Document:

<PAGE>

                                                                   Exhibit 10.33

THIS DEED is made the twenty ninth day of September One thousand nine hundred
and ninety-two

BETWEEN                                                          [SEAL]

VODAFONE GROUP PLC registered in England with Number 1833679 and whose
registered office is situated at The Courtyard, 2-4 London Road, Newbury,
Berkshire (hereinafter called "the Company") of the first part; and

THE SEVERAL COMPANIES whose names, registered offices and registered numbers are
stated respectively in the First Schedule hereinafter called (together with the
Company) "the Participating Companies" which expression shall, where the context
so admits, also include the companies from time to time bound by the provisions
of this Deed in accordance with Clause 9 hereof of the second part; and

NOBLE LOWNDES SETTLEMENT TRUSTEES LIMITED registered in England with Number
576832 and whose registered office is situated at PO Box 144 Norfolk House,
Wellesley Road, Croydon CR9 3EB (hereinafter called "the Trustees" which
expression shall, where the context so admits, include its successors as
trustees of the Scheme) of the third part

WHEREAS

(A)  The Company wishes to establish arrangements to facilitate the acquisition
     on behalf of employees of the Company and any Participating Company of
     fully paid Shares of Vodafone Group PLC and to embody in such arrangements
     a profit sharing scheme approved in accordance with the provisions of Part
     I of Schedule 9 to the Act and constituting an "employees' share scheme"
     as that expression is defined in Section 743 of the Companies Act 1985 for
     the provision by the Company and such Participating Companies of funds for
     the subscription or purchase by the Trustees of such Shares.

(B)  The Company has by resolution of the Directors adopted the Rules set out in
     the Second Schedule hereto.

(C)  The Trustees have agreed to be the first trustees of the Scheme.
<PAGE>

                                 VODAFONE GROUP
                             PROFIT SHARING SCHEME

                                   TRUST DEED

                                LIST OF CONTENTS

TITLE                                                             PAGE NUMBER

        PREAMBLE                                                        1

1.      Name                                                            2
2.      Construction                                                    2
3.      Covenant                                                        2
4.      Trusts of The Qualification Scheme                              2
5.      Trusts of the Ownership Scheme                                  2
6.      Accounts and Records                                            3
7.      Eligible Employee's Income Tax                                  4
8.      Amendments                                                      4
9.      Participation by Participating Companies                        5
10.     Initial Market Value                                            5
11.     Information and directions given to Trustees                    6
12.     Safekeeping of Trust Property                                   6
13.     Appointment of Trustees                                         6
14.     Persons Eligible to be Trustees                                 6
15.     Removal of Trustees                                             6
16.     Resignation of Trustees                                         7
17.     Minimum Number of Trustees                                      7
18.     Remuneration and Expenses of Trustees                           7
19.     Personal Interest of Trustees                                   8
20.     Position of Trustees                                            8
21.     Administration by the Trustees                                  8
22.     Income Received by the Trustees                                 9
23.     Delegation                                                      9
24.     Liability                                                      10
25.     Perpetuity Period                                              10
<PAGE>

                                     - 2 -

NOW THIS DEED WITNESSETH as follows:

1.       NAME

         The Scheme shall be known as the "Vodafone Group Profit Sharing Scheme"
         and shall be operated and administered by the Trustees in accordance
         with the Rules contained in the Second Schedule hereto.

2.       CONSTRUCTION

         Words and expressions as used herein shall, unless the context or
         subject matter precludes, bear the same meanings in this Deed as in the
         Rules and these presents shall be construed and take effect according
         to English law.

3.       COVENANT

         The Company hereby covenants with the Trustees to pay to the Trustees,
         or to procure that each of the Participating Companies pay to the
         Trustees, such sums as pursuant to these presents are required to be
         paid to the Trustees and the Company here by further covenants to carry
         out, or to procure are carried out, such other obligations as pursuant
         to these presents are required of the Participating Companies.

4.       TRUSTS OF THE QUALIFICATION SCHEME

         Subject as hereinafter provided, the Trustees shall hold the Deposit
         received from any Eligible Employee together with any Shares acquired
         therewith and any such Shares deposited with them and any shares,
         stock, securities or other rights or assets issued or received in
         respect of, or otherwise representing, such Shares UPON TRUST for the
         Eligible Employee by whom such Deposit was made and shall apply and
         deal with the same in accordance with the provisions of The
         Qualification Scheme.

5.       TRUSTS OF THE OWNERSHIP SCHEME

         Subject as hereinafter provided, the Trustees shall apply the
         Contributions received by them from the Participating Companies in the
         acquisition of Shares to hold the same once appropriated and any
         shares, stock, securities or other rights or assets issued or received
         thereafter in respect of, or otherwise representing, such
<PAGE>

                                     - 3 -

         Shares UPON TRUST for those Eligible Employees to whom such Shares has
         been appropriated provided always that:

         (i)    the Trustees shall not dispose of any of an Eligible Employee's
                Appropriated Shares during the Period of Retention related
                thereto (whether by transfer to the Eligible Employee or
                otherwise) except as mentioned in paragraphs 1(1)(a), 1(1)(b)
                and 1(1)(c) of Schedule 10;

         (ii)   the Trustees shall not dispose of any of an Eligible Employee's
                Appropriated Shares except pursuant to a written direction given
                by the Eligible Employee or any person in whom the beneficial
                interest in such Eligible Employee's Appropriated Shares is for
                the time being vested by reason of such Eligible Employee's
                insolvency or otherwise by operation of law or the legal
                personal representatives of that Eligible Employee and by a
                transaction which would not involve a breach of such Eligible
                Employee's obligations as expressed in paragraphs 2(2)(c) and
                2(2)(d) of Schedule 9;

         (iii)  the Trustees shall deal only pursuant to a written direction
                given by the Eligible Employee or any person in whom the
                beneficial interest in such Eligible Employee's Appropriated
                Shares is vested by reason of such Eligible Employee's
                insolvency or otherwise by operation of law or the legal
                personal representatives of that Eligible Employee with any
                right conferred in respect of any of such Eligible Employee's
                Appropriated Shares to be allotted other stock, shares
                securities or rights of any description.

5.2      Where pursuant to Rules 17.3 and 18.5 the Trustees hold any unutilised
         cash they shall stand possessed of it and any income therefrom UPON
         TRUST to apply the same as directed in such Rules and shall, as
         requested, notify the Company of the amount so held by them and its
         application but if, at any time, the Scheme is terminated the Trustees
         shall, subject as hereinafter provided, account to the Company for any
         amount then held by them and not so required.

6.       ACCOUNTS AND RECORDS

6.1      The Trustees shall maintain such accounts and records as may be
         required for the proper operation of the Scheme in accordance with
         statute and the general law and, in particular, as may be necessary
<PAGE>

                                     - 4 -

         to enable them to carry out their obligations under paragraph 7 of
         Schedule 10 in relation to Eligible Employees' Appropriated Shares and,
         without prejudice to the generality of the foregoing, such records
         shall include in respect of each Eligible Employee's Appropriated
         Shares:

         (i)    the date of appropriation;

         (ii)   details of any capital receipts (as defined in Section 186(3) of
                the Act) received in respect of, or by reference to, such
                Eligible Employee's Appropriated Shares;

         (iii)  details of any company reconstruction (as defined in paragraph 5
                of Schedule 10) occurring in relation to any such Eligible
                Employee's Appropriated Shares;

         (iv)   the market value of such Eligible Employee's Appropriated Shares
                at the time of disposal or transfer if different from the
                disposal proceeds; and

         (v)    the disposal proceeds from the disposal or transfer of such
                Eligible Employee's Appropriated Shares.

6.2      The Trustees shall at least once in each year submit accounts to the
         Company and the Company may cause such accounts to be made up and
         audited.

7.       ELIGIBLE EMPLOYEE'S INCOME TAX

         Where an Eligible Employee becomes liable to income tax under Part V of
         the Act (Schedule E) by reason of the occurrence of any event in
         relation to, or in respect of, his Appropriated Shares the Trustees
         shall inform the Eligible Employee of any facts known to them and
         relevant to determining that liability.

8.       AMENDMENTS

         Without infringing the Rule against perpetuities, the Company shall
         have power to vary, amend, modify, alter or extend the Rules in any
         manner and in any particular whatsoever as is therein provided and,
         with the concurrence of the Trustees to vary, amend, modify, alter or
         extend this Deed in any manner and in any particular whatsoever by any
         deed which shall be expressed to be supplemental hereto and this Deed
         shall then be read and construed as if the provision
<PAGE>

                                     - 5 -

         thereof were incorporated herein and shall be binding on all Eligible
         Employees and all Participating Companies Provided always that the
         foregoing power shall not be exercised

         (i)    so as to affect the rights of any Eligible Employee in respect
                of his Qualification Shares, Deposited Shares, Matured Shares or
                Appropriated Shares; or

         (ii)   (without the prior written consent of the Trustees) so as to
                expose the Trustees to any greater liability (actual or
                contingent) than would or might have fallen upon them if such
                power had not been exercised; or

         (iii)  without the prior approval of the Commissioners of Inland
                Revenue.

9.       PARTICIPATION BY PARTICIPATING COMPANIES

         The Company shall have power exercisable from time to time by deed
         (expressed to be supplemental hereto and to be in such form as the
         Company and the Trustees agree) to agree that any Subsidiary of the
         Company which is under the control of the Company (within the meaning
         of Section 840 of the Act) or, with the prior approval of the
         Commissioners of Inland Revenue, any Jointly-owned Company, shall
         become a Participating Company for the purposes of the Scheme provided
         that the said Subsidiary shall be a party to that supplemental deed for
         the purpose of acceding to, and becoming bound by, the provisions of
         the Scheme. Any such Subsidiary shall be deemed not to be a
         Participating Company for the purposes of Rule 2 as from the date on
         which it ceases to be a Subsidiary or under the control of the Company
         or as from such date as the Company may by deed declare.

10.      INITIAL MARKET VALUE

         The Trustees shall have power exercisable from time to time by
         agreement in writing as provided by paragraph 30(4)(b) of Schedule 9
         with the Commissioners of Inland Revenue (and with the concurrence of
         the Company) to determine the Initial Market Value of any Appropriated
         Shares.
<PAGE>

                                     - 6 -

11.      INFORMATION AND DIRECTIONS GIVEN TO TRUSTEES

         Each Participating Company shall supply the Trustees with any
         information reasonably required by them for the purposes of the Scheme
         and, if required by them, shall do so in writing. The Trustees may rely
         without further enquiry on any such information or any information
         provided to them by an Eligible Employee.

12.      SAFE KEEPING OF TRUST PROPERTY

         The Trustees may at any time cause any part of the property from time
         to time held by them under the provisions of the Scheme to be deposited
         for safekeeping with any one or more of the Trustees or to be deposited
         for safekeeping with any other persons (including any company or
         corporation) on behalf of the Trustees and may pay any reasonable
         expenses in connection therewith.

13.      APPOINTMENT OF TRUSTEES

         The power of appointing additional or new trustees hereof shall be
         vested in the Company and be exercisable by resolution of the Board and
         if the Company shall cease to exist otherwise than by way of
         reconstruction or amalgamation shall thereafter be vested in the
         Trustees and this power shall not be restricted by any statutory or
         other limitation on the number of trustees.

14.      PERSONS ELIGIBLE TO BE TRUSTEES

         An Eligible Employee, a trust corporation or any other body corporate
         may be appointed a trustee hereof provided always that such a person is
         resident in the United Kingdom.

15.      REMOVAL OF TRUSTEES

         The Company shall have power (which may be exercisable by resolution of
         the Board) in its absolute discretion at any time and without assigning
         any reason therefore to remove from office any Trustee and the Trustees
         (including that Trustee) shall, provided that they are satisfied that
         such Trustee will not thereafter be under any liability (whether actual
         or contingent) by reason of any provision of these presents save only
         for fraud, wilful default or negligence, accord therewith by taking
         whatever further action may be necessary to give effect thereto.
<PAGE>

                                     - 7 -

16.      RESIGNATION OF TRUSTEES

         Any Trustee may at any time by notice in writing given to the Company
         and the remaining Trustees resign his or its office, as the case may
         be, and thereupon cease to be a Trustee provided always that any
         Trustee who ceases to be resident in the United Kingdom for tax
         purposes shall ipso facto cease to be a Trustee.

17.      MINIMUM NUMBER OF TRUSTEES

17.1     There shall at all times be at least two Trustees or a Trustee which is
         a body corporate or trust corporation and this provision shall be
         observed in the exercise of any of the foregoing powers.

17.2     If at any time there is only one Trustee and that Trustee is not a body
         corporate or trust corporation, the Company shall forthwith appoint an
         additional Trustee.

18.      REMUNERATION AND EXPENSES OF TRUSTEES

18.1     A Trustee (whether or not a professional or business person) shall be
         entitled to charge, receive and retain such remuneration as may be
         agreed from time to time with the Company.

18.2     All costs, expenses, charges, stamp duties (but only to the extent that
         the same are not payable by the Eligible Employees pursuant to Rule 32)
         and other liabilities of, and incidental to, the establishment and
         administration and determination of the Scheme (including, but without
         prejudice to the generality of the foregoing, the costs and expenses
         reasonably incidental to the acquisition of Shares pursuant to The
         Ownership Scheme) shall be payable by the Trustees who shall (after
         deducting any amounts retained by the Trustees against such expenses
         pursuant to the Rules) be reimbursed in full by the Participating
         Companies in such proportions as may be agreed from time to time and
         may require to be funded or indemnified to their satisfaction. Such
         costs and expenses shall be agreed in advance between the Company and
         the Trustees.

18.3     A Trustee which is a bank or any other company or trust corporation or
         who is a professional person shall be entitled to charge, receive and
         retain such interest, fees or remuneration for services rendered in the
         ordinary course of its or his business as may be agreed with the
         Company without accounting for any resultant profit.
<PAGE>

                                     - 8 -

19.      PERSONAL INTEREST OF TRUSTEES

19.1     A Trustee and any director or other officer of a body corporate or
         trust corporation acting as a trustee hereof shall not be precluded
         from acquiring, holding or dealing with any debentures, debenture
         stock, shares or securities whatsoever of the Company or any Subsidiary
         or any other company in which the Company or any such Subsidiary may be
         interested or from entering into any contract or other transaction with
         the Company or any such Subsidiary or any such other company or being
         interested in any such contract or transaction and none of them shall
         be in any manner whatsoever liable to account to the Company or any
         such Subsidiary for any profits made or benefits obtained by him or it
         thereby or in connection therewith.

19.2     A Trustee who is or who becomes a director of or a holder of any other
         office or employment in any Participating Company may retain for his
         own absolute benefit any fees or remuneration received by him in
         connection therewith notwithstanding that his retention of or
         appointment to such office or employment may be directly or indirectly
         due to the exercise or non-exercise of any votes to which he is
         entitled under the Scheme.

20.      POSITION OF TRUSTEES

         The Company hereby covenants with the Trustees (for themselves and as
         trustees for their successors in title) that it will at all times
         hereafter keep them and each and all of their successors in the title
         as Trustees and each of their estates and effects fully indemnified and
         saved harmless against all claims, losses, demands, actions,
         proceedings, charges, expenses, costs, damages, taxes, duties and other
         liabilities that may be incurred by them, or by each of any of them, in
         connection with the administration and operation and determination of
         the Scheme in any manner whatsoever, save that no Trustee shall be
         indemnified hereunder or exonerated in respect of any fraud, wilful
         default or negligence on it or his part.

21.      ADMINISTRATION BY THE TRUSTEES

         The Trustees (if more than one) may in their discretion make rules for
         the constitution and regulation of their meetings, the appointment of
         chairman, the passing of resolutions and the keeping of minutes and
         otherwise conduct their affairs in such manner as they
<PAGE>

                                     - 9 -

         may deem appropriate and make such arrangements in relation to the
         administration of the Scheme and of the property held in trust by the
         Trustees as they may consider advisable provided always that no power
         conferred on the Trustees under these presents or by law shall be
         exercised except in the furtherance of the Scheme and in accordance
         with these presents.

22.      INCOME RECEIVED BY THE TRUSTEES

         Any moneys received by the Trustees pursuant to these presents may be
         placed on current account with a bank carrying on business in the
         United Kingdom and the Trustees shall not be required to earn interest
         in respect of such moneys but in the event that they shall the Trustees
         shall apply such interest (after paying any taxation in respect
         thereof) in meeting the costs, charges and other expenses of managing
         and administering the Scheme. Any bank accounts held for the purposes
         of the Scheme may be operated by the Trustees or by two or more persons
         including at least one Trustee as the Trustees shall in their
         discretion direct.

23.      DELEGATION

23.1     The Trustees or any of them shall have power with the consent in
         writing in each case of the other or others of them (i) to appoint any
         person or company whether incorporated or not (including, without
         prejudice to the generality of the foregoing the Company or any
         Subsidiary of the Company) to act in relation to the administration of
         the Scheme on such terms as to employment, remuneration, responsibility
         to the Trustees or otherwise as the Trustees shall in their discretion
         think fit (ii) to the extent permitted by law to delegate to any such
         officers or to any other persons (who may if thought fit be or include
         any of the Trustees) or any company or corporation (including any
         Participating Company) at any time for any period and in any manner and
         upon any terms whatever all or any of the trusts, powers and
         discretions imposed on or given to the Trustees by this Deed or by law
         or otherwise and (iii) to employ and pay a solicitor, accountant,
         banker, stockbroker or other professional or business person to
         transact or advise on all or any business to be done.

23.2     A Trustee hereof being a body corporate (whether or not a trust
         corporation) may in its capacity as Trustee hereof act by its proper
         officers and may be such proper officers have and exercise all powers
         trusts and discretions vested in it hereunder.
<PAGE>

                                     - 10 -

23.3     Any two Trustees or a Trustee which is a trust corporation or other
         body corporate may give a valid and effectual receipt or discharge for
         the payment or transfer of any money or other property receivable by
         the Trustees.

23.4     Save as herein provided, each of the powers and discretions hereby or
         by law vested in the Trustees shall be an absolute and uncontrolled
         discretion or power and shall be exercisable by a simple majority in
         number of the Trustees for the time being and any Trustee who shall
         dissent from any exercise of any such power or discretion shall
         nevertheless, but without being responsible for loss, concur in
         executing or signing any deed or document and in doing any act
         necessary for giving effect to the exercise of such power or discretion
         by the majority of the Trustees.

24.      LIABILITY

         In the professed operation of the Scheme no Trustee shall be liable for
         any loss arising by reason of any mistake or omission made in good
         faith by him or by reason of the fraud, negligence or default of
         another Trustee unless fraudulent, in wilful default or grossly
         negligent himself.

25.      PERPETUITY PERIOD

25.1     The Scheme shall continue for a period of eighty years commencing on
         the date hereof which period shall be the perpetuity period for the
         purposes of this Deed and the Rules contained herein.

25.2     Upon the expiration of the perpetuity period applicable to this Deed
         or, if earlier, if at any time the Board shall resolve to terminate the
         Scheme, the Trustees shall:

         (i)      refund any amounts received by them from Eligible Employees
                  and not otherwise applied in accordance with the provisions of
                  this Deed to the Eligible Employees concerned; and

         (ii)     hold upon trust any Shares which constitutes Appropriated
                  Shares, Deposited Shares, Matured Shares or Qualification
                  Shares of an Eligible Employee for that Eligible Employee
                  until such date as all such Shares becomes Matured Shares and,
                  as soon as practicable after that date, shall transfer to him
                  any of his Matured Shares still registered in their names and
                  in respect of which he has not given notice in
<PAGE>

                                     - 11 -

                  writing to the Trustee pursuant to Rule 24 and if the
                  perpetuity period has expired or expires following a
                  resolution to terminate the Scheme as aforesaid the trusts
                  under which the Trustees shall continue to hold Shares at any
                  time shall be interpreted as though these presents continued
                  to subsist; and

         (iii)    sell any Shares which does not constitute Appropriated Shares,
                  Deposited Shares, Matured Shares or Qualification Shares of
                  any Eligible Employee for the best consideration in money
                  reasonably obtainable at the time and shall pay or transfer
                  the proceeds of such sale, less any expenses associated
                  therewith, together with any other moneys then held by them
                  and not otherwise applied in accordance with the provisions of
                  this Deed to any companies which at that time were
                  Participating Companies in proportion to the total aggregate
                  Contributions paid by each of them in the preceding five
                  years;

         and immediately after the date upon which the Trustees cease to hold
         any Shares, moneys or property whatsoever or, if earlier, the end of
         the perpetuity period the trust hereof shall cease to have effect.
<PAGE>

                                     - 12 -

                               THE FIRST SCHEDULE

Participating Company               Registered Office         Registered Number

Vodafone Limited                    The Courtyard             1471587
                                    2-4 London Road
                                    Newbury
                                    Berkshire
                                    RG13 1JL

Vodafone Group Services             The Courtyard             2370135
Limited                             2-4 London Road
                                    Newbury
                                    Berkshire
                                    RG13 1JL

Vodac Limited                       The Courtyard             1786055
                                    2-4 London Road
                                    Newbury
                                    Berkshire
                                    RG13 1JL

Vodapage Limited                    The Courtyard             795531
                                    2-4 London Road
                                    Newbury
                                    Berkshire
                                    RG13 1JL

Vodata Limited                      The Courtyard             1795704
                                    2-4 London Road
                                    Newbury
                                    Berkshire
                                    RG13 1JL

Paknet Limited                      The Courtyard             2349299
                                    2-4 London Road
                                    Newbury
                                    Berkshire
                                    RG13 1JL
<PAGE>

                                     - 13 -

                               THE SECOND SCHEDULE

                                    THE RULES

                                     PART A

1.       INTERPRETATION AND CONSTRUCTION

1.1      Definitions                                              19
1.2      Construction                                             26
1.3      Headings                                                 27

2.       ELIGIBILITY TO PARTICIPATE IN THE
         SCHEME

2.1      Eligibility                                              27
2.2      Contract of Participation                                27
2.3      Contract of Participation                                28
2.4      Maternity Leave                                          28
2.5      Previous Employment                                      29

                                     PART B

                            THE QUALIFICATION SCHEME

3.       CALCULATION AND PAYMENT OF DEPOSITS

3.1      Election to Participate                                  30
3.2      Alteration in Amount of Contributions                    30
3.3      Limit on Contributions                                   31
3.4      Deduction and Payment of Deposits                        31
3.5      Validity of Notices                                      32
3.6      Cessation of Employment                                  32
3.7      Restrictions on Deductions                               33

4.       CASH IN CASH ACCOUNT                                     33

5.       APPLICATION OF DEPOSITS HELD IN
         ELIGIBLE EMPLOYEE'S CASH ACCOUNT                         33
<PAGE>

                                     - 14 -

6.       ACQUISITION OF QUALIFICATION SHARES

6.1      Method of Acquisition                                    34
6.2      Calculation of Shares to be acquired                     34
6.3      Nature of Shares to be Acquired                          34

7.       VOLUNTARY SUSPENSION OF DEPOSITS

7.1      Suspension of Deposits                                   35
7.2      Application of Deposits after Suspension                 35
7.3      Resumption of Deposits                                   35

8.       PARTICIPATION IN THE OWNERSHIP SCHEME

8.1      Method of Participation                                  35
8.2      Notification of Deposit                                  36
8.3      Deposited Shares carrying Additional Rights              36
8.4      Balance in Cash Account                                  37
8.5      Market Value of Deposited Shares                         37
8.6      Limit on Deposited Shares                                37

9.       RESTRICTIONS ATTACHING TO ELIGIBLE
         EMPLOYEES' DEPOSITED SHARES

9.1      Restriction                                              38
9.2      Matured Shares                                           39
9.3      First in First Out                                       39

10.      TRUSTEES' ACCOUNTABILITY TO AN
         ELIGIBLE EMPLOYEE IN RESPECT OF
         HIS CASH ACCOUNT, QUALIFICATION
         SHARES, DEPOSITED SHARES AND
         MATURED SHARES

10.1     Accountability                                           39
10.2     Notification to Eligible Employee                        39

11.      RIGHTS OFFERS IN RELATION TO ELIGIBLE
         EMPLOYEES' QUALIFICATION
         SHARES, MATURED SHARES
         AND DEPOSITED SHARES

11.1     Rights Offers                                            40
11.2     Trustees' right to take no action                        40
<PAGE>

                                     - 15 -

11.3     Notification to Eligible Employees                       41
11.4     Allocation of New Shares                                 41

12.      CAPITALISATION ISSUES IN RELATION TO
         ELIGIBLE EMPLOYEES' QUALIFICATION
         SHARES, MATURED SHARES AND
         DEPOSITED SHARES                                         41

13.      TAKEOVERS AND OTHER TRANSACTIONS
         AFFECTING AN ELIGIBLE EMPLOYEE'S
         QUALIFICATION SHARES, MATURED
         SHARES OR DEPOSITED SHARES                               42

                                     PART C

                              THE OWNERSHIP SCHEME

14.      CALCULATION AND PAYMENT OF
         CONTRIBUTIONS

14.1     Obligation of a Participating Company to
         Make a Contribution                                      43
14.2     Notification of Shares to be Acquired                    43
14.3     Amount of each Participating Company's
         Contribution                                             43
14.4     Payment of Participating Company's Contribution          43

14.5     Notification to Participating Company of Shares
         Acquired                                                 44

14.6     Notification of Event Disqualifying Eligible
         Employee from Participation                              44

15.      APPLICATION OF CONTRIBUTIONS                             44

16.      ACQUISITION OF SHARES

16.1     Method of Acquisition                                    44
16.2     Nature of Shares to be Acquired                          45
16.3     Shares Carrying Different Rights                         45
16.4     Incidental Costs of Acquisition                          45
<PAGE>

                                     - 16 -

17.      APPROPRIATION TO AN ELIGIBLE
         EMPLOYEE

17.1     Time of Appropriation                                    46
17.2     Shares to be Appropriated                                46
17.3     Insufficient Shares                                      46
17.4     Dividends Prior to Appropriation                         46

18.      RESTRICTIONS ON APPROPRIATION

18.1     Initial Market Value                                     47
18.2     Participation in another Approved Scheme                 47
18.3     Cessation of Employment                                  47
18.4     Statutory Prohibition                                    47
18.5     Unappropriated Shares                                    48

19.      RESTRICTIONS ATTACHING TO AN
         ELIGIBLE EMPLOYEE'S APPROPRIATED
         SHARES

19.1     During Period of Retention                               48
19.2     Prior to Release Date                                    48
19.3     Matured Shares                                           49

20.      TRUSTEES' ACCOUNTABILITY TO AN
         ELIGIBLE EMPLOYEE IN RESPECT OF
         HIS APPROPRIATED SHARES

20.1     Accountability                                           49
20.2     Notification                                             50

21.      RIGHTS OFFERS IN RELATION TO
         ELIGIBLE EMPLOYEES' APPROPRIATED
         SHARES

21.1     Rights Offers                                            50
21.2     Trustees' Right to Take No Action                        51
21.3     Notification to Eligible Employees                       51
21.4     New Shares                                               51

22.      CAPITALISATION ISSUES IN RELATION
         TO ELIGIBLE EMPLOYEES'
         APPROPRIATED SHARES                                      51
<PAGE>

                                     - 17 -

23.      TAKEOVERS AND OTHER TRANSACTIONS
         AFFECTING ELIGIBLE EMPLOYEES'
         APPROPRIATED SHARES

23.1     Takeovers                                                52
23.2     Other Transactions                                       53
23.3     Notification                                             53
23.4     New Shares                                               53

                                     PART D

             PROVISIONS APPLICABLE TO BOTH THE QUALIFICATION SCHEME
                            AND THE OWNERSHIP SCHEME

24.      DEALINGS WITH ELIGIBLE EMPLOYEES'
         MATURED SHARES AND APPROPRIATED
         SHARES

24.1     Trustees as Nominees                                     54
24.2     Disposal of Matured or Appropriated Shares               54
24.3     Proceeds of Sale                                         55
24.4     Transfer of Matured or Appropriated Shares               55
24.5     First in First out                                       56

25.      SHAREHOLDERS' NOTICES                                    56

26.      EXPLANATORY BOOKLET                                      56

27.      VOTING RIGHTS                                            57

28.      TERMINATION OF EMPLOYMENT

28.1     General                                                  57
28.2     Cash Account                                             57
28.3     Transfer of Shares                                       58
28.4     Death                                                    58
28.5     Compensation                                             58

29.      DIVIDENDS                                                59
<PAGE>

                                     - 18 -

30.      FRACTIONS ARISING FROM THE ISSUE OF
         NEW SECURITIES

30.1     Allocation amongst Eligible Employees                    59
30.2     Allocation amongst an Eligible
         Employee's Shares                                        60

31.      ERRORS AND OMISSIONS

31.1     General                                                  61
31.2     No liability                                             61

32.      COSTS AND EXPENSES

32.1     By the Participating Companies                           62
32.2     By the Eligible Employees                                62
32.3     Allocation amongst Eligible Employees                    62
32.4     Withdrawal of amounts from Cash Account                  63

33.      DIRECTIONS AND NOTICES

33.1     To the Trustees                                          63
33.2     To an Eligible Employee                                  64
33.3     Indemnity against Costs                                  64
33.4     Notices Irrevocable                                      64

34.      DISPUTES                                                 65

35.      SUSPENSION                                               65

36.      AMENDMENT                                                65
<PAGE>

                                     - 19 -

                               RULES OF THE SCHEME

                                     PART A

1.       INTERPRETATION AND CONSTRUCTION

1.1      DEFINITIONS

         In these presents, except where the context requires otherwise -

         "Act"                        means the Income and Corporation Taxes Act
                                      1988;

         "to appropriate"             means to vest a beneficial interest
                                      (subject to the provisions of these
                                      presents) in any specific Shares in an
                                      Eligible Employee pursuant to The
                                      Ownership Scheme and "appropiated" and
                                      "appropriation" shall be construed
                                      accordingly;

         "Appropriated Shares"        in relation to any Eligible Employee,
                                      means such Shares as have been
                                      appropriated to him under Rule 17 and are
                                      for the time being held by the Trustees
                                      pursuant to the provisions of The
                                      Ownership Scheme (and, where the context
                                      so admits, includes any related New
                                      Shares);

         "Approved Scheme"            means any profit sharing scheme which is
                                      for the time being approved by
                                      Commissioners of Inland Revenue in
                                      accordance with Part I of Schedule 9;

         "Base Period"                means a period of one calendar month;
<PAGE>

                                     - 20 -

         "Board"                      means the directors present at a duly
                                      convened meeting of the board of directors
                                      of the Company for the time being or a
                                      duly appointed committee thereof at which
                                      a quorum is present or any person or
                                      persons duly authorised to act on their
                                      behalf in respect of the administration of
                                      the Scheme or any part thereof;

         "Business Day"               means any day on which each of the
                                      Trustees, the Company and The London Stock
                                      Exchange are open for business;

         "Cash Account"               means the account held by the Trustees for
                                      the benefit of an Eligible Employee which
                                      is funded by his Deposits;

         "Company"                    means Vodafone Group PLC;

         "Contribution"               means, in relation to any Base Period,
                                      such payment as is made by a Participating
                                      Company pursuant to Rule 14.1 to the
                                      Trustees;

         "Deduction Date"             means, in relation to any Base Period, any
                                      Business Day in that Base Period upon
                                      which part of an Eligible Employee's
                                      Emoluments are paid to him;

         "Deposit"                    in relation to any Base Period, means any
                                      payment made by the Eligible Employee
                                      under Rule 3.1;

         "Deposit Date"               means, in relation to any Base Period, the
                                      eighth Business Day of that Base Period or
                                      such other date as soon as possible
                                      thereafter as the Trustees may agree with
                                      the Company;
<PAGE>

                                     - 21 -

        "Deposited Shares"            means such of an Eligible Employee's
                                      Qualification Shares (and, where the
                                      context so admits, includes any related
                                      New Shares) which are, pursuant to a
                                      notice given by the Eligible Employee in
                                      accordance with Rule 8 (but subject as
                                      therein provided), held by the Trustees or
                                      held in the PEP pursuant to the provisions
                                      of The Qualification Scheme;

         "Eligible Employee"          means any individual who is eligible under
                                      Rule 2 to participate in the Scheme on the
                                      Qualification Date related to any Base
                                      Period and, where the context so admits in
                                      Rules 3.6, 5 and 6 and in Rules 8 to 33
                                      (inclusive), such expression shall also
                                      mean any individual who was at some time
                                      previously an Eligible Employee but on
                                      behalf of whom the Trustees, pursuant to
                                      the Rules, continue to hold Deposited
                                      Shares, Matured Shares or Appropriated
                                      Shares;

         "Emoluments"                 mean, in relation to any Eligible
                                      Employee, the annual amount of such
                                      Eligible Employee's basic salary as
                                      specified from time to time in his
                                      contract of employment;

         "Employer"                   in relation to an Eligible Employee, means
                                      the Participating Company by which he is
                                      employed from time to time;

         "Full Time Employee"         means an employee whose contract of
                                      employment with the Participating Company
                                      requires such employee to work, or to be
                                      available to work, for a minimum period of
                                      16 hours per week;
<PAGE>

                                     - 22 -

         "Initial Market Value"       in relation to Shares to be appropriated
                                      to Eligible Employees on any date, the
                                      value arrived at by dividing the
                                      consideration paid (excluding the amount
                                      attributable to the incidental expenses of
                                      acquisition including for the avoidance of
                                      doubt any stockbrokers' commission) by the
                                      Trustees to acquire Shares in accordance
                                      with Rule 15 by purchase through a Stock
                                      Exchange for the purposes of that
                                      appropriation by the total amount of
                                      Shares so acquired, or, if no Shares were
                                      so acquired in respect of that
                                      appropriation or if it is otherwise deemed
                                      applicable, such other value as may, from
                                      time to time, be agreed between the
                                      Commissioners of Inland Revenue and the
                                      Trustees pursuant to paragraph 30(4)(b) of
                                      Schedule 9;

         "Jointly-owned Company"      a company which is:

                                      (a)    not under the control (within the
                                             meaning of Section 840 of the Act)
                                             or any single person; and

                                      (b)    under the control of two persons
                                             between them one of such persons
                                             being the Company; and

                                      (c)    not a participating company in any
                                             other group scheme (as those terms
                                             are defined in paragraph 1 of
                                             Schedule 9).

                                      and any other company which is under the
                                      control of a company which meets the
                                      conditions in paragraphs (a), (b)
<PAGE>

                                     - 23 -

                                      and (c) above and is not itself a
                                      participating company in any other group
                                      scheme (as those terms are defined in
                                      paragraph 1 of Schedule 9).

         "New Shares"                 has the meaning ascribed to the expression
                                      "new shares" by paragraph 5(3) of Schedule
                                      10;

         "The Ownership Scheme"       means the scheme constituted by the Trust
                                      Deed of which the Rules form a part and
                                      Parts A and C of the Rules and those
                                      provisions in Part D which relate to
                                      Appropriated Shares;

         "Participating Company"      means the Company and any Subsidiary of
                                      the Company or Jointly-owned Company which
                                      is for the time being bound by the
                                      provisions of the Trust Deed other than
                                      solely in its capacity as Trustees hereof;

         "PEP"                        means a Vodafone Group Single Company
                                      Personal Equity Plan or a Vodafone Group
                                      General Personal Equity Plan;

         "Period of Retention"        means -

                                      (i)    in relation to an Eligible
                                             Employee's Appropriated Shares, the
                                             period beginning on the date on
                                             which those Appropriated Shares
                                             were appropriated to him, and

                                      (ii)   in relation to an Eligible
                                             Employee's Deposited Shares, the
                                             period beginning on the date on
                                             which the related Appropriated
                                             Shares were appropriated to him and
                                             end-
<PAGE>

                                     - 24 -

                                             ing, in each case, on the earliest
                                             of the following dates

                                      (a)    the second anniversary of that
                                             date;

                                      (b)    the date on which the Eligible
                                             Employee ceases to be an employee
                                             or director of the Company or any
                                             Participating Company by reason of
                                             injury or disability or on account
                                             of his being dismissed by reason of
                                             redundancy within the meaning of
                                             the Employment Protection
                                             (Consolidation) Act 1978;

                                      (c)    the date on which the Eligible
                                             Employee reaches age 60;

                                      (d)    the date of the Eligible Employee's
                                             death

                                      provided always that, for the purposes of
                                      paragraph (b) above, an Eligible Employee
                                      shall not be treated as ceasing to be an
                                      employee or director until such time as he
                                      is no longer an employee or director of
                                      any of the Participating Companies;

         "Qualification Date"         in relation to any Base Period, means the
                                      first day of that Base Period;

         "The Qualification Scheme"   means the scheme constituted by the Trust
                                      Deed of which the Rules form a part and
                                      Parts A, B and D of the Rules;

         "Qualification Shares"       means, in relation to any Eligible
                                      Employee, such Shares (and, where the
<PAGE>

                                     - 25 -

                                      context so admits, includes any related
                                      New Shares) as have been acquired by the
                                      Trustees pursuant to Rule 6 using his
                                      Deposits and which are for the time being
                                      held by the Trustees under the provisions
                                      of The Qualification Scheme other than any
                                      such Shares which are for the time being
                                      that Eligible Employee's Deposited Shares
                                      or Matured Shares;

         "Release Date"               in relation to any of an Eligible
                                      Employee's Deposited Shares, means the
                                      date on which the Period of Retention
                                      terminates and, in relation to any of an
                                      Eligible Employee's Appropriated Shares,
                                      means the date referred to in the
                                      definition of that term contained in
                                      section 187 of the Act or, if earlier, the
                                      date of his death;

         "Rules"                      means the rules contained in this Schedule
                                      as amended from time to time in accordance
                                      with the provisions of these presents;

         "Schedule 9"                 means Schedule 9 to the Act;

         "Schedule 10"                means Schedule 10 to the Act;

         "Scheme"                     means the Vodafone Group Profit Sharing
                                      Scheme constituted by these presents;

         "Shares"                     means fully paid ordinary shares in the
                                      capital of Vodafone Group PLC which for
                                      the time being (for the purposes of the
                                      Scheme) satisfy the provisions of
                                      paragraphs 10, 11, 12 and 14 of Schedule
                                      9;
<PAGE>

                                     - 26 -

         "Stock Exchange"             means any recognised stock exchange
                                      (within the meaning given to that
                                      expression by Section 841 of the Act)
                                      through which the Trustees choose to
                                      purchase Shares;

         "Subsidiary"                 means any subsidiary for the time being
                                      within the meaning of section 736 of the
                                      Companies Act 1985;

         "these presents"             means this Trust Deed, the Rules and any
                                      trust deed or other document executed in
                                      accordance with the provisions of these
                                      presents (as from time to time modified)
                                      and expressed to be supplemental thereto;

         "the Trustees"               means the trustee or trustees for the time
                                      being of the Scheme;

         "Year of Assessment"         has the meaning assigned to it in section
                                      832 of the Act;

1.2      CONSTRUCTION

         Where the context so admits, any reference in these presents -

         (i)      to words importing the singular number only shall be construed
                  as if they referred also to the plural number and vice versa;

         (ii)     to words importing the masculine gender only shall be
                  construed as if they referred also to the feminine gender;

         (iii)    to a statute or statutory provision shall be construed as if
                  it referred also to that provision as from time to time
                  amended or re-enacted, and

         (iv)     to notices being given in the prescribed form shall be to
                  notices being given in such form as may from time to time be
                  prescribed by the Company (with the concurrence of the
                  Trustees).
<PAGE>

                                     - 27 -

1.3      HEADINGS

         Headings to the Rules are inserted for convenience of reference only
         and shall be ignored when construing the Rules.

2.       ELIGIBILITY TO PARTICIPATE IN THE SCHEME

2.1      ELIGIBILITY

         Subject as hereinafter provided, every individual who, by no later than
         a Qualification Date, has entered into a contract with the Company and
         the Trustees in such form as may from time to time be specified by the
         Company (with the concurrence of the Trustees) and be acceptable to the
         Commissioners of Inland Revenue and at that Qualification Date:

         (i)      (a)      is then a Full Time Employee of a Participating
                           Company; and

                  (b)      has been a Full Time Employee of such Participating
                           Company for a continuous period of not less than one
                           year ending on the said Qualification Date, and

                  (c)      is then chargeable to UK income tax in respect of his
                           employment or office under Case I of Schedule E; or

         (ii)     is any other employee of a Participating Company who has been
                  approved by the Board for participation in the Scheme and who
                  has entered into a contract as aforesaid

         will be eligible to participate in the Scheme to the extent provided in
         the Rules in relation to the Base Period in which the Qualification
         Date falls and each subsequent Base Period.

2.2      CONTRACT OF PARTICIPATION

         The Company will, not later than four weeks prior to the Qualification
         Date in respect of which an individual will first become eligible to
         participate in the Scheme but for the fact that he has not entered into
         such a contract as is mentioned in Rule 2.1, notify
<PAGE>

                                     - 28 -

         such individual of that fact and will offer to enter into such a
         contract as is therein mentioned with such individual.

2.3      Subject as provided in these presents, an individual who would be
         eligible to participate in the Scheme but for the fact that he has not
         entered into such a contract as is mentioned in Rule 2.1 may notify the
         Company at any time of his desire to participate in the Scheme and, as
         soon as is reasonably practicable thereafter, the Company and his
         Employer will offer to enter into such a contract with such individual.

2.4      MATERNITY LEAVE

         For the purposes of Rules 2.1, 5 and 8, a female employee, who has at
         any time prior to a Qualification Date been a Full Time Employee of a
         Participating Company but whose employment as such on such
         Qualification Date has been suspended in circumstances such that,
         pursuant to Part III of the Employment Protection (Consolidation) Act
         1978, she has a right to return to work, shall be deemed to be a Full
         Time Employee of the Participating Company at such Qualification Date,
         the first Business Day or the related Base Period or at the related
         Deposit Date, as the case may be, and the Rules will apply to such
         employee provided always that:

2.4.1             Any amount received by such employee on such a termination
                  shall not form part of the Emoluments of such employee but the
                  Company may make such arrangements as it thinks fit for the
                  purpose of enabling such employee to deposit as a Deposit part
                  of such amount;

2.4.2             Failure of such employee to make any Deposits after such a
                  suspension and before she has, pursuant to Part III of the
                  Employment Protection (Consolidation) Act 1978, exercised a
                  right to return to work shall not be a voluntary cessation by
                  her of her Deposits, and

2.4.3             The provisions of Rule 28 shall not apply to her until she is
                  no longer capable, pursuant to Part III of the Employment
                  Protection (Consolidation) Act 1978, of exercising a right to
                  return to work.
<PAGE>

                                     - 29 -

2.5      PREVIOUS EMPLOYMENT

         For the purposes of Rule 2.1(i)(b), any period of employment by an
         individual with the Company or any company which is a Subsidiary of the
         Company or a Jointly-owned Company shall be included provided always
         that such period of employment is continuous and such individual has
         previously satisfied the provisions of Rule 2.1(i)(a) as an employee of
         a Participating Company.
<PAGE>

                                     - 30 -

                                     PART B

                            THE QUALIFICATION SCHEME

3.       CALCULATION AND PAYMENT OF DEPOSITS

3.1      ELECTION TO PARTICIPATE

         Subject to Rule 7 and as hereinafter provided, an individual, who is or
         will be an Eligible Employee at the Qualification Date of a Base
         Period, may give notice in writing to his Employer and the Trustees in
         the prescribed form by no later than the Qualification Date of that
         Base Period directing that thereafter and in each following Base Period
         where such individual is an Eligible Employee on the Qualification
         Date, he wishes to participate in the Qualification Scheme. Such form
         of direction shall specify the amount which shall be deducted each
         month from his Emoluments in any Base Period which shall be:

         (a)      not less than (pounds)5; and

         (b)      a multiple of (pounds)5 which does not exceed five per cent of
                  one twelfth of his Emoluments or such other maximum as the
                  Board may from time to time determine; or

         (c)      such other amounts as may from time to time be agreed in
                  writing with the Commissioners of Inland Revenue as being
                  acceptable in order to retain the status of the Scheme as an
                  Approved Scheme.

         The said form of direction shall specify that these amounts shall be
         deposited as a Deposit in his Cash Account to be held and applied by
         the Trustees in accordance with Rule 4 and shall specify whether,
         subject to the limitation in Rule 3.3, his Cash Account is to be used
         to acquire Shares under the PEP or otherwise to acquire Shares in
         accordance with the Qualification Scheme.

3.2      ALTERATION IN AMOUNT ON CONTRIBUTIONS

3.2.1             Subject to Rule 7 and as hereinafter provided, where an
                  Eligible Employee is participating in The Qualification
                  Scheme,
<PAGE>

                                     - 31 -

                  he may give a notice in writing to his Employer and the
                  Trustees in the prescribed form by no later than the
                  Qualification Date of the Base Period concerned electing to
                  vary, subject to Rule 3.1, the amount to be deposited in his
                  Case Account.

3.2.2             An Eligible Employee may not give more than two notices in any
                  calendar year pursuant to Rule 3.2.1 electing to vary the
                  amount to be deposited in his Cash Account. Notwithstanding
                  this, he may at any time give a notice in writing to his
                  Employer and the Trustees in the prescribed form electing to
                  suspend his Deposits but any notice lifting this suspension
                  within ninety days after the notice electing to suspend his
                  Deposits shall not take effect until the Qualification Date of
                  the Base Period next following the expiry of that ninety day
                  period.

3.3      LIMIT ON CONTRIBUTIONS

         Notwithstanding the foregoing provisions, the amount which an Eligible
         Employee may elect to deposit in his Cash Account shall be limited so
         as to ensure that the amount so deposited in any Year of Assessment
         does not exceed such amount as may for the time being be permitted by
         the Act as the Initial Market Value of Shares that may be appropriated
         to that Eligible Employee in any Year of Assessment under the Ownership
         Scheme.

3.4      DEDUCTION AND PAYMENT OF DEPOSITS

3.4.1             Subject to Rule 7 and subject as otherwise herein provided,
                  any Deposits which are to be made in accordance with a notice
                  given by an Eligible Employee in accordance with the foregoing
                  provisions of this Rule shall (provided that such Eligible
                  Employee is an Eligible Employee at the related Qualification
                  Date) thereafter be effected on the Deduction Dates by way of
                  deduction by his Employer from his Emoluments of the amounts
                  stated in such notice.

3.4.2             On or before the first Business Day of each Base Period each
                  Employer shall, in respect of each of its Eligible Employees -

                  (i)      pay over to the Trustees for allocation to the
                           Eligible Employees' Cash Accounts all such sums as
                           have been
<PAGE>

                                     - 32 -

                           deducted from their Emoluments and not previously
                           paid over to the Trustees, and

                  (ii)     notify the Trustees of the names and addresses of the
                           Eligible Employees in respect of whom such Deposits
                           have been made and the amount of the Deposits
                           attributable to each of such of the Eligible
                           Employees.

3.5      VALIDITY OF NOTICES

         Subject to Rule 7 and subject as hereinafter provided, any notice given
         by an Eligible Employee in accordance with the foregoing provisions of
         this Rule shall remain in full force and constitute an effective and
         valid authority to continue making such deductions as mentioned in Rule
         3.4 unless and until such Eligible Employee is no longer an Eligible
         Employee at the Qualification Date related to any Base Period or unless
         and until such Eligible Employee gives a subsequent notice to his
         Employer in accordance with Rule 3.2 altering the amount of his Deposit
         and such subsequent notice takes effect in accordance with that Rule
         3.2.

3.6      CESSATION OF EMPLOYMENT

3.6.1             Notwithstanding anything in Rule 3.5 but subject to Rule 7,
                  where an Eligible Employee ceases to be employed by any
                  Participating Company or dies, then any notice given by such
                  Eligible Employee in accordance with Rule 3.1 or Rule 3.2
                  shall remain in full force and effect and constitute an
                  effective and valid authority to the Employer to continue
                  making such deductions as are mentioned therein in accordance
                  with Rule 3.4 from any Emoluments of such Eligible Employee
                  which are payable thereafter in respect of any period prior to
                  such cessation or death.

3.6.2             Where an Eligible Employee ceases to be employed by any
                  Participating Company but becomes employed by any other
                  Participating Company in such a way that, in consequence of
                  Rule 2.5.2, he will continue to be an Eligible Employee, any
                  notice given by such Eligible Employee in accordance with Rule
                  3.1 or Rule 3.2 to the first mentioned Participating Company
                  or deemed to have been given to the first mentioned
                  Participating Company
<PAGE>

                                     - 33 -

                  pursuant to this Rule 3.6.2 shall be deemed to have been given
                  to the second mentioned Participating Company and, subject to
                  Rule 7, shall remain in full force and constitute an effective
                  and valid authority to the second mentioned Participating
                  Company to continue making such deductions as are mentioned in
                  accordance with Rule 3.4.

3.7      RESTRICTIONS ON DEDUCTIONS

         Notwithstanding the foregoing, no deduction shall be made from any
         Eligible Employee's Emoluments before the Scheme has received the
         approval of the Commissioners of Inland Revenue in accordance with Part
         I of Schedule 9 to the Act and the Board has by resolution determined
         that the Scheme shall become operative.

4.       CASH IN CASH ACCOUNT

         Any Deposits of an Eligible Employee shall be held by the Trustees in
         his Cash Account and shall be applied only in accordance with the
         provisions of Rules 5 and 32 and shall not be transferred to him except
         in accordance with the provisions of Rules 7 and 28.

5.       APPLICATION OF DEPOSITS HELD IN ELIGIBLE
         EMPLOYEE'S CASH ACCOUNT

         In relation to each Eligible Employee's Cash Account, the Trustees
         shall apply, on the eighth Business Day of a Base Period or as soon as
         possible thereafter,

         (i)      first, the whole of the balance of the Deposits received b the
                  Trustees in relation to any Base Period preceding such Base
                  Period and then remaining in the Eligible Employee's Cash
                  Account, and

         (ii)     secondly, the whole of his Deposits received by the Trustees
                  in relation to such Base Period,

         in the acquisition, in accordance with Rule 6 and as nominees for such
         Eligible Employee or in the acquisition through the PEP via the PEP
         Manager, of as many whole Shares as possible provided always that the
         Trustees shall make no such application as aforesaid in respect of any
         individual (other than an individual who is an employee of a
         Participating Company and who has been approved for participation in
         the Scheme in accordance with Rule 2.1) whom the Trustees have been
         advised before that eighth Business Day is no longer a Full-Time
         Employee of a Participating Company.
<PAGE>

                                     - 34 -

6.       ACQUISITION OF QUALIFICATION SHARES

6.1      METHOD OF ACQUISITION

         Any acquisition of Shares by the Trustees pursuant to Rule 5 above will
         be effected either by the purchase of Shares through a Stock Exchange
         or by the purchase of Shares from Eligible Employees or former Eligible
         Employees wishing to dispose of their Shares in accordance with Rule
         24.2.2 or any combination thereof.

6.2      CALCULATION OF SHARES TO BE ACQUIRED

6.2.1    The Trustees shall, immediately prior to such acquisition as is
         mentioned in Rule 5, calculate the amount of whole Shares which can be
         acquired for each Eligible Employee with the amount of cash then
         standing to his credit in his Cash Account.

6.2.2    The Trustees shall then aggregate the number of Shares ascertained in
         accordance with Rule 6.2.1 for all Eligible Employees and, on or as
         soon as possible after the eighth Business Day of the relevant Base
         Period, shall

         (i)      acquire the appropriate number of Shares in accordance with
                  Rule 6.1; or

         (ii)     ensure that the appropriate number of Shares is acquired under
                  the PEP by the PEP Manager; or

         (iii)    ensure that the appropriate number of Shares is acquired
                  partly under (i) and partly under (ii) in accordance with the
                  wishes of the Eligible Employees.

6.3      NATURE OF SHARES TO BE ACQUIRED

         In the exercise of their duty to acquire any Shares pursuant to this
         Rule, the Trustees shall endeavour to ensure that all such Shares
         acquired in relation to any Base Period are acquired either all
         "ex-dividend", "ex-rights" or "ex-capitalisation" or, as the case may
         be, all "cum-dividend", "cum-rights" or "cum-capitalisation" (but not
         partly one and partly the other).
<PAGE>

                                     - 35 -

7.       VOLUNTARY SUSPENSION OF DEPOSITS

7.1      SUSPENSION OF DEPOSITS

         An Eligible Employee may from time to time voluntarily suspend his
         Deposits in relation to any Base Period and thereafter by giving notice
         in writing in the prescribed form to his Employer by no later than the
         fifteenth Business Day of a Base Period and such suspension shall take
         effect from the Qualification Date of the following Base Period
         provided always that, if such notice is received after the fifteenth
         Business Day of a Base Period, such suspension shall not take effect
         until the Qualification Date of the next succeeding Base Period.

7.2      APPLICATION OF DEPOSITS AFTER SUSPENSION

         The Trustees shall, subject to Rule 32, transfer any moneys in the
         Eligible Employee's Cash Account to the Eligible Employee as soon as
         practicable after a notice given in accordance with Rule 7.1 takes
         effect.

7.3      RESUMPTION OF DEPOSITS

         An Eligible Employee who has suspended his Deposits in accordance with
         the provisions of Rule 7.1 may, in relation to any Base Period, resume
         the payment of his Deposits by giving notice to his Employer in
         accordance with the provisions of Rule 3 provided always that no such
         notice will take effect until the Qualification Date related to the
         third calendar month following the Qualification Date in respect of
         which such voluntary suspension takes effect.

8.       PARTICIPATION IN THE OWNERSHIP SCHEME

8.1      METHOD OF PARTICIPATION

         Any Eligible Employee who wishes to participate in relation to any Base
         Period in The Ownership Scheme must deposit Shares with the Trustees or
         the PEP Manager in accordance with the following provisions on or
         before the Deposit Date provided that no such Eligible
<PAGE>

                                     - 36 -

         Employee may deposit Shares unless he is either a Full Time Employee of
         a Participating Company at the related Deposit Date or is an employee
         of a Participating Company at the related Deposit Date who has been
         approved by the Board for participation in the Scheme in accordance
         with Rule 2.1.

8.2      NOTIFICATION OF DEPOSIT

8.2.1    Subject to Rule 8.1 and as hereinafter provided, any Eligible Employee
         may, in relation to any Base Period, by notice in writing in the
         prescribed form, notify his Employer of his desire that his
         Qualification Shares should be held by the Trustees or the PEP Manager
         as nominee for him but in accordance with Rule 9 and subject, where
         relevant, to the other Rules and thereafter, subject as provided in
         Rule 8.6, those Shares shall then be held in accordance with Rule 9
         and, where relevant, such other Rules as his Deposited Shares.

8.2.2    Any notice given pursuant to Rule 8.2.1 by an Eligible Employee must be
         given generally in relation to those and any future Qualification
         Shares acquired on his behalf pursuant to the provisions of The
         Qualification Scheme.

8.3      DEPOSITED SHARES CARRYING ADDITIONAL RIGHTS

         Where all or any part of an Eligible Employee's Qualification Shares
         which are deposited by such Eligible Employee in accordance with Rule
         8.2 carry any rights to acquire against payment additional Shares or
         rights to be allotted additional Shares then -

8.3.1    any such additional Shares acquired or allotted shall, if such
         acquisition or allotment is of New Shares, form part of the Eligible
         Employee's Deposited Shares; but

8.3.2    any such Eligible Employee's Employer shall be under no obligation to
         make a Contribution to the Trustees under Rule 14 to enable the
         Trustees to acquire Shares to match such additional Shares, whether or
         not the acquisition or allotment of such additional Shares would be of
         New Shares or to acquire Shares which carry such rights; and
<PAGE>

                                     - 37 -

8.3.3    the failure of the Trustees to acquire Shares by reason of such
         Eligible Employee's Employer not making a Contribution as allowed under
         Rule 8.3.2 shall not prevent such additional Shares as are mentioned in
         Rule 8.3.1 as are acquired or allotted being part of the Eligible
         Employee's Deposited Shares where such additional Shares are New
         Shares.

8.4      BALANCE IN CASH ACCOUNT

         The Trustees shall retain the balance of any Deposits received by them
         and held by them in an Eligible Employee's Cash Account which have not
         been duly applied by the Trustees in accordance with Rule 5 in the
         acquisition of Shares or in meeting such Eligible Employee's
         obligations pursuant to Rule 32 and, subject to any direction to the
         contrary received from the Eligible Employee in accordance with Rule 7
         and subject also to Rule 32, shall apply such balance in accordance
         with, and subject to, Rule 5 in the following Base Periods.

8.5      MARKET VALUE OF DEPOSITED SHARES

         The Trustees shall, as at the Deposit Date related to such Base Period,
         determine the Market Value of Shares (exclusive of any rights to
         acquire against payment additional stock or rights to be allotted
         additional Shares if any acquisition or allotment of such additional
         Shares would be of New Shares) and the maximum number of whole Shares
         (exclusive of any such rights as aforesaid) which can be appropriated
         to each Eligible Employee at such Market Value without the aggregate
         Initial Market Value of all such Eligible Employee's Shares
         appropriated to him in accordance with Rule 17 in the same Year of
         Assessment exceeding the limit from time to time permitted by Rule
         18.1.

8.6      LIMIT ON DEPOSITED SHARES

8.6.1    Each Eligible Employee's Deposited Shares in relation to any Base
         Period shall, subject to the following provisions of this Rule 8.6, be
         the Shares deposited by him in accordance with Rule 8.2.

8.6.2    Where -
<PAGE>

                                     - 38 -

         (i)      on the assumption that if all of the Shares deposited by an
                  Eligible Employee in relation to a Base Period were to be
                  matched by an equal number of Shares appropriated to him in
                  accordance with the following Rules, the maximum referred to
                  in Rule 8.5 would be exceeded, or

         (ii)     the Trustees are unable to match the Shares deposited by an
                  Eligible Employee in relation to a Base Period by reason of
                  Rule 18,

         the number of such excess Shares or, as the case may be, the number of
         such Shares shall not, subject to Rule 8.3, form part of his Deposited
         Shares but shall be held by the Trustees or the PEP Manager as his
         Matured Shares.

8.6.3    Where, in relation to any Base Period, any of the Shares deposited by
         an Eligible Employee are not matched in that Base Period, otherwise
         than for the reasons mentioned in Rule 8.6.2, by an equal number of
         Shares acquired by the Trustees from Contributions paid to them by his
         Employer and appropriated to him in accordance with such provisions,
         the number of Qualification Shares which are not matched shall not,
         subject to Rule 8.3, be Deposited Shares and shall be held by the
         Trustees or the PEP Manager as his Matured Shares but, for the purposes
         of this Rule 8.6.3 Shares which were acquired earlier shall be treated
         as having been matched before Shares which were acquired later.

9.       RESTRICTIONS ATTACHING TO ELIGIBLE EMPLOYEES' DEPOSITED SHARES

9.1      RESTRICTION

         Subject to Rule 13, during the Period of Retention relating to any
         Eligible Employee's Deposited Shares, the Eligible Employee shall
         permit such Deposited Shares to remain under the control of the
         Trustees or, as the case may be, the PEP Manager and shall not assign,
         charge or otherwise dispose of his beneficial interest therein.
<PAGE>

                                     - 39 -

9.2      MATURED SHARES

         As soon as the Period of Retention relating to any Eligible Employee's
         Deposited Shares has expired, the Deposited Shares shall thereupon
         cease to be Deposited Shares and shall become Matured Shares.

9.3      FIRST IN FIRST OUT

         Whenever an Eligible Employee assigns, charges or otherwise disposes of
         the beneficial interest in any of his Deposited Shares pursuant to Rule
         9.1 or whenever the beneficial interest in such Eligible Employee's
         Deposited Shares is vested in some other person and such assignment,
         charge, disposal or vesting is made from a holding of an Eligible
         Employee's Deposited Shares which were deposited by him at different
         times then, for all the purposes of these Rules, such assignment,
         charge, disposal or vesting shall be treated as being of Deposited
         Shares which were deposited earlier before those which were deposited
         later.

10.      TRUSTEES' ACCOUNTABILITY TO AN ELIGIBLE EMPLOYEE IN RESPECT OF HIS CASH
         ACCOUNT, QUALIFICATION SHARES, DEPOSITED SHARES AND MATURED SHARES

10.1     ACCOUNTABILITY

         Subject to Rule 32 and subject as hereinafter provided, the Trustees
         shall distribute to an Eligible Employee as soon as practicable any
         money or other assets (after deducting therefrom any taxation which may
         be payable by the Trustees in respect thereof) received by them in
         respect of, or by reference to, his Qualification Shares, Matured
         Shares and Deposited Shares other than any New Shares related to such
         Qualification Shares, Matured Shares or Deposited Shares.

10.2     NOTIFICATION OF ELIGIBLE EMPLOYEE

         Any notice given by the Trustees to an Eligible Employee in accordance
         with Rule 20.2 shall, in addition to the information required by that
         Rule, show in respect of, or by reference to, his Qualfica-
<PAGE>

                                     - 40 -

         tion Shares, Matured Shares and Deposited Shares held by them the same
         information, mutatis mutandis, as is required to be given by the
         Trustees to the Eligible Employee in respect of, or by reference to,
         his Appropriated Shares, the balance then remaining in the Eligible
         Employee's Cash Account and such other information as the Trustees
         shall determine.

11.      RIGHTS OFFERS IN RELATION TO ELIGIBLE EMPLOYEES' QUALIFICATION SHARES,
         MATURED SHARES AND DEPOSITED SHARES

11.1     RIGHTS OFFERS

         Subject as hereinafter provided in the event of any company whose
         shares for the time being constitute Qualification Shares, Deposited
         Shares and/or Matured Shares making an offer or invitation conferring
         any rights upon its shareholders to acquire against payment additional
         shares, stock, securities or rights of any description, then, as
         regards any Eligible Employee's Qualification Shares, Deposited Shares
         and Matured Shares, the Trustees will comply with any direction from
         the Eligible Employee concerning -

         (i)      the sale of all of the rights,

         (ii)     the exercise of all of the rights provided that the Eligible
                  Employee has provided the Trustees with the full amount
                  (including any incidental cost) payable on exercise, or

         (iii)    the exercise of part of the rights, the full amount (including
                  any incidental cost) payable being provided out of the net
                  proceeds of sale, nil paid, of the remaining part of the
                  Eligible Employee's rights.

11.2     TRUSTEES' RIGHT TO TAKE NO ACTION

         The Trustees may ignore and take no action in respect of any direction
         from an Eligible Employee which is received by them less than five
         clear Business Days before the last date for acceptance and payment of
         such rights.
<PAGE>

                                     - 41 -

11.3     NOTIFICATION TO ELIGIBLE EMPLOYEES

         In the event of the Trustees receiving any such offer or invitation as
         is referred to in Rule 11.1, they shall promptly notify each Eligible
         Employee concerned of the rights calculated in accordance with Rule 30
         which are attributable to his Qualification Shares, Deposited Shares
         and Matured Shares.

11.4     ALLOCATION OF NEW SHARES

         Subject to Rule 8, any New Shares related to any of an Eligible
         Employee's Qualification Shares, Matured Shares or Deposited Shares
         which, in accordance with the provisions of this Rule, are taken up by
         the Trustees on behalf of the Eligible Employee shall form part of his
         Qualification Shares, Deposited Shares or Matured Shares (as the case
         may be) and shall be deemed to have been acquired or deposited or to
         have become matured at the same time as, and shall be held by the
         Trustees on the same term as, his Qualification Shares, Deposited
         Shares or Matured Shares to which they relate and, for the avoidance of
         doubt (but without prejudice to the generality of the foregoing).

11.4.1            where any New Shares relate to any of an Eligible Employee's
                  Qualification Shares acquired by the Trustees on his behalf
                  pursuant to the provisions of Rule 5, any notice given by the
                  Eligible Employee in relation to his Qualification Shares in
                  accordance with Rule 8 must, and shall be deemed to, apply to
                  the New Shares, and

11.4.2            where any New Shares relate to any of an Eligible Employee's
                  Qualification Shares in respect of which he has already given
                  a notice pursuant to Rule 8, the notice shall be deemed to
                  include the New Shares.

12.      CAPITALISATION ISSUES IN RELATION TO ELIGIBLE EMPLOYEES' QUALIFICATION
         SHARES, MATURED SHARES AND DEPOSITED SHARES

         Subject to Rule 8, in the event of any company whose shares for the
         time being constitute Shares allotting any New Shares to the Trustees
         or PEP Manager, as the case may be, in respect of an Eligible
         Employee's Qualification Shares, Matured Shares or
<PAGE>

                                     - 42 -

         Deposited Shares such New Shares shall form part of his Qualification
         Shares, Deposited Shares or Matured Shares (as the case may be) and
         shall be deemed to have been acquired or deposited or matured at the
         same time as, and shall be held by the Trustees on the same terms as,
         his Qualification Shares, Deposited Shares or Matured Shares to which
         they relate and, for the avoidance of doubt (but without prejudice to
         the generality of the foregoing) -

         (i)      where any such New Shares related to any of an Eligible
                  Employee's Qualification Shares acquired by the Trustees or
                  the PEP Manager, as the case may be, on his behalf pursuant to
                  the provisions of Rule 5, any notice given by the Eligible
                  Employee in relation to his Qualification Shares in accordance
                  with Rule 8 must, and shall be deemed to, apply to the New
                  Shares, and

         (ii)     where any New Shares related to any of an Eligible Employee's
                  Qualification Shares in respect of which he has already given
                  a notice pursuant to Rule 8, the notice shall be deemed to
                  include the New Shares.

13.      TAKEOVERS AND OTHER TRANSACTIONS AFFECTING AN ELIGIBLE EMPLOYEE'S
         QUALIFICATION SHARES, MATURED SHARES OR DEPOSITED SHARES

         The provisions of Rule 23 shall, in relation to any Eligible Employee's
         Qualification Shares, Matured Shares or Deposited Shares, apply,
         mutatis mutandis, as those provisions apply in relation to an Eligible
         Employee's Appropriated Shares as if references therein to Appropriated
         Shares were references to Qualification Shares, Matured Shares or
         Deposited Shares save only that the references following the end of
         Rule 23.13(b) and in Rule 23.2 to Appropriated Shares and Rule 19
         shall, for the purposes of this Rule, be construed as references to
         Deposited Shares and Rule 9 respectively.
<PAGE>

                                     - 43 -

                                     PART C

                              THE OWNERSHIP SCHEME

14.      CALCULATION AND PAYMENT OF CONTRIBUTIONS

14.1     OBLIGATION OF A PARTICIPATING COMPANY TO MAKE A CONTRIBUTION

         Subject as otherwise hereinafter provided, in respect of each Base
         Period each Participating Company shall, in accordance with the
         following provisions, make a Contribution to the Trustees for the
         benefit of each of its Eligible Employees who has deposited Shares with
         the Trustees or the PEP Manager pursuant to Rule 8 on or before the
         Deposit Date of that Base Period.

14.2     NOTIFICATION OF SHARES TO BE ACQUIRED

         At or before the Deposit Date relating to the Base Period, the Trustees
         will notify each Participating Company of the total number of Shares
         which have been deposited with the Trustees or the PEP Manager by the
         Eligible Employees of such Participating Company in relation to that
         Base Period and which in accordance with the provisions of Rule 8 are
         or are likely to be such Eligible Employees' Deposited Shares.

14.3     AMOUNT OF EACH PARTICIPATING COMPANY'S CONTRIBUTION

         Each Participating Company will thereafter be under an obligation to
         pay to the Trustees in accordance with Rule 14.4 such amount as the
         Trustees require in order to acquire Shares equal in number to the
         total Shares referred to in Rule 14.2.

14.4     PAYMENT OF PARTICIPATING COMPANY'S CONTRIBUTION

         The amount of any Contribution to be made by each Participating Company
         will be paid to the Trustees by no later than the day upon which the
         Trustees require such Contributions in order to pay for the Shares
         acquired pursuant to Rule 15.
<PAGE>

                                     - 44 -

14.5     NOTIFICATION OF PARTICIPATING COMPANY OF SHARES ACQUIRED

         The Trustees shall notify each Participating Company of the date upon
         which the Contributions related to any Base Period have been fully
         applied pursuant to these Rules in the acquisition of Shares.

14.6     NOTIFICATION OF EVENT DISQUALIFYING ELIGIBLE EMPLOYEE FROM
         PARTICIPATION

         A Participating Company shall immediately notify the Trustees of any
         event which disqualifies or otherwise makes an Eligible Employee, who
         is employed by it, ineligible to have Shares appropriated to him in
         relation to a current or subsequent Base Period.

15.      APPLICATION OF CONTRIBUTIONS

         Subject as hereinafter provided and following upon the determination in
         accordance with Rule 14 of the aggregate Contributions to be paid by
         the Participating Companies in relation to any Base Period, the
         Trustees shall acquire on the Deposit Date of that Base Period, or as
         soon as reasonably practicable thereafter, the number of Shares
         ascertained in accordance with Rule 14.2 required for appropriation in
         accordance with Rule 17 amongst the Eligible Employees of such
         Participating Companies.

16.      ACQUISITION OF SHARES

16.1     METHOD OF ACQUISITION

         Subject as hereinafter provided, any acquisition of Shares by the
         Trustees pursuant to Rules 15 and 31 will be effected either by the
         purchase of Shares through a Stock Exchange or by the purchase of
         Shares from Eligible Employees or former Eligible Employees wishing to
         dispose of their Shares in accordance with the Rules or by the purchase
         of Shares from the PEP or by the purchase of Shares from other
         shareholders or any combination thereof.
<PAGE>

                                     - 45 -

16.2     NATURE OF SHARES TO BE ACQUIRED

         In the exercise of their duty to acquire any Shares pursuant to Rule
         15, the Trustees shall ensure that the Shares acquired conform with the
         requirements laid down by paragraph 12(1) of Schedule 9 and shall
         endeavour, so far as is consistent with their other duties under the
         Rules, to ensure that all such Shares acquired in relation to any Base
         Period are either acquired all "ex-dividend", "ex-rights" or
         "ex-capitalisation" or, as the case may be, all "cum-dividend",
         "cum-rights" or "cum-capitalisation".

16.3     SHARES CARRYING DIFFERENT RIGHTS

         If, in the exercise of their duty to acquire any Shares pursuant to
         Rule 15, some (but not all) of the Shares acquired by the Trustees
         carry, or the Trustees otherwise become entitled in respect of some
         (but not all) of the Shares prior to the appropriation thereof to, any
         rights to acquire against payment, or to be allotted, additional
         shares, stock or rights of any decision, the Trustees shall use their
         best endeavours to sell those rights for the best consideration in
         money reasonably obtainable at the time and shall (after providing for
         any expenses of sale and any taxation payable by the Trustees in
         respect thereof) retain the net proceeds of sale and apply them in
         meeting the costs and expenses of administering the Scheme (other than
         such costs and expenses as are payable by Eligible Employees under Rule
         32) or in a future acquisition of Shares.

         If, in the exercise of their duty to acquire Shares pursuant to Rule
         15, some (but not all) of the Shares acquired by the Trustees carry the
         right to receive any dividends or any other distribution, which has
         been declared, the Trustees shall appropriate that number of the Shares
         carrying such right amongst Eligible Employees as nearly as possible in
         the same proportions as the number of Shares acquired upon that
         occasion for each Eligible Employee bears to the total acquisition
         under Rule 15.

16.4     INCIDENTAL COST OF ACQUISITION

         The Participating Companies will pay to the Trustees on demand the
         incidental cost incurred by the Trustees in relation to the acquisition
         of Shares for the purposes of any appropriation following
<PAGE>

                                     - 46 -

         a Base Period such costs to be borne by the Participating Companies in
         such proportions as the Company shall decide.

17.      APPROPRIATION TO AN ELIGIBLE EMPLOYEE

17.1     TIME OF APPROPRIATION

         The appropriation of Shares acquired by the Trustees pursuant to Rule
         16 in relation to any Base Period shall be effected by the Trustees on
         a single date as soon as practicable after the acquisition of all such
         Shares has been completed in accordance with the following paragraphs.

17.2     SHARES TO BE APPROPRIATED

         Subject to Rule 18 and subject as hereinafter provided, the Trustees
         will appropriate to each Eligible Employee on the related Deposit Date
         within five Business Days thereafter a number of whole Shares equal to
         the number of Shares deposited by the Eligible Employees with the
         Trustees or the PEP Manager in relation to that Base Period and which
         in accordance with the provisions of Rule 8 are his Deposited Shares.

17.3     INSUFFICIENT SHARES

         If, for any reason, the Trustees are unable to acquire sufficient
         Shares pursuant to Rule 16 to make an appropriation as contemplated
         under Rule 17 within five Business Days after the related Deposit Date,
         the Trustees shall, as directed by the Board -

         (i)      appropriate such Shares as they have acquired proportionately
                  amongst the Eligible Employees referred to in Rule 17.2; or

         (ii)     retain such Shares for the purpose of a future appropriation
                  of Shares.

17.4     DIVIDENDS PRIOR TO APPROPRIATION

         If, prior to the appropriation of any Shares under this Rule 17, the
<PAGE>

                                     - 47 -

         Trustees receive any dividends in respect of those Shares, they shall
         (after providing for any taxation which may be payable by the Trustees
         in respect thereof) retain the balance to be used in meeting the costs,
         expenses and charges of managing and administering the Scheme (other
         than such costs and expenses as are payable by Eligible Employees under
         Rule 32).

18.      RESTRICTIONS ON APPROPRIATION

18.1     INITIAL MARKET VALUE

         The Initial Market Value of the Shares appropriated by any Eligible
         Employee in any Year of Assessment under the Scheme shall not exceed
         such amount as may for the time being be permitted by paragraph 30(3)
         of Schedule 9.

18.2     PARTICIPATION IN ANOTHER APPROVED SCHEME

         No Shares shall be appropriated to an Eligible Employee who is
         precluded from having Shares appropriated to him by virtue of paragraph
         35(2) of Schedule 9.

18.3     CESSATION OF EMPLOYMENT

         The Trustees shall not appropriate Shares to an individual whom the
         Trustees have been advised in writing by the Employer is no longer a
         Full Time Employee of a Participating Company except an individual who
         is an employee of a Participating Company who has been approved by the
         Board for participating in the Scheme in accordance with Rule 2.1.

18.4     STATUTORY PROHIBITION

         The Trustees shall not -

         (i)      appropriate Shares to an Eligible Employee who is required by
                  paragraph 8 of Schedule 9 to be precluded from having Shares
                  appropriated to him; or
<PAGE>

                                     - 48 -

         (ii)     appropriate Shares to an Eligible Employee which do not
                  satisfy the conditions set out in paragraphs 10, 11, 12 and 14
                  of Schedule 9.

18.5     UNAPPROPRIATED SHARES

         If the Trustees are prohibited from appropriating to an Eligible
         Employee any Shares by virtue of any of the provisions of this Rule 18,
         the Trustees shall, as directed by the Board -

         (i)      retain such Shares for the purposes of a future appropriation
                  of Shares, or

         (ii)     use their best endeavours to sell such Shares for the best
                  consideration in money reasonably obtainable at the time and
                  (after providing for any expenses of sale and any taxation
                  which may be payable by the Trustees in respect thereof)
                  retain the net proceeds of sale to be used either in meeting
                  the costs, charges and other expenses of managing and
                  administering the Scheme (other than such costs and expenses
                  as are payable by Eligible Employees under Rule 32) or in
                  acquiring Shares in relation to any future acquisition of
                  Shares.

19.      RESTRICTIONS ATTACHING TO AN ELIGIBLE EMPLOYEE'S APPROPRIATED SHARES

19.1     DURING PERIOD OF RETENTION

         Subject to Rule 23, during the Period of Retention relating to any of
         an Eligible Employee's Appropriated Shares, he shall permit them to
         remain registered in the names of the Trustees and shall not assign,
         charge or otherwise dispose of his beneficial interest therein.

19.2     PRIOR TO RELEASE DATE

         At any time after the expiry of the Period of Retention related to any
         of an Eligible Employee's Appropriated Shares and prior to the relevant
         Release Date, such Eligible Employee
<PAGE>

                                     - 49 -

19.2.1   may not direct the Trustees, except as provided in Rules 19.2.2 or
         19.2.3, to dispose of any such Shares in any other way except by sale
         for the best consideration in money as can reasonably be obtained at
         the time;

19.2.2   may only direct the Trustees to transfer any such Shares to him if,
         before the transfer takes place, he pays the Trustees such sum on
         account of income tax as the Trustees may require from him pursuant to
         paragraph 2(2)(c) of Schedule 9; and

19.2.3   may not agree with the Trustees to sell the beneficial interest in any
         such Shares to the Trustees except for cash as a price equal to that
         which the Trustees would have been required to obtain had they
         simultaneously sold such Shares themselves pursuant to a direction
         under Rule 19.2.1.

19.3     MATURED SHARES

         As soon as the Release Date relating to any Eligible Employee's
         Appropriated Shares has occurred, such Appropriated Shares shall
         thereupon cease to be Appropriated Shares and shall become Matured
         Shares.

20.      TRUSTEES' ACCOUNTABILITY TO AN ELIGIBLE EMPLOYEE IN RESPECT OF HIS
         APPROPRIATED SHARES

20.1     ACCOUNTABILITY

         Subject to Rule 32 and subject as hereinafter provided, the Trustees
         shall distribute to an Eligible Employee as soon as practicable any
         money or other assets (after deducting therefrom any taxation which may
         be payable to the Trustees in respect thereof) received by them in
         respect of, or by reference to, his Appropriated Shares excluding

20.1.1   any New Shares to those Appropriated Shares;

20.1.2   such amount of any sum so received as the Trustees may be obliged
         under paragraph 7 of Schedule 10 to pay to a company therein mentioned,
         and
<PAGE>

                                     - 50 -

20.1.3   such part of any sum so received as the Trustees may be obliged to
         deduct in respect of income tax under paragraph 7 of Schedule 10.

20.2     NOTIFICATION

20.2.1   The Trustees shall, at least once in each period of six months, give
         each Eligible Employee notice in writing showing, inter alia the amount
         of Shares appropriated to him since the last notification given to him
         under this Rule, the Initial Market Value of such Appropriated Shares
         and the date of appropriation of such Appropriated Shares, and the
         total number of his Appropriated Shares related to any previous Base
         Period.

20.2.2   When an Eligible Employee's Appropriated Shares are transferred to him
         or is sold on his behalf, the Trustees shall as soon as practicable
         thereafter notify him in writing of the details of any such
         transaction.

21.      RIGHTS OFFERS IN RELATION TO ELIGIBLE EMPLOYEES' APPROPRIATED SHARES

21.1     RIGHTS OFFERS

         Subject as hereinafter provided, in the event of any company whose
         shares for the time being constitute Appropriated Shares making an
         offer or invitation conferring any rights upon its shareholders to
         acquire against payment additional shares, stock, securities or rights
         of any description, then, as regards any Eligible Employee's
         Appropriated Shares, the Trustees will comply with any direction from
         the Eligible Employee concerning -

         (i)      the sale of all of the rights,

         (ii)     the exercise of all of the rights provided that the Eligible
                  Employee has provided the Trustees with the full amount
                  (including any incidental cost) payable on exercise, or

         (iii)    the exercise of part of the rights, the full amount
<PAGE>

                                     - 51 -

                  (including any incidental cost) payable being provided out of
                  the net proceeds of sale, nil paid, of the remaining part of
                  the Eligible Employee's rights.

21.2     TRUSTEES' RIGHT TO TAKE NO ACTION

         The Trustees may ignore and take no action in respect of any direction
         from an Eligible Employee which is received by them less than five
         clear Business Days before the last date for acceptance and payment of
         such rights.

21.3     NOTIFICATION TO ELIGIBLE EMPLOYEES

         In the event of the Trustees receiving any such offer or invitation as
         is referred to in Rule 21.1, they shall, in addition to their
         obligation pursuant to Rule 33, notify the Eligible Employees concerned
         of the rights calculated in accordance with the provision of Rule 30
         which are attributable to the Appropriated Shares of each such Eligible
         Employee.

21.4     NEW SHARES

         Subject to the Act, any New Shares related to any of an Eligible
         Employee's Appropriated Shares which, in accordance with the provisions
         of this Rule, are taken up by the Trustees on his behalf shall form
         part of his Appropriated Shares and shall be deemed to have been
         appropriated at the same time as, and shall be held by the Trustees on
         the same term as, his Appropriated Shares to which they relate.

22.      CAPITALISATION ISSUES IN RELATION TO ELIGIBLE EMPLOYEE'S APPROPRIATED
         SHARES

         In the event of any company whose shares for the time being constitute
         Appropriated Shares allotting any New Shares in respect of an Eligible
         Employee's Appropriated Shares, such New Shares shall form part of his
         Appropriated Shares and shall be deemed to have been appropriated at
         the same time as, and shall be held by the Trustees on the same terms
         as, his Appropriated Shares to which they relate.
<PAGE>

                                     - 52 -

23.      TAKEOVERS AND OTHER TRANSACTIONS AFFECTING ELIGIBLE EMPLOYEES'
         APPROPRIATED SHARES

23.1     TAKEOVERS

         In the event that -

23.1.1   an offer is made to acquire any Eligible Employee's Appropriated Shares
         in circumstances such that acceptance thereof will result in a new
         holding (as defined in section 77 of the Capital Gains Tax Act 1979)
         being equated with those Appropriated Shares for the purposes of
         Capital Gains Tax; or

23.1.2   an offer is made to acquire any Eligible Employee's Appropriated Shares
         as part of a general offer made to holders of securities of the same
         class as those Appropriated Shares for a cash consideration, with or
         without other assets, and is also made in the first instance on a
         condition such that if it is satisfied the person making the offer will
         have control of the company concerned (within the meaning of section
         416 of the Act); or

23.1.3   a transaction is proposed which affects an Eligible Employee's
         Appropriated Shares or such of them as are of a particular class and
         such transaction would be entered into pursuant to a compromise,
         arrangement or scheme applicable to or affecting:

         (a)      all the ordinary share capital of the company concerned or, as
                  the case may be, all the shares of the class in question; or

         (b)      all the shares or shares of the class in question, which are
                  held by a class of shareholders identified otherwise than by
                  reference to their employment or their participation in an
                  Approved Scheme

         then, notwithstanding anything in Rule 19.1, an Eligible Employee may
         direct the Trustees in writing in the prescribed form to accept such
         offer or, as the case may be, agree to such compromise, arrangement or
         scheme in respect of his Appropriated Shares.
<PAGE>

                                     - 53 -

23.2     OTHER TRANSACTIONS

         In the event that any offer is made or any compromise, arrangement or
         scheme is proposed affecting any of an Eligible Employee's Appropriated
         Shares which does not fall within Rule 23.1, then the Eligible Employee
         concerned may only direct the Trustees to accept such offer or, as the
         case may be, agree to such compromise, arrangement or scheme to the
         extent that to do so would not constitute or result in a breach of Rule
         19.

23.3     NOTIFICATION

         The Trustees will promptly take all reasonable steps to notify Eligible
         Employees of the principal terms of any offer, compromise, arrangement
         or scheme falling within this Rule 23 and, in the absence of any
         direction from an Eligible Employee as to how they should act thereon
         in respect of his Appropriated Shares, the Trustees shall not take any
         action in respect thereof, save as required by law.

23.4     NEW SHARES

         Subject to the Act, any New Shares related to any of an Eligible
         Employee's Appropriated Shares which, in accordance with the provisions
         of this Rule 23, are taken up by the Trustees on his behalf shall form
         part of his Appropriated Shares and shall be deemed to have been
         appropriated at the same time as, and shall be held by the Trustees on
         the same term as, his Appropriated Shares to which they relate.
<PAGE>

                                     - 54 -

                                     PART D

PROVISIONS APPLICABLE TO BOTH THE QUALIFICATION SCHEME AND THE OWNERSHIP SCHEME

24.      DEALINGS WITH ELIGIBLE EMPLOYEE'S MATURED SHARES AND APPROPRIATED
         SHARES

24.1     TRUSTEES AS NOMINEES

         Subject as provided in these Rules, the Trustees shall hold any
         Eligible Employee's Matured Shares as nominee for him and shall,
         subject as hereinafter provided, take such action in respect of such
         Matured Shares as he directs by notice in writing in the prescribed
         form including, with prejudice to the generality of the foregoing, to
         transfer to him, or otherwise deal with, or dispose of, on his behalf,
         his Matured Shares.

24.2     DISPOSAL OF MATURED OR APPROPRIATED SHARES

24.2.1   If an Eligible Employee wishes the Trustees to dispose of all or any
         part of his Matured Shares or Appropriated Shares, such Eligible
         Employee must be given notice in writing in the prescribed form to the
         Trustees provided always that if the notice requests the Trustees to
         dispose of Matured Shares or Appropriated Shares in excess of the
         number then held by the Trustees on his behalf, the notice shall be
         nevertheless effective as regards the number of Matured Shares or
         Appropriated Shares held by the Trustees on his behalf.

24.2.2   Whenever an Eligible Employee gives a notice in accordance with the
         provisions of Rule 24.2.1, the Trustees may, if they so desire and
         provided that such action in consistent with their obligations
         hereunder, treat such notice as an offer on the part of the Eligible
         Employee to sell to the Trustees the beneficial interest in all or any
         part of his Matured Shares or Appropriated Shares as is referred to in
         the notice and the Trustees may, instead of selling such Matured Shares
         or Appropriated Shares, purchase all or any part of such Matured Shares
         or Appropriated Shares for the same price as would have been
<PAGE>

                                     - 55 -

         obtained had such Matured Shares or Appropriated Shares been sold in
         accordance with the following provisions of this Rule.

24.2.3   The Trustees shall (subject, in the case of an Eligible Employee's
         Appropriated Shares, to the provisions of Rule 19) then use their best
         endeavours to dispose of his Matured Shares or Appropriated Shares or
         to purchase the beneficial interest therein as specified in Rule
         24.2.4.

24.2.4   Subject to Rule 24.2.5, in the case of notices given by Eligible
         Employees in accordance with Rule 24.2.4, and received by the Trustees
         on or before the last Business Day of any Base Period, the disposal or
         purchase, as the case may be, will be effected by the Trustees on the
         Deposit Date falling in the immediately following Base Period.

24.2.5   If the Trustees are unable to dispose of any part of an Eligible
         Employee's Matured Shares or Appropriated Shares (otherwise than by
         reason of Rule 19) in respect of which they have received a notice of
         pursuant to Rule 24.2.1 on the date specified in Rule 24.2.2, they
         shall use their best endeavours to dispose of such part of the Matured
         Shares or Appropriated Shares on the next succeeding Deposit Date and
         so on or, if they so wish, to acquire the beneficial interest therein
         but the Trustees shall be under no obligation to dispose of, or to
         acquire the beneficial interest in, any part of such Matured Shares or
         Appropriated Shares on any Business Day of any Base Period other than
         that which is specified in Rule 24.2.4.

24.3     PROCEEDS OF SALE

         Subject to Rule 32 and, in the case of Appropriated Shares, to the
         provisions of Rule 20 any sale proceeds received by the Trustees on
         disposing of an Eligible Employee's Matured Shares or Appropriated
         Shares or any sums due from the Trustees to such Eligible Employee on
         acquiring the beneficial interest in all or any part his Matured Shares
         or Appropriated Shares shall be transferred promptly to such Eligible
         Employee.

24.4     TRANSFER OF MATURED OR APPROPRIATED SHARES

         If an Eligible Employee wishes the Trustees to transfer to him or
<PAGE>

                                     - 56 -

         any other person all or any part of his Matured Shares or Appropriated
         Shares, such Eligible Employee must give notice in writing in the
         prescribed form to the Trustees whereupon, subject to the provisions of
         Rules 19.2.2 and 32, the Trustees shall give effect to the transfer as
         soon as reasonably practicable thereafter provided always that, if such
         notice requests the Trustees to dispose of Matured Shares or
         Appropriated Shares in excess of the number then held by the Trustees
         on behalf of such Eligible Employee, such notice shall nevertheless be
         effective as regards the number of Matured Shares and Appropriated
         Shares held by the Trustees on his behalf.

24.5     FIRST IN FIRST OUT

         Whenever an Eligible Employee assigns, charges or otherwise disposes of
         the beneficial interest in his Appropriated Shares or Matured Shares or
         whenever the beneficial interest in such Appropriated Shares or Matured
         Shares is vested in some other person or whenever the Trustees sell
         such Appropriated Shares or Matured Shares on behalf of such Eligible
         Employee and such assignment, charge, disposal, sale or vesting is made
         from a holding of an Eligible Employee's Matured Shares and, in any of
         such cases, the Shares comprised in such holding were appropriated or,
         as the case may be, matured at different times, the assignment, charge,
         disposal, sale or vesting shall be treated as being of such Shares as
         were appropriated or, as the case may be, matured earlier before those
         which were appropriated or matured later.

25.      SHAREHOLDERS' NOTICES

         The Company or the Trustees will promptly provide all Eligible
         Employees on whose behalf the Trustees hold Deposited Shares,
         Appropriated Shares or Matured Shares with copies of all notices,
         circulars and other documents sent to shareholders.

26.      EXPLANATORY BOOKLET

         The Company will issue a booklet to each Eligible Employee ex-
<PAGE>

                                     - 57 -

         plaining the operation of the Scheme and, inter alia, giving
         information concerning the manner and circumstances in which
         directions, agreements or notices may be given to the Trustees in
         respect of an Eligible Employee's Appropriated Shares.

27.      VOTING RIGHTS

27.1     The voting rights in respect of an Eligible Employee's Qualification
         Shares or Matured Shares or, subject to Rules 9 and 19, an Eligible
         Employee's Deposited Shares or Appropriated Shares held by the Trustees
         shall, in so far as is practicable, be exercised by the Trustees in
         accordance with any written directions in the prescribed form given by
         such Eligible Employee and, in the absence of any such direction, the
         Trustees shall not exercise such voting rights.

27.2     The Trustees shall not exercise any voting rights in respect of any
         Shares held by them which have not been allocated to Eligible Employees
         hereunder.

28.      TERMINATION OF EMPLOYMENT

28.1     GENERAL

         If an Eligible Employee ceases to be employed by any Participating
         Company or dies, then the Rules set out in the Scheme shall, where the
         context so admits, continue to apply save as provided in the following
         provisions of this Rule and subject to Rule 32.

28.2     CASH ACCOUNT

         Subject to Rule 5, the Trustees shall as soon as reasonably practicable
         after the cessation as is mentioned in Rule 28.1 transfer to such
         Eligible Employee any moneys standing to his credit in his Cash
         Account.
<PAGE>

                                     - 58 -

28.3     TRANSFER OF SHARES

         Subject to Rule 28.4, the Trustees shall forthwith upon the expiration
         of ninety days after ceasing to hold any Appropriated Shares on behalf
         of an Eligible Employee transfer to such Eligible Employee any of his
         Matured Shares still held by them on his behalf and in respect of which
         such Eligible Employee has not given a notice in writing to the
         Trustees pursuant to Rule 24.2.1.

28.4     DEATH

28.4.1   If an Eligible Employee dies then, subject as hereinafter provided, the
         Trustees shall transfer to the legal personal representatives of such
         Eligible Employee at their request such of his Matured Shares as are
         still held on his behalf by the Trustees and any moneys standing to the
         credit of such Eligible Employee in his Cash Account provided always
         that the Trustees shall not be obliged to continue to hold such Matured
         Shares for longer than six months after the Eligible Employee's death.

28.4.2   If an Eligible Employee ceases to be employed as mentioned in Rule 28.1
         or dies after the Qualification Date relating to a Base Period, all the
         Shares then held by the Trustees as his Qualification Shares shall
         thereupon become his Matured Shares.

28.4.3   Where an Eligible Employee dies, then his legal personal
         representatives may, by giving notice in writing to the Trustees in the
         prescribed form, request the Trustees to sell all of the Eligible
         Employee's Matured Shares pursuant to Rule 24.2.1 and in such a case
         the provisions of Rule 24.2.4 will not apply if the Eligible Employee
         has previously given a notice in accordance with the provisions of Rule
         24.2.1 in the same Year of Assessment.

28.5     COMPENSATION

         In no circumstances shall an Eligible Employee who ceases to be an
         employee of any of the Participating Companies or the Company any
         Subsidiary of the Company by reason of dismissal or otherwise howsoever
         be entitled to claim against any of the Participating Com-
<PAGE>

                                     - 59 -

         panies, the Company or any of such Subsidiaries any compensation for or
         in respect of any consequential loss he may suffer by reason of the
         operation of the Rules or of his inability to participate in the Scheme
         following upon such cessation.

29.      DIVIDENDS

         Where the Trustees receive any dividends in respect of their holding of
         Eligible Employees' Qualification Shares, Deposited Shares,
         Appropriated Shares and Matured Shares, they shall -

         (i)      divide the resultant amount by the total of all such Eligible
                  Employees' Qualification Shares, Deposited Shares,
                  Appropriated Shares and Matured Shares held by them and in
                  respect of which such dividends were paid;

         (ii)     distribute to each Eligible Employee concerned as soon as
                  reasonably practicable thereafter such amount as is found by
                  multiplying the amount ascertained by the calculation referred
                  to in paragraph (i) by the total of all such Eligible
                  Employee's Qualification Shares, Deposited Shares,
                  Appropriated Shares and Matured Shares in respect of which
                  such dividends were paid rounded to the nearest whole penny;

         (iii)    provide each Eligible Employee with details of any tax credit
                  in respect of payments made under this Rule; and

         (iv)     retain any amount not distributed to be used in meeting the
                  costs, expenses and charges of managing and administering the
                  Scheme (including any such costs and expenses as are payable
                  by Eligible Employees under Rule 32).

30.      FRACTIONS ARISING FROM THE ISSUE OF NEW SECURITIES

30.1     ALLOCATION AMONGST ELIGIBLE EMPLOYEES

30.1.1   If the Trustees become entitled to receive any shares, stock,
         securities or other rights in respect of their holding of
<PAGE>

                                     - 60 -

         Eligible Employees' Qualification Shares, Matured Shares, Deposited
         Shares or Appropriated Shares, the Trustees shall allocate such shares,
         stock, securities or other rights among the Eligible Employees
         concerned on a proportionate basis.

30.1.2   If such allocation by reference to the aggregate of Qualification
         Shares, Matured Shares, Deposited Shares or Appropriated Shares
         attributable to an Eligible Employee should give rise to a fraction of
         a share, stock, security or right, the Trustees shall round such
         aggregate allocation down to the next whole share, stock, security or
         right. If, having allocated the said shares, stock, securities or
         rights on the foregoing basis, the Trustees have remaining any shares,
         stock, securities or rights, which, if so allocated, would give rise to
         fractions, the Trustees shall use all reasonable endeavours to sell
         such shares, stocks, securities or rights and shall distribute the
         proceeds of sale thereof (after deducting any expenses of sale and any
         taxation which may be payable by the Trustees in respect thereof) to
         the Eligible Employees concerned in due proportion provided that any
         such proceeds which are due to an Eligible Employee are less than
         (pounds) 2.50 shall be retained by the Trustees to be used in meeting
         the costs, expenses and charges of managing and administering the
         Scheme (including any such costs and expenses as are payable by
         Eligible Employees under Rule 32).

30.2     ALLOCATION AMONGST AN ELIGIBLE EMPLOYEE'S SHARES

         Where the Trustees have allocated the said shares, stock, securities or
         rights in accordance with the provisions of Rule 30.1 to each Eligible
         Employee the Trustees shall then allocate the said shares, stock,
         securities or rights to such Eligible Employee on a proportionate basis
         by reference to his Qualification Shares, Matured Shares, Deposited
         Shares or Appropriated Shares and by reference to the relative times of
         acquisition or appropriation (as the case may be) of such Qualification
         Shares, Matured Shares, Deposited Shares or Appropriated Shares and, if
         such allocation should give rise to a fraction of a share, stock,
         security or right, the Trustees shall round such allocation up or down
         to the next whole share, stock, security or right as they in their
         absolute discretion think fit.
<PAGE>

                                     - 61 -

31.      ERRORS AND OMISSIONS

31.1     GENERAL

         If, in relation to any Base Period, as a result of an error or omission
         either a Participating Company fails to make a Contribution to the
         Trustees which is attributable to an Eligible Employee pursuant to
         these Rules within the period contemplated by Rule 14 or Shares to
         which an Eligible Employee is entitled pursuant to these Rules is not
         acquired on his behalf within the period contemplated by Rule 6 or is
         not appropriated to him within the period contemplated by Rule 17, the
         Company, the Participating Company and the Trustees may, but without
         obligation so to do, do all such acts and things as may be agreed with
         the Commissioners of Inland Revenue to enable the Trustees to receive a
         Contribution, acquire and appropriate to the Eligible Employee the
         number of Shares necessary to put that Eligible Employee in the
         position he would have been in but for such failure or want to
         appropriation and agree, where relevant, the Initial Market Value
         attributable to such Shares notwithstanding that such actions may fall
         outside the time limits contemplated by or otherwise conflict with the
         other provisions of these Rules provided always that the Trustees shall
         not be obligated to incur any liability (whether actual or contingent)
         without being funded or indemnified to their satisfaction.

31.2     NO LIABILITY

         The Trustees, the Company and the Participating Company shall have no
         liability whatsoever to an Eligible Employee or to any person in whom
         the beneficial interest in that Eligible Employee's Qualification
         Shares, Matured Shares, Deposited Shares, Appropriated Shares or any
         amount in such Eligible Employee's Cash Account is for the time being
         vested or the legal personal representatives of that Eligible Employee
         or person in respect of any notification, document or communication
         given by such Eligible Employee, person or legal personal
         representative or for the failure to carry out any instruction or
         request contained therein, whether wholly or partially.
<PAGE>

                                     - 62 -

32.      COSTS AND EXPENSES

32.1     BY THE PARTICIPATING COMPANIES

         Subject to the following provisions of this Rule, all costs, expenses,
         charges and other liabilities of, and incidental to, the administration
         of the Scheme shall be payable to the Trustees who shall be entitled to
         recover such costs and expenses and to be indemnified against such
         liabilities (and, if they so require, to be funded and/or indemnified
         in advance to their satisfaction) by the Company and the Participating
         Companies in such proportions as the Company shall decide.

32.2     BY THE ELIGIBLE EMPLOYEES

         Subject to Rule 32.3, all the costs and expenses (including, without
         prejudice to the generality of the forgoing, all stamp duty and
         brokerage fees) arising as a result of any disposal on behalf of, or
         any transfer to, an Eligible Employee of his Qualification Shares,
         Deposited Shares, Matured Shares or Appropriated Shares shall unless
         the Company directs otherwise be payable to the Eligible Employee on
         whose behalf such transaction is carried out or by whom such
         instruction is given.

32.3     ALLOCATION AMONGST ELIGIBLE EMPLOYEES

         Where, on any one day, the Trustees carry out any of the transactions
         as mentioned in Rule 32.2 on behalf of more than one Eligible Employee,
         the aggregate of such costs and expenses as are mentioned in Rule 32.2
         in respect of such transactions may be allocated amongst each of the
         Eligible Employees concerned in such transactions on a proportionate
         basis by reference to the proportion which the number of such Eligible
         Employee's Qualification Shares, Deposited Shares, Matured Shares or
         Appropriated Shares concerned in any of such transactions bears to the
         total of all Eligible Employees' Shares, Deposited Shares, Matured
         Shares or Appropriated Shares concerned in such transactions on behalf
         of each Eligible Employee. To the extent that such allocation results
         in any part of the costs and expenses payable by an Eligible Employee
         amounting to a fraction of less than one penny, then the Trustees may
         round such
<PAGE>

                                     - 63 -

         costs up or down to the nearest whole penny and any surplus thereby
         arising shall be retained by the Trustees to meet the incidental costs
         and expenses subsequently payable by Eligible Employees by virtue of
         this Rule.

32.4     WITHDRAWAL OF AMOUNTS FROM CASH ACCOUNTS

         The Trustees shall be entitled to withdraw from any Eligible Employee's
         Cash Account such costs, expenses, charges and other amounts due to
         them from such Eligible Employee pursuant to Rule 32.2 and shall be
         entitled to retain the Share Certificates of any of such Eligible
         Employee's Shares until such Eligible Employee has reimbursed them for
         any of such costs, expenses, charges and other amounts.

33.      DIRECTIONS AND NOTICES

33.1     TO THE TRUSTEES

         To be valid any direction, agreement or notice given to the Trustees or
         any Participating Company by an Eligible Employee or in respect of an
         Eligible Employee's Qualification Shares, Matured Shares, Deposited
         Shares, Appropriated Shares or Cash Account must be given in writing in
         the prescribed form and signed (or purport to be signed) by such
         Eligible Employee, his legal personal representatives or any other
         person in whom the beneficial interest in such Qualification Shares,
         Matured Shares, Deposited Shares or Appropriated Shares vested on his
         insolvency or otherwise by operation of law. Subject to Rule 23.3 any
         such direction, agreement or notice shall be deemed to have been given
         only when it is received by the Trustees or the Participating Company,
         as the case may be, and for these purposes such direction, agreement or
         notice shall be deemed to receive by the Trustees or the Participating
         Company, as the case may be, when it is addressed to, and received by
         the Company or to such other address as may from time to time be
         notified to the Eligible Employees concerned.
<PAGE>

                                     - 64 -

33.2     TO AN ELIGIBLE EMPLOYEE

         Any notification, document, payment or other communication to be given
         to an Eligible Employee hereunder may be given by delivery to him (if
         he is still an employee of any Participating Company) at his place of
         work or sent by ordinary post to the Eligible Employee's address as
         shown in the Trustees' records for the time being or to such other
         address as has been notified to the Trustees by the legal personal
         representatives of such Eligible Employee or any other person in whom
         the beneficial interest in such Eligible Employee's Qualification
         Shares, Matured Shares, Deposited Shares or Appropriated Shares has
         vested on such Eligible Employee's insolvency or otherwise by operation
         of law. The Trustees, the Company and the related Employer shall not be
         concerned to see that any Eligible Employee or any person in whom the
         beneficial interest in that Eligible Employee's Qualification Shares,
         Matured Shares, Deposited Shares, Appropriated Shares or Cash Account
         is for the time being vested or the legal personal representatives of
         that Eligible Employee or person actually receives any notification,
         document, payment or other communication so given, sent or made.

33.3     INDEMNITY AGAINST COSTS

         The Trustees shall be entitled to disregard any notice or direction
         from an Eligible Employee, his legal personal representatives or any
         person in whom the beneficial interest in that Eligible Employee's
         Qualification Shares, Matured Shares, Deposited Shares or Appropriated
         Shares is for the time being vested concerning the assignment, charge
         or other disposal of the beneficial interest in, or the transfer or
         disposal, whether to that Eligible Employee's Qualification Shares,
         Matured Shares, Deposited Shares or Appropriated Shares unless they
         have first been provided with the full amount of any costs, expenses,
         charges or other amounts payable by such Eligible Employee pursuant to
         Rule 32 by reference to such assignment, charge, transfer or disposal
         of any previous assignment, charge, transfer or disposal.

33.4     NOTICES IRREVOCABLE

         Any direction, agreement or notice once given shall be irrevocable.
         Subject as herein provided, any direction, agreement or notice shall be
         carried out by the Trustees in accordance with its terms. The
<PAGE>

                                     - 65 -

         Trustees shall incur no liability to an Eligible Employee if they act
         or take no action in reliance upon a direction, agreement or notice
         which purports to have been duly given.

34.      DISPUTES

         The decision of the Board in any dispute or question as to the rights
         or obligations of any person hereunder or concerning the construction
         of or effect of any of the Rules or otherwise shall be final and
         conclusive subject to the concurrence of the Auditors whenever required
         under the Rules of the Scheme.

35.      SUPSENSION

         The Company may by resolution of the Board suspend the operation of the
         Scheme either temporarily or permanently, but in such event the
         provisions of the Scheme shall, in relation to Shares which have
         already been acquired or appropriated under the Scheme, continue in
         full force and effect.

36.      AMENDMENT

         The Company may by resolution of the Board with the consent of the
         Trustees (which shall not unreasonably be withheld) amend any Rule of
         the Scheme but so that in no circumstances shall any amendment be made
         to the Scheme without the prior approval of the Commissioners of Inland
         Revenue.
<PAGE>

                                     - 66 -

IN WITNESS whereof the parties hereto have affixed their common seals the day
and year first before written.

THE COMMON SEAL
of the COMPANY
was hereunto affixed
in the presence of:

         Director          /s/ Gerry Whent
                           ---------------------
                                                                   [SEAL]

         Secretary         /s/ S.R. SCOTT
                           ---------------------

THE COMMON SEAL
of VODAFONE LIMITED
was hereunto affixed
in the presence of:

         Director          /s/ Chris Gent
                           ---------------------
                                                                   [SEAL]

         Secretary         /s/ S.R. SCOTT
                           ---------------------

THE COMMON SEAL
of VODAFONE GROUP
SERVICES LIMITED
was hereunto affixed
in the presence of:

         Director          /s/ Kenneth Hydon
                           ---------------------
                                                                   [SEAL]

         Secretary         /s/ S.R. SCOTT
                           ---------------------
<PAGE>

                                     - 67 -

THE COMMON SEAL
of VODAC LIMITED
was hereunto affixed
in the presence of:

         Director          /s/ D. Henning
                           -----------------------
                                                                   [SEAL]

         Secretary         /s/ S.R. SCOTT
                           -----------------------

THE COMMON SEAL
of VODAPAGE LIMITED
was hereunto affixed
in the presence of:

         Director          Julian Horn-Smith
                           -----------------------
                                                                   [SEAL]

         Secretary         /s/ S.R. SCOTT
                           -----------------------

THE COMMON SEAL
of VODATA LIMITED
was hereunto affixed
in the presence of:

         Director          David Channing-Williams
                           -----------------------
                                                                   [SEAL]

         Secretary         /s/ S.R. SCOTT
                           -----------------------
<PAGE>

                                     - 68 -

THE COMMON SEAL
of PAKNET LIMITED
was hereunto affixed
in the presence of:

         Director          /s/ David Channing-Williams
                           ---------------------------
                                                                   [SEAL]

         Secretary         /s/ S.R. Scott
                           ---------------------------

THE COMMON SEAL
of the TRUSTEES
was hereunto affixed
in the presence of:

         Director          /s/ David Ogden
                           ---------------------------

         Authorised        /s/ Beverly Rees
         Signatory         ---------------------------<PAGE>

                                                                   EXHIBIT 10.34

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

                               SUPPLEMENTAL DEED

                              to the Trust Deed of

                               THE VODAFONE GROUP
                             PROFIT SHARING SCHEME

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

                                   March 1998

<PAGE>

THIS SUPPLEMENT DEED is made the 27th day of March One thousand nine hundred
and ninety eight.

BETWEEN

(1)  VODAFONE GROUP PLC (registered in England No. 1833679) whose registered
     office is at The Courtyard, 2-4 London Road, Newbury, Berkshire RG14 1JX
     (hereinafter called "the Company") of the first part; and

(2)  NOBLE LOWNDES SETTLEMENT TRUSTEES LIMITED (registered in England No.
     576832) whose registered office is at Norfolk House, Wellesley Road,
     Croydon CR9 3EB (hereinafter called "the Trustees") of the second part.

RECITALS

(A)  This Deed is made pursuant to a Trust Deed (hereinafter called "the Trust
     Deed") made the 29th September 1992 between the Company and the Trustees
     and the Participating Companies (as defined in the Trust Deed) whereby the
     Company established the Vodafone Group Profit Sharing Scheme (hereinafter
     called "the Scheme").

(B)  The Company desires to amend the Scheme to allow former employees to
     participate and to amend the provisions relating to the matching of Shares
     held in PEPs.

(C)  The Trustees agree to the amendments.

OPERATIVE PROVISIONS

FORMER EMPLOYEES

1    Rule 1.1 is amended by the insertion in the definition of "Employer" after
     the words "Participating Company" of the words "or other company"

2    Rule 2.1(ii) is amended by the insertion after the word "employee" of the
     words "or person who in the preceding eighteen months was an employee"

3    Rule 3.6.1 is amended by the addition at the end of the sentence of the
     words "and shall then shall cease to have effect unless that person has
     been and remains approved by the Board for participation in the Scheme
     under Rule 2.1(ii)"

4    Rule 5 is amended by the insertion after the words "other than an
     individual who is" of the words "or was in the preceding eighteen months"

5    Rule 8.1 is amended by the insertion after the words "Deposit Date or is"
     of the words "or was in the preceding eighteen months"

6    Rules 14.6 and 18.3 are amended by the insertion after the words "who is"
     of the words "or was"

                                       1

<PAGE>

7    Rule 18.2 is amended by the insertion after the words "by virtue of" of the
     words "paragraph 35(1) or"

8    Rule 18.3 is amended by the insertion after the words "who has been" of the
     words "and who remains"

9    Rule 28.1 is amended by the insertion after the words "any Participating
     Company" of the words "unless that person remains and Eligible Employee
     because he is approved by the Board for participation pursuant to Rule
     2.1(ii)"

PEPs

10   Rule 5 is amended by the deletion of the words "or in the acquisition
     through the PEP via the PEP Manager" and by the addition at the end of the
     sentence of the words "Where the Eligible Employee has specified that his
     Deposits in his Cash Account are to be used to acquire Shares through the
     PEP, the Trustees shall arrange for the balance of his Deposits in his Cash
     Account to be transferred to the PEP Manager as soon as is practicable
     after the receipt of any Deposit and the PEP Manager shall acquire as many
     Shares as possible for the Eligible Employee."

11   Rules 6.2.2(i), 6.2.2(ii) and 6.2.2(iii) are deleted

12   Rules 6.2.2 is amended by the insertion at the end of the words "ensure
     that the appropriate number of Shares is acquired"

13   Rule 8.4 is amended by the insertion after the words "have not been duly"
     of the words "transferred to the PEP Manager or"

14   Rule 8.6 is amended by the deletion of the words "or the PEP Manager" where
     they appear and by the insertion after the words "the Shares deposited"
     where they appear of the words "with the Trustees"

15   Rule 14.2 is amended by the insertion after the words "with the Trustees
     or" of the words "which would have been deposited with the Trustees if
     Deposits had not been transferred to" and by the insertion at the end of
     the words "or which would have been such Eligible Employees' Deposited
     Shares if their Deposits had been applied by the Trustees in the
     acquisition of Shares and had not been transferred to the PEP Manager"

16   Rule 17.2 is amended by the insertion after the words "with Trustees or" of
     the words "which would have been deposited with the Trustees if Deposits
     had not been transferred to" and by the insertion at the end of the
     sentence of the words "or which would have been such Eligible Employees'
     Deposited Shares if their Deposits had been applied by the Trustees in the
     acquisition of Shares and had been transferred to the PEP Manager"

IN WITNESS whereof the parties hereto have executed this deed the day and year
first before written.

                                       2

<PAGE>

                                                                 [SEAL]

The common seal of              )
VODAFONE GROUP PLC              )
was hereunto affixed in         )
the presence of:                )

                                 /s/ David Channing-Williams
                                .............................   Director

                                 /s/ S.R. Scott
                                .............................   Director/
                                                                Secretary

The common seal of              )
NOBLE LOWNDES                   )
SETTLEMENT TRUSTEES             )
LIMITED was hereunto affixed    )
in the presence of:             )

                                 /s/ David Ogden
                                .............................   Director

                                 /s/ Gerald Goldsworthy
                                .............................   Authorised
                                                                Signatory

                                       3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]