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EXECUTION COPY                                                       EXHIBIT 4.9
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YOU HEREBY ACKNOWLEDGE THAT YOU ARE AWARE THAT UNITED STATES AND CANADIAN
SECURITIES LAW MAY PROHIBIT CERTAIN PERSONS WHO HAVE MATERIAL NON-PUBLIC
INFORMATION CONCERNING A COMPANY FROM PURCHASING OR SELLING SECURITIES OF SUCH
COMPANY, OR FROM COMMUNICATING SUCH CONFIDENTIAL INFORMATION TO ANY OTHER PERSON
UNDER CIRCUMSTANCES IN WHICH IT IS REASONABLY FORESEEABLE THAT SUCH PERSON IS
LIKELY TO PURCHASE OR SELL SUCH SECURITIES. THIS CONFIDENTIAL DRAFT AGREEMENT IS
FURNISHED TO YOU ON CONDITION THAT YOU AND YOUR OFFICERS, AGENTS AND AFFILIATES
SHALL NOT USE THE EXISTENCE OF THIS CONFIDENTIAL DRAFT AGREEMENT AND ANY
CONFIDENTIAL DISCUSSIONS WITH RESPECT THERETO IN CONTRAVENTION OF UNITED STATES
OR CANADIAN SECURITIES LAW (INCLUDING, WITHOUT LIMITATION, UNDER RULE 10B-5
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).

THIS SHARE EXCHANGE AGREEMENT is made as of March 4, 2004:

Between:  HIGHFIELDS CAPITAL I LP, HIGHFIELDS CAPITAL II LP AND HIGHFIELDS
          CAPITAL LTD. (EACH A "HIGHFIELDS FUND" AND COLLECTIVELY THE
          "HIGHFIELDS FUNDS"), each constituted under the laws of Delaware and
          having its registered office at 200 Clarendon St. Boston, MA ;

and:      PERRY PARTNERS, L.P. AND PERRY PARTNERS INTERNATIONAL INC. (EACH A
          "PERRY FUND", COLLECTIVELY THE "PERRY FUNDS" AND WITH THE HIGHFIELDS
          FUNDS, THE "SELLERS"), constituted under the laws of New York and
          having its registered office at 599 Lexington Avenue, New York, NY;

and:      TELESYSTEM INTERNATIONAL WIRELESS INC., constituted under the laws of
          Canada, having its registered office at 1250 Rene-Levesque Street
          West, Montreal, Quebec, H3B 4W8 (the "PURCHASER");

WHEREAS the Sellers are the beneficial owners of 10,942,625 ordinary Class A
shares (the "CLASS A SHARES") in the share capital of ClearWave N.V.;

WHEREAS, the Sellers wish to sell the Class A Shares, and the Purchaser wishes
to purchase the Class A Shares, in exchange for cash and common shares of the
Purchaser, upon the terms and conditions set forth below;

WHEREAS, the Sellers and the Purchaser have agreed that for purposes of
establishing the price of the Class A Shares to be sold hereunder, each such
Class A Share shall be deemed to be the equivalent of 1.362 common shares of the
Purchaser.

NOW, THEREFORE, THE PARTIES AGREE as follows:

                                    SECTION 1
                           PURCHASE AND SALE OF SHARES

1.1       PURCHASE AND SALE - Each of the Highfields Funds and the Perry Funds
          hereby agree to sell and transfer to the Purchaser, and the Purchaser
          hereby agrees to purchase from them, all the Class A Shares on the
          First Closing Date and the Second Closing Date (both as hereinafter
          defined) and upon the terms and subject to the conditions set forth
          herein, for a variable consideration per Class A Share and as to
          different numbers of Class A Shares determined as follows:

          1.1.1   As to a number of Class A Shares being

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                  (A) the product of (i) the number of common shares of the
                  Purchaser sold before exercise of any over-allotment option by
                  the entities named in SCHEDULE 1.1.1 (the "PARTICIPANTS") in
                  the Offering more fully described in section 2.2 and (ii)
                  10.6964% in the case of the Highfields Funds and 8.0563 % in
                  the case of the Perry Funds;

                  (B) divided by 1.362,

                  an amount payable in US dollars per share (the "PRO RATA CASH
                  PORTION") equal to the product of (x) 1.362 and (y) the per
                  common share proceeds, net of any underwriting fee or discount
                  (the "NET ISSUE PRICE PER SHARE"), received by the
                  Participants in the Offering (the resulting product of (x) and
                  (y) due to the Sellers per Class A share being the "CALCULATED
                  SHARE PRICE") ;

          1.1.2   As to a further number of Class A Shares being the product of
                  (i) the percentage that the common shares of the Purchaser to
                  be sold subject to the over-allotment option, if any, granted
                  by the Participants to the underwriters in the Offering (the
                  "OVER-ALLOTMENT OPTION") represents of the total number of
                  common shares to be offered and sold by the Participants upon
                  the first closing of the Offering; and (ii) the number of
                  Class A Shares determined under section 1.1.1 above, an amount
                  payable in US dollars equal to the Calculated Share Price;
                  provided, however, to the extent the Over-allotment Option is
                  not exercised in full, any of the Class A Shares calculated
                  under this section 1.1.2 not acquired for cash will be
                  acquired by the Purchaser for 1.362 common shares of the
                  Purchaser for each Class A Share (the "OVER-ALLOTMENT PRO RATA
                  PORTION"); and

          1.1.3   As to the remaining Class A Shares, 1.362 common share of the
                  Purchaser for each Class A Share sold and transferred.

          The common shares of the Purchaser to be acquired by the Sellers under
          1.1.3 hereunder are referred to herein collectively as the "PURCHASER
          SHARES" and each a "PURCHASER SHARE".

1.2       ADDITIONAL CASH CONSIDERATION - The Sellers may, at their option to be
          exercised by notice in writing to the Purchaser no later than two
          hours after receiving written confirmation from the Purchaser of the
          accepted pricing of the Offering (the confirmation and the notice to
          be sent by fax or email to the persons indicated in SCHEDULE 1.2
          hereto), elect to receive additional cash consideration, in lieu of
          Purchaser Shares in accordance with section 1.1.3 above, as to an
          amount of Class A Shares designated by them, up to an aggregate of
          1,300,000 Class A Shares (or if both Sellers shall so elect such right
          in full, then pro rata between them up to a maximum of 741,511 Class A
          Shares in the case of the Highfields Funds and 558,489 Class A Shares
          in the case of the Perry Funds), in which event the per Class A Share
          consideration for such shares shall be an amount payable in US dollars
          (the "DISCOUNT CASH PORTION" and, together with the Pro Rata Cash
          Portion, the "CASH PURCHASE PORTION") equal to 90% of the Calculated
          Share Price;

1.3       CLOSING - Unless the parties otherwise agree and subject to the
          completion of the conditions precedent set forth in section 2 hereof,
          the Purchaser shall purchase and the Sellers shall sell:

          1.3.1   the Class A Shares determined under sections 1.1.1 and 1.1.3,
                  on the later of (i) the first business day after the first
                  closing of the Offering ; and (ii) the first business day
                  after the fulfillment of the conditions precedent contemplated
                  for the First Closing Date (as hereinafter defined) under
                  sections 2.1, 2.2 and 2.3 below, provided that the Sellers may
                  waive any condition set forth in Section 2.1 and the Purchaser
                  may waive any condition set forth in Sections 2.2 or 2.3 (the
                  "FIRST CLOSING DATE");

          1.3.2   the Class A Shares determined under sections 1.1.2, if any,
                  (i) the first business day after the closing of the
                  Over-allotment Option or in the event the Over-allotment is
                  not exercised on the expiration of the delay given to the
                  underwriters to exercise same; and (i) the First Closing Date
                  (the "SECOND CLOSING DATE").

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          The parties agree that the closing of the transactions contemplated to
          occur on either the First Closing Date or the Second Closing Date
          shall be deemed not to have occurred until each party has received the
          consideration owed to such party on such date in accordance with the
          terms hereof.

                                    SECTION 2
                              CONDITIONS PRECEDENT

2.1       CONDITIONS PRECEDENT IN FAVOUR OF THE SELLERS - It shall be a
          condition precedent to the obligations under section 1 hereof of each
          Seller to sell and transfer the Class A Shares and purchase the
          Purchaser Shares that, as of the First Closing Date for transactions
          to be completed on the First Closing Date, and as at the Second
          Closing Date for transactions to be completed as of the Second Closing
          Date as herein contemplated (each such Date being the "Relevant
          Date"):

          2.1.1   all of the representations and warranties provided in section
                  5 hereof shall be accurate as of the Relevant Date as if made
                  on that Relevant Date;

          2.1.2   the Purchaser has obtained conditional listing approval and
                  acceptance of the private placement notice from the Toronto
                  Stock Exchange (the "TSX") for the issuance of the Purchaser
                  Shares hereunder;

          2.1.3   the Autorite des marches financiers du Quebec ("AMFQ") has not
                  objected to the information filed by the Purchaser under
                  Section 12 of the Quebec Securities Act and section 115 of the
                  Quebec Regulations under the Quebec Securities Act in
                  connection with the issuance of the Purchaser Shares or, if
                  the AMFQ has objected to the information filed by the
                  Purchaser and required the filing of a prospectus to qualify
                  the issuance of such the Purchaser Shares, the Purchaser will
                  have filed such prospectus with the AMFQ on or before the
                  Closing Date; and

          2.1.4   an Offering shall be completed (a) for a total number of
                  shares sold by the Participants in such Offering of not less
                  than 10,000,000, and (b) that includes at least three of the
                  four Participants, and (c) none of such Participants shall
                  receive, be entitled to, or have an understanding that it
                  shall receive from Purchaser or any other party any
                  consideration, benefits or payments of any kind in exchange
                  for participating in the Offering, or in connection therewith,
                  other than the net proceeds of the Offering (it being
                  understood that (i) any amendments to the Investor Rights
                  Agreement dated January 24, 2002, as amended, or the
                  Registration Rights Agreement dated December 14, 2001, as
                  amended, and (ii) any underwriting arrangements with
                  affiliates of any Participant shall not be considered
                  additional consideration, benefits or payments);

2.2       CONDITIONS PRECEDENT IN FAVOUR OF PURCHASER REGARDING PERRY FUNDS'
          CLASS A SHARES - It shall be a condition precedent to the obligations
          under section 1 hereof of the Purchaser to purchase the Class A Shares
          from the Perry Funds and pay the consideration therefore that, as of
          the Relevant Date:

          2.2.1   the Purchaser shall have closed an underwritten primary
                  offering of its common shares (the "OFFERING") for net
                  proceeds equal to at least the Cash Purchase Portion;

          2.2.2   the Purchaser shall have received formal written confirmation
                  from the CDS participant broker that the Perry Funds have
                  identified and given notice of before the First Closing Date
                  (the "PERRY SELLING BROKER") that it holds, on behalf of the
                  Perry Funds, the Class A Shares through The Canadian
                  Depository for Securities ("CDS") and that it will, on the
                  Relevant Date take reasonable steps within its power to effect
                  the transfer of the Class A Shares through CDS' system, to the
                  credit of the CDS participant broker that the Purchaser will
                  have identified and given notice of before such date (the
                  "PURCHASING BROKER"), it being

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                  understood that the Purchaser and/or the Purchasing Broker may
                  be required to take appropriate measures of their own to
                  complete the transfer of the Class A Shares through the CDS
                  system;

          2.2.3   all of the representations and warranties made by the Perry
                  Funds in section 4 hereof shall be accurate as of the Relevant
                  Date as if made on such Relevant Date;

          2.2.4   the Purchaser has obtained conditional listing approval and
                  acceptance of the private placement notice from the TSX for
                  the issuance of the Purchaser Shares hereunder; and

          2.2.5   the AMFQ has not objected to the information filed by the
                  Purchaser under Section 12 of the Quebec Securities Act and
                  section 115 of the Quebec Regulation under the Quebec
                  Securities Act in connection with the issuance of the
                  Purchaser Shares or, if the AMFQ has objected to the
                  information filed by the Purchaser and required the filing of
                  a prospectus to qualify the issuance of such the Purchaser
                  common shares, the Purchaser will have filed such prospectus
                  with the AMFQ on or before the Closing Date.

2.3       CONDITIONS PRECEDENT IN FAVOUR OF PURCHASER REGARDING HIGHFIELDS FUNDS
          CLASS A SHARES - It shall be a condition precedent to the obligations
          under section 1 hereof of the Purchaser to purchase the Class A Shares
          from the Highfields Funds and pay the consideration therefore that, as
          of the Relevant Date:

          2.3.1   the Purchaser shall have closed an Offering for net proceeds
                  equal to at least the Cash Purchase Portion;

          2.3.2   the Purchaser shall have received formal written confirmation
                  from the CDS participant broker that the Highfields Funds have
                  identified and given notice of before the First Closing Date
                  (the "Highfields BROKER" and with the Perry Broker, the
                  "SELLING BROKER") ) that it holds, on behalf of the Highfields
                  Funds, the Class A Shares through The Canadian Depository for
                  Securities ("CDS") and that it will, on the Relevant Date take
                  reasonable steps within its power to effect the transfer of
                  the Class A Shares through CDS' system, to the credit of the
                  CDS participant broker that the Purchaser will have identified
                  and given notice of before such date (the "PURCHASING
                  BROKER"), it being understood that the Purchaser and/or the
                  Purchasing Broker may be required to take appropriate measures
                  of their own to complete the transfer of the Class A Shares
                  through the CDS system;

          2.3.3   all of the representations and warranties made by the
                  Highfields Funds in section 4 hereof shall be accurate as of
                  the Relevant Date as if made on the Relevant Date;

          2.3.4   the Purchaser has obtained conditional listing approval and
                  acceptance of the private placement notice from the TSX for
                  the issuance of the Purchaser Shares hereunder; and

          2.3.5   the AMFQ has not objected to the information filed by the
                  Purchaser under Section 12 of the Quebec Securities Act and
                  section 115 of the Quebec Regulation under the Quebec
                  Securities Act in connection with the issuance of the
                  Purchaser Shares or, if the AMFQ has objected to the
                  information filed by the Purchaser and required the filing of
                  a prospectus to qualify the issuance of such the Purchaser
                  common shares, the Purchaser will have filed such prospectus
                  with the AMFQ on or before the Closing Date.

2.4       TERMINATION

          2.4.1   FAILURE TO MEET CONDITIONS PRECEDENT - Should any of the
                  conditions precedent stipulated above in favour of one of the
                  parties not be met before 30 June 2004, such party may, at its
                  election, waive such condition or be released from its
                  obligations to complete the sale and purchase of the Class A
                  Shares and the Purchaser Shares as herein contemplated;
                  provided, however, that if any such condition precedent is not
                  satisfied due to a breach by such party of any of its
                  obligations hereunder, such party shall not be relieved from
                  its

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                  obligation to complete the sale and purchase of the Class A
                  Shares and the Purchaser Shares;

          2.4.2   BREACH - If before the Closing Date, either the Sellers or the
                  Purchaser is in breach of a warranty or another provision of
                  this Agreement, including for this purpose the obligation of
                  each party to use reasonable commercial efforts to satisfy
                  their respective conditions to closing, the non-breaching
                  party may elect to proceed with the transaction or, by notice
                  in writing to the other parties hereto, terminate this
                  Agreement, without prejudice to its rights in law or by
                  contract. A notice given by one Seller, or directed to one
                  Seller, shall not be effective with respect to the other,
                  unless it is specifically joined in by such Seller, or
                  separately directed to such Seller in the case of a notice
                  given by the Purchaser; and

          2.4.3   CLOSING DATE - If the First Closing Date for the transactions
                  provided in this Agreement does not occur on or before the
                  earlier to occur of (a) thirty (30) days after the completion
                  of an Offering, or (b) 30 June 2004, this Agreement shall
                  terminate, except to the extent that claims have been asserted
                  as contemplated by Section 2.4.2.

                                    SECTION 3
                                     CLOSING

3.1       FIRST CLOSING - On or before the First Closing Date, the Sellers shall
          instruct the Selling Broker to transfer electronically the Class A
          Shares to be transferred as calculated in accordance with section
          1.1.1, 1.1.3 and 1.2 above, through CDS, to the account of the
          Purchasing Broker, for credit on the First Closing Date. Concurrently
          with the transfer of the Class A Shares by the Selling Broker, the
          Purchaser shall deliver to each of the Sellers (i) the Cash Purchase
          Portion by wire transfer to the account(s) specified in SCHEDULE 3.1
          hereto; and (ii) the share certificate(s) representing the Purchaser
          Shares to be issued and registered in the name of each Seller
          according to the registration details notified by the Sellers in
          writing and in a timely manner before the First Closing Date.

3.2       SECOND CLOSING -- On or before the Second Closing Date, the Sellers
          shall instruct the Selling Broker to transfer electronically the Class
          A Shares to be transferred as calculated in accordance with section
          1.1.2 above, through CDS, to the account of the Purchasing Broker, for
          credit on the Second Closing Date. Concurrently with the transfer of
          the Class A Shares by the Selling Broker, the Purchaser shall deliver
          to each of the Sellers, depending on the extent to which the
          Over-allotment Option is exercised, (i) the Over-allotment Pro Rata
          Portion by wire transfer to the account(s) specified in SCHEDULE 3.1)
          hereto; and/or (ii) the share certificate(s) representing the
          Purchaser Shares to be issued and registered in the name of each
          Seller as according to the registration details notified by the
          Sellers in writing and in a timely manner before the Second Closing
          Date.

3.3       LEGENDS - Each certificate or other document evidencing any of the
          Purchaser Shares shall, for so long as required by applicable law, be
          endorsed with the legends substantially in the form set forth below:
          "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
          UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND
          MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS
          AND UNTIL REGISTERED UNDER SUCH ACT, OR UNLESS THE COMPANY HAS
          RECEIVED AN OPINION OF RECOGNIZED SECURITIES LAW COUNSEL OR OTHER
          EVIDENCE, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
          REGISTRATION IS NOT REQUIRED. A NEW CERTIFICATE BEARING NO LEGEND MAY
          BE OBTAINED FROM COMPUTERSHARE TRUST COMPANY OF CANADA UPON DELIVERY
          OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM
          SATISFACTORY TO THE ISSUER, TO THE EFFECT THAT THE SALE OF THE
          SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE
          904 OF REGULATION S UNDER THE 1933 ACT."

3.4       REMOVAL OF LEGENDS PURSUANT TO RULE 144 -- The legend set forth in
          section 3.3 hereof will be removed by delivery of substitute
          certificate(s) without such legend (i) with respect to Purchaser
          Shares that have been registered pursuant to the 1933 Act, (ii) with
          respect to Purchaser Shares that have been sold in reliance on and in
          accordance with Rule 144 under the 1933 Act, or (iii) if a Seller has
          delivered to the Purchaser's transfer agent and the Purchaser a copy
          of a letter from the

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          staff of the United States Securities and Exchange Commission ("SEC"),
          or an opinion of recognized securities law counsel in form and
          substance reasonably satisfactory to the Purchaser and its counsel, to
          the effect that such legend is not required for purposes of the 1933
          Act. In the event of a sale or other disposition by a Seller pursuant
          to Rule 144 under the 1933 Act (other than pursuant to Rule 144(k)) of
          Purchaser Shares, such Seller will supply the Purchaser with evidence
          of compliance with such Rule, in the form of a letter substantially in
          the form of Annex I to this Agreement. The Purchaser may instruct its
          transfer agent to withhold the transfer of any Purchaser Shares
          disposed of by such Seller pursuant to Rule 144 under the 1933 Act
          (other than pursuant to Rule 144(k)), but upon receipt of such
          evidence of compliance the transfer agent shall effectuate the
          transfer of the Purchaser Shares sold as indicated in the letter.

3.5       REMOVAL OF LEGENDS PURSUANT TO REGULATION S -- The legend set forth in
          section 3.3 hereof will be removed by delivery of substitute
          certificate(s) without such legend in connection with a sale made
          pursuant to Rule 904 of Regulation S under the 1933 Act upon delivery
          of the certificate representing the Purchaser Shares so sold and a
          duly executed declaration of a Seller, in a form satisfactory to
          Purchaser's transfer agent and Purchaser:

          (a)     stating that the sale of the securities represented thereby is
                  being made in compliance with Rule 904 of Regulation S under
                  the 1933 Act; and

          (b)     certifying that:

                  (i)    the offer of such securities was not made to a person
                         in the United States and either (x) at the time the buy
                         order was originated, the buyer was outside the United
                         States, or such Seller and any person acting on its
                         behalf reasonably believe that the buyer was outside
                         the United States, or (y) the transaction was executed
                         in, on or through the facilities of the TSX and neither
                         the Seller nor any person acting on his behalf knows
                         that the transaction has been prearranged with a buyer
                         in the United States;

                  (ii)   neither the Seller nor any person acting on his behalf
                         engaged in any directed selling efforts in connection
                         with the offer and sale of such securities;

                  (iii)  the sale is bona fide and not for the purpose of
                         "washing off" resale restrictions imposed because the
                         securities are "restricted securities";

                  (iv)   the sale is not a transaction or part of a series of
                         transactions which, although in technical compliance
                         with Regulation S, is part of a plan or scheme to evade
                         the registration requirement of the 1933 Act; and

                  (v)    the Seller is not an "affiliate" of the Purchaser
                         within the meaning of Regulation S under the 1933 Act.

          Terms used in this section 3.5 have the meanings given to them by
          Regulation S under the 1933 Act.

3.6       FURTHER LEGEND - The certificates to be delivered to the Sellers shall
          further bear a legend to state the contractual restrictions on
          transfer of the Purchaser Shares under section 6.1 hereof.

                                    SECTION 4
                  REPRESENTATIONS AND WARRANTIES OF THE SELLERS

          Each of the Sellers hereby makes severally and not jointly the
          following representations and warranties as to each such Seller to the
          Purchaser, which shall be true and accurate as of the date hereof, and
          as of the First Closing Date and the Second Closing Date (it being
          understood that the

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          failure of representations by one such Seller shall not serve as a
          default or a failure of satisfaction of conditions by the other Seller
          that would Purchaser of its obligations to such other Seller
          hereunder):

4.1       EXISTENCE -Each Seller is a limited partnership, limited liability
          company or corporation organized and existing under the laws of its
          respective jurisdiction of organization.

4.2       POWER, CAPACITY AND AUTHORITY - Each Seller has full power and
          capacity to enter into and perform its obligations under this
          Agreement and each Seller has taken all necessary actions to authorize
          the execution, delivery and performance of this Agreement.

4.3       BINDING OBLIGATION - This Agreement constitutes the legal, valid and
          binding obligation of each Seller, enforceable against each Seller in
          accordance with its terms.

4.4       OWNERSHIP OF SHARES - The Sellers are the sole beneficial owner of the
          Class A Shares as set forth in Schedule 4.4 to be acquired by the
          Purchaser hereunder with good and marketable title thereto. The Class
          A Shares are fully paid, free and clear of any pledges, mortgages,
          liens, charges, options, pre-emption rights, claims or other
          encumbrances of any kind whatsoever, whether absolute or contingent.

4.5       NO OTHER SECURITIES - No Seller, or any of their affiliated or
          associated entities, (i) holds directly or indirectly any other
          securities in the Purchaser or any of its subsidiaries (including any
          securities that may be beneficially owned by any of them in accordance
          with the rules and regulations of the SEC or securities that may be
          issued upon exercise of any warrant, option or right of conversion or
          exchange); or (ii) has entered into any swap or other derivative
          transaction that transfers to another, in whole or in part, any of the
          economic benefit or risks of ownership of such securities.

4.6       REGULATORY FILINGS - If required by any applicable securities laws or
          regulations, each Seller will assist the Purchaser in filing such
          reports, undertakings and other documents with respect to the exchange
          of the Shares and the issue of the Purchaser Shares as may be required
          by any relevant securities commission or other regulatory authority.

4.7       RESALE IN ACCORDANCE WITH CANADIAN SECURITIES LAWS - No Seller will
          resell the Purchaser Shares in Canada except in accordance with
          securities laws, rules and regulations (the "CANADIAN SECURITIES
          LAWS") in the Provinces of Canada where the Purchaser is a reporting
          issuer (the "QUALIFYING PROVINCES").

4.8       NO REGISTRATION UNDER THE 1933 ACT -Each Seller acknowledges that the
          Purchaser Shares are "restricted securities" and have not been and
          will not be registered under the 1933 Act or the securities laws of
          any state of the United States and may not be offered or sold,
          directly or indirectly, in the United States or to, or for the account
          or benefit of, a U.S. Person (as defined in Rule 902(k) of Regulation
          S promulgated under the 1933 Act) unless registered under the 1933 Act
          or an exemption from such registration requirements is available, and
          in any event in compliance with applicable state securities or "blue
          sky" laws and that Purchaser's reliance on such exemption is
          predicated on each Seller's representations set forth herein.

4.9       RESALE IN ACCORDANCE WITH U.S. SECURITIES LAWS - Each Seller
          acknowledges that the Purchaser Shares may be resold without
          registration under the 1933 Act only in certain limited circumstances
          if an exemption from registration under the 1933 Act is available. In
          this respect, each of the Sellers represents that it is acquiring such
          securities for its own account for investment and not with a view to
          distribution in violation of the 1933 Act and that it is familiar with
          Rule 144 and Regulation S promulgated under the 1933 Act, as presently
          in effect, and understands the resale limitations imposed thereby and
          otherwise by the 1933 Act. Each of the Sellers further understands
          that Purchaser has no obligation to file a registration statement with
          respect to the Purchaser Shares, except as set forth in Section 6.2
          hereof.

4.10      ACCREDITED INVESTOR - Each Seller is an accredited investor as defined
          in Rule 501(a) of Regulation D promulgated under the 1933 Act. By
          reason of the Sellers' business and financial experience,
          sophistication and knowledge, each of the Sellers is capable of
          evaluating the risks and merits of the investment made pursuant to
          this Agreement and can bear the economic risks of its investment. In

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          this regard, each of the Sellers acknowledges that it has been
          afforded (i) access to information about Purchaser and its
          subsidiaries and associates and Purchaser's financial condition,
          operations, business, property, management and prospects sufficient to
          enable it to evaluate its investment in the Purchaser Shares and (ii)
          the opportunity to ask questions as it deems necessary of, and to
          receive answers from, representatives of Purchaser concerning the
          terms and conditions of the exchange of the Shares for Purchaser
          Shares and the merits and risks of investing in the Purchaser Shares.

                                    SECTION 5

                 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

          The Purchaser hereby makes the following representations and
          warranties to each Seller, which shall be true and accurate as of the
          date hereof, and as of the First Closing Date and the Second Closing
          Date:

5.1       EXISTENCE - The Purchaser is a corporation incorporated and existing
          under the Canada Business Corporation Act.

5.2       POWER, CAPACITY AND AUTHORITY - The Purchaser has full power and
          capacity to enter into and perform its obligations under this
          Agreement and the Purchaser has taken all necessary actions to
          authorize the execution, delivery and performance of this Agreement.

5.3       BINDING OBLIGATIONS - This Agreement constitutes the legal, valid and
          binding obligation of the Purchaser, enforceable against the Purchaser
          in accordance with its terms.

5.4       DULY ISSUED PURCHASER SHARES - The Purchaser Shares, when issued as
          provided in this Agreement, will be issued as fully paid and
          non-assessable common shares of Purchaser.

5.5       AUTHORIZED CAPITAL - The authorized capital of Purchaser consists of
          an unlimited number of common shares and an unlimited number of
          preferred shares.

5.6       REPORTING ISSUER - The Purchaser is subject to the continuous
          disclosure requirements under Canadian Securities Laws and is not on
          the list of defaulting reporting issuers maintained under the Ontario
          Securities Act or the Quebec Securities Act.

5.7       LISTING - The common shares of the Purchaser are listed and posted for
          trading on the TSX and on NASDAQ SmallCap Market.

5.8       NO BREACH -- The execution, delivery, performance and compliance of or
          with the terms of this agreement by the Purchaser, and the issuance
          and sale of the Purchaser Shares by Purchaser, does not and will not
          result in any breach of, or be in conflict with or constitute a
          default under, or create a state of facts which, after notice or lapse
          of time or both, would result in, a breach of or constitute a default
          under, any term or provision of the organizational documents, by-laws
          or resolutions of the Purchaser or any material mortgage, note,
          indenture, contract, agreement, instrument, lease or other material
          document to which the Purchaser is a party or by which it is bound, or
          any material judgment, decree, order, statute, rule or regulation
          applicable to the Purchaser.

5.9       CONDITIONAL LISTING -- The Purchaser will use commercially reasonable
          efforts to obtain the acceptance for listing of the Purchaser Shares
          on the TSX as soon as possible.

5.10      QUALIFYING ISSUER -- The Purchaser is a qualifying issuer as defined
          in Multilateral Instrument 45-102 - Resale of Securities and is, and
          will have been for the four months preceding the Closing Date, a
          reporting issuer in the provinces of Ontario and Quebec.

5.11      FOREIGN ISSUER -- The Purchaser is a "foreign issuer" within the
          meaning of Regulation S and agrees to notify the Sellers as soon as
          practicable upon it becoming a "domestic issuer", as those terms are
          defined in Regulation S.

                                       8
<PAGE>

5.12      FREELY-TRADEABLE SHARES -- Subject to the truth and accuracy of the
          Sellers' representations and warranties set forth in section 4 hereof,
          respectively, the Purchaser Shares will be freely transferable on the
          TSX through an appropriately registered dealer in Canada, provided
          that (i) the Seller complies with the resale requirements set forth in
          section 2.6(3) of Multilateral Instrument 45-102 - Resale of
          Securities and the requirements to qualify a prospectus imposed on any
          member of a "control block", as defined in Canadian Securities Law, if
          applicable; (ii) the legend set forth in section 3.3 hereof contained
          on the certificate representing the Purchaser Shares has been removed
          in accordance with the procedures set forth in sections 3.4 and 3.5
          hereof; and (iii) the Sellers have complied with their obligations
          under section 6.1 hereof.

5.13      PRIVATE OFFERING -- Subject to the truth and accuracy of the
          representations and warranties set forth in section 4 hereof, the
          offer, sale and issuance by the Purchaser of the Purchaser Shares
          pursuant to this Agreement is exempt from the registration
          requirements of the 1933 Act. None of the Purchaser, its subsidiaries
          or any person acting on its or their behalf has offered or will offer
          to sell any of the Purchaser Shares by means of any form of general
          solicitation or general advertising (as those terms are used in
          Regulation D under the 1933 Act) or in any manner involving a public
          offering within the meaning of Section 4(2) of the 1933 Act.

5.14      OWNERSHIP -- The Purchaser beneficially owns, directly or indirectly,
          in excess of 20% of the ordinary Class A shares of ClearWave.

5.15      ACCURACY OF PUBLIC FILINGS - There has been no material adverse change
          in the financial condition of the Purchaser since December 31, 2003,
          as reflected in the audited financial statements of the Purchaser for
          the financial year ended 2003, as released on February 24, 2004.

                                   SECTION 6A
                          COVENANTS AND INDEMNIFICATION

6A.1      LISTING - The Purchaser hereby covenants and agrees that the Common
          Shares of the Purchaser (or any shares into which common shares of the
          Purchaser may be converted) will, as of the date of their issuance on
          the First Closing Date and the Second Closing Date as the case may be,
          and until the expiry of 15 months after the First Closing Date, be
          listed and eligible for trading on either the TSX, NASDAQ SmallCap
          Market or NASDAQ National Market or any other stock exchange or
          national market of at least comparable reputation and liquidity.

6A.2      INDEMNIFICATION - Each of the (i) Purchaser severally and not jointly,
          (ii) the Highfields Funds jointly and severally as regards the
          Purchaser and the Perry Funds, and (iii) the Perry Funds jointly and
          severally as regards the Purchaser and the Highfields Funds covenants
          and agrees to protect, indemnify and hold harmless the other parties
          from and against any and all losses, claims, damages, liabilities,
          costs or expense caused or incurred by reason of, or in any way
          arising, directly or indirectly, out of any breach or default of or
          under any representation, warranty, covenant or agreement of such
          party in this Agreement. In the event that any claim, action, suit or
          proceeding is brought or instituted against any indemnified party,
          such party (an "INDEMNIFIED PARTY") shall promptly notify the person
          from whom indemnification is sought (the "INDEMNIFYING PARTY") and the
          Indemnifying Party shall promptly retain counsel who shall be
          reasonably satisfactory to the Indemnified Party to represent the
          Indemnified Party in such claim, action, suit or proceeding, and the
          Indemnifying Party shall pay all reasonable fees and disbursements of
          such counsel relating to such claim, action, suit or proceeding.
          Notwithstanding anything herein contained, no Indemnified Party shall
          agree to any settlement of any claim, action, suit or proceeding
          unless the Indemnifying Party has consented in writing thereto.

                                    SECTION 6
                                     LOCK-UP

6.1       LOCK-UP - The Highfields Funds jointly and severally as regards the
          Purchaser Shares to be acquired by the Highfields Funds hereunder, and
          the Perry Funds as regards the Purchaser Shares

                                       9
<PAGE>

          to be acquired by the Perry Funds hereunder, covenant and agree that,
          unless the Purchaser consents in writing and subject to section 6.2
          hereunder, each of them will not, directly or indirectly, (1) offer
          for sale, sell, pledge, or otherwise dispose of (or enter into 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 common shares of the Purchaser (including, without limitation,
          common shares of the Purchaser that may be deemed to be beneficially
          owned by a Seller in accordance with the rules and regulations of the
          SEC and common shares of the Purchaser that may be issued upon
          exercise of any option or warrant) or securities convertible or
          exchangeable for common shares of the Purchaser owned by a Seller on
          the consummation of this Agreement or (2) enter into any swap or other
          derivatives transaction that transfers to another, in whole or in
          part, any of the economic benefits or risks of ownership of common
          shares of the Purchaser , whether any such transaction described in
          clause (1) or (2) above is to be settled by delivery of common shares
          of the Purchaser or other securities, in cash or otherwise, for a
          period (the "LOCK-UP PERIOD") of:

          6.1.1   regarding 50% of the Purchaser Shares, twelve (12) months from
                  the First Closing Date;

          6.1.2   regarding 25% of the Purchaser Shares, nine (9) months from
                  the First Closing Date; and

          6.1.3   regarding 25% of the Purchaser Shares, six (6) months from the
                  First Closing Date.

          For the avoidance of doubt, this section 6.1 shall not apply to any
          common shares of the Purchaser acquired by the Sellers after the date
          hereof, provided such shares are not acquired in the context of a
          derivatives or monetization transaction regarding the Purchaser Shares
          acquired hereunder.

          If any of the Sellers breaches the foregoing provision, the Lock-Up
          Period shall automatically be extended to twelve (12) months from the
          First Closing Date for all the Purchaser Shares that such entity
          acquired hereunder.

6.2       PIGGY-BACK REGISTRATION RIGHTS - Notwithstanding the terms of section
          6.1 above, if at any time during the Lock-up Period the Purchaser
          shall determine to register any of its equity securities (or
          securities convertible or exchangeable into equity securities) for the
          account of any of the Participants (in such capacity, the "INITIATING
          HOLDER") in a secondary offering (the "SECONDARY OFFERING"), the
          Purchaser shall give written notice thereof to each Seller and such
          Seller shall be allowed to participate in such Secondary Offering on
          the following terms and conditions:

          6.2.1   the underwriter shall be chosen by the Initiating Holder
                  and/or the Purchaser, and each Seller that intends to include
                  its Purchaser Shares in such registration or qualification
                  shall (together with the Purchaser and any other shareholders
                  distributing their securities through such underwriting) enter
                  into an underwriting agreement in customary form with the
                  underwriter(s). Notwithstanding any other provision of this
                  Section 6.2, if the underwriter(s) advise(s) the participating
                  shareholders and the Purchaser in writing that marketing
                  factors require a limitation on the number of securities to be
                  underwritten, then the number of securities to be included in
                  such registration or qualification shall be allotted in the
                  following order:

                  6.2.1.1   first, the securities requested to be included in
                            such registration by the Participants, pro rata,
                            based upon the number of securities owned by such
                            holders; and

                  6.2.1.2   second, the securities requested to be included in
                            such registration by the Sellers, pro rata, based on
                            the number of securities owned by them.

          6.2.2   The Purchaser shall pay all Registration Expenses, as
                  hereinafter defined, incurred by the Purchaser and the Sellers
                  in connection with complying with their obligations pursuant
                  to this Agreement, provided, that such expenses shall not
                  include Selling Expenses, as hereinafter defined, which
                  Registration Expenses shall be borne by the Sellers pro rata
                  on the basis of the number of the securities of each Sellers
                  and the other participating shareholders so registered and
                  sold. For the purposes of this section, (i) "REGISTRATION
                  EXPENSES" shall mean all expenses incident to the Purchaser's
                  and the Sellers' performance of or compliance with their
                  obligations under this Agreement, including, without

                                       10
<PAGE>

                  limitation, all SEC, National Association of Securities
                  Dealers ("NASD") and stock exchange, NASDAQ, Toronto Stock
                  Exchange, the Securities Commissions or other and applicable
                  Canadian securities regulatory authorities, in each case with
                  respect to registration, listing and filing fees and expenses,
                  fees and expenses of compliance with applicable state
                  securities or "blue sky" laws or Canadian Securities Laws
                  (including, without limitation, all fees and disbursements of
                  counsel for the underwriters in connection with "blue sky"
                  qualifications of common shares), printing expenses, escrow
                  fees, messenger and delivery expenses, fees and disbursements
                  of counsel for the Purchaser and all independent certified
                  public accountants or chartered accountants (including where
                  applicable the expenses of any annual audit and "cold comfort"
                  letters required by or incident to such performance and
                  compliance), the disbursements of underwriters customarily
                  paid in connection with secondary registered public sales of
                  securities (including the fees and expenses of any "qualified
                  independent underwriter" required by the NASD), fees and
                  expenses of any special experts retained by the Purchaser in
                  connection with such registration, and fees and expenses of
                  other Persons retained by the Purchaser (but not including any
                  Selling Expenses) and (ii) "SELLING EXPENSES" shall mean all
                  underwriting discounts and fees and selling commissions and
                  stock transfer taxes, if any, attributable to the sale of
                  securities shares by the Selling Shareholders, together with
                  all fees of each Sellers's U.S. and Canadian Counsel, as the
                  case may be, or any other expert or financial adviser engaged
                  by the Sellers in connection with the offering.

6.3       WAIVERS - The Sellers acknowledge that the allotment of demand set
          forth in section 6.2 is required because of existing registration
          rights in favour of the Participants. The Purchaser undertakes to use
          commercially reasonable efforts to obtain waivers from the
          Participants to allow the Sellers to participate pro rata with the
          Participants in any future offering (a "FUTURE OFFERING") during the
          Lock-up Period. If a Future Offering occurs during the Lock-up Period
          and the Purchaser has not been able to obtain a waiver to allow such
          pro rata participation, each Seller shall, as of the day on which the
          underwriters' lock-up for the selling shareholders in the Future
          Offering expires, be released from its obligations under section 6.1
          for the number of Purchaser Shares that such Seller would have been
          able to sell in such Future Offering had it benefited from pro rata
          participation rights, minus the number of Purchaser Shares that such
          Seller sold in such Future Offering.

                                    SECTION 7
                                  MISCELLANEOUS

7.1       VALIDITY OF AGREEMENT - Nothing in this Agreement shall prejudice or
          affect the validity and enforceability of this Agreement and the
          parties hereto irrevocably waive any objection which they may have now
          or hereafter in any court or judicial or quasi-judicial proceedings
          with regard to the unenforceability or illegality of any of the
          transactions contemplated hereby or their respective terms. Each of
          the Parties hereto undertakes in its own name to sign any document and
          take any measure which is necessary in order to give full effect to
          its obligations under the provisions of this Agreement.

7.2       AMENDMENTS- This Agreement may only be amended, modified,
          supplemented, varied or replaced by a document in writing executed by
          both parties.

7.3       ASSIGNMENT - A party may not assign or transfer this Agreement or any
          of its rights or obligations thereunder without the prior written
          consent of the other parties.

7.4       COUNTERPART - This Agreement may be executed in two or more
          counterparts, each of which shall be deemed an original, but all of
          which shall, when taken together, constitute one and the same
          instrument.

7.5       TIME OF ESSENCE - Each date, time or period referred to in this
          Agreement is of the essence. If any of the Parties agree in writing to
          vary a date, time or period, the varied date, time or period is of the
          essence.

                                       11
<PAGE>

7.6       EXPENSES -Each Seller and the Purchaser shall each be responsible for
          the expenses (including fees and expenses of legal advisers,
          accountants and other professional advisers) incurred by them,
          respectively, in connection with the negotiation and settlement of
          this Agreement.

7.7       ENTIRE AGREEMENT - This Agreement and each document referred to in it
          constitutes the entire agreement and supersedes any previous
          agreements between the parties relating to the subject matter of this
          Agreement.

7.8       GOVERNING LAW AND JURISDICTION - This Agreement shall be governed by
          and construed in accordance with the laws of the State of New York.

                                       12
<PAGE>

IN WITNESS WHEREOF this Agreement has been executed by the parties hereto and is
intended to be and is hereby delivered on the date first above written.

<TABLE>
<CAPTION>
<S>                                <C>
                                   HIGHFIELDS CAPITAL I LP

                                   By:

                                   --------------------------------------------------
                                   Name: Richard L. Grubman,
                                   Managing Member of Highfields Associates LP,
                                   its General Partner

                                   HIGHFIELDS CAPITAL II LP

                                   By:
                                   ---------------------------------------------------
                                   Name:  Richard L. Grubman, Managing Member of
                                   Highfields Associates LP, its General Partner

                                   HIGHFIELDS CAPITAL LTD.

                                   By:
                                   ----------------------------------------------------
                                   By Highfields Capital Management LP, its
                                   investment manager, by Richard L. Grubman,
                                   Managing Member of Highfields GP LP, its
                                   General Partner

                                   PERRY PARTNERS, L.P.
                                   By: Perry Corp., its General Manager

                                   By:
                                   ----------------------------------------------------
                                   Name:
                                   Title:

                                   PERRY PARTNERS INTERNATIONAL INC.
                                   By: Perry Corp., its Investment Manager

                                   By:
                                   -----------------------------------------------------
                                   Name:
                                   Title:

                                   TELESYSTEM INTERNATIONAL WIRELESS INC.
                                   By:
                                   -----------------------------------------------------
                                   Name:  Bruno Ducharme
                                   Title:   President and Chief Executive Officer
</Table>

                                       13
<PAGE>

                                 SCHEDULE 1.1.1

                                  PARTICIPANTS

EMP               EEIF Melville B.V., EEIF Czech N.V., Emerging Europe
                  Infrastructure Fund C.V.

Hutchison         U.F. Investments (Barbados) Ltd.

JPM               JPMP TIW EH, LP, J.P. Morgan Partners (BHCA), L.P., AOF
                  Investments N.V., CEA Investment N.V., CAIP Investment N.V.

Telesystem        Telesystem Ltd., 9111-1369 Quebec Inc

                                       14
<PAGE>

                                 SCHEDULE 1.2
                        NOTICE FOR OVER-ALLOTMENT OPTION

CONFIRMATION TO SELLERS:

<TABLE>
<CAPTION>
<S>                                     <C>
Richard L. Grubman                      Joseph F. Mazzella
Highfields Capital Management LP        General Counsel
200 Clarendon St.                       Highfields Capital Management LP
Boston, MA 02116                        200 Clarendon St.
(617) 850-7510                          Boston, MA 02116
(617) 850-7610 (fax)                    (617) 850-7520
rgrubman@highfieldscapital.com          (617) 850-7610 (fax)
                                        jmazzzella@highfieldscapital.com

Paul Leff                               L. Kevin Sheridan
c/o Perry Capital                       Goodwin Procter
599 Lexington Avenue                    599 Lexington Avenue
New York, NY 10022                      New York, NY 10022
(212) 583-4000                          (212) 813-8800
(212) 583-4040 (fax)                    (212) 355-3333 (fax)
pleff@perrycap.com                      ksheridan@goodwinprocter.com

NOTICE TO PURCHASER:

Bruno Ducharme                          Andre Gauthier
Telesystem International Wireless Inc.  Telesystem International Wireless Inc.
1250, Rene Levesque Blvd. West          1250, Rene Levesque Blvd. West
38th floor                              38th floor
Montreal, Quebec                        Montreal, Quebec
H3B 4W8                                 H3B 4W8
(514) 673-8484                          (514) 673-8493
(514) 673-8470 (fax)                    (514) 673-8470 (fax)
bducharme@tiw.ca                        agauthier@tiw.ca

Margriet Zwarts
Telesystem International Wireless Inc.
1250, Rene Levesque Blvd. West
38th floor
Montreal, Quebec
H3B 4W8
(514) 673-8418
(514) 673-8314 (fax)
mzwarts@tiw.ca

</Table>
                                       15
<PAGE>

                                  SCHEDULE 3.1
                                 ACCOUNT DETAILS

<TABLE>
<CAPTION>
<S>                                           <C>
Perry Partners, L.P.:                         Citibank
                                              ABA 021-000-089
                                              Bear Stearns Securities Corp
                                              AC # 09253186
                                              Account Name: Perry Partners LP
                                              Account Number: 102-16490-23

Perry Partners International Inc.:            Citibank
                                              ABA 021-000-089
                                              Bear Stearns Securities Corp
                                              AC # 09253186
                                              Account Name: Perry Partners International
                                              Account Number: 102-01132-29

The Highfields Funds:                         Citibank, NY
                                              ABA# 021000089
                                              A/C Morgan Stanley, NY
                                              A/C# 38890774
                                              F/C Highfields Capital:
                                              38-24950
</TABLE>

                                       16
<PAGE>

                                  SCHEDULE 4.4

                                 SHARE OWNERSHIP

<TABLE>
<CAPTION>
<S>                                                      <C>
HIGHFIELDS CAPITAL I LP                                     569,507 Class A Shares

HIGHFIELDS CAPITAL II LP                                  1,207,531 Class A Shares

HIGHFIELDS CAPITAL LTD.                                   4,564,561 Class A Shares

PERRY PARTNERS, L.P.                                      1,505,530 Class A Shares

PERRY PARTNERS INTERNATIONAL INC.                         3,195,496 Class A Shares

</Table>

                                       17
<PAGE>

                      AMENDMENT TO SHARE EXCHANGE AGREEMENT

Dated: March 18, 2004

          Reference is hereby made to the Share Exchange Agreement (the "Share
Exchange Agreement"), dated March 4, 2004, between Telesystem International
Wireless Inc. ("TIW"), Perry Partners, L.P. ("PPLP"), Perry Partners
International, Inc. ("PPII", and together with PPLP, the "Perry Sellers"),
Highfields Capital I LP ("Highfields I"), Highfields Capital II LP ("Highfields
II") and Highfields Capital Ltd ("Highfields Ltd", and together with Highfields
I and Highfields II, the "Highfields Sellers"). TIW, the Perry Sellers and the
Highfields Sellers are hereinafter referred to as the "Share Exchange Parties".
Capitalized terms not defined herein shall have the meanings ascribed to such
terms in the Share Exchange Agreement.

          Each of the undersigned Share Exchange Parties agrees and consents to
the following amendment to Schedule 4.4 of the Share Exchange Agreement (the
"Amendment"). The number of Class A shares set forth beside PPLP shall be
amended to reflect 1,423,680 Class A Shares and the number of Class A Shares set
forth beside PPII shall be amended to reflect 3,277,346 Class A shares.

          In the event that any provision of this Amendment shall conflict with
any provision contained in the Share Exchange Agreement, this Amendment shall
govern and supersede the Share Exchange Agreement. Except to the extent the
Share Exchange Agreement is amended by this Amendment, the Share Exchange
Agreement shall remain in full force and effect and unmodified.

          This Amendment may be executed simultaneously in any number of
counterparts, each of which when so executed and delivered shall be taken to be
an original; but such counterparts shall together constitute but one and the
same document. Transmission by facsimile of an executed counterpart of this
Amendment shall be deemed to constitute due and sufficient delivery of such
counterpart.

                                          TELESYSTEM INTERNATIONAL
                                          WIRELESS INC.

                                    By:
                                          --------------------------------------
                                          Name:  Margriet Zwarts
                                          Title: General Counsel and Secretary

<PAGE>

                                          HIGHFIELDS CAPITAL I LP

                                    By:
                                          --------------------------------------
                                          Name:  Richard L. Grubman,
                                          Managing Member of Highfields
                                          Associates LP, its General Partner

                                          HIGHFIELDS CAPITAL II LP

                                    By:
                                          --------------------------------------
                                          Name:  Richard L. Grubman,
                                          Managing Member of Highfields
                                          Associates LP, its General Partner

                                           HIGHFIELDS CAPITAL LTD.

                                    By:
                                           -------------------------------------
                                           By Highfields Capital Management LP,
                                           its investment manager, by Richard L.
                                           Grubman, Managing Member of
                                           Highfields GP LP, its General Partner

                                           PERRY PARTNERS, L.P.
                                           By: Perry Corp., its General Partner

                                    By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                           PERRY PARTNERS INTERNATIONAL INC.
                                           By: Perry Corp., its Investment
                                           Manager

                                    By:
                                           -------------------------------------
                                           Name:
                                           Title:<PAGE>

                                                                    EXHIBIT 4.10

                     TELESYSTEM INTERNATIONAL WIRELESS INC.

                                   as Company

                                       and

                         THE INVESTORS IDENTIFIED WITHIN

                                  as Investors

------------------------------------------------------------------------------

              SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

                                 March 17, 2004

------------------------------------------------------------------------------

<PAGE>

SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT, dated March 17, 2004
made by and among the Investors identified in Schedule "A" (each an "INVESTOR"
and collectively, the "INVESTORS") and Telesystem International Wireless Inc.
(the "COMPANY")

RECITALS:

(1)  Certain of the Investors and the Company executed an investors' rights
     agreement dated November 29, 2001, which was subsequently amended and
     restated on 24 January 2002 and amended on 25 September 2003 (referred to
     collectively as the "ORIGINAL INVESTOR RIGHTS AGREEMENT");

(2)  One of the original parties to the Original Investor Rights Agreement,
     Capital Communications CDPQ Inc., disposed of all its shares in the Company
     on 25 September 2003 and forfeited all rights thereunder;

(3)  Pursuant to a Share Transfer Agreement by and among MobiFon Holdings B.V.,
     the Company and EEIF Melville B.V. dated 10 February 2004 and a Share Sale
     and Purchase Agreement by and among the Company, Clearwave N.V., Emerging
     Europe Infrastructure Fund C.V. and EEIF Czech N.V. dated 10 February 2004,
     EEIF acquired, for valuable consideration, common shares of the Company;

(4)  As a result of the transactions described above, it is desirable that the
     Original Investor Rights Agreement be further amended and restated.

(5)  By agreeing to become a Party to this Agreement, each Investor has agreed
     that it will cause all voting Shares (as defined herein) beneficially owned
     or controlled by it to be voted in accordance with the terms set out below.

In consideration of the foregoing and the mutual representations, warranties,
agreements and covenants contained herein and other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged),
the Parties agree as follows:

                                    ARTICLE 1
                                 INTERPRETATION

SECTION 1.1       AMENDMENT AND RESTATEMENT; DEFINITIONS

         (a) With immediate effect, the Original Investor Rights Agreement is
hereby amended and restated so that it will read and be construed for all
purposes as set out in this Agreement.

         (b) Unless otherwise provided for herein, in this Agreement the
following terms shall be given the following meanings:

                                       1
<PAGE>

"AFFILIATE" means, save as follows, any Person directly or indirectly
controlling, controlled by or under common control with any other Person. For
the purpose of this definition, "CONTROL" means the power to direct (by contract
or otherwise) the operations, policies or management of a Person.
Notwithstanding any provision of this Agreement to the contrary, J.P. Morgan
Chase & Co. and its subsidiaries and affiliates (other than JPMP and the
subsidiaries of JPMP) (all of whom are collectively referred to as the "OTHER JP
MORGAN ENTITIES") shall be deemed not to be Affiliates of JPMP and under no
circumstances whatsoever shall JPMP be responsible or liable hereunder for the
acts or omissions of the Other JP Morgan Entities.

"AGREEMENT" means this Second Amended and Restated Investor Rights Agreement and
all schedules and instruments in amendment or confirmation of it; "HEREOF",
"HERETO" and "HEREUNDER" and similar expressions mean and refer to this
Agreement and not to any particular Article, Section, Subsection or other
subdivision; "ARTICLE", "SECTION", "SUBSECTION" or other subdivision of this
Agreement followed by a number refers to the specified Article, Section,
Subsection or other subdivision of this Agreement.

"BOARD" means the board of directors of the Company.

"BUSINESS PLAN" means the business plan of the Company and its Subsidiaries (on
a consolidated basis) to be prepared by senior management of the Company, which
business plan (and any amendments, revisions or other modifications thereto)
shall be submitted to the Board for prior approval in accordance with Section
3.2 from time to time.

"CBCA" means the Canada Business Corporations Act, as in effect on the date
hereof.

"COMPANY" has the meaning specified in the preamble hereof.

"CO-SALE GROUP" has the meaning specified in Section 6.1(1).

"CO-SALE OFFEREE" has the meaning specified in Section 6.1(1).

"CO-SALE OFFEROR" has the meaning specified in Section 6.1(1).

"CO-SALE NOTICE" has the meaning specified in Section 6.1(1).

"EEIF" means EEIF Melville B.V., Emerging Europe Infrastructure Fund C.V. and
EEIF Czech N.V., acting collectively.

"INVESTORS" means, collectively, the Persons identified in Schedule "A",
together with their Affiliates, and "INVESTOR" means any one of them.

"JPMP" means J.P. Morgan Partners (BHCA), L.P., JPMP TIW EH, LP., AOF Investment
N.V., CEA Investment N.V. and CAIP Investment N.V., acting collectively.

"MINIMUM CONDITION 1" has the meaning specified in Section 3.2(1)(d).

                                       2
<PAGE>

"MINIMUM CONDITION 2" has the meaning specified in Section 3.2(1)(e).

"NOMINATING PARTY" has the meaning specified in Section 3.2(1)(b).

"NON-VOTING SHARES" means the non-voting participating preferred Shares of the
Company.

"OFFERED SHARES" has the meaning specified in Section 6.1(1).

"ORGANIZATIONAL DOCUMENTS" has the meaning specified in Section 5.1.

"PARTIES" means, collectively, each of JPMP, UFI, EEIF, Telesystem and the
Company, and any other Person who may at any time become a party to this
Agreement pursuant to the terms hereof, and "PARTY" means any one of them.

"PERMITTED TRANSFER" means (i) any pledge, hypothecation or other encumbrance on
any of the Shares of an Investor, provided such Person or Persons in favour of
whom such Shares have been so pledged, hypothecated or otherwise encumbered
signs a joinder to this Agreement agreeing to become a party to, to be bound by,
to comply with and to be subject to the terms and conditions hereof, (ii) one or
more sales by an Investor in any given 12-month period, on The Toronto Stock
Exchange and/or NASDAQ and/or any other nationally recognized securities market
on which the Shares are traded, of not more than 5% of the issued and
outstanding Shares of the Company (based on the number of Shares issued and
outstanding at the commencement of such period) and only if such transactions
are otherwise exempt from the take-over bid rules under applicable corporate and
securities laws and regulations, (iii) any Transfer of Shares between any
Investor and its Subsidiaries or Affiliates or to any other Investor or such
Investor's Subsidiaries or Affiliates, or (iv) any Transfer of Shares under a
non-exempt take-over bid under applicable corporate and securities laws and
regulations.

"PRO RATA AMOUNT" means, as of any given date and with respect to any Investor,
the quotient obtained by dividing (i) the number of Shares then held by such
Investor, by (ii) the aggregate number of Shares then held by all Investors,
assuming in each case that, in the calculation of such number of Shares, all
securities held by Investors which by their terms are convertible or exercisable
into or exchangeable for Shares, have been so converted, exercised or exchanged
on such date.

"REGULATORY PROBLEM" has the meaning specified in the Regulatory Sideletter.

"REGULATORY SIDELETTER" has the meaning specified in Section 5.1.

"SHARES" has the meaning specified in Section 2.1, and more particularly
described in Article 2.

"STRATEGIC DIRECTION" means the maximization and realization of shareholder
value of the Company and its Subsidiaries (on a consolidated basis) in the
medium term and in a manner consistent with the Business Plan, and in the event
such value is realized, the distribution of such value to all of the
shareholders of the Company.

                                       3
<PAGE>

"SUBSIDIARY" has the meaning specified in the CBCA, as in effect on the date
hereof.

"TAG-ALONG NOTICE" has the meaning specified in Section 6.1(3).

"TELESYSTEM" means Telesystem Ltd. and its wholly-owned subsidiary, 9111-1369
Quebec Inc., acting collectively.

"THIRD PARTY" means any Person that is not (i) the Company (ii) an Investor or
(iii) any of their respective Affiliates.

"TRANSFER" means to sell, transfer, pledge, hypothecate, encumber, assign or
otherwise dispose of, either voluntarily or involuntarily and with or without
consideration.

"UFI" means U.F. Investments (Barbados) Ltd.

SCHEDULES

       SCHEDULE "A"        Investors
       SCHEDULE 3.2        Major Decisions
       SCHEDULE 4.1(a)     Shares
       SCHEDULE 5.1        Regulatory Sideletter

                                    ARTICLE 2
                                     SHARES

SECTION 2.1 SHARES

For purposes of this Agreement, "SHARES" includes any outstanding equity
securities of the Company (or of a successor or continuing corporation of the
Company) or of any corporation into whose shares such equity securities of the
Company (or of a successor or continuing corporation of the Company) may be
consolidated, subdivided, exchanged, converted, changed, reclassified or
redesignated provided, however, that except as specifically provided in the
definition of "PRO RATA AMOUNT", "Share" shall not include unexercised options,
warrants or convertible securities.

SECTION 2.2 APPLICATION OF AGREEMENT

For purposes of this Agreement, all "SHARES" beneficially owned by an Investor
on the date hereof and set forth in Schedule 4.1(a), and any Shares beneficially
acquired, directly or indirectly, by any Investor, or Shares over which any
Investor has control, at any time and from time to time hereafter until the
expiry or other termination of this Agreement shall be subject to the terms and
conditions of this Agreement (including without limitation, the representations
and warranties contained in Article 4 hereof). To the extent that a Person who
is controlled by such Investor shall at any time and from time to time
beneficially acquire, directly or indirectly, any such Shares, such Investor
shall cause such controlled Person to agree to sign a joinder hereto and to
comply with the terms hereof, effective as of the date of such acquisition.

                                       4
<PAGE>

SECTION 2.3 BENEFICIAL OWNERSHIP

For purposes of this Agreement, all references to "SHARES" owned by any Investor
shall include all Shares owned legally or beneficially; all Shares over which
control is exercised; and all Shares owned or controlled by any Subsidiary or
other entity controlled by such Investor, in each case whether such interest is
held directly or indirectly, including without limitation subsequently acquired
Shares referred to in Section 2.2.

                                    ARTICLE 3
                      VOTING OF SHARES AND RELATED MATTERS

SECTION 3.1 COMMENCEMENT AND DURATION

(1)  The rights and obligations of (i) each Investor that beneficially owns
     Shares and (ii) the Company, pursuant to this Article 3 shall be effective
     as of and from the date hereof and shall continue to be enforceable by or
     on behalf of (in the case of rights) and to be binding upon and enforceable
     against (in the case of obligations) such Investor and the Company:

     (a)  until this Agreement is terminated by mutual agreement of all
          Investors bound by the Agreement at that time; or

     (b)  with respect to an Investor, until such Investor holds less than 7% of
          the issued and outstanding Shares (including Non-Voting Shares) and
          such Investor has elected by notice in writing to the other Parties
          not to continue to be bound by this Agreement; or

     (c)  until only one Investor is bound by the Agreement; or

     (d)  until the Investors bound by the Agreement own, in aggregate, less
          than one third (1/3) of the issued and outstanding Shares (including
          Non-Voting Shares).

SECTION 3.2 VOTING OF SHARES

During the term of this Agreement, each Investor and the Company agree as
follows:

(1)  BOARD MATTERS

     (a)  SIZE OF BOARD OF DIRECTORS: The Board is currently established to have
          eight (8) members and the Company shall not increase or decrease the
          size of the Board, without the prior written consent of each Investor,
          which consent may be arbitrarily and/or unreasonably withheld.

     (b)  ENTITLEMENT TO NOMINATE BOARD MEMBERS:

          (i)  Each of JPMP, UFI, EEIF and Telesystem (each such Persons or
               group of Persons a "NOMINATING PARTY") shall, subject to the
               requirements of

                                       5
<PAGE>

               Section 3.2(1)(c), Section 3.2(1)(h) and Section 3.2(1)(i), have
               the right to nominate candidates for appointment or election to
               the Board as follows:

                           Telesystem    2 Board members
                           JPMP          2 Board members
                           UFI           1 Board member
                           EEIF          1 Board member

          (ii) Subject to (y) the requirements of the CBCA and the rules of The
               Toronto Stock Exchange and NASDAQ (or the NASD), as applicable,
               and (z) Section 3.2(1)(b)(iii), the Board shall have the right to
               nominate for election or appointment to the Board any other
               individual persons required to bring the number of directors on
               the Board to eight (8), provided, however, that such other
               individual persons so nominated for election or appointment by
               the Board shall at all times consist of, to the extent
               practicable, persons who (i) are independent of Company
               management, the Investors and the Company, and (ii) possess
               substantial industry or other experience relevant or applicable
               to the Strategic Direction; and

          (iii) If at any time during the term of this Agreement in connection
               with a transaction or series of transactions approved by the
               Board in accordance with Section 3.2(2) (and in particular, Part
               (A) of Schedule 3.2), a Third Party has been granted the right to
               nominate an individual to the Board, the Board shall exercise its
               rights in Section 3.2(1)(b)(ii) to appoint or nominate for
               election to the Board the individual nominated by such Third
               Party, provided such Third Party executes a joinder to this
               Agreement agreeing to be bound by the terms and conditions
               hereof.

     (c)  MINIMUM CONDITIONS: Until this Agreement terminates in accordance with
          Section 3.1, each Nominating Party shall have the right to nominate:

          (i)  one individual person for appointment or election to the Board if
               and whenever and for so long as such Nominating Party satisfies
               Minimum Condition 1; and

          (ii) one additional individual person for appointment or election to
               the Board if and whenever and for so long as such Nominating
               Party satisfies Minimum Condition 2.

     (d)  MINIMUM CONDITION 1: For purposes of Section 3.2(1)(c)(i), Minimum
          Condition 1 will be satisfied by a Nominating Party if and whenever
          and for so long as it owns at least (A) 7% of the issued and
          outstanding Shares (including Non-Voting Shares) of the Company and,
          for purposes of determining such percentage, any dilution attributable
          to the issuance by the Company of Shares either to Deraso Holdings
          B.V. and Deraso Holdings B.V.'s shareholders and affiliates in
          exchange for shares in Mobifon S.A. or the proceeds of which are used
          principally by the Company to acquire such shares in Mobifon S.A.,
          shall be disregarded, and (B) in the case of Telesystem, 5% of the
          issued and outstanding Shares (including Non-Voting

                                       6
<PAGE>

          Shares) of the Company.

     (e)  MINIMUM CONDITION 2: For purposes of Section 3.2(1)(c)(ii), Minimum
          Condition 2 will be satisfied by a Nominating Party if and whenever
          and for so long as it owns at least 13% of the issued and outstanding
          Shares (including Non-Voting Shares) of the Company.

     (f)  ADJUSTMENTS: The Parties acknowledge and agree that the number of
          Shares (including Non-Voting Shares) referred to in Section 3.2(1)(d)
          and Section 3.2(1)(e) shall be equitably adjusted as necessary to
          reflect any consolidation, subdivision, reclassification, capital
          reorganization of or other change to the outstanding Shares (including
          Non-Voting Shares), or any payment by the Company of a stock dividend,
          in each case occurring after the date hereof. Such adjustment shall be
          effected by the Company upon the consent of all of the Investors,
          failing which it shall be decided by a nationally recognized
          independent firm of chartered accountants in Canada, whose decision
          shall be final and binding upon the Parties.

     (g)  REQUIRED VOTING: Each Investor covenants and agrees with the other
          Investors to vote all of its Shares in favour of the nominees put
          forward for election by each Nominating Party and the Board in
          accordance with Section 3.2(1)(b) at each of the Company's duly
          constituted shareholders' meetings at which members of the Board are
          to be elected, and each Investor and the Company shall use their
          respective best efforts to cause any vacancy on the Board to be filled
          by a nominee of the Nominating Party, or the Board, as the case may
          be, entitled to fill that vacancy. For greater certainty, nothing in
          this Agreement shall require a Party to grant a proxy in favour of
          another Party or to management of the Company.

     (h)  DIRECTOR QUALIFICATIONS: Only individuals qualified to act as
          directors of the Company under applicable law, except as to Canadian
          residency, shall be nominated to the Board by any Nominating Party or
          the Board. Unless otherwise agreed by JPMP, EEIF and UFI, Telesystem
          and the Board shall put forward among their nominees such number of
          resident Canadians as may be required to satisfy the resident Canadian
          director requirements under the CBCA.

     (i)  BOARD VACANCIES: In the event that there shall be any vacancy on the
          Board resulting from the resignation, death or incapacity of a
          director selected hereunder by a Nominating Party or the Board, or if
          a nominee of a Nominating Party or the Board hereunder fails to stand
          for election or re-election as director for whatever reason, the
          Parties shall take whatever reasonable action is within their control
          to appoint or elect or cause to be appointed or elected to the Board
          as soon as possible a successor or a nominee, as the case may be,
          selected by such Nominating Party or the Board, as the case may be.

     (j)  CONTINUED PARTICIPATION ON BOARD: If a Nominating Party does not
          satisfy Minimum Condition 1, it may nevertheless request and the Board
          shall consider, whether a nominee of such Nominating Party will be
          permitted to serve as a

                                       7
<PAGE>

          member of the Board. For the avoidance of doubt, nothing in this
          Section 3.2(1)(j) shall oblige any Investor, the Company or the
          members of the Board to vote for or appoint any such nominee to the
          Board.

(2)  MAJOR DECISIONS

     All decisions of the Board, save as follows, shall be decided by a majority
     of votes cast (or by such greater percentage of votes as may be required by
     the CBCA) by the directors present and eligible to cast votes at a duly
     constituted meeting of the Board. The taking of any of the decisions or
     actions or the implementation of any of the matters listed or described in
     Schedule 3.2 shall, in addition to any other approval required by law,
     require the approval of (A) in the case of those items listed or described
     in part (A) of Schedule 3.2, not less than two - thirds (2/3) of the votes
     cast by the directors present and eligible to cast votes at a duly
     constituted meeting of the Board, and (B) in the case of those items listed
     or described in part (B) of Schedule 3.2, not less than three - quarters
     (3/4) of the votes cast by the directors present and eligible to cast votes
     at a duly constituted meeting of the Board.

     For greater certainty, in respect of all references in this Section 3.2(2)
     and Schedule 3.2 to minimum numbers of votes to be cast at Board meetings
     which would, with respect to any such vote, result in a fraction of a vote,
     such fraction shall be deemed to be rounded up to the next highest whole
     vote.

     The Company agrees that it will not, and each Investor agrees that it will
     use its best efforts to cause the Company not to, act on any decision of
     the Board which has not been passed in accordance with this Section 3.2(2).

(3)  CHAIRPERSON

     The Board will appoint as Chairperson of the Board a nominee of Telesystem.
     In no circumstances shall the Chairperson of the Board have a casting vote.

SECTION 3.3 CONVERSION OF NON-VOTING SHARES

During the term of this Agreement, any Investor holding Non-Voting Shares shall,
prior to any conversion thereof (in whole or in part) (a "NVS CONVERSION") into
common or other voting Shares of the Company in accordance with the terms
thereof, deliver to the Company and the other Investors a notice (the "NVS
CONVERSION NOTICE"), stipulating the number of Non-Voting Shares to be converted
under the NVS Conversion, together with the proposed closing date thereof. Such
Investor shall consult with the other Investors and the Company in order to
collectively determine whether such NVS Conversion (i) would trigger a Potential
Group Determination, as defined in the Organizational Documents, or (ii) would
create a Regulatory Problem. If within ten days of receipt of the NVS Conversion
Notice the Investors and the Company have not agreed with such Investor to
permit the NVS Conversion, such matter shall be finally determined by a
committee of the Board consisting of those independent members designated
pursuant to Section 3.2(1)(b)(ii).

                                       8
<PAGE>

SECTION 3.4 VOTING RIGHTS OTHERWISE UNAFFECTED.

Other than in respect of the matters referred to in this Article 3, this
Agreement shall have no effect on any voting rights attaching to the Shares and,
for greater certainty, each Investor shall otherwise retain the right to consent
to or to vote in person or by proxy the Shares, on any item of business,
resolution, matter, question or proposition whatsoever that may come before the
shareholders of the Company in its sole discretion.

                                    ARTICLE 4
                    REPRESENTATIONS, WARRANTIES AND COVENANTS

SECTION 4.1 REPRESENTATIONS AND WARRANTIES OF THE INVESTORS

(1)  Each Investor, severally and not jointly and severally and not solidarily,
     represents and warrants as the date hereof (and in respect of itself and
     none of the other Investors) as follows to the other Investors and
     acknowledges and confirms that each such other Investor is relying on such
     representations, warranties and covenants in connection with the entering
     into of this Agreement:

     (a)  OWNERSHIP OF SHARES, ETC. - Schedule 4.1(a) lists, in respect of each
          Investor, the number of Shares of the Company of which such Investor
          is, on the date hereof, the beneficial owner, directly or indirectly,
          or on which it has direction and control over or otherwise has the
          right to vote or deal with, or direct the voting or dealing with.
          Except as disclosed on Schedule 4.1(a), such Investor does not own on
          the date hereof directly or indirectly, or otherwise has direction and
          control over or the right to vote or deal with, or direct the voting
          or dealing with, any other voting securities or securities convertible
          or exchangeable or exercisable into voting securities of the Company.
          In respect of any Investor, references in this Section 4.1(1)(a) to
          "direction" or "directing the voting or dealing with" shall be limited
          to those circumstances in which such Investor possesses or enjoys an
          affirmative right, pursuant to an agreement, to direct votes of or
          otherwise deal with common shares of the Company.

     (b)  NO VOTING ARRANGEMENTS - Except as set out in this Agreement, such
          Investor has no written or oral agreement, or any right or privilege
          (whether by Law, pre-emptive or contractual) capable of becoming an
          agreement, relating to or restricting the exercise of any of the
          voting rights attaching to the Shares and, for greater certainty, such
          Investor has and will have with respect to after-acquired Shares the
          unfettered and absolute right to exercise the votes attaching to such
          Investor's Shares.

     (c)  NO CONTRAVENTION - The fulfillment of such Investor's obligations
          hereunder does not and will not breach, contravene or constitute a
          default under any contract, agreement or instrument to which such
          Investor is a party or by which it is bound.

                                       9
<PAGE>

     (d)  NO ACTIONS - Such Investor knows of no action, proceeding or
          investigation, pending or threatened, involving such Investor which
          places in question the validity or enforceability of this Agreement.

SECTION 4.2       REQUESTS

Each Investor (a "REQUESTING INVESTOR") has the right, exercisable at any time,
to request in writing from each other Investor a disclosure, by way of statutory
declaration:

     (a)  as to the number of Shares beneficially owned, directly or indirectly,
          by it and any of its Subsidiaries or Affiliates; and

     (b)  if a Board nominee of the Requesting Investor has not been elected in
          accordance with the terms hereof at a duly constituted shareholders'
          meeting, as to the manner in which such other Investor's Shares were
          voted at such meeting (but only in respect of votes cast to elect
          directors),

and such Investor shall provide such information in writing, within five (5)
Business Days of receipt of such request.

                                    ARTICLE 5
                            REGULATORY MATTERS (JPMP)

SECTION 5.1       CO-OPERATION OF OTHER INVESTORS

Subject to Section 5.3, each Investor agrees to cooperate with the Company in
all reasonable respects in complying with the terms and provisions of the letter
agreement between the Company and JPMP, a duly executed copy of which is
attached as Schedule 5.1, regarding regulatory matters (the "REGULATORY
SIDELETTER"), including without limitation voting to approve any amendment to
the Company's Articles of Incorporation, the Company's By-laws or other
comparable corporate documents (collectively the "ORGANIZATIONAL DOCUMENTS") or
this Agreement in a manner reasonably acceptable to UFI, Telesystem, EEIF and
JPMP or any Affiliate of JPMP entitled to make such request pursuant to the
Regulatory Sideletter in order to remedy a Regulatory Problem (as defined in the
Regulatory Sideletter) in the manner provided in the Regulatory Sideletter.
Anything contained in this Section 5.1 to the contrary notwithstanding, no
Investor shall be required under this Section 5.1 to take any action that would
adversely affect in any material respect such Investor's rights, obligations or
liabilities under this Agreement or as a shareholder of the Company.

SECTION 5.2       COVENANT NOT TO AMEND

Subject to Section 5.3, the Company and each Investor (other than JPMP) agree to
provide JPMP with notice of its or their intention to amend, or effectively
amend by permanently foregoing its rights under, the voting or other provisions
of any Organizational Document or this Agreement and agree not to amend, or
effectively amend by permanently foregoing its rights under, the voting or other
provisions of any Organizational Document or this Agreement until JPMP

                                       10
<PAGE>

determines that such amendment, or such effective amendment, would not itself,
or would not following the exercise by JPMP or its Affiliates of commercially
reasonable efforts, cause JPMP or any of its Affiliates to have a Regulatory
Problem (as defined in the Regulatory Sideletter). JPMP agrees to notify the
Company and each other Investor as to whether or not it would have a Regulatory
Problem within ten (10) Business Days after JPMP has received notice of such
proposed amendment or such effective amendment.

SECTION 5.3       REIMBURSEMENT

JPMP shall be fully responsible for and shall reimburse each of the Company,
UFI, EEIF and Telesystem, as the case may be, for all of their respective costs
and documented and incurred losses or expenses associated with (i) any action
requested to be taken by JPMP, or (ii) any action caused to be taken by JPMP, in
each case by the Company, UFI, EEIF and Telesystem respectively, in connection
with or pursuant to Section 5.1 or Section 5.2.

                                    ARTICLE 6
                                 CO-SALE RIGHTS

SECTION 6.1       CO-SALE RIGHTS

(1)  If an Investor, either individually or as part of a group (the "CO-SALE
     GROUP") of two or more Investors acting jointly and in concert (such
     individual Investor or Co-Sale Group member being the "CO-SALE OFFEREE")
     proposes to Transfer, or receives an offer to Transfer (that it wishes to
     accept), to any Third Party (the "CO-SALE OFFEROR") Shares of such Investor
     that either alone, or together with any other Co-Sale Offeree, represent
     more than 15% of the total equity securities of the Company issued and
     outstanding as of the date of such offer, the Co-Sale Offeree, either for
     itself or on behalf of the Co-Sale Group, shall, at least ten (10) Business
     Days before such Transfer, deliver a notice (the "CO-SALE NOTICE") to each
     other Investor that sets forth: (A) the number of Shares to which the offer
     relates (the "OFFERED SHARES") and the name and address of the Co-Sale
     Offeror, (B) the name and address of the proposed Co-Sale Offeree(s), (C)
     the proposed amount and type of consideration (including without
     limitation, if the consideration consists in whole or in part of noncash
     consideration, such information available to the Co-Sale Offeree(s) as may
     be reasonably necessary for the Company and each Investor to properly
     analyze the economic value and investment risk of such non-cash
     consideration) and (D) the terms and conditions of payment offered by the
     Co-Sale Offeror; provided, however, that such Co-Sale Notice shall indicate
     that the Co-Sale Offeror has been informed of the co-sale rights provided
     for in this Section 6.1(1) and has agreed in writing to purchase Shares in
     accordance with the terms hereof.

(2)  No Co-Sale Offeree shall Transfer any Shares to the Co-Sale Offeror unless
     each Investor (other than any Co-Sale Offeree) who desires to do so is
     permitted to Transfer its respective Pro Rata Amount (based upon the
     aggregate number of Shares of the Company outstanding at such time and held
     by all Investors) of the aggregate number of Shares to which the Co-Sale
     Offer relates.

                                       11
<PAGE>

(3)  Within ten (10) Business Days after delivery of the Co-Sale Notice, each
     Investor may elect to participate in the proposed Transfer by delivering to
     such Co-Sale Offeree a notice (the "TAG-ALONG NOTICE") specifying the
     number of Shares (up to its Pro Rata Amount) with respect to which each
     Investor shall exercise its rights under this Section 6.1(3).

(4)  Any Shares specified in a Tag-Along Notice shall be Transferred on the same
     terms and conditions as are set forth in the Co-Sale Notice in respect of
     the Offered Shares.

(5)  The provisions of this Article 6 (i) shall not apply to Permitted Transfers
     and (ii) shall apply to all Shares including Non-Voting Shares.

                                    ARTICLE 7
                                  MISCELLANEOUS

SECTION 7.1       ASSIGNMENT; SUCCESSORS

This Agreement shall not be assigned by any Investor without the prior written
consent of the other Parties, except that each Investor may assign its rights
and obligations hereunder to any Subsidiary or Affiliate of such Investor which
owns or receives Shares, provided that such Subsidiary or Affiliate agrees to be
bound by the terms hereof. Subject as aforesaid, this Agreement shall be binding
upon and enure to the benefit of the Investors and their respective heirs,
executors, administrators, successors and permitted assigns, as the case may be.

The Company shall not, directly or indirectly, enter into any merger,
consolidation or reorganization in which the Company shall not be the surviving
entity unless all the Investors shall, prior to such merger, consolidation or
reorganization, have agreed in writing upon the rights and obligations, if any,
which will govern their relationship as security holders of the surviving
entity.

SECTION 7.2       GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of
Quebec and the federal laws of Canada applicable therein. Any legal action or
proceeding with respect to this Agreement may be brought exclusively in the
courts of the Province of Quebec. Each Party hereby irrevocably accepts for
itself and in respect of its property and assets, generally and unconditionally
the jurisdiction of the aforesaid courts.

SECTION 7.3       SEVERABILITY

Any provision or provisions of this Agreement which contravene any applicable
law or which are found to be unenforceable shall, to the extent of such
contravention or unenforceability, be deemed severable and shall not cause this
Agreement to be held invalid or unenforceable or affect any other provision or
provisions of this Agreement.

                                       12
<PAGE>

SECTION 7.4       COUNTERPARTS

This Agreement may be executed in any number of counterparts, including
counterparts by facsimile, and all of such counterparts taken together shall be
deemed to constitute one and the same instrument.

SECTION 7.5       SPECIFIC PERFORMANCE

Each Party hereby recognizes and acknowledges that a breach by it of any
covenants or agreements contained in this Agreement will cause the other Parties
to sustain damages for which they would not have adequate remedy at law for
money damages, and, therefore, each Party agrees that in the event of any such
breach, the aggrieved Party shall be entitled to the remedy of specific
performance of such covenants and agreements and injunctive and other equitable
relief in addition to any other remedy to which it may be entitled, at law or in
equity.

SECTION 7.6       NOTICES

(1)  Any notice, direction or other communication to be given under this
     Agreement shall be in writing and given by delivering it or sending it by
     telecopy or other similar form of recorded communication but not by e-mail,
     addressed as follows:

     (a)  If to the Company, to it at:

          1250 blvd. Rene-Levesque  West
          38th Floor
          Montreal, Quebec
          H3G 4W8
          Attention: Chief Financial Officer, and
          the General Counsel and Secretary
          Telephone: (514) 673-8497
          Telecopier: (514) 673-8470

     (b)  If to UFI, to it at:

          U.F. Investments (Barbados) Ltd.
          The Ernst & Young Building
          Bush Hill Bay Street
          Bridgetown, Barbados
          Attention: The Managing Director
          Telephone: (246) 430-3900
          Telecopier: (246) 426-9551

     (c)  with a copy to:

          Hutchison Whampoa Limited
          22nd Floor, Hutchison House
          10 Harcourt Road
          Hong Kong

                                       13
<PAGE>

          Attention: Company Secretary
          Telephone: (852) 2128-1233
          Telecopier: (852) 2128-1778

     (d)  if to JPMP,to it at:

          c/o J.P. Morgan Partners, LLC
          1221 Avenue of the Americas
          New York, NY 10020
          Attention: Official Notices Clerk
          (FBO: Michael R. Hannon)
          Telephone: (212) 899-3400
          Telecopier: (212) 899-3401

     (e)  with a copy to:

          O'Melveny & Myers LLP
          Times Square Tower
          7 Times Square
          New York, NY 10036
          Attention: Gregory A. Gilbert, Esq.
          Telephone: (212) 408-2400
          Telecopier: (212) 408-2420

     (f)  if to Telesystem, to it at:

          1250 Rene-Levesque Blvd. West
          38th Floor
          Montreal, Quebec
          H3B 4W8
          Attention: Senior Vice-President and CFO
          Telephone: (514) 397-9797
          Telecopier: (514) 397-0089

     (g)  if to EEIF, to it at:

          Emerging Markets Partnership (Europe) Limited
          161, Brompton Road
          London SW3 1EX
          Attention: Colin Hewett
          Telephone: +44 20 78863600
          Telecopier: +44 20 78863639

          with a copy:

          Gibson, Dunn & Crutcher LLP
          Telephone House
          2-4 Temple Avenue

                                       14
<PAGE>

          London EC4Y 0HB
          Attention: Wayne PJ McArdle
          Telephone: +44 20 7071 4000
          Telecopier: +44 20 7071 4244

     Any such communication shall be deemed to have been validly and effectively
     given (i) if personally delivered, on the date of such delivery if such
     date is a Business Day and such delivery was made prior to 4:00 p.m. (local
     time in the place of the recipient) and otherwise on the next Business Day,
     or (ii) if transmitted by telecopy or similar means of recorded
     communication on the Business Day following the date of transmission. Any
     Party may change its address for service from time to time by notice given
     in accordance with the foregoing and any subsequent notice shall be sent to
     such Party at its changed address.

SECTION 7.7       LANGUAGE

The Parties acknowledge and are satisfied that this Agreement be drawn up in the
English language. Les parties aux presentes reconnaissent et acceptant que cette
entente soit redigee en Anglais.

                                       15

<PAGE>

IN WITNESS WHEREOF the Parties have caused this Second Amended and Restated
Investor Rights Agreement to be executed effective as described herein.

TELESYSTEM INTERNATIONAL WIRELESS INC.

By:  ____________________________________________
     Authorized Signing Officer

By:  ____________________________________________
     Authorized Signing Officer

U.F. INVESTMENTS (BARBADOS) LTD.

By:  ____________________________________________
     Authorized Signing Officer

J.P. MORGAN PARTNERS (BHCA), L.P.

By:      JPMP Master Fund Manager, L.P.
         its General Partner

By:      JPMP Capital Corp.
         its General Partner

By:  ____________________________________________
     Name:    Michael Hannon
     Title:   Managing Director

                                       16
<PAGE>

JPMP TIW EH, L.P.

By:      JPMP TIW EH GP, LLC
         its General Partner

By:      J.P. Morgan Partners (BCHA), L.P.
         its Sole Member

By:      JPMP Master Fund Manager, L.P.
         its General Partner

By:      JPMP Capital Corp.
         its General Partner

By:  ____________________________________________
     Name:       Michael Hannon
     Title:      Managing Director

AOF INVESTMENT N.V.

By:  ____________________________________________
     Name:
     Title:

CEA INVESTMENT N.V.

By:  ____________________________________________
     Name:
     Title:

CAIP INVESTMENT N.V.

By:  ____________________________________________
     Name:
     Title:

                                       17
<PAGE>

EEIF MELVILLE B.V.

By:  ____________________________________________
     Authorized Signing Officer

By:  ____________________________________________
     Authorized Signing Officer

EMERGING EUROPE INFRASTRUCTURE FUND C.V.

By:  ____________________________________________
     Authorized Signing Officer

EEIF CZECH N.V.

By:  ____________________________________________
     Authorized Signing Officer

By:  ____________________________________________
     Authorized Signing Officer

TELESYSTEM LTD.

By:  ____________________________________________
     Authorized Signing Officer

9111-1369 QUEBEC INC.

By:  ____________________________________________
     Authorized Signing Officer

                                       18
<PAGE>

                                  SCHEDULE "A"

                                    INVESTORS

UFI

U.F. Investments (Barbados) Ltd.

JPMP

J.P. Morgan Partners (BCHA), L.P.
JPMP TIW EH, L.P.
AOF Investment N.V.
CEA Investment N.V.
CAIP Investment N.V.

TELESYSTEM

Telesystem Ltd.
9111-1369 Quebec Inc.

EEIF

EEIF Melville B.V.
Emerging Europe Infrastructure Fund C.V.
EEIF Czech N.V.

                                       19
<PAGE>

                                  SCHEDULE 3.2
                                 MAJOR DECISIONS

(A)   DECISIONS TO BE APPROVED BY NOT LESS THAN TWO THIRDS (2/3) OF VOTES CAST
      BY DIRECTORS PRESENT AND ELIGIBLE TO CAST VOTES AT A DULY CONSTITUTED
      BOARD MEETING:

Except as specifically provided for in the Business Plan and consistent with the
Strategic Direction:

(1)   the issuance of any rights, warrants, options or underlying securities or
      other equity securities (other than such securities as may be granted or
      securities issued pursuant to the Company Stock Incentive Plan, as
      amended, in force on the date hereof), the issuance of equity or
      equity-linked securities, any redemption of any equity or equity-linked
      securities, repurchase or acquisition of equity or equity-linked
      securities, or the repricing (or adjustment of the strike/exercise price)
      of any rights, warrants or options, in each case by the Company or any
      Subsidiary (including Subsidiaries of Subsidiaries);

(2)   material changes in the Articles of Incorporation or By-laws (or
      comparable constating documents) of the Company or any Subsidiary;

(3)   incurring any debt or pledging of assets of the Company or any Subsidiary;

(4)   the creation of any Subsidiary by the Company (or any Subsidiary), except
      for the creation of any such Subsidiary which is wholly-owned by the
      Company (or any such Subsidiary, as applicable);

(5)   the entering into by the Company or any Subsidiary of any contract or
      agreement for an amount in excess of Cdn. $200,000 in any calendar year
      with any Affiliate, officer, director, stockholder, consultant or employee
      of the Company or any Subsidiary, or any Affiliate of any officer,
      director, stockholder, consultant or employee of the Company or any
      Subsidiary, including, without limitation, for the sale or repurchase of
      any of the Company's or any Subsidiary's outstanding capital stock, or
      rights, warrants or options therefor (other than (A) existing repurchase
      rights, (B) any contract or agreement entered into with such person on an
      arms-length basis or (C) equity-based compensation approved pursuant to
      A(1) above);

(6)   the granting of any exclusive rights to any intellectual property of the
      Company or any Subsidiary;

(7)   the granting of any exclusive distribution or offtake rights by the
      Company or any Subsidiary;

                                       20
<PAGE>

(8)   any material changes in the Company's or any Subsidiary's accounting
      methods or policies (other than as required by U.S. or Canadian generally
      accepted accounting principles), and any change in the Company's or any
      Subsidiary's auditors;

(9)   any other matter which pursuant to the CBCA, is to be approved by a
      special resolution of shareholders of the Company;

(10)  the sale of the Company (whether by sale of assets, stock or merger) in
      circumstances in which the subject transaction or transactions do not, in
      the respective opinions of each Investor (and by written notice thereof to
      the Board), treat such Investor in a fair and equitable manner; and

(11)  the Company or any Subsidiary, as applicable, agreeing, or offering, as
      the case may be, to take any of the foregoing actions.

(B)   DECISIONS TO BE APPROVED BY NOT LESS THAN THREE QUARTERS (3/4) OF VOTES
      CAST BY DIRECTORS PRESENT AND ELIGIBLE TO CAST VOTES AT A DULY CONSTITUTED
      BOARD MEETING:

(1)   The approval of the Business Plan or any modification of the Business Plan
      and/or of the Strategic Direction;

Except as specifically provided for in the Business Plan and consistent with the
Strategic Direction:

(2)   the repurchase of debt by the Company or any Subsidiary (other than out of
      the proceeds of a sale of businesses or assets, in which case such
      repurchase of debt shall be subject to the approval required by part (A)
      of Schedule 3.2, provided such approval will not be withheld if the
      failure to so repurchase debt would result in a breach of the Company's
      existing debt covenants);

(3)   any investment, acquisition, capital expenditure or development project by
      the Company or any Subsidiary;

(4)   the modification of the dividend policy of the Company (as stated in the
      Business Plan);

(5)   the discontinuance of the Company's status as a public company with
      disclosure and filing obligations under the Securities Exchange Act of
      1934, as amended, or any comparable Canadian law and/or otherwise stop or
      impair trading in the Company's securities on The Toronto Stock Exchange,
      or any other nationally recognized securities exchange in Canada;

(6)   commencing or effecting a tender or exchange offer made by the Company or
      any Subsidiary for all or a portion of the securities of the Company or
      any Subsidiary;

                                       21
<PAGE>

(7)   the Company or any Subsidiary commencing or terminating the employment of,
      or amending or revising the terms of any employment or other compensation
      agreement with, the CEO and, on the recommendation of the CEO or Chairman,
      any of the other executive officers named in a management proxy circular
      mailed in connection with any Annual General Meeting; and

(8)   the Company or any Subsidiary, as applicable, agreeing, or offering, as
      the case may be, to take any of the foregoing actions.

                                       22
<PAGE>

                                 SCHEDULE 4.1(a)
                            OWNERSHIP OF SHARES, ETC.

UFI

U.F. Investments (Barbados) Ltd.

      -     15,780,765 common shares

JPMP

JPMP TIW EH, LP.

      -     16,357,383 common shares

      -     35,000,000 series A, non-voting participating preferred shares
            (convertible into 7,000,000 common shares)

AOF Investment N.V.

      -     71,305 common shares

CEA Investment N.V.

      -     111,102 common shares

CAIP Investment N.V.

      -     39,797 common shares

TELESYSTEM

Telesystem Ltd.

      -     18,918,535 common shares, of which:

      (i)   18,367,440 have been hypothecated in favour of Caisse de depot et
            placement du Quebec to secure a debenture convertible into
            15,850,000 common shares,

      (ii)  159,388 have been pledged in favour of Capital Communications CDPQ
            Inc. to secure a debenture exchangeable into 159,388 common shares,
            and

      (iii) all remaining common shares that are not subject to conversion or
            exchange pursuant to the debentures mentioned in (i) and (ii) above
            have been hypothecated in favour of Capital Communications CDPQ Inc.
            to secure (x) a non-convertible debenture issued by the parent
            company of Telesystem which is payable at maturity on March 30,
            2005, and (y) in certain circumstances, the obligations of

                                       23
<PAGE>

            9111-1369 Quebec Inc. owed to Capital Communications CDPQ Inc.

9111-1369 Quebec Inc.

      -     6,834,547 common shares, all of which have been hypothecated in
            favour of Capital Communications CDPQ Inc. to secure (i) a loan made
            to 9111-1359 Quebec Inc. which is payable at maturity on March 30,
            2005 and (ii) in certain circumstances, the obligations under the
            non-convertible debenture issued by the parent company of
            Telesystem.

EEIF

EEIF Melville B.V.

      -     [TO BE DETERMINED]

Emerging Europe Infrastructure Fund C.V.

      -     [TO BE DETERMINED]

EEIF Czech N.V.

                              - [TO BE DETERMINED]

                                       24
<PAGE>

                                  SCHEDULE 5.1
                              REGULATORY SIDELETTER

                                       25

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