same agreement.

10.10

**Costs**

Subject to Clause 8.6.3, the Sellers and the Purchasers shalleach be responsible for the expenses (including fees and expenses of legaladvisers, accountants and other professional advisers) incurred by them,respectively, in connection with the negotiation and the finalization of thetransactions contemplated hereby, provided however that the Purchasers shall beresponsible for (i) all expenses relating to the fulfilment of the conditionsprovided in Schedule 1, Part A, paragraphs 2 and 3 and (ii) the expenses(including reasonable fees and expenses of legal advisers, accountants and otherprofessional advisers) incurred by the Sellers directly related to thenegotiation and the finalization of the transactions contemplated hereby up to,but not in excess of 𧴜,000 for all Sellers in aggregate.  Notwithstanding theforegoing, in the event that this Agreement is not completed as a result of aSeller's failure to complete the transactions contemplated hereby in breach ofthis Agreement, then the Purchasers shall not be obligated to pay any expensesof such Seller as provided in sub-Clause (ii) hereof.

**11.**

**GOVERNING LAW AND DISPUTE RESOLUTION**

11.1

**Governing Law**

26

 

 

This Agreement shall be governed by, and construed in allrespects in accordance with, the laws of the State of New York, in the UnitedStates of America, without regard to whether the choice of law rules under NewYork law would result in the application of the law of another jurisdiction.

11.2

**Arbitration**

Any dispute arising out of or in connection with this Agreement,including any question regarding its existence, validity or termination, shallbe referred to and finally resolved by arbitration under the Rules ofArbitration of the International Chamber of Commerce (the ''**ICC Rules**''),which rules are deemed to be incorporated by reference into this Clause.

11.2.1

The number of arbitrators shall be 3 (three), one of whom shallbe appointed by the Sellers, one of whom shall be appointed by the Purchasersand the third shall be appointed by the two arbitrators so chosen in accordancewith the ICC Rules.

11.2.2

The seat, or legal place, of arbitration shall be London.

11.2.3

The language to be used in the arbitral proceedings shall beEnglish.****

11.2.4

Notwithstanding the above, any interim or conservatory measuresrequested by a party arising out of or relating to this Agreement may, at theoption of such party, be enforced through the emergency procedures of theInternational Chamber of Commerce or in any courts having jurisdiction. Theparties agree that service of any process relating to any such judicialproceeding sent to the representatives of the parties designated in Clause 9 inaccordance with such Clause shall constitute valid service of process forpurposes of this Clause 11.2.4.

11.2.5

Each of the parties represents and warrants to the other partiesthat this Agreement and their obligations hereunder are commercial obligations,and confirm that they are not entitled to claim immunity from legal proceedingsin an action brought for the enforcement of this Agreement.
**IN WITNESS WHEREOF,the parties hereto, being duly authorised, intending to be legally bound, havecaused this Agreement to be duly executed and delivered as a deed on the datefirst above written. **TELESYSTEM INTERNATIONAL WIRELESS INC.**By:  Name: Title:  
27

 
**MOBIFON HOLDINGS B.V.** By:             Name:             Title:  **BRUNO DUCHARME**    **ANDRÉ GAUTHIER**    **MARGRIET ZWARTS**    **DERASO HOLDINGS B.V.** By:             Name:             Title: **DEVAYNES HOLDINGS LIMITED** By:
28

 
             Name:              Title:     **UPSON    ENTERPRISES LIMITED**    By:              Name:              Title:     **EMPORIKI VENTURE CAPITAL EMERGING MARKETS LIMITED**    By:                Name:              Title:     **ADVENT    CENTRAL AND EASTERN EUROPE II LIMITED PARTNERSHIP****ADVENT    CENTRAL AND EASTERN EUROPE II-A LIMITED PARTNERSHIP****ADVENT    PGGM GLOBAL LIMITED PARTNERSHIP****ADVENT    CENTRAL AND EASTERN EUROPE II-L LIMITED PARTNERSHIP****ADVENT    CENTRAL AND EASTERN EUROPE II-B LIMITED PARTNERSHIP**    By:   Advent International    Limited Partnership, Limited Partner      By:Advent International Corporation,    General Partner           By:         **ADVENT    PARTNERS LIMITED PARTNERSHIP**    By:Advent    International Corporation, General Partner          By:      **GE    CAPITAL EQUITY INVESTMENTS LIMITED**             By:           **LIMPART    HOLDINGS LTD.** 
29

 
  By:**Abubaker Khouri, Director**
 

 

 

 

30

 
**BANCROFT ROMANIA, L.P**     By:Bancroft PHC, LLC, General Partner      By:Bancroft PHC, Corp., Manager           By:         **J.P.    MORGAN PARTNERS (BHCA), L.P.**             By:           **BARING COMMUNICATIONS EQUITY LIMITED**             By:           **BARING COMMUNICATIONS EQUITY (EMERGING EUROPE) LTD.**             By:           **APAX    UK V1-A, LP**     By:Apax    Partners Ltd., its General Partner          By:          **APAX    UK VI-B, LP**     By:Apax    Partners Ltd., its Manager          By:      
31

**APAX    UK VI-C, LP**    By:Apax Partners Ltd.,    its General Partner        By:       **APAX    UK VI-D, LP**    By:Apax Partners Ltd.,    its Manager        By:       **APAX    UK VI-E, LP**    By:Apax Partners,    Ltd., its Manager        By:       **APAX    PP NOMINEES LIMITED A/C UK VI**          By:        **ROMGSM HOLDINGS LIMITED**          By:        **KURISA HOLDINGS N.V.**          By:  
32

**SCHEDULE 1**

**Conditions Precedent**

**Part A**

**Conditions in favour of the Sellers**

1.

There is no order of any court of competent jurisdiction or anyruling of any Governmental Authority or any prohibition imposed under any Lawwhich would prevent the transfer of the MobiFon Shares, the issue or trading ofthe TIW Shares, or material compliance by the parties of their obligations underthis Agreement.****

2.

TIW has obtained conditional listing approval and acceptance ofthe notice of issuance from the TSX and similar approvals from Nasdaq, to theextent required, for the issuance of the TIW Shares under the MobiFon ShareTransfer on terms acceptable to the Sellers, acting reasonably.

3.

AMFQ has not objected to the information filed by TIW underSection 12 of the Québec Act and Section 115 of the Québec Regulation inconnection with the issuance of the TIW Shares or, if the AMFQ has objected tothe information filed by TIW and required the filing of a prospectus to qualifythe issuance of such TIW Shares, then TIW shall have filed such prospectus withthe AMFQ and the Ontario Securities Commission and obtained a receipt therefor;

4.

All consents, approvals and authorisations required forCompletion under the Loan Agreements, any other financing agreements TIW or anyof its Subsidiaries is party to or under the Contract of Association or theStatutes have been obtained.

5.

Notice of this Agreement and the transfer of the MobiFon Sharescontemplated herein shall have been duly given in accordance with the provisionsof the Contract of Association (the "**Transfer Notice**") and either (i) 30days have passed since the last MobiFon shareholder received the TransferNotice, and no shareholder has exercised its ROFR Rights; (ii) MobiFon Holdingsand at least one other MobiFon shareholder have exercised their ROFR Rights and60 days have passed since the last MobiFon shareholder received the TransferNotice (notwithstanding that the procedure for determining Fair Market Value (asdefined in the Contract of Association) is still underway); or (iii) allshareholders shall have unconditionally and irrevocably waived, in a mannersatisfactory to the Sellers, all of their ROFR Rights in relation to thetransfers of the MobiFon Shares contemplated by this Agreement. 

6.

TIW has obtained from the Major Shareholders the Waiver.

33

**Part B**

**Conditions in favour of the Purchasers**

1.

There is no order of any court of competent jurisdiction or anyruling of any Governmental Authority or any condition imposed under any Lawwhich would prevent the transfer of the MobiFon Shares, the issue of the TIWShares, or material compliance by the parties with their respective obligationsunder this Agreement.

2.

TIW has obtained conditional listing approval and acceptance ofthe notice of issuance from the TSX and similar approvals from Nasdaq, to theextent required, for the issuance of the TIW Shares under the MobiFon ShareTransfer.

3.

The AMFQ has not objected to the information filed by TIW underSection 12 of the Québec Act and Section 115 of the Québec Regulation inconnection with the issuance of the TIW Shares or, if the AMFQ has objected tothe information filed by TIW and required the filing of a prospectus to qualifythe issuance of such TIW Shares, TIW will have filed such prospectus with theAMFQ on or before the Completion Date.

4.

The Transfer Notice shall have been duly given in accordance withthe provisions of the Contract of Association and either (i) 30 days have passedsince the last MobiFon shareholder received the Transfer Notice, and noshareholder has exercised its ROFR Rights; (ii) MobiFon Holdings and at leastone other MobiFon shareholder have exercised their ROFR Rights and 60 days havepassed since the last MobiFon shareholder received the Transfer Notice(notwithstanding that the procedure for determining Fair Market Value (asdefined in the Contract of Association) is still underway); or (iii) allshareholders shall have unconditionally and irrevocably waived, in a mannersatisfactory to TIW and MobiFon Holdings, all of their ROFR Rights in relationto the transfers of the MobiFon Shares contemplated by this Agreement.

5.

All consents, approvals and authorisations required forCompletion under the Loan Agreements, any other financing agreements TIW or itsSubsidiaries is party to or under the Contract of Association or the Statuteshave been obtained.

34

**SCHEDULE 2**

**Documents to be executed and/or delivered at Completion**

**Part A**

**Documents to be executed and/or****delivered by TIW:**

1.

Deliver to the Sellers as evidence of the authority of eachperson executing this Agreement and/or a document referred to in this scheduleon TIW's behalf, a copy of or extract from the minutes of a duly held meeting ofthe board of directors authorising the execution of this Agreement andconferring the authority to the signatory to sign on TIW's behalf, certified tobe a true copy by the secretary of TIW.

2.

Deliver to the Sellers:

2.1

a certificate of an officer of TIW in the agreed form confirming(i) the accuracy of the Warranties in Schedule 3 Part A and B****as atCompletion and (ii) there has not occurred any Material Adverse Change since thedate of this Agreement;****and

2.2

legal opinions issued by Fasken Martineau DuMoulin and PillsburyWinthrop and addressed to the Sellers and the Deraso Shareholders in relation toTIW, the free tradeability of the TIW Shares on the TSX, that the TIW Shares arenot ''restricted securities'' as defined under Rule 144 of the 1933 Act, andcertain other Securities Laws matters in form and substance satisfactory to theSellers, acting reasonably.

3.

Deliver to the Sellers (or, in respect of Deraso, to Kurisa orROMGSM if Deraso and one of Marc van Campen or Tom Mitchell of Baker & McKenzieAmsterdam shall so instruct TIW in writing prior to Completion) the sharecertificates in relation to the TIW Shares which certificates evidence thetransfer restrictions provided for under Clause 8.5.

4.

Execute, or have the relevant TIW Subsidiary execute, and deliverto the relevant Sellers termination agreements for the Exit Deeds and theTag-Along Agreement, together with releases from the relevant Sellers'obligations thereunder, which termination agreements and releases shall becomeeffective upon and subject to Completion. 

5.

Deliver to the Sellers and the Deraso Shareholders a copy of theduly executed Waiver.

**Documents to be executed and/or****delivered by MobiFon Holdings:**

1.

Deliver to the Sellers as evidence of the authority of eachperson executing this Agreement and/or a document referred to in this scheduleon MobiFon Holdings's behalf, a copy of or extract from the minutes of a dulyheld meeting of the directors or governing body of MobiFon Holdings authorisingthe execution of the Agreement and conferring the authority to the signatory tosign on MobiFon Holdings's behalf, certified to be a true copy by the secretaryor a director of MobiFon Holdings.

35

 

2.

Deliver to the Sellers:

2.1

a certificate of an officer of MobiFon Holdings in the agreedform confirming (i) the accuracy of the Warranties in Schedule 3, Part B as atCompletion and (ii) there has not occurred any Material Adverse Change****since the date of this Agreement;****and

2.2

legal opinions issued by Stibbe and addressed to the Sellers andthe Deraso Shareholders in relation to MobiFon Holdings in form and substancesatisfactory to the Sellers acting reasonably.

3.

Deliver to MobiFon:

3.1

a notarised and apostilled power of attorney in favour of theperson executing any other document referred to in this schedule, translatedinto Romanian by a certified translator whose signature is authenticated by aRomanian notary; and

3.2

an extract or copy of minutes of MobiFon Holdings' board (orother governing body) which evidence the intent of MobiFon Holdings to purchasethe MobiFon Shares.

4.

Sign the MobiFon shareholders registry and endorse the sharecertificates to evidence the transfer of ownership of the MobiFon Shares toMobiFon Holdings.

5.

Deliver the signed share certificates for the MobiFon Shares tothe representative of the Senior Lenders.

**Documents to be executed and/or delivered by each of theIndividual Purchasers**

1.

Deliver to the Sellers:

1.1

confirmation of Vodafone Europe B.V. and MobiFon Holdings B.V.that the MobiFon Share Transfer in respect of each of the Individual Purchasersis permitted in accordance with the provisions of Art. 4.1.4. in the MobiFonContract of Association.

2.

Deliver to MobiFon:

2.1

a notarised and apostilled power of attorney in favour of theperson executing any other document referred to in this schedule, translatedinto Romanian by a certified translator whose signature is authenticated by aRomanian notary; and

2.2

copies of the passports for each of the Individual Purchaserscertified by a notary in their country of origin.

3.

Sign the MobiFon shareholders registry and endorse the sharecertificates to evidence the transfer of ownership of the MobiFon Shares to eachof the Individual Purchasers.

4.

Deliver the signed share certificates for the MobiFon Shares tothe representative of the Senior Lenders.

36

**Part B**

**Documents to be executed and/or delivered by each Seller:**

1.

Deliver to the Purchasers as evidence of the authority of eachperson executing this Agreement and/or a document referred to in this scheduleon the Seller's behalf: 

1.1

a copy of or extract from the minutes of a duly held meeting ofthe directors or governing body of the Seller authorising the execution of thisAgreement, certified to be a true copy by the secretary or a director of theSeller; and

1.2

a power of attorney conferring the authority to sign on theSeller's behalf.

2.

Deliver to MobiFon:

2.1

an extract or copy of minutes of the Seller's board (or othergoverning body) decision confirming its intent to transfer the MobiFon Sharesset forth in Schedule 4, Part B; 

2.2

a notarised and apostilled power of attorney in favour of theperson executing any other document referred to in this schedule; and

2.3

resignations, effective upon and subject to Completion, ofDeraso's representatives on the board of directors of MobiFon,

in each case translated into Romanian by a certified translatorwhose signature is authenticated by a Romanian notary.

3.

Sign the MobiFon shareholders registry and endorse the sharecertificates to evidence the transfer of ownership of the MobiFon Shares toMobiFon Holdings.

4.

Deliver to the Purchasers:

4.1

a statement signed by an authorised representative of the Sellerconfirming that the Seller has complied with all applicable ROFR procedures;

4.2

written confirmation that the Seller is not aware of (i) anymatter or thing which is a breach of any of such Seller's Warranties set out inSchedule 4 and (ii) any Material Adverse Change in respect of such Seller; and

4.3

a legal opinion or opinions issued by counsel acceptable to TIWacting reasonably and addressed to the Purchasers in relation to the Seller inform and substance satisfactory to TIW acting reasonably.

5.

Execute and deliver to the Purchasers a termination agreement forthe Exit Deed to which it is a party or to which it is bound and the Tag-AlongAgreement, in the case of Deraso, together with releases from the Purchasers' orthe Purchasers' Subsidiaries' obligations thereunder, which terminationagreements and releases shall become effective upon and subject to Completion.

37

 

**Documents to be executed and/or delivered by each DerasoShareholder:**

1.

Deliver to the Purchasers as evidence of the authority of eachperson executing this Agreement and/or a document referred to in this scheduleon the Deraso Shareholder's behalf: 

1.1

a copy of or extract from the minutes of a duly held meeting ofthe directors or governing body of the Deraso Shareholder authorising theexecution of this Agreement, certified to be a true copy by secretary or adirector of the Deraso Shareholder; and

1.2

a power of attorney conferring the authority to sign on theDeraso Shareholder's behalf.

2.

Deliver to the Purchasers:

2.1

written confirmation that the Deraso Shareholder is not aware of(i) any matter or thing which is a breach of any of such Deraso Shareholder'sWarranties set out in Schedule 4, Part B and (ii) any Material Adverse Change inrespect of such Deraso Shareholder; and

2.2

a legal opinion or opinions issued by counsel acceptable to TIWacting reasonably and addressed to the Purchasers in relation to the DerasoShareholder in the form and substance satisfactory to TIW acting reasonably.

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**SCHEDULE 3**

1**Warranties of TIW and MobiFon Holdings**

**Part A**

**Warranties of TIW**

1.

The details set out in Schedule 5 are correct and accurate andare not misleading in any material respect.

2.

TIW is a corporation duly incorporated and validly existing underthe Laws of Canada, has been in continuous and unbroken existence since the dateof its incorporation and is a reporting issuer in good standing in the Provincesof Ontario and Québec and is in compliance in all material respects with thesecurities law requirements in every jurisdiction in which its securities arelisted for trading and in Quebec, and is not on the list of defaulting reportingissuers maintained under the Ontario Securities Act or the Québec SecuritiesAct.

3.

TIW has the corporate power and corporate authority to execute,deliver and perform its obligations under this Agreement.

4.

The execution, delivery and performance by TIW of this Agreementand the transactions contemplated hereby:

4.1

have been or will be, on or prior to Completion, duly authorisedby all necessary corporate actions;

4.2

will not contravene the terms of its statutes and by-laws;

4.3

will not violate, conflict with or result in any breach orcontravention of, any contractual obligation, or any consents, approvals, ordersor authorisations referred to in paragraph 5 of this Schedule 3;

4.4

will not cause TIW to breach or constitute a default under,result in or give rise to a right of termination of, any agreement, instrumentor arrangement, whether binding or not, to which it is a party, or any order,judgement or decree of any court or Governmental Authority to which it is aparty or otherwise bound;

4.5

will not result in the creation of any Encumbrance over any ofthe TIW Shares, other than any Encumbrance created by the Sellers or theirAffiliates;

4.6

will not result in any indebtedness of TIW or any of itsSubsidiaries becoming due or capable of being declared due and payable prior toits stated maturity; and

4.7

will not violate any Law binding upon it.

5.

No approval, consent, licence, exemption, authorisation, order,registration, qualification or other action by, or notice to, or filing with,any Governmental Authority or any other person in respect of any Law, and nolapse or waiting period under any Law, is necessary or required in connectionwith the execution, delivery or performance (including, without limitation, thetransfer and delivery of the TIW Shares) by, or enforcement against TIW 

39

 

of this Agreement or the transactions contemplated hereby or anyother related documents,, except such consents, approvals, authorisations orfilings that have been obtained or made and except for those provided inSchedule 1 of this Agreement.

6.

The common shares of TIW are listed and posted for trading on theTSX and on Nasdaq and TIW is up to date with its filings, in all materialsrespects, on both exchanges, subject to the necessary filings with the TSX andNasdaq to list the TIW Shares issued pursuant to the MobiFon Share Transfer.

7.

TIW will have been, for the four months preceding the ClosingDate, a reporting issuer in the provinces of Ontario and Québec.

8.

The TSX has accepted for filing the notice of the issuance of theTIW Shares and has conditionally approved the listing of such shares, subject tocustomary conditions and not subject to any requirement that shareholderapproval be obtained.

9.

The Transactions contemplated by this Agreement are exempt fromsections 5.5 (formal valuation) and 5.7 (minority approval) of OntarioSecurities Commission Rule 61 501 (''**Rule 61 501**'') pursuant to Rule 61501, sections 5.6(2) and 5.8(2), respectively, and are exempt from sections 5.5(formal valuation) and 5.7 (minority approval) of AMFQ Policy Statement Q 27 (''**PolicyQ 27**'') pursuant to Policy Q27, sections 5.6(2) and 5.8(2), respectively.

10.

TIW is a "foreign issuer" within the meaning of Regulation S ofthe 1933 Act and a ''foreign private issuer'' under Rule 405 of the 1933 Act andcurrently intends to continue to conduct its operations so as to maintain itsstatus as a foreign private issuer and agrees to notify the Sellers as soon aspracticable if it becomes a "domestic issuer", as that term is defined inRegulation S.

11.

Subject to the truth and accuracy of the Sellers' warranties setforth in Schedule 4 hereof and subject to the restrictions on transfer imposedby Clause 8.5, the TIW Shares will be freely tradable on the TSX through anappropriately registered dealer in Canada, provided that the trade is not a''control block distribution'' as defined in Multilateral Instrument 45-102 -Resale of Securities.

12.

Subject to the truth and accuracy of the warranties of theSellers and the Deraso Shareholders set forth in Schedule 4 hereof, the offer,sale and issuance by TIW of the TIW Shares pursuant to this Agreement is exemptfrom the registration requirements of the 1933 Act and is either exempt from, ornot subject to, the prospectus requirements of the Ontario Securities Act and,subject to the AMFQ not objecting to the information filed by TIW under Section12 of the Quebec Act, is exempt from  prospectus requirements of the Quebec Act.None of TIW, its Affiliates or any person acting on its or their behalf (i) hasoffered or will offer to sell any of the TIW Shares by means of any form ofgeneral solicitation or general advertising (as those terms are used inRegulation D under the 1933 Act) or in any manner involving a public offeringwithin the meaning of Section 4(2) of the 1933 Act or (ii) sold, offered forsale, solicited offers to buy or otherwise negotiated in respect of, anysecurity which is or will be integrated with the sale of the TIW Shares to theSellers in a manner that would require registration under the 1933 Act inconnection with the offer, sale and delivery of the TIW Shares to the Sellers ascontemplated by this Agreement.

40

 

13.

Subject to the truth and accuracy of the Sellers' warranties setforth in Schedule 4 hereof, neither TIW nor any of its Affiliates, nor anyperson acting on behalf of any of them, has engaged or will engage in any''directed selling efforts'' with respect to the sale of the TIW Shares; each ofTIW and its Affiliates, and any person acting on its or their behalf, hascomplied and will comply with any ''offering restrictions'' required by RegulationS in connection with such offer and sale of the TIW Shares; and neither TIW norany of its Affiliates or any person acting on behalf of any of them has taken orwill take any action, directly or indirectly, that in and of itself would causethe offer and sale of the TIW Shares to the Sellers on the terms herein to failto be exempt from the registration requirements of the 1933 Act.

14.

This Agreement constitutes the legal, valid and bindingobligations of TIW, enforceable against TIW in accordance with its terms(assuming due execution and delivery by the Sellers) except as enforceabilitymay be limited by applicable bankruptcy, insolvency, fraudulent conveyance ortransfer, moratorium or similar laws affecting the enforcement of creditors'rights generally or by equitable principles relating to enforceability. 

15.

TIW is entitled to issue the TIW Shares and to transfer the fulllegal and beneficial ownership of the TIW Shares under the terms of thisAgreement free from any Encumbrance, other than those created by the Sellers andtheir Affiliates, as the case may be, and those transfer restrictions created byClause 8.5, and when issued, the TIW Shares will be fully paid, non-assessablecommon shares of TIW. 

16.

The Accounts have been properly prepared in accordance withCanadian GAAP and reconciled to US GAAP and show a true and fair view of thefinancial position, assets and liabilities (whether actual or contingent) of TIWas at the Accounts Date and of the profits and losses of TIW for the financialyear ended on the Accounts Date.

17.

The Management Accounts, a true and complete copy of which hasbeen delivered to the Sellers, fairly present in all material respects theassets and liabilities, profits and losses of TIW for the period to which theyrelate and have been prepared on a basis consistent with the Accounts.

18.

Each of the following documents filed by TIW under the SecuritiesLaws complied in all material respects with the requirements of such SecuritiesLaws as of their respective filing dates, and the information contained thereindid not contain any untrue statement of a material fact or omit to state amaterial fact required to be stated therein or necessary to make the statementstherein, in light of the circumstances under which they were made, notmisleading:

18.1

TIW's Annual Report on Form 20-F for the fiscal year endedDecember 31, 2003; 

18.2

TIW's Operating and Financial Review and Prospect at December 31,2003;

18.3

TIW's Audited Consolidated Annual Financial Statements as at andfor the fiscal year ended December 31, 2003;

18.4

TIW's Unaudited Consolidated Interim Financial Statements as atand for the fiscal quarter ended March 31, 2004;

41

 

18.5

TIW's Notice of Annual Meeting of Shareholders and ManagementProxy Circular dated March 26, 2004.

19.

TIW is not and, after giving effect to the MobiFon Share Transferwill not be, required to register as an ''investment company'' as such term isdefined in the United States Investment Company Act of 1940, as amended.

20.

TIW was not a passive foreign investment company for the taxableyear ended December 31, 2003 and expects to conduct its affairs in such a mannerso that it will not meet the criteria to be considered a passive foreigninvestment company for the taxable year of 2004.

21.

Subject to the continuing truth and accuracy of the warranties ofthe Sellers and the Deraso Shareholders set forth in Schedule 4 hereof and nochange in applicable law or regulations (or interpretation thereof by the SEC)after the date hereof, (a) upon consummation of the sale and delivery of the TIWShares in the manner contemplated by this Agreement, the TIW Shares will not be''restricted securities'' as defined under Rule 144 under the 1933 Act; and (b)after the 40th day occurring after Completion such TIW Shares will not besubject to any restrictions upon transfer under Regulation S or Rule 144, itbeing understood, however, that (1) any TIW Shares held by J.P. Morgan Partners(BHCA), L.P. would be subject to the registration requirement under theSecurities Act or an exemption therefrom and the provisions of Rule 144 underthe 1933 Act, (2) the warranty in this clause 2 does not apply to any TIW Sharesduring such time as such TIW Shares are held by an ''affiliate'' of TIW within themeaning of the 1933 Act; and (3) as to the warranty in this clause 2 relating toRule 144, the applicable conditions set forth in sections (b), (c), (d) and (e)of Rule 144 must be met at the time of resale.

42

**Part B**

**Warranties of MobiFon Holdings and TIW:**

1.

MobiFon Holdings is a limited company duly formed and validlyexisting under the laws of the Netherlands.

2.

MobiFon Holdings has the corporate power and authority toexecute, deliver and perform its obligations under this Agreement.

3.

The execution, delivery and performance by MobiFon Holdings ofthis Agreement and the transactions contemplated hereby:

3.1

have been or will be, on or prior to Completion, duly authorisedby all necessary corporate actions;

3.2

will not contravene the terms of its constitutional documents;

3.3

will not violate, conflict with or result in any breach orcontravention of, result in or give rise to a  right of termination of anycontractual obligation, or any consents, approvals, orders or authorisationsapplicable to it;

3.4

will not cause MobiFon Holdings to breach or constitute a defaultunder any agreement, instrument or arrangement, whether binding or not, to whichit is a party, or any order, judgement or decree of any court or GovernmentalAuthority to which it is a party or otherwise bound;

3.5

will not result in any indebtedness of MobiFon Holdings or any ofits Subsidiaries becoming due or capable of being declared due and payable priorto its stated maturity; and

3.6

will not violate any Law binding upon it.

4.

No approval, consent, licence, exemption, authorisation, order,registration, qualification or other action by, or notice to, or filing with,any Governmental Authority or any other person in respect of any Law, and nolapse or waiting period under any Law, is necessary or required in connectionwith the execution, delivery or performance by, or enforcement against MobiFonHoldings of this Agreement or the transactions contemplated hereby or any otherrelated documents, except such consents, approvals, authorisations or filingsthat have been obtained or made, or are listed in Schedule 1 of this Agreement.

5.

This Agreement constitutes the legal, valid and bindingobligations of MobiFon Holdings, enforceable against MobiFon Holdings inaccordance with its terms (assuming due execution and delivery by the Sellers)except as enforceability may be limited by applicable bankruptcy, insolvency,fraudulent conveyance or transfer, moratorium or similar laws affecting theenforcement of creditors' rights generally or by equitable principles relatingto enforceability. 

43

**SCHEDULE 4**

1**Warranties of the Sellers and DerasoShareholders**

**Part A**

**Warranties of Sellers**

1.

each Seller:

1.1

is duly formed and validly existing as a corporate entity formedunder the laws set forth beside its name in Schedule 4, Part C hereof;

1.2

has the power and authority to execute, deliver and perform itsobligations under this Agreement;

1.3

as at the date of this Agreement, is the registered andbeneficial owner of the MobiFon Shares set forth beside its name in Schedule 4,Part C and is entitled to sell and transfer such MobiFon Shares and the fulllegal and beneficial ownership of such MobiFon Shares on the terms of thisAgreement free from any Encumbrance, other than those created under or pursuantto the Loan Agreements and the Contract of Association and statutes, and noconsent of any third party is required in relation to the transfer except: (i)consent of Vodafone and MobiFon Holdings under Section 4.1.4 of the Contract ofAssociation; and (ii) acquiescence of the Senior Lenders pertaining to theaccess to share certificates representing such MobiFon Shares.

2.

the execution, delivery and performance by each Seller of thisAgreement and the transactions contemplated hereby:

2.1

have been or will be, on or prior to Completion, duly authorisedby all necessary corporate action;

2.2

will not contravene the terms of its constituting documents;

2.3

will not cause it to breach or constitute a default under anyagreement, instrument or arrangement, whether binding or not, to which it is aparty, or any order, judgement or decree of any court or Governmental Authorityto which it is a party to by which it is bound; and

2.4

will not violate any Law binding upon it.

3.

no approval, consent, licence, exemption, authorisation, order,registration, qualification or other action by, or notice to, or filing with,any Governmental Authority or any other person in respect of any Law, and nolapse or waiting period under any Law, is necessary or required in connectionwith the execution, delivery or performance by, or enforcement against eachSeller of this Agreement or the transactions (including, without limitation, thetransfer and delivery of the MobiFon Shares) contemplated hereby and thereby orany other related documents, except in relation to the ROFR Rights and exceptsuch consents, approvals, authorisations or filings that have been obtained ormade, or are listed in Schedule 1 of this Agreement.

44

 

4.

This Agreement constitutes the legal, valid and bindingobligations of each Seller, enforceable against it in accordance with its terms(assuming due execution and delivery by TIW) except as enforceability may belimited by applicable bankruptcy, insolvency, fraudulent conveyance or transfer,moratorium or similar laws affecting the enforcement of creditors' rightsgenerally or by equitable principles relating to enforceability.

5.

Each Seller, ROMGSM and Kurisa acknowledges that the TIW Shareshave not been registered under the 1933 Act or the securities laws of any stateof the United States and may not be offered or sold, directly or indirectly, inthe United States or to, or for the account or benefit of, a U.S. Person (asdefined in Rule 902(k) of Regulation S promulgated under the 1933 Act) unlessregistered under the 1933 Act or an exemption from such registrationrequirements (including, without limitation, Regulation S) is available, and inany event in compliance with applicable state securities or "blue sky" laws.

6.

Each Seller, ROMGSM and Kurisa represents that it is acquiringsuch securities for its own account for investment and not with a view todistribution in violation of the 1933 Act.

7.

Each Seller is an accredited investor as defined in Rule 501 (a)of Regulation D promulgated under the 1933 Act.  By reason of each Seller'sfinancial experience, sophistication and knowledge, each Seller is capable ofevaluating the risks and merits of the investment made pursuant to thisAgreement and can bear the economic risks of its investment.  Each Selleracknowledges that it has been afforded (i) access to information about TIW andits Subsidiaries and associates and their financial condition, operations,business, property, management and prospects sufficient to enable it to evaluateits investment in the TIW Shares and (ii) the opportunity to ask questions as itdeems necessary of, and to receive answers from, representatives of TIWconcerning the terms and conditions of the exchange of the MobiFon Shares forTIW Shares and the merits and risks of investing in the TIW Shares.

8.

Each Seller, ROMGSM and Kurisa is not a "U.S. person" as definedin Rule 902(k) of Regulation S promulgated under the 1933 Act.

9.

Each Seller, ROMGSM and Kurisa agrees that it has not offered orsold and will not for 40 days after the Closing Date offer or sell any TIWShares to any US Person or for the account or benefit of a US Person.

10.

Subject to the truth and accuracy of the warranties of TIW setforth in Schedule 4 hereof, each Seller warrants that neither it nor any of itsAffiliates, nor any person acting on behalf of any of them has engaged or willengage in any ''directed selling efforts'' with respect to the TIW Shares; eachSeller and its Affiliates and any person acting on its or their behalf hascomplied and will comply with any ''offering restrictions'' required by RegulationS.

11.

Deraso warrants that it is the successor of ROMGSM HoldingsLimited's obligations under the Exit Deed and Tag-Along Agreement.

12.

Each of ROMGSM and Kurisa agrees that it shall not cause adistribution of or otherwise transfer TIW Shares to the Deraso Shareholders for40 days after the Completion Date 

45

 

unless TIW and ROMGSM and Kurisa otherwise agree in accordancewith applicable law so as to preserve the exemption from registration affordedby Regulation S.

13.

Each Seller, ROMGSM and Kurisa warrants that it has notparticipated at any time from February 2, 2004 and it shall not participatethrough the earlier of Completion and termination of this Agreement, in anyProhibited Share Transaction.

14.

Each Seller, ROMGSM and Kurisa agrees that it shall not enterinto any hedging transactions with respect to the TIW Shares for 40 days afterCompletion and otherwise than in compliance with the Securities Act and theterms of this Agreement.

46

**Part B**

**Warranties of Deraso Shareholders**

1.

each Deraso Shareholder:

1.1

is duly formed and validly existing as a corporate or partnershipentity formed under the laws set forth beside its name in Schedule 4 Part Chereof;

1.2

has the power and authority to execute, deliver and perform itsobligations under this Agreement;

2.

the execution, delivery and performance by each DerasoShareholder of this Agreement and the transactions contemplated hereby:

2.1

have been or will be, on or prior to Completion, duly authorisedby all necessary corporate or partnership action, as applicable;

2.2

will not contravene the terms of its constituting documents;

2.3

will not cause it to breach or constitute a default under anyagreement, instrument or arrangement, whether binding or not, to which it is aparty, or any order, judgement or decree of any court or Governmental Authorityto which it is a party or otherwise bound; and

2.4

will not violate any Law binding upon it.

3.

no approval, consent, licence, exemption, authorisation, order,registration, qualification or other action by, or notice to, or filing with,any Governmental Authority or any other person in respect of any Law, and nolapse or waiting period under any Law, is necessary or required in connectionwith the execution, delivery or performance by, or enforcement against eachDeraso Shareholder of this Agreement or the transactions contemplated hereby andthereby or any other related documents.

4.

This Agreement constitutes the legal, valid and bindingobligations of each Deraso Shareholder, enforceable against it in accordancewith its terms (assuming due execution and delivery by TIW) except asenforceability may be limited by applicable bankruptcy, insolvency, fraudulentconveyance or transfer, moratorium or similar laws affecting the enforcement ofcreditors' rights generally or by equitable principles relating toenforceability.

5.

Each Deraso Shareholder warrants that it has not participated atany time from February 2, 2004 and it shall not participate through the earlierof and termination of this Agreement and the Completion Date, in any ProhibitedShare Transaction.

6.

Each Deraso Shareholder is an accredited investor as defined inRule 501 (a) of Regulation D promulgated under the 1933 Act.  

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PART C**Section I**        **Sellers and****Laws of****MobiFon****MobiFon****MobiFon****Cash to be** **Deraso****Incorporation****Shares held****Shares****Shares****received at** **Shareholder** **directly****subject to****subject to****Completion**    **Clause 2.2.1****Clause 2.2.2**        DerasoThe    27,376,22    4,080,986    23,295,234    US$35,566,7Holdings B.V.Netherlands0  72      DevaynesCyprus    999,195-    999,195    US$0Holdings     Limited           UpsonCyprus    524,578    52,458    472,120    US$457,184Enterprises     Limited           EmporikiCyprus    488,485    69,866    418,619    US$608,899Venture     Capital     Emerging     Markets      Limited            **Section II**      **Laws of****Direct and indirect %**  **Incorporation****ownership in Deraso**    
Advent Central &    Eastern Europe II Limited PartnershipDelaware, USA5.93170%   Advent Central &    Eastern IIA Limited PartnershipDelaware, USA1.29670%         Advent PGGM Global    Limited PartnershipDelaware, USA1.94430%   Advent Central &    Eastern Europe II-L LimitedDelaware, USA1.94430%Partnership     Advent Partners    Limited PartnershipDelaware, USA0.14120%   Advent Central &    Partners Europe IIB LimitedDelaware, USA0.64770%Partnership  GE Capital Equity    Investments LimitedCayman Islands5.88230%   Limpart Holdings    LimitedCayman Islands6.91760%
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Bancroft Romania L.PDelaware, USA    10.58830%   Emporiki Venture    Capital Emerging Markets LimitedCyprus1.76470%   J.P. Morgan Partners (BHCA),    L.P.Delaware, USA    28.23530%   Baring Communications    Equity LimitedGuernsey7.05880%   Baring Communications    Equity (Emerging Europe) Ltd.Guernsey7.64700%   Apax PP Nominees    Limited A/C UK VI (as nominee forUnited Kingdom    20.00000%   each of Apax UK VI-A,    L.P., Apax UK VI-B, L.P.,  Apax UK VI-C, L.P.,    Apax UK VI-D, L.P. and Apax  UK VI-E, L.P.)     Apax UK VI-A, L.P.    (through its nominee, Apax PPDelaware, USA9.23373%Nominees Limited A/C    VI)     Apax UK VI-B,    L.P.(through its nominee, Apax PPUnited Kingdom5.42785%Nominees Limited A/C    VI)  Apax UK VI-C, L.P.    (through its nominee, Apax PPDelaware, USA2.01468%Nominees Limited A/C    VI)     Apax UK VI-D, L.P.    (through its nominee, Apax PPUnited Kingdom3.25670%Nominees Limited A/C    VI)     Apax UK VI-E, L.P.    (through its nominee, Apax PPUnited Kingdom0.06704%Nominees Limited A/C    VI)     ROMGSM Holdings    LimitedJersey100%   Kurisa Holdings N.V.The Netherlands100%
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**SCHEDULE 5 

Details of TIW**
Country of incorporation 

Canada 

Company registration number 

329350-5 

Date of incorporation 

9 September 1996 

Registered office 

1250 René Lévesque West, 38th floor       Montréal, Québec,       Canada H3B 4Y8 

Authorised share capital 

Unlimited number of common shares without par value and      unlimited number of preferred shares without par value, issuable in series

Total number of common shares outstanding 

168,284,679 common shares as of November 4, 2004 

Total number of options on common shares outstanding 

5,248,872 options, of which 645,612 are exercisable and      1,052,158 restricted share units, as of November 4, 2004 

Nominal value of 7% Equity Subordinated Debentures due      December 2006 outstanding 

Cdn$1,236,500 in principal amount of debentures which      will become convertible at maturity at the option of the holders into      59,162 common shares 

Existing rights to register common shares of TIW      granted by TIW to existing shareholders, other than pursuant to Exit Deeds
-  Amended      and Restated Registration Rights Agreement, dated as of 6 May 2004,      between, amongst others, Telesystem Ltd., 9111-1369 Quebec Inc., Caisse de      depot et placement du Quebec, certain funds advised by Emerging Markets      Partnership (Europe) Limited, certain affiliates of JP Morgan Partners      LLC, U.F. Investment (Barbados) Ltd. and Telesystem International Wireless      Inc., and certain    
50

 
affiliates 
- Share Purchase      Agreement dated as of 4 March 2004 among Highfields Capital 1 LP,      Highfields Capital II LP, Highfields Capital III LP, Perry Partners, L.P.,      Perry Partners International Inc and Telesystem International Wireless      Inc. 
- Restated and Amended Unanimous      Shareholders' Agreement of TIW Czech N.V. dated as of May 2001 
- Share Transfer Agreement dated      23 July 2004 among, inter alia, TIW and Deraso Holdings B.V.   
Existing contractual lock-up periods on common shares of TIW 
-        Contractual lock-up in favour of TIW on 10,874,731 TIW common shares      acquired in a transaction pursuant to a share exchange agreement dated 4      March 2004 among, inter alia, Highfields Capital 1 LP, Highfields Capital      II LP, Highfields Capital III LP, Perry Partners, L.P., Perry Partners      International Inc. -- Until 26 September 2004, 26 December 2004 and 26      March 2005 as to 25%, 25% and 50% of the shares held by such holders. Contractual      lock-up in favour of TIW on 28,358,499 TIW common shares acquired in a      transaction pursuant to a share transfer agreement dated 23 July 2004      among, inter alia, TIW and Deraso Holdings B.V. and certain other direct      holders - until 15 December 2004, 15 March 2005, 15 June 2005 and 15      September 2005 as to 16.6%, 16.7%, 16.7% and 50% of the shares held by      such holders. 
Directors 

Jacques A Drouin       Bruno Ducharme       Kent C. Jespersen       François Laurin       Michael R. Hannon       Jonathan Charles Carter-Meggs       Christian Salbaing       Thierry Baudon 

Executive Officers

Bruno Ducharme       Al Tolstoy       André Gauthier       JJ Jackson       Jacques P. Langevin       Margriet Zwarts 

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**SCHEDULE 6 

Waiver by Major Shareholders under RegistrationRights Agreement**
 

 

 

 

 

 

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