Document:

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                                                                   Exhibit 10.11

THIS AGREEMENT is signed on November 8, 2001 and is notarised on      , 2001

BETWEEN: THE PERSONS LISTED IN SCHEDULE 1

WHEREAS:

(A)      The Shareholders and a third party entered into an Association
         Agreement dated 28th April 2000 (the "ASSOCIATION AGREEMENT")
         concerning the establishment of the Licensee as their joint venture
         vehicle for the purposes of participating in the Auction.

(B)      The Shareholders entered into a shareholders' agreement on August 23,
         2000 relating to their shareholdings in "Marabu" Vermogensverwaltung
         GmbH. ("Licensee"). Licensee was subsequently renamed to Group 3G UMTS
         GmbH.

(C)      The Shareholders have contributed their shareholdings in Licensee to
         ORLA Siebzehnte Vermogensverwaltungs GmbH, subsequently renamed to
         Group 3G UMTS Holding GmbH ("the Company") which now owns all shares in
         Licensee. The Parties shall by signing this Shareholders Agreement
         replacing the current Shareholders Agreement dated August 23, 2000.
         Subsequently, the Shareholders' Agreement dated August 16, 2000
         relating to the Licensee is no longer needed and shall, for the
         avoidance of doubt, be terminated with immediate effect.

(D)      The Shareholders agreed on August 23, 2000 (public deed no. 129/2000 of
         Notary Dr. Wamister, Basle, Switzerland) to conclude a Shareholders
         Agreement in relation to the Company in the same terms and conditions
         as agreed by the Shareholders in the shareholders agreement concerning
         the Licensee. The Shareholders therefore enter into this Shareholders
         Agreement ("the Agreement").

(E)      Licensee obtained a License to operate a UMTS/IMT-2000 network in
         Germany from the Regulatory Authority for Telecommunications and Posts
         (RegTP) dated September 6, 2000.

(F)      The Parties acknowledge that TICSA is currently involved in a procedure
         of merging with Telefonica Moviles Espana, S.A., a wholly owned
         subsidiary of Telefonica Moviles, S.A. This situation was expressly
         notified by TICSA to Sonera by letter dated on 20 June, 2001.

(G)      Sonera Corporation (herein referred as "Guarantor") has agreed to
         guarantee the obligations of its Guaranteed Shareholder under this
         agreement.

(H)      The Shareholders are signing simultaneously a Shareholders Support
         Deed, which is attached as Schedule 3 herein.

IT IS AGREED as follows:

It is clearly understood and agreed among the Parties that any consolidation
transaction in Germany involving any company belonging to Telefonica Moviles
Group will not be affected by any provision of this Agreement, as far Sonera's
participation in the Company is exchanged for a direct or indirect participation
in a wireless operator in Germany and the value of such participation is equal
or higher than the value of the foregone stake in the Company as appraised by an
independent valuation from a world wide recognised investment bank.

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1.     DEFINITIONS AND INTERPRETATION

1.1    DEFINITIONS

       In this Agreement:

       "ACCOUNTING PERIOD"              means, unless otherwise agreed, the
                                        period commencing on January 1st in any
                                        year and ending on December 31 in the
                                        same year or such other accounting
                                        period as may be adopted by the Company;

       "ADVISORY BOARD"                 means the advisory board of the Company
                                        to be established pursuant to the
                                        Articles of Association;

       "ADVISORY BOARD MEMBER"          means those persons at the relevant time
                                        who were appointed by the Shareholders
                                        in accordance with the Articles of
                                        Association to the Advisory Board;

       "AFFILIATE"                      Has the meaning as defined in Section
                                        15 of the German Stock Corporation Act
                                        (whereby a 50% participation qualifies
                                        as being majority owned);

       "AGREED FORM"                    in relation to any document means that
                                        document in a form agreed by the
                                        Shareholders and initialled for the
                                        purposes of identification by or on
                                        behalf of the Shareholders;

       "AGREEMENT"                      means this Shareholders Agreement;

       "ARTICLES OF ASSOCIATION"        means the Articles of Association of the
                                        Company, in the Agreed Form, adopted by
                                        the Company in accordance with clause
                                        2.1(B);

       "AUCTION"                        means the Auction for third generation
                                        mobile telephony spectrum licences
                                        pursuant to section 11 (4) of the German
                                        Telecommunications Act and as described
                                        in the Rulings;

       "BUDGET"                         means from time to time the budget for
                                        the Company and its Subsidiaries for
                                        each Accounting Period adopted by the
                                        Company in accordance with this
                                        Agreement;

       "BUSINESS"                       means the business of the Company, as
                                        more particularly described in Clause
                                        2.1

       "BUSINESS DAY"                   means a day (other than a Saturday or

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                                        Sunday) on which banks are open for
                                        business (other than solely for trading
                                        and settlement in euro) at the seat of
                                        the Company;

       "BUSINESS PLAN"                  means the business plan of the Company
                                        reflecting the business plans of
                                        Licensee and all other Subsidiaries for
                                        the period up to and including twenty
                                        years, in the Agreed Form and any
                                        subsequent or amended business plan for
                                        these companies prepared in accordance
                                        with clause 6 and adopted by the Company
                                        in accordance with this Agreement;

       "COMPANY"                        means Group 3G UMTS Holding GmbH, , a
                                        German limited company registered under
                                        HRB 138 838 at the Commercial Register
                                        of the local court of Munich with its
                                        registered seat in Munich;

       "COMPULSORY OFFER"               has the meaning set out in clause
                                        4.2(A);

       "COMPULSORY TRANSFER NOTICE"     has the meaning set out in clause 4.2(B)

       "CONTROL"                        in relation to a corporate body means
                                        the ability of a person to ensure that
                                        the activities and business of that
                                        corporate body are conducted in
                                        accordance with the wishes of that
                                        person, and a person shall be deemed to
                                        have Control of a corporate body if that
                                        person possesses or is entitled to
                                        acquire the majority of the share
                                        capital issued or the voting rights in
                                        that corporate body or the right to
                                        receive the majority of the income of
                                        that corporate body on any distribution
                                        by it of all of its income or the
                                        majority of its assets on a winding up;

       "COSTS"                          has the meaning set out in clause
                                        2.6(A);

       "DIRECT COMPETITOR"              means any entity which operates
                                        telecommunication networks or which
                                        provides telecommunication services;

       "EURIBOR"                        shall be set in reference to Telerate
                                        page 248 (or any applicable substitute
                                        page).

       "FAIR MARKET VALUE"              in relation to any Shares means the
                                        value of those Shares determined in
                                        accordance with Schedule 2 (Fair Market
                                        Value);

       "GERMAN GAAP"                    means sound accounting practice
                                        according to the German Commercial Code;

       "GROUP"                          in relation to any person (the "relevant
                                        person"), means (i) the Ultimate Parent

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                                        Company and Subsidiaries for the time
                                        being of the relevant person, and (ii)
                                        any Subsidiary of any such Ultimate
                                        Parent Company, provided that where used
                                        in connection with the Company the term
                                        "Group" shall mean the Company and its
                                        Subsidiaries;

       "GUARANTEED SHAREHOLDER"         means, in respect of a Guarantor, the
                                        Shareholder listed in Schedule 1 (Part
                                        B) set opposite the name of that
                                        Guarantor or any permitted transferee of
                                        the Shares held by such Shareholder in
                                        accordance with the terms of this
                                        agreement or the Articles of
                                        Association;

       "GUARANTORS"                     means the persons listed in Column 1 of
                                        Schedule 1 (Part B);

       "LICENCE FEE"                    means the amount paid by the Licensee at
                                        the request of RegTP after the end of
                                        the Auction and before the Licence is
                                        granted.

       "LICENCE"                        means a licence for the operation of
                                        transmission paths for the offer of
                                        publicly available third generation (3G)
                                        mobile radio (UMTS/IMT-2000) services in
                                        the territory of the Federal Republic of
                                        Germany issued in accordance with the
                                        Rulings;

       "LICENSEE"                       means Group 3G UMTS GmbH, a 100%
                                        subsidiary of the Company, a German
                                        limited company registered under HRB
                                        138839 at the Commercial Register of the
                                        Local Court of Munich with its
                                        registered seat in Munich.

       "MANAGING DIRECTORS              means the managing  director(s) of the
       (GESCHAFTSFUHRER)"               Company appointed pursuant to German
                                        law;

       "MVNO AGREEMENT"                 means any agreement entered into between
                                        the Company and any MVNO;

       "MVNO OPERATIONS"                the business proposed to be carried on
                                        by a MVNO utilising the spectrum granted
                                        to the Company pursuant to any Licence;

       "MVNO"                           means a mobile virtual network operator
                                        utilising or proposing to utilise the
                                        Network;

       "NETWORK"                        means the Germany third generation
                                        mobile telephony network to be built,
                                        operated and developed by the Company in
                                        order to exploit the bandwidth covered
                                        by the Licence;

       "OPCO"                           means OpCo Mobile Services GmbH, a
                                        German limited company registered under
                                        HRB 13 90 71 at the local court of
                                        Munich with its registered seat in
                                        Munich, a 100%

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                                        subsidiary of the Company;

       "PERCENTAGE INTEREST"            means the number of Shares held by a
                                        Shareholder, expressed as a percentage
                                        of the total number of Shares;

       "REGTP"                          means "REGULIERUNGSBEHORDE FUR
                                        TELEKOMMUNIKATION UND POST" (the German
                                        Regulatory Authority for
                                        Telecommunications and Posts);

       "RESERVED MATTERS"               means in any matter designated as such
                                        in this Agreement;

       "RULINGS"                        means the general administrative orders
                                        ("ALLGEMEINVERFUGUNGEN") set forth in
                                        Ruling 13/2000 (BK-1b-98/005-1) and
                                        Ruling 14/2000 (BK-1b-98/005-2) by the
                                        President's Chamber of the RegTP dated
                                        18th February, 2000, published in the
                                        Official Journal of the RegTP No. 4/2000
                                        of 23rd February, 2000;

       "SHAREHOLDER AND/OR PARTY"       means the persons listed as such in
                                        Schedule 1 (Part A) and any other person
                                        to whom the benefit and burden of this
                                        agreement is extended pursuant to the
                                        Articles of Association;

       "SHAREHOLDER CONTRACT"           means any contract or arrangement
                                        between any Shareholder (or any member
                                        of a Shareholder's Group) and the
                                        Company (or a member of its Group) and
                                        any variations or amendments to any such
                                        contracts or arrangements;

       "SHARES"                         The shareholders' equity interests in
                                        the Company, each 50,00 Euro granting
                                        one vote;

       "SUBSIDIARY"                     means a company which is under the
                                        Control of another company;

       "ULTIMATE PARENT COMPANY"        in relation to a Shareholder means the
                                        person (if any) which is not itself
                                        subject to Control but which has Control
                                        of that Shareholder, either directly or
                                        through a chain of persons each of which
                                        has Control over the next person in the
                                        chain. In relation with Sonera 3G
                                        Holding, it is understood that the
                                        Ultimate Parent Company is Sonera
                                        Corporation.

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1.2      INTERPRETATION

         In construing this Agreement, unless otherwise specified:

(A)      references to clauses and schedules are to clauses of, and schedules
         to, this Agreement;

(B)      use of any gender includes the other genders;

(C)      references to a "PERSON" shall be construed so as to include any
         individual, firm, company or other body corporate, government, state or
         agency of a state, local or municipal authority or government body or
         any joint venture, association or partnership (whether or not having
         separate legal personality);

(D)      a reference to any statute or statutory provision shall be construed as
         a reference to the same as it may have been, or may from time to time
         be, amended, modified or re-enacted except to the extent that any
         amendment or modification made after the date of this agreement would
         increase or alter the liability of any of the Shareholders under the
         Warranties;

(E)      references to times are to Germany times;

(F)      a reference to any other document referred to in this Agreement is a
         reference to that other document as amended, varied, novated or
         supplemented (other than in breach of the provisions of this Agreement)
         at any time;

(G)      headings and titles are for convenience only and do not affect the
         interpretation of this Agreement;

(H)      references to this Agreement are to the Agreement as amended from time
         to time in accordance with its provisions;

(I)      references to "EURO" or "E" shall be construed as the official EMU
         single currency; and

(J)      references herein to a Shareholder being obliged to procure that
         another person shall do something or shall not do something shall,
         where that Shareholder is able to exercise voting rights and other
         powers of control in relation to that person, be deemed to require that
         such Shareholder does so exercise such rights and powers so as to
         procure that such person does or does not do such thing, as
         appropriate.

1.3      SCHEDULES

         The schedules form part of this Agreement and shall have the same force
         and effect as if expressly set out in the body of this Agreement, and
         any reference to this Agreement shall include the schedules.

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2.       STRUCTURE

2.1      STRUCTURE AND BUSINESS OF THE GROUP

         (A)      The business of the Company shall be the holding of shares in
                  Licensee, OpCo and other companies involved in the GSM/GPRS
                  and UMTS business in Germany.

         (B)      The Shareholders commit to amend the Articles of Association
                  of the Company so as to meet the requirements of this
                  Agreement, before December 31, 2001.

         (C)      Percentage interests

         As at the date hereof the Percentage Interest of each Shareholder is as
         identified in Column (vii) of Part (A) of Schedule 1.

2.2      GSM/GPRS SERVICES

                  The Shareholders agree to do their best efforts to launch,
                  through the Company and its subsidiaries, GSM/GPRS services in
                  the German market before January 1st, 2002. For these
                  purposes, a MVNO may be established either as a business unit
                  of Licensee or as a separate legal entity to be acquired or
                  incorporated by the Company or Licensee. In such a case, the
                  MVNO shall be named and branded in accordance with clause 2.3
                  herein.

2.3      BRANDING

                   On October 4th, 2001 the Advisory Board of the Company
                  resolved the adoption of the brand "QUAM" as commercial brand
                  and trademark for the Company's services in Germany. The
                  Parties will negotiate on the terms and conditions regarding
                  the authorisation to the Company and its subsidiaries to use
                  the above referred brand and trademark within the territory of
                  Germany and internet, either by way of licensing the use of
                  such a brand in favour of the Company or by way of
                  transferring the Company the ownership of the above referred
                  brand.

                  In any case, any further modification regarding the brand will
                  be approved by the Advisory Board by simple majority of all
                  its members.

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2.4.     IPO

         It is the current intention of the Shareholders that there should be
         initial public offering (an "IPO") of the Company 5 years after the
         date of the award of the Licence, subject to market conditions and
         commercial and technical viability. The Shareholders will use their
         respective best efforts to ensure that the right of TICSA to propose
         the CEO of the Company (so long as TICSA has at the time of the IPO the
         right to nominate the CEO pursuant to clause 3) and certain technical
         decisions, shall be preserved following an IPO (to the maximum extent
         permissible in accordance with all relevant laws and listing
         regulations), provided that the TICSA 's Percentage Interest is not
         diluted vis-a-vis Sonera to any material extent as part of the IPO and
         to the extent that it is permitted by the applicable laws and
         regulations.

         In case IPO cannot be executed within the period stated above, then
         Sonera and Telefonica Moviles, S.A., as agreed under the Letter of
         Agreement dated on 3rd October, 2001, shall use their best efforts to
         make Sonera's shares in the Company tradable or exchange them into
         tradable shares.

          2.5     RESTRICTIONS TO TRANSFER THE SHARES

         From the date of execution of this Agreement and up to 17th August
         2002, each of the Shareholders is free to transfer its shares to a
         third party subject to the prior written approval from the Advisory
         Board, which can not be unreasonable withheld or delayed. From the
         above referred date, each of the Shareholders shall be entitled to
         transfer its shares to a third party. In any case, any transfer of
         shares to a third party will be subject to the third party adhering to
         this shareholders agreement and assumes all the obligations and
         liabilities of the transferring Shareholder. In case a third party
         becomes a shareholder of the Company, the Parties will previously amend
         this Agreement in order to eliminate the Put Option provision (as
         defined in Clause 4.3 hereof), preserving, in any case and as far as
         practicable, the rights of each of the Parties as agreed herein.

         The transfers are subject to the pre-emption right of the non
         transferring Shareholder. The Articles of Association shall be amended
         accordingly.

         In any case, as a general principle, any transfer of Company' shares
         will be subject to any and all regulatory approvals, as the case may be
         required.

2.6      COSTS

         (A)      For the purposes of this clause "COSTS" means all actual
                  out-of-pocket costs and expenses of whatsoever nature
                  (excluding executive or management time, hotel, travel,
                  subsistence and other related costs which shall be borne by
                  each party) incurred by or on behalf of the Company or its
                  Subsidiaries (duly justified) in connection with, the
                  acquisition of the Licence and the start up of the German UMTS
                  activities, including, without limitation, the fees of its
                  legal, financial and technical consultants and/or advisers
                  together with any rents and/or other office expenses incurred
                  by or on behalf of the Company and/or its subsidiaries.

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         (B)      Subject to clause 13 the Costs shall be borne and, after
                  incorporation of the Licensee, Opco and the Company and up to
                  31 December 2000, paid on behalf of the relevant entity, by
                  each Shareholder in accordance with its Percentage Interest.
                  If the Percentage Interests of the Shareholders vary, the
                  Costs shall be borne by each Shareholder in accordance with
                  its Percentage Interest as of the accrual date (Provided that
                  if a Shareholder ceases to be Shareholder, it shall remain
                  liable to bear an amount of the Costs incurred up to the date
                  of its ceasing to be a Shareholder pro rata its original
                  Percentage Interest).

         (C)      The initial Costs incurred by or on behalf of the Company,
                  Licensee or OpCo and paid by the Shareholders on behalf of the
                  respective entity up to Dec. 31, 2000 shall be determined by
                  the Advisory Board. All Costs incurred by the Company,
                  Licensee or OpCo after Dec. 31, 2000 shall be born and paid by
                  the Company, Licensee or OpCo, as the case may be.

3.       CORPORATE GOVERNANCE

3.1      ISSUES IN ADDITION TO THE ARTICLES OF ASSOCIATION, I.E. APPOINTMENT OF
         MANAGING DIRECTOR, ADVISORY BOARD MEMBER, ETC.

         (A)      The Company will be managed on a day-to-day basis by one or
                  more Managing Directors (as the Advisory Board may unanimously
                  agree from time to time, and which may, without limitation
                  include, a chief financial officer and chief technical
                  officer, as set forth in subsections (E) and (F) below). If
                  the Company has more than one Managing Director, one Managing
                  Director shall be the chairman of the management board
                  (VORSITZENDER DER GESCHAFTSFUHRUNG - referred to herein as
                  "CEO") and shall have the special rights set forth in
                  subsection (D) below. The Advisory Board shall appoint the
                  Managing Director nominated by TICSA by simple majority of all
                  members of the Advisory Board (if the Company has only one
                  Managing Director) or the CEO nominated by TICSA (if the
                  Company has more than one Managing Director).

         (B)      The appointment, term of office, powers, duties and
                  remuneration of the Managing Directors and the CEO, as well as
                  any rules of procedure for the management (GESCHAFTSORDNUNG
                  FUR DIE GESCHAFTSFUHRUNG) will be determined by the Advisory
                  Board by simple majority of all members of the Advisory Board

         (C)      The sole Managing Director or the CEO (as the case may be)
                  will have to the maximum extent permitted by German Law the
                  powers and responsibilities conferred to him under applicable
                  law, the Articles of Association of the Company and any rules
                  of procedure for the management as resolved from time to time
                  by the Advisory Board by simple majority of the Advisory
                  Board. However, it is hereby agreed in principle that he will
                  be responsible for:

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                  (i)      the management of all activities of the Company and
                           its subsidiaries and subsidiary undertakings in the
                           conduct of the Business in accordance with the
                           Business Plan;

                  (ii)     the general administration of the Company and its
                           subsidiaries and subsidiary undertakings;

                  (iii)    implementation of the Business Plan; and

                  (iv)     provision to the Advisory Board of information
                           relating to all major activities of the Company and
                           its subsidiaries and subsidiary undertakings.

         (D)      The sole Managing Director or the CEO of the Company, as the
                  case may be, shall be entitled to exercise all shareholder
                  rights in any controlled subsidiaries (convening shareholders'
                  meetings, appointment of managing director etc.). The
                  Shareholders agree that the Articles of Association of any
                  controlled subsidiaries shall provide for a list of approval
                  requirements in order to reserve the Subsidiaries' corporate
                  governance to the Company in the form set in Schedule 4.

         (E)      The Advisory Board may appoint by simple majority of all
                  members of the Board a chief financial officer as a further
                  Managing Director who:

                  (i)      will be responsible for the day-to-day management of
                           the financial affairs of the Company and the
                           supervision of the financial affairs of its
                           subsidiaries; and

                  (ii)     will be proposed by the sole Managing Director or by
                           the CEO, as the case may be.

         (F)      The Advisory Board may appoint by simple majority of all
                  members of the Board a chief technical officer as further
                  Managing Director who:

                  (i)     will, subject to clause 3.1(H), be responsible for the
                          day-to-day management of the technical affairs of the
                          Company and the supervision of the technical affairs
                          of its subsidiaries and the implementation of the
                          technology policies of the Company; and

                  (ii)     will be proposed by the sole Managing Director or by
                           the CEO, as the case may be.

         (G)      If the Company has more than one Managing Director, the
                  following provisions shall apply:

                  (i)      subject to the provisions contained in this clause
                           3.1, the Managing Directors shall be jointly
                           responsible for the management of the Company;

                  (ii)     each Managing Director shall be responsible for the
                           matters assigned to him by the Advisory Board;

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                  (iii)    the CEO shall in any event be responsible for the
                           general strategic planning and development and the
                           personnel matters of the Company and all other
                           matters which have not been specifically assigned by
                           the Advisory Board to any of the other Managing
                           Directors;

                  (iv)     the CEO shall have the right to propose other senior
                           employees of the Company and its subsidiaries subject
                           to simple majority decision of all members of the
                           Advisory Board; and

                  (v)      all Managing Directors (other than the CEO) and other
                           senior employees shall report to the CEO.

         (H)      TICSA will have the right to propose the Chairman of the
                  Advisory Board, to be approved by simple majority of all of
                  the members of the Advisory Board.

         (I)      Concerning technical decisions, the following provisions shall
                  apply:

                  (i)     TICSA shall be entitled to propose all technical
                          decisions to be made by the Company, the Licensee
                          and/or any subsidiaries in respect of 3G
                          infrastructure platforms and systems which shall be
                          decided by simple majority of all members of the
                          Advisory Board.

                  (ii)    the Advisory Board shall procure that a technical
                          working group comprising a representative of each
                          Shareholder is constituted to assist the technical
                          decisions made pursuant to this clause

3.2               Advisory Board and Shareholders' Resolutions

         (A)      The Advisory Board and the Shareholders Assembly shall take
                  their respective decisions by simple majority, except with
                  respect to Shareholders Assembly as per clause 3.2 D) below..
                  The members of the Advisory Board/Shareholders (as the case
                  may be) will take all necessary steps in order to pass any
                  shareholders' resolution on any subject, even if any other
                  supermajority requirements under German company law are
                  required, expressly stated in Clause 3.2 (D) below.

         (B)      The Company shall have an Advisory Board consisting of up to
                  five members.

                          As long as TICSA and SONERA remain a sole shareholder
                          in the Company and unless otherwise agreed between the
                          Parties, each 20% stake will determine the right to
                          appoint one member in the Company's Advisory Board,
                          according to the following rule:Each 20% stake will be
                          fully attributed to each Party up to their respective
                          percentages in the Company. The remaining 20% stake
                          not being totally attributable to any Shareholder,
                          will be attributed in favour of the Party holding a
                          higher outstanding shareholder interest within the
                          above mentioned 20% remaining stake.

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         In addition to what is required under the German law the Advisory Board
         shall receive Management reports, the frequency of which it shall
         decide by simple majority of the members of the Advisory Board.

         (D)      The following matters which shall be subject to a
                  supermajority decision of 75% in the Shareholders Meeting :

                  (i)      Capital reductions, unless expressly required by
                           applicable law;

                  (ii)     Distribution of profits and dividends;

                  (iii)    Liquidation ;

                  (iv)     Mergers, provided however that if the value of
                           Sonera's shares in the resulting entity is greater or
                           equal to the value of its stake in the Company, as
                           appraised by an independent valuation from a
                           world-wide recognised investment bank, Sonera's
                           consent shall not be withheld;

                  (v)      Capital increases (excluding contributions in kind),
                  provided however that Sonera shall consent to any capital
                  increase which is required by the Business Plan (as stated
                  under Sec. 5.2. (A) herein) and /or required due to conversion
                  into equity of any shareholders' loans] Capital increases
                  shall happen at Fair Market Value. Sonera shall be obligated
                  to participate and vote in favour of any capital increase or
                  other corporate decision-making of the Company, which may be
                  necessary from time to time to formalise such a capital
                  increase. Further Sonera may, at its sole discretion, elect to
                  participate in capital increases different of the ones caused
                  by the conversion of shareholders loans, in compliance with
                  the applicable law and in the best business interest of the
                  Company.

         It is the Shareholders' intention to get vendor or other long-term
         third party' financing.

4        CHANGE OF CONTROL AND ITS CONSEQUENCES

4.1      CHANGE OF CONTROL

         (A)      Subject to sub-clauses (B) and (C) below, a change of Control
                  (a "CHANGE EVENT") shall occur for the purposes of this
                  agreement where:

                  (i)      a person acquires Control of a Shareholder where no
                           person previously had Control of that Shareholder; or

                  (ii)     the Ultimate Parent Company of a Shareholder ceases
                           to have Control of that Shareholder; or

                  (iii)    a person acquires Control of the Ultimate Parent
                           Company of a Shareholder; or

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                  (iv)     a person who is not under the Control of the Ultimate
                           Parent Company of a Shareholder acquires Control of
                           that Shareholder; or

                  (v)      a Shareholder or the Ultimate Parent Company of a
                           Shareholder merges with any company or other entity
                           (other than with another Shareholder or member of its
                           Group) and, as a result of such merger, the
                           Shareholder or Ultimate Parent Company (as the case
                           may be) lose its control;

                  in each case where the person who becomes in Control, or in
                  case of subsection (v) the other company or entity, is a
                  Direct Competitor of the other Shareholder, the Company and/or
                  Licensee.

         (B)      A body corporate (the "ACQUIRING COMPANY") is not to be
                  treated as acquiring Control of another body corporate (the
                  "TARGET COMPANY") where the acquiring company issues shares in
                  itself to the shareholders of the target company in exchange
                  for the shares in the target company and, after such exchange:

                  (i)      each person who immediately before the exchange was a
                           shareholder of the target company is a shareholder of
                           the acquiring company; and

                  (ii)     the shares in the acquiring company are of the same
                           classes as were the shares in the target company
                           immediately before the exchange; and

                  (iii)    the number of shares of any particular class in the
                           acquiring company bears the same proportion to all
                           the shares in the acquiring company as the number of
                           shares of that class in the target company bore to
                           all the shares in the target company immediately
                           before the exchange; and

                  (iv)     the proportion of shares of any particular class in
                           the acquiring company held by any particular
                           shareholder is the same as the proportion of shares
                           of that class in the target company held by him
                           immediately before the exchange.

         (C)      The provisions of this clause 4 shall not apply where the
                  acquiring company is a Shareholder or a member of such
                  Shareholder's Group or the Shareholders transfer the Shares to
                  a wholly owned holding company for tax or strategic purposes.

         (D)      A Change Event shall be deemed to have occurred when a
                  binding agreement has been signed in relation to any of the
                  transactions listed under 4.1 (A), provided that all
                  regulatory approvals for such agreement have been obtained
                  and all conditions to closing have been met.

4.2      CALL OPTION

         (A)      If a Change Event occurs in relation to any Shareholder (the
                  "OFFERING SHAREHOLDER"), the Offering Shareholder shall be
                  deemed to have offered all of its Shares (the "SPECIFIED
                  SHARES") to the other Shareholder, provided the

<Page>

                  other shareholder holds an interest exceeding 50% of the
                  shares in the Company (the "RECIPIENT"), on the terms and
                  subject to the provisions of this clause 4.2 (the "COMPULSORY
                  OFFER"). Such Compulsory Offer shall be legally binding on the
                  Offering Shareholder, which shall be obliged to use its best
                  efforts to assure this commitment under any appropriate legal
                  procedure as stated under German law.

         (B)      The Recipient may give notice to the Offering Shareholder
                  ("COMPULSORY TRANSFER NOTICE") requiring a determination of
                  the Fair Market Value of the Specified Shares.

         (C)      The Shareholders shall determine or procure the determination
                  of the Fair Market Value of the Specified Shares as at the
                  closest practicable date immediately prior to the date of the
                  Compulsory Transfer Notice (as the case may be) without undue
                  delay after the giving of the Compulsory Transfer Notice.

         (D)      Within ten Business Days after the date on which the Fair
                  Market Value of the Specified Shares is determined, the
                  Recipient may indicate by written notice (the "ACCEPTANCE
                  NOTICE") to the Offering Shareholder that it is willing to
                  accept the Compulsory Offer pursuant to clause 4.2(A) at the
                  Fair Market Value ("Call Option").

         (E)      If the Recipient so accepts the Compulsory Offer it shall be
                  obliged to formally accept the Compulsory Offer, in notarial
                  form, and the Offering Shareholder and the Recipient shall be
                  obliged to complete the purchase and transfer of the Specified
                  Shares free from encumbrances and with the rights attaching to
                  them as at or subsequent to the closest practicable date
                  immediately prior to the date of the Compulsory Transfer
                  Notice within ten Business Days after the date of the
                  Acceptance Notice, in each case in accordance with the
                  Acceptance Notice and the provisions of clause 4.

         (F)      Without prejudice to the above, the Recipient shall have the
                  right to designate a third party (hereinafter referred to as
                  "Third Party") of its choice, which is entitled to accept the
                  Compulsory Offer instead of the Recipient and to purchase the
                  Specified Shares subject to the terms and conditions set forth
                  in this clause 4. For the avoidance of doubt, the Third Party
                  shall assume all rights and obligations of the Recipient under
                  this clause 4 and shall be solely liable for the payment of
                  the purchase price as determined under clause 4. (C). The
                  Recipient shall notify the Offering Shareholder in writing of
                  such Third Party when making the Compulsory Transfer Notice.

         (G)      The Fair Market Value of the Specified Shares will be
                  determined according to what is stated in Clause 4.3 (B)
                  below.

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         4.3      CALL AND PUT OPTION DUE TO REGULATORY IMPLICATIONS OF A
                  CHANGE EVENT

         (A)      In the event that:

                  (i)      a Change Event occurs in respect of a Shareholder or
                           its Ultimate Parent Company, where the person
                           acquiring Control following such Change Event (or in
                           the case of subsection 4.1(A)(v) the other company or
                           entity) already holds an UMTS and/or GSM licence in
                           Germany and will maintain such licence after the
                           Change Event; and

                  (ii)     the Company has received written information,
                           requirement or recommendation from RegTP that RegTP
                           will revoke the License granted to the Company (the
                           "RegTP-Letter") unless the Offering Shareholder
                           ceases to be a shareholder of the Company or an
                           Affiliate of a Shareholder ceases to be an Affiliate
                           of such Shareholder

         then the following shall apply:

                           (a)      the Recipient shall have a Call Option
                                    regardless of the seize of its interest in
                                    the Company and shall have the right to
                                    acquire the Specified Shares at a price
                                    determined pursuant to the terms and
                                    conditions set forth in clause 4.3 (B)
                                    below;

                  (b)      the Offering Shareholder, provided he was a
                           Shareholder of the Company as of September 1, 2000
                           and further provided his interest in the Company is
                           smaller than 51%, shall have the right to sell all
                           the Specified Shares to the Recipient, which will
                           have the obligation to acquire such shares or to
                           cause a Third Party to acquire them pursuant to the
                           terms and conditions set forth in clause 4.3 (B)
                           below (the "Put Option"). As long as Sonera has a
                           Company's interest below 51%, the exercising of the
                           Put Option will be subject to Sonera's fulfilment of
                           its obligations under the Shareholders Support Deed
                           (attached as Schedule XX).

                  (B) In cases 4.3 (A)(a) and 4.3 (A)(b) the considerations
                  payable for the Specified Shares shall be determined as
                  follows:

                  The total price to be paid for the Specified Shares shall be
                  equal to the Fair Market Value of the Company ("Enterprise
                  Value"), as appraised by an independent valuation as described
                  in the Attached Schedule 2), less any outstanding indebtedness
                  (including shareholders' loans) of the Company (the "Net
                  Equity"), multiplied by the Offering Shareholder's Percentage
                  Interest at the time of the exercise of the Put Option. If the
                  Company's Net Equity is below zero, the Offering Shareholder
                  will be transferring the Specified Shares to the Recipient at
                  a price of EURO 0,00 with no further liabilities.

                  In case the shareholders loans provided by the Shareholders
                  (direct or indirectly) for the payment of the License fee are
                  not converted into equity at

<Page>

                  the time of Sonera exercising the Put Option, then those loans
                  shall be taken into consideration as if they had been
                  converted into equity at the same rate as the initial equity
                  contribution for the License, for the purposes of determining
                  the Fair Market Value of the equity.

4.4      EFFECT OF TRANSFER

         A person who has ceased to be a Shareholder, pursuant to the operation
         of this clause 4, shall cease to be a party to this Agreement, save
         where stated to the contrary, but shall remain liable to the Company
         and other Shareholders for all amounts payable under this agreement and
         accrued at the date of such transfer. In any case, in the event of a
         Shareholder withdrawing from this Agreement in accordance with the
         foregoing clauses, the provisions regarding Costs (clause 2.6), ,
         announcements (clause 12 (F)), confidentiality (clause 12 (A), (B),
         (C), (D) (E)), governing law (clause 20) and disputes (clause 19) shall
         survive such termination or withdrawal.

5. FUNDING

5.1      PAYMENT FOR LICENSE

         The Shareholders shall make the payment of their respective pro-rata
         portion of the License fee by way of equity and/or shareholders' loans.
         These shareholders' loans will be considered as a permanent funding to
         the Company and shall be converted into equity in compliance with the
         applicable law. The Parties will use their best efforts to find a
         suitable solution as soon as practicable regarding such a conversion
         into equity.

5.2      BUSINESS PLAN FUNDING

         (A)      The Shareholders will from time to time, but shall be under no
                  obligation to, provide funding to the Company in the
                  proportion equal to their respective Percentage Interest if
                  requested by the Advisory Board from time to time Such request
                  by the Advisory Board shall be:

         (i)      in accordance with the Business Plan or Budget (as the case
                  may be); and

                  (ii)     made in writing specifying the amount requested and
                           the timing of such payment.

         (B)      Amounts requested pursuant to clause 5.2 (A) may (in the
                  absence of an unanimous agreement of the Shareholders
                  otherwise) be funded (i) by way of equity contributions
                  (payment into the capital reserves pursuant to Sec. 272
                  para. 2 no. 4 German Commercial Code) or capital increases
                  observing the principles adopted for capital increases and/or
                  (ii) by way of Shareholder loans.

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5.3      CONSEQUENCES OF FAILURE TO PROVIDE THE BUSINESS PLAN FUNDING

         (A)      If a Shareholder elects not to provide funds pursuant to
                  clause 5.2 (a "NON-FUNDING SHAREHOLDER"), substitute funding
                  may be provided by the other Shareholder, by way of
                  shareholder loan or equity.

         (B)      If after written notice in addition to the notice according to
                  Section 5.3 (A)(ii) to the Non Funding Shareholder the Company
                  has not received the entire amount payable by the Non Funding
                  Shareholder within ten Business Days, then

                  (i)      the other Shareholder may at its sole discretion
                           contribute the outstanding amount of that Non Funding
                           Shareholder, within 10 Business Days of the date of
                           such demand (or such shorter period as is necessary
                           in order that the Company may meet its payment); and

                  (ii)     if the other Shareholder ("Substitute Funding
                           Shareholder") contributes the amount outstanding from
                           the Non Funding Shareholder and, in case of funding
                           through shareholder loans, if the Substitute Funding
                           Shareholder elects to convert the shareholder loan
                           into equity of the Company, then the Percentage
                           Interest of the Non Funding Shareholder shall be
                           diluted in favour of the Percentage Interest of the
                           Substitute Funding Shareholder based on the following
                           formula (the "Dilution Formula"):

                  (a)      The registered share capital of the Company shall be
                           increased pro rata to the quotient of the Fair Market
                           Value of the equity (to be determined according to
                           the attached Schedule 2 at the time the funding is
                           made and, in case of shareholder loans, at the time
                           of the conversion of the shareholder loan into
                           equity) plus the total amount of the funding
                           contributed by the Substitute Funding Shareholder
                           divided by the Fair Market Value of the equity.
                           [Example: If the Fair Market Value of the equity is
                           10 bn, share capital is 250 Mill. and the funding
                           contributed by the Substitute Funding Shareholder 1
                           bn, then the existing registered capital will be
                           increased from 250 Mill. to 275 Mill, from 100 Mill
                           to 110 Mill, if the share capital would be 100
                           Mill.].

                  (b)      All shares issued in such capital increase
                           [Example: 25 Mill] shall be subscribed by the
                           Substitute Funding Shareholder, the Non Funding
                           Shareholder hereby waiving its subscription rights.
                           As a result of the capital increase, the Percentage
                           Interest of the Substitute Funding Shareholder
                           [Example: 57,2%] shall be increased to an amount
                           equal to the quotient of the current share capital of
                           the Substitute Funding Shareholder [Example: 143 Mill
                           or if share capital is 100 Mill, 57.8 Mill] plus the
                           additional shares subscribed in the capital increase
                           [143+25=168 Mill. or 57.8+10=67,8 ] divided by the
                           increased total share capital [Example: 168:275/or
                           67,8:110= ca. 61%] ("Increased Percentage Interest").
                           Such Increased Percentage Interest shall then replace
                           the Percentage Interest of the Substitute Funding
                           Shareholder where applicable throughout this
                           Agreement, being reduced the Non Funding Shareholder
                           Percentage Interest accordingly.

<Page>

                  (c)      In case the Dilution Formula, as defined in sections
                           (a) and (b) above, cannot be implemented due to any
                           negative tax and/or legal implications, the relevant
                           shareholder loan will be taken into consideration at
                           its book value in order to asses the relevant
                           dilution of the Non Funding Shareholder. For these
                           purposes, the Shareholders will do their best efforts
                           in order to achieve an effective and suitable
                           solution, assessing the relevant dilution of the Non
                           Funding Shareholder. In any case, the Substitute
                           Funding Shareholder may elect at its free discretion,
                           by giving written notice to the Non Funding
                           Shareholder, either to acquire, at nominal value, as
                           many of the existing shares of the Non Funding
                           Shareholder [Example: 10 Mill. of 250 Mill.] as
                           necessary to achieve the Increased Percentage
                           Interest in the Company or any other alternative
                           suitable for the Substitute Funding Shareholder.

                           If the dilution mechanism described above triggers
                           the dilution of the Non Funding Shareholder's
                           interest below a minimum of 10%, then the Substitute
                           Funding Shareholder shall have a call option to
                           acquire all of the remaining Non Funding
                           Shareholder's shares at a price equal to the Fair
                           Market Value of those remaining shares.

                  Regardless of its existing interest or its rights under the
                  Articles of Association, the Non Funding Shareholder shall be
                  obligated to participate and vote in favour of any capital
                  increase or other corporate decision-making of the Company,
                  which may be necessary from time to time to achieve the
                  corporate structure as contemplated by the provisions of this
                  Agreement.

         The rights and remedies described in sections (A) or (B) above shall be
         the sole rights and remedies of a shareholders in case the other
         shareholder decides not to contribute funds to the Company.

6        PREPARATION AND ADOPTION OF BUSINESS PLANS AND BUDGETS

         (A)      As soon as practicable, the Advisory Board shall adopt the
                  Business Plan and the Budget

         (B)      The CEO will submit to the Advisory Board, for its approval by
                  simple majority of all of its members, a reviewed business
                  plan at least thirty Business Days prior to the end of each
                  Accounting Period, such draft business plan covering the
                  three-year period commencing at the end of such Accounting
                  Period. Each draft business plan shall include:

                  (i)      business forecasts;

                  (ii)     appropriate explanations of the CEOs' proposed
                           strategy;

                  (iii)    details of the assumptions used; and

<Page>

                  (iv)     financial resources fulfilling the funding
                           requirements of the business plan.

                  At least thirty Business Days prior to the end of each
                  Accounting Period, and in conjunction with the submission of
                  the related Business Plan, the CEO shall submit to the
                  Advisory Board a draft budget for the next following
                  Accounting Period. Each draft budget shall include a detailed
                  breakdown of the following together with details of the
                  material assumptions used:

                  (i) monthly revenue, operating expenses, operating results and
                  net interest expenses;

                  (ii) quarterly capital expenditures and cash flow;

                  (iii) balance sheet as at the end of the relevant Accounting
                  Period and a profit and loss account for that Accounting
                  Period;

                  (iv) expected funding requirements and the proposed methods of
                  meeting those requirements; and

                  (v) cash flow return on investment and other metrics agreed by
                  the Advisory Board.

7  NON-COMPETE COVENANT

(A)  Subject to Clause 7 (B) or otherwise approved by the Advisory Board, each
Shareholder undertakes with the other Shareholder that it will not and that it
will procure that no member of its group will either alone or in conjunction
with or on behalf of any other person, do any of the following things:

                  (i)      whilst its Percentage Interest is at least 10 per
                           cent. (a "NON COMPETE INTEREST"), establish, be
                           engaged or (except as the holder of securities in a
                           corporate body if such securities are listed on a
                           recognised investment exchange and confer not more
                           than one per cent of the votes which could normally
                           be cast at a general meeting of the corporate body)
                           be directly or indirectly interested in carrying on
                           any other 3G business operating in Germany which
                           requires access to a national or local network;

                  (ii)     whilst it holds a Non-Compete Interest, directly or
                           indirectly solicit, in relation to any person to
                           which goods or services are or have been sold by the
                           Company or its subsidiaries in the course of the
                           Business, the custom of that person in respect of
                           similar goods or services;

                  (iii)    whilst it holds a Non-Compete Interest, directly or
                           indirectly solicit or entice away from the employment
                           of the Company any of its employees; nor

                  (iv)     assist any other person to do any of the foregoing
                           things.

<Page>

         (B)      Shareholder or any member of its Group may operate any
                  particular service without breaching clause 7 (A) provided
                  that:

                  (i)      the Shareholder in question has first offered the
                           Company and/or the Licensee and its subsidiaries (as
                           appropriate) reasonable opportunity to agree to act
                           as the network operator and/or service provider for
                           such service (which offer must have been on arm's
                           length commercial terms); and

                           the Company and/or the Licensee and its subsidiaries
                           (as appropriate) shall have declined so to act as the
                           network operator and/or service provider for such
                           service (and provided always that the offering
                           Shareholder shall not be entitled to exercise any of
                           its voting rights in this respect); and

                  (ii)     the relevant service is not in direct competition
                           with any service carried on by the Company and/or the
                           Licensee and its subsidiaries,

                  taking into account in any case that the Rulings prohibit a
                  Licensee or its shareholders to act as service provider for
                  another UMTS-Licensee.

         (C)      Without prejudice to the above, it is understood and agreed by
                  the Shareholders that, for so long as the Shareholders hold
                  any shares, the Shareholders shall treat the Company as their
                  sole vehicle for the operation, development and provision, in
                  Germany, of telecommunication mobile services, particularly
                  third generation services (UMTS), and any kind of future
                  enhancement of this technology.

         The restriction contained herein shall not affect or prohibit any
         Shareholder to establish, direct or indirectly, any mobile internet
         portal, provided that, as long as the exploitation of such internet
         portal implies the access to a UMTS network, the related contracts will
         be entered into by any such Shareholder with the Company or its
         subsidiaries on a priority basis, according to paragraph (B) (i) of
         this clause.

         For the purposes of this Clause, it is understood that any reference
         made to any member of a Shareholder Group, being TICSA such a
         Shareholder, refers to any company belonging to Telefonica Moviles
         Group.

8  EU-MERGER-CLEARANCE

The Shareholders notified the establishment of the Company with the Commission
of the European Communities on October 2000. With letter dated November 17,
2000, the Commission informed the Shareholders that it did not oppose to the
notified operation and declared it compatible with the common market and with
the EEA Agreement.

<Page>

9        DURATION OF SHAREHOLDERS' AGREEMENT

         (A)    This Agreement shall terminate in respect of a Shareholder upon
                that Shareholder ceasing to hold Shares but without prejudice to
                accrued rights and liabilities. Clauses 2.6, 12, 19 and 20 shall
                continue to apply notwithstanding any such termination within a
                period of one year from the termination date.

         (B)    This Agreement shall terminate in respect of all Shareholders on
                the expiry of the Licence granted to Licensee (which is
                currently stated to be 30 years from issuance of the Licence).

10              INTELLECTUAL PROPERTY RIGHTS

         Each Shareholder undertakes with each other Shareholder that it shall
         provide or procure that the applicable member of its Group shall
         provide to the Company and/or the Licensee and OpCo such intellectual
         property rights exclusively owned by that Shareholder or any member of
         its Group as may be required by the Company and/or the Licensee and
         OpCo (as the case may be), as far as they need it to develop their own
         activities, provided that appropriate intellectual property right
         agreements are negotiated on an arms-length commercial basis in respect
         of such intellectual property rights.

11              DIVIDEND DISTRIBUTION POLICY

         No dividends shall be declared or paid:

         (A)    unless there are sufficient distributable reserves and cash
                following repayment of all shareholder loans;

         (B)    if to do so would be contrary to (i) any direction made by the
                Advisory Board; or (ii) the Business Plan;

         (C)    unless (i) the Company has been the subject of an IPO; or (ii)
                five years have elapsed since the award of the Licence to the
                Company, whichever is the first to occur; and/or

         (D)    if such declaration or payment will breach any applicable law
                or regulation then in force and binding on the Company.

<Page>
12              CONFIDENTIALITY AND PUBLIC ANNOUNCEMENTS

         (A)    Without limiting the generality of any other provision of this
                Agreement, each Shareholder to this Agreement shall comply
                with the provisions of the Rulings relating to confidential
                information.

         (B)    Each party shall treat as confidential all information
                obtained as a result of negotiating and entering into this
                Agreement or, in the case of a Shareholder, through its
                interest in the Company or its Business or assets and which
                relates to:

                (i)      the provisions of this Agreement;

                (ii)     the negotiations relating to this Agreement;

                (iii)    the Company, Licensee and OpCo or their Business or
                         assets including, without limitation, their conduct
                         of the Auction and information relating to the terms
                         of the proposed exploitation of any Licence granted
                         to them; or

                (iv)     any Shareholder or a member of its Group or their
                         respective businesses or assets.

         (C)    Each Shareholder shall:

                (i)      not disclose any such confidential information to any
                         person other than:

                         (a)      an Advisory Board Member by it or a member
                                  of its Group, or any of its directors or
                                  employees or directors or employees of any
                                  such member whose duties include the
                                  management or monitoring of the business of
                                  the Company and who needs to know such
                                  information in order to discharge his
                                  duties;

                         (b)      a member of the Shareholder's Group to whom
                                  any Share is to be transferred pursuant to
                                  this Agreement;

                         (c)      after any Licence has been granted to the
                                  Company, to any existing or prospective
                                  shareholder of the Shareholder or of any
                                  member of its Group provided each other
                                  Shareholder has provided its prior written
                                  consent to such disclosure;

                         (d)      not use any such confidential information
                                  other than for the purposes of managing or
                                  monitoring its investment in the Company;
                                  and

                         (e)      procure that any person to whom such
                                  confidential information is disclosed by it
                                  complies with the restrictions set out in
                                  this clause 12 as if such person were a
                                  party to this Agreement.

         (D)    Notwithstanding the previous provisions of this clause 12, any
                Shareholder may disclose such confidential information:

<Page>

                (i)      if and to the extent required by law or for the
                         purpose of any judicial proceedings;

                (ii)     if and to the extent required by any securities
                         exchange or regulatory or governmental body to which
                         that party or any member of its Group is subject,
                         wherever situated whether or not the requirement for
                         information has the force of law;

                (iii)    to its professional advisers, auditors and bankers;
                         or

                (iv)     if and to the extent the information has come into
                         the public domain through no fault of that party.

         (E)    The restrictions contained in this clause 12 shall continue to
                apply to each Shareholder (including any Shareholder who has
                ceased to hold Shares) for a period of one year.

         (F)    No announcement concerning this Agreement, the Licensee's
                participation in the Auction or any Shareholder's membership
                in the Company shall be made by any Shareholder without the
                prior written approval of the Shareholders (such consent,
                after the grant of a Licence to the Company, not to be
                unreasonably withheld or delayed) and no announcement shall
                refer to any Shareholder (or any member of its Connected
                Group) without the prior written approval of that Shareholder.

         (G)    Notwithstanding the previous provisions of this clause 12, any
                Shareholder may, whenever practicable after consultation with
                the Advisory Board, make an announcement concerning this
                agreement or the Licensee's participation in the Auction if:

                (i)      required by law or for the purpose of any judicial
                         proceedings;

                (ii)     required by the Rulings or the Regulator for any
                         purpose connected with the Auction or the Company's
                         Application; or

                (iii)    required by any securities exchange or regulatory or
                         governmental body to which that party or any member
                         of its Group is subject, wherever situated whether or
                         not the requirement has the force of law.

13.      COSTS

         Other than the Costs to be paid pursuant to clause 2.6 each Shareholder
         shall bear its own costs and expenses in relation to the negotiation,
         preparation, execution and carrying into effect of this Agreement and
         any ancillary agreements. Any notarisation fees shall be borne equally
         by the Shareholders.

<Page>

14.      GUARANTEES BY HOLDING COMPANIES OF THE SHAREHOLDERS

         Each Guarantor hereby assumes the joint and several liability
         (SCHULDBEITRITT) for all obligations of the Guaranteed Shareholder (or
         any member of the Guaranteed Shareholder's Group to which Shares are
         transferred).

15.      SHAREHOLDER UNDERTAKING

         Each Shareholder severally undertakes with each other Shareholder that
         it has and will (where appropriate, for any relevant period stipulated
         in the Rulings):

         (A)    exercise its voting rights and other rights as a member of the
                Company in order (insofar as it is able to do so through the
                exercise of such rights) to give full effect to the terms of
                this Agreement, the Articles of Association and the rights and
                obligations of the parties as set out in this agreement and
                the Articles of Association;

         (B)    procure that each Advisory Board Member appointed by it from
                time to time shall (subject to his fiduciary duties to the
                Company) exercise his voting rights and other powers and
                authorities in order (insofar as he is able to do so through
                the exercise of such rights, powers and authorities) to give
                full effect to the terms of this agreement, the Articles of
                Association and the rights and obligations of the parties as
                set out in this agreement and the Articles of Association;

         (C)    comply with each of the provisions of this agreement and the
                Articles of Association applicable to it;

         (D)    comply with each of the provisions of the Rulings and
                applicable German law;

         (E)    comply with each of the conditions of any Licence or any other
                licence material to the Business, the terms of which have been
                notified to Shareholders, granted to the Company or its
                Subsidiaries to the extent applicable to it;

         (F)    procure, so far as it is able by virtue its holding of Shares
                and representation on the Advisory Board, that the Company
                complies with the terms of any Licence or any other licence
                material to the Business, the terms of which have been
                notified to Shareholders, granted to the Licensee;

         (G)    upon request, promptly provide the Company with all
                information and assistance necessary for the Company and/or
                the Licensee to comply with each of the provisions of the
                Rulings and each of the conditions to any Licence granted to
                the Licensee;

         (I)    promptly comply with all reasonable requests for information
                by the Company for the purposes of compliance by the Company
                and/or the Licensee with the conditions of any licence granted
                to or applied for by the Licensee.

<Page>

16.      SHAREHOLDER CONTRACTS

         (A) All the transactions between the Company (or its subsidiaries) and
         the Shareholders (and/or any company belonging to the same group) shall
         be performed under arm's length basis, assuming that they shall not
         include or result in any value transfers out of the Company. All those
         material agreements concluded/to be concluded between the Company (or
         its subsidiaries) and any Shareholder (and/or any company belonging to
         the same group) shall be recorded in the Advisory Board.

         (B) Each Shareholder undertakes to each other Shareholder not to
         exercise any rights of influence and to procure that none of its
         Advisory Board Member use any Voting Rights so as to participate in
         implementing any Shareholder Contract which is not on arm's length
         terms.

 17.     MISCELLANEOUS

         (A)    In this Agreement, nothing shall be deemed to constitute a
                partnership between the Shareholders nor constitute one the
                agent of another in any manner or for any purpose whatsoever.

         (B)    This Agreement shall supersede the Shareholders Agreement
                dated August 16, 2000, which shall be terminated with
                immediate effect upon signing of this Agreement.

                In the event of any ambiguity or conflict arising between the
                terms of this Agreement or the Articles of Association, the
                terms of this Agreement shall prevail as between the
                Shareholders to the extent of that ambiguity or conflict. In
                any case, the Parties agree that this Agreement shall
                supersede the Letter of Agreement executed among Telefonica
                Moviles S.A. and Sonera Corp. on October 3rd, 2001. So far as
                not prohibited by law, each Shareholder undertakes to exercise
                all voting and consent rights and powers of control available
                to it in relation to the Company in good faith so as to give
                full effect to the terms and conditions of this Agreement.

         (C)    No Shareholder shall assign or purport to assign or otherwise
                deal with any of its rights and obligations hereunder, except
                with the express prior written consent of the other
                Shareholder

         (D)    Subject as set out below, if any provision or provisions of
                this Agreement shall be found by any court, government body,
                anti-trust authority or regulatory or administrative body of
                competent jurisdiction to be invalid or unenforceable, the
                invalidity or unenforceability of such provision(s) shall be
                deemed to be deleted from this Agreement and the remaining
                provisions shall remain in full force and effect. The
                Shareholders hereby agree to substitute for any deleted
                provision(s) a valid and enforceable provision(s) which
                achieves to the greatest extent possible the economic, legal
                and commercial objectives of this Agreement. For the avoidance
                of any doubt, the Shareholders shall not be required by any
                provision of this Agreement to do (or refrain from doing) any

<Page>

                act or thing where so doing (or so refraining) would
                contravene the provisions of any applicable law or of any
                applicable regulation issued by any competent authority; and
                shall not be regarded as having breached this Agreement by
                reason of not having done (or having refrained from doing)
                such act or thing. Nothing contained in this Agreement shall
                require any of the Shareholders to do anything or procure that
                their Group members do anything that would conflict with any
                regulatory licence or condition with which that Shareholder or
                its Group Members must comply.

         (E)    The Shareholders shall at their own expense execute all such
                documents as may reasonably be required for the purpose of
                giving full effect to this Agreement.

         (F)    No failure or delay on the part of any Shareholder in
                exercising any right, power or remedy hereunder shall operate
                as a waiver thereof nor shall any single or partial exercise
                of any right, power or remedy preclude any further exercise
                thereof or the exercise of any other right, power or remedy.
                No waiver shall be effective unless expressed in writing
                signed by or on behalf of the Shareholder granting it.

         (G)    No variation of this Agreement shall be effective unless made
                in writing and signed by each of the Shareholders.

         (H)    Any and all notices pursuant to this Agreement shall be in
                writing and signed by (or by some person duly authorised by)
                the Shareholder giving it and may be served by leaving it at,
                or sending it by registered post, air mail or facsimile
                (confirmed by registered post or air mail) or by hand to the
                address of the relevant recipient Shareholder set out below
                (or as otherwise notified from time to time hereunder). Any
                notice so served by facsimile or by hand shall be deemed to
                have been received on the next working day after the notice
                has, respectively, been transmitted or received. Any notice so
                served by registered or air mail shall be deemed to have been
                received 3 working days after the notice has been posted. The
                addresses of the Shareholders for the above purpose are as
                follows:

                TICSA
                Goya, no 24 28
                Madrid
                Spain
                For the attention of: Mr. Fernando Panizo/Mrs. Nuria Aparicio
                                      Bueno
                Fax no: 34 91 4234122

                SONERA
                Teollisuuskatu 15
                Helsinki
                Finland

                For the attention of: Ms. Nina Siitari
                Fax no: 358 204054428

<Page>

         (I)    This Agreement (together with its Schedules and the documents
                to be executed or adopted pursuant to it) constitutes the
                entire and only agreement between the Shareholders in relation
                to the subject matter and replaces and extinguishes all prior
                agreements, undertakings, arrangements, understandings or
                statements of any nature made by the Shareholders whether oral
                or written (and, if written, whether or not in draft form)
                with respect to such subject matter. Each of the Shareholders
                acknowledges that it is not relying on any statements,
                warranties or representations given or made by any of them in
                relation to the subject matter of this Agreement, save those
                expressly set out in this Agreement, and that it shall have no
                rights or remedies with respect to such subject matter
                otherwise than under this Agreement (and the documents
                executed at the same time as it or referred to in it) save to
                the extent that they arise out of the fraud or fraudulent
                misrepresentation of any Shareholder.

18.      DEADLOCK RESOLUTION MECHANISM

         (A)      If a proposal is made in respect of one of the matters
                  contained in Clause 3.2 (D) herein (Reserved Matters), any
                  Shareholder may give written notice to the other that it
                  regards a deadlock situation as having arisen ("DEADLOCK
                  NOTICE"). Only one Deadlock Notice may be served in respect of
                  any one proposal.

         (B)      Within seven days of the date of service of a Deadlock Notice,
                  each Shareholder shall each prepare and send to the others a
                  memorandum stating its understanding of the disagreement, its
                  position in relation to the disagreement, its reasons for
                  taking that position and any proposals for resolving the
                  disagreement.

         (C)      If within fourteen days from the date of service of a Deadlock
                  Notice the Shareholders shall have failed to resolve the
                  disagreement, the respective chief executive officers of each
                  Ultimate Parent Company shall be provided with copies of all
                  such memoranda and shall as soon as reasonably practicable
                  meet to discuss the disagreement and use all reasonable
                  endeavours to resolve it.

         (D)      If a deadlock relating to any proposal made in respect of one
                  of the Reserved Matters is not resolved after applying the
                  above procedure, the Party submitting the proposal shall be
                  entitled to withdraw such a proposal or to ask for an
                  arbitration procedure as regulated in Clause 19 below.

19.      ARBITRATION

         All disputes arising in connection with this Agreement shall be finally
         settled under the Rules of Conciliation and Arbitration of the
         International Chamber of Commerce ("ICC RULES"), as in effect from time
         to time, by three arbitrators in accordance with the ICC Rules. The
         place of arbitration shall be Berlin. The arbitration proceedings shall
         be held in the English language provided that no party shall be under
         any obligation to produce translations of documents prepared in the
         German language. If there are more than three parties involved in the
         arbitration, the Court (as defined in the ICC Rules) shall appoint all
         three arbitrators, to the extent that the parties do not jointly
         nominate one or more arbitrators within 30 days from the date when the
         Claimant's

<Page>

         Request for Arbitration (as defined in the ICC Rules) has been
         communicated to the other parties. The chairman of the arbitral
         tribunal must be eligible for the office of a judge in the Federal
         Republic of Germany. This arbitration clause does not affect each
         party's right to seek injunctions or other temporary relief before the
         competent state courts.

 20.     CHOICE OF LAW

         This agreement is to be governed by and construed in accordance with
German law.

IN WITNESS whereof the Parties or their authorised representatives have set
their hands the day and year first above written.

Signed by Mr. Luis Lada Diaz
(Executive President)

for and on behalf of
TELEFONICA MOVILES
INTERCONTINENTAL S.A.

Signed by Mr. Harry Koponen
for and on behalf of
SONERA 3G HOLDING BV and
SONERA CORPORATION.

Signed by Mr. Kim Ignatius
for and on behalf of
SONERA 3G HOLDING BV and
SONERA CORPORATION.

<Page>

                                                          Shareholders Agreement
                                                                         Page 29

SCHEDULES

SCHEDULE1
(PARTA)
DETAILS OF SHAREHOLDERS

<Table>
<Caption>
                                                                                                 (vii)
(i)                                  (ii)                             (iii)                      PERCENTAGE
NAME OF SHAREHOLDER                  REGISTERED OFFICE AND NUMBER     FACSIMILE NO.              INTEREST
-------------------                  ----------------------------     -------------              ----------
<S>                                  <C>                              <C>                        <C>
Telefonica                Moviles    Goya 24,                         (00) 34 91 4234122         57.2%
Intercontinental               SA    Madrid
("TICSA")                            Spain
Sonera 3G                            Rivium Quadrant 58,              (00)  358 20 40 63         42.8%
Holding B.V.                         2909 LC                          570
("SONERA ")                          Capelle aan den Ijssel
                                     The Netherlands
</Table>

<Page>

SCHEDULE1
(PARTB)
DETAILS OF GUARANTORS

<Table>
<Caption>
(i)                         (II)                             (iii)              (iv)               (V)
NAME OF GUARANTOR           REGISTERED OFFICE AND NUMBER     FACSIMILE NO.      E-MAIL ADDRESS     GUARANTEED SHAREHOLDER
-----------------           ----------------------------     -------------      --------------     ----------------------
<S>                         <C>                              <C>                <C>                <C>
Sonera Corporation Ltd.     Teollisuuskatu 15                +358 204063570                        Sonera 3G Holding BV
("SONERA CORP")             Helsinki,
                            Finland
</Table>

<Page>

SCHEDULE2

FAIR MARKET VALUE

         (A)      The "FAIR MARKET VALUE" of any Shares, other than where the
                  Shareholders agree the Fair Market Value, shall be determined
                  as follows:

                  (i)      the Fair Market Value of any Shares shall be the fair
                           market value of those Shares (without implying any
                           discount for lack of control) [or, in the case of the
                           clause 5.3(A), of the Shares to be issued were they
                           to be issued to a third party subscriber], determined
                           on the basis of a sale between a willing seller and a
                           willing buyer on the assumption that the business of
                           the Company is and will remain for the foreseeable
                           future a going concern;

                  (ii)     subject as provided below, shall be such price as is
                           the mean average of the prices certified in reasoned
                           certificates (each a "VALUATION CERTIFICATE")
                           provided by two international investment banks (each
                           an "EXPERT BANK"), one Expert Bank to be appointed by
                           the proposed transferor ("FIRST EXPERT BANK") and one
                           Expert Bank to be appointed by the proposed
                           transferee ("SECOND EXPERT BANK"), Provided That the
                           higher of the prices so certified by the Expert Banks
                           is within 10% of the lower of the prices so certified
                           by the Expert Banks. In the case that the transferor
                           doesn't comply (in time and form) with the
                           appointment of its Expert Bank as required above, the
                           Value shall be determined only by the transferee's
                           Expert Bank.

                  (iii)    where the higher of the prices so certified by the
                           Expert Banks is not within 10% of the lower of the
                           prices so certified by the Expert Banks, the Expert
                           Banks shall agree upon a third international
                           investment bank ("THIRD EXPERT BANK" which shall also
                           be deemed to be an Expert Bank for the remaining
                           provisions of this Schedule) and the price certified
                           by the Third Expert Bank in a Valuation Certificate
                           shall be conclusive and binding on the Shareholders
                           provided that such price is within the prices
                           certified by the First Expert Bank and the Second
                           Expert Bank.

                  (iv)     each Expert Bank shall be instructed to issue their
                           Valuation Certificates as soon as possible and in any
                           event within 20 Business Days of its appointment;

                  (v)      the appointing Shareholders agree that they will not
                           unreasonably delay appointing the relevant Expert
                           Banks and that, in the event of unreasonable delay by
                           any Shareholder, the relevant Expert Bank may be
                           appointed by the Company (and in this respect the
                           delaying Shareholder shall not be entitled to
                           exercise any of its voting rights);

                  (vi)     the Expert Banks shall act as experts and not as
                           arbitrators for all purposes under this clause (A)
                           (Fair Market Value);

                  (vii)    the fees of the First Expert Bank and the Second
                           Expert Bank shall be borne by the Shareholder(s)
                           obliged to appoint them, except where the
                           determination of the Fair Market Value is consequent
                           upon a change of

<Page>

                           control of one Shareholder in which case the
                           Shareholder subject to the change of control shall
                           bear the fees of both Expert Banks;

         (B)      the fees of the Third Expert Bank shall be borne equally by
                  the proposed transferor, on the one hand, and the proposed
                  transferees, on the other hand, except where the determination
                  of the Fair Market Value is consequent upon a change of
                  control of one Shareholder in which case the Shareholder
                  subject to the change of control shall bear the fees of the
                  Third Expert Bank.<Page>

                                    November 8, 2001

SHAREHOLDERS SUPPORT DEED

among

SONERA 3G HOLDING B.V.
SONERA CORPORATION

(joint and severally referred to as "the Shareholder")

and

TELEFONICA MOVILES INTERCONTINENTAL, S.A. (the "Lender")

and

GROUP 3G UMTS HOLDING GMBH (the "Borrower")

WHEREAS

1.       The Borrower and the Lender are or will be parties to various loan
         agreements (the "Loan Agreements") entered or to be entered by [______]
         It is acknowledged and agreed among the Parties that, by 31st December
         2006, the outstanding amount under the Loan Agreements will not be
         higher than EURO 2,500 Million, provided that third parties loans are
         provided to the Borrower (and/or its subsidiaries) and no further
         funding needs are required above the above referred amount.

2.       The Shareholder is not obliged to participate in any funding (in
         addition to the payment of the UMTS License fee).
<Page>

3.       The Lender will make certain loan facilities available to the Borrower
         pursuant to the terms of the respective Loan Agreements ("The
         Facility/ies"). The terms and conditions of the Loan Agreements shall
         be at arm's length basis.

         The Lender and the Shareholder, subject to the terms and conditions of
         this Agreement, agree that (i) the Lender may convert from time to time
         the funds provided under the Loan Agreements into equity, applying the
         Fair Market Value of the Borrower as defined in section 1.3 (B) (i)
         below. For these purposes, the Shareholder agrees to vote in the
         relevant Borrower's shareholders meetings in the sense to approve such
         a capitalisation, waiving its pre-emptive rights regarding the
         proportional subscription of the new share/s issued (if any).

4.       It is a condition precedent to the obligations of the Lender to make
         disbursements pursuant to the Loan Agreements that this Agreement is
         entered into by the parties.

NOW THEREFORE, in consideration of the premises and in order to induce the
Lender to make the Loan, and for other good and valuable considerations, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

ARTICLE 1. LOANS CONVERSION AND SHAREHOLDERS' CHANGE OF CONTROL

1.1      The Lender may from time to time convert any or all amounts outstanding
         under the Loan Agreements (including principal and accrued interests)
         into equity, applying the Fair market Value of the Borrower as
         appraised by an independent expert and being reduced by the outstanding
         indebtedness (including Shareholders' loans - principal and accrued
         interests).

1.2.     The Lender agrees that the conversion will be done in adequately large
         portions in a minimum amount of Euro 50 Million.

1.3      Within the period of the Loan Agreements, as stated in each of them, if
         the Borrower determines that a change of control has occurred in
         relation to the Shareholder, it shall notify immediately to the Lender
         and the affected Shareholder of such a event (the "Deficiency" and the
         "Deficiency Notice", respectively).

         If the Shareholder notifies the Lender its decision to exercise its put
         option (the "Put Option") during the period which is in accordance with
         the Shareholders Agreement, the Put Option price shall be determined in
         the
<Page>

         following manner taking the financing (including principal and accrued
         interests) given by the Lender (direct or indirectly), outstanding at
         that time, into consideration as follows:

         (i)      First, the Fair Market value of the Borrower ("Enterprise
                  Value"), as appraised by an independent valuation as described
                  in the Shareholders Agreement, shall be reduced by the
                  outstanding indebtedness (including shareholders' loans --
                  principal and accrued interests) of the Borrower, resulting
                  into the Net Equity of the Borrower.

         (ii)     The Shareholder's put option value shall be calculated by
                  multiplying the Net Equity of the Borrower by the
                  Shareholder's shareholding percentage at the time of exercise.

         (iii)    If the Borrower's Net Equity value is below zero, the
                  Shareholder will transfer its shareholding interest in the
                  Borrower to the Lender at zero value with no further
                  liabilities.

1.4      For the purposes of this Agreement, a change of control occurs when a
         change event takes place in respect of the Shareholder or its Ultimate
         Parent Company, (i) where the person acquiring control following such
         Change Event already holds an UMTS and/or GSM licence in Germany and
         will maintain such licence after the Change Event; and (ii) RegTP
         official and expressly informs or recommends (in written) the Borrower
         or the Licensee that the Shareholder should cease to be a Shareholder
         or a member of its Group should cease to be a member of its Group.

         For the purposes of this clause, a Change Event (as contemplated in the
         Shareholders' Agreement) shall occur where:

         (i) a person acquires control of the Shareholder where no person
         previously had control of that Shareholder; or

         (ii) the Ultimate Parent Company of the Shareholder ceases to have
         control of that Shareholder; or

         (iii) a person acquires control of the Ultimate Parent Company of the
         Shareholder; or

         (iv) a person who is not under the control of the Ultimate Parent
         Company of the Shareholder acquires control of that Shareholder; or

         (v) the Shareholder or the Ultimate Parent Company of the Shareholder
         merges with any company or other entity (other than with another

<Page>

         Borrower's shareholder or member of its Group) and, as a result of such
         merger, the Shareholder or Ultimate Parent Company (as the case may be)
         lose its control;

         in each case where the person who becomes in control, or in case of
         subsection (v) the other company or entity, is a direct competitor of
         the other Borrower's shareholder/s, the Borrower and/or any of its
         affiliates (the Licensee and its subsidiaries).

1.5.-    The Shareholder agrees with the Lender that it shall promptly, but in
         any case no later than 10 days after the receipt of the Deficiency
         Notice, notify the Lender in writing, with a copy to the Borrower, of
         its election to exercise the Put Option.

1.6.-    Nothing contained in herein shall restrict the Shareholder from making,
         at any time, whether or not a Deficiency exists or a Deficiency Notice
         has been issued, additional funding in accordance with what has been
         approved by the Advisory Board, either by way of debt or equity (or any
         combination thereof).

ARTICLE 2. ACTION BY THE BORROWER AND THE SHAREHOLDER

The Borrower and the Shareholder each shall take all action as may be necessary
or as the Lender may reasonably request, including the exercise of its voting
rights and obtaining all required authorisations, in order to comply with its
obligations under this Agreement.

The Shareholder agrees not to take any action which may impair the ability of
the Borrower or any member of its group, to observe and perform all its
obligations under each document to which the Borrower is party.

Furthermore, the Shareholder undertakes exclusively for itself that it and its
affiliates shall vote its or their shares in the Borrower, as well as any shares
in the Borrower that the Shareholder or its affiliates may acquire or own in the
future, in such manner and take (or cause to be taken) any and all actions and
concur (or cause to be concurred) in any and all actions (corporate or
otherwise) so as to achieve a prompt and effective implementation of the
provisions of this Agreement.

<Page>

ARTICLE 3. NATURE OF OBLIGATIONS

The obligations of Sonera 3G Holding B.V. and Sonera Corporation (as
Shareholder) under this Agreement are joint and several.

ARTICLE 4. SUBORDINATION

The Shareholder and the Borrower agree in favour of the Lender, who so accepts,
that any amounts related to interest, principal and any other amounts due under
this Agreement (whether on the contractual due dates, as a result of
acceleration or otherwise) shall be fully paid and performed in priority,
seniority and preference to any other subordinated sums.

ARTICLE 5. REPRESENTATIONS AND WARRANTIES

The Borrower and the Shareholder each hereby represent and warrant exclusively
for itself that:

(a)      it is a corporation or partnership duly organised and validly existing
         under the laws of its jurisdiction of incorporation or partnership, as
         the case may be, has the corporate or other power and authority, and
         all necessary corporate and other action has been taken, to conduct its
         business as presently conducted and to execute and deliver this
         Agreement and to perform fully and completely all its obligations and
         liabilities hereunder;

(b)      this Agreement has been duly authorised, executed and delivered by it
         and constitutes its valid and legally binding obligation, enforceable
         against it in accordance with its terms;

(c)      as at the date of thisAgreement, the Shareholder owns, directly or
         indirectly, an unencumbered beneficial interest in the percentage of
         the Borrower's share capital corresponding to a percentage of 42,8%.

ARTICLE 6. NOTICES

Any notice, request of any other communication to be given or made under this
Agreement shall be in writing and may be delivered by hand, airmail, facsimile,
registered mail or established courier service to the party's address specified
below or at such other address as such party notifies to the other party from
time to time and will be effective

<Page>

upon receipt or, in case of delivery by hand or by established courier
service, upon refusal to accept delivery.

For the Borrower:

For the Shareholder:

For the Lender:

ARTICLE 7. APPLICABLE LAW

This Agreement is governed by English law.

ARTICLE 8. DISPUTE RESOLUTION

The parties agree that any dispute arising out of or in connection with this
Agreement(including any question regarding the existence, validity or
termination of this Agreement) shall be referred and finally solved by
arbitration under the Rules of the International Chamber of Commerce. The
tribunal shall consist of a sole arbitrator agreed among the parties. If such
an agreement cannot be reached within a period of five (5) days from the
Lender requiring the dispute, a sole arbitrator is appointed in accordance
with those Rules. The place of any such arbitration shall be London and the
language shall be English. The arbitrator's resolution shall be binding for
the parties.

<Page>

ARTICLE 9. MISCELLANEOUS

9.1.     Termination

         This Agreement shall be in place until the total repayment of all and
         any amounts due under the Loan Agreements to the Lender, in accordance
         with the terms and conditions of the Loan Agreements or on 31st
         December 2006, the earlier.

9.2.     Severability

         If a provision of this Agreement is or becomes illegal, invalid or
         unenforceable, that shall not affect the validity or enforceability or
         any other provision of this Agreement.

9.3.     Counterparts

         This Agreement may be executed in a number of counterparts, all of
         which taken together shall constitute one and the same instrument.

9.4.     Language

         All communications and documents required under this Agreement shall be
         in English.

9.5.     Default interest

Without limiting the remedies available to the Lender under this Agreement or
otherwise, if the Shareholder fails to make any payment when due as specified
in this Agreement, the Shareholder shall pay to the Borrower interest on the
amount of such a payment due and unpaid at the rate of eight (8) per cent.,
and shall be payable on demand.

IN WITNESS WHEREOF, this Agreement has been executed as a deed by the parties
hereto and is intended to be and is hereby delivered on the day and year
first written above.

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