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           EXHIBIT 10.24 -- AGREEMENT WITH BRITISH TELECOMMUNICATIONS

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THIS AGREEMENT is made the 8th day of August, 2000 between

SWIFTNET LIMITED registered in England No. 2469394 having its registered office
at Edelman House, 1238 High Road, Whetstone, London N20 OLH

And

BRITISH TELECOMMUNICATIONS public limited company registered in England No.
1800000 having its registered office at 81 Newgate Street, London, EC1A 7AJ.

WHEREAS

A     The Operator is a Schedule 2 Public Operator.

B     BT is a Schedule 2 Public Operator.

C     The Parties have agreed to connect the Operator System to the BT System
      and to the supply of services and facilities, on the terms and conditions
      of this Agreement.

IT IS AGREED as follows:

1. DEFINITIONS AND INTERPRETATION

1.1   In this Agreement, except if the context requires otherwise, words and
      expressions are as defined in Annex D.

1.2   The Interpretation Act 1978 shall apply for the purpose of interpreting
      this Agreement as if this Agreement were an Act of Parliament.

1.3   The following documents form part of this Agreement and, in the event of
      any inconsistencies between them, the order of precedence shall (unless
      expressly stated to the contrary) be as follows:

            1. main body of this Agreement

            2. Annex D

            3. Annexes A and B

            4. Specifications

            5. Annex C

            6. Carrier Price List

1.4   It is hereby expressly agreed that the Manuals, the Technical Master Plan
      and the Customer Service Plan are not legally binding.

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2. COMMENCEMENT AND DURATION

2.1   This Agreement takes effect on the date hereof and shall continue until
      termination pursuant to this Agreement.

2.2   In the event that either Party ceases to be a Schedule 2 Public Operator:

2.2.1       the Party so ceasing may  terminate  the  Agreement by not less than
            three months' advance written notice;

2.2.2       the other Party may  terminate  the  Agreement  forthwith by written
            notice.

2.3   A Party may terminate this Agreement by giving at any time to the other
      not less than 24 months' written notice to terminate.

2.4   After notice has been given pursuant to paragraph 2.2 or 2.3 a Party may
      request the other Party to carry on good faith negotiations with a view to
      entering into a new agreement.

2.5   Following a request pursuant to paragraph 2.4, if, on termination of this
      Agreement either Party would be obliged under its Licence to enter into
      anew interconnection agreement with the other Party the Parties shall
      carry on good faith negotiations with a view to entering into a new
      agreement within a reasonable period, and in the case of paragraphs 2.2.1
      and 2.3 with a view to that agreement taking effect on termination of this
      Agreement.

3. INTERCONNECTION AND STANDARDS

3.1   The Parties shall connect and keep connected the BT System and the
      Operator System at Points of Connection using Customer Sited Interconnect
      or In-span Interconnect in accordance with this Agreement (to such extent
      permitted by the Operator Licence).

3.2   If this Agreement does not contain a Schedule for the joint provision by
      the Parties of In-span Interconnect and BT notifies the Operator that BT
      requires Capacity between particular Switch Connections on a particular
      date, the Operator shall include such Capacity in its next Capacity
      Profile. The Operator shall place a Capacity Order in a timely manner for
      such Capacity by way of Customer Sited Interconnect between the same
      Switch Connections, being an order for not less than the Capacity required
      by BT. No such Capacity Order shall be cancelled nor any resulting
      Interconnect Link rearranged by the Operator without BT's written consent.
      The provisions relating to payment for duct for such Interconnect Links
      shall not apply and the Capacity by way of Customer Sited Interconnect
      provided pursuant to this paragraph shall, unless otherwise agreed, be
      used solely for Traffic Types for which BT has responsibility pursuant to
      Annex A.

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3.3   Each Party shall comply with the Specifications in so far as they apply to
      the provision of services pursuant to this Agreement.

3.4   In the practical implementation of the Specifications relating to the
      interconnection of the BT System and the Operator System the Parties shall
      apply standards and operating guidelines which in the first instance have
      due regard to the following in the order or precedence specified below:

3.4.1       any legal requirements imposed upon each of them including
            requirements arising from Condition 45 of the BT Licence and the
            equivalent Condition of the Operator Licence; and

3.4.2       any  relevant  specification  notified  by the  Director  General in
            implementation of the recommendations of the NICC; and

3.4.3       any recommendations by ETSI; and

3.4.4       any recommendations by ITU-T; and

3.4.5       the GSM memorandum of understanding (where applicable)

4. SYSTEM ALTERATION

4.1   A Party wishing to make a System Alteration shall give to the other Party
      not less than 7 months written notice prior to the date of the anticipated
      System Alteration. The notice shall specify the technical details of the
      System Alteration and the date of the anticipated System Alteration.
      Following such notification each Party shall supply to the other such
      information as the other may reasonably request including in the case of
      the Party giving the notice, to the extent reasonably practicable, the
      potential impact on the other Party's System.

4.2   The Party receiving the notice pursuant to paragraph 4.1 shall notify the
      other as soon as practicable, but in any event not more than one month
      after receipt of such notice, of any alterations required to that Party's
      System as a result of the proposed System Alteration and, if the
      provisions in paragraph 4.6 do not apply, a quotation for the cost of such
      alterations calculated on the basis of the minimum cost consistent with
      good engineering practice.

4.3   If the Party giving the notice pursuant to paragraph 4.1 agrees the
      alterations required to the other Party's System and agrees the quotation
      (if any), the Parties shall agree a plan within three months of receipt of
      the notice referred to in paragraph 4.2 to implement the System Alteration
      and the other Party shall carry out such alterations in accordance with
      the agreed plan.

4.4   If the provisions in paragraph 4.6 do not apply, and if the Party giving
      the notice pursuant to paragraph 4.1 does not agree alterations required

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      and/or the quotation (if any), that Party shall so notify the other Party,
      and the Parties agree to treat the matter as a Dispute. The Party giving
      the notice pursuant to paragraph 4.1 shall not implement the relevant
      System Alteration until the Dispute is resolved.

4.5   On completion of the relevant alteration the Party receiving the notice
      pursuant to paragraph 4.1 shall invoice the other Party for such
      alteration for an amount not exceeding the agreed quotation.

4.6   Each Party shall pay its own costs  arising  out of the System  Alteration
      if:

4.6.1       the Parties agree in writing to change their respective  Systems for
            their mutual benefit; or

4.6.2       the System  Alteration is lawfully  directed by the Director General
            who also lawfully directs each Party to pay its own costs; or

4.6.3       the System Alteration is unanimously agreed by NICC; or

4.6.4       the altering Party is BT and the System Alteration is a change to
            the signalling system, which change is consistent with an upgrade
            path agreed by NICC.

4.7   The Parties shall amend the Specifications prior to a System Alteration.

4.8   If a Party makes a System Alteration it shall ensure that Calls handed
      over from the other Party are not prevented to any greater extent or
      hindered in any manner different from the generality of Calls made by the
      altering Party's Customers.

5. SCOPE

5.1   The Parties shall convey Calls and provide the services and facilities
      pursuant to the Schedules.

5.2   For the avoidance of doubt and notwithstanding the interconnection of the
      BT System and the Operator System neither Party shall hand over to the
      other Party, nor have an obligation to convey Calls of any category,
      unless the other Party has agreed to convey Calls of that category and
      there is express provision to convey Calls of that category in a Schedule.

5.3   Neither Party shall be obliged to provide or be entitled to access
      Ancillary Services unless there is express provision for the particular
      Ancillary Service in a Schedule.



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6. QUALITY OF SERVICE

6.1   BT shall use reasonable endeavours to meet the Target Performance,
      applicable at the time of provision of the relevant Standard Service,
      specified in the Quality Schedule.

7. TRANSFER CHARGE CALLS

7.1   If having been allocated an entire NNG the Operator has the exclusive use
      of that NNG and requests BT not to offer Transfer Charge Calls to Operator
      Customers on such NNG then subject to the Operator:

7.1.1       taking reasonable steps to ensure that Operator Customers on such
            NNGs do not accept or agree to pay for Transfer Charge Calls; and

7.1.2       giving BT written notice that the Operator does not wish Transfer
            Charge Calls to be conveyed to the relevant NNG;


      BT shall instruct BT Operator s not to make available Transfer Charge
      Calls to Operator Customers on such NNG, request operators of Authorised
      Overseas Systems not to make available Transfer Charge Calls to Operator
      Customers on such NNG, and request Third Parties who run
      Telecommunications Systems that provide public switched telephony within
      the United Kingdom pursuant to licences granted under the Act, not to make
      available Transfer Charge Calls to Operator Customers on such NNG.

7.2   If the Operator has complied with the provisions of paragraph 7.1, the
      Operator shall be released from any obligation to pay for Transfer Charge
      Calls conveyed to relevant NNG 28 Working Days after the date of receipt
      of the notice pursuant to paragraph 7.1.2.

7.3   If BT releases the Operator from the obligation to pay for any Transfer
      Charge Call pursuant to paragraph 7.2, the Operator shall release BT from
      the obligation to pay the Operator for the conveyance of such Call unless
      the Call was connected by the BT Operator.

8. NEW SERVICE

8.1   Either Party may, at any time, request from the other Party an agreement
      to interconnect their respective Systems for the provision of any service
      or facility which the other Party provides under interconnection
      agreements to Third Party Operators which, in the case of a request to:

8.1.1       BT, is an agreement which BT is required to enter into under
            Condition 45 of the BT Licence; or

8.1.2       the Operator, is an agreement which the Operator is required to
            enter into under the equivalent Condition of the Operator Licence.


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8.2   BT shall, following a request by the Operator, offer to enter into an
      agreement to interconnect the Parties' respective Systems for the
      provision of the service or facility to the Operator on BT's then current
      standard terms. Upon acceptance of such offer, this Agreement shall be
      amended by the addition of a Schedule containing the terms applicable to
      such service or facility or, if appropriate, the Parties shall agree and
      enter into a new interconnection agreement.

8.3   The Operator shall, following a request by BT, enter into good faith
      negotiations with BT to agree terms for interconnection to the Parties'
      respective Systems for the provision of the service or facility by the
      Operator to BT on fair and reasonable terms. Upon terms being agreed, this
      Agreement shall be amended to give effect to the agreed terms or, if
      appropriate, the Parties shall agree and enter into a new interconnection
      agreement.

8.4   If a Party requests from the other Party an agreement for interconnection
      for the provision of a service or facility which is not made available by
      such other Party, BT is required to enter into under Condition 45 of the
      BT Licence or, if the Operator is the other Party, the Operator is
      required to enter into under the equivalent Condition of the Operator
      Licence, the Parties shall enter into good faith negotiations to enter
      into an agreement for interconnection for the provision of such service or
      facility in accordance with paragraphs 8.5 - 8.9 (inclusive) or otherwise
      as the Parties may agree.

8.5   The Party requesting the other Party under paragraph 8.4 (the "Requesting
      Party") shall provide at the time of such request the other Party (the
      "Requested Party") with a written statement of its requirement addressing
      the matters contained in the New Services Manual.

8.6   Not later than 5 Working Days after receipt by the Requested Party of the
      statement of requirements, the Requested Party shall acknowledge such
      receipt in writing.

8.7   Not later than 30 calendar days after the acknowledgement under paragraph
      8.6, the Requested Party shall confirm whether or not the statement of
      requirements is sufficient for the purpose and, if not, the Requested
      Party shall request and the Requesting Party shall provide such further
      clarification of the statement of requirements as the Requested Party may
      reasonably require. The Parties shall use their reasonable endeavours to
      ensure that the Requested Party shall be in a position to confirm the
      sufficiency of the statement of requirements (with clarification, if any)
      within such 30 calendar day period.


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8.8   Subject to the Requested Party confirming the sufficiency of the
      Requesting Party's statement of requirements under paragraph 8.7, the
      Requested Party shall not later than:

8.8.1       60 calendar days after the acknowledgement under paragraph 8.6,
            confirm in writing to the Requesting Party whether it accepts an
            obligation to enter into an agreement to meet those requirements in
            accordance with the cost and other principles embodied in the
            Requested Party's Licence; and

8.8.2       if it does accept an obligation to do so, 75 calendar days after the
            acknowledgement under paragraph 8.6, endeavour to agree with the
            Requesting Party a plan which addresses:

8.8.2.1           the testing of the feasibility of the requirements  and, if so
                  feasible, the implementation of those requirements;

8.8.2.2           the terms and conditions,  including price,  applicable to the
                  requirements; and

8.8.2.3           any other relevant matter.

8.9   If the Requested Party does not accept under paragraph 8.8.1 an obligation
      to meet the Requesting Party's requirements or the Requested Party does
      accept under paragraph 8.8.1 an obligation to meet the Requesting Party's
      requirements but the Parties fail to agree on any aspect of the plan
      within the timescale referred to in paragraph 8.8.2, then the Requesting
      Party without prejudice to its other rights and remedies may immediately
      request a determination from the Director General under the provisions of
      the Requested Party's Licence.

8.10  If the Requested Party does not accept under paragraph 8.8.1 an obligation
      to meet the Requesting Party's requirements, negotiations to agree terms
      for interconnection for the provision of the service or facility may
      nevertheless continue, whether by further clarification of the statement
      of requirements or otherwise and without prejudice to the Requesting
      Party's right to request a determination from the Director General as
      referred to in paragraph 8.9

8.11  The provisions of this paragraph 8 are intended to establish a framework
      for the interconnection of the Parties' respective Systems for the
      provision of any service or facility not already agreed to be provided
      under this Agreement, but are not intended to prejudice the rights,
      liabilities and obligations of the Parties created by and under their
      Licences.

9. FORECASTS AND CAPACITY

9.1   The Parties shall supply to each other forecasts in accordance with Annex
      A and as may be required in a Schedule.

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9.2   The Parties shall order and provide Capacity in accordance with Annex A
      and as may be required in a Schedule.

10. PROVISION OF INFORMATION

10.1  Each Party shall provide free of charge, one copy of the information
      specific in paragraph 10.3 of the main body and in paragraphs 3, 7 and 16
      of Annex A, and such other information as is reasonably required from time
      to time by the other Party for interconnection of the Systems and the
      provision of services or facilities pursuant to this Agreement.

10.2  Each Party shall promptly supply to the other upon request details of
      services and facilities which it provides to its Customers to which
      paragraph 8 may apply.

10.3  Subject to a Party's obligations of confidentiality to a Third Party, a
      Party may request and the other Party shall provide information on
      protocols in use by that other party which are required for
      interconnection, conveyance of Calls or the provision of services
      specified in this Agreement between the BT System and the Operator System
      if such other party has relevant information and the provision of such
      information is necessary as a consequence of the absence of international
      standards.

10.4  Notwithstanding any provision of this Agreement a Party shall not be
      obliged to provide information which is subject to a confidentiality
      obligation to a Third Party unless such Third Party consents to such
      disclosure.

10.5  The Disclosing Party will use reasonable endeavours to ensure that
      information disclosed is correct to the best of its knowledge at the time
      of provision of such information.

10.6  If a Disclosing Party provides information to a Receiving Party, the
      Disclosing Party shall have obtained all appropriate Third Party consents.

10.7  Subject to paragraph 23, the Receiving Party shall indemnify the
      Disclosing Party and keep it indemnified against all liabilities, claims,
      demands, damages, costs and expenses arising as a consequence of any
      failure by the Receiving Party to comply with the conditions imposed and
      identified at the time when the information was provided.

10.8  Nothing in this Agreement shall require a Party to do anything in breach
      of any statutory or regulatory obligation of confidentiality, including
      without prejudice to the generality of the foregoing, any obligation
      pursuant to the Data Protection Act 1998, the BT License or the Operator
      License as appropriate or any code of practice on the confidentiality of
      customer information issued by the Director General.

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11.   Client

11.1  If a Party's System requests CLI from the other System the originating
      System shall generate and convey CLI to the System requesting it to the
      extent that the originating System has such a capability.

11.2  A Party whose System receives CLI following a request pursuant to
      paragraph 11.1 shall only use the CLI for the following purposes:

11.2.1      routing Calls; and

11.2.2      compilation of (a) inter Party bills, and (b) Customer bills subject
            to such CLI not being disclosed on the Customer bill;

11.2.3      agreed administrative use in accordance with accepted industry
            practice from time to time which includes, at the date of this
            Agreement, call trace, malicious call identification, compilation of
            statistics relating to call origin and PRS Fraud prevention and
            detection; and

11.2.4      display to Customers subject to compliance with the "Code of
            Practice" as referred to in the definition of CLI in Annex D as such
            code may be amended or replaced from time to time.

11.3  A Party conveying Calls handed over from a Third Party System or an
      Authorised Overseas System shall convey, to the extent received, the CLI
      associated with those Calls.

11.4  Notwithstanding other provisions of this Agreement a Party must use CLI to
      pass telephone numbers to Emergency Organisations.

11.5  The cost of generating and conveying CLI is included in the relevant
      conveyance rates for Calls. Neither Party shall apply additional charges
      for CLI.

11.6  If a Party desires to charge separately for the generation or conveyance
      of CLI such Party may initiate a review of this paragraph 11 pursuant to
      paragraph 19.1.3 on each 1 April.

11.7  If there is a change in applicable law or regulation materially affecting
      the operation of the CLI, the Parties shall change the operation of CLI to
      the extent necessary to comply with the applicable law or regulation.

12. BT SERVICES

12.1  For a BT service or facility the Operator shall pay to BT the charges
      specified from time tot time in the Carrier Price List.

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12.2  BT may from time to time vary the charge for a BT service or facility by
      publication in the Carrier Price List and such new charge shall take
      effect on the Effective Sate, being a date not less than 28 days after the
      date of such publication. Notwithstanding the aforesaid, BT may vary the
      charge which has retrospective effect for a BT service or facility by
      publication in the Carrier Price List if the variation is a result of:

12.2.1      a variation of a charge which has retrospective effect payable by or
            to BT in respect of any Schedule 2 Public Operator or an Authorised
            Overseas System; or

12.2.2      an order, direction, determination or requirement of the Director
            General or any other regulatory authority or body of competent
            jurisdiction.

12.3  The date of publication in the Carrier Price List shall be the date that
      BT first makes the contents of the Carrier Price List available on the
      Internet or commences distribution of the printer version of the Carrier
      Price List containing the relevant entries to persons other than BT
      including, without limitation to the Operator, whichever is earlier. If
      there is a difference between the contents of the Carrier Price List
      available on the Internet and the contents of the printed version of the
      Carrier Price List, the contents of the printed version of the Carrier
      Price List shall prevail.

12.4  As soon as reasonably practicable following an order, direction,
      determination or consent (for the purposes of this paragraph 12 a
      "determination" which expression includes a redetermination referred to in
      paragraph 12.5) by the Director General of a charge (or the means of
      calculating that charge) for a BT services or facility, BT shall make any
      necessary alterations to the Carrier Price List so that it accords with
      such determination.

12.5  If a determination referred to in paragraph 12.4 is subject to a legal
      challenge, the Parties shall, without prejudice, treat the determination
      as valid until the conclusion of the legal proceedings, unless the court
      otherwise directs. If the court finds the determination to be unlawful
      then the Parties agree to revert to the charges payable immediately prior
      to such determination being made and BT shall make any necessary
      alterations to the Carrier Price List. As soon as reasonably practicable
      following a re-determination by the Director General (as a result of a
      legal challenge) of a charge (or the means of calculating that charge) for
      a BT service or facility, BT shall make any necessary alterations to the
      Carrier Price List so that it accords with such re-determination.

12.6  If any charge (or means of calculating that charge) for a BT service or
      facility has retrospective effect (for whatever reason) then VT shall, as
      soon as reasonably practicable following the publication in the Carrier
      Price List, adjust and recalculate the charges in respect of such service

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      or facility using the new charge and calculate the interest for any sum
      overpaid or underpaid at the Oftel Interest Rate.

12.7  BT shall ensure that a charge for a BT service or facility specified in
      the Carrier Price List accords with the full list of Standard Services
      maintained y BT pursuant to Condition 69.3 of the BT Licence.

12.8  If there is a difference between a charge for a BT service or facility
      specified in the Carrier Price List and a charge determined by the
      Director General, the charge is determined by the Director General shall
      prevail.

12.9  As soon as reasonably practicable following an alteration to the Carrier
      Price List BT shall send a copy of the alterations to the Carrier Price
      List to the Operator.

12.10 The provisions of this paragraph 12 are not intended to prejudice the
      rights, liabilities and obligations of the Parties created by and under
      the Licences.

13. OPERATOR SERVICES

13.1  For an Operator service or facility BT shall pay to the Operator the
      charges specified from time to time in the Carrier Price List.

13.2  The Operator may from time to time by sending to such a person, as BT may
      notify to the Operator from time to time, a notice in writing in duplicate
      request a variation to a charge for an Operator service or facility
      ("Charge Change Notice"). Such notice shall specify the proposed new
      charge and the date on which it is proposed that the variation is to
      become effective ("Charge Change Proposal"). BT shall within 4 Working
      Days of receipt of such notice acknowledge receipt and within a reasonable
      time notify the Operator in writing of acceptance or rejection of the
      proposed variation.

13.3  BT may from time to time by sending to such person, as the Operator may
      notify to BT from time to time, a notice in writing in duplicate request a
      variation to a charge for an Operator service or facility ("Charge Change
      Request"). Such notice shall specify the proposed new charge and the date
      on which it is proposed that the variation is to become effective ("Charge
      Change Proposal"). The Operator shall within 4 Working Days of receipt of
      such notice acknowledge receipt and within 14 days of receipt of such
      notice notify BT in writing of acceptance or rejection of the proposed
      variation. If the Operator has not accepted the Charge Change Proposal
      within 14 days of receipt of such notice (or such longer period as may be
      agreed in writing) the proposed variation shall be deemed to have been
      rejected.

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13.4  If the Party receiving a Charge Change Notice accepts the Charge Change
      Proposal the Parties shall forthwith enter into an agreement to modify the
      Agreement in accordance with the Charge Change Proposal.

13.5  If the Party receiving a Charge Change Notice rejects the Charge Change
      Proposal the Parties shall forthwith negotiate in good faith.

13.6  If following rejection of a Charge Change Proposal and negotiation, the
      Parties agree that the Charge Change Notice requires further modification,
      the Party who sent the Charge Change Notice may send a further Charge
      Change Notice.

13.7  If following rejection of a Charge Change Proposal and negotiation the
      Parties fail to reach agreement within 14 days of the rejection of the
      Charge Change Proposal, either Party may, not later than 1 month after the
      expiration of such 14 days period, refer the matters in dispute to the
      Director General.

13.8  If the Director General upholds the Charge Change Proposal in the Charge
      Change Notice without modification the Charge Change Proposal shall take
      effect on the date specified in the Charge Change Notice and the Parties
      shall forthwith enter into an agreement to modify the Agreement in
      accordance with this paragraph 13.8.

13.9  If the Director General does not uphold the Charge Change Proposal in the
      Charge Change Notice without modification then that Charge Change Notice
      shall cease to be of any effect. In the event that the Director General
      proceeds to make an order, direction, determination or requirement
      following a referral pursuant to paragraph 13.6 then the Party who sent
      the Charge Change Notice shall send a further Charge Change Notice in
      accordance with the order, direction, determination or requirement of the
      Director General and the Parties shall forthwith enter into an agreement
      to modify the Agreement in accordance with this paragraph 13.9.

13.10 As soon as reasonably practicable following agreement of a charge (or the
      means of calculating that charge) for an Operator service or facility, BT
      shall make any necessary alterations to the Carrier Price List so that it
      accords with that agreement.

13.11 As soon as reasonably practicable following an order, direction,
      determination, requirement or consent (for the purposed of this paragraph
      13 a "determination" which expression includes a redetermination referred
      to in paragraph 13.12) by the Director General of a charge (or the means
      of calculating that charge) for an Operator service or facility, BT shall
      make any necessary alterations to the Carrier Price List so that it
      accords with such determination. For the avoidance of doubt this paragraph
      13.11 does not apply to a referral pursuant to paragraph 13.7.

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13.12 If a determination referred to in paragraph 13.11 is subject to a legal
      challenge, the Parties shall, without prejudice, treat the determination
      as valid until the conclusion of the legal proceedings, unless the court
      otherwise directs. If the court finds the determination to be unlawful
      then the Parties agree to revert to the charges payable immediately prior
      to such determination being made and BT shall make any necessary
      alterations to the Carrier Price List. As soon as reasonably practicable
      following a redetermination by the Director General (as a result of a
      legal challenge) of a charge (or the means of calculating that charge) for
      an Operator service or facility, BT shall make any necessary alterations
      to the Carrier Price List so that it accords with such re-determination.

13.13 If any charge (or the means of calculating that charge) for an Operator
      service or facility has retrospective effect (for whatever reason) then
      the Operator shall, as soon as reasonably practicable following
      publication in the Carrier Price List, adjust and recalculate the charges
      in respect of such service or facility using the new charge and calculate
      the interest for any sum overpaid or underpaid at the Oftel Interest Rate.

13.14 If there is a difference between a charge for an Operator service or
      facility specified in the Carrier Price List and a charge determined by
      the Director General, the charge determined by the Director General shall
      prevail.

13.15 As soon as reasonably practicable following an alteration to the Carrier
      Price List BT shall send a copy of the alterations to the Carrier Price
      List to the Operator.

13.16 The provisions of this paragraph 13 are intended to establish a framework
      for establishing changes to charges for an Operator service or facility,
      but are not intended to prejudice the rights, liabilities and obligations
      of the Parties created by and under their Licences.

14. CHARGES AND PAYMENT

14.1  Each Party shall pay the charges calculated in accordance with, and within
      the time specified in, this Agreement.

14.2  No charges shall be payable under this Agreement by one Party to the other
      unless such charges are specifically referred to in this Agreement.

14.3  The charges in this Agreement are exclusive of VAT unless such charges are
      stated to be inclusive of VAT.

14.4  Invoices are due and payable in pounds sterling.

14.5  Each Party shall pay the other Party the relevant charges specified in
      this Agreement for all Calls conveyed between the Parties except that if a
      Party has a Third Party Interconnect, and the other Party has a Third

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                                  Page 16 of 29
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      Party Interconnect Agreement containing provisions such that charges for
      Calls conveyed via the Third Party Interconnect are paid directly to that
      other Party by that Third Party, then the first Party shall be released
      from payment for such Calls subject to such Calls being conveyed in agreed
      separate Traffic Routes.

15. BILLING

15.1  Each Party shall provide to the other invoices of all amounts due to it,
      calculated in accordance with the provisions of Annex B and the Carrier
      Price List.

16. SYSTEM PROTECTION SAFETY

16.1  Each Party is responsible for the safe operation of its System and shall
      take all reasonable and necessary steps in its operation and
      implementation of this Agreement to ensure that its System does not;

16.1.1      endanger the safety or health of employees,  contractors,  agents or
            Customers of the other Party; or

16.1.2      damage,  interfere with or cause any  deterioration in the operation
            of the other Party's System.

17. APPROVED ATTACHMENTS AND CUSTOMER EQUIPMENT

17.1  Neither Party shall connect or knowingly permit the connection to its
      System of anything that is not approved by the relevant approvals
      authority for attachment to its System.

17.2  If a Customer ceases wholly or partly to be a Party's Customer at any one
      site and becomes a Customer of the other Party, the first Party shall not
      hinder the second Party from:

17.2.1      gaining access to equipment rooms owned or occupied by the Customer,

17.2.2      gaining access to ducting and wiring owned by the Customer, and/or

17.2.3      obtaining consents and wayleaves from any Third Party

      as shall be required for such access.

18. NUMBERING

18.1  Each Party shall use numbers in accordance with the United Kingdom
      national numbering scheme and shall comply with the numbering provisions
      in Annex A.

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19. REVIEW

19.1  A Party may seek to amend this Agreement by serving on the other a review
      notice if:

19.1.1      either Party's Licence is materially  modified (whether by amendment
            or replacement); or

19.1.2      a material change occurs in the law or regulations  (including codes
            of  practice  whether  or not  having  the  force of law)  governing
            telecommunications in the United Kingdom; or

19.1.3      this Agreement  makes express  provision for a review or the Parties
            agree in writing that there should be a review; or

19.1.4      a material change (including enforcement action by any regulatory
            authority) occurs which affects or reasonably could be expected to
            affect the commercial or technical basis of the Agreement; or

19.1.5      this Agreement is assigned or transferred by the other Party except
            if prior written consent to the assignment or transfer is not
            required under paragraph 25.1; or

19.1.6      there is a general review pursuant to paragraph 19.4; or

19.1.7      this Agreement or any part thereof has ceased to be reasonable.

19.2  A review notice shall set out in reasonable detail the issues to be
      discussed between the Parties.

19.3  Save as provided in paragraph 19.4, a Party shall serve review notice not
      later than the expiration of a 6 months period commencing on the date set
      opposite each paragraph as follows:


            Paragraph:       Period commencing on the date:
            ---------- ---------------------------------------------------------
              19.1.1    of publication of the modifications to the Licence
              19.1.2    of occurrence of material change
              19.1.3    of entitlement or occurrence of the date of written
                        agreement
              19.1.4    of occurrence of the material change
              19.1.5    of notification of assignment or transfer
              19.1.7    of the Agreement or any part thereof has ceased to be
                        reasonable

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19.4  A Party may initiate a general review of this Agreement by serving a
      review notice during the period of three months commencing on 1 April 2000
      and 1 April every 2 years thereafter and 1 October 2001.

19.5  On service of a review notice, the Parties shall forthwith negotiate in
      good faith the matters to be resolved with a view to agreeing the relevant
      amendments to this Agreement.

19.6  For the avoidance of doubt, the Parties agree that notwithstanding service
      of a review notice this Agreement shall remain in full force and effect.

20. DETERMINATION

20.1  If the Parties fail to reach agreement on the subject matter of a review
      notice pursuant to paragraph 19 within 3 months (or 6 months for a review
      notice under paragraph 19.4) in each case from the date of service of such
      review notice, either Party may, not later than 3 months after the
      expiration of the relevant period, request in writing the Director General
      to determine the matters upon which the Parties have failed to agree.

20.2  On receipt of a request for a determination the Director General may make
      an order, direction, determination or consent if he is satisfied that:

20.2.1      the  requirements of the relevant  provisions of paragraph 19.1 have
            been satisfied; and

20.2.2      the modifications sought in this Agreement are material.

20.3  An order, direction, determination or consent by the Director General
      shall be limited to the subject matter of the request for a determination.

20.4  The Parties shall enter into an agreement to modify or replace the
      Agreement in accordance with any order, direction, determination or
      consent of the Director General unless such order, direction,
      determination or consent is subject to legal challenge.

20.5  If the order, direction, determination or consent is subject to a legal
      challenge then the Parties shall modify or replace the Agreement at the
      conclusion of the legal proceedings in accordance with the Director
      General's order, direction, determination or consent and the result of the
      legal proceedings.

20.6  For the avoidance of doubt, order, direction, determination or consent of
      a charge may include an order, direction, determination or consent of the
      basis for calculating that charge.

20.7  The provisions of these paragraphs 19 and 20 are intended to establish a
      framework for the review and determination of the provisions of this
      Agreement, but are not intended to prejudice the rights, liabilities and
      obligations of the Parties created by and under their Licences.

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21. CONFIDENTIALITY

21.1  Subject to the following provisions of this paragraph 21, a Receiving
      Party shall keep in confidence Confidential Information and will not (and
      will use its reasonably endeavours to ensure that its directors,
      employees, and professional advisers will not) disclose such information
      to any Third Party.

21.2  A Receiving Party shall exercise no lesser degree of care of Confidential
      Information than would a reasonable person with knowledge of the
      confidential nature of the information. A Receiving Party shall exercise
      no lesser security or degree of care than that Party applies to its own
      Confidential Information of an equivalent nature.

21.3  A Receiving Party shall restrict disclosure of Confidential Information
      relating to the other Party to those persons who have a reasonable need to
      know, Confidential Information shall be used solely for the purposes for
      which it is disclosed.

21.4  A Receiving Party may disclose Confidential Information to an Associated
      Company, subject to the Associated Company undertaking to comply with
      obligations equivalent to those contained in this paragraph 21.

21.5  A Receiving Party may disclose Confidential Information to a contractor or
      agent, subject to the contractor or agent undertaking to comply with
      obligations equivalent to those contained in this paragraph 21.

21.6 The following shall not constitute a breach of this paragraph 21:

21.6.1      a disclosure  authorised in writing by the  Disclosing  Party to the
            extent of that authority; or

21.6.2      a disclosure to an Emergency Organisation; or

21.6.3      publication of all or part of this Agreement or details of it
            pursuant to the BT Licence or publication in the Carrier Price List
            or Quality Schedule except in so far as the Director General has
            consented to the exclusion of any matter pursuant to condition 49.3
            of the BT Licence; or

21.6.4      a disclosure which is properly made pursuant to the Operator Licence
            or the BT Licence or a relevant statutory or other regulatory
            obligation; or

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21.6.5      a disclosure properly and reasonably made to the Director General
            under paragraph 20, or to an arbitrator, expert or any person
            appointed by the Parties for the resolution of a Dispute; or

21.6.6      a  disclosure  to obtain or maintain  any listing on any  recognized
            stock exchange,

      subject to in the case of any disclosure specified in paragraphs 21.6.4 to
      21.6.6 the Receiving Party informing the Disclosing Party as soon s
      reasonably practical, after such disclosure.

21.7  Unless otherwise agreed in writing, a Receiving Party shall not use the
      other Party's Confidential Information to provide commercial advantage to
      its retail business.

22. FORCE MAJEURE

22.1  Neither Party shall be liable for any breach of this Agreement caused by
      act of God, insurrection or civil disorder, war or military operations,
      national or local emergency, acts or omissions of government, highway
      authority or other competent authority, compliance with any statutory
      obligation, industrial disputes of any kind (whether or not involving BT's
      or the Operator's employees), fire, lightning, explosion, flood,
      subsidence, weather of exceptional severity, acts or omissions of persons
      for whom neither Party is responsible or any other case whether similar or
      dissimilar outside its reasonable control and any such event or
      circumstance is force majeure.

22.2  The Party initially affected by force majeure shall promptly notify the
      other of the estimated extent and duration of its inability to perform or
      delay n performing its obligations ("force majeure notification").

22.3  Upon cessation of the effects of the force majeure the Party initially
      affected by a force majeure shall promptly notify the other of such
      cessation.

22.4  If as a result of a force majeure, the performance by the Party initially
      affected of its obligations under this Agreement is affected, such Party
      shall, subject to the provision of paragraph 22.6, perform those of its
      obligations not affected by a force majeure. In performing those of its
      obligations not affected by a force majeure, the Party initially affected
      by a force majeure shall deploy its resources such that (when taken
      together with other obligations to its Customers and Third Parties) there
      is no undue discrimination against the other Party.

22.5  To the extent that a Party is prevented as a result of a force majeure
      from providing all of the services or facilities to be provided under this
      Agreement, the other Party shall be released to the equivalent extent from
      its obligations to make payment for such services or facilities or
      complying with its obligations in relation thereto.

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22.6  Following a force majeure notification and if the effects of such force
      majeure continue for:

22.6.1      a continuous period of not more than 6 months from the date of the
            force majeure notification (whether or not notice of cessation has
            been given pursuant to paragraph 22.3) any obligation outstanding
            shall be fulfilled by the Party initially affected by the force
            majeure as soon as reasonably possible after the effects of the
            force majeure have ended, save to the extent that such fulfilment is
            not longer possible or is not required by the other Party;

22.6.2      a  continuous  period of 6 months or more from the date of the force
            majeure  notification  (and notice of  cessation  has not been given
            pursuant to paragraph  22.3),  the Party receiving the force majeure
            notification  shall be entitled (but not obliged) to terminate  this
            Agreement  by  giving  not less than 30 days  written  notice to the
            other Party,  provided  that such notice shall be deemed not to have
            been given if notice of cessation is received by the Party receiving
            the force  majeure  notification  prior to the expiry of the 30 days
            notice.  If this Agreement is not terminated in accordance  with the
            provisions of this paragraph  22.6.2,  any  obligations  outstanding
            shall be  fulfilled  by the Party  initially  affected  by the force
            majeure  as soon as  reasonably  possible  after the  effects of the
            force majeure have ended, save to the extent that such fulfilment is
            no longer possible or is not required by the other Party.

23. LIMITATION OF LIABILITY

23.1  Neither Party has an obligation of any kind to the other Party beyond the
      obligations to exercise the reasonable skill and care of a competent
      telecommunications operator in performing its obligations under this
      Agreement.

23.2  Subject to paragraph 23.4 if a Party is in breach of any of its
      obligations under this Agreement to the Party (excluding obligations
      arising under this Agreement to pay moneys in the ordinary course of
      business), or otherwise (including liability for negligence or breach of
      statutory duty) such Party's liability to the other shall be limited to
      one million pounds sterling (Stg POUNDS 1,000,000) for any one event or
      series of connected events and two million pounds sterling (Stg POUNDS
      2,000,000) for all events (connected or unconnected) in any period of 12
      calendar months.

23.3  Neither Party excludes or restricts its liability for death or personal
      injury caused by its own negligence or liability arising under Part I of
      the Consumer Protection Act 1987.


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23.4  Neither Party shall be liable to the other in contract, tort (including
      negligence or breach of statutory duty) or otherwise for loss (whether
      direct or indirect) of profits, business or anticipated savings, wasted
      expenditure or for any indirect or other consequential loss whatsoever
      arising in connection with the operation of this Agreement, howsoever
      caused.

23.5  Each provision of this paragraph 23 is a separate limitation applying and
      surviving even if one or more such provisions is inapplicable or held
      unreasonable in any circumstances.

23.6  The amounts specified in paragraph 23.2, as adjusted pursuant to this
      paragraph 23.6, shall be adjusted on each 1st April after the date of this
      Agreement by the percentage change in the retail price index (published in
      the General Index of Retail Prices (RPI) published by the Central
      Statistical Office (or any successor index)) for the month of September
      immediately preceding each 1st April compared with the RPI published in
      September in the previous year.

24. INTELLECTUAL PROPERTY RIGHTS.

24.1  Except as expressly provided otherwise in this Agreement, Intellectual
      Property Rights shall remain the property of the Party creating or owning
      the same and nothing in this Agreement shall be deemed to confer any
      assignment or licence of the Intellectual Property Rights of one Party to
      the other Party.

25. ASSIGNMENT.

25.1  Unless otherwise agreed in writing, and subject to paragraph 25.2, no
      rights benefits or obligations under this Agreement may be assigned or
      transferred, in whole or in part, by a Party without the prior written
      consent of the other Party.

25.2  No consent is required under paragraph 25.1, for an assignment of rights,
      benefits or obligations under this Agreement (in whole or in part) to a
      successor to al or substantially all of the assigning Party's System or to
      an Associated Company provided that such successor or Associated Company
      shall be a Schedule 2 Public Operator.

25.3  The assigning Party shall promptly give notice to the other Party of any
      assignment permitted to be made without the other Party's consent. No
      assignment shall be valid unless the assignee/successor agrees in writing
      to be bound by the provisions of this Agreement.

26. DISPUTES.

26.1  If a Party (the "disputing Party") wishes to invoke the dispute procedure
      specified in this paragraph, it shall send written notice of the Dispute

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      to the other Party's commercial contact (the "receiving Party"). The
      notice shall contain all relevant details including the nature and extent
      of the Dispute. The receiving Party shall acknowledge the receipt of such
      notice of the Dispute within two Working Days.

26.2  The name of each Party's commercial contact shall be as specified from
      time to time in the Customer Service Plan. For the purposes of this
      paragraph 26 no change to a commercial contact shall be effective until it
      has been notified to the other Party.

26.3  Following notice under paragraph 26.1, the Parties shall consult in good
      faith to try to resolve the Dispute. If agreement is not reached within 14
      days, the Dispute may be escalated by either Party under paragraph 26.4.

26.4  If the Dispute is not resolved under paragraph 26.3, either Party may send
      written notice to the other Party's commercial contact requiring the
      Dispute to be escalated and stating to whom that Party has escalated the
      Dispute. The commercial contact receiving such notice shall acknowledge
      the receipt of such notice within four Working Days and state to whom the
      Dispute has been escalated.

26.5  Following notice under paragraph 26.4, the Parties shall work in good
      faith to try to resolve such Dispute, involving appropriate senior
      managers.

26.6  If the Dispute is not resolved at any time, either Party may refer the
      Dispute to the Director General and shall forthwith send a copy of the
      referral to the other Party. In the event of a reference to the Director
      General, both Parties shall compile a detailed dispute report which shall
      include origin, nature, extent, issues and any proposals for resolution
      and make their respective reports available to the Director General and
      each other within 28 days of the referral.

26.7  The above procedures are without prejudice to any other rights and
      remedies that may be available in respect of any breach of any provisions
      of this Agreement.

26.8  Nothing herein shall prevent a Party from:

26.8.1      seeking (including obtaining or implementing) interlocutory or other
            immediate relief;

26.8.2      referring the Dispute to the Director General in accordance with any
            right (if any) either Party may have to request a determination or
            other appropriate steps for its resolution.

26.9  The dispute procedure specified in this paragraph shall not apply to
      disputes arising out of the service of a Charge Change Notice.

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27. BREACH, SUSPENSION AND TERMINATION

27.1  If a Party's System adversely affects the normal operation of the other
      Party's System, or is a threat to any person's safety, the other Party may
      suspend, to the extent necessary, such of its obligations hereunder, and
      for such period as may be reasonable to ensure the normal operation of its
      System or reduce the threat to safety.

27.2  If a Party is in material breach of (including failure to pay a sum due
      under) this Agreement, the other Party may service a written notice (the
      "breach notice") on the Party in breach specifying the breach and
      requiring it to be remedied within:

27.2.1      30 calendar days from the date of receipt of such breach notice; or

27.2.2      in case of emergency, within such shorted period as the Party not in
            breach may reasonably specify.

27.3  If the Party in breach fails to remedy the breach within such reasonable
      period as may by specified by the Party not in breach pursuant to
      paragraph 27.2 the Party not in breach may, until such breach is remedied,
      suspend performance of such of its obligations under this Agreement as is
      reasonable in the circumstances.

27.4  If the Party in breach fails to remedy the breach within the period states
      in the breach notice the Party not in breach may terminate this Agreement
      on three months' written notice provided always that if the Party in
      breach remedies the breach within such three months' notice period, this
      Agreement shall not terminate as a result of such notice.

27.5  This Agreement may be terminated by either Party by written notice
      forthwith (or on the termination of such other period as such notice may
      specify) if the other Party:

27.5.1      is unable to pay its debt  within the meaning of section 123 (l) (e)
            of the Insolvency Act of 1986; or

27.5.2      has a receiver or administrative  receiver  appointed in relation to
            all or any of its assets; or

27.5.3      has an order made or a  resolution  passed for its winding up (other
            than for the purpose of amalgamation or reconstruction); or

27.5.4      has an administration order made in respect of its business; or

27.5.5      enters  into  a  voluntary   arrangement  under  section  1  of  the
            Insolvency Act 1986; or

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27.5.6      ceases to carry on business.

27.6  Upon termination or expiry of this Agreement each Party shall take such
      steps and provide such facilities as are necessary for recovery by the
      other Party of equipment (if any) supplied by that other Party. Each Party
      shall use reasonable endeavours to recover equipment made available by it.

27.7  If 30 calendar days after the termination or expiry of this Agreement, a
      Party fails to recover equipment in good condition of (fair wear and tear
      excepted) because of the acts or omissions of the other Party (or a Third
      Party appearing to have control of a site where such equipment is situate)
      the first Party may demand reasonable compensation from the other Party
      which shall be paid by the other Party within 10 calendar days of the date
      of the demand.

27.8  Without prejudice to a Party's right upon termination or expiry of this
      Agreement, a Party shall refund to the other a fair and equitable
      proportion of those periodic sums (if any) paid under the Agreement for a
      period extending beyond the date of such termination or expiration unless
      the Parties agree otherwise.

27.9  Termination or expiry of this Agreement shall not be deemed a waiver of a
      breach of any term or condition of this Agreement and shall be without
      prejudice to a Party's rights, liabilities or obligations that have
      accrued prior to such termination or expiry.

27.10 Notwithstanding the termination or expiry of this Agreement paragraphs
      10.6, 17.2, 21, 23, 27.6 to 27.11 inclusive shall continue in full force
      and effect.

27.11 Each of the Parties' rights to terminate or suspend performance of this
      Agreement pursuant to this paragraph 27 is without prejudice to any other
      rights or remedies available to either Party.

28. NOTICES

28.1  A notice shall duly be served if:

28.1.1      delivered by hand, at the time of actual delivery;

28.1.2      sent by facsimile, upon its receipt being confirmed;

28.1.3      sent by recorded  delivery  post,  4 calendar  days after the day of
            posting.

28.2  Except if otherwise specifically provided all notices and other
      communications relating to this Agreement shall be in writing and shall be
      sent as follows:

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                                  Page 26 of 29
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            If to the Operator:

            Abraham Keinan
            Managing Director
            Swiftnet Limited
            Britannia House
            958-964 High Road
            London N12 9RY

            Facsimile: 020 8446 7010

            If to BT:

            Manager BT WS&S Contracts (Swiftnet Limited)
            BT Wholesale Services and Solutions
            British Telecommunications plc
            pp 2. Building A
            Carrier Business Park
            Hazelwick Avenue
            Three Bridges
            Crawley
            West Sussex RH10 1FQ

            Facsimile: 01293 538649

            or to such other addresses as the Parties may notify from time to
            time pursuant to this paragraph 28.

29. ENTIRE AGREEMENT

29.1  This Agreement supersedes all previous understandings, commitments,
      agreements or representations whatsoever, whether oral or written, in
      relation to the subject matter of this Agreement.

30. VARIATIONS

30.1  Except as expressly provided in this Agreement, no variation of this
      Agreement shall be effective unless agreed in writing by the Parties and
      signed by a person nominated in writing on behalf of:

30.1.1      BT, by the director, UK Carrier Services (or his successor); and

30.1.2      the Operator,  by a director or the company secretary (or equivalent
            office holder) of the Operator.

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31. WAIVER

31.1  The waiver of any breach of, or failure to enforce, any term or condition
      of this Agreement shall not be construed as a waiver or a waiver of any
      other breach of the same or any other term or condition of this Agreement.
      No waiver shall be valid unless it is in writing and signed on behalf of
      the Party making this waiver.

32. NOT USED

33. INDEPENDENT CONTRACTORS AND AGENCY

33.1  Each of the Parties is and shall remain at all times an independent
      contractor fully responsible for its own acts or defaults (including those
      of its employees or agents). Neither Party is authorised and neither of
      the Parties nor their employees, agents or representatives shall at any
      time attempt to act or act on behalf of the Party to the bind the other
      Party in any manner whatsoever to any obligations. Neither Party nor its
      employees, agents or representatives shall engage in any acts which may
      lead any person to believe that such Party is an employee, agent or
      representative of the other Party. Nothing in this Agreement shall be
      deemed to constitute a partnership between the Parties.

33.2  If either Party appoints an agent for the purposes of this Agreement, and
      notifies the other Party, then the other Party shall deal with the
      appointed agent for such purposes until the first Party notifies the other
      Party that the appointment has been terminated.

34. SEVERABILITY

34.1  The invalidity or unenforceability of any provision of the Agreement shall
      not affect the validity or enforceability of the remaining provisions of
      this Agreement.

35. GOVERNING LAW

35.1  The interpretation, validity and performance of this Agreement shall be
      governed in all respects by the laws of England and Wales and the Parties
      submit to the exclusive jurisdiction of the English Courts.


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IN WITNESS WHEREOF THIS AGREEMENT was entered into the day and year first before
written.


            SIGNED for and on behalf of
            SWIFTNET LIMITED
            Signed:  /s/ A. Keinan
                     ----------------------------
            Name:  A. Keinan
                   ------------------------------
            Position: MD
                      ---------------------------

            SIGNED for and on behalf of
            BRITISH TELECOMMUNICATIONS plc
            Signed:  /s/
                     ----------------------------
            Name: F. Morgan-Rees
                   ------------------------------
            Position: Head of New Events and Service Providers
                      ---------------------------


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           EXHIBIT 10.24 -- AGREEMENT WITH BRITISH TELECOMMUNICATIONS
                                    ANNEX A

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           EXHIBIT 10.24 -- AGREEMENT WITH BRITISH TELECOMMUNICATIONS
                                    ANNEX B

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           EXHIBIT 10.24 -- AGREEMENT WITH BRITISH TELECOMMUNICATIONS
                                    ANNEX C

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           EXHIBIT 10.24 -- AGREEMENT WITH BRITISH TELECOMMUNICATIONS
                                    ANNEX D

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           EXHIBIT 10.24 -- AGREEMENT WITH BRITISH TELECOMMUNICATIONS
                                     SPEC A

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           EXHIBIT 10.24 -- AGREEMENT WITH BRITISH TELECOMMUNICATIONS
                                     SPEC B

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           EXHIBIT 10.24 -- AGREEMENT WITH BRITISH TELECOMMUNICATIONS
                                     SPEC C

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           EXHIBIT 10.24 -- AGREEMENT WITH BRITISH TELECOMMUNICATIONS
                                     SPEC D

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--------------------------------------------------------------------------------
          EXHIBIT 10.24 -- AGREEMENT WITH BRITISH TELELCOMMUNICATIONS
                               CARRIER PRICE LIST
--------------------------------------------------------------------------------



                COUNTRY
                 NAME                         WAVECREST DIRECT(02/03/04)
                                                    COST(010504)

                                           STD            ECN            WND

AFGHANISTAN                               51.91          51.65          51.31
AFGHANISTAN MOBILE                        51.91          51.65          51.31
ALBANIA                                   11.57          10.98          10.8
ALBANIA MOBILE                            11.57          10.98          10.8
ALGERIA                                    9.39           8.81           8.63
ALGERIA ALGIERS                            9.39           8.81           8.63
ALGERIA MOBILE                            16.58          15.99          15.82
ANDORRA                                    6.69           6.69           6.69
ANDORRA MOBILE                            20.18          20.18          20.18
ANGOLA                                    12.01          11.77          11.43
ANGOLA MOBILE                             16.36          16.12          15.78
ANGUILLA                                  15.3           14.38          14.13
ANTIGUA & BARBUDA                         10.22          10.22          10.22
ANTIGUA & BARBUDA AUDIOTEXT                  NA             NA             NA
ANTIGUA & BARBUDA MOBILE                  15.3           14.38          14.13
ARGENTINA                                  2.12           2.12           2.12
ARGENTINA BUENOS AIRES                     2.12           2.12           2.12
ARGENTINA MOBILE                          13.92          13.92          13.92
ARMENIA                                    9.94           9.29           9.07
ARMENIA MOBILE                            16.9           16.24          16.03
ARMENIA YEREVAN                            9.94           9.29           9.07
ARUBA                                     13.34          12.66          12.44
ASCENSION ISL                             31.38          31.38          31.38
AUSTRALIA                                  1.17           1.17           1.17
AUSTRALIA CANBERRA                         5.92           5.92           5.92
AUSTRALIA MELBOURNE                        5.92           5.92           5.92
AUSTRALIA MOBILE                          11.74          11.74          11.74
AUSTRALIA SYDNEY                           5.92           5.92           5.92
AUSTRIA                                    1.27           1.27           1.27
AUSTRIA BADGASTEIN                         8.32           8.32           8.32
AUSTRIA MOBILE                            14.84          14.84          14.84
AUSTRIA MOBILE CONNECT                    14.84          14.84          14.84
AUSTRIA MOBILE MAX MOBIL                  14.84          14.84          14.84
AUSTRIA MOBILE MOBILKOM                    9.27           9.27           9.27
AUSTRIA MOBILE TELE RING                  15.58          15.58          15.58
AUSTRIA SALZBURG                           8.32           8.32           8.32
AUSTRIA VIENA                              8.32           8.32           8.32
AZERBAIJAN                                 8.72           8.72           8.72
AZERBAIJAN MOBILE                         15.92          15.92          15.92
BAHAMAS                                   21.25          21.25          21.25
BAHAMAS MOBILE                            25.18          21.23          20.18
BAHRAIN                                    8.52           8.52           8.52
BAHRAIN MOBILE                            11.68          11.15          10.97
BANGLADESH                                 7.22           7.22           7.22
BANGLADESH CHITTAGONG                      8.92           8.92           8.92
BANGLADESH DHAKA                           7.22           7.22           7.22
BANGLADESH MOBILE                          7.22           7.22           7.22
BANGLADESH SYLHET                          8.92           8.92           8.92
BARBADOS                                  13.3           13.3           13.3
BARBADOS MOBILE                           13.99          13.28          13.08
BELARUS                                   15.26          15.26          15.26
BELARUS MINSK                             15.26          15.26          15.26
BELARUS MOBILE                            20.93          20.93          20.93
BELGIUM                                    1.15           1.15           1.15
BELGIUM ANTWERP                            1.15           1.15           1.15
BELGIUM BRUSSELS                           1.15           1.15           1.15
BELGIUM LIEGE                              1.15           1.15           1.15
BELGIUM MOBILE                            15.12          15.12          15.12



                COUNTRY
                 NAME                           WAVECREST DIRECT(02/03/04)
                                                        COST(010504)

                                           STD             ECN             WND

BELGIUM MOBILE BELGACOM                   10.4            10.4            10.4
BELGIUM MOBILE KPN ORANGE                 15.12           15.12           15.12
BELGIUM MOBILE MOBISTAR                   13.12           13.12           13.12
BELIZE                                    38.31           38.31           38.31
BELIZE MOBILE                             38.95           38.29           38.07
BENIN                                     19.14           18.36           17.91
BENIN MOBILE                              19.14           18.36           17.91
BERMUDA                                    3.85            3.85            3.85
BHUTAN                                    13.75           13.48           13.17
BOLIVIA                                   14.83           14.83           14.83
BOLIVIA LA PAZ                            14.83           14.83           14.83
BOLIVIA MOBILE                            14.83           14.83           14.83
BOSNIA                                    10.61           10.02            9.85
BOSNIA MOBILE                             16.15           15.56           15.38
BOTSWANA                                   5.48            5.48            5.48
BOTSWANA MOBILE                           13.64           13.64           13.64
BRAZIL                                     3.95            3.95            3.95
BRAZIL BRASILIA                            3.95            3.95            3.95
BRAZIL MOBILE                             10.97           10.97           10.97
BRAZIL RIO DE JANEIRO                      3.95            3.95            3.95
BRAZIL SAO PAULO                           3.95            3.95            3.95
BRUNEI                                     2.82            2.82            2.82
BRUNEI MOBILE                              2.82            2.82            2.82
BULGARIA                                   4.33            4.33            4.33
BULGARIA MOBILE                           13.93           13.93           13.93
BULGARIA SOFIA                             9.24            8.65            8.47
BURKINA FASO                              20.51           20.27           19.94
BURKINA FASO MOBILE                       20.51           20.27           19.94
BURUNDI                                   12.44           12.21           11.87
BURUNDI MOBILE                            12.44           12.21           11.87
CAMBODIA                                  43.65           43.41           43.07
CAMBODIA MOBILE                           43.65           43.41           43.07
CAMBODIA PHNOM PENH                       43.65           43.41           43.07
CAMEROON                                  20.73           19.95           19.5
CAMEROON DUALA                            20.73           19.95           19.5
CAMEROON MOBILE                           18.23           17.45           17
CANADA                                     1.13            1.13            1.13
CANADA MONTREAL                            1.13            1.13            1.13
CANADA TORONTO                             1.13            1.13            1.13
CAPE VERDE                                29.18           28.94           28.6
CAPE VERDE MOBILE                         29.18           28.94           28.6



                COUNTRY
                 NAME                          WAVECREST DIRECT(02/03/04)
                                                      COST(010504)

                                         STD              ECN              WND

CAYMAN ISL                              12.53            12.53            12.53
CENTRAL AFRICAN REP                     13.11            12.87            12.53
CHAD                                    59.33            56.68            52.57
CHILE                                    1.73             1.73             1.73
CHILE MOBILE                            11.22            11.22            11.22
CHILE SANTIAGO                           1.73             1.73             1.73
CHINA                                    1.22             1.22             1.22
CHINA BEIJING                            1.22             1.22             1.22
CHINA FUZHOU                             1.22             1.22             1.22
CHINA GUANGZHOU                          1.22             1.22             1.22
CHINA MOBILE                             1.22             1.22             1.22
CHINA SHANGHAI                           1.22             1.22             1.22
CHRISTMAS ISL                            5.92             5.92             5.92
COCOS ISL                                5.92             5.92             5.92
COLOMBIA                                 9.53             9.53             9.53
COLOMBIA BOGOTA                          9.53             9.53             9.53
COLOMBIA CALI                            9.53             9.53             9.53
COLOMBIA MOBILE                         11.55            11.55            11.55
COMOROS                                 64.17            54.05            48.39
CONGO                                   35.65            34.05            31.58
CONGO MOBILE                            35.65            34.05            31.58
COOK ISL                                44.18            43.94            43.61
COOK ISL AUDIOTEXT                         NA               NA               NA
COSTA RICA                               4.1              4.1              4.1
COSTA RICA MOBILE                       11.01            11.01            11.01
CROATIA                                  2.97             2.97             2.97
CROATIA MOBILE                          12.82            12.82            12.82
CUBA                                    65.16            64.48            64.26
CUBA MOBILE                             65.16            64.48            64.26
CYPRUS                                   3.17             3.17             3.17
CYPRUS MOBILE                            5.22             5.22             5.22
CZECH REP                                1.63             1.63             1.63
CZECH REP MOBILE                         8.85             8.85             8.85
CZECH REP PRAGUE                         1.63             1.63             1.63
DENMARK                                  1.15             1.15             1.15
DENMARK COPENHAGEN                       1.15             1.15             1.15
DENMARK MOBILE                          11.38            11.38            11.38
DIEGO GARCIA                           125.22           125.22           125.22
DIEGO GARCIA AUDIOTEXT                     NA               NA               NA
DJIBOUTI                                38.71            36.97            34.29
DJIBOUTI MOBILE                         38.71            36.97            34.29
DOMINICA                                13.75            13.75            13.75
DOMINICA MOBILE                         23.14            23.14            23.14
DOMINICAN REP MOBILE                    15.52            15.52            15.52
DOMINICAN REP                           15.52            15.52            15.52
EAST TIMOR                             124.5            124.23           123.92
ECUADOR                                 20.22            20.22            20.22
ECUADOR MOBILE                          20.22            20.22            20.22
ECUADOR QUITO                           20.22            20.22            20.22
EGYPT                                    9.16             9.16             9.16
EGYPT CAIRO                              9.16             9.16             9.16
EGYPT MOBILE                             9.16             9.16             9.16



                COUNTRY
                 NAME                          WAVECREST DIRECT(02/03/04)
                                                     COST(010504)

                                            STD           ECN           WND

EL SALVADOR                                17.72         17.72         17.72
EL SALVADOR MOBILE                         17.72         17.72         17.72
EMSAT                                     155.53        155.13        155
EQUATORIAL GUINEA                          25.67         25.43         25.09
ERITREA                                    22.49         21.72         21.27
ESTONIA                                     1.72          1.72          1.72
ESTONIA MOBILE                             15.72         15.72         15.72
ETHIOPIA                                   35.8          35.03         34.58
ETHIOPIA ADDIS ABABA                       35.8          35.03         34.58
ETHIOPIA MOBILE                            35.8          35.03         34.58
FALKLAND ISL                               30.22         30.22         30.22
FAROE ISL                                  11.95         11.14         10.6
FIJI                                       33.56         33.32         32.99
FIJI AUDIOTEXT                                NA            NA            NA
FIJI MOBILE                                33.56         33.32         32.99
FINLAND                                     1.79          1.79          1.79
FINLAND HELSINKI                            1.79          1.79          1.79
FINLAND MOBILE                             11.97         11.97         11.97
FRANCE                                      1.03          1.03          1.03
FRANCE BOUYGUES MOBILE                     13.38         13.38         13.38
FRANCE MOBILE                              13.38         13.38         13.38
FRANCE ORANGE MOBILE                       11.1          11.1          11.1
FRANCE PARIS                                1.03          1.03          1.03
FRANCE SFR MOBILE                          10.89         10.89         10.89
FRENCH GUIANA                              10.22         10.22         10.22
FRENCH GUIANA MOBILE                       30.4          30.4          30.4
FRENCH POLYNESIA                           97.52         93.17         86.41
GABON                                      22.65         21.87         21.42
GABON MOBILE                               22.65         21.87         21.42
GAMBIA                                      9.22          9.22          9.22
GAMBIA MOBILE                              10.09         10.09         10.09
GEORGIA                                     7.81          7.15          6.93
GEORGIA MOBILE                             15.27         14.61         14.39
GEORGIA TBILISI                             7.81          7.15          6.93
GERMANY                                     1.07          1.07          1.07
GERMANY BERLIN                              1.07          1.07          1.07
GERMANY DUSSELDORF                          1.07          1.07          1.07
GERMANY FRANKFURT                           1.07          1.07          1.07
GERMANY HAMBURG                             1.07          1.07          1.07
GERMANY MOBILE                             14.08         14.08         14.08
GERMANY MOBILE D1 NETZ MOBILFUNK           14.08         14.08         14.08
GERMANY MOBILE D2 NETZ MOBILFUNK           14.08         14.08         14.08
GERMANY MOBILE E PLUS MOBILFUNK            13.04         13.04         13.04
GERMANY MOBILE E2 NETZ MOBILFUNK           14.08         14.08         14.08
GERMANY MUNICH                              1.07          1.07          1.07
GERMANY STUTTGART                           1.07          1.07          1.07
GHANA                                       5.22          5.22          5.22
GHANA ACCRA                                 5.22          5.22          5.22
GHANA MOBILE                                7.22          7.22          7.22
GIBRALTAR                                   2.54          2.54          2.54
GIBRALTAR MOBILE                           15.22         15.22         15.22
GREECE                                      1.79          1.79          1.79




                COUNTRY
                 NAME                          WAVECREST DIRECT(02/03/04)
                                                     COST(010504)

                                             STD          ECN            WND

GREECE ATHENS                                8.67          8.67          8.67
GREECE MOBILE                               15.47         15.47         15.47
GREENLAND                                   39.44         39.2          38.86
GREENLAND MOBILE                            39.44         39.2          38.86
GRENADA                                      7.8           7.8           7.8
GUADELOUPE                                  11.62         11.62         11.62
GUADELOUPE MOBILE                           24.87         24.87         24.87
GUAM                                        35.96         35.72         35.38
GUANTANAMO                                     NA            NA            NA
GUATEMALA                                   15.31         15.31         15.31
GUATEMALA MOBILE                            15.31         15.31         15.31
GUINEA                                      41.76         39.89         37
GUINEA BISSAU                               67            66.76         66.42
GUINEA MOBILE                               41.76         39.89         37
GUYANA                                      17.16         17.16         17.16
GUYANA MOBILE                               17.16         17.16         17.16
HAITI                                       59.29         47.55         43.73
HAITI MOBILE                                59.29         47.55         43.73
HAITI PORT-AU-PRINCE                        59.29         47.55         43.73
HAITI SPECIAL SERVICES                      59.29         47.55         43.73
HONDURAS                                    20.54         19.76         19.31
HONDURAS MOBILE                             20.54         19.76         19.31
HONG KONG                                    1.37          1.37          1.37
HONG KONG MOBILE                             1.37          1.37          1.37
HUNGARY                                      2.57          2.57          2.57
HUNGARY BUDAPEST                             2.57          2.57          2.57
HUNGARY MOBILE                              13.01         13.01         13.01
ICELAND                                      2.74          2.74          2.74
ICELAND MOBILE                              12.69         12.69         12.69
INDIA                                        7.5           7.5           7.5
INDIA AHMEDABAD                              7.5           7.5           7.5
INDIA BANGALOR                               7.5           7.5           7.5
INDIA BOMBAY                                 7.5           7.5           7.5
INDIA CALCUTTA                               7.5           7.5           7.5
INDIA HYDRABAD                               7.5           7.5           7.5
INDIA MADRAS                                 7.5           7.5           7.5
INDIA MOBILE                                 9.13          9.13          9.13
INDIA NEW DELHI                              7.72          7.72          7.72
INDONESIA                                    8.86          8.86          8.86
INDONESIA JAKARTA                            8.86          8.86          8.86
INDONESIA MOBILE                            15.72         15.72         15.72
INMARSAT - B-SAT HSD DUPLEX - AOR          561           561           561
INMARSAT - B-SAT HSD DUPLEX - IOR          561           561           561
INMARSAT - B-SAT HSD DUPLEX - POR          636           636           636
INMARSAT - B-SAT HSD DUPLEX - SNAC         564           564           564
INMARSAT - M4 HSD PSTN/ISDN - AOR          561           561           561
INMARSAT - M4 HSD PSTN/ISDN - IOR          561           561           561
INMARSAT - M4 HSD PSTN/ISDN - POR          636           636           636
INMARSAT - M4 HSD PSTN/ISDN - SNAC         564           564           564
INMARSAT - M4 VOICE - AOR                  106           106           106
INMARSAT - M4 VOICE - IOR                   95            95            95
INMARSAT - M4 VOICE - POR                  106           106           106



                COUNTRY
                 NAME                        WAVECREST DIRECT(02/03/04)
                                                   COST(010504)

                                         STD            ECN            WND

INMARSAT - M4 VOICE - SNAC               145            145            145
INMARSAT - MOBIQ - SNAC                  145            145            145
INMARSAT-ATLANTIC EAST-A                 234            234            234
INMARSAT-ATLANTIC EAST-B                 120            120            120
INMARSAT-ATLANTIC EAST-M                 138            138            138
INMARSAT-ATLANTIC EAST-MINI              106            106            106
INMARSAT-ATLANTIC WEST-A                 234            234            234
INMARSAT-ATLANTIC WEST-B                 120            120            120
INMARSAT-ATLANTIC WEST-M                 138            138            138
INMARSAT-ATLANTIC WEST-MINI              106            106            106
INMARSAT-INDIAN-A                        234            234            234
INMARSAT-INDIAN-B                        128            128            128
INMARSAT-INDIAN-M                         98             98             98
INMARSAT-INDIAN-MINI                      95             95             95
INMARSAT-PACIFIC-A                       234            234            234
INMARSAT-PACIFIC-B                       119            119            119
INMARSAT-PACIFIC-M                        98             98             98
INMARSAT-PACIFIC-MINI                    106            106            106
IRAN                                       6.22           6.22           6.22
IRAN MOBILE                                6.22           6.22           6.22
IRAN TEHRAN                                6.22           6.22           6.22
IRAQ                                      38.29          37.51          37.06
IRELAND                                    0.87           0.87           0.87
IRELAND DUBLIN                             0.87           0.87           0.87
IRELAND MOBILE                            17.47          17.47          17.47
ISRAEL                                     1.18           1.18           1.18
ISRAEL MOBILE                              5.56           5.56           5.56
ISRAEL TEL AVIV                           11.14          11.14          11.14
ITALY                                      1.21           1.21           1.21
ITALY MILANO                               1.21           1.21           1.21
ITALY MOBILE                              13.73          13.73          13.73
ITALY MOBILE OMNITEL                      13.73          13.73          13.73
ITALY MOBILE TELECOM ITALIA               13.73          13.73          13.73
ITALY MOBILE WIND                         13.73          13.73          13.73
ITALY ROME                                 1.21           1.21           1.21
IVORY COAST                               13.87          13.1           12.65
IVORY COAST ABIDJAN                       13.87          13.1           12.65
IVORY COAST MOBILE                        18.26          17.48          17.04
JAMAICA                                    5.18           5.18           5.18
JAMAICA MOBILE                            10.46          10.46          10.46
JAPAN                                      1.22           1.22           1.22
JAPAN MOBILE                               9.72           9.72           9.72
JAPAN OSAKA                                1.22           1.22           1.22
JAPAN TOKYO                                1.22           1.22           1.22
JORDAN                                    10.12          10.12          10.12
JORDAN AMMAN                              10.12          10.12          10.12
JORDAN MOBILE                             14.72          14.72          14.72
KAZAKHSTAN                                 7.72           7.72           7.72
KAZAKHSTAN MOBILE                         17.7           17.7           17.7
KENYA                                     10.22          10.22          10.22
KENYA MOBILE                              14.72          14.72          14.72
KENYA MOMBASA                             22.65          21.87          21.42




                COUNTRY
                 NAME                          WAVECREST DIRECT(02/03/04)
                                                     COST(010504) STD ECN WND

KENYA NAIROBI                            22.65           21.87           21.42
KIRGHISTAN                               10.93           10.68           10.46
KIRGHISTAN MOBILE                        17.89           17.64           17.42
KIRIBATI                                 62.07           61.83           61.5
KIRIBATI AUDIOTEXT                          NA              NA              NA
KIRIBATI MOBILE                          62.07           61.83           61.5
KOREA (SOUTH) MOBILE                      3.71            3.71            3.71
KOREA NORTH                              66.02           65.78           65.44
KOREA SOUTH                               1.42            1.42            1.42
KOREA SOUTH SEOUL                         1.42            1.42            1.42
KUWAIT                                   20.33           20.33           20.33
KUWAIT MOBILE                            20.33           20.33           20.33
LAOS                                     60.02           60.02           60.02
LAOS MOBILE                              60.02           60.02           60.02
LATVIA                                    6.01            6.01            6.01
LATVIA MOBILE                            14.78           14.78           14.78
LEBANON                                  13.62           13.03           12.71
LEBANON BEIRUT                           13.62           13.03           12.71
LEBANON MOBILE                           18.99           18.4            18.08
LESOTHO                                  16.04           15.26           14.82
LESOTHO MOBILE                           16.04           15.26           14.82
LIBERIA                                  16.35           15.57           15.13
LIBERIA MOBILE                           16.35           15.57           15.13
LIBYA                                    11.06           10.2             9.95
LIBYA MOBILE                             19.89           19.03           18.77
LIECHTENSTEIN                             5.19            4.73            4.44
LIECHTENSTEIN MOBILE                     19.22           18.76           18.48
LITHUANIA                                 7.68            7.43            7.22
LITHUANIA MOBILE                         10.72           10.47           10.25
LUXEMBOURG                                1.47            1.47            1.47
LUXEMBOURG MOBILE                        13.55           13.55           13.55
MACAO                                    12.63           12.63           12.63
MACAU MOBILE                             12.63           12.63           12.63
MACEDONIA                                12.23           11.64           11.47
MACEDONIA MOBILE                         17.45           16.86           16.69
MADAGASCAR                               16.36           16.12           15.78
MADAGASCAR MOBILE                        18.1            17.86           17.52
MALAWI                                   11.81           11.04           10.59
MALAWI MOBILE                            11.81           11.04           10.59
MALAYSIA                                  1.47            1.47            1.47
MALAYSIA KUALA LUMPUR                     1.47            1.47            1.47
MALAYSIA MOBILE                          11.22           11.22           11.22
MALDIVES                                 11.45           11.45           11.45
MALDIVES MOBILE                          11.45           11.45           11.45
MALI                                     29.53           29.29           28.95
MALI MOBILE                              29.53           29.29           28.95
MALTA                                     6.01            6.01            6.01
MALTA MOBILE                             22.72           22.72           22.72
MARSHALL ISL                             70.84           70.6            70.27
MARTINIQUE                               11.62           11.62           11.62
MARTINIQUE MOBILE                        24.87           24.87           24.87
MAURITANIA                               18.34           18.1            17.76





                COUNTRY
                 NAME                          WAVECREST DIRECT(02/03/04)
                                                     COST(010504) STD ECN WND

MAURITIUS                                 15.97          15.19          14.75
MAURITIUS MOBILE                          15.97          15.19          14.75
MAYOTTE                                   13.94          13.16          12.71
MEXICO                                     9.95           9.95           9.95
MEXICO CITY                                9.95           9.95           9.95
MEXICO MOBILE                              9.95           9.95           9.95
MICRONESIA                                40.44          40.21          39.87
MOLDOVA                                   11.54          10.88          10.67
MOLDOVA AUDIOTEXT                            NA             NA             NA
MOLDOVA MOBILE                            11.54          10.88          10.67
MONACO                                     2.05           2.05           2.05
MONACO MOBILE                             13.95          13.95          13.95
MONGOLIA                                  19.75          19.75          19.75
MONTSERRAT                                15.24          15.24          15.24
MONTSERRAT MOBILE                         15.24          15.24          15.24
MOROCCO                                   13.81          13.81          13.81
MOROCCO CASABLANCA                        13.81          13.81          13.81
MOROCCO MOBILE                            18.54          17.95          17.77
MOROCCO RABAT                             14.38          13.79          13.61
MOZAMBIQUE                                19.09          18.85          18.51
MOZAMBIQUE MAPUTO                         19.09          18.85          18.51
MOZAMBIQUE MOBILE                         19.09          18.85          18.51
MYANMAR                                   62.78          62.54          62.2
MYANMAR MOBILE                            62.78          62.54          62.2
NAMIBIA                                   13.8           13.02          12.57
NAMIBIA MOBILE                            19.02          18.24          17.79
NAURU                                     60.32          60.08          59.74
NAURU AUDIOTEXT                              NA             NA             NA
NEPAL                                     27.72          27.72          27.72
NEPAL KATHMANDU                           27.72          27.72          27.72
NEPAL MOBILE                              27.72          27.72          27.72
NETHERLANDS                                0.92           0.92           0.92
NETHERLANDS AMSTERDAM                      0.92           0.92           0.92
NETHERLANDS ANTILLES                      13.91          13.25          13.04
NETHERLANDS ANTILLES MOBILE               13.91          13.25          13.04
NETHERLANDS MOBILE                        12.72          12.72          12.72
NETHERLANDS MOBILE KPN                    12.72          12.72          12.72
NETHERLANDS MOBILE LIBERTEL               12.72          12.72          12.72
NETHERLANDS ROTTERDAM                      0.92           0.92           0.92
NETHERLANDS THE HAGUE                      0.92           0.92           0.92
NETHERLANDS UTRECHT                        0.92           0.92           0.92
NEW CALEDONIA                             24.18          23.94          23.61
NEW CALEDONIA MOBILE                      24.18          23.94          23.61
NEW ZEALAND                                1.32           1.32           1.32
NEW ZEALAND AUCKLAND                       1.32           1.32           1.32
NEW ZEALAND MOBILE                        15.98          15.98          15.98
NEW ZEALAND WELLINGTON                     5.92           5.92           5.92
NICARAGUA                                 17.77          17.77          17.77
NICARAGUA MOBILE                          24.44          24.44          24.44
NIGER                                     34.18          33.94          33.61
NIGER MOBILE                              34.18          33.94          33.61
NIGERIA                                    6.55           6.55           6.55




                COUNTRY
                 NAME                           WAVECREST DIRECT(02/03/04)
                                                      COST(010504) STD ECN WND

NIGERIA LAGOS                               6.55           6.55           6.55
NIGERIA MOBILE                             17.75          17.47          17.03
NIUE ISL                                   46.28          46.04          45.71
NIUE ISL AUDIOTEXT                            NA             NA             NA
NORFOLK ISL                                48.04          47.8           47.46
NORFOLK ISL AUDIOTEXT                         NA             NA             NA
NORWAY                                      1.72           1.72           1.72
NORWAY MOBILE                              11.22          11.22          11.22
NORWAY MOBILE NETCOM                       11.22          11.22          11.22
NORWAY MOBILE TELENOR                      11.22          11.22          11.22
NORWAY OSLO                                 6.22           6.22           6.22
OMAN                                       20.33          20.33          20.33
OMAN MOBILE                                20.33          20.33          20.33
PAKISTAN                                   10.3           10.3           10.3
PAKISTAN ISLAMABAD                         10.3           10.3           10.3
PAKISTAN KARACHI                           10.3           10.3           10.3
PAKISTAN LAHORE                            10.3           10.3           10.3
PAKISTAN MOBILE                            10.3           10.3           10.3
PALAU                                      36.3           36.06          35.73
PALESTINE                                     NA             NA             NA
PALESTINE MOBILE                              NA             NA             NA
PANAMA                                     18.19          18.19          18.19
PANAMA MOBILE                              18.19          18.19          18.19
PANAMA PANAMA CITY                         18.19          18.19          18.19
PAPUA NEW GUINEA                           42.33          42.09          41.76
PAPUA NEW GUINEA AUDIOTEXT                    NA             NA             NA
PAPUA NEW GUINEA MOBILE                    42.33          42.09          41.76
PARAGUAY                                    9.97           9.97           9.97
PARAGUAY ASUNCION                          10.73           9.95           9.5
PARAGUAY MOBILE                            13.72          13.72          13.72
PERU                                        3.74           3.74           3.74
PERU LIMA                                   3.74           3.74           3.74
PERU MOBILE                                14.15          14.15          14.15
PHILIPPINES                                 8.47           8.47           8.47
PHILIPPINES MANILA                          8.47           8.47           8.47
PHILIPPINES MOBILE                         10.97          10.97          10.97
PHILIPPINES PAMPANGA                        9.95           9.95           9.95
POLAND                                      1.32           1.32           1.32
POLAND KRAKOW                               1.32           1.32           1.32
POLAND MOBILE                              12.47          12.47          12.47
POLAND WARSAW                               1.32           1.32           1.32
PORTUGAL                                    1.42           1.42           1.42
PORTUGAL AZORES                             1.42           1.42           1.42
PORTUGAL LISBON                             1.42           1.42           1.42
PORTUGAL MADEIRA                            1.42           1.42           1.42
PORTUGAL MOBILE                            13.95          13.95          13.95
PORTUGAL OPORTO                             6.71           6.71           6.71
PUERTO RICO                                 8.55           7.64           7.39
QATAR                                      20.45          20.45          20.45
QATAR MOBILE                               20.48          20.48          20.48
REUNION                                    13.67          13.67          13.67
REUNION MOBILE                             26.92          26.92          26.92





                COUNTRY
                 NAME                           WAVECREST DIRECT(02/03/04)
                                                      COST(010504) STD ECN WND

ROMANIA                                   6.88            6.63            6.41
ROMANIA BUCHAREST                         8.06            7.81            7.59
ROMANIA MOBILE                           14.84           14.59           14.38
RUSSIA                                    2.72            2.72            2.72
RUSSIA MOBILE                             2.72            2.72            2.72
RUSSIA MOSCOW                             2.72            2.72            2.72
RUSSIA ST. PETERSBURG                     2.72            2.72            2.72
RWANDA                                   31.55           31.31           30.97
RWANDA MOBILE                            31.55           31.31           30.97
SAMOA AMERICAN                           71.31           71.07           70.73
SAMOA WESTERN                            89.5            85.51           79.31
SAN MARINO                               20.04           16.91           14.87
SAO TOME                                 65.92           65.68           65.35
SAO TOME MOBILE                          65.92           65.68           65.35
SAUDI ARABIA                             13.82           13.82           13.82
SAUDI ARABIA DHAHRAN                     13.82           13.82           13.82
SAUDI ARABIA JEDDHA                      13.82           13.82           13.82
SAUDI ARABIA MOBILE                      13.82           13.82           13.82
SAUDI ARABIA RIYADH                      13.82           13.82           13.82
SENEGAL                                  18.15           17.37           16.92
SENEGAL DAKAR                            18.15           17.37           16.92
SENEGAL MOBILE                           18.15           17.37           16.92
SERBIA BELGRADE                           7               7               7
SERBIA MOBILE                            13.37           13.37           13.37
SEYCHELLES                               15.63           14.85           14.4
SEYCHELLES MOBILE                        15.63           14.85           14.4
SIERRA LEONE                             18.72           17.94           17.49
SIERRA LEONE MOBILE                      25.8            25.02           24.57
SINGAPORE                                 9.09            9.09            9.09
SINGAPORE MOBILE                          9.09            9.09            9.09
SLOVAKIA                                  7.95            7.95            7.95
SLOVAKIA BRATISLAVA                       7.95            7.95            7.95
SLOVAKIA MOBILE                          10.72           10.72           10.72
SLOVENIA                                  4.74            4.74            4.74
SLOVENIA MOBILE                          12.47           12.47           12.47
SOLOMON ISL                              74.61           71.27           66.1
SOLOMON ISL MOBILE                       74.61           71.27           66.1
SOMALIA                                  75.77           75              74.55
SOUTH AFRICA                              3.33            3.33            3.33
SOUTH AFRICA CAPETOWN                     3.33            3.33            3.33
SOUTH AFRICA JOHANNESBURG                 3.33            3.33            3.33
SOUTH AFRICA MOBILE                      12.37           12.37           12.37
SPAIN                                     0.98            0.98            0.98
SPAIN BARCELONA                           0.98            0.98            0.98
SPAIN CANARY ISL                          0.98            0.98            0.98
SPAIN MADRID                              0.98            0.98            0.98
SPAIN MOBILE                             11.51           11.51           11.51
SPAIN MOBILE AIRTEL                      11.51           11.51           11.51
SPAIN MOBILE RETEVISION                  11.51           11.51           11.51
SPAIN MOBILE TELEFONICA                  11.51           11.51           11.51
SRI LANKA                                11.11           11.11           11.11
SRI LANKA MOBILE                         11.11           11.11           11.11





                COUNTRY
                 NAME                            WAVECREST DIRECT(02/03/04)
                                                       COST(010504) STD ECN WND

ST HELENA                                   44.59         44.59         44.59
ST KITTS                                    15.3          14.38         14.13
ST LUCIA                                     7.97          7.97          7.97
ST LUCIA MOBILE                             17.78         17.78         17.78
ST PIERRE & MIQUELON                        14.76         13.84         13.59
ST PIERRE & MIQUELON MOBILE                 14.76         13.84         13.59
ST VINCENT & GRENADINES                      7.97          7.97          7.97
ST VINCENT & GRENADINES MOBILE              17.78         17.78         17.78
SUDAN                                       16.35         15.57         15.13
SUDAN MOBILE                                16.35         15.57         15.13
SURINAME                                    38.08         37.28         36.83
SURINAME MOBILE                             38.08         37.28         36.83
SWAZILAND                                   13.8          13.02         12.57
SWAZILAND MOBILE                            25.04         25.04         25.04
SWEDEN                                       0.92          0.92          0.92
SWEDEN GOTHENBURG                            0.92          0.92          0.92
SWEDEN MOBILE                               11.59         11.59         11.59
SWEDEN MOBILE COMVIQ                        11.59         11.59         11.59
SWEDEN MOBILE TELIA MOBITEL                 11.59         11.59         11.59
SWEDEN MOBILE VODAFONE                      11.59         11.59         11.59
SWEDEN STOCKHOLM                             0.92          0.92          0.92
SWITZERLAND                                  1.32          1.32          1.32
SWITZERLAND BERNE                            1.32          1.32          1.32
SWITZERLAND GENEVA                           1.32          1.32          1.32
SWITZERLAND LAUSANNE                         1.32          1.32          1.32
SWITZERLAND MOBILE                          16.01         16.01         16.01
SWITZERLAND ZURICH                           1.32          1.32          1.32
SYRIA                                       32.16         32.16         32.16
SYRIA MOBILE                                32.16         32.16         32.16
TAIWAN                                       0.83          0.83          0.83
TAIWAN MOBILE                               10.51         10.51         10.51
TAIWAN TAIPEI                                6.93          6.66          6.36
TAJIKISTAN                                   9.19          8.94          8.72
TAJIKISTAN MOBILE                           19.62         19.38         19.16
TANZANIA                                    11.18         11.18         11.18
TANZANIA DAR ES SALAAM                      11.18         11.18         11.18
TANZANIA MOBILE                             11.18         11.18         11.18
THAILAND                                     4.47          4.47          4.47
THAILAND BANGKOK                             4.47          4.47          4.47
THAILAND MOBILE                              6.28          6.28          6.28
TOGO                                        13.8          13.02         12.57
TOGO MOBILE                                 13.8          13.02         12.57
TONGA                                       43.21         42.97         42.64
TONGA AUDIOTEXT                                NA            NA            NA
TONGA MOBILE                                43.21         42.97         42.64
TRINIDAD & TOBAGO MOBILE                    16.21         15.35         15.12
TRINIDAD&TOBAGO                             16.21         15.35         15.12
TUNISIA                                     14.17         14.17         14.17
TUNISIA MOBILE                              14.17         14.17         14.17
TURKEY                                       8.06          8.06          8.06
TURKEY ANKARA                                8.06          8.06          8.06
TURKEY CYPRUS                                8.06          8.06          8.06
TURKEY CYPRUS MOBILE                        11.47         11.47         11.47
TURKEY ISTANBUL                              8.06          8.06          8.06
TURKEY MOBILE                               11.47         11.47         11.47
TURKMENISTAN                                46.86         43.24         39.78
TURKMENISTAN MOBILE                         46.86         43.24         39.78
TURKS & CAICOS                              14.4          14.4          14.4
TURKS & CAICOS MOBILE                       14.4          14.4          14.4
TUVALU                                      62.91         62.67         62.34
TUVALU AUDIOTEXT                               NA            NA            NA
TUVALU MOBILE                               62.91         62.67         62.34
UAE                                         10.58         10.58         10.58
UAE MOBILE                                  10.58         10.58         10.58
UGANDA                                      10.47          9.69          9.25
UGANDA KAMPALA                              10.47          9.69          9.25
UGANDA MOBILE                               10.47          9.69          9.25
UK (01&02)                                  #REF!         #REF!         #REF!
UK (020)                                    #REF!         #REF!         #REF!
UK BAND B                                   #REF!         #REF!         #REF!
UK BAND C                                   #REF!         #REF!         #REF!
UK BAND D                                   #REF!         #REF!         #REF!
UK BAND E                                   #REF!         #REF!         #REF!
UK BAND F                                   #REF!         #REF!         #REF!
UK BAND FF0                                 #REF!         #REF!         #REF!
UK BAND FF1                                 #REF!         #REF!         #REF!
UK BAND FF10                                25.50         25.50         25.50
UK BAND FF11                                #REF!         #REF!         #REF!
UK BAND FF12                                #REF!         #REF!         #REF!
UK BAND FF13                                #REF!         #REF!         #REF!
UK BAND FF14                                #REF!         #REF!         #REF!
UK BAND FF15                                 5.99          5.99          5.99
UK BAND FF16                                11.32         11.78         11.86
UK BAND FF17                                15.38         15.84         15.92
UK BAND FF18                                27.55         28.00         28.09
UK BAND FF19                                31.60         32.06         32.14
UK BAND FF20                                35.66         36.12         36.20
UK BAND FF2                                 #REF!         #REF!         #REF!
UK BAND FF3                                 #REF!         #REF!         #REF!
UK BAND FF6                                 #REF!         #REF!         #REF!
UK BAND FF8                                 18.50         18.50         18.50
UK BAND FF9                                 42.50         42.50         42.50
UK BAND FREE                                 0.00          0.00          0.00
UK BAND G1                                  #REF!         #REF!         #REF!
UK BAND G10                                 #REF!         #REF!         #REF!
UK BAND G11                                 #REF!         #REF!         #REF!
UK BAND G12                                 #REF!         #REF!         #REF!
UK BAND G13                                 #REF!         #REF!         #REF!
UK BAND G14                                 #REF!         #REF!         #REF!
UK BAND G15                                 #REF!         #REF!         #REF!
UK BAND G2                                  #REF!         #REF!         #REF!
UK BAND G3                                  #REF!         #REF!         #REF!
UK BAND G4                                  #REF!         #REF!         #REF!
UK BAND G5                                   1.00          0.60          0.50





                COUNTRY
                 NAME                        WAVECREST DIRECT(02/03/04)
                                                   COST(010504) STD ECN WND

UK BAND G6                                 #REF!       #REF!        #REF!
UK BAND G7                                 #REF!       #REF!        #REF!
UK BAND G8                                 #REF!       #REF!        #REF!
UK BAND G9                                 #REF!       #REF!        #REF!
UK BAND I1                                 #REF!       #REF!        #REF!
UK BAND I10                                #REF!       #REF!        #REF!
UK BAND I11                                #REF!       #REF!        #REF!
UK BAND I12                                #REF!       #REF!        #REF!
UK BAND I2                                 #REF!       #REF!        #REF!
UK BAND I3                                 #REF!       #REF!        #REF!
UK BAND I4                                 #REF!       #REF!        #REF!
UK BAND I5                                 #REF!       #REF!        #REF!
UK BAND I8                                 #REF!       #REF!        #REF!
UK BAND I9                                 #REF!       #REF!        #REF!
UK BAND J                                  #REF!       #REF!        #REF!
UK BAND K                                  #REF!       #REF!        #REF!
UK BAND L                                  #REF!       #REF!        #REF!
UK BAND M                                  #REF!       #REF!        #REF!
UK BAND MM1                                5.00         5.00        5.00
UK BAND MM2                                3.95         1.49        1.00
UK BAND MM3                                3.95         1.49        1.00
UK BAND N                                  #REF!       #REF!        #REF!
UK BAND NATIONAL                           #REF!       #REF!        #REF!
UK BAND P0                                 #REF!       #REF!        #REF!
UK BAND P1                                 #REF!       #REF!        #REF!
UK BAND P10                                #REF!       #REF!        #REF!
UK BAND P11                                #REF!       #REF!        #REF!
UK BAND P12                                #REF!       #REF!        #REF!
UK BAND P13                                #REF!       #REF!        #REF!
UK BAND P14                                #REF!       #REF!        #REF!
UK BAND P15                                #REF!       #REF!        #REF!
UK BAND P16                                #REF!       #REF!        #REF!
UK BAND P17                                #REF!       #REF!        #REF!
UK BAND P18                                #REF!       #REF!        #REF!
UK BAND P19                                #REF!       #REF!        #REF!
UK BAND P2                                 #REF!       #REF!        #REF!
UK BAND P20                                #REF!       #REF!        #REF!
UK BAND P21                                #REF!       #REF!        #REF!
UK BAND P22                                #REF!       #REF!        #REF!
UK BAND P23                                #REF!       #REF!        #REF!
UK BAND P24                                #REF!       #REF!        #REF!
UK BAND P25                                #REF!       #REF!        #REF!
UK BAND P26                                #REF!       #REF!        #REF!
UK BAND P27                                #REF!       #REF!        #REF!
UK BAND P28                                #REF!       #REF!        #REF!
UK BAND P3                                 #REF!       #REF!        #REF!
UK BAND P4                                 #REF!       #REF!        #REF!
UK BAND P5                                 #REF!       #REF!        #REF!
UK BAND P6                                 #REF!       #REF!        #REF!
UK BAND P7                                 #REF!       #REF!        #REF!
UK BAND P8                                 #REF!       #REF!        #REF!
UK BAND P9                                 #REF!       #REF!        #REF!





                COUNTRY
                 NAME                         WAVECREST DIRECT(02/03/04)
                                                   COST(010504) STD ECN WND

UK BAND PN1                            #REF!            #REF!            #REF!
UK BAND PN2                            #REF!            #REF!            #REF!
UK BAND PN3                            49.00            39.00            39.00
UK BAND PN4                            26.00            26.00            26.00
UK BAND R                               7.91             3.95             2.95
UK BAND S                              #REF!            #REF!            #REF!
UK MOBILE DOLPHIN                      #REF!            #REF!            #REF!
UK MOBILE O2                           10.95             7.76             3.41
UK MOBILE ORANGE                       12.60             8.93             3.79
UK MOBILE T-MOBILE                     14.15             9.59             2.42
UK MOBILE VODAFONE                     13.51             2.84             1.52
UKRAINE                                 6.97             6.97             6.97
UKRAINE KIEV                            6.97             6.97             6.97
UKRAINE MOBILE                          9.17             9.17             9.17
URUGUAY                                12.4             12.4             12.4
URUGUAY MOBILE                         17.1             17.1             17.1
URUGUAY MONTEVIDEO                     13.16            12.38            11.93
USA                                     1.43             1.43             1.43
USA ALASKA                              1.43             1.43             1.43
USA HAWAII                              1.43             1.43             1.43
USA MOBILE                              1.43             1.43             1.43
UZBEKISTAN                              7.45             7.2              6.99
UZBEKISTAN MOBILE                      16.15            15.9             15.68
VANUATU                                47.66            47.42            47.09
VANUATU MOBILE                         47.66            47.42            47.09
VANUATU AUDIOTEXT                         NA               NA               NA
VENEZUELA                               5.08             5.08             5.08
VENEZUELA CARACAS                       5.08             5.08             5.08
VENEZUELA MOBILE                       19.69            19.69            19.69
VIETNAM                                35               35               35
VIETNAM HO CHI MINH CITY               35               35               35
VIETNAM MOBILE                         35               35               35
VIRGIN ISL UK                          14.4             14.4             14.4
VIRGIN ISL USA                          8.53             7.61             7.37
WAKE ISL                              135.47           129.45           120.05
WALLIS AND FUTUNA                     113.56           108.5            100.63
YEMEN                                   8.9              8.9              8.9
YEMEN MOBILE                            8.9              8.9              8.9
SERBIA                                 10.53            10.53            10.53
ZAIRE                                  17.47            17.23            16.89
ZAIRE KINSHASA                         17.47            17.23            16.89
ZAIRE MOBILE                           17.47            17.23            16.89
ZAMBIA                                  5.22             5.22             5.22
ZAMBIA MOBILE                           9.71             9.71             9.71
ZIMBABWE                                4.07             4.07             4.07
ZIMBABWE HARARE                         4.07             4.07             4.07
ZIMBABWE MOBILE                        14.72            14.72            14.72
ZIMBABWE MOBILE ECONET                 14.72            14.72            14.72
THURAYA SATELLITE                      55.15            55.15            55.15
UK MOBILE THREE                        16.3615          11.1195           2.7773
Nigeria Mobile Lagos                   13.4             13.12            12.68
UK BAND P29                            23.00            11.00            11.00




                COUNTRY
                 NAME                        WAVECREST DIRECT(02/03/04)
                                                    COST(010504) STD ECN WND

UK BAND P30                                 46.00       29.00        29.00
UK BAND P32                                 15.00       15.00        15.00
UK BAND FF21                               127.70      127.70       127.70
ACCESS STOV                               1000.00     1000.00      1000.00