Document:

Share Option Scheme, dated September 17, 2004

 Exhibit 4.6 
 Hutchison Telecommunications International Limited 
  
  
 SHARE OPTION SCHEME 
 (As
amended on 12 July 2005, 9 February 2006 and 8 May 2007) 
 I, CHOW WOO Mo Fong Susan, a director of Hutchison
Telecommunications International Limited, hereby certify that, pursuant to paragraph 2.4 of the rules of the Share Option Scheme hereto attached, the conditions set out in paragraph 2.1 of such rules were satisfied on the date set out below and that
such date is the “Adoption Date” as defined in such rules: 
 Adoption Date:     17 September 2004

  
  
  

	
	(sd.) CHOW WOO Mo Fong Susan
	Director

 I N D E X 
  

					
	 Clause no.
	  	 Heading
	  	Page no.
			
	 1
	  	 Definitions
	  	1    
			
	 2
	  	 Conditions
	  	4    
			
	 3
	  	 Purpose and administration
	  	4    
			
	 4
	  	 Grant of Options
	  	5    
			
	 5
	  	 Subscription Price
	  	8    
			
	 6
	  	 Exercise of Options
	  	8    
			
	 7
	  	 Early termination of Option Period
	  	11    
			
	 8
	  	 Maximum number of Shares available for subscription
	  	11    
			
	 9
	  	 Adjustments to the Subscription Price
	  	13    
			
	 10
	  	 Cancellation of Options
	  	15    
			
	 11
	  	 Share capital
	  	15    
			
	 12
	  	 Disputes
	  	15    
			
	 13
	  	 Alteration of this Scheme
	  	15    
			
	 14
	  	 Termination
	  	16    
			
	 15
	  	 Miscellaneous
	  	16    

	 1.
	 DEFINITIONS 

  

	 1.1
	 In this Scheme the following expressions shall have the following meanings: 

 “Adoption Date” 
 the date on which this Scheme becomes unconditional upon fulfilment of the conditions set out in paragraph 2.1; 
 “associate” 
 shall bear the meaning as defined in the Listing Rules;

 “Auditors” 
 the auditors for the time being of the Company; 
 “Business Day”

 any day on which the Stock Exchange is open for the business of dealing in securities; 
 “Company” 
 Hutchison Telecommunications International Limited, a company incorporated in the Cayman Islands with limited liability; 
 “connected person” 
 shall bear the meaning as defined in the Listing Rules;

 “Directors” 
 the directors of the Company for the time being or a duly authorised committee thereof; 
 “Eligible Participants” 
 the persons who may be invited by the Directors to take up Options as
referred to in paragraph 4.1; 
 “Eligible Employee” 
 any employee or consultant (as to functional areas of finance, business or personnel administration or information technology) (whether
full time or part time, including any executive director but excluding any non-executive director) of the Company, any Subsidiary or any Invested Entity; 
 “Grantee” 
 any Eligible Participant who accepts the Offer in accordance
with the terms of this Scheme or (where the context so permits and as referred to in paragraph 6.4(a)) his Personal Representative; 
 “Group” 
 the Company and its Subsidiaries; 
  

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 “Hong Kong” 
 the Hong Kong Special Administrative Region of the People’s Republic of China; 
 “Invested Entity” 
 any entity in which any member of the Group holds an equity interest; 
 “Listing
Rules” 
 the Rules Governing the Listing of Securities on the Stock Exchange; 
 “Offer” 
 an offer for the grant of an Option made in accordance with paragraph 4.3; 
 “Offer
Date” 
 the date, which must be a Business Day, on which an Offer is made to an Eligible Participant or, in the case
of an Offer for a further grant of Option under paragraph 8.3, the date, which must be a Business Day, of the meeting of the Directors for proposing such further grant; 
 “Option” 
 an option to subscribe for the Shares
granted pursuant to this Scheme; 
 “Option Period” 
 in respect of any particular Option, a period (which may not expire later than 10 years from the Offer Date of that Option) to be
determined and notified by the Directors to the Grantee thereof and, in the absence of such determination, from the date on which such Option is deemed to have been granted to the earlier of (i) the date on which such Option lapses under the
provisions of paragraph 7 and (ii) the date falling 10 years from the Offer Date of that Option; 
 “Personal
Representative(s)” 
 the person or persons who, in accordance with the laws of succession applicable in respect of
the death of a Grantee (being an individual), is or are entitled to exercise the Option granted to such Grantee (to the extent not already exercised); 
 “Scheme” 
 this Share Option Scheme in its present form or as may be amended
in accordance with paragraph 13; 
 “Shares” 
 shares of HK$0.25 each in the Company, or, if there has been a subdivision, consolidation, reclassification or reconstruction of the share
capital of the Company, shares forming part of the ordinary equity share capital of the Company of such other nominal amount as shall result from any such subdivision, consolidation, reclassification or reconstruction; 
  

 - 2 - 

 “Stock Exchange” 
 The Stock Exchange of Hong Kong Limited or other principal stock exchange in Hong Kong for the time being or such other stock exchange
which is the principal stock exchange (as determined by the Directors) on which the Shares are for the time being listed or traded; 
 “Subscription Price” 
 the price per Share at which a Grantee may subscribe for the Shares on the
exercise of an Option pursuant to paragraph 6; 
 “Subsidiary” 
 a company which is for the time being and from time to time a subsidiary (within the meaning of the Companies Ordinance (Chapter 32 of the
Laws of Hong Kong)) of the Company, whether incorporated in Hong Kong, the Cayman Islands or elsewhere; 
 “substantial shareholder” 
 shall bear the meaning as defined in the Listing Rules; 
 “Termination Date” 
 close of business of the Company on the date which falls ten (10) years after the Adoption Date; and 
 “HK$” 
 Hong Kong dollars. 
  

	 1.2
	 In this Scheme: 

  

	 	 (a)
	 paragraph headings are for ease of reference only and shall be ignored in construing this Scheme; 

  

	 	 (b)
	 references to paragraphs or sub-paragraphs are references to paragraphs or sub-paragraphs hereof; 

  

	 	 (c)
	 words importing the singular include the plural and vice versa; 

  

	 	 (d)
	 words importing one gender include both genders and the neuter and vice versa; 

  

	 	 (e)
	 references to persons include bodies corporate and unincorporated; 

  

	 	 (f)
	 references to any statutory provisions or rules prescribed by any statutory bodies shall include the same as from time to time amended, consolidated and
re-enacted; and 

  

	 	 (g)
	 references to any statutory body shall include the successor thereof and any body established to replace or assume the functions of the same.

  

 - 3 - 

	 2.
	 CONDITIONS 

  

	 2.1
	 This Scheme is conditional upon: 

  

	 	 (a)
	 the Listing Committee of the Stock Exchange granting approval of the listing of and permission to deal in any Shares to be allotted and issued by the Company
pursuant to the exercise of Options in accordance with the terms and conditions of this Scheme, and the commencement of dealings in the Shares on the Stock Exchange; 

  

	 	 (b)
	 the passing of the necessary resolution to approve and adopt this Scheme in general meeting or by way of written resolution of the shareholder(s) of the Company;
and 

  

	 	 (c)
	 the passing of the necessary resolution to approve this Scheme in general meeting of the shareholder(s) of Hutchison Whampoa Limited.

 2.2    If the conditions referred to in paragraph 2.1 are not satisfied within a reasonable period
(as determined by the Board), this Scheme shall forthwith determine and no person shall be entitled to any rights or benefits or be under any obligations under or in respect of this Scheme. 
 2.3    Reference in paragraph 2.1 to the Listing Committee of the Stock Exchange formally granting the listing and permission referred to therein shall include any such
listing and permission which are granted subject to the fulfilment of any condition precedent or condition subsequent. 
 2.4    A certificate of a Director that the conditions set out in paragraph 2.1 have been satisfied and the date on which such conditions were satisfied or that such conditions have not been satisfied as of any
particular date and the exact date of the “Adoption Date” shall be conclusive evidence of the matters certified. 
  

	 3.
	 PURPOSE AND ADMINISTRATION 

 3.1    The purpose of this Scheme is to enable the Group to grant Options to the Eligible Participants as incentives or rewards for their contribution to the Group, to continue and/or render improved service with the
Group, and/or to establish a stronger business relationship between the Group and such participants. 
 3.2    This
Scheme shall be subject to the administration of the Directors whose decision on all matters arising in relation to this Scheme or their interpretation or effect shall (save for the grant of Options referred to in paragraph 4.11 and the change of
the terms of an Option referred to in paragraph 8.5 which shall be approved in the manner referred to therein and save as otherwise provided herein) be final and binding on all persons who may be affected thereby. 
 3.3    Subject to paragraphs 2 and 14, this Scheme shall be valid and effective until the Termination Date, after which period no
further Options may be issued but the provisions of this Scheme shall remain in full force and effect to the extent necessary to give effect to the exercise of any Options granted or exercised prior thereto or otherwise as may be required in
accordance with the provisions of this Scheme. 
  

 - 4 - 

 3.4    A Grantee shall ensure that the acceptance of an Offer, the holding and
exercise of his Option in accordance with this Scheme, the allotment and issue of Shares to him upon the exercise of his Option and the holding of such Shares are valid and comply with all laws, legislation and regulations including all applicable
exchange control, fiscal and other laws to which he is subject. The Directors may, as a condition precedent of making an Offer and allotting Shares upon an exercise of an Option, require an Eligible Participant to produce such evidence as it may
reasonably require for such purpose. 
  

	 4.
	 GRANT OF OPTIONS 

 4.1    Subject to paragraphs 4.11 and 8, the Directors shall, in accordance with the provisions of this Scheme, be entitled but shall not be bound at any time within a period of ten (10) years commencing from the
Adoption Date to make an Offer to any person belonging to the following classes of participants to subscribe, and no person other than the Eligible Participant named in such Offer may subscribe for such number of Shares (being a board lot for
dealings in the Shares on the Stock Exchange or an integral multiple thereof) at such Subscription Price as the Directors shall, subject to paragraph 9, determine: 
  

	 	 (a)
	 any Eligible Employee; 

  

	 	 (b)
	 any non-executive directors (including independent non-executive directors) of the Company, any Subsidiary or any Invested Entity; 

 

	 	 (c)
	 any supplier of goods or services to any member of the Group or any Invested Entity; 

  

	 	 (d)
	 any customer of any member of the Group or any Invested Entity; 

  

	 	 (e)
	 any person or entity that provides research, development or other technological support to any member of the Group or any Invested Entity;

  

	 	 (f)
	 any shareholder of any member of the Group or any Invested Entity or any holder of any securities issued by any member of the Group or any Invested Entity;

  

	 	 (g)
	 any other group or classes of participants contributing by way of joint venture, business alliance or other business arrangement to the development and growth of
the Group; and 

  

	 	 (h)
	 for the purposes of this Scheme, any company wholly owned by any one or more persons belonging to any one or more of the above classes of Eligible Participants.

  

 - 5 - 

 For the avoidance of doubt, the grant of any options by the Company for the subscription of Shares or
other securities of the Group to any person who falls within any of the above classes of Eligible Participants shall not, by itself, unless the Directors otherwise determine, be construed as a grant of Option under this Scheme. 
 4.2    The eligibility of any of the Eligible Participants to an Offer shall be determined by the Directors from time to time on the
basis of their contribution to the development and growth of the Group. 
 4.3    An Offer shall be made to an Eligible
Participant in writing (and unless so made shall be invalid) in such form as the Directors may from time to time determine, either generally or on a case-by-case basis, specifying the number of Shares and the Option Period in respect of which the
Offer is made and further requiring the Eligible Participant to undertake to hold the Option on the terms on which it is to be granted and to be bound by the provisions of this Scheme and shall remain open for acceptance by the Eligible Participant
concerned (and by no other person) for a period of up to 21 days from the Offer Date. 
 4.4    An Offer shall state, in
addition to the matters specified in paragraph 4.3, the following: 
  

	 	 (a)
	 the name, address, position and company of the Eligible Participant; 

  

	 	 (b)
	 the number of Shares in respect of which the Offer is made and the Subscription Price for such Shares; 

  

	 	 (c)
	 the Option Period in respect of which the Offer is made or, as the case may be, the Option Period in respect of separate parcels of Shares comprised in the
Offer; 

  

	 	 (d)
	 the last date by which the Offer must be accepted (which may not be later than 21 days from the Offer Date); 

  

	 	 (e)
	 the procedure for acceptance; 

  

	 	 (f)
	 the performance target(s) (if any) that must be attained by the Eligible Participant before any Option can be exercised; 

  

	 	 (g)
	 such other terms and conditions of the Offer as may be imposed by the Directors as are not inconsistent with this Scheme; and 

  

	 	 (h)
	 a statement requiring the Eligible Participant to undertake to hold the Option on the terms on which it is to be granted and to be bound by the provisions of
this Scheme including, without limitation, the conditions specified in paragraphs 3.4, 6.1 and 15.8 to 15.10, inclusive. 

 4.5    An Offer shall have been accepted by an Eligible Participant in respect of all Shares which are offered to such Eligible Participant when the duplicate letter comprising acceptance of the Offer duly signed by the
Eligible Participant together with a payment to the Company of HK$1.00 by way of consideration for the grant thereof is received by the Company within such time as may be specified in the Offer (which shall not be later than 21 days from the Offer
Date). Such payment shall in no circumstances be refundable. 
  

 - 6 - 

 4.6    Any Offer may be accepted by an Eligible Participant in respect of less than
the number of Shares which are offered provided that it is accepted in respect of a board lot for dealing in the Shares on the Stock Exchange or an integral multiple thereof (or if the number of Shares so indicated in the duplicate letter is not an
integral multiple of a board lot, the number shall be deemed to be rounded down to the nearest integral number of a board lot) and such number is clearly stated in the duplicate letter comprising acceptance of the Offer duly signed by such Eligible
Participant and received by the Company together with a payment to the Company of HK$1.00 by way of consideration for the grant thereof within such time as may be specified in the Offer (which may not be later than 21 days from the Offer Date).

 4.7    Upon an Offer being accepted by an Eligible Participant in whole or in part in accordance with paragraph 4.5 or
4.6, an Option in respect of the number of Shares in respect of which the Offer was so accepted will be deemed to have been granted by the Company to such Eligible Participant on the Offer Date of such Offer. To the extent that the Offer is not
accepted within the time specified in the Offer in the manner indicated in paragraph 4.5 or 4.6, it will be deemed to have been irrevocably declined. 
 4.8    The Option Period of an Option may not end later than ten (10) years after the Offer Date of that Option. 
  

	 4.9
	 The Options will not be listed or dealt in on the Stock Exchange. 

  

	 4.10
	 For so long as the Shares are listed on the Stock Exchange: 

  

	 	 (a)
	 an Offer may not be made after a price sensitive event has occurred or a price sensitive matter has been the subject of a decision until such price sensitive
information has been announced in accordance with the requirements of the Listing Rules. In particular, during the period commencing one month immediately preceding the earlier of: 

  

	 	 (i)
	 the date of the board meeting (as such date is first notified to the Stock Exchange in accordance with the Listing Rules) for the approval of the Company’s
results for any year, half-year, quarterly or any other interim period (whether or not required under the Listing Rules); and 

  

	 	 (ii)
	 the last date on which the Company must publish an announcement of its results for any year or half-year under the Listing Rules, or quarterly or any other
interim period (whether or not required under the Listing Rules), 

 and ending on the date of the results
announcement, no Offer may be made; and 
  

 - 7 - 

	 	 (b)
	 the Directors may not make any Offer to an Eligible Participant who is a Director during the periods or times in which the Directors are prohibited from dealing
in Shares pursuant to the Model Code for Securities Transactions by Directors of Listed Companies prescribed by the Listing Rules or any corresponding code of securities dealing restrictions adopted by the Company. 

 4.11  Without prejudice to paragraph 8.4, the making of an Offer to any Director, chief executive or substantial shareholder of the Company, or
any of their respective associates must be approved by the independent non-executive Directors (excluding any independent non-executive Director who or whose associate is the proposed Grantee of an Option). 
 4.12   The Company shall include in its annual report a summary of the terms of this Scheme and in its annual and half-year report
information on the Options granted, in each case in accordance with the requirements of the Listing Rules. 
  

	 5.
	 SUBSCRIPTION PRICE 

 The Subscription Price in respect of any Option shall, subject to any adjustments made pursuant to paragraph 9, be at the discretion of the Directors, provided that it shall be not less than the highest of: 
  

	 	 (a)
	 the closing price of the Shares as stated in the Stock Exchange’s daily quotations sheet for trade in one or more board lots of the Shares on the Offer
Date; 

  

	 	 (b)
	 the average closing price of the Shares as stated in the Stock Exchange’s daily quotations sheets for trade in one or more board lots of the Shares for the
five Business Days immediately preceding the Offer Date; and 

  

	 	 (c)
	 the nominal value of a Share. 

 For the purpose of calculating the Subscription Price where the Shares have been listed for less than five Business Days, the new issue price shall be used as the closing price for any Business Day falling within the period before listing.

  

	 6.
	 EXERCISE OF OPTIONS 

 6.1    An Option shall be personal to the Grantee and shall not be assignable and no Grantee shall in any way sell, transfer, charge, mortgage, encumber or otherwise dispose of or create any interest whatsoever in favour
of any third party over or in relation to any Option or enter into any agreement so to do except for the transmission of an Option on the death of a Grantee to his Personal Representative(s). Any breach of the foregoing by a Grantee shall entitle
the Company to cancel any Option granted to such Grantee to the extent not already exercised. 
 6.2    Unless otherwise
determined by the Directors and stated in the Offer to a Grantee, a Grantee is not required to achieve any performance targets before the exercise of an Option granted to him. 
  

 - 8 - 

 6.3    Subject to paragraphs 3.4 and 15.8 and the fulfillment of all terms and
conditions set out in the Offer, including the attainment of any performance targets stated therein, an Option shall be exercisable in whole or in part in the circumstances and in the manner as set out in paragraphs 6.4 and 6.5 by giving notice in
writing to the Company stating that the Option is thereby exercised and the number of Shares in respect of which it is so exercised (which, except where the number of Shares in respect of which the Option remains unexercised is less than one board
lot or where the Option is exercised in full, must be for a board lot for dealings in Shares on the Stock Exchange or an integral multiple thereof). Each such notice must be accompanied by a payment for the full amount of the Subscription Price for
Shares in respect of which the notice is given. Within 21 days (7 days in the case of an exercise pursuant to paragraph 6.4(c)) after receipt of the notice, the Company shall accordingly allot the relevant number of Shares to the Grantee (or, in the
event of an exercise of Option by a Personal Representative pursuant to paragraph 6.4(a), to the estate of the Grantee) fully paid and issue to the Grantee (or his estate in the event of an exercise by his Personal Representative as aforesaid) a
share certificate for every board lot of Shares so allotted and a share certificate for the balance (if any) of the Shares so allotted which do not constitute a board lot. 
 6.4    Subject as hereinafter provided, an Option may (and may only) be exercised by the Grantee at any time or times during the Option Period provided that: 
  

	 	 (a)
	 if the Grantee is an Eligible Employee and in the event of his ceasing to be an Eligible Employee by reason of his death, ill-health or retirement in accordance
with his contract of employment before exercising the Option in full, then, any outstanding offer of an Option which has not been accepted under paragraphs 4.5 and 4.6 and any unvested Option will lapse and his Personal Representative(s) or, as
appropriate, the Grantee may exercise the vested Option (to the extent not already exercised) in whole or in part in accordance with the provisions of paragraph 6.3 within a period of 12 months following the date of cessation of employment which
date shall be the last day on which the Grantee was at work with the Company or the relevant Subsidiary or the Invested Entity whether salary is paid in lieu of notice or not, or such longer period as the Directors may determine or, if any of the
events referred to in paragraph 6.4(c) or 6.4(d) occur during such period, exercise the vested Option pursuant to paragraph 6.4(c) or 6.4(d) respectively; 

  

	 	 (b)
	 if the Grantee is an Eligible Employee and in the event of his ceasing to be an Eligible Employee for any reason other than his death, ill-health or retirement
in accordance with his contract of employment or the termination of his employment on one or more of the grounds specified in paragraph 7.1(c) before exercising the Option in full, then, any outstanding offer of an Option which has not been accepted
under paragraphs 4.5 and 4.6 and any unvested Option will lapse and the Grantee may exercise the vested Option (to the extent not already exercised) in whole or in part in accordance with the provisions of paragraph 6.3 within a period of 30 days or
such longer period as the Directors may determine following the date of such cessation or termination or, if any of the events referred to in sub-paragraph 6.4(c) or 6.4(d) occur during such period, exercise the Option pursuant to paragraph 6.4(c)
or 6.4(d) respectively. The date of cessation or termination as aforesaid shall be the last day on which the Grantee was actually at work with the Company or the relevant Subsidiary or the Invested Entity whether salary is paid in lieu of notice or
not; 

  

 - 9 - 

	 	 (c)
	 if a general or partial offer, whether by way of take-over offer, share repurchase offer, or scheme of arrangement or otherwise in like manner is made to all the
holders of the Shares, or all such holders other than the offeror and/or any person controlled by the offeror and/or any person acting in association or concert with the offeror, the Company shall use all reasonable endeavours to procure that such
offer is extended to all the Grantees on the same terms, mutatis mutandis, and assuming that they will become, by the exercise in full of the Options granted to them (whether at the time vested or unvested), shareholders of the Company. If such
offer becomes or is declared unconditional or such scheme of arrangement is formally proposed to shareholders in the Company, the Grantee shall, notwithstanding any other terms on which his Options were granted (provided that any condition stated in
the Offer pursuant to paragraph 4.4(f) must first be satisfied), be entitled to exercise the Option (to the extent not already exercised) to its full extent or to the extent specified in the Grantee’s notice to the Company in accordance with
the provisions of paragraph 6.3 at any time thereafter and up to the close of such offer (or any revised offer) or the record date for entitlements under scheme of arrangement, as the case may be. Subject to the above, a vested or unvested Option
(to the extent not already exercised) will lapse automatically on the date on which such offer (or, as the case may be, revised offer), closes; and 

  

	 	 (d)
	 in the event of an effective resolution being proposed for the voluntary winding-up of the Company during the Option Period, the Grantee may, subject to the
provisions of all applicable laws, by notice in writing to the Company at any time prior to the date on which such resolution is passed, exercise his vested Option (to the extent not already exercised) either to its full extent or to the extent
specified in such notice in accordance with the provisions of paragraph 6.3 and shall accordingly be entitled, in respect of the Shares falling to be allotted and issued upon the exercise of his vested Option, to participate in the distribution of
the assets of the Company available in liquidation pari passu with the holders of the Shares in issue on the day prior to the date of such resolution. 

 6.5    Shares to be allotted and issued upon the exercise of an Option will be subject to all the provisions of the Articles of Association of the Company for the time being in force and will,
subject to the completion of the registration referred to below, rank pari passu in all respects with the then existing fully paid Shares in issue on the date on which the Option is duly exercised or, if that date falls on a day when the register of
members of the Company is closed, the first day of the re-opening of the register of members (“Exercise Date”) and accordingly will entitle the holders thereof to participate in all dividends or other distributions paid or made on
or after the Exercise Date other than any dividend or other distribution previously declared or recommended or resolved to be paid or made if the record date therefor shall be before the Exercise Date. A Share allotted and issued upon the exercise
of an Option shall not carry voting rights until the name of the Grantee has been duly entered on the register of members of the Company as the holder thereof. 
  

 - 10 - 

	 7.
	 EARLY TERMINATION OF OPTION PERIOD 

 7.1    The Option Period in respect of any Option shall automatically terminate and that Option (to the extent not already exercised) shall lapse on the earliest of: 
  

	 	 (a)
	 the expiry of the Option Period; 

  

	 	 (b)
	 the expiry of any of the periods referred to in paragraph 6.4; 

  

	 	 (c)
	 unless the Directors otherwise resolve in their absolute discretion, in respect of a Grantee who is an Eligible Employee, the date on which the Grantee ceases to
be an Eligible Employee by reason of a termination of his employment on the grounds that he has been guilty of persistent or serious misconduct, or has committed any act of bankruptcy or has become insolvent or has made any arrangement or
composition with his creditors generally, or has been convicted of any criminal offence (other than an offence which in the opinion of the Directors does not bring the Grantee or the Group or the Invested Entity into disrepute), or on any other
ground which his employer would be entitled to terminate his contract of employment by summary dismissal; 

  

	 	 (d)
	 in respect of a Grantee other than an Eligible Employee, the date on which the Directors shall at their absolute discretion determine that (i) the Grantee
or his associate has committed any breach of any contract entered into between the Grantee or his associate on the one part and the Group or any Invested Entity on the other part or that the Grantee has committed any act of bankruptcy or has become
insolvent or is subject to any winding-up, liquidation or analogous proceedings or has made any arrangement or composition with his creditors generally; and (ii) the Option shall lapse; and 

  

	 	 (e)
	 the date on which the Directors shall exercise the Company’s right to cancel the Option by reason of a breach of paragraph 6.1 by the Grantee in respect of
that or any other Option. 

 7.2    A resolution of the Directors to the effect that the employment of
a Grantee has or has not been terminated on one or more of the grounds specified in paragraph 7.1(c) or that any event referred to in paragraph 7.1(d)(i) has occurred shall be conclusive. 
  

	 8.
	 MAXIMUM NUMBER OF SHARES AVAILABLE FOR SUBSCRIPTION 

 8.1    The maximum number of Shares which may be allotted and issued upon exercise of all outstanding Options granted and yet to be exercised under this Scheme and any other
share option schemes adopted by the Group shall not exceed 30 per cent. of the relevant class of securities of the Company (or the Subsidiary) in issue from time to time. The maximum number of Shares the subject of all Options shall include all
Shares falling to be issued upon the exercise of any Option by any Grantee (to the extent not already exercised) together with all Shares which have already been issued pursuant to the exercise of any Option, including options granted under any
other employee share option schemes of the Group. No options may be granted under this Scheme or any other share option scheme adopted by the Group if the grant of such option will result in the limit referred to in this paragraph 8.1 being
exceeded. 
  

 - 11 - 

 8.2    The total number of Shares which may be allotted and issued upon exercise of
all Options (excluding, for this purpose, options which have lapsed in accordance with the terms of this Scheme and any other share option scheme of the Group) to be granted under this Scheme and any other share option scheme of the Group must not
in aggregate exceed 10 per cent. of relevant class of securities of the Company (or the Subsidiary) in issue as at the date on which the Shares are first listed and from which dealings therein are permitted to take place on the Stock Exchange
(“General Scheme Limit”) provided that: 
  

	 	 (a)
	 subject to paragraph 8.1 and without prejudice to paragraph 8.2(b), the Company may, in compliance with paragraph 8.6, seek approval of its shareholders in
general meeting to refresh the General Scheme Limit provided that the total number of Shares which may be allotted and issued upon exercise of all Options to be granted under this Scheme and any other share option scheme of the Group must not exceed
10 per cent. of the relevant class of securities of the Company (or the Subsidiary) in issue as at the date of approval of the limit and for the purpose of calculating the limit, options (including those outstanding, cancelled, lapsed or
exercised in accordance with this Scheme and any other share option scheme of the Group) previously granted under this Scheme and any other share option scheme of the Group will not be counted; and 

  

	 	 (b)
	 subject to paragraph 8.1 and without prejudice to paragraph 8.2(a), the Company may, in compliance with paragraph 8.6, seek separate shareholders’ approval
in general meeting to grant Options under this Scheme beyond the General Scheme Limit or, if applicable, the extended limit referred to in paragraph 8.2(a) to Eligible Participants specifically identified by the Company before such approval is
sought. 

 8.3    Subject to paragraph 8.4, the total number of Shares issued and which may fall to be
issued upon exercise of the Options and the options granted under any other share option scheme of the Group (including both exercised or outstanding options) to each Grantee in any 12-month period shall not exceed one (1) per cent. of the
issued share capital of the Company for the time being. Where any further grant of Options to a Grantee under this Scheme would result in the Shares issued and to be issued upon exercise of all options granted and proposed to be granted to such
person (including exercised, cancelled and outstanding options) under this Scheme and any other share option schemes of the Group in the 12-month period up to and including the date of such further grant representing in aggregate over one
(1) per cent. of the Shares in issue, such further grant must, subject to paragraph 8.6, be separately approved by shareholders of the Company in general meeting with such Grantee and his associates abstaining from voting. The number and terms
(including the Subscription Price) of the Options to be granted (and Options previously granted to such Grantee) must be fixed before the approval of the shareholders of the Company and the date of the meeting of the Directors proposing such further
grant should be taken as the date of grant for the purpose of calculating the Subscription Price. 
  

 - 12 - 

 8.4    Without prejudice to paragraph 4.11 and subject to paragraph 8.6, where any
grant of Options to a substantial shareholder or an independent non-executive Director, or any of their respective associates, would result in the Shares issued and to be issued upon exercise of all options already granted and to be granted
(including options exercised, cancelled and outstanding) to such person in the 12-month period up to and including the date of such grant: 
  

	 	 (a)
	 representing in aggregate over 0.1 per cent. of the Shares in issue; and 

  

	 	 (b)
	 having an aggregate value, based on the closing price of the Shares at the Offer Date of each Offer, in excess of HK$5 million; 

 such further grant of Options must be approved by shareholders of the Company in general meeting. 
 8.5    Any change in the terms of an Option granted to any Grantee who is a substantial shareholder or an independent non-executive
director of the Company, or any of their respective associates, must, subject to paragraph 8.6, be approved by shareholders of the Company in general meeting. 
 8.6    For the purpose of seeking the approval of the shareholders of the Company under paragraphs 8.2, 8.3, 8.4 and 8.5, the Company shall send a circular to the shareholders containing the
information required under the Listing Rules and where the Listing Rules shall so require, the vote at the shareholders’ meeting convened to obtain the requisite approval shall be taken on a poll with the following persons abstaining from
voting: 
  

	 	 (a)
	 in the case of a further grant of Option under paragraph 8.3, the proposed Grantee and his associates; and 

  

	 	 (b)
	 in the case of a grant of Option under paragraph 8.4 and/or any proposed change in the terms of an Option granted as referred to in paragraph 8.5, all connected
persons of the Company, except that any connected person must abstain from voting in favour at the general meeting. 

  

	 9.
	 ADJUSTMENTS TO THE SUBSCRIPTION PRICE 

 9.1    In the event of any alteration in the capital structure of the Company whilst any Option remains exercisable or this Scheme remains in effect, and such event arises from a capitalisation of
profits or reserves, rights issue of securities to holders of the Shares (including any securities convertible into share capital or warrants or options to subscribe for any share capital of the Company, but excluding Options under this Scheme and
options under any other similar share option scheme of the Group), consolidation, subdivision or reduction of the share capital of the Company, then, in any such case the Company shall make an adjustment, if any, to: 
  

	 	 (a)
	 the number or nominal amount of Shares to which this Scheme or any Option(s) relates (insofar as it is/they are unexercised); and/or

  

 - 13 - 

	 	 (b)
	 the Subscription Price of any Option; and/or 

  

	 	 (c)
	 (unless the relevant Grantee elects to waive such adjustment) the number of Shares comprised in an Option or which remain comprised in an Option; and/or

  

	 	 (d)
	 the method of exercise of any Option; and/or 

  

	 	 (e)
	 the maximum number of Shares referred to in paragraph 8 above, 

 provided that: 
  

	 	 (aa)
	 any such adjustment shall give the Grantee the same proportion of the issued share capital of the Company for which such Grantee would have been entitled to
subscribe had he exercised all the Options held by him immediately prior to such adjustment; 

  

	 	 (bb)
	 any such adjustment shall be made on the basis that the aggregate Subscription Price payable by a Grantee on the full exercise of any Option shall remain as
nearly as possible the same (but shall not be greater than) as it was before such event; 

  

	 	 (cc)
	 no such adjustment shall be made the effect of which would be to enable a Share to be issued at less than its nominal value; 

  

	 	 (dd)
	 the issue of Shares or other securities of the Group as consideration in a transaction shall not be regarded as a circumstance requiring any such adjustment.

 In respect of any adjustment referred to in this paragraph 9.1, other than any made on a capitalisation issue, the
Auditors or such independent financial adviser must confirm to the Directors in writing that the adjustments satisfy the requirements of the relevant provisions of the Listing Rules. 
 9.2    If there has been any alteration in the capital structure of the Company as referred to in paragraph 9.1, the Company shall, upon receipt of a notice from a Grantee in
accordance with paragraph 6.3, inform the Grantee of such alteration and shall inform the Grantee of the adjustment to be made. 
 9.3    In giving any confirmation under this paragraph 9, the Auditors or the independent financial adviser appointed under paragraph 9.1 shall be deemed to be acting as experts and not as arbitrators and their
confirmation shall, in the absence of manifest error, be final, conclusive and binding on the Company and all persons who may be affected thereby. 
  

 - 14 - 

 9.4    Upon distribution by the Company to holders of the Shares of any cash (other
than the Transaction Special Dividend (as defined in the Company’s circular to shareholders dated 4 April 2007) or dividends in the ordinary course), the Company shall make a downward adjustment to the Subscription Price of any Option
granted but not exercised as at the date of such distribution by an amount which the Directors consider as reflecting the impact such distribution will have or will likely to have on the trading price of the Shares provided that (i) the
Directors’ determination of any adjustments shall be final and binding on all Optionholders; (ii) the amount of adjustment shall not exceed the amount of such cash distribution to be made to holders of the Shares; (iii) such
adjustment shall take effect on the date of payment by the Company of such distribution; (iv) any adjustment provided for in this paragraph shall be cumulative to any other adjustments contemplated under paragraph 9.1 or approved by the
shareholders of the Company in general meeting; and (v) the adjusted Subscription Price shall not, in any case, be less than the nominal value of the Shares. 
  

	 10.
	 CANCELLATION OF OPTIONS 

 10.1    Subject to paragraph 6.1, any Option granted but not exercised may not be cancelled except with the written consent of the relevant grantee and the prior approval of the Directors at their absolute discretion.

 10.2    Where the Company cancels any Option granted to a Grantee but not exercised and issues new Option(s) to the
same Grantee, the issue of such new Option(s) may only be made with available unissued Options (excluding, for this purpose, the Options so cancelled) within the General Scheme Limit or the limits approved by the shareholders of the Company pursuant
to paragraph 8.2(a) or 8.2(b). 
  

	 11.
	 SHARE CAPITAL 

 The
exercise of any Option shall be subject to the members of the Company in general meeting approving any necessary increase in the authorised share capital of the Company. Subject thereto, the Directors shall make available sufficient authorised but
unissued share capital of the Company to allot the Shares on the exercise of any Option. 
  

	 12.
	 DISPUTES 

 Any
dispute arising in connection with the number of Shares the subject of an Option, or any adjustment under paragraph 9.1 shall be referred to the decision of the Auditors who shall act as experts and not as arbitrators and whose decision shall, in
the absence of manifest error, be final, conclusive and binding on all persons who may be affected thereby. 
  

	 13.
	 ALTERATION OF THIS SCHEME 

 13.1    Subject to paragraphs 13.2 and 13.4 this Scheme may be altered in any respect by a resolution of the Directors except that: 
  

	 	 (a)
	 the provisions of this Scheme as to the definitions of “Eligible Participants”, “Grantee”, “Option Period” and “Termination
Date” set out in paragraph 1.1; 

  

 - 15 - 

	 	 (b)
	 the provisions of this Scheme relating to the matters governed by Rule 17.03 of the Listing Rules; 

 shall not be altered to the advantage of Grantees or prospective Grantees except with the prior sanction of a resolution of the Company in general
meeting, provided that no such alteration shall operate to affect adversely the terms of issue of any Option granted or agreed to be granted prior to such alteration except with the consent or sanction of such majority of the Grantees as would be
required of the holders of the Shares under the Articles of Association for the time being of the Company for a variation of the rights attached to the Shares. 
 13.2  Subject to paragraph 13.3, any alterations to the terms and conditions of this Scheme which are of a material nature shall be approved by the shareholders of the Company except where the alterations
take effect automatically under the existing terms of this Scheme. 
 13.3  Any change to the authority of the Directors or the
administrators of this Scheme in relation to any alteration to the terms of this Scheme must be approved by the shareholders of the Company in general meeting. 
 13.4  The terms of this Scheme and/or any Options amended pursuant to this paragraph 13 must comply with the applicable requirements of the Listing Rules. 
  

	 14.
	 TERMINATION 

 The
Company by resolution in general meeting may at any time terminate the operation of this Scheme and in such event no further Options will be offered but in all other respects the provisions of this Scheme shall remain in force to the extent
necessary to give effect to the exercise of any Options (to the extent not already exercised) granted prior thereto or otherwise as may be required in accordance with the provisions of this Scheme and Options (to the extent not already exercised)
granted prior to such termination shall continue to be valid and exercisable in accordance with this scheme. 
  

	 15.
	 MISCELLANEOUS 

 15.1  This Scheme shall not form part of any contract of employment between the Company, any Subsidiary or any Invested Entity and any Eligible Employee and the rights and obligations of any Eligible Employee under the terms of
his office or employment shall not be affected by his participation in this Scheme or any right which he may have to participate in it and this Scheme shall afford such an Eligible Employee no additional rights to compensation or damages in
consequence of the termination of such office or employment for any reason. 
 15.2  This Scheme shall not confer on any person any
legal or equitable rights (other than those constituting the Options themselves) against the Company directly or indirectly or give rise to any cause of action at law or in equity against the Company. 
  

 - 16 - 

 15.3  The Company shall bear the costs of establishing and administering this Scheme, including
any costs of the Auditors or any independent financial adviser in relation to the preparation of any confirmation by them or provision of any other service in relation to this Scheme. 
 15.4  A Grantee shall be entitled to receive copies of all notices and other documents sent by the Company to holders of the Shares at the same time or within a reasonable time of any
such notices or documents being sent to holders of Shares. 
 15.5  Any notice or other communication between the Company and a
Grantee may be given by sending the same by prepaid post or by personal delivery to, in the case of the Company, its principal place of business in Hong Kong and, in the case of the Grantee, his address in Hong Kong as notified to the Company from
time to time or, if none or incorrect or out of date, his last place of employment with the Company, Subsidiary or Invested Entity or the Company’s, Subsidiary’s or Invested Entity’s principal place of business in Hong Kong from time
to time. 
 15.6  Any notice or other communication if sent by the Grantee shall be irrevocable and shall not be effective until
actually received by the Company. 
  

	 15.7  Any
	 notice or other communication if sent to the Grantee shall be deemed to be given or made: 

  

	 	 (a)
	 one (1) day after the date of posting, if sent by mail; and 

  

	 	 (b)
	 when delivered, if delivered by hand. 

 15.8  A Grantee shall, before accepting an Offer or exercising his Option, obtain all necessary consents that may be required to enable him to accept the Offer or to exercise the Option and the Company to allot and issue to him in
accordance with the provisions of this Scheme the Shares falling to be allotted and issued upon the exercise of his Option. By accepting an Offer or exercising his Option, the Grantee thereof is deemed to have represented to the Company that he has
obtained all such consents. Compliance with this paragraph shall be a condition precedent to an acceptance of an Offer by a Grantee and an exercise by a Grantee of his Options. 
 15.9  A Grantee shall pay all tax and discharge all other liabilities to which he may become subject as a result of his participation in this Scheme or the exercise of any Option.

 15.10 By accepting an Offer, an Eligible Participant shall be deemed irrevocably to have waived any entitlement, by way of
compensation for loss of office or otherwise howsoever, to any sum or other benefit to compensate him for loss of any rights under this Scheme. 
 15.11 Where these Rules require matters to be approved by the shareholders or independent non-executive Director of the Company, such matters must be simultaneously be approved by the shareholders or independent non-executive directors
of Hutchison Whampoa Limited where such approval by the shareholders or independent non-executive directors of Hutchison Whampoa Limited is required under Chapter 17 of the Listing Rules. 
 15.12 This Scheme and all Options granted hereunder shall be governed by and construed in accordance with the laws of Hong Kong. 
 * * * End of the Scheme * * * 
  

 - 17 -Shareholders' Agreement, dated 27 July 2005

 Exhibit 4.16 
 EXECUTION VERSION 
  
  
  

					
	 DATED
	  	27 July 2005          	  	

  
  
 (1) PT Asia Mobile 
 (2) Asia Telecommunication Technology Ltd.

 (3) CAC Holdings (Netherlands) B.V. 
 (4) PT Cyber Access Communications 
  
  
  
  

 SHAREHOLDERS’ AGREEMENT 
  

  

 1 

 THIS AGREEMENT is made on 27 July 2005 
 BETWEEN: 
  

	 (1)
	 PT Asia Mobile, a limited liability company duly established and validly existing under the laws of the Republic of Indonesia with its principal office at
JL. Ancol VIII No. 1, Ancol Barat, Jakarta 14430, Indonesia (“PT AM”); 

  

	 (2)
	 Asia Telecommunications Technology Ltd, an international business company duly established and validly existing under the laws of the British Virgin
Islands with its principal office at c/o Offshore Incorporations Centre, PO Box 957 Road Town, Torlola, British Virgin Islands (“ATT” and together with PT AM, the “PT AM Party”, who enter into this Agreement on a
joint and several basis and on the basis described in Clause 12.5); 

  

	 (3)
	 CAC Holdings (Netherlands) B.V., a company duly organised and validly existing under the laws of the Netherlands, with its registered office at De
Boelelaan 7 Official, 1083 H J, Amsterdam (“Hutchison”); and 

  

	 (4)
	 PT Cyber Access Communications, a limited liability company, duly established and validly existing under the
laws of the Republic of Indonesia with foreign investment (PMA) status with its principal office at Wisma Barito Pacific, 2nd Floor, Tower B, Jl. Letjend, S. Parman Kav, 62-63 Slipi, Jakarta 11410, Indonesia (the “Company”). 

 RECITALS: 
  

	 A.
	 On the date hereof the Company has an authorised share capital of Rp. 200bn divided into 2,000,000 Shares of Rp. 100,000 each. Six hundred and thirty-nine
thousand (639,000) Shares of such authorised share capital have been issued and fully paid and are owned as to 236,490 Shares or 37.01% of the issued share capital by PT AM and as to 19,110 Shares or 2.99%, by ATT. Three hundred and
eighty-three thousand four hundred (383,400) Shares of such authorised share capital have been issued and fully paid and have been acquired by and are owned by Hutchison and represent 60% of the issued share capital of the Company.

  

	 B.
	 The Parties wish to enter into this Agreement to regulate their rights and obligations as shareholders of the Company and the manner in which the Company will be
managed and operated. 

 IT IS AGREED as follows: 
  

	 1.
	 DEFINITIONS AND INTERPRETATION 

  

	 1.1
	 Defined Terms 

  

	     
	 In this Agreement (including the Recitals and Schedules), the following definitions shall apply unless the context requires otherwise.

  

	     
	 “Affiliate” means, in relation to any person, a subsidiary or any holding company of such person and any subsidiary of any such holding company.

  

 1 

	     
	 “Annual Business Plan” means the annual business plan adopted by the Board of Directors pursuant to Clause 4. 

  

	     
	 “Arbitration Notice” is defined in Clause 28.1. 

  

	     
	 “Articles of Association” means the articles of association of the Company as agreed by the Shareholders pursuant to this Agreement, as these
may be altered, added to or amended from time to time in accordance with the provisions of this Agreement. 

  

	     
	 “Auditor” means Kantor Akuntan Publik Haryanto Sahari & Rekan or such other Indonesian registered accountant affiliated with a big five
international accounting firm which is nominated by Hutchison as the auditor of Company from time to time. 

  

	     
	 “Authorised Sum” means US$50,000,000 (or Rupiah equivalent at the Reference Exchange Rate). 

  

	     
	 “BKPM” means the Badan Koordinasi Penanaman Modal (Capital Investment Coordinating Board) of Indonesia and “BKPMD” means the
regional office of BKPM with jurisdiction over the Company (Badan Ko-ordinasi Penanaman Modal Daerah) or its successor. 

  

	     
	 “Board of Commissioners” means the Board of Commissioners (Dewan Komisaris) of Company. 

  

	     
	 “Board of Directors” means the Board of Directors (Dewan Direksi) of the Company. 

  

	     
	 “Business” means the exploitation within Indonesia of the radio spectrum granted to the Company under the CO Licence including the construction
and development of network and associated IT and other infrastructure (through outsourcing or otherwise) and the provision of services under the CO Licence. 

  

	     
	 “Business Day” means any day on which banks in Hong Kong, Thailand and Indonesia are officially open for business generally except for Saturday
and Sunday and, in the case of a payment of US$ or the calculation of a Reference Exchange Rate only, any day on which banks in New York are open for business generally except for Saturday and Sunday. 

  

	     
	 “Business Plan” means the Original Business Plan and thereafter each Annual Business Plan as amended from time to time in accordance with this
Agreement. 

  

	     
	 “Change of Control” means any transaction or event whereby any person acquires Control of PT AM or any person who previously had Control of PT
AM ceases to have Control of PT AM provided that where, notwithstanding such transaction or event, Control continues to be held by any Affiliate of the person who had Control prior to such transaction or event, this shall not be a Change of Control.

  

	     
	 “CO Licence” means the Cellular Operating Licence No. KP.11 of 2004 dated 5 October 2004 to use specific frequencies of the spectrum
granted to the Company by the MOC pursuant to Government Regulation Number 53 of 2000 regarding the use of Radio Frequency and Spectrum and Satellite Orbit and such other similar or ancillary licences that may be granted to the Company from time to
time. 

  

 2 

	     
	 “Commissioner” means a member of the Board of Commissioners. 

  

	     
	 “Company Group” means the Company and its subsidiaries for the time and “Company Group Member” means any of them.

  

	     
	 “Control” means in relation to a company (i) owning shares which comprise more than 50% of the shares in that company having the right to
vote, or (ii) having the ability to appoint a majority of the board of directors (and where the company is incorporated in Indonesia, the board of commissioners) or otherwise to control management decisions of the company whether through rights
attaching to shares held, by contractual arrangement or otherwise, and provided that where any entity has Control of a second entity which in turn has Control of a third entity, that first entity shall be considered to Control the third entity.

  

	     
	 “Counter Indemnity” means a performance or financial guarantee (or a counter indemnity of a performance or financial guarantee) guaranteeing
performance by any Company Group Member of a commercial contract or obligation of any Company Group Member or under a borrowing or other fund raising by any Company Group Member. 

  

	     
	 “Director” means a member of the Board of Directors. 

  

	     
	 “Encumbrance” means any mortgage, pledge, security interest (hak tanggungan), fiduciary security (fidusia), assignment
(cessie), lien, hypothecation, charge or any other form of security interest in the nature of a security interest (including any power of attorney or option granted over in respect of any asset or rights attaching thereto).

  

	     
	 “Equity Proportions” means the respective proportions from time to time in which the Shareholders hold Shares at the relevant time.

  

	     
	 “Financial Year” means a financial period of the Company commencing on 1 January and ending on 31 December each year.

  

	     
	 “Foreign Shareholder” means any non-Indonesian Shareholder of the Company, being as at the date of this Agreement, Hutchison and ATT.

  

	     
	 “Governmental Agency” means any government or any governmental, semi-governmental or judicial, department, agency, entity or authority of the
nation, state, region, district or other political subdivision of Indonesia, or other relevant jurisdiction (as the case may require). 

  

	     
	 “Governmental Approval” includes (a) any licence, consent, authorization, registration, filing, lodgement, agreement, notarization,
certificate, permission, license, approval, authority or exemption from, by or with a Governmental Agency or (b) the expiry of a specified period without intervention or action in relation to anything which will be fully or partly prohibited or
restricted by law if a Governmental Agency intervenes or acts in any way within such period after lodgement, filing, registration or notification. 

  

 3 

	     
	 “Indonesia” means the Republic of Indonesia. 

  

	     
	 “MOC” means the Ministry of Communications and Information of Indonesia. 

  

	     
	 “MOLHR” means Ministry of Law and Human Rights of the Republic of Indonesia. 

  

	     
	 “Network” means the network from time to time utilising radio spectrum specified in the CO License to provide mobile telecommunication services
in Indonesia. 

  

	     
	 “Non-Funding Shareholder” means a Shareholder who has not fully complied with a Funding Call Notice by the date on which the Shareholder Funds
are to be given or advanced in accordance with the Funding Call Notice as referred to in Clause 11.3. 

  

	     
	 “Party” means one or all of the parties to this Agreement (as the context requires). 

  

	     
	 “Reference Exchange Rate” means the mid-rate between the bid and offer rates of exchange of The Hongkong and Shanghai Banking Corporation
Limited for the purchase of Rupiah with Dollars at 5:00 p.m., Hong Kong time, on the date that is five (5) Business Days prior to the relevant date. 

  

	     
	 “Regulatory Action” means: 

  

	 	 (a)
	 any order of a court of competent jurisdiction; or 

  

	 	 (b)
	 any order, decision or conclusive view made, given or expressed by a competent Governmental Agency or regulatory authority or agency.

  

	     
	 “RPI Index” means the general index of consumer prices in Indonesia published by the Indonesian Biro Pusat Statistik each month in respect of
all items or any index which replaces that index. 

  

	     
	 “Share” means a fully paid ordinary share in the capital of the Company. 

  

	     
	 “Shareholder” means any individual, company or organization registered from time to time as a shareholder of the Company.

  

	     
	 “Shareholder Group” means a Shareholder and its Affiliates from time to time. 

  

	     
	 “Shareholder Loan” means a loan by any Shareholder (or any member of its Shareholder Group) to the Company or any Company Group Member on the
terms agreed between the Parties. 

  

 4 

	 1.2
	 Interpretation 

  

	     
	 In interpreting this Agreement, headings are for convenience only and do not affect interpretation. The following rules of interpretation apply unless the
context requires otherwise. 

  

	 	 1.2.1
	 The singular includes the plural and conversely. 

  

	 	 1.2.2
	 A gender includes all genders. 

  

	 	 1.2.3
	 Where a word or phrase is defined, its other grammatical forms have a corresponding meaning. 

  

	 	 1.2.4
	 A reference to a person includes a company, an unincorporated body or other legal entity and conversely. 

  

	 	 1.2.5
	 A company is a subsidiary of a another company (its holding company) if the second company holds more than 50% of the voting shares in the capital of the first
company. 

  

	 	 1.2.6
	 A reference to a Clause, Recital or Schedule is to a clause of or recital or schedule to this Agreement. 

  

	 	 1.2.7
	 A reference to any Party or party to any other agreement or document includes that Party’s or the relevant party’s successors and permitted assigns (if
any). 

  

	 	 1.2.8
	 A reference to any agreement or document is to that agreement or document as amended, novated, supplemented, varied or replaced from time to time, except to the
extent prohibited by this Agreement or that other agreement or document. 

  

	 	 1.2.9
	 A reference to any law, enactment, legislation, regulation, decree or directive or to any provision of any law, regulation, enactment, decree or directive
includes any modification or re-enactment of it, any legislative or statutory provision substituted for it, and all regulations and statutory instruments issued under or in respect of it. 

  

	 	 1.2.10
	 A reference to Dollars or US$ is to the lawful currency of the United States of America. 

  

	 	 1.2.11
	 A reference to Rupiah or Rp is to the lawful currency of Indonesia and reference to bn is to 1,000,000,000 Rupiah.

  

	 	 1.2.12
	 Each Schedule, and each certificate and document delivered under this Agreement forms part of this Agreement. 

  

	 2.
	 BUSINESS OF COMPANY 

  

	     
	 Notwithstanding anything contained in the Articles of Association, the Parties agree that the Company shall solely engage in the Business.

  

 5 

	 3.
	 RELATIONSHIP OF THE PARTIES 

  

	 3.1
	 Articles of Association 

  

	     
	 Subject to the approval of the MOLHR (if required under applicable law), the Articles of Association as at the date of this Agreement shall be in the form agreed
by the Shareholders on or before the date of this Agreement. 

  

	 3.2
	 Failure to approve Articles 

  

	     
	 If any provision of the Articles of Association is not approved by the MOLHR to the extent required under applicable law, the Parties will use their best efforts
to agree to a substitute provision and will use their best efforts to have such substitute provision incorporated into the Articles of Association. 

  

	 3.3
	 This Agreement to Prevail 

  

	     
	 By signing this Agreement (or any document by which another person or entity is later admitted as a Party), each Party irrevocably agrees that if there is any
conflict or inconsistency between the provisions of this Agreement and the Articles of Association then: 

  

	 	 3.3.1
	 as between the Parties, the provisions of this Agreement shall prevail; 

  

	 	 3.3.2
	 in any event, notwithstanding any other provision of this Agreement or the Articles of Association, each party shall at all times exercise the voting rights
attaching to the Shares held by it and other powers of control available to it in relation to the Company (however arising) strictly to give effect to the terms, requirements and intention of this Agreement and no party shall exercise the voting
rights attaching to the Shares held by it and other powers of control available to it in relation to the Company (however arising) in a manner which defeats or is otherwise inconsistent with the terms, requirements or intention of this Agreement;
and 

  

	 	 3.3.3
	 the Parties shall forthwith use their best endeavours to procure an amendment to the Articles of Association so as to remove such conflict or inconsistency.

  

	 3.4
	 Relationship of Parties 

  

	     
	 Nothing herein shall be deemed to make any Party a partner or fiduciary of any other Party or to impose on any Party any fiduciary obligations with respect to
the other Parties. 

  

	 4.
	 BUSINESS PLAN 

  

	 4.1
	 The first Business Plan for the Company Group shall be adopted as soon as practicable after the date of this Agreement. 

  

	 4.2
	 Thereafter, Hutchison shall procure that the management of the Company prepares and submits to the Board of Directors (before the commencement of the Financial
Year in question) an annual business plan in respect of the Company Group for each Financial Year (the Annual Business Plan) commencing with the Financial Year beginning 1 January 2006. 

  

 6 

	 4.3
	 Each draft Business Plan shall be delivered to Hutchison and PT AM (and PT AM shall provide a copy to ATT) not later than one (1) week prior to the proposed
Board of Directors meeting at which such draft Business Plan is to be considered. 

  

	 4.4
	 The Parties acknowledge and agree that the purpose of each Business Plan is to set out the strategic direction of the Company Group over the five Financial Years
immediately following the date of the Business Plan and the agreed financial objectives and budget of the Company Group for the Financial Year immediately following the date of the Business Plan. 

  

	 4.5
	 If the Board of Directors has not approved a Business Plan on or prior to the expiry of any Financial Year, the parties agree that the Company Group shall
continue to conduct its day to day business in accordance with the last Business Plan and to incur costs for day to day expenditure in line with the last budget (adjusted by reference to the change in the RPI Index between the start and end of the
Financial Year then expired) until such time as a new Business Plan is submitted to and approved by the Board of Directors. 

  

	 5.
	 ISSUES OF SHARES FOR CASH 

  

	 5.1
	 The provisions of Clause 5.2 shall, notwithstanding any other provision of this Agreement, bind and apply for the benefit of each Shareholder.

  

	 5.2
	 Subject to Clauses 10.2(c) and 11, if the Company wishes to allot or issue new Shares where such Shares are to be paid up wholly in cash, each Shareholder shall
be entitled to subscribe, in cash at the same price and on the same terms as those offered to other persons to whom the shares are to be offered, up to such number of those new shares as will leave each such Shareholder holding such proportion of
the voting share capital as it held immediately prior to the allotment or issue (assuming that each Shareholder takes up its entitlement hereunder in full). 

  

	 6.
	 MAINTENANCE OF MINIMUM INDONESIAN SHARE OWNERSHIP 

  

	 6.1
	 PT AM shall not transfer any Shares to any person at any time where to do so would result in a failure to satisfy or a breach of the requirements of the law of
Indonesia, all relevant Government Agencies and their telecommunications regulatory policies or the terms of any Government Approval as to the minimum Indonesia equity ownership in the Company as in force from time to time and ATT shall transfer any
Shares held by it to PT AM to the extent that the Shares held by PT AM fail to satisfy any such requirement. 

  

 7 

	 6.2
	 The PT AM Party undertakes to procure that any transferee of its Shares shall provide to Hutchison the same agreement and undertaking as set out in Clause 6.1
and that the transfer of Shares is subject to the transferee providing such agreement and undertaking to Hutchison. 

  

	 7.
	 MANAGEMENT 

  

	 7.1
	 Company to have Board of Directors and Board of Commissioners 

  

	     
	 The Company shall be managed by a Board of Directors (Dewan Direksi) under the supervision of a Board of Commissioners (Dewan Komisaris). Members
of the Board of Directors and members of the Board of Commissioners shall be appointed by the general meeting of Shareholders, subject to the provisions of this Agreement and the Articles of Association. 

  

	 7.2
	 Composition of Board of Directors 

  

	 	 7.2.1
	 Subject to the provisions of Clauses 7.2.2 and 7.2.4, each of Hutchison and the PT AM Party shall be entitled to nominate for appointment to the Board of
Directors five and three Directors respectively and shall be entitled to remove and replace each such Director from time to time. 

  

	 	     
	 A nomination made by a Shareholder under this Clause 7.2 shall be binding on each other Shareholder. 

  

	 	 7.2.2
	 For so long as a Shareholder holds not less than thirty (30) per cent of the Shares, it shall be entitled to nominate, remove and replace at least three
Directors. Where a Shareholder holds not less than twenty (20) per cent but less than thirty (30) per cent of the Shares, it shall be entitled to nominate, remove and replace two Directors. Where a Shareholder holds not less than fifteen
(15) per cent but less than twenty (20) per cent of the Shares, it shall be entitled to nominate, remove and replace one Director. A Shareholder shall not be entitled, under this Agreement, to nominate (remove and replace) any Director to
the Board of Directors if its holding of Shares is less than fifteen (15) per cent of the Shares. As applied to Hutchison, this Clause is subject to Clauses 7.2.1 and 7.2.4. 

  

	 	 7.2.3
	 The President Director shall be nominated by Hutchison. 

  

	 	 7.2.4
	 Notwithstanding Clauses 7.2.1 and 7.2.2, for so long as Hutchison has the largest holding of shares of any Shareholder, Hutchison shall be entitled to nominate
for appointment to the Board of Directors a total number of Directors which is two greater than the number of Directors all other Shareholders are, in aggregate, entitled to nominate for appointment and to remove and replace any such Director from
time to time. 

  

	 	 7.2.5
	 Each Shareholder shall vote its Shares to give effect to the binding nominations of the members of the Board of Directors which have been made by a Shareholder
in exercise of a right under this Agreement (but not otherwise). Each Shareholder shall be entitled, for so long as it has a nomination right under this Agreement pursuant to Clause 7.2.2, at any time to remove and replace any of its nominees on the
Board of Directors and in such event each Shareholder shall vote its Shares so as to give effect to the appointment of the nominated replacement to the Board of Directors in further exercise of rights under clause 7.2.2 (but not otherwise).

  

 8 

	 	 7.2.6
	 In the event of a vacancy on the Board of Directors caused by the death, retirement, resignation or removal of a director, the vacancy shall be filled by
appointing another nominee of the Shareholder whose nominee has died, retired, resigned or been removed. 

  

	 	 7.2.7
	 Subject to the Articles of Association, neither Hutchison nor the PT AM Party shall make any change to their respective membership of the Board of Directors
otherwise than in accordance with this Clause 7. 

  

	 	 7.2.8
	 Subject to the Articles of Association and the terms of this Agreement, the Board of Directors shall: 

  

	 	 (a)
	 represent and be responsible for the day-to-day administration, operation and management of the Company and its assets; and 

  

	 	 (b)
	 from time to time determine the organisational structure of the Company and the reporting responsibilities of the management of the same,

  

	 	     
	 in each case so as to implement the Business Plan. 

  

	 7.3
	 Powers of President Director 

  

	 	 7.3.1
	 The President Director shall be entitled to represent the Board of Directors and therefore to act for and on behalf and in the name of and to bind the Company
within and outside the Courts of law, subject to any limitations set out in this Agreement, the Articles of Association or by applicable mandatory laws and regulations. 

  

	 	 7.3.2
	 The President Director shall appoint the persons designated by the Hutchison in its sole discretion, to be the senior management team (who are not Directors) of
the Company, except the Deputy Chief Financial Officer (if not a Director) who shall be nominated by PT AM. 

  

	 7.4
	 Board of Commissioners 

  

	 	 7.4.1
	 Subject to the provisions of Clauses 7.4.2 and 7.4.4, each of Hutchison and the PT AM Party shall be entitled to nominate for appointment to the Board of
Commissioners, five and three Commissioners respectively and shall be entitled to remove and replace each such Commissioner from time to time. 

  

	 	     
	 A nomination made by a Shareholder under this Clause 7.4 shall be binding on each other Shareholder. 

  

 9 

	 	 7.4.2
	 For so long as a Shareholder holds not less than thirty (30) per cent of the Shares, it shall be entitled to nominate, remove and replace at least three
Commissioners. Where a Shareholder holds not less than twenty (20) per cent but less than thirty (30) per cent of the Shares, it shall be entitled to nominate, remove and replace two Commissioners. Where a Shareholder holds not less than
fifteen (15) per cent but less than twenty (20) per cent of the Shares, it shall be entitled to nominate, remove and replace one Commissioner. A Shareholder shall not be entitled, under this Agreement, to nominate (remove and replace) any
Commissioner to the Board of Commissioners if its holding of Shares is less than fifteen (15) per cent of the Shares. As it applies to Hutchison, this Clause is subject to Clauses 7.4.1 and 7.4.4. 

  

	 	 7.4.3
	 The President Commissioner shall be nominated by Hutchison. 

  

	 	 7.4.4
	 For so long as Hutchison has the largest holding of shares of any Shareholder, Hutchison shall be entitled to nominate for appointment to the Board of
Commissioners a total number of Commissioners which is two greater than the number of Commissioners all other Shareholders are, in aggregate, entitled to nominate for appointment, and to remove and replace any such Director from time to time.

  

	 	 7.4.5
	 Each Shareholder shall vote its Shares to give effect to the binding nominations of the members of the Board of Commissioners which have been made by a
Shareholder in exercise of a right under this Agreement (but not otherwise). Each Shareholder shall be entitled, for so long as it has a nomination right under this Agreement pursuant to Clause 7.2.2, to remove and replace at any time any of its
nominees on the Board of Commissioners and in such event each Shareholder shall vote its Shares so as to give effect to the appointment of the nominated replacement to the Board of Commissioners in further exercise of rights under clause 7.2.2 (but
not otherwise). 

  

	 	 7.4.6
	 In the event of a vacancy on the Board of Commissioners caused by the death, retirement, resignation or removal of a member, the vacancy shall be filled by
appointing another nominee of the Shareholder whose nominee has died, retired, resigned or been removed. 

  

	 7.5
	 Conflicts of Interest 

  

	     
	 Persons nominated for the position of member of the Board of Directors or member of the Board of Commissioners shall not be deemed disqualified to hold such
office merely by reason of their being officers, directors, commissioners or shareholders of any other company incorporated within or outside Indonesia. In addition, no member of the Board of Directors or member of the Board of Commissioners shall
be deemed to have a conflict of interest in a matter and shall not be disqualified to vote and/or serve on the ground that such Director or Commissioner is appointed upon the nomination of a particular Shareholder and the matter under consideration
involves commercial, financial or other relationship between Company and that Shareholder or any Affiliate of that Shareholder provided that the relevant member of the Board of Directors or Board of Commissioners has disclosed to the Company the
nature of any such relationship prior to consideration of that matter. 

  

 10 

	 8.
	 DIRECTORS MEETINGS AND COMMISSIONERS’ MEETINGS 

  

	 8.1
	 Board of Directors’ Meetings 

  

	 	 8.1.1
	 The Board of Directors shall meet at least at least once each year and more frequently as required for the proper management of Company. All Board of
Director’s meetings shall be conducted in English. Resolutions may be passed in lieu of meeting by adopting a written resolution signed by all of the Directors. 

  

	 	 8.1.2
	 The quorum for meetings of the Board of Directors shall be the attendance or representation at the meeting of a simple majority of the members of the Board of
Directors but including one of the Directors nominated by each of Hutchison and the PT AM Party. If a quorum is not present within 30 minutes of the time set for the meeting of the Board of Directors there shall be an automatic adjournment or
reconvening of that meeting to the same time and place on the date one week after the original date of the meeting (or, if a later date is required by law, that later date). At that subsequent adjourned or reconvened meeting the quorum shall be a
simple majority of the members of the Board of Directors including at least one Director nominated by Hutchison. 

  

	 	 8.1.3
	 Unless otherwise provided in this Agreement or the Articles of Association, the level of affirmative vote required to pass a resolution at all meetings of the
Board of Directors shall be a simple majority of the members of the Board of Directors present or represented at the meeting. 

  

	 8.2
	 Board of Commissioners’ meetings 

  

	 	 8.2.1
	 The Board of Commissioners shall meet at least once a year and more frequently as required for the Board of Commissioners to duly perform its functions.

  

	 	 8.2.2
	 The quorum for meetings of the Board of Commissioners shall be the attendance or representation at the meeting of a simple majority of the members of the Board
of Commissioners but including one of the Commissioners nominated by each of Hutchison and the PT AM Party. If a quorum is not present within 30 minutes of the time set for the meeting of the Board of Commissioners there shall be an automatic
adjournment or reconvening of that meeting to the same time and place on the date one week after the original date of the meeting (or, if a later date is required by law, that later date). At that subsequent reconvened or adjourned meeting the
quorum shall be a simple majority of the members of the Board of Commissioners provided at least one of the Commissioners nominated by Hutchison is present. 

  

 11 

	 	 8.2.3
	 Unless otherwise provided of in this Agreement or the Articles of Association, the level of affirmative vote required to pass a resolution at all meetings of the
Board of Commissioners shall be a simple majority of the members of the Board of Commissioners present or represented at the meeting. All Board of Commissioners’ meetings shall be conducted in English. Resolutions may be passed in lieu of
meeting by adopting a written resolution signed by all of the Commissioners. 

  

	 9.
	 GENERAL MEETINGS OF SHAREHOLDERS 

  

	 9.1
	 Annual General Meetings 

  

	     
	 An Annual General Meeting of Shareholders shall be held once a year in accordance with applicable law. 

  

	 9.2
	 Chairman of General Meeting of Shareholders 

  

	     
	 Subject to the Articles of Association, the President Director shall act as the chairman of all general meetings of Shareholders. 

 

	 9.3
	 Each Share Carries One Vote 

  

	     
	 At any general meeting of Shareholders a Shareholder shall have 1 (one) vote for each share of which it is the registered Shareholder.

  

	 9.4
	 Quorum and Voting at General Meetings of Shareholders 

  

	     
	 Except as otherwise provided for in this Agreement or the Articles of Association: 

  

	 	 9.4.1
	 the quorum for a general meeting of Shareholders shall be Shareholders holding or representing more than one half of the total issued Shares in Company but
including a representative of one of the PT AM Parties. If a quorum is not present within 30 minutes of the time set for the general meeting of Shareholders there shall be an automatic adjournment or reconvening of that meeting to the same time and
place on the date one week after the original date of the meeting (or, if a later date is required by law, that later date). At that subsequent adjourned or reconvened meeting the quorum shall be Shareholders holding or representing more than one
half of the total issued Shares in the Company; and 

  

	 	 9.4.2
	 decisions at a general meeting of Shareholders shall be adopted if approved by Shareholders holding or representing more than one half of the total issued Shares
in Company. 

  

	 10.
	 RESERVED MATTERS 

  

	 10.1
	 In relation to each of the matters specified in Clause 10.2 (the Reserved Matters), the Company shall not, and each of Hutchison and the PT AM
Party shall exercise all voting rights and other powers of control available to it in relation to Company so that the Company will not, without the prior approval of each of Hutchison and the PT AM Party (which approval may be given by Hutchison,
the PT AM Party or a Director nominated by either such Shareholder) take any action or decision in respect of any Reserved Matter. If either Shareholder’s interest in Shares falls below 20% of the issued share capital of the Company, the
relevant Shareholder’s rights under this Clause 10 shall cease to have any effect (without prejudice to any then accrued rights). In accordance with Clause 12.5, the PT AM Parties shall be treated as a single Shareholder for the purposes of
Clause 10 and, accordingly, there shall be no separate need to obtain the approval of both PT AM and ATT and their Shareholdings shall be aggregated for the purposes of the threshold Shareholding in this Clause 10.1. 

  

 12 

	 10.2
	 The Reserved Matters are: 

  

	 	 (a)
	 changing the nature or scope of the business of the Company to include any business outside the Business (including any decision to change or extend the business
of the Company or the Company Group Member to any place outside of the Republic of Indonesia), ceasing to carry on any material part of the Business or commencing or participating in any business materially different from the Business;

  

	 	 (b)
	 adopting or altering the Articles of Association (other than to give effect to any change to the authorised or issued share capital of the Company or the Company
Group Member approved or permitted pursuant to Clause 10.2(c)); 

  

	 	 (c)
	 changing the authorised or issued share capital of the Company or the Company Group Member, other than to give effect to the then current Business Plan approved
by the Board of Directors or as a result of the Funding Shareholder exercising its rights under Clause 11; 

  

	 	 (d)
	 adopting or amending a Business Plan; 

  

	 	 (e)
	 the Company or a Company Group Member declaring or paying any dividend or distribution; 

  

	 	 (f)
	 the Company or a Company Group Member merging or consolidating with any other entity or acquiring or disposing of or establishing any business or entering into a
joint venture or alliance except for (i) any such transaction involving an amount not exceeding the Authorised Sum; or (ii) the acquisition of businesses and entering into of joint ventures or alliances in the ordinary course of the
business of the Company or a Company Group Member or directly necessary for and implemented in the course of rolling out the Network and anticipated by a Business Plan; 

  

	 	 (g)
	 the Company or any other Company Group Member incurring any amount of capital expenditure or entering into any contract which involves total expenditure by the
Company, in either case exceeding the Authorised Sum; 

  

 13 

	 	 (h)
	 any transaction between the Company or any other Company Group Member and a Shareholder or an Affiliate of any Shareholder (including the granting of loans or
advances) other than for the supply of goods and services in the ordinary and usual course of business on normal commercial terms no less favourable to Company than such goods or services are supplied to third parties; 

 

	 	 (i)
	 any proposal to declare bankrupt, liquidate or wind up any Company Group Member or for any Company Group Member to enter into any suspension of payments
arrangement or other similar arrangement with its creditors; or 

  

	 	 (j)
	 any Company Group Member issuing or allotting any shares or other securities for non-cash consideration. 

  

	 10.3
	 The matters specified in Clauses 10.2 (c), (d) and (g) shall be referred to as “Specified Reserved Matters”. Provided that
Hutchison holds a minimum of 35% of the issued and outstanding equity share capital of the Company and also has the largest holding of Shares of any Shareholder, then in the event of the parties being unable to agree on any Specified Reserved Matter
within ten (10) days of either party proposing an action or decision in respect of the Specified Reserved Matter, the following procedures shall apply: 

  

	 	 (a)
	 A summary of the facts surrounding the relevant Specified Reserved Matter shall be sent by the proposing party to each of the Directors nominated by each of the
PT AM Party and Hutchison; 

  

	 	 (b)
	 Within seven (7) days of the receipt of such summary, each of the PT AM Party and Hutchison shall nominate one of its Directors (the “Concerned
Directors”) and such Concerned Directors shall meet and discuss the relevant Specified Reserved Matter and shall take all steps to reach a consensus acceptable to, the PT AM Party and Hutchison; 

  

	 	 (c)
	 If the Concerned Directors are unable to reach a consensus within a period of a further fourteen (14) days, then the matter shall be referred to the
Managing Director/General Manager/President Director of each of PT AM and Hutchison who shall meet and discuss the relevant Specified Reserved Matter and shall take all commercially reasonable steps to reach a consensus acceptable to the
Shareholders; 

  

	 	 (d)
	 In the event that no consensus is successfully reached by the Managing Director/General Manager/President Director of PT AM and Hutchison within a further
fourteen (14) days, then such Specified Reserved Matter shall be put to a meeting of the Board of Commissioners, Board of Directors or of shareholders (as applicable) where a decision by a simple majority shall be sufficient to give effect to
the resolution, subject to Clause 10.3(e); 

  

 14 

	 	 (e)
	 Where either (i) Hutchison does not hold a simple majority of the Shares or (ii) under the laws of the Republic of Indonesia a shareholders resolution
requiring more than a simple majority is required to give effect to any of the Specified Reserved Matters, the PT AM Party agrees that it will use all votes attaching to its Shares to vote in accordance with the wishes of Hutchison in relation to
that Specified Reserved Matter and, if requested in writing by Hutchison at least seven (7) days prior to the general meeting of shareholders convened to consider the resolution on the Specified Reserved Matter, shall grant a proxy or power of
attorney in favour of a party nominated by Hutchison enabling it to vote the PT AM Parties’ Shares at the general meeting of shareholders accordingly. 

  

	 11.
	 FUNDING AND SHAREHOLDER SUPPORT 

  

	 11.1
	 It is the intention that, so far as practicable, funding requirements of the Company Group shall be met by internal cash flow and by third party commercial
borrowings and network vendor financing, without recourse to Shareholders and that (without limitation) the business of the Company Group be conducted without the need for Counter Indemnities to be given by Shareholders.

  

	 11.2
	 If the internal cash flow of the Company Group together with third party borrowings are insufficient to meet the funding requirements of Company Group under a
Business Plan approved by the Board of Directors (or the day to day expenses of the business of the Company Group if the Board of Directors have not approved a Business Plan and the Company Group is continuing to conduct its business pursuant to
Clause 4.5), all Shareholders shall be called upon by the Company to: (a) make Counter Indemnities; and/or (b) advance funds by way of Shareholder Loan; and/or (c) make an equity contribution by subscribing for new shares at a price
per Share equal to the par value of the Shares (which price shall not apply in the case of subscriptions for Shares for the purposes of providing Additional Contributions (as defined in Clause 11.4), when the price per Share shall be determined
according to clause 11.4 below) (together Shareholder Funds) to meet the shortfall, pro rata according to the Equity Proportions of each Shareholder at the time of such call. 

  

	 11.3
	 Any call (a Funding Call Notice) pursuant to Clause 11.2 shall be made as follows: 

  

	 	 (a)
	 the Funding Call Notice served in respect of each Shareholder: 

  

	 	 (i)
	 specify whether the Shareholder Funds called for are Counter Indemnities, Shareholder Loans or equity contributions or a combination (providing details of the
same) of these; 

  

	 	 (ii)
	 specify the Business Day, at least fourteen (14) days following the date of the Funding Call Notice, on which the Shareholder Funds are to be given or
advanced (the Funding Date); 

  

	 	 (iii)
	 specify the terms and conditions on which the Counter Indemnity is to be given or advances or equity contributions are to be made (but so that all relevant
Shareholders shall be called upon to provide Counter Indemnities and make advances or equity contributions on the same terms and conditions which, in the case of Counter Indemnities, shall include the right of the Shareholders providing the Counter
Indemnity to be paid commercial arms’ length fees by the Company); and 

  

 15 

	 	 (iv)
	 attach an explanation from the Chief Financial Officer of the Company specifying the purpose of the call and the need for the advances and/or Counter
Indemnities. 

  

	 11.4
	 Each Shareholder undertakes to the other Shareholders and the Company to satisfy (either itself or by an Affiliate of that Shareholder) Funding Call Notices
issued after the date of this Agreement according to their respective Equity Proportions at the time of the relevant Funding Call Notice, for a maximum aggregate amount of Shareholder Funds of US$300,000,000 (or equivalent in any other currency at
the exchange rate for that currency at the time of the relevant Funding Call Notice) (the Shareholder Fund Limit), subject to the following: 

  

	 	 11.4.1
	 the Company may issue one or more Funding Call Notices to call for Shareholder Funds for a total aggregate amount of up to US$200,000,000 (or Rupiah equivalent
at the Reference Exchange Rate) of the Shareholder Funding Limit which Funding Call Notice(s) may be issued at any time after the Date of this Agreement and specify a Funding Date which is any date after the date of this Agreement provided such
Funding Date is determined in accordance with Clause 11.3(a)(ii); and 

  

	 	 11.4.2
	 the Company may issue one or more Funding Call Notices to call for Shareholder Funds for the balance of the Shareholder Fund Limit, being a total aggregate
amount of US$100,000,000 (or Rupiah equivalent at the Reference Exchange Rate), which Funding Call Notice(s) may be issued at any time after the date of this Agreement but provided always that the Funding Date specified in the relevant Funding Call
Notice must be a date after the second anniversary of the date of this Agreement and provided further that such Funding Date is determined in accordance with Clause 11.3(a)(ii). 

  

	 11.5
	 Without prejudice to each Shareholder’s obligation under Clause 11.4, if a Shareholder (or its Affiliate) does not fully comply with a Shareholder Funding
Notice in respect of any Funding Call Notice not falling under Clause 11.4, such Shareholder shall not by reason thereof be treated as being in default of this Agreement in respect of any amount of funds called for under the Funding Call Notice
which exceeds that Shareholder’s Equity Proportion of the Shareholder Fund Limit, and: 

  

 16 

	 	 11.5.1
	 if a Shareholder does not fully comply with the Funding Call Notice on or before the Funding Date, the Company shall at any time within seven (7) days of
the Funding Date invite, in writing, the other Shareholders who have provided their Equity Proportion of the funds specified in the Funding Call Notice (Funding Shareholder)) to fund the resultant funding shortfall within fourteen
(14) days of the invitation by making an additional contribution of its Relevant Proportion of such shortfall (Additional Contributions). For this purpose, the Relevant Proportion shall be calculated by reference to
the Equity Proportion of such Funding Shareholder as compared with the aggregate Equity Proportions of all Funding Shareholders. To the extent that, following these Additional Contributions, there remains a shortfall in the funds specified in the
Funding Call Notice, the Company shall continue to invite each of the Funding Shareholders who have at that time satisfied all such funding requirements, to make an Additional Contribution of their Relevant Proportion of the remaining shortfall and,
for this purpose the Relevant Proportion shall be calculated by reference to the Equity Proportion as at the date of the relevant Funding Call Notice of each such Funding Shareholder as compared with the aggregate Equity Proportions as
at the date of the relevant Funding Call Notice of all such Funding Shareholders, and so on, until no funding shortfall remains. Any such Additional Contribution may be made by the Funding Shareholder(s) by way of Shareholder Loan (on terms which
shall include the obligation for the Company to pay to the lender simple interest on the principal amount outstanding from time to time at a commercial arms’ length rate) or by way of equity by subscribing for new Shares, at the Funding
Shareholder’s nomination in its sole discretion provided that: 

  

	 	 (a)
	 if an Additional Contribution is provided by way of Shareholder Loan, such Shareholder Loan may not be converted into Shares without the prior written consent of
the Shareholders who are Non-Funding Shareholders in respect of relevant Funding Call Notice; and 

  

	 	 (b)
	 if a Funding Shareholder wishes to dilute the Non-Funding Shareholder(s) (which right is acknowledged by the Parties), the relevant Additional Contribution must
be provided by way of equity by the Funding Shareholder (or its Affiliate) subscribing for new Shares, and the issue price payable by the Funding Shareholder (or its Affiliate) for such Shares shall be the Dilution Price (as defined in Clause 11.7
below), and the number of Shares to be subscribed or issued shall be such number as have an aggregate value (based on the price per Share determined in accordance with this Clause 11.5.1) equal, as far as possible, to the amount of the relevant
Additional Contributions of the Funding Shareholder. Notwithstanding the foregoing, if the Dilution Price is less than the par value per Share, then the issue price per Share payable by the Funding Shareholder (or its Affiliate) shall be the par
value of a Share at that time. A Funding Shareholder shall, within twenty-one (21) days of receipt of invitation to make an Additional Contribution, give written notice (the “Dilution Notice”) to the Company (with a copy
to the Non-Funding Shareholder(s)) of its wish to make the Additional Contribution by way of equity by subscribing for the relevant number of new Shares (the “Dilution Shares”); 

  

 17 

	 	 (c)
	 the Funding Shareholder and the Non-Funding Shareholder shall ensure that, at any time not later than thirty (30) days after delivery of the Dilution Notice
(being the Registration Period), subject to obtaining any approvals of Governmental Agencies required to subscribe for the Dilution Shares, the Funding Shareholder shall become the registered holder of the Dilution Shares;

  

	 	 (d)
	 the Shareholders shall vote to pass all resolutions required and the Shareholders and the Company shall do all other things necessary to procure that the issue
of the Dilution Shares is promptly approved by all relevant Governmental Agencies if required pursuant to applicable laws and regulations and is immediately duly registered in the Register of Shareholders of Company; 

  

	 	 (e)
	 once an issue of Dilution Shares has taken place pursuant to this Clause 11.5, the validity of the proceedings, including in relation to any prevailing
Indonesian regulations having the force of law, shall not be questioned by any Party or the Company or other person in any respect whatsoever; and 

  

	 	 (f)
	 the Funding Shareholder shall, if permitted under Clause 12.6, be entitled to nominate a third party to whom the Dilution Shares shall be issued following which
paragraphs (c) to (e) of this Clause 11.5.1 shall apply mutatis mutandis in respect of the issue of the Dilution Shares to that person, save that the thirty (30) day period referred to in paragraph (i) shall be thirty
(30) days from date such person is nominated by the Funding Shareholder. 

  

	 11.6
	 Each Non-Funding Shareholder hereby APPOINTS the Funding Shareholder from time to time who becomes entitled (pursuant to Clause 11.5) to subscribe for
Dilution Shares, (the Entitlement) to be its attorney for the duration of the relevant Registration Period, for so long as such Funding Shareholder is so entitled, for the purpose of exercising all and any of the voting and other
rights and powers (including, without limitation, the power to vote at any meeting required to approve issue of such Dilution Shares, the power to waive any pre-emptive right to subscribe for its pro rata share of such Dilution Shares including the
power to execute such documents as are required to give effect to such waiver) attached or accruing to such Dilution Shares (each an Attorney) and further DECLARES that the Dilution Shares are held on trust for and for the
benefit of each Attorney for so long as such Attorney has such Entitlement. This power of attorney is given by way of security to secure the proprietary interest of each Attorney and the above declaration of trust. For so long as the relevant
Attorney has that proprietary interest, this power of attorney and declaration of trust shall not be revoked by the relevant Non-Funding Shareholder without the prior written consent of such Attorney. 

  

 18 

	 11.7
	 In this Clause 11: 

  

	 	 11.7.1
	 Dilution Price means the price per Share based on the Enterprise Value discounted by 10% divided by the total number of Shares (including the
Dilution Shares to be issued). 

  

	 	 11.7.2
	 Enterprise Value means the open market value of the entire issued share capital of the Company between a willing third party buyer and a willing
seller assuming that the Additional Contributions have been advanced to the Company and immediately following such amounts being advanced as determined by an Expert (as defined in Part I of Schedule 1) in accordance with paragraph 2 of Part I of
Schedule 1 and for which purposes the Parties shall comply with paragraph 4(b) of Part I of Schedule 1. 

  

	 11.8
	 Repayment of Shareholder Loans 

  

	 	 11.8.1
	 Subject to clause 11.8.2 below, Shareholder Loans (other than any Shareholder Loans for Additional Contributions, which shall be repaid first) shall only be
repaid pro rata to the principal amounts outstanding at the time of repayment. 

  

	 	 11.8.2
	 The parties agree that, upon the transfer of any Shares by Hutchison or the PT AM Party to any other person, the relevant transferee may, as a condition of the
transfer, be required by the transferring Shareholder to pay to the Company (such payment being a Shareholder Loan) an amount equal to the appropriate proportion of the outstanding Shareholder Loans (excluding Additional Contributions, if any) of
such transferring Shareholder, in which case the Parties shall procure that such amount is immediately used by the Company to repay such appropriate proportion of such Shareholder Loans to the relevant Shareholder provided that Company is not
adversely affected or does not incur unreasonable costs in doing so. For this purpose, the appropriate proportion is calculated by reference to the number of Shares being transferred as compared with the total number of Shares held (immediately
prior to such transfer) by such transferring Shareholder. 

  

	 12.
	 TRANSFER OF SHARES 

  

	 12.1
	 Transfers By PT AM 

  

	     
	 If: 

  

	 	 (a)
	 the PT AM Party proposes to transfer or otherwise dispose of any Shares, subject to Clause 12.7, the PT AM Party shall first give notice to Hutchison and,
Hutchison shall be entitled to the pre-emptive rights set out in Part II of Schedule 1; and 

  

 19 

	 	 (b)
	 any transaction or event is proposed or has occurred which will or has resulted in a Change of Control, PT AM shall promptly give notice to Hutchison thereof and
upon such Change of Control (whether or not PT AM gave notice to Hutchison under this Clause) Hutchison shall have an option to require each of PT AM and ATT to sell all of its Shares to Hutchison (the Control Call Option) in
accordance with the provisions of Part V of Schedule 1. 

  

	 12.2
	 Transfer By Hutchison and Right of First Offer 

  

	     
	 Subject to Clause 12.4, if Hutchison wishes to transfer or otherwise dispose of any or all of its Shares to any third party (any such party being referred to as
a Third Party Transferee): 

  

	 	 12.2.1
	 Hutchison shall give notice (an Intention to Sell Notice) to the PT AM Party of its intention to sell any or all of its Shares. The Intention to
Sell Notice shall state the number of Shares Hutchison wishes to sell, and may but is not required to provide any further details in respect of a sale of the Shares. The PT AM Party may within twenty-one (21) days of delivery of the Intention
to Sell Notice make a written offer to acquire all or some of such Shares provided that Hutchison shall not be obliged to accept any such offer whether or not made at a higher or lower price than any price offered to Hutchison by a Third Party
Transferee (if any) and that, following expiry of such twenty-one (21) day period Hutchison shall be entitled to enter into an agreement for the sale and purchase of up to all of the number of its Shares specified in its Intention to Sell
Notice at any price and on any terms in the six (6) months following delivery of the relevant Intention to Sell Notice. During such six (6) month period Hutchison shall not be required to give any further or additional Intention to Sell
Notice in respect of a sale of up to the number of Shares specified in the relevant Intention to Sell Notice; 

  

	 	 12.2.2
	 and, Hutchison shall procure that any third party purchaser to whom Hutchison proposes transferring any Shares offers to each of PT AM and ATT to purchase a
Relevant Proportion of PT AM’s and ATT’s Shares in accordance with the provisions of Part III of Schedule 1, and the procedures set out in Part III of Schedule 1 shall apply to such offer. For the purposes of this Clause 12.2.2,
“Relevant Proportion” means such number of PT AM’s and ATT’s Shares as represents, expressed as a proportion of all Shares held by PT AM and ATT, respectively, the same proportion of Shares which are proposed for
sale to such third party purchaser. 

  

	 12.3
	 No Encumbrances 

  

	     
	 Except as expressly provided in this Agreement, no Shareholder shall directly or indirectly sell, transfer, assign, pledge, charge, mortgage or in any other way
dispose of or otherwise create any encumbrance on any Shares or any of its rights or obligations under this Agreement without complying with all the provisions of this Agreement and the PT AM Party warrants and represents that the Shares held by it
at the date hereof are free from any Encumbrance. 

  

 20 

	 12.4
	 Permitted Transfers 

  

	     
	 The restrictions in this Clause 12 with respect to the transfer of any Shares shall not apply to any transfer of Shares by a Shareholder to its Affiliates or to
the other Shareholder or any of its Affiliates of such Shareholder, provided, however, that if a Shareholder transfers less than all of such Shareholder’s Shares to one or more of its Affiliates, such Shareholder shall continue to
be bound by the terms of this Agreement and shall retain the right to continue to nominate the number of Directors and Commissioners as specified in Clause 7 hereof, the transferee shall have no right to nominate any Directors or Commissioners, and
the restrictions in this Clause 12 will continue to be applicable to the Shares (or any interest therein) after any transfer to such Affiliates. Each such Affiliate of a Shareholder shall, as a condition to the effectiveness of any transfer of
Shares, deliver to the other Party (i) such Affiliate’s accession agreement, in form and substance reasonably satisfactory to the other Party, agreeing to be bound by the provisions of this Agreement upon consummation of the transfer as
required under Clause 29; and (ii) any other information reasonably requested by the other Party. In the event that any Shareholder (or any of its Affiliate) makes a transfer of any Shares (or any interest therein) to its Affiliate, such Shares
(or such interest therein) shall be repurchased by such transferor from such Affiliate prior to the occurrence of any event as a result of which such Affiliate ceases to be an Affiliate of such transferor. 

  

	 12.5
	 PT AM Party and ATT Shares 

  

	     
	 Unless otherwise specified, all rights (including rights to nominate members of the Board of Directors and Board of Commissioners) of the PT AM Party under this
Agreement shall be construed as if the PT AM Party was a single person (and references to “a Shareholder” shall be construed accordingly), it being an internal matter for PT AM and ATT as to how the rights and obligations of the PT AM
Party under this Agreement are to be fulfilled and exercised as between PT AM and ATT. PT AM and ATT shall be jointly and severally liable in respect of the obligations of the PT AM Party (including under provisions applying to Shareholders). An
Event of Default under Clause 18.1 in relation to either PT AM or ATT, shall be an Event of Default in relation to the PT AM Party. 

  

	 12.6
	 Nominated Transferee 

  

	     
	 Where the exercise by a Shareholder (Exercising Shareholder) of any rights under Clauses 11.4, 11.5, 12.1 or 18 of this Agreement may result in a
transfer or issue of Shares to the Exercising Shareholder, the Exercising Shareholder shall be entitled, if it is not permitted by law or the terms of any Governmental Approval to acquire or subscribe for such Shares, or because a Governmental
Approval required for such transfer or issue has, or cannot, be obtained, to nominate a third party who is an Indonesian person to whom such Shares are to be transferred or issued and the other Shareholders shall make such transfer or the Company
shall issue such Shares (as appropriate) accordingly. 

  

 21 

	 12.7
	 Either (i) upon the occurrence of an Hutchison Change of Control, or (ii) if Shares (or other securities representing Shares) are not listed on an
internationally recognised stock exchange on or before the fifth anniversary of the date of signing this Agreement (a Five Year Event), then Hutchison’s pre-emptive rights under clause 12.1(a) shall terminate and PT AM and ATT may
transfer or otherwise dispose of any Shares without first giving notice to Hutchison, provided that, if such pre-emption rights are to terminate because of the occurrence of a Five Year Event (but not otherwise): 

  

	 	 (a)
	 Hutchison’s pre-emption rights under Clause 12.1(a) shall not terminate, and shall continue in effect in accordance with Clause 12.1(a), if the Third Party
Transferee (as defined in Schedule 1, Part II, clause 1) is an Indonesian person or is an entity which an Indonesian person, directly or indirectly, holds 35% of more of the voting rights, but excluding any Indonesian person that is a financial
institution owned or controlled by the Government of the Republic of Indonesia; 

  

	 	 (b)
	 PT AM and ATT each undertake to Hutchison that it shall not (and shall procure that its relevant Affiliates do not) sell, dispose of, transfer or assign any of
its direct or indirect interest in any Shares or enter into any agreement to do the same, to a Telecoms Competitor. 

  

	 12.8
	 For the purposes of Clause 12.7: 

  

	     
	 Hutchison Change of Control means any transaction or event whereby: 

  

	 	 (a)
	 Hutchison Telecommunications International Limited ceases to hold, directly or indirectly, at least 35% of the Shares and the aggregate number of Shares so held
by Hutchison Telecommunications International Limited ceases to be greater than the aggregate number of Shares held, directly or indirectly, by any other single entity; or 

  

	 	 (b)
	 Hutchison Whampoa Limited ceases to hold, directly or indirectly, in aggregate, at least 20% of the issued shares in Hutchison Telecommunications International
Limited and the aggregate number of issued shares in Hutchison Telecommunications International Limited so held ceases to be greater than the aggregate number of issued shares in Hutchison Telecommunications International Limited held, directly or
indirectly, by any other single entity; 

  

	     
	 Telecoms Competitor means any person (or any entity which such person holds, directly or indirectly, at least 35% of the voting rights) which
(i) owns or operates mobile or fixed line telecommunications networks or infrastructure or provides mobile, fixed line telecommunications, IDD or internet services, or (ii) who is a mobile virtual networks operator in the Republic of
Indonesia of such services, or (iii) who is a re-seller in the Republic of Indonesia of such services. 

  

 22 

	 13.
	 IPO 

  

	 13.1
	 The Shareholders acknowledge that it is their intention to list the Shares (or other securities representing Shares) on an internationally recognised securities
exchange when the Business of the Company has reached the appropriate stage of development and the prevailing market conditions are both favourable and allow for such listing. 

  

	 13.2
	 At the time contemplated under Clause 13.1, the Shareholders agree to co-operate in good faith with each other in: 

  

	 	 (a)
	 assessing whether and when it would be in the best interests of Company to initiate a listing; and 

  

	 	 (b)
	 determining the stock exchange on which an application for listing shall be made and the manner in which an offering will be made. 

 

	 13.3
	 If, on the fifth anniversary of the date of this Agreement, no listing of the share capital of the Company as contemplated in this Clause 13 has been initiated,
the PT AM Party shall consult with Hutchison with regard to its intentions and subsequently, at the written request of PT AM, Hutchison shall work with and shall use all reasonable endeavours to assist the PT AM Party to achieve a sale of its Shares
provided that if the PT AM Party is to transfer its Shares, such transfer shall be subject to the provisions of Clause 12.7. 

  

	 14.
	 BOOKS, RECORDS AND REPORTS 

  

	 14.1
	 Company to maintain records and accounts 

  

	     
	 The Company shall maintain, at its principal office: 

  

	 	 14.1.1
	 accurate and adequate accounting books and records maintained, subject to obtaining the necessary Government Approvals, in Dollars and Rupiah in English and
Bahasa Indonesia in accordance with generally accepted Indonesian accounting principles and practices which shall accurately reflect the Company’s financial position in accordance with established financial practices of recognized international
accounting standards; 

  

	 	 14.1.2
	 such other accounting or other records as may be required by the laws of Indonesia; 

  

	 	 14.1.3
	 all original agreements, records, and reports relating to its activities and operations. 

  

	     
	 All assets, liabilities and transactions of or involving the Company shall be recorded properly in its accounts and records and shall be fully disclosed to the
Auditor. 

  

	 14.2
	 Foreign Shareholder reporting requirements 

  

	     
	 In addition to the records required to be maintained in accordance with Clause 14.1, the Company shall also provide to each of the Foreign Shareholders records
and financial information in the form necessary to comply with the Foreign Shareholders’ reporting requirements. 

  

 23 

	 14.3
	 Annual Audit of Company 

  

	     
	 Within 60 (sixty) days after the end of each financial year, the Auditor shall audit the books and records of the Company. 

  

	     
	 The auditors of each Party shall also have the right to review the books and accounts of the Company on an annual basis at the expense of the relevant Party.

  

	     
	 The audited accounts and Board of Directors’ report shall be submitted in English and Bahasa Indonesia for approval at the Annual General Meeting of
Shareholders in respect of the relevant financial year to be held in accordance with the Articles of Association and upon such approval being granted, the audited accounts and Board of Directors’ report shall be final and binding upon the
Parties as to the matters set out or reflected therein, in the absence of manifest error or fraud. 

  

	 15.
	 REPRESENTATIONS AND WARRANTIES 

  

	     
	 Each Party represents and warrants to each other Party that: 

  

	 	 15.1.1
	 it has full power to enter into this Agreement and to perform its obligations hereunder according to the terms of this Agreement, and that it has taken all
necessary corporate or other actions (if applicable) to authorize its entering into and performance of this Agreement; and 

  

	 	 15.1.2
	 it is duly authorized and licensed by all relevant Governmental Agencies to enter and to perform this Agreement and that it has made and will make all required
reports and disclosures to any applicable Governmental Agency with respect to this Agreement or any activity undertaken in connection with this Agreement. 

  

	 16.
	 REGULATORY MATTERS AND BRANDING 

  

	 16.1
	 The Parties shall co-operate with each other to ensure that all information necessary or desirable for making (or responding to any requests for further
information following) any notification or filing made in respect of this Agreement, or the transactions contemplated by it, is supplied to the party dealing with such notification and filing and that they are properly, accurately and promptly made.

  

	 16.2
	 If any material Regulatory Action is taken or threatened in respect of this Agreement or the transactions contemplated by it, the parties shall promptly meet to
discuss: 

  

	 	 (a)
	 the situation and the action to be taken as a result; and 

  

 24 

	 	 (b)
	 whether any modification to the terms of this Agreement (or any agreement entered into pursuant to this Agreement) should be made in order that any requirement
(whether as a condition of giving any approval, exemption, clearance or consent or otherwise) of any regulatory authority may be reconciled with, and within the intended scope of, the business arrangement contemplated by this Agreement. The parties
shall co-operate to give effect to any agreed modifications. 

  

	 16.3
	 Each Shareholder shall: 

  

	 	 (a)
	 cooperate together and with Company (and shall procure that such Shareholder’s Affiliates shall do so) so as to ensure compliance with the requirements of
the CO Licence and all other Governmental approvals and applicable laws and regulations which relate to the Company or Shareholder including disclosing information and notifying relevant Governmental Agencies; 

  

	 	 (b)
	 not take or omit to take any action which would constitute a breach of or would be detrimental to the CO Licence or other Governmental Agencies or which would
constitute a breach of applicable laws and regulations. 

  

	 16.4
	 The Parties agree and covenant that during the term of this Agreement each Party shall use its best endeavours expeditiously to obtain and maintain all
Governmental Approvals required under applicable laws, regulations and policies and its articles of association or other constituent documents for maintaining its shareholding in Company and the continued existence and operations of Company.

  

	 16.5
	 The Parties shall use all reasonable endeavours to procure that the affairs of Company shall be conducted in accordance with sound and good business practice and
the highest ethical standards generally, as well as in accordance with all applicable laws and regulations and best practices. 

  

	 16.6
	 The products and services of the Company shall be branded under and the Business shall be carried on under a brand to be determined by Hutchison which brand may
be owned and used by Hutchison’s Shareholder Group. Where the brand is so owned, arrangements may be entered into with relevant members of Hutchison’s Shareholder Group under which the Company shall be entitled to make use of such brand
and all intellectual property comprised therein or related thereto provided that all rights in such brand and such intellectual property shall continue to be owned by the relevant member of Hutchison’s Shareholder Group and no such rights shall
be transferred to or acquired by the Company and that the rights of the Company to make use of such brand and such intellectual property shall be terminable on notice at the option of the relevant member of Hutchison’s Shareholder Group.

  

	 17.
	 CONFIDENTIALITY AND ANNOUNCEMENTS 

  

	 17.1
	 Each Party shall use (and shall ensure that each of its subsidiaries shall use) all reasonable endeavours to keep confidential (and to ensure its officers,
employees and agents shall keep confidential) any information which relates to the contents of this Agreement (or any agreement or arrangement entered into pursuant to this Agreement) or any information relating to the business or affairs of the
Company (the Confidential Information) and shall not use or disclose such information except with the consent of the other party. 

  

 25 

	 17.2
	 The obligation of confidentiality under Clause 17.1 does not apply to: 

  

	 	 (a)
	 the disclosure (subject to Clause 17.3) on a “need to know” basis to a subsidiary of a party where the disclosure is for a purpose reasonably
incidental to this Agreement; 

  

	 	 (b)
	 the disclosure of information to the extent required to be disclosed by law, any stock exchange regulation or any binding judgment, order or requirement of any
court or other Governmental Agency; 

  

	 	 (c)
	 the disclosure (subject to Clause 17.3) in confidence to a Party’s professional advisers of information reasonably required to be disclosed for any purpose
reasonably incidental to this Agreement; 

  

	 	 (d)
	 information which is publicly available or becomes publicly available (otherwise than as a result of a breach of this Clause 17); or

  

	 	 (e)
	 such disclosure as is reasonably necessary in connection with the transfer of any shares, provided that the recipient of such information is subject to a duty of
confidentiality in respect of such information equivalent to that included in this Clause 17. 

  

	 17.3
	 Each Party shall inform (and shall ensure that any subsidiary shall inform) any officer, employee or agent or any professional or other adviser advising it in
relation to the matters referred to in this Agreement, or to whom it provides Confidential Information, that such information is confidential and shall instruct them: 

  

	 	 (a)
	 to keep it confidential; and 

  

	 	 (b)
	 not to disclose it to any third party (other than those persons to whom it has already been disclosed in accordance with the terms of this Agreement).

  

	     
	 The disclosing Party is responsible for any breach of this Clause 17 by the person to whom it is disclosed. 

  

	 17.4
	 No formal public announcement or press release in connection with the signature or subject matter of this Agreement shall (subject to Clause 17.5) be made
or issued by or on behalf of either Party or any of its subsidiaries without the prior written approval of the other Party (such approval not to be unreasonably withheld or delayed). 

  

	 17.5
	 If a Party has an obligation to make or issue any announcement required by law or by any stock exchange or by any governmental authority, the relevant Party
shall give the other Party every reasonable opportunity to comment on any announcement or release before it is made or issued (provided that this shall not have the effect of preventing the party making the announcement or release from complying
with its legal and/or stock exchange obligations.) 

  

 26 

	 18.
	 DEFAULT 

  

	 18.1
	 Each of Hutchison and the PT AM Party agree that the provisions of Clause 18 shall apply on the occurrence of an Event of Default. 

 

	     
	 An Event of Default means in relation to a party, the occurrence of any of the following: 

  

	 	 (a)
	 any material breach by a Party of any of its obligations under this Agreement; or 

  

	 	 (b)
	 a court of competent jurisdiction makes an order or a resolution is passed, for the dissolution or administration of that Party (otherwise than in the course of
a reorganisation or restructuring previously approved in writing by the other Party, such approval not to be unreasonably withheld or delayed); or 

  

	 	 (c)
	 any person takes any step (and it is not withdrawn or discharged within sixty (60) days) to appoint a liquidator, manager, receiver, administrator,
administrative receiver or other similar officer in respect of any assets held by that Party; or 

  

	 	 (d)
	 that Party convenes a meeting of its creditors or makes or proposes any arrangement or composition with, or any assignment for the benefit of, its creditors
(including arrangement for suspension of payments), 

  

	     
	 but if any breach referred to in Clause 18.1(a) is capable of remedy, an Event of Default shall occur only if the breach has not been remedied within thirty
(30) days following written notice of such breach from the other Party (unless capable of being remedied within a shorter period in which case if it has not been remedied by the expiry of such shorter period) and if the other Party has after
such thirty (30) days (or shorter period) given not less than seven (7) days’ further notice of its intention to exercise its rights under Clause 18.2; or 

  

	 18.2
	 If a Party commits or is the subject of an Event of Default, without prejudice to any other remedy available at law, the other Party shall have an option to
require the defaulting Party to sell to all of its Shares to the non-defaulting Party (the Default Call Option) in accordance with the provisions of Part IV of Schedule 1. 

  

	 19.
	 TERM OF AGREEMENT AND TERMINATION 

  

	 19.1
	 This Agreement shall take effect upon the date it is entered into. 

  

	 19.2
	 This Agreement shall cease to be binding upon a Party (except in relation to any antecedent breaches) at such time as such Party ceases to have any direct or
indirect interest in any Shares. 

  

 27 

	 19.3
	 Termination of this Agreement shall be without prejudice to the accrued rights and liabilities of the Parties at the date of termination.

  

	 19.4
	 In the event that the Hutchison ceases to have the largest holding of Shares of any Shareholder: 

  

	 	 (a)
	 this Agreement (except in relation to Clauses 6 and 17 to 29 (inclusive) shall terminate; and 

  

	 	 (b)
	 the Parties shall meet and discuss and seek to agree, in good faith (but without any obligation to agree), the terms of a new agreement to regulate the rights
and obligations of the Shareholders in respect of each other and the Company. 

  

	 20.
	 NOTICES 

  

	 20.1
	 Any notice or other formal communication to be given under this Agreement shall be in writing and signed by or on behalf of the party giving it. It shall be:

  

	 	 (a)
	 sent by fax to the number set out in Clause 20.2; or 

  

	 	 (b)
	 delivered by hand or sent by prepaid recorded delivery or registered post to the relevant address in Clause 20.2. 

  

	     
	 In each case it shall be marked for the attention of the relevant party set out in Clause 20.2 (or as otherwise notified from time to time under this Agreement).
Any notice given by hand delivery, fax or post shall be deemed to have been duly given: 

  

	 	 (a)
	 if hand delivered, when delivered; 

  

	 	 (b)
	 if sent by fax, twelve (12) hours after the time of transmission to the correct fax number, provided that the sending party shall have obtained electronic
or other confirmation of accurate and complete transmission; 

  

	 	 (c)
	 if sent by recorded delivery or registered post, (a) on the second Business Day from the date of posting, if sent to a Party in the same country; or
(b) on the tenth Business Day from the date of posting if sent to a Party in a different country, 

  

	     
	 unless there is evidence that it was received earlier than this and provided that, where (in the case of delivery by hand or by fax) the delivery or transmission
occurs after 6 pm on a Business Day or on a day which is not a Business Day, service shall be deemed to occur at 9 am on the next following Business Day. References to time in this Clause are to local time at the address of the addressee.

  

 28 

	 20.2
	 The addresses and fax numbers of the parties for the purpose of Clause 20.1 are: 

  

	 	 (a)
	 CAC Holdings (Netherlands) B.V.: 

  

	 	     
	 Address: De Boelelaan 7 Official, 1083 HJ, Amsterdam, the Netherlands 

  

	 	     
	 Fax No: +31 20 642 7675 

  

	 	     
	 For the attention of: Legal Department 

  

	 	     
	 with a copy to Hutchison Telecommunications International Limited, at 18/F, Two Harbourfront, 22 Tak Fung Street, Hunghom, Kowloon, Hong Kong, Fax: +852 2827
1371, Attention Legal Department 

  

	 	 (b)
	 PT AM: 

  

	 	     
	 Address: Jl. Ancol No. 1, Ancol Barat, Jakarta 14430 

  

	 	     
	 Fax No: +62 21 690 7324 

  

	 	     
	 For the attention of: Sidarta Sidik 

  

	 	     
	 and a notice given to PT AM shall be deemed to have been given to ATT also. 

  

	 	 (c)
	 The Company: 

  

	 	     
	 Address: Wisma Barito Pacific, 2nd Floor, Tower B, Jl. Letjend S Parman Kav 62-63, Slipi, Jakarta 11410, Indonesia 

  

	 	     
	 Fax No: +62 21 5366 0000 

  

	 	     
	 For the attention of: President Director, 

  

	 	     
	 And a notice given to the company shall also be copied to: 

  

	 	     
	 Hutchison Telecommunications International Limited, at 18/F, Hutchison Telecom Tower, 99 Cheung Fai Road, Tsing Yi, New Territories, Hong Kong, Fax:+852 2128
3112 

  

	 	     
	 For the attention of: Legal Department 

  

	 20.3
	 All notices or formal communications under or in connection with this Agreement shall be in the English language or, if in any other language, accompanied by a
translation into English. In the event of any conflict between the English text and the text in any other language, the English text shall prevail. 

  

	 21.
	 ENTIRE AGREEMENT, AMENDMENT AND SEVERABILITY 

  

	 21.1
	 This Agreement may be amended only by another agreement in writing executed by all Parties who may be affected by the amendment. 

  

	 21.2
	 This Agreement contains the entire agreement of the parties with respect to its subject matter. It constitutes the only conduct relied on by the Parties (and
supersedes all earlier agreements, understanding and other conduct by the Parties) with respect to its subject matter. 

  

 29 

	 21.3
	 If any one or more of the provisions contained in this Agreement or any document executed in connection herewith shall be invalid, illegal, or unenforceable in
any respect under applicable law, the validity, legality and enforceability of the remaining provision contained herein shall not in any way be affected or impaired; provided that in such case the Parties shall use their best efforts to achieve the
purpose of the invalid provision by a new legally valid provision or provisions. 

  

	 22.
	 NON-ASSIGNMENT 

  

	 22.1
	 Except as permitted in accordance with the provisions of this Clause 22, neither no Party may, nor may purport to, assign any of its rights or obligations under
this Agreement in whole or in part, nor grant, declare, create or dispose of any right or interest in it (otherwise than in accordance with the terms of this Agreement). 

  

	 22.2
	 Each Shareholder shall be permitted to assign or transfer any of its rights or obligations under this Agreement to any undertaking which is, on or at any time
after the date of this Agreement, a wholly owned subsidiary or holding company of the relevant party or a wholly owned subsidiary of a holding company of the party. If any such assignee shall (whilst it retains any rights under this Agreement) at
any time cease to be a wholly owned subsidiary or holding company of the relevant party, or a wholly owned subsidiary of a holding company of that party, the person entitled to any such rights under this Agreement shall ensure that prior to it so
ceasing the rights under this Agreement to which it is entitled are assigned to a wholly owned subsidiary or holding company of the relevant party or a wholly owned subsidiary of a holding company of the relevant party, failing which such rights
which have not been so assigned shall cease to be enforceable (except in respect of any rights of action arising before the rights cease to be enforceable to the extent that such rights are and continue to be held by or to enure to the benefit of a
wholly owned subsidiary or holding company of the relevant party or a wholly owned subsidiary of a holding company of the relevant party). 

  

	 23.
	 NO WAIVER 

  

	     
	 No failure to exercise and no delay in exercising any right, power or remedy under this Agreement will operate as a waiver. Nor will any single or partial
exercise of any right, power or remedy preclude any other or further exercise of that or any other right, power or remedy. 

  

	 24.
	 COSTS 

  

	     
	 Each Party shall bear its own legal and accountancy costs, charges and expenses (including taxation) arising out of the negotiation, preparation and
implementation of this Agreement and the transactions contemplated by it. 

  

	 25.
	 GOVERNING LANGUAGE 

  

	     
	 This Agreement has been negotiated and agreed in the English language which shall be the governing and determining language of and in respect of this Agreement
for all purposes, notwithstanding that it is translated into any other language for any reason or purpose whatsoever. 

  

 30 

	 26.
	 COUNTERPARTS 

  

	     
	 This Agreement may be executed in any number of counterparts and by the parties to it on separate counterparts, each of which shall be an original but all of
which together shall constitute one and the same instrument. 

  

	 27.
	 GOVERNING LAW 

  

	     
	 This Agreement shall be governed by and interpreted in accordance with the laws of Singapore. 

  

	 28.
	 RESOLUTION OF DISPUTES 

  

	 28.1
	 Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to
and finally resolved by arbitration in Singapore in accordance with Arbitration Rules of the Singapore International Arbitration Centre (the SIAC Rules) for the time being in force which rules are deemed to be included by reference to
this Clause. 

  

	 28.2
	 All communications in the course of and during the arbitration process and proceedings shall be in the English language. The acceptance by any arbitrator of his
or her appointment under this Clause 28 shall be deemed to include and convey the consent and agreement of such arbitrator that the English language will be used in the arbitration process and proceedings. 

  

	 28.3
	 The arbitrator or the board of arbitration as the case may be, shall render its award applying strict rules of law and principles consistent with the explicit
terms of this Agreement and shall have the authority to include in such award a decision binding upon the Parties, enjoining them to take or refrain from taking specific action with respect to the matter in dispute or disagreement.

  

	 28.4
	 The award of the arbitrator or the board of arbitration shall be final and binding on the Parties and may be enforced in the courts of any country which is a
party to the New York Convention Regarding Recognition and Enforcement of Foreign Arbitration Awards. The Parties hereby irrevocably and unconditionally exclude any right of application or appeal to any court in the course of any arbitration of in
respect of any award made. The costs of any arbitration shall be borne in accordance with the determination of the arbitrator of the board of arbitration. 

  

	 28.5
	 The mandate of the arbitrator or board of arbitrators duly constituted in accordance with the terms of this Agreement shall remain in effect until a final
arbitration award has been issued by the arbitrator or board of arbitration. For such purpose, the Parties hereby agree that the term of the mandate of the arbitrator or board of arbitrators shall be extended for as long as necessary for the
issuance of a final arbitration award as required by this clause 28. 

  

 31 

	 28.6
	 An order of judicial acceptance or an application for enforcement of the arbitration award may be sought in any court of competent jurisdiction. Without limiting
the foregoing sentence, for the purposes of enforcing any arbitration award in Indonesia only, each of the Parties hereby irrevocably elects domicile at the Clerk’s Office of the District Court of Central Jakarta (Kantor Panitera Pengadilan
Negeri Jakarta Pusat). 

  

	 29.
	 ACCESSION 

  

	     
	 Each Shareholder undertakes to procure that any person to whom the Shareholder transfers any Shares directly accedes to this Agreement with effect from the date
on which such person so that such acceding Party, is directly subject to and is bound to comply with all of the duties and obligations under this Agreement as if such person were the transferring Shareholder in respect of the Shares transferred
directly to such person. The Parties each agree to enter into promptly any applicable accession agreement required to be entered into by a transferee. 

 EXECUTED on the date first stated above. 
  

					
	 SIGNED for and on behalf of
	  		  	
			
	 PT ASIA MOBILE
	  	 )
	  	
			
		  	 )
	  	
	 in the presence of:
	  	 )
	  	  

		  		  	 Signature

		  		  	  
  

		  		  	 Print name

			
	 SIGNED for and on behalf of
	  		  	
	 ASIA TELECOMMUNICATIONS
	  	 )
	  	
	 TECHNOLOGY LTD
	  	 )
	  	
	 in the presence of:
	  	 )
	  	  

		  		  	 Signature

		  		  	  
  

		  		  	 Print name

  

 32 

					
	 SIGNED for and on behalf of
	  		  	
	 CAC HOLDINGS (NETHERLANDS)
	  	 )
	  	
	 B.V.
	  	 )
	  	
	 in the presence of:
	  	 )
	  	  

		  		  	 Signature

		  		  	  

		  		  	 Print name

	 SIGNED for and on behalf of
	  		  	
	 PT CYBER ACCESS
	  	 )
	  	
	 COMMUNICATIONS
	  	 )
	  	
	 in the presence of:
	  	 )
	  	  

		  		  	 Signature

		  		  	  

		  		  	 Print name

  

 33 

 SCHEDULE 1 
 Transfer of Shares 
 Part I 
 General Provisions 
  

	 1.
	 In this Schedule: 

 Expert means such internationally recognised investment bank as Hutchison and PT AM may agree or failing agreement within fourteen (14) days of the date of the relevant notice requiring appointment of an Expert, such
internationally recognised investment bank, independent of all interested parties, as the Chairman for the time being of the Singapore International Arbitration Centre appoints at the request of either Hutchison or PT AM; and 
 Fair Price means the open market value of the relevant Shares between a willing third party buyer and a willing seller
without any premium or discount by reference to the percentage of the Shares being sold or transferred or the resulting holdings of Shares. 
  

	 2.
	 Where an Expert is appointed, it shall be requested to reach its decision as soon as possible and in any event within thirty (30) days of appointment and
shall act as expert and not as an arbitrator and its decision, which shall be incorporated into a certificate to be delivered to Hutchison and PT AM, shall be final and binding on the Parties. The Parties shall bear the Expert’s fees and
expenses equally, except in the case where the Expert is appointed to determine the Fair Price for the purposes of Part IV of Schedule 1, in which case the Shareholder who has committed the Event of Default shall bear such fees and expenses.

  

	 3.
	 If the date for completion of any transfer of shares is not a Business Day, completion shall take place on the Business Day immediately following such date.

  

	 4.
	 Each Party will cooperate in procuring the provision: 

  

	 	 (a)
	 to the other of all information reasonably required by the parties in deciding to exercise any rights arising under this Agreement and the provisions of the
Schedules to this Agreement; and 

  

	 	 (b)
	 to the Expert of all information reasonably required by the Expert in determining the Fair Price. 

  

 1 

 Part II 
  

	 1.
	 Any notice (a Transfer Notice) given by the PT AM Party (the Seller) to Hutchison (Continuing Party) of any proposed
transfer of shares pursuant to Clause 12.1 shall specify details of the shares to be transferred (the Seller’s Shares), any proposed third party purchaser (a Third Party Transferee), the purchase price (the
Transfer Price) and other material terms on which the Seller proposes to sell the Seller’s Shares. A Transfer Notice is irrevocable. 

  

	 2.
	 On receipt of the Transfer Notice, the Continuing Party shall have the right to buy all (but not some only) of the Seller’s Shares at the price specified in
the Transfer Notice (or at such other price as the Seller and the Continuing Party agree) by giving notice to the Seller within thirty (30) days of receiving the Transfer Notice (the Acceptance Period).

  

	 3.
	 If the Continuing Party exercises its rights under paragraph 2, subject only to any Governmental Approvals or approval of shareholders of the Continuing Party or
the Seller (Approvals), the Continuing Party shall be bound to buy the Seller’s Shares at the Transfer Price and otherwise on the terms set out in the Transfer Notice. Completion of the sale and purchase of the Seller’s
Shares shall take place within thirty (30) days of the day on which notice is given to the Seller pursuant to paragraph 2 as may be specified by the Continuing Party or, if any Approval has not been obtained by the end of that period, within
five (5) days Business Days of the date on which the last Approval to be obtained is obtained. Each of the Seller and the Continuing Party shall use its reasonable endeavours to obtain or provide all reasonable assistance to obtain the
Approvals. 

  

	 4.
	 Upon completion of any sale under paragraph 3, the Continuing Party shall assume, with effect from the completion date, any relevant obligations of the Seller
under (and shall ensure the release or repayment of) any Counter Indemnities or any other guarantees, indemnities, loans, letters of comfort and/or counter-indemnities to third parties in relation to the funding of the Company and receives the right
to receive payment of all interest and repayment of all amounts of principal and all other rights under all loans made to the Company by the Seller. 

  

	 5.
	 If the Continuing Party does not exercise its rights to buy under paragraph 2, the Seller may transfer all (but not some only) of the Seller’s Shares on a
bona fide arm’s length sale to a Third Party Purchaser at a price not less than the purchase price specified in the Transfer Notice and on terms no more favourable than those set out in the Transfer Notice provided that:

  

	 	 (a)
	 the transfer is completed within sixty (60) days after the expiry of the Acceptance Period; and 

  

	 	 (b)
	 the Third Party Transferee and (any ultimate holding company of such Third Party Transferee, if so required by the Continuing Party) shall prior to completion of
the transfer enter into an agreement with the Continuing Party to be bound (in terms reasonably satisfactory to the Continuing Party) by provisions corresponding to the Seller’s obligations under this Agreement. 

  

 2 

 Part III 
  

	 1.
	 An offer by a Third Party Transferee pursuant to Clause 12.2 shall be made by notice in writing (the Third Party Offer Notice) and shall offer to
purchase such proportion representing the percentage reduction of Hutchison’s shareholding in Company of the Shares then held by the PT AM Party (the PT AM Sale Shares) at not less than the price per Share (whether in cash or
shares) to be paid by or on behalf of the Third Party Transferee for the relevant Shares held by Hutchison (the Third Party Offer Price) and otherwise on terms no less favourable than those offered by the Third Party Transferee to
Hutchison in respect thereof. 

  

	 2.
	 On receipt of the Third Party Offer Notice, the PT AM Party may sell the PT AM Sale Shares at the Third Party Offer Price by giving written notice to Hutchison
and the Third Party Transferee within Fourteen (14) days of receiving the Third Party Offer Notice at the Third Party Offer Price on the terms set out in the Third Party Offer Notice and otherwise on the terms set out in the Third Party Offer
Notice. 

  

	 3.
	 Any transfer of the PT AM Sale Shares pursuant to Part III of Schedule 1 shall be on the following terms: 

  

	 	 (a)
	 all (but not only some) of the PT AM Sale Shares will be sold and the PT AM Sale Shares will be sold free from all Encumbrances, together with all rights of any
nature attaching to them including all rights to any dividends or other distributions declared, paid or made after the date of the notice of exercise of the relevant option (but otherwise without any representation and warranty on the part of the PT
AM Party); and 

  

	 	 (b)
	 upon completion, Hutchison shall procure that the Third Party Transferee assumes, with effect from the completion date, any obligations of the PT AM Party under
(and shall ensure the release or repayment of) any Counter Indemnities or any other guarantees, indemnities, loans, letters of comfort and/or counter-indemnities to third parties in relation to the funding of the business of the Company Group and
receives the right to receive payment of all interest and repayment of all amounts of principal and all other rights under all loans made to any Company Group Member by the PT AM Party or, if some only of the PT AM Party’s holding of Shares are
transferred, a proportion of such obligations and loans representing the proportion of the PT AM Party’s holding of Shares which have been transferred. 

	

	 	 6.
	 The PT AM Party shall be bound (subject only to any necessary approvals of shareholders and any Governmental Approvals) to sell the PT AM Sale Shares to the
Third Party Transferee on giving the Third Party Transferee notice under paragraph 2. Completion of the sale and purchase of the PT AM Sale Shares shall take place within thirty (30) days of the day on which notice is given pursuant to either
paragraph 2, or if any Governmental Approvals and approvals of shareholders of the PT AM Party and the Third Party Transferee have not been obtained by the end of that period, within five (5) Business Days of the date on which the last approval
or Regulatory Approval to be obtained is obtained. Each of the PT AM Party and Hutchison shall use its reasonable endeavours to obtain or provide all reasonable assistance to obtain the Governmental Approvals and all other approvals as soon as
possible. If such Governmental Approvals and other approvals are not obtained or waived within sixty (60) days following the date of the Third Party Offer Notice, then the PT AM Party’s entitlement to sell the PT AM Sale Shares to the
Third Party Transferee pursuant to clause 12.2 shall lapse. 

  

 3 

 Part IV 
 Default 
  

	 1.
	 The Default Call Option may be exercised by the non-defaulting Party (“Transferee”) giving notice in writing to the defaulting Party
(“Transferor”) at any time within thirty (30) days of Transferee becoming aware of the occurrence of an Event of Default (the Default Call Option Notice) in respect of all (but not some only) of the
Transferor’s Shares. Subject to paragraph 3, a Default Call Option Notice shall be irrevocable. 

  

	 2.
	 If a Default Call Option Notice is issued, an Expert shall be appointed to determine the Fair Price. 

  

	 3.
	 Within twenty (20) days of issue of the Expert’s certificate, Transferee may by notice to Transferor withdraw its Default Call Option Notice.

  

	 4.
	 Subject only to any Government Approvals or approval of shareholders of (Approvals) and the provisions of paragraph 3 above, Transferor shall be
bound to sell to Transferee all of Transferor’s Shares at 80% of the Fair Price. 

  

	 5.
	 Completion of the sale and purchase of Transferor’s Shares shall take place not earlier than twenty (20) and not later than thirty (30) days of
the date of issue of the Expert’s certificate or, if any Approval has not been obtained by the end of that period, within ten (10) days of the date on which the last Approval to be obtained is obtained. Each of Hutchison and the PT AM
Party shall use its best endeavours to obtain or waive the Approvals as soon as possible and, in any event, within sixty (60) days of the date of the Default Call Option Notice. 

  

	 6.
	 Any transfer of Transferor’s Shares pursuant to this Part IV (Default) of Schedule 1 shall be on the following terms: 

  

	 	 (a)
	 the Transferor’s Shares will be sold free from all Encumbrances, together with all rights of any nature attaching to them including all rights to any
dividends or other distributions declared, paid or made after the date of the Default Call Option Notice; 

  

	 	 (b)
	 Transferee shall assume, with effect from the completion date, any obligations of Transferor under (and shall ensure the release or repayment of) any Counter
Indemnities or any other guarantees, indemnities, loans, letters of comfort and/or counter-indemnities to third parties in relation to the funding of the business of the Company Group and receive the right to receive payment of all interest and
repayment of all amounts of principal and all other rights under all loans made to the Company Group by Transferor; 

  

	 	 (c)
	 Transferor shall deliver to Transferee duly executed transfer(s) in favour of Transferee, or as it may direct, together with appropriate share certificate(s) for
the Transferor’s Shares and a certified copy of any authority under which such transfer(s) is/are executed; 

  

 4 

	 	 (d)
	 against delivery of the transfer(s), Transferee shall pay the total consideration (determined in accordance with paragraph 4) for the Transferor’s Shares to
Transferor by electronic funds transfer for value on the completion date; 

  

	 	 (e)
	 the Parties shall procure (insofar as they are able) that the relevant transfer or transfers are registered in the name of Transferee or as it may direct; and

  

	 	 (f)
	 Transferor shall do all such other things and execute all other documents (including any deed) as Transferee may reasonably require to give effect to the sale
and purchase of the Transferor Shares. 

  

 5 

 Part V 
 Change of Control 
  

	 1.
	 The Control Call Option may be exercised by Hutchison giving notice in writing to PT AM (with a copy to ATT) at any time within thirty (30) days of
Hutchison becoming aware of the occurrence of a Change of Control (the Control Call Option Notice) in respect of all (but not some only) of the PT AM Parties’ Shares (the Sale Shares). Subject to paragraph 3, a
Control Call Option Notice shall be irrevocable. 

  

	 2.
	 If a Control Call Option Notice is issued by Hutchison, then: 

  

	 	 (a)
	 the price payable for the Sale Shares shall be the value attributed to the PT AM Parties’ total interest in the Company (the Attributed
Value); 

  

	 	 (b)
	 if PT AM has given notice to Hutchison in accordance with the requirements of Clause 12.1(b), such notice shall specify the Attributed Value, expressed as a
monetary amount, in US$, and as a percentage of the total value of the relevant PT AM Party Shareholder Company, and provide supporting evidence to confirm the said Attributed Value; 

  

	 	 (c)
	 If PT AM has not given notice to Hutchison in accordance with the requirements of Clause 12.1(b), then Hutchison may request in the Control Call Option Notice
that the Attributed Value be notified to Hutchison in accordance with paragraph 2(b) above, in which case PT AM shall provide the required details within fourteen (14) days of receipt of the request from Hutchison; and

  

	 	 (d)
	 if there is no Attributed Value, or no or insufficient supporting evidence of the Attributed Value is provided in accordance with paragraph 2(b) above, as
Hutchison may determine, acting reasonably,, then an Expert shall be appointed to determine the Fair Price. 

  

	 3.
	 Within twenty (20) days: (a) of written notification to Hutchison of the Attributed Value and supporting evidence thereof required under paragraph 2(b)
above, or (b) if there is no Attributed Value is provided (or no or insufficient supporting evidence thereof is provided, as Hutchison may determine, acting reasonably), of issue of the Expert’s certificate, Hutchison may by notice to PT
AM withdraw its Control Call Option Notice. 

  

	 4.
	 Subject only to any Government Approvals or approval of shareholders (Approvals) and the provisions of paragraph 3 above, the PT AM Parties shall
be bound to sell to Hutchison all of their Shares at the Attributed Value (if any) or, if there is no Attributed Value, at the Fair Price. 

  

	 5.
	 Assuming Hutchison does not validly revoke a Change of Control Notice, completion of the sale and purchase of the PT AM Parties’ Shares shall take place not
earlier than twenty (20) and not later than thirty (30) days of the date of delivery to Hutchison of notice and supporting evidence of the Attributed Value or issue of the Expert’s certificate (as the case may be) or, if any Approval
has not been obtained by the end of that period, within ten (10) days of the date on which the last Approval to be obtained is obtained. Each of Hutchison and the PT AM Parties shall use their best endeavours to obtain or waive the Approvals as
soon as possible and, in any event, within sixty (60) days of the date of the Control Call Option Notice. 

  

 6 

	 6.
	 Any transfer of the PT AM Parties’ Shares pursuant to this Part V (Change of Control) of Schedule 1 shall be on the following terms:

  

	 	 (a)
	 the PT AM Parties’ Shares will be sold free from all Encumbrances, together with all rights of any nature attaching to them including all rights to any
dividends or other distributions declared, paid or made after the date of the Control Call Option Notice; 

  

	 	 (b)
	 Hutchison shall assume, with effect from the completion date, any obligations of the PT AM Parties (and shall ensure the release or repayment of) any Counter
Indemnities or any other guarantees, indemnities, loans, letters of comfort and/or counter-indemnities to third parties in relation to the funding of the business of the Company Group and receive the right to receive payment of all interest and
repayment of all amounts of principal and all other rights under all loans made to the Company Group by the PT AM Parties; 

  

	 	 (c)
	 the PT AM Parties shall deliver to Hutchison duly executed transfer(s) in favour of Hutchison, or as it may direct, together with appropriate share
certificate(s) for the PT AM Parties’ Shares and a certified copy of any authority under which such transfer(s) is/are executed; 

  

	 	 (d)
	 against delivery of the transfer(s), Hutchison shall pay the total consideration (determined in accordance with paragraph 4 for the PT AM Parties’ Shares to
a bank account or bank accounts notified in writing to Hutchison by PT AM not less than seven (7) days prior to the completion date by electronic funds transfer for value on the completion date; 

  

	 	 (e)
	 the Parties shall procure (insofar as they are able) that the relevant transfer or transfers are registered in the name of Hutchison or as it may direct; and

  

	 	 (f)
	 the PT AM Parties shall do all such other things and execute all other documents (including any deed) as Hutchison may reasonably require to give effect to the
sale and purchase of the PT AM Parties’ Shares. 

  

 7

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