Document:

<PAGE>

                                                                   EXHIBIT 10.37

                                                                  Execution Copy

                               Dated 29 July 2004

                        THE COMPANIES NAMED IN SCHEDULE 7
                                 (as Mortgagors)

                                  in favour of

           THE INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED
                              (as Security Trustee)

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

                              GROUP SHARE MORTGAGE
               IN EACH OF THE COMPANIES NAMED IN SCHEDULE 1 HEREIN

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

                                 RICHARDS BUTLER
                                    HONG KONG

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                                                          [Group Share Mortgage]

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
CLAUSE NO.                                              CLAUSE HEADING                                         PAGE NO.
---------                                               --------------                                         -------
<S>         <C>                                                                                                <C>
1.          DEFINITIONS AND CONSTRUCTION....................................................................         1

2.          COVENANT TO PAY.................................................................................         3

3.          MORTGAGE AND ASSIGNMENT.........................................................................         4

4.          CONTINUING AND INDEPENDENT SECURITY.............................................................         6

5.          REPRESENTATIONS AND WARRANTIES..................................................................         8

6.          TAXES AND OTHER DEDUCTIONS......................................................................        11

7.          COSTS, CHARGES AND EXPENSES.....................................................................        12

8.          UNDERTAKINGS....................................................................................        13

9.          ENFORCEMENT.....................................................................................        14

10.         DIVIDENDS AND VOTING RIGHTS.....................................................................        17

11.         APPLICATION OF PROCEEDS.........................................................................        18

12.         INDEMNITY.......................................................................................        18

13.         SUSPENSE ACCOUNT................................................................................        19

14.         SET-OFF.........................................................................................        20

15.         POWER OF ATTORNEY...............................................................................        20

16.         FURTHER ASSURANCE...............................................................................        21

17.         NOTICES.........................................................................................        21

18.         WAIVERS, AMENDMENTS AND CONSENTS, REMEDIES, SEVERABILITY, ASSIGNMENT AND COUNTERPARTS...........        22

19.         GOVERNING LAW AND JURISDICTION..................................................................        23

20.         AVOIDANCE OF PAYMENTS...........................................................................        24

21.         THE CONTRACTS (RIGHTS OF THIRD PARTIES) ACT, CAP 53B............................................        25

22.         MISCELLANEOUS...................................................................................        25

SCHEDULE 1   PARTICULARS OF THE SHARES......................................................................        27

SCHEDULE 2   FORM OF INSTRUMENT OF TRANSFER.................................................................        28
</TABLE>

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<TABLE>
<S>          <C>                                                                                                    <C>
SCHEDULE 3   FORM OF LETTER OF RESIGNATION..................................................................        30

SCHEDULE 4   FORM OF WRITTEN RESOLUTION.....................................................................        31

SCHEDULE 5   FORM OF AUTHORISATION FROM DIRECTORS/SECRETARY.................................................        32

SCHEDULE 6   FORM OF LETTER OF UNDERTAKING..................................................................        33

SCHEDULE 7   MORTGAGORS.....................................................................................        34

SCHEDULE 8   FORM OF ACKNOWLEDGEMENT OF NOMINEE.............................................................        35

EXECUTION PAGE .............................................................................................        36
</TABLE>

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                                                          [Group Share Mortgage]

THIS DEED OF GROUP SHARE MORTGAGE is made on 29 July 2004

BETWEEN:-

(1)   THE COMPANIES NAMED AND PARTICULARS OF WHICH ARE SET OUT IN SCHEDULE 7
      (each a "MORTGAGOR" and together the "MORTGAGORS"); and

(2)   INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED, a company
      incorporated under the laws of Hong Kong acting through its head office at
      ICBC Asia Building, 122-126 Queen's Road Central, Hong Kong acting on its
      own behalf and as facility agent and trustee for and on behalf of the
      Finance Parties (the "SECURITY TRUSTEE").

WHEREAS:-

(A)   By a facility agreement dated signed on 2nd December, 2003 (but held
      undated in escrow), as released from escrow and amended and restated by
      the Supplemental Amendment and Restatement Deed (the "FACILITY
      AGREEMENT"), entered into by (1) Asia Netcom International Limited, as
      borrower (the "BORROWER"); (2) the banks and financial institutions named
      therein as lenders (the "LENDERS"); (3) Industrial and Commercial Bank of
      China (Asia) Limited as arranger; and (4) the Security Trustee as facility
      agent, the Lenders have agreed, upon and subject to the terms of the
      Facility Agreement, to make available to the Borrower a term loan facility
      of up to US$150,000,000 (the "FACILITY") for the purposes more
      particularly specified therein.

(B)   The Security Trustee is acting as facility agent for the Finance Parties
      pursuant to the Facility Agreement and as security trustee for the Finance
      Parties pursuant to this Deed and the other Finance Documents.

(C)   It is a condition precedent to the availability of the Facility under the
      Facility Agreement that the Mortgagors shall each have executed and
      delivered this Deed to the Security Trustee.

NOW THIS DEED WITNESSES as follows:-

1.    DEFINITIONS AND CONSTRUCTION

1.1   TERMS DEFINED

      In this Deed, unless the context otherwise requires, terms used or defined
      in the Facility Agreement shall have the same meaning or construction
      and:-

      "COLLATERAL" means the assets of each Mortgagor from time to time subject,
      or expressed to be subject to the Security Interest constituted or
      expressed to be constituted by this Deed or any part of those assets and
      includes:-

      (i)   the Shares;

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      (ii)  all stocks, shares or other securities, rights, monies or other
            assets (the "RELATED ASSETS") accruing, offered or issued at any
            time by way of bonus, redemption, exchange, purchase, substitution,
            conversion, preference, option or otherwise in respect of the Shares
            or the above mentioned Related Assets; and

      (iii) all Dividends;

      (iv)  allotments, offers and rights accruing or offered in respect of any
            Shares or the above mentioned Related Assets

      (v)   other rights and assets attaching to or deriving from or exercisable
            by virtue of any right title or interest in or to any Shares or the
            above mentioned Related Assets.

      "COMPANY" means each and any of the companies listed in Schedule 1, being
      direct or indirect wholly owned subsidiaries of the Borrower, whose Shares
      are the subject of this Deed (and "COMPANIES" means any or all of them).

      "DELEGATE" means a delegate or sub-delegate appointed under Clause 15.2.

      "DIVIDENDS" means all dividends, interest and other sums received or
      receivable by any person in its capacity as shareholder of that Company
      and includes:

      (i)   the right to receive any and all such sums and all claims in respect
            of any default in paying such sums; and

      (ii)  all forms of remittance of such sums.

      "NOMINEE" means in respect of any Share held by a person as nominee or on
      trust for the Mortgagor and who is described as "REGISTERED SHAREHOLDER IN
      SCHEDULE 1".

      "RECEIVER" means any receiver, manager, receiver and manager or other
      similar officer appointed by the Security Trustee in respect of the
      security hereby granted.

      "SECURED OBLIGATIONS" means any and all moneys, liabilities and
      obligations of the Borrower (whether actual or contingent, whether now
      existing or hereafter arising, whether or not for the payment of money,
      and including, without limitation, any obligation or liability to pay
      damages) which are or may become due, owing or incurred by the Borrower or
      any other Security Party which is a member of the CNC HK Group to any
      Finance Party under or in connection with any Finance Document and/or all
      other obligations hereby secured.

      "SHARES" means in respect of the relevant Mortgagor:

      (a)   all present and future shares in the Companies described in Schedule
            1 against that Mortgagor's name, including the shares issued and
            outstanding at the date of this Deed as described in Schedule 1
            (including any shares held by any Nominee for and on behalf of that
            Mortgagor);

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      (b)   all warrants, options or other rights to subscribe for, purchase or
            otherwise acquire those shares; and

      (c)   all rights relating to any of those shares which are deposited with,
            or registered in the name of, any depositary, custodian, nominee or
            other similar person (including rights against any such person).

1.2   TRUST

      All rights, benefits, interests, powers and discretions granted to or
      conferred on the Security Trustee pursuant to this Deed shall be held by
      the Security Trustee on trust for the benefit of itself as Security
      Trustee and each Lender from time to time. The Security Trustee may do all
      acts within its powers to administer and manage the trust constituted by
      this Clause including any full or partial release by deed of the rights,
      benefits and interests conferred by Clause 3.1 (Mortgage) or the release
      of all or any part of the Collateral from this Deed. The trust constituted
      by this Clause shall come into existence on the date of this Deed and
      shall last for so long as any of the Secured Obligations remain
      outstanding provided that for the purposes of the rule against
      perpetuities, the perpetuity period applicable to the trust and any
      dispositions made or to be made pursuant to this Deed and this trust, is
      hereby specified as a period of twenty one (21) years less one (1) day
      from the date of this Deed.

1.3   CLAUSE HEADINGS

      Clause headings and the table of contents are for ease of reference only
      and shall be ignored in the interpretation of this Deed.

1.4   CONSTRUCTION

      In this Deed, unless the context otherwise requires:-

      (a)   Clause 1.3 of the Facility Agreement shall be deemed incorporated in
            this Deed mutatis mutandis as if set out separately in this Deed;
            and

      (b)   references to the "MORTGAGOR", the "BORROWER", the "SECURITY
            TRUSTEE", any "FINANCE PARTY" or any "LENDER" include, where the
            context permits, their respective successors and permitted
            transferees and permitted assigns in accordance with their
            respective interests.

2.    COVENANT TO PAY

      Each Mortgagor hereby covenants that it will on demand pay to the Security
      Trustee and the other Finance Parties, the Secured Obligations when the
      same become due for payment or discharge in accordance with the Finance
      Documents.

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                                                          [Group Share Mortgage]

3.    MORTGAGE AND ASSIGNMENT

3.1   MORTGAGE

      In consideration of the Security Trustee and the Lenders agreeing to make
      the Facility available to the Borrower upon the terms and conditions of
      the Facility Agreement and as a continuing security for the due and
      punctual performance and discharge of the Secured Obligations, each
      Mortgagor as sole legal and beneficial owner of the Shares not held by a
      Nominee and as beneficial owner of the Shares held by a Nominee hereby:

      (a)   mortgages and charges by way of first fixed charge to the Security
            Trustee (as trustee for the Finance Parties) all its right title and
            interest present and future in and to, the Collateral; and

      (b)   assigns, and agrees to assign absolutely to the Security Trustee (as
            trustee for the Finance Parties) all its rights (including those
            rights it may have against a Nominee), present and future, relating
            to any of the Shares, including:

            (i)   its rights relating to or against any depositary, nominee or
                  similar person with whom any of the Shares may be deposited to
                  the extent of those Shares;

            (ii)  rights that it may have against any person to require delivery
                  to it of any of the Shares;

            (iii) rights (contractually or otherwise) to give instructions
                  relating to the Shares; and

            (iv)  all claims for damages and rights to receive moneys due or to
                  become due for any reason whatsoever in respect of any of the
                  Shares;

            including those rights it may have against a Nominee or Delegate.

3.2   DELIVERY OF DOCUMENTS

      Each Mortgagor shall forthwith upon execution of this Deed deliver or
      procure to be delivered (as the case may be) to the Security Trustee each
      of the following documents:-

            (i)   all original share certificates or such other documents
                  evidencing title in respect of the Shares;

            (ii)  instruments of transfer in the form of Schedule 2 duly
                  executed by each Mortgagor and/or its Nominee (as the case may
                  be) in respect of the Shares with the name(s) of the
                  transferee(s), date and consideration left blank;

            (iii) undated letters of resignation in the form of Schedule 3 duly
                  executed by each of the directors and the secretary of each
                  Company as at the date of this Deed;

            (iv)  signed but undated resolutions of the directors of each
                  Company

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                  approving the resignation of the directors and secretary
                  referred to in sub-paragraph (iii) above in the form set out
                  in Schedule 4;

            (v)   letter of authority to date the letters of resignation and
                  board resolutions respectively referred to in sub-paragraphs
                  (iii) and (iv) above in the form set out in Schedule 5 signed
                  by all the directors and the secretary of each Company;

            (vi)  letter of undertaking not to appoint any additional or
                  substitute directors in the form set out in Schedule 6 signed
                  by all the directors of each Company; and

            (vii) letter of acknowledgement in the form set out in Schedule 8
                  from the Nominees acknowledging the Security Interests
                  constituted by this Deed and agreeing to act in accordance
                  with the instructions of the Security Trustee.

3.3   PERFORMANCE AND INDEMNITY

      Notwithstanding the foregoing, each of the Mortgagors shall remain liable
      to perform all the obligations to be performed by it in respect of the
      Collateral and shall discharge fully its respective obligations thereunder
      as they become due and neither the Security Trustee nor any other Finance
      Party shall have any obligation of any kind whatsoever thereunder or be
      under any liabilities whatsoever in the event of any failure to perform
      their obligations thereunder, and each Mortgagor hereby jointly and
      severally indemnifies and agrees to keep indemnified the Security Trustee
      and the other Finance Parties and each of them from and against any such
      liability.

3.4   RELEASE AND TRANSFER

      (a)   The Security Trustee shall, upon the full performance and discharge
            of the Secured Obligations to the satisfaction of the Security
            Trustee and the Lenders, at the request and cost of the Mortgagors
            and in such form as the Security Trustee shall reasonably approve,
            release and transfer and reassign (as appropriate) to the Mortgagors
            the Collateral.

      (b)   Notwithstanding any discharge, release or settlement from time to
            time between the Security Trustee and any Mortgagor, if any
            security, disposition or payment granted or made to the Security
            Trustee in respect of the Secured Obligations by any Mortgagor or
            any other person is avoided or set aside or ordered to be
            surrendered, paid away, refunded or reduced by virtue of any
            provision, law or enactment relating to bankruptcy, insolvency,
            liquidation, winding-up, composition or arrangement for the time
            being in force or for any other reason, the Security Trustee shall
            be entitled thereafter to enforce this Deed as if no such discharge,
            release or settlement had occurred.

      (c)   For that Collateral which has been transferred and registered under
            the name of the Security Trustee (as trustee for the Finance
            Parties) or its nominee, the Security Trustee shall only be obliged
            to return the share certificate(s) then representing the Collateral
            not yet disposed of or realised by the Security Trustee pursuant to
            its powers under this Deed (but not the original share certificates

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                                                          [Group Share Mortgage]

            originally delivered to the Security Trustee by the relevant
            Mortgagor) with the instruments of transfer duly executed in favour
            of the relevant Mortgagor or such other person as that Mortgagor may
            direct.

3.5   CALLS

      Each Mortgagor shall during the continuance of this security pay all calls
      or other payments which may become due in respect of any part of the
      Collateral and the Security Trustee may, if it thinks fit, make such
      payments on behalf of a Mortgagor. Any sums so paid by the Security
      Trustee shall be repayable by that Mortgagor to the Security Trustee on
      demand together with interest at the Default Rate from the date of such
      payment by the Security Trustee and pending such repayment shall
      constitute part of the Secured Obligations.

3.6   REGISTRATION OF TITLE TO THE SHARES

      Each Mortgagor hereby agrees and authorises the Security Trustee to
      arrange for the Shares and any other Collateral to be registered at any
      time following the security constituted by this Deed becoming enforceable
      in the name of the Security Trustee or its nominee and (under the powers
      of enforcement contained herein) to transfer or cause the Collateral to be
      transferred to and registered in the name of any purchasers or transferees
      from the Security Trustee or its nominee and each Mortgagor undertakes
      from time to time to execute and sign all transfers, powers of attorney
      and other documents which the Security Trustee may require for perfecting
      its title to or, otherwise registering and transferring any part of the
      Collateral or for vesting the same in itself or its nominee or in any
      purchasers or transferees.

4.    CONTINUING AND INDEPENDENT SECURITY

4.1   CONTINUING SECURITY

      This Deed and the security hereby created shall remain in full force and
      effect by way of a continuing security notwithstanding the insolvency or
      liquidation or any incapacity or change in the constitution or status of
      any Mortgagor, the Borrower or any other person and in particular but
      without limitation shall not be, nor be considered as, satisfied by any
      intermediate discharge or payment on account of any liabilities or any
      settlement of accounts between any Mortgagor and the Security Trustee or
      any other person.

4.2   ADDITIONAL SECURITY

      This Deed and the security hereby created shall be in addition to and not
      in substitution for or derogation of any other Security Interest,
      guarantee or other security (whether given by any Mortgagor or otherwise)
      now or from time to time hereafter held by the Security Trustee or any
      Finance Party in respect of or in connection with the Secured Obligations.

4.3   UNRESTRICTED ENFORCEMENT

      The Security Trustee need not before exercising any of the rights, powers
      or remedies conferred upon it by this Deed or by law (i) take action or
      obtain judgment against any

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      Mortgagor or any other person in any court, (ii) make or file any claim or
      prove in a winding-up or liquidation of any Mortgagor or of any other
      person or (iii) enforce or seek to enforce the recovery of the moneys and
      liabilities hereby secured by any other security or other rights all of
      which the Mortgagors hereby waive and may be enforced for any balance due
      after resorting to any one or more other means of obtaining payment or
      discharge of the monies, obligations and liabilities hereby secured.

4.4   NO DISCHARGE

      The liabilities and obligations of each Mortgagor under this Deed and the
      security constituted by this Deed shall remain in force notwithstanding
      any act, omission, event or circumstance whatsoever until full, proper and
      valid payment and discharge of the Secured Obligations and without
      limiting the foregoing, neither the liabilities of any Mortgagor under
      this Deed nor the validity or enforceability of this Deed shall be
      prejudiced, affected or discharged by:-

      (a)   the granting of any time or indulgence to the Borrower or any
            Mortgagor or any other Security Party or any other person in respect
            of the Secured Obligations;

      (b)   any variation or modification of the Facility Agreement, any of the
            other Finance Documents or any other documents referred to therein
            or related thereto;

      (c)   the invalidity or unenforceability of any obligation or liability of
            any party under the Facility Agreement, any of the other Finance
            Documents or any other documents referred to therein or related
            thereto;

      (d)   any invalidity or irregularity in the execution of the Facility
            Agreement, any of the other Finance Documents or any other documents
            referred to therein or relating thereto;

      (e)   any lack of capacity or deficiency in the powers of the Borrower or
            any Mortgagor or any other Security Party or any other person to
            enter into or perform any of its obligations under the Facility
            Agreement or any of the other Finance Documents to which it is party
            or any other documents referred to therein or related thereto or any
            irregularity in the exercise thereof or any lack of authority by any
            person purporting to act on behalf of the Borrower or any such
            Mortgagor or such Security Party or such other person;

      (f)   the insolvency, bankruptcy or liquidation or any incapacity,
            disability, death or limitation or any change in the constitution or
            status of the Borrower or any Mortgagor or any other Security Party
            or any other person;

      (g)   any other Finance Document, Security Interest, guarantee or other
            security or right or remedy being or becoming held by or available
            to the Security Trustee and/or the Lenders or by any other person or
            by any of the same being or becoming wholly or partly void, voidable
            or unenforceable or impaired or by the Security Trustee and/or the
            Lenders at any time releasing, refraining from enforcing, varying or
            in any other way dealing with any of the same or any power, right or
            remedy the Security Trustee and/or the Lenders may now or hereafter
            have from or against any Mortgagor or any other Security Party or
            any other person;

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      (h)   any waiver, exercise, omission to exercise, compromise, renewal or
            release of any rights against any Mortgagor or any other Security
            Party or any other person or any compromise, arrangement or
            settlement with any of the same;

      (i)   any act, omission, event or circumstance which would or may but for
            this provision operate to prejudice, affect or discharge this Deed
            or the liability of any Mortgagor hereunder.

4.5   NO SUBROGATION

      (a)   None of the Mortgagors shall exercise any right of subrogation,
            contribution or any other rights of a surety or enforce any security
            or other right or claim against the Borrower or any of the other
            Mortgagors (whether in respect of its liability under this Deed or
            otherwise) or any other person who has guaranteed or given any
            security in respect of the Secured Obligations or claim in the
            insolvency or liquidation of the Borrower or any Mortgagor or any
            such other person in competition with the Security Trustee and/or
            the Lenders.

      (b)   If any Mortgagor receives any payment or benefit in breach of this
            Clause 4.5, it shall hold the same upon trust for the Security
            Trustee as a continuing security for the Secured Obligations. For
            the purpose of the rule against perpetuities, the perpetuity period
            applicable to the trust constituted under this Clause is hereby
            specified as a period of twenty-one (21) years less one day from the
            date of this Mortgage.

5.    REPRESENTATIONS AND WARRANTIES

5.1   REPRESENTATIONS AND WARRANTIES

      Each of the Mortgagors hereby severally represents and warrants to the
      Security Trustee and each of the other Finance Parties for itself that:-

      (a)   STATUS: it is a company duly incorporated and validly existing under
            the laws of its respective place of incorporation and has full
            power, authority and legal right to own its property and assets, to
            carry on its business as such business is now being conducted;

      (b)   POWER AND AUTHORITY: it has all legal power and authority to enter
            into this Deed and perform its obligations under this Deed and all
            actions (including any corporate actions) required to authorise the
            execution and delivery of this Deed and the performance of its
            obligations under this Deed have been duly taken;

      (c)   LEGAL VALIDITY: this Deed constitutes or, when so executed and
            delivered, will constitute its legal, valid and binding obligations
            enforceable in accordance with its terms;

      (d)   NON-CONFLICT WITH LAWS: the entry into and performance of this Deed
            and the transactions contemplated by this Deed do not and will not
            conflict with or result in (i) a breach of any law, judgment or
            regulation or any official or judicial order,

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            or (ii) a breach of the constitutional documents of that Mortgagor,
            or (iii) a material breach of any agreement or document to which
            that Mortgagor is a party or which is binding upon it or any of its
            assets or revenues with a monetary value greater than US$500,000,
            nor cause any limitation placed on it or the powers of its directors
            to be exceeded or result in the creation or imposition of any
            Security Interest on any of its assets or revenues pursuant to the
            provisions of any such agreement or document;

      (e)   NO CONSENTS: save for the lodgment of the Statement Containing
            Particulars of Charge with the Accounting and Corporate Regulatory
            Authority of Singapore within 30 days from the date hereof (or 37
            days, if executed outside Singapore) and stamping of this Deed with
            the Inland Revenue Authority of Singapore, other than the Consents,
            no consent, authorisation, licence or approval of, or registration
            with or declaration to, any governmental or public bodies or
            authorities or courts in Singapore or in any relevant jurisdiction
            is required for or in connection with the execution, delivery,
            validity, enforceability and admissibility in evidence in
            proceedings of this Deed, or the performance by that Mortgagor of
            any of its respective obligations under this Deed;

      (f)   NO REGISTRATION: save for the lodgment of the Statement Containing
            Particulars of Charge with the Accounting and Corporate Regulatory
            Authority of Singapore within 30 days from the date hereof (or 37
            days, if executed outside Singapore) and stamping of this Deed with
            the Inland Revenue Authority of Singapore, it is not necessary in
            order to ensure the legality, validity, enforceability or
            admissibility in evidence of this Deed that it or any other
            instrument be notarised, filed, recorded, registered or enrolled in
            any court or other authority or that any stamp, registration or
            similar tax or charge be paid on or in relation to this Deed and
            this Deed is in proper form for its enforcement in the courts of
            Singapore and all jurisdictions which are the subject of any legal
            opinion referred to in paragraph 4 of Schedule 3 of the Facility
            Agreement;

      (g)   LITIGATION: except as disclosed in a letter of even date from the
            Borrower to the Security Trustee, no litigation, arbitration or
            administrative proceeding is currently taking place or pending or,
            to the knowledge of the officers of that Mortgagor, threatened
            against that Mortgagor or any of its respective assets which could,
            in the reasonable opinion of the Security Trustee, materially and
            adversely affect its business, assets or financial condition or its
            respective ability to perform its obligations under this Deed;

      (h)   WINDING UP AND STRIKING OFF: it has not taken any corporate action
            or no other step has been taken or legal proceedings have been
            commenced or threatened against it for its winding-up, dissolution,
            administration or reorganisation or for the appointment of a
            receiver, administrator, trustee or similar officer of it or all or
            any of its assets or revenues, except as permitted by clause 17.1(g)
            (Winding-up) of the Facility Agreement, and no demand under Section
            254(1), and no enquiry under Section 344(1), of the Companies Act,
            Cap 50, has been received by the Mortgagor;

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      (i)   TAXES ON PAYMENTS: all payments to be made by it under this Deed may
            be made by it free and clear of, and without deduction for, Taxes
            and no deductions or withholdings are required to be made therefrom
            save as specified in any legal opinion referred to in paragraphs 2,
            3 and 4 of Schedule 3 to the Facility Agreement; and no Taxes are
            imposed on or by virtue of the execution or delivery by that
            Mortgagor of this Deed or any document to be executed or delivered
            under this Deed;

      (j)   TAX LIABILITIES: it has complied with all Taxation laws in all
            jurisdictions in all material respects in which it is subject to
            Taxation and has paid all Taxes due and payable by it and no
            material claims are being asserted against it with respect to Taxes;

      (k)   NO DEFAULT:

            (i)   no Default has occurred and is continuing;

            (ii)  it is not, or with the giving of notice or lapse of time or
                  satisfaction of any other condition or any combination
                  thereof, would not be in material breach of or in default
                  under any agreement relating to Financial Indebtedness to
                  which it is a party or by which it may be bound;

      (l)   NO IMMUNITY: it is generally subject to civil and commercial law and
            to legal proceedings and neither it nor any of its assets or
            revenues is entitled to any immunity or privilege (sovereign or
            otherwise) from any set-off, judgment, execution, attachment or
            other legal process;

      (m)   COMPLIANCE, WITH CONSENTS AND LICENSES: every consent,
            authorisation, licence or approval required for the time being by it
            in connection with the conduct of its business and the ownership,
            use, exploitation or occupation of its property and assets has been
            applied for and not refused or has been obtained and is in full
            force and effect and there has been no material default in the
            observance of the conditions and restrictions (if any) imposed on,
            or in connection with, any of the same which may have a material
            adverse effect on its ability to perform its obligations under this
            Deed and, to the knowledge of its officers, no circumstances have
            arisen whereby any remedial action is likely to be required to be
            taken by it, or at its expense under or pursuant to any law or
            regulation applicable to its business, property or assets;

      (n)   NO FINANCIAL INDEBTEDNESS: it does not have any Financial
            Indebtedness other than as permitted by Clause 16.17 of the Facility
            Agreement;

      (o)   ISSUED AND PAID-UP SHARES: the Shares represent all the shares in
            the relevant Company and all the Shares have been validly issued and
            are fully paid up;

      (p)   SOLE AND BENEFICIAL OWNER: other than the Shares held by any
            Nominee, it is or will be the sole, absolute, direct legal and
            beneficial owner of the Collateral and it has good and marketable
            title thereto;

      (q)   SECURITY INTEREST: no Security Interest exists over all or any of
            its right, title,

                                     - 10 -
<PAGE>

                                                          [Group Share Mortgage]

            interest or benefit in its Collateral (other than as created by this
            Deed);

      (r)   THIRD PARTY RIGHT: it has not sold or otherwise disposed of any of
            its Collateral or granted in favour of any other person any interest
            in or any option or other rights in respect of any of its
            Collateral; and

      (s)   COMPANY: each Company is validly incorporated under the laws of
            Singapore.

5.2   CONTINUING REPRESENTATION AND WARRANTY

      Each of the Mortgagors severally represents and warrants to and undertakes
      with the Security Trustee that the foregoing representations and
      warranties in Clause 5.1(a) to (n) inclusive are deemed to be made by the
      Mortgagor on each Drawdown Date and on each Interest Payment Date with
      reference to the facts and circumstances then existing and that the
      foregoing representations in Clause 5.1(o) and (s) will be true and
      accurate throughout the continuance of this Deed with reference to the
      facts and circumstances from time to time.

6.    TAXES AND OTHER DEDUCTIONS

6.1   TAX GROSS-UP

      (a)   All sums payable by any Mortgagor or any other person under this
            Deed shall be paid in full without any restriction or condition and
            free and clear of any Tax or other deductions or withholdings of any
            nature.

      (b)   If at any time any Mortgagor or any other person is required in any
            jurisdiction to make any deduction or withholding in respect of
            Taxes or otherwise from any payment due under this Deed for the
            account of the Security Trustee or any other Finance Party (or if
            the Security Trustee is required to make any such deduction or
            withholding from a payment to other Finance Party), the sum due from
            that Mortgagor in respect of such payment shall be increased to the
            extent necessary to ensure that, after the making of such deduction
            or withholding, the Security Trustee and each other Finance Party
            receives on the due date for such payment (and retains, free from
            any liability in respect of such deduction or withholding) a net sum
            equal to the sum which it would have received had no such deduction
            or withholding been required to be made.

      (c)   The Mortgagor's obligations under Clause 6.1(a) and (b) shall not
            apply in respect of any Tax on Overall Net Income levied on a
            Finance Party.

      (d)   All Taxes required by law to be deducted or withheld by any
            Mortgagor from any amounts paid or payable under this Deed shall be
            paid by such Mortgagor when due (except for such amounts being
            disputed by such Mortgagor in good faith) to the relevant taxing
            authority.

6.2   TAX INDEMNITY

      Each Mortgagor shall indemnify the Security Trustee and each other Finance
      Party against any losses or costs incurred by any of them by reason of:

                                     - 11 -
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                                                          [Group Share Mortgage]

      (a)   any failure of any Mortgagor or any other person to make any such
            deduction or withholding referred to in Clause 6.1; or

      (b)   any increased payment referred to in Clause 6.1 not being made on
            the due date for such payment; or

      (c)   any Taxes which are being disputed by any Mortgagor and remaining
            unpaid; and

      (d)   any liability suffered (directly or indirectly) for or on account of
            Tax by that Finance Party in respect of any payment received or
            receivable or deemed to be received or receivable under this Deed.

6.3   EVIDENCE OF PROOF

      Each Mortgagor shall promptly deliver to the Security Trustee any
      receipts, certificates or other proof evidencing the amounts (if any) paid
      or payable in respect of any deduction or withholding as aforesaid.

6.4   TAX CREDIT

      If any Mortgagor makes a Tax Payment and the Security Trustee determines
      that:-

      (a)   a Tax Credit is attributable either to an increased payment of which
            that Tax Payment forms part, or to that Tax Payment; and

      (b)   it has obtained, utilised and retained that Tax Credit,

      the Security Trustee shall, promptly after obtaining the benefit of that
      Tax Credit, pay an amount to that Mortgagor which will leave it (after
      that payment) in the same after-Tax position as it would have been in had
      the Tax Payment not been required to be made by that Mortgagor. Any
      certificate or determination of the Security Trustee showing in reasonable
      details the calculations made by the Security Trustee as to any amount for
      the purposes of this Clause 6 shall, in the absence of manifest error, be
      conclusive and binding on each Mortgagor.

7.    COSTS, CHARGES AND EXPENSES

7.1   EXPENSES

      Each Mortgagor shall pay to the Security Trustee on demand and in the
      currency specified by the Security Trustee.

      (a)   irrespective as to whether any Advance is made, all expenses
            (including legal, printing and out-of-pocket expenses) reasonably
            incurred by the Security Trustee or any other Finance Party in
            connection with the negotiation, preparation and execution of this
            Deed and any amendment or extension of or the granting of any waiver
            or consent under this Deed; and

      (b)   all expenses on a full indemnity basis (including legal and
            out-of-pocket

                                     - 12 -
<PAGE>

                                                          [Group Share Mortgage]

            expenses) properly incurred by the Security Trustee or any other
            Finance Party in connection with the enforcement of or preservation
            of any rights under this Deed, or otherwise in respect of the monies
            owing under this Deed together with interest at the Default Rate
            from the date on which such expenses were incurred to the date of
            payment (both before and after judgment).

7.2   STAMP DUTY

      Each Mortgagor shall pay all stamp, documentary, registration or other
      like duties or taxes (including any duties or taxes payable by the
      Security Trustee or any Finance Party) imposed on or in connection with
      this Deed and shall indemnify each of the Security Trustee and the other
      Finance Parties against any liability arising by reason of any delay or
      omission by any Mortgagor to pay such duties or taxes.

8.    UNDERTAKINGS

      Each Mortgagor hereby undertakes and agrees with the Security Trustee, for
      the benefit of the Finance Parties, throughout the continuance of this
      Deed and so long as the Secured Obligations or any part thereof remains
      owing that, unless the Security Trustee otherwise agrees in writing, it
      will:-

      (a)   not create or attempt or agree to create or permit to exist
            (conditionally or unconditionally) any Security Interest over all or
            any part of its Collateral or any interest therein or otherwise
            sell, transfer, assign, deal with or dispose of all or any part of
            its Collateral or attempt or agree to do any of the same (except
            under or pursuant to this Deed);

      (b)   not grant or attempt or agree to grant (conditionally or
            unconditionally) in favour of any other person any interest in or
            any option or other rights in respect of any of its Collateral;

      (c)   ensure that no person holding any of its Collateral as its Nominee
            for the time being does any of the acts prohibited in this Deed;

      (d)   at all times remain the sole, direct absolute legal and beneficial
            owner of its Collateral;

      (e)   procure that no material amendment or supplement is made to the
            memorandum or articles of association of the relevant Company other
            than pursuant to Clause 16.15 of the Facility Agreement without the
            prior written consent of the Security Trustee;

      (f)   immediately upon the appointment of any new director of the relevant
            Company, deposit or procure that there be deposited with the
            Security Trustee, the equivalent documents mutatis mutandis with
            respect to such director in the forms set out in Schedules 3, 4, 5
            and 6;

      (g)   not take or permit any action whereby the rights attaching to the
            Collateral and/or any other shares in the relevant Company are
            altered or any further shares in the relevant Company are issued;

                                     - 13 -
<PAGE>

                                                          [Group Share Mortgage]

      (h)   give to the Security Trustee upon receipt copies of all notices,
            requests and other documents sent or received with respect to its
            Collateral;

      (i)   give to the Security Trustee such information regarding its
            Collateral as the Security Trustee shall reasonably require;

      (j)   do or permit to be done every act or thing which the Security
            Trustee may from time to time require for the purpose of enforcing
            the rights of the Security Trustee hereunder and will allow its name
            to be used as and when required for that purpose;

      (k)   not do or cause or permit to be done anything which may in any way
            depreciate, jeopardise or otherwise prejudice the value of the
            Security Trustee's security hereunder and will at its own expense
            promptly take all action which is at any time necessary or desirable
            to protect its and the Security Trustee's interests in and rights to
            its Collateral;

      (l)   procure that the relevant Company will forthwith on presentation by
            the Security Trustee or its nominee following the security
            constituted by this Deed becoming enforceable, duly register all
            transfers of the Collateral;

      (m)   if it shall acquire any such other stocks or shares as referred to
            in the definition of Collateral, it shall forthwith deliver or
            procure that there be delivered to the Security Trustee the
            certificates in respect thereof together with instruments of
            transfer in respect thereof duly executed in blank to enable the
            same to be registered in the name of the Security Trustee or its
            nominee following the security constituted by this Deed becoming
            enforceable; and

      (n)   from time to time duly execute and lodge for registration or procure
            the due execution and lodgement for registration with the Accounting
            and Corporate Regulatory Authority or any other companies registry
            or other authority of all such forms and documents as may be
            required under all applicable laws and regulations with respect to
            the security created or intended to be created by this Deed.

9.    ENFORCEMENT

9.1   EVENTS OF DEFAULT

      The security created by this Deed shall become enforceable immediately
      upon the occurrence of an Event of Default which is continuing. For the
      purposes of this Clause, each of the following events and circumstances
      shall be an Event of Default:-

      (a)   any Event of Default as that term is defined in the Facility
            Agreement;

      (b)   if any Mortgagor is declared by the Minister (as defined in the
            Companies Act, Chapter 50), to be a declared company under the
            provisions of Part IX of the Companies Act, Chapter 50;

                                     - 14 -
<PAGE>

                                                          [Group Share Mortgage]

      (c)   if any Mortgagor purports or attempts to create any Security
            Interest (except under or as permitted by this Deed) over all or any
            part of the Collateral or any third party asserts a claim in respect
            thereof, and

      the Security Trustee shall be entitled, without prior or further notice
      and whether or not it shall have appointed a Receiver, to exercise the
      power to sell or otherwise dispose of the whole or any part of the
      Collateral.

9.2   EXCLUSION OF LIMITATION

      No restrictions imposed by any ordinance or other statutory provision in
      relation to the exercise of any power of sale or consolidation, including
      without limitation, section 25 of the Conveyancing and Law of Property
      Act, Chapter 61, shall apply to this Deed.

9.3   APPOINTMENT AND POWERS OF RECEIVER

      (a)   At any time after the security hereby created has become
            enforceable, or if requested by any Mortgagor, the Security Trustee
            may in writing either under seal or under the hand of a duly
            authorised officer of the Security Trustee, appoint any person or
            persons to be a Receiver of the Collateral and may from time to time
            fix its or their remunerations and may remove any Receiver so
            appointed and appoint another in its place. Where more than one
            Receiver is so appointed, any reference in this Deed to a Receiver
            shall apply to both or all of the Receivers so appointed and the
            appointment shall be deemed to be a joint and several appointment so
            that the rights, powers, duties and discretions vested in the
            Receiver may be exercised jointly by the Receivers so appointed or
            severally by each of them.

      (b)   The Receiver shall be the agent of each Mortgagor and each Mortgagor
            shall be solely responsible for the Receiver's acts or defaults and
            for the Receiver's remuneration and the Receiver shall have all the
            powers (save for his wilful default or gross negligence) conferred
            from time to time on mortgagees or receivers by law or otherwise
            (but without the restrictions imposed by law or any ordinance or
            other statutory provision in relation to the exercise of any power
            of sale or consolidation) and power on behalf and at the cost of any
            Mortgagor (notwithstanding any liquidation of any Mortgagor) to do
            or omit to do anything which any Mortgagor could do or omit to do in
            relation to the Collateral or any part thereof.

      (c)   The Receiver shall in the exercise of the Receiver's powers,
            authorities and discretions conform to the directions and
            regulations from time to time given or made by the Security Trustee.

9.4   POWERS TO BE GIVEN WIDE CONSTRUCTION

      The powers of the Security Trustee and the Receiver hereunder shall be
      construed in the widest possible sense to the intent that the Security
      Trustee and the Receiver shall be afforded as wide and flexible a range of
      powers as possible.

                                     - 15 -
<PAGE>

                                                          [Group Share Mortgage]

9.5   NO LIABILITY TO ACCOUNT AS MORTGAGEE IN POSSESSION

      Nothing that shall be done by or on behalf of the Security Trustee shall
      render it liable to account as a mortgagee in possession for any sums
      other than actual receipts.

9.6   AMENDMENT

      Any amendment or waiver of any provision of this Deed and any waiver of
      any default under this Deed shall only be effective if made in writing and
      signed by the Security Trustee.

9.7   EVIDENCE OF DEBT

      Any statement of account signed as correct by the Security Trustee showing
      any amount due under the Facility Agreement or under this Deed or under
      any other Security Document shall, in the absence of manifest error, be
      conclusive evidence of the amount so due.

9.8   SALE OF COLLATERAL

      (a)   Section 21 of the Conveyancing and Law of Property Act, Chapter 61,
            (the "ACT") shall not apply to the security created by this Deed.
            The Security Trustee may exercise the power of sale conferred on
            mortagees by the Act (as varied and extended by this Deed) free from
            the restrictions imposed by Section 25 of the Act.

      (b)   Each of the Security Trustee and the Receiver shall be entitled to
            exercise such power of sale in such manner and at such time or times
            and for such consideration (whether payable immediately or by
            instalments) as it shall in its absolute discretion think fit
            (whether by private sale or otherwise) and so that the Collateral
            (or any relevant part thereof) may be sold (i) subject to any
            conditions which the Security Trustee or the Receiver may think fit
            to impose, (ii) to any person (including, without limitation, any
            person connected with any Mortgagor or the Security Trustee) and
            (iii) at any price which the Security Trustee or the Receiver in its
            absolute discretion considers to be the best obtainable in the
            circumstances.

      (c)   The powers conferred by this Deed in relation to the Collateral or
            any part thereof on the Security Trustee shall be in addition to and
            not in substitution for the powers conferred on Security Trustees
            under the Act, which shall apply to the security created by the
            Security Trustee except insofar as they are expressly or impliedly
            excluded. Where there is any ambiguity or conflict between the
            powers contained in the Act and those conferred by this Security
            Trustee, the terms of this Deed shall prevail.

      (d)   If the Security Trustee exercises the rights conferred on it by this
            Clause 9 any sale or disposal of any of the Collateral pursuant to
            those rights shall not be treated as an absolute appropriation of or
            foreclosure on the Collateral to the exclusion of any Mortgagor and
            in extinguishment of its interest therein, unless the Security
            Trustee shall otherwise notify the Mortgagors (whether before or
            after the relevant appropriation or foreclosure has been effected),
            in which latter

                                     - 16 -
<PAGE>

                                                          [Group Share Mortgage]

            event any such appropriation or foreclosure shall be treated as a
            sale of the Collateral at a fair market value and the Secured
            Obligations shall be reduced by an equivalent amount.

      (e)   In any disposal pursuant to this Clause 9, the Security Trustee or
            the Finance Parties may, provided that they shall first have used
            reasonable efforts to dispose of the relevant Collateral or rights
            to third parties subject to compliance with any rules or regulations
            laid down by any governmental or other agency or authority,
            themselves purchase the whole or any part of the Collateral or
            rights disposed of free from any rights of redemption on the part of
            the Mortgagors which are hereby waived and released.

9.9   DIVIDENDS

      At any time after the power of sale has arisen, any Dividends which have
      been or may be received or receivable by the Security Trustee or the
      Receiver may be applied by the Security Trustee or the Receiver as though
      they were proceeds of sale hereunder.

9.10  PURCHASER NOT BOUND TO ENQUIRE

      Each of the Security Trustee and the Receiver is authorised to give a good
      discharge for any monies received by it pursuant to the exercise of its
      power of sale and no purchaser or other person shall be bound to enquire
      whether the power of sale has arisen as herein provided nor be concerned
      with the manner of application of the proceeds of sale.

9.11  NO LIABILITY FOR LOSSES

      None of the Mortgagors shall have any claim against the Receiver or the
      Security Trustee in respect of any loss arising out of the exercise by the
      Security Trustee or the Receiver of their respective powers hereunder
      including without limitation out of any such sale or any postponement
      thereof howsoever caused and whether or not a better price could or might
      have been obtained upon the sale of the Collateral or any part thereof by
      deferring or advancing the date of such sale or otherwise howsoever unless
      caused by the negligence or wilful default of the Security Trustee or the
      Receiver.

9.12  WAIVER OF PRE-EMPTION RIGHTS

      Each Mortgagor hereby irrevocably and unconditionally waives any rights it
      may have under the constitutional documents of the Companies or otherwise
      to purchase the Shares or Related Assets or other Collateral in the event
      that they are or are proposed to be transferred, sold or otherwise
      disposed of pursuant to the provisions of this Deed.

10.   DIVIDENDS AND VOTING RIGHTS

10.1  After the security under this Deed has become enforceable and subject to
      Clause 10.2, the Security Trustee shall have complete discretion to retain
      the dividends, interest and other moneys received by the Security Trustee
      in respect of the Collateral and to exercise or abstain from exercising
      all voting and other rights and powers attaching to the Collateral as the
      Security Trustee in its absolute discretion thinks fit without being
      liable for any losses which the Mortgagors may suffer as a result thereof
      (except in case

                                     - 17 -
<PAGE>

                                                          [Group Share Mortgage]

      of gross negligence or wilful default on the part of the Security Trustee)
      and in this respect each Mortgagor will, or will procure its Nominee to
      act or refrain from acting in accordance with the directions given by the
      Security Trustee from time to time.

10.2  The Security Trustee agrees with the Mortgagor that until the security
      under this Deed shall have become enforceable:

      (a)   the Mortgagor shall be entitled to receive and retain all Dividends,
            interest or other distributions or payments paid to and received by
            the Mortgagor in respect of the Collateral; and

      (b)   the Mortgagor shall be entitled to exercise all voting and other
            rights and powers attaching to the Collateral or any part thereof
            for all purposes, including but not limited to, exercising any
            option, warrant, conversion right or any other right, power or other
            privilege attaching to the Collateral provided that the same does
            not adversely affect or prejudice the rights of the Finance Parties
            or the security hereby created.

11.   APPLICATION OF PROCEEDS

      All monies received by the Security Trustee or the Receiver hereunder
      shall be applied in or towards satisfaction of the Secured Obligations
      (subject to the prior discharge of all liabilities having priority thereto
      by law) in the following order of priority:-

      (a)   in payment or satisfaction of all costs, charges, expenses and
            liabilities properly incurred and payments made by or on behalf of
            the Security Trustee or the Receiver in connection with the exercise
            of any powers hereunder and in preserving or attempting to preserve
            this security or the Collateral and of all outgoings in respect of
            the Collateral paid by the Security Trustee or the Receiver pursuant
            to this Deed;

      (b)   in payment to the Receiver of all remuneration as may be agreed
            between it and the Security Trustee to be paid to it at, or at any
            time after, its appointment;

      (c)   in or towards reduction of the remaining Secured Obligations in such
            manner as is provided in the Facility Agreement; and

      (d)   surplus (if any) to the Mortgagors.

12.   INDEMNITY

12.1  GENERAL INDEMNITY

      Each of the Mortgagors hereby jointly and severally undertakes with the
      Security Trustee to indemnify and keep indemnified the Security Trustee
      and each other Finance party, any nominee, agent, officer or employer
      thereof for whose liability the Security Trustee may be answerable, the
      Receiver and each of them (each an "INDEMNITEE") from and against all
      costs, charges and expenses which the Security Trustee or such Lender
      shall properly incur in connection with the exercise of any powers
      conferred by this

                                     - 18 -
<PAGE>

                                                          [Group Share Mortgage]

      Deed or the perfection, preservation or enforcement of the security
      created by this Deed (unless and to the extent that any of the foregoing
      results directly from the fraud, gross negligence or wilful misconduct of
      that indemnitee).

12.2  CURRENCY INDEMNITY

      (a)   If an amount due to the Security Trustee or any Lender from any
            Mortgagor under this Deed (a "SUM"), or any order, judgment or award
            given or made in relation to a sum, has to be converted from the
            currency (the "FIRST CURRENCY") in which that sum is payable into
            another currency (the "SECOND CURRENCY") for the purpose of:

            (i)   making or filing a claim or proof against any Mortgagor;

            (ii)  obtaining or enforcing an order, judgment or award in relation
                  to any litigation or arbitration proceedings,

            that Mortgagor shall, as an independent obligation to the Security
            Trustee or such Lender, indemnify the Security Trustee or such
            Lender to whom that sum is due against any cost, loss or liability
            arising out of or as a result of the conversion including any
            discrepancy between (A) the rate of exchange used to convert that
            sum from the first currency into the second currency and (B) the
            rate or rates of exchange available to that person at the time of
            its receipt of that sum.

      (b)   Each Mortgagor waives any right it may have in any jurisdiction to
            pay any amount under this Deed in a currency or currency unit other
            than that in which it is expressed to be payable.

12.3  PAYMENT AND SECURITY

      The Security Trustee or the Receiver may retain and pay out of any money
      in the hands of the Security Trustee or the Receiver all sums necessary to
      effect the indemnity contained in this Clause and all sums payable by the
      Mortgagor under this Clause shall form part of the monies hereby secured.

13.   SUSPENSE ACCOUNT

      Notwithstanding Clause 11 (Application of Proceeds), in the event of the
      commencement at any time of the insolvency, bankruptcy winding-up or
      analogous proceedings of any Mortgagor, or of the security created under
      or pursuant to this Deed ceasing for any reason to be binding on the
      Mortgagor or if the Security Trustee should receive notice (either actual
      or otherwise) of any other security or interest affecting any of the
      Collateral, the Security Trustee may at any time open a new account or
      continue any then existing account in the name of the Mortgagor. No moneys
      paid into any such new account or continued account thereafter shall
      discharge or reduce the amount recoverable pursuant to this Deed. If the
      Security Trustee does not open a new account for such purposes, each
      Mortgagor shall nevertheless be treated as if it had done so at such time
      and as from that time all payments made by or on that Mortgagor's behalf
      for the account of the Security

                                     - 19 -
<PAGE>

                                                          [Group Share Mortgage]

      Trustee shall be treated as having been credited to the new account and
      shall not operate to reduce the Secured Obligations at such time.

14.   SET-OFF

      (a)   Without prejudice to any right of set-off, combination of accounts,
            lien or other rights which the Security Trustee or any Lender is at
            any time entitled whether by operation of law or contract or
            otherwise, the Security Trustee and each Lender may (but shall not
            be obliged to) set off against any obligation of any Mortgagor due
            and payable by it hereunder without prior notice any moneys held by
            the Security Trustee or such Lender for the account of such
            Mortgagorat any office of the Security Trustee or such Lender
            anywhere and in any currency. The Security Trustee or such Lender
            may effect such currency exchanges as are appropriate to implement
            such set-off.

      (b)   If the obligations are in different currencies, the Security Trustee
            or any Lender may convert either obligation at a market rate of
            exchange in its usual course of business for the purpose of the
            set-off.

15.   POWER OF ATTORNEY

15.1  POWER OF ATTORNEY

      (a)   Each Mortgagor irrevocably appoints the Security Trustee, the
            Receiver and any persons deriving title under either of them by way
            of security jointly and severally to be his attorney (hereinafter
            referred to as the "ATTORNEY", which expression shall include any
            substitute attorney appointed hereunder and for the time being
            acting) (with full power of substitution) and in its name or
            otherwise on its behalf and as its act and deed to sign, seal,
            execute, deliver, perfect and do all deeds, instruments, acts and
            things which may be required or which the Security Trustee or the
            Receiver shall think proper or reasonably expedient for carrying out
            any obligations imposed on each Mortgagor hereunder or for
            exercising, following the security constituted by this Deed becoming
            enforceable, any of the powers conferred by this Deed or in
            connection with any sale or disposition of the Collateral or the
            exercise of any rights in respect thereof or for giving to the
            Security Trustee and the Receiver the full benefit of this security
            and so that this appointment shall operate to authorise the Security
            Trustee and the Receiver to do on behalf of each Mortgagor anything
            it can lawfully do by an attorney.

      (b)   Each Mortgagor hereby declare that all acts and things done and all
            deeds, instruments and documents executed by the Attorney by virtue
            of the provisions hereof on behalf of the Mortgagor shall be as
            good, valid and effectual to all intents and purposes whatsoever as
            if the same had been duly and properly done or lawfully executed by
            itself and each Mortgagor hereby undertakes to ratify and confirm
            all such acts and things done and all such deeds, instruments and
            documents lawfully executed by virtue of the powers and authority
            hereby conferred.

                                     - 20 -
<PAGE>

                                                          [Group Share Mortgage]

      (c)   Each Mortgagor hereby further declares that the powers and authority
            conferred by this clause 14.1 are given for valuable consideration
            and shall be and remain irrevocable until payment and discharge of
            all of the Secured Obligations.

      (d)   None of the Security Trustee and the Attorney shall be liable to the
            Mortgagor for any loss suffered by any Mortgagor as a result of the
            exercise by the Attorney in good faith of the powers conferred by
            this clause 8.1.

15.2  DELEGATION

      The Security Trustee and the Receiver may delegate to any person all or
      any of the rights or powers conferred on it by this Deed or by law and any
      such delegation may be made upon such terms and conditions (including
      power to sub-delegate) and subject to such regulations as the Security
      Trustee may think fit and the Security Trustee shall not be in any way
      liable or responsible to the Mortgagors for any loss or damage arising
      from any act, default, omission or misconduct on the part of any such
      delegate or sub-delegate.

16.   FURTHER ASSURANCE

      The Mortgagor agrees that at any time and from time to time upon the
      written request of the Security Trustee it will promptly and duly execute
      and deliver any and all such further instruments and documents as the
      Security Trustee may reasonably require for the purpose of obtaining the
      full benefit of this Deed and of the rights and powers herein granted.

17.   NOTICES

17.1  NOTICES

      Any notice or communication under or in connection with this Deed shall be
      in writing and shall be delivered personally or by prepaid letter (airmail
      if available) or facsimile transmission to the addresses or facsimile
      numbers set out below or at such other address as the recipient may have
      notified to the other party in writing. Proof of posting or despatch of
      any notice or communication to any party hereto shall be deemed to be
      proof of receipt:-

      (a)   in the case of a letter, on the fifth Business Day after posting if
            airmail or second Business Day if local mail;

      (b)   in the case of a facsimile transmission, on the Business Day
            immediately following the date of despatch with confirmed facsimile
            report.

      All communications or other correspondence between any of the Mortgagors
      and any of the Lenders in connection with this Deed shall be made through
      the Security Trustee

17.2  ADDRESSES

      Notices or communications shall be sent to the following addresses:-

                                     - 21 -
<PAGE>

                                                          [Group Share Mortgage]

      To any Mortgagor:-

      Address          c/o Asia Netcom Corporation Limited
                       46/F Cheung Kong Center
                       2 Queen's Road Central
                       Hong Kong
      Fax              (852) 2121 2929
      Attention        Gregory Freiberg/Wenlong Sun

      With a copy to:  Asia Netcom Singapore Pte Limited
                       2 Shenton Way #11-01
                       SGX Centre 1
                       Singapore 068804.
      Fax              (65) 6233 6390
      Attention        Oliver Ao

      To the Security Trustee:-

      Address             Industrial and Commercial Bank of China (Asia) Limited
                          10/F., ICBC Asia Building
                          122-126 Queen's Road Central
                          Hong Kong
      Fax                 (852) 2851 9361
      Attention           Ms. Esther Cheng/Ms Amy Wong

17.3  LANGUAGE

      Each notice or document referred to in this Deed or to be delivered under
      this Deed shall be in the English language.

18.   WAIVERS, AMENDMENTS AND CONSENTS, REMEDIES, SEVERABILITY, ASSIGNMENT AND
      COUNTERPARTS

18.1  WAIVERS

      No failure or delay on the part of the Security Trustee or any Lender to
      exercise any power, right or remedy under this Deed shall operate as a
      waiver thereof, nor shall any single or partial exercise by the Security
      Trustee or any Lender of any power, right or remedy preclude any other or
      further exercise thereof or the exercise of any other power, right or
      remedy.

18.2  AMENDMENTS AND CONSENTS

      (a)   Any amendment of any provision of this Deed shall only be effective
            if made in accordance with the provisions of this Deed and each
            Mortgagor and the Security Trustee so agree in writing and any
            waiver of any breach or default under this Deed shall only be
            effective if the Security Trustee acting on the instructions of the
            Lenders or the Majority Lenders (as the case may be) agrees in
            writing. Any consent by the Security Trustee under this Deed must be
            made

                                     - 22 -
<PAGE>

                                                          [Group Share Mortgage]

            in writing.

      (b)   Any such waiver or consent may be given subject to any conditions
            thought fit by the Security Trustee acting on the instructions of
            the Lenders or the Majority Lenders, as the case may be, and shall
            be effective only in the instance and for the purpose for which it
            is given.

18.3  REMEDIES

      The remedies provided in this Deed are cumulative and are not exclusive of
      any remedies provided by law.

18.4  SEVERABILITY

      If any provision of this Deed is prohibited or unenforceable in any
      jurisdiction such prohibition or unenforceability shall not invalidate the
      remaining provisions hereof or affect the validity or enforceability of
      such provision in any other jurisdiction.

18.5  ASSIGNMENT

      The Security Trustee may assign its rights under this Deed in accordance
      with the provisions of the Facility Agreement. None of the Mortgagors may
      assign any of their respective rights hereunder without the prior written
      consent of the Security Trustee.

18.6  COUNTERPARTS

      This Deed may be executed in any number of counterparts including by
      facsimile and all of which taken together shall constitute one and the
      same instrument, and any party hereto may execute this Deed by signing any
      such counterpart.

18.7  It is intended that this document takes effect as a deed notwithstanding
      the fact that a party may only execute this document under hand.

19.   GOVERNING LAW AND JURISDICTION

19.1  GOVERNING LAW

      This Deed shall be governed by and construed in accordance with the laws
      of Singapore.

19.2  SUBMISSION TO JURISDICTION

      For the benefit of the Security Trustee, each Mortgagor irrevocably agrees
      that the courts of the Singapore are to have jurisdiction to settle any
      disputes which may arise out of or in connection with this Deed and that,
      accordingly, any legal action or proceedings arising out of or in
      connection with this Deed ("PROCEEDINGS") may be brought in those courts
      and each Mortgagor irrevocably submits to the jurisdiction of those
      courts.

                                     - 23 -
<PAGE>

                                                          [Group Share Mortgage]

19.3  OTHER JURISDICTIONS

      Nothing in this Clause 18 (Governing Law and Jurisdiction) shall limit the
      right of the Security Trustee to take Proceedings against any Mortgagor in
      any other court of competent jurisdiction nor shall the taking of
      Proceedings in one or more jurisdictions preclude the Security Trustee
      from taking Proceedings in any other jurisdiction, whether concurrently or
      not.

19.4  WAIVER OF INCONVENIENT FORUM

      Each Mortgagor irrevocably waives any objection which it may at any time
      have to the laying of the venue of any Proceedings in any court referred
      to in this Clause 19 (Governing Law and Jurisdiction) and any claim that
      any such Proceedings have been brought in an inconvenient forum.

19.5  PROCESS AGENT

      Each of the Mortgagors hereby irrevocably appoints Asia Netcom Singapore
      Pte Limited, 2 Shenton Way #11-01, SGX Centre 1, Singapore 068804 to
      receive, for it and on its behalf, service of process in any Proceedings
      in Singapore. Such service shall be deemed completed on delivery to the
      process agent whether or not it is forwarded to and received by the
      Mortgagors). If for any reason the process agent ceases to be able to act
      as such or no longer has an address in Singapore, the Mortgagors
      irrevocably agree to appoint a substitute process agent acceptable to the
      Security Trustee, and to deliver to the Security Trustee a copy of the new
      process agent's acceptance of that appointment, within 30 days.

19.6  SERVICE

      Each of the Mortgagors irrevocably consents to any process in any
      Proceedings anywhere being served by mailing a copy by post in accordance
      with Clause 17 (Notices). Nothing shall affect the right to serve any
      process in any other manner permitted by law.

19.7  WAIVER OF IMMUNITIES

      To the extent that each Mortgagor has or hereafter may acquire any
      immunity (sovereign or otherwise) from any legal action, suit or
      proceeding, from jurisdiction of any court or from set-off or any legal
      process (whether service or notice, attachment prior to judgment,
      attachment in aid of execution of judgment, execution of judgment or
      otherwise) with respect to itself or any of its property, each Mortgagor
      hereby irrevocably waives and agrees not to plead or claim such immunity
      in respect of its obligations under this Deed.

20.   AVOIDANCE OF PAYMENTS

      No assurance, security or payment which may be avoided under any law
      relating to bankruptcy or insolvency or under Section 329 or 330 of the
      Companies Act (Cap. 50), and no release, settlement or discharge given or
      made by the Security Trustee on the faith of any such assurance, security
      or payment, shall prejudice or affect the right

                                     - 24 -
<PAGE>

                                                          [Group Share Mortgage]

      of the Security Trustee to enforce the security created by this Deed in
      respect of the full extent of the moneys hereby secured. It is further
      agreed that (to the extent that the Security Trustee is of the opinion
      that there is a reasonable prospect of any assurance, security or payment
      being avoided as aforesaid) the Security Trustee shall be at liberty at
      its absolute discretion to retain any of the Collateral as security for
      the Secured Amounts for a period of seven months after the Secured Amounts
      shall have been paid in full, notwithstanding any release, settlement,
      discharge or arrangement given or made by the Security Trustee on, or as a
      consequence of, such termination of liability and, if at any time within
      the period of six months after such termination a petition (or equivalent)
      shall be presented to a competent court for an order for the bankruptcy or
      winding up (or equivalent) of any Mortgagor, or any Mortgagor shall be
      declared a bankrupt or commence to be wound up voluntarily (or
      equivalent), the Security Trustee shall be at liberty, notwithstanding the
      same, to continue to retain such Collateral or any part thereof for and
      during such further period as the Security Trustee in its absolute
      discretion shall determine and each Mortgagor agree that such security
      shall be deemed to have been and to have remained held by the Security
      Trustee as and by way of security for the payment and discharge of the
      Secured Amounts.

21.   THE CONTRACTS (RIGHTS OF THIRD PARTIES) ACT, CAP 53B

      The Contracts (Rights of Third Parties) Act, Cap 53B shall not under any
      circumstances apply to this Deed and any person who is not a party to this
      Deed (whether or not such person shall be named, referred to, or otherwise
      identified, or shall form part of a class of persons so named, referred
      to, or identified, in this Deed) shall have no right whatsoever under the
      Contracts (Rights of Third Parties) Act 53B to enforce this Deed or any of
      its terms.

22.   MISCELLANEOUS

22.1  The Security Trustee may convert any moneys available to it by virtue of
      this Deed from their existing currency of denomination into such other
      currency of denomination as may be necessary to enable it to discharge the
      Secured Obligations, any such conversion to be effected at the prevailing
      spot rate of exchange selected by the Security Trustee for the sale of
      such existing currency for such other currency (or, if there is no such
      rate, such other rate (being a rate generally available in the ordinary
      course of business) as the Security Trustee may select for this purpose).

22.2  The Security Trustee may act under this Deed through any of its branches
      or offices.

22.3  Each Mortgagor hereby irrevocably consents to the disclosure by the
      Security Trustee and the other Finance Parties on a confidential basis of
      such information about the Mortgagor as has been made available to them to
      any potential assignee or transferee in respect of their rights and/or
      obligations under or in connection with this Deed.

22.4  It is intended that this document takes effect as a deed notwithstanding
      the fact that a party may only execute this document under hand.

                                     - 25 -
<PAGE>

                                                          [Group Share Mortgage]

IN WITNESS whereof this Deed has been executed by the parties hereto and is
intended to be and is hereby delivered by each Mortgagor as its deed on the day
and year first above written.

                                     - 26 -
<PAGE>

                                                          [Group Share Mortgage]

                                   SCHEDULE 1

                            PARTICULARS OF THE SHARES

<TABLE>
<CAPTION>
                                          DESCRIPTION AND NUMBER OF     REGISTERED SHAREHOLDERS AND
         NAME OF COMPANY                            SHARES                 NUMBER OF SHARES HELD
         ---------------                            ------                 ---------------------
<S>                                      <C>                            <C>
Asia Netcom Corporation                  2  shares of S$1.00 each        Asia Netcom Corporation
(Singapore) Pte. Limited                                                 Limited
                                                                         (2 shares)

Asia Netcom Services (S) Pte. Ltd.       13,975,691 shares of S$1.00     Asia Netcom Corporation
                                         each                            (Singapore) Pte Limited
                                                                         (13,975,691 shares)

Southeast Asia Netcom (Singapore)        2,356,780 shares of             Asia Netcom Singapore Pte
Pte. Ltd.                                S$1.00 each                     Ltd (2,356,780 shares)

Asia Netcom Singapore Pte. Ltd.          2 shares of S$1.00 each         Asia Netcom Corporation
                                                                         (Singapore)
                                                                         Pte Limited
                                                                         (2 shares)
</TABLE>

                                     - 27 -
<PAGE>

                                                          [Group Share Mortgage]

                                   SCHEDULE 2
                         FORM OF INSTRUMENT OF TRANSFER

                             Instrument of Transfer

                                       [-]

                                    TRANSFER

FOR THE CONSIDERATION stated the Transferor named below hereby transfers to the
Transferee named below the shares or stock stated subject to the several
conditions on which the said shares or stock are or is now held by the
Transferor and the Transferee hereby agree(s) to accept and hold the said shares
or stock subject to the conditions aforesaid.

<TABLE>
<S>                                 <C>
Full Name of Company

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

Amount or Number and
full details of Share or Stock

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

Transfer from Transferor

Name and Address in full

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

Consideration

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

Transfer to
Transferee

Name and Address
in full

--------------------------------------------------------------------------------
</TABLE>

Dated

SIGNED by the Transferor            )
in the presence of:                 )

SIGNED by the Transferee            )
in the presence of:                 )

                                     - 28 -
<PAGE>

                                                          [Group Share Mortgage]

                                   SCHEDULE 3

                          FORM OF LETTER OF RESIGNATION

To:      The Board of Directors
         of [-] (the "COMPANY")                     Date: ______________________

I, [Name of director/secretary], hereby resign my position as a
[director/secretary] of the Company with effect from ______ and waive all claims
to fees or compensation in connection with or arising from my employment and/or
resignation save as provided by law in Singapore.

SIGNED, SEALED AND DELIVERED by
[Name of director/secretary]
in the presence of:

         Signature of witness: _____________________

         Name of witness:      _____________________

         Address of witness:   _____________________

                                     - 29 -
<PAGE>

                                                          [Group Share Mortgage]

                                   SCHEDULE 4

                           FORM OF WRITTEN RESOLUTION

                                       [-]

Written Resolutions of all the Directors of the Company dated the day of

We, the undersigned, being all the Directors of the Company, hereby resolve:-

1.    Appointment of Directors/Secretary

      That the following persons be appointed as Directors and/or Secretary of
      the Company with immediate effect:-

2.    Resignation of Directors

      That the Letters of Resignation signed by [names of all
      Directors/secretary] be accepted and that the same shall take effect
      forthwith.

[signed by all Directors]

_______________________________         _____________________________

                                     - 30 -
<PAGE>

                                                          [Group Share Mortgage]

                                   SCHEDULE 5

                 FORM OF AUTHORISATION FROM DIRECTORS/SECRETARY

                                                                          [Date]

To:   Industrial and Commercial Bank of China (Asia) Limited
      10/F., ICBC Asia Building
      122-126 Queen's Road Central
      Hong Kong

We are, at the date hereof, all the directors and the sole secretary of [-] (the
"COMPANY").

We refer to (a) the facility agreement dated [-], 2004, as amended and restated
by the Supplemental Amendment and Restatement Deed dated [ ], 2004 (the
"FACILITY AGREEMENT"), entered into between (1) Asia Netcom Corporation Limited,
as borrower (the "BORROWER") (2) the banks and financial institutions named
therein as lenders (the "LENDERS") and (3) the Industrial and Commercial Bank of
China (Asia) Limited as arranger and facility agent; (b) the Group Share
Mortgage dated [-], 2004 (the "MORTGAGE") made between the companies named in
Schedule 7 therein and yourselves as Security Trustee in relation the Shares in
the Company; and (c) an undated written resolution of all the directors of the
Company signed by us resolving to approve the appointment of new director(s)
and/or a new secretary of the Company and the resignation of us as directors
and/or secretary of the Company (the "WRITTEN RESOLUTIONS").

We hereby irrevocably authorise you, at any time after the Mortgage has become
enforceable without our consent, to nominate such person(s) as you may in your
absolute discretion determine to be the director(s) of the Company and to
complete the written resolutions in such manner as you may think fit, including
to insert the date (which can be any date after the date hereof) and the name(s)
of the additional director(s) and/or the secretary. We confirm and declare that
the written resolutions as completed by you shall in all respects be valid and
effective as a board resolutions of the Company on the date and to the effect as
stated therein, and be binding on us and on the Company.

We also refer to the undated letters of resignation as directors and/or the
secretary of the Company signed by us. Each of us hereby irrevocably authorises
you at any time after the Mortgage has become enforceable without our consent to
insert a date (which can be any date after the date hereof) on the letters of
resignation, upon which our resignation of directorship and/or as secretary
shall take immediate effect.

[signed by all Directors and the secretary]

____________________________            _____________________________

                                     - 31 -
<PAGE>

                                                          [Group Share Mortgage]

                                   SCHEDULE 6

                          FORM OF LETTER OF UNDERTAKING

                                                                          [Date]

To:   Industrial and Commercial Bank of China (Asia) Limited
      10/F., ICBC Asia Building
      122-126 Queen's Road Central
      Hong Kong

We, the undersigned Directors of [  -  ] (the "COMPANY"), refer to the Mortgage
of Shares dated [              ], 2004 and made between the companies named in
Schedule 7 therein as mortgagors and yourselves as Security Trustee, and in
pursuance thereof hereby undertake not to appoint any additional or substitute
Directors or Secretary of the Company without your written consent.

[signed by all Directors]

______________________________                 ___________________________

______________________________                 ___________________________

                                     - 32 -
<PAGE>

                                                          [Group Share Mortgage]

                                   SCHEDULE 7

                                   MORTGAGORS

<TABLE>
<CAPTION>
           Name of Mortgagor                    Shares being Mortgaged
           -----------------                    ----------------------
<S>                                     <C>
1. Asia Netcom Corporation Limited      Asia Netcom Corporation (Singapore) Pte.
                                        Limited

2. Asia Netcom Corporation (Singapore)  Asia Netcom Services (S) Pte. Ltd. AND
Pte. Limited                            Asia Netcom Singapore Pte. Ltd.

3. Asia Netcom Singapore Pte. Ltd.      Southeast Asia Netcom (Singapore) Pte.
                                        Ltd.
</TABLE>

                                     - 33 -
<PAGE>

                                                          [Group Share Mortgage]

                                   SCHEDULE 8

                       FORM OF ACKNOWLEDGEMENT OF NOMINEE

To:   Industrial and Commercial Bank of China (Asia) Limited

                                                         _________________, 2004

Dear Sirs,

RE: ASIA NETCOM CORPORATION LIMITED (THE "COMPANY")

I/We acknowledge that by a deed of mortgage of shares dated [___________], 2004
(the "SHARE MORTGAGE"), China Netcom Corporation International Limited (the
"MORTGAGOR") has agreed to mortgage the entire issued share capital of the
Company (the "SHARES") of which the Mortgagor is the sole beneficial owner to
you.

I/We hereby agree to deposit with you the certificates in respect of the
Share(s) of which I/we are the registered holder and to execute and deliver to
you such instruments of transfer, contract note, and other documents in respect
of such Share(s), including a power of attorney to sell, transfer or otherwise
dispose of the same, in such form as you may at any time and from time to time
require.

I/We [jointly and severally], until such time as I/we receive written notice
from you stating that the Share Mortgage has been released or otherwise
discharged:

1.    warrant that I/we are the registered holder(s) of a total of [____]
      [ordinary share(s)] of $[_______] each, in the Company;

2.    confirm that I/we hold such share(s) as nominee(s) on trust for you and
      that I/we shall hereafter hold such share(s) on you behalf as mortgagee in
      accordance with the terms of the Share Mortgage; and

3.    grant to you a power of attorney in the terms of clause 15 of the Share
      Mortgage as if references therein to the Mortgagor were references to
      me/us and undertake to grant you such further powers of attorney in such
      form as you may at any time and from time to time require.

EITHER:

SIGNED, SEALED AND DELIVERED                  )
by [___________________________]              )
in the presence of:                           )

OR:

THE COMMON SEAL of                            )
[---------------------------]                 )
was hereunto affixed in                       )
the presence of:                              )

                                     - 34 -
<PAGE>

                                                          [Group Share Mortgage]

                                 EXECUTION PAGE

THE MORTGAGORS

SIGNED, SEALED AND DELIVERED                  )
as a Deed by its duly authorised attorney     )
                                              )
for and on behalf of                          )
ASIA NETCOM CORPORATION LIMITED               )
in the presence of:-                          )

SIGNED, SEALED AND DELIVERED                  )
as a Deed by its duly authorised attorney     )
                                              )
for and on behalf of                          )
ASIA NETCOM CORPORATION (SINGAPORE)           )
PTE LIMITED                                   )
in the presence of:-                          )

SIGNED, SEALED AND DELIVERED                  )
as a Deed by its duly authorised attorney     )
                                              )
for and on behalf of                          )
ASIA NETCOM SINGAPORE PTE. LTD.               )
in the presence of:-                          )

                                     - 35 -
<PAGE>

                                                          [Group Share Mortgage]

THE SECURITY TRUSTEE

SIGNED by                                     )
                                              )
for and on behalf of                          )
THE INDUSTRIAL AND COMMERCIAL                 )
BANK OF CHINA (ASIA) LIMITED                  )
in the presence of:-

                                     - 36 -<PAGE>

                                                                   EXHIBIT 10.38

                                                                  EXECUTION COPY

                         ASIA NETCOM SINGAPORE PTE. LTD.

                                   AS ASSIGNOR

                                       and

           THE INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED
                               AS SECURITY TRUSTEE

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

                        ASSIGNMENT OF BUILDING AGREEMENT

                  DATED                                    2004

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

                                       WTL

                            WONG TAN & MOLLY LIM LLC
                    Advocates & Solicitors * Notaries Public
                             Commissioners for Oaths
                             80 Robinson Road #17-02
                                Singapore 068898
                                 Tel: 6222 8008
                                 Fax: 6222 8001
                              (RP/2004192267IR/ja)
                            (SW/CSJ/NHP/2004192267IR)

<PAGE>

<TABLE>
<CAPTION>
TABLE OF CONTENTS

CONTENTS                                                                         PAGE
<S>                                                                              <C>
1. INTERPRETATION .............................................................    1

2. COVENANT TO PAY ............................................................    3

3. ASSIGNMENT .................................................................    3

4. CONTINUING SECURITY ........................................................    5

5. REPRESENTATIONS AND WARRANTIES .............................................    6

6. UNDERTAKINGS ...............................................................    7

7. CONTINUING OBLIGATIONS .....................................................    9

8. INDEMNITY ..................................................................    9

9. ENFORCEMENT ................................................................   10

10. APPLICATION OF MONEYS .....................................................   10

11. DELEGATION ................................................................   11

12. FURTHER ASSURANCE .........................................................   11

13. POWER OF ATTORNEY .........................................................   11

14. AVOIDANCE OF PAYMENTS .....................................................   12

15. BENEFIT OF ASSIGNMENT .....................................................   12

16. REMEDIES AND WAIVERS ......................................................   12

17. CURRENCY INDEMNITY ........................................................   13

18. PARTIAL INVALIDITY ........................................................   13

19. THE CONTRACTS (RIGHTS OF THIRD PARTIES) ACT, CAP 53B ......................   13

20. COMMUNICATIONS ............................................................   13

21. GOVERNING LAW .............................................................   14

SCHEDULE ......................................................................   15

APPENDIX ......................................................................   16
</TABLE>

<PAGE>

This Assignment is made on the  day of    2004 between:

(1)   ASIA NETCOM SINGAPORE PTE. LTD. ("the ASSIGNOR"), a company incorporated
      in Singapore with its registered office 2 Shenton Way #11-01 SGX Centre 1
      Singapore 068804; and

(2)   INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED, a company
      incorporated under the laws of Hong Kong acting through its head office at
      ICBC Asia Building, 122-126 Queen's Road Central, Hong Kong acting on its
      own behalf and as facility agent and security trustee for and on behalf of
      the Finance Parties (the "SECURITY TRUSTEE").

WHEREAS:

(A)   By a facility agreement signed on 2nd December, 2003 (but held undated in
      escrow) as released from escrow and amended and restated by the
      Supplemental and Amendment Deed (the "FACILITY AGREEMENT"), entered into
      by (1) Asia Netcom Corporation Limited, as borrower (the "BORROWER"); (2)
      the banks and financial institutions named therein as lenders (the
      "LENDERS"); (3) Industrial and Commercial Bank of China (Asia) Limited as
      arranger; and (4) the Security Trustee as facility agent, the Finance
      Parties have agreed, upon and subject to the terms of the Facility
      Agreement, to make available to the Borrower a term loan facility of up to
      US$150,000,000 (the "FACILITY") for the purposes more particularly
      specified therein.

(B)   The Security Trustee is acting as facility agent for the Finance Parties
      pursuant to the Facility Agreement and as security agent and trustee for
      the Finance Parties pursuant to this Deed and other Finance Documents.

(C)   It is a condition precedent to the availability of the Facility under the
      Facility Agreement that the Assignor shall have executed and delivered
      this Deed of Assignment in respect of the Building Agreement.

It is agreed as follows:

1.    INTERPRETATION

1.1   Definitions: In this Assignment, except to the extent that the context
      requires otherwise:

      "ACT" means the Conveyancing and Law of Property Act, Chapter 61;

      "ASSIGNED PROPERTY" means all the assets and property of the Assignor
      assigned under or pursuant to Clause 3.1;

      "BUILDING AGREEMENT" means the building agreement dated 9 May 2002 entered
      into between the Lessor and Assignor pursuant to the Letter of Offer (and
      any reference in this Assignment to the Building Agreement includes the
      Building Agreement as from time to time amended, modified and supplemented
      and any document which amends, modifies or supplements the Building
      Agreement);

      "BUSINESS DAY" means any day (other than a Saturday or Sunday) on which
      commercial banks are generally open for business in Singapore and Hong
      Kong;

      "COMPANIES ACT" means the Companies Act, Chapter 50 of Singapore;

      "DEFAULT RATE" has the meaning assigned thereto in the Facility Agreement;

<PAGE>

      "ESCROW MORTGAGE" means a mortgage executed or to be executed in escrow by
      the Assignor, as mortgagor in favour of the Security Trustee, as
      mortgagee, substantially in the form of the Appendix (or in such other
      form as may be approved by the Security Trustee), as amended, modified and
      supplemented from time to time;

      "EVENT OF DEFAULT" has the meaning assigned thereto in the Facility
      Agreement;

      "FACILITY AGENT" has the meaning assigned thereto in the Facility
      Agreement;

      "INTEREST PAYMENT DATE" has the meaning assigned thereto in the Facility
      Agreement;

      "INTEREST RATE" has the meaning assigned in clause 8.1 of the Facility
      Agreement;

      "LEASE" means a lease of the Property granted or to be granted by the
      Lessor to the Assignor on the terms and subject to the conditions set out
      in the Building Agreement (and any reference in this Assignment to the
      Lease includes the Lease as from time to time amended, modified or
      supplemented and any document which amends, modifies or supplements the
      Lease);

      "LENDERS" has the meaning assigned thereto in the Facility Agreement;

      "LESSOR" means Jurong Town Corporation and its successors in title and
      assigns;

      "LETTER OF OFFER" means the Letter of Offer dated 5 March 2001 from the
      Lessor to the Assignor (under its former name of Asia Global Crossing
      (Singapore) Pte Ltd) and accepted by the Assignor and the agreement
      between the Lessor and the Assignor pursuant to the Assignor's acceptance
      of the Letter of Offer and containing the Lessor's agreement to enter into
      the Building Agreement and to grant to the Assignor the Lease (and any
      reference in this Agreement to the Letter of Offer includes the Letter of
      Offer as from time amended, modified and supplemented and any document
      which amends, modifies or supplements the Letter of Offer);

      "PARTIES" means the parties to this Assignment;

      "PERMITTED SECURITY INTEREST" means any Security Interest permitted by
      clause 16.16(a) of the Facility Agreement;

      "PERSON" shall mean any individual, firm, corporation, partnership, trust,
      incorporated or unincorporated association, joint venture, joint stock
      company, limited liability company, any governmental authority or other
      entity of any kind, and shall include any successor (by merger or
      otherwise) of such entity;

      "PROPERTY" means the property described in the Schedule;

      "SECURED OBLIGATIONS" means any and all moneys, liabilities and
      obligations of the Borrower (whether actual or contingent, whether now
      existing or hereafter arising, whether or not for the payment of money,
      and including, without limitation, any obligation or liability to pay
      damages) which are or may become due, owing or incurred by the Borrower or
      any other Security Party which is a member of the CNC HK Group to the
      Finance Parties or any of them under or pursuant to the Finance Documents
      and/or all other obligations hereby secured;

      "SECURITY INTEREST" has the meaning assigned thereto in the Facility
      Agreement;

      "SECURITY TRUSTEE" includes its successors and assigns.

                                       2
<PAGE>

1.2   THIS ASSIGNMENT: Except to the extent that the context otherwise requires
      any reference to "this Assignment" includes this Assignment as amended,
      modified or supplemented from time to time and shall include any document
      which is supplemental to or is expressed to be collateral herewith, or is
      entered into pursuant to or in accordance with the terms.

1.3   CONSTRUCTION

      In this Deed, unless the context otherwise requires:-

      (a)   Clauses 1.1, 1.2 and 1.3 of the Facility Agreement shall be deemed
            incorporated in this Deed mutatis mutandis as if set out separately
            in this Deed; and

      (b)   references to the "BORROWER", the "ASSIGNOR", any "SECURITY PARTY",
            the "SECURITY TRUSTEE" or any "FINANCE PARTY", and any other person
            include, where the context permits, include their respective
            successors and transferees and permitted assigns in accordance with
            their respective interests.

2.    COVENANT TO PAY

2.1   The Assignor hereby covenants that it will pay and discharge:

      2.1.1 all amounts, interests, expenses, claims, liabilities, losses,
            costs, duties, fees, charges or other moneys as are stated in this
            Assignment to be payable by the Assignor to be recoverable from the
            Assignor by the Security Trustee at the times and in the manner
            specified in this Agreement; and

      2.1.2 interest on any such amounts, interests, expenses, claims,
            liabilities, losses, costs, duties, fees, charges or other moneys
            referred to in Clause 2.1.1 from the date on which the relevant
            amount, interest, expense, claim, liability, loss, cost, duty, fee,
            charge or other money is paid or discharged by the Security Trustee
            until the date of reimbursement thereof to the Security Trustee
            (both before and after any relevant judgment) at the Interest Rate
            or, if an Event of Default has occurred, at the Default Rate, such
            interest to be calculated on the basis of a 360 day year and the
            actual number of days elapsed. Accrued interest on all amounts
            outstanding hereunder shall be payable in arrears on the Interest
            Payment Date for the calendar month immediately preceding such
            Interest Payment Date; provided however, that if an Event Default
            has occurred, any such interest shall be payable on demand of the
            Security Trustee and to be payable on demand.

3.    ASSIGNMENT

3.1   ASSIGNMENT: In consideration of the Security Trustee agreeing, at the
      request of the Assignor and the Borrower, upon and subject to the terms of
      the Facility Agreement, to make available to the Borrower a term loan
      facility of up to US$150,000,000.00 for the purposes more particularly
      specified therein and as a continuing security for the Secured
      Obligations, the Assignor as beneficial owner hereby assigns and agrees to
      assign absolutely to the Security Trustee, free for all Security
      Interests:

      3.1.1 all the present and future rights, title, interest, benefits,
            advantages, permits, licences and remedies which the Assignor has
            in, under or arising out of the Building Agreement and the
            Assignor's rights to the issue of the Lease whether pursuant to the
            Building Agreement or otherwise;

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            3.1.2 all the present and future estate, right, title and interest
                  of the Assignor in and to the Property.

            PROVIDED ALWAYS that such assignment shall be subject to the
            provisions of the Building Agreement and the Lease and the claims of
            the Lessor thereunder.

      3.2   UNDERTAKINGS: The Assignor hereby undertakes to the Security Trustee
            that:

            3.2.1 PAYMENTS: the Assignor shall pay all sums of money and other
                  charges or payments as and when the same are due under the
                  Building Agreement and shall make all such payments and do all
                  such acts as may be required to obtain the grant to it of the
                  Lease or other document of title relating to the Property, and
                  produce to the Security Trustee as and when required the
                  issued receipts for all such payments and further the Assignor
                  shall observe and perform all the covenants, undertakings,
                  stipulations, terms and conditions therein contained and shall
                  save harmless and indemnify the Security Trustee in full
                  against all actions, proceedings, claims, demands, losses,
                  fees, expenses, damages, costs, liabilities and penalties
                  whatsoever in relation thereto;

            3.2.2 LEASE: as soon as the Lease or other documents of title
                  relating to the Assigned Property shall have been issued and,
                  if required, the transfer relating thereto executed, the
                  Assignor shall forthwith cause the same to be delivered to the
                  Security Trustee and shall make all such payments and do all
                  such acts as shall enable the Escrow Mortgage referred to in
                  Clauses 3.3 and 3.4 to be completed and perfected;

            3.2.3 AUTHORITY OF SECURITY TRUSTEE: if the Assignor shall neglect
                  or refuse to comply in any way with the provisions of Clauses
                  3.2.1 and 3.2.2, it shall be lawful for the Security Trustee
                  in the name of the Assignor or otherwise to demand and receive
                  the Building Agreement, the Lease or other documents of title
                  relating to the Property from the Lessor and to make such
                  payments and do such acts as shall enable the Escrow Mortgage
                  referred to in Clauses 3.3 and 3.4 to be completed and
                  perfected; and

            3.2.4 NOTICES AND COMMUNICATIONS: the Assignor shall keep the
                  Security Trustee informed of any notice or communication
                  relating to the Building Agreement, the Lease and the Property
                  which may reasonably be deemed to affect the rights of the
                  Security Trustee to the Assigned Property as and when the
                  Assignor receives the same.

      3.3   ESCROW MORTGAGE: Contemporaneous with the execution of this
            Assignment the Assignor shall execute and deliver to the Security
            Trustee the Escrow Mortgage with the intent that, upon the delivery
            by the Lessor to the Assignor of the Lease or other documents of
            title relating to the Property, the Escrow Mortgage shall be
            registered and take effect as a first legal mortgage over the
            Property if, on the date of such delivery of the Lease or other
            documents of title relating to the Property, any sum remains payable
            by the Assignor, whether actually or contingently, under or in
            connection with any of the Facility Agreement, this Assignment or
            such other Finance Documents.

      3.4   PERFECTION OF ESCROW MORTGAGE: the Assignor undertakes to do all
            such acts as shall enable the Escrow Mortgage to be completed and
            perfected and further undertakes that in the event that following
            the issue of the Lease the Escrow Mortgage is not acceptable for
            registration under applicable law, the Assignor shall at its own
            cost and at the request of the Security Trustee, either (1) vary or
            amend the Escrow Mortgage so that the Escrow Mortgage, so varied or
            amended, may be acceptable for registration under applicable law, or
            (2) execute and deliver to the Security Trustee a fresh registrable
            legal mortgage over the Property in favour of the Security Trustee
            in substitution for the Escrow Mortgage in such form as may

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            be acceptable for registration under applicable law, and containing
            substantially the terms and conditions contained in the Escrow
            Mortgage.

      3.5   TERMS OF ESCROW MORTGAGE: it is hereby expressly agreed and declared
            that notwithstanding that the Escrow Mortgage is inoperative as a
            legal mortgage of the Property pending the issue of the Lease or
            other documents of title relating to the Property and registration
            of the Escrow Mortgage, all the covenants, undertakings,
            stipulations, terms and conditions as contained and referred to in
            the Escrow Mortgage shall be deemed to have full force and effect as
            if they were contained and referred to in this Assignment with the
            intent that the Escrow Mortgage and this Assignment shall be read as
            one document, and the Assignor hereby covenants to perform and
            observe all such covenants, undertakings, stipulations, terms and
            conditions contained and referred to in the Escrow Mortgage.

      4.    CONTINUING SECURITY

      4.1   CONTINUING OBLIGATIONS: The security created by this Assignment
            shall constitute and be a continuing security for the payment and
            discharge of the Secured Obligations notwithstanding any
            intermediate payment or satisfaction of any part of the Secured
            Obligations, and shall be in addition to and shall not in any way
            prejudiced or affected by any of the Finance Documents.

      4.2   UNCONDITIONALITY OF SECURITY: Neither the Secured Obligations nor
            the security created by this Assignment shall be discharged or
            affected by (i) any time, indulgence, concession, waiver or consent
            at any time given to the Assignor, the Borrower, any other Security
            Party or any other person, (ii) any amendment, modification or
            supplement to the Building Agreement, this Assignment, the Facility
            Agreement, any Finance Document, or any other agreement, document or
            security, guarantee, indemnity, right, remedy or lien, (iii) the
            making or absence of any demand on the Assignor, the Borrower, any
            Security Party or any other person for payment, (iv) the enforcement
            or absence of enforcement of any of the Facility Agreement, this
            Assignment, any Finance Document, or any other agreement, security,
            guarantee, indemnity, right, remedy or lien, (v) the taking,
            variation, compromise, renewal or release of or refusal or neglect
            to perfect or enforce any rights, remedies or securities against the
            Assignor, the Borrower or any Security Party or any other person,
            (vi) the insolvency, winding-up, amalgamation, reconstruction or
            reorganisation of the Assignor, the Borrower, any Security Party or
            any other person (or the commencement of any of the foregoing), or
            (vii) the illegality, invalidity or unenforceability of or any
            defect in any provision of any of the Building Agreement, the
            Facility Agreement, any Finance Document, this Assignment or any
            other agreement, security, guarantee, indemnity, right, remedy or
            lien or any of the obligations of any of the parties thereunder.

      4.3   CONTINUING/OPENING OF ACCOUNTS: In the event of the commencement of
            the winding up of the Assignor or the Borrower or of this Assignment
            ceasing for any reason to be binding on the Assignor or the Borrower
            or if the Security Trustee shall at any time receive notice (either
            actual or otherwise) of any subsequent or other Security Interest or
            other like interest, matter, event or transaction affecting the
            Assigned Property or any part of it, the Security Trustee may on
            receiving such notice forthwith open a new or separate account or
            separate accounts for the Assignor and/or the Borrower in its books
            either alone or jointly with any other person or party. If the
            Security Trustee does not in fact open such new or separate account
            or accounts for the Assignor and/or the Borrower either alone or
            jointly with any other person or party, the Security Trustee shall
            nevertheless be deemed to have done so at the time when the Security
            Trustee received or was deemed to have received such notice (the
            "time of notice") and as from and after the time of notice, all
            payments in account made by or on behalf of the Assignor and/or the
            Borrower to the Security Trustee shall (notwithstanding any legal or
            equitable rule of presumption to the contrary) be placed or deemed
            to have been placed to the

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<PAGE>

            credit of the new or separate account or accounts so opened or
            deemed to have been opened as aforesaid and shall not go in
            reduction of any part of the Secured Obligations at the time of
            notice. Nothing contained in this Clause 4.3 shall prejudice the
            security which the Security Trustee otherwise would have had under
            this Assignment for the payment of the moneys costs charges and
            expenses secured or intended to be secured by this Assignment
            notwithstanding that the same may become due or owing or be incurred
            after the time of notice.

      4.4   SUSPENSE ACCOUNT: All moneys received, recovered or realised by the
            Security Trustee under this Assignment (including, without
            limitation, the proceeds of any conversion of currency) may at the
            discretion of the Security Trustee be credited to any suspense or
            impersonal account and may be held in such account for so long as
            the Security Trustee may think fit (without liability to pay
            interest thereon) pending their application from time to time (as
            the Security Trustee shall be entitled to do its discretion) in or
            towards the discharge of any part of the Secured Obligations;
            provided, however, that if the Security Trustee does not apply any
            such amounts to the discharge of the Secured Obligations, the
            Security Trustee shall be deemed to have waived its right to receive
            interest at the Default Rate otherwise payable on the portion of the
            Secured Obligations that could otherwise be discharged by virtue of
            such application.

      4.5   NO RIGHT OF INDEMNITY: During the continuance of this Assignment:

            4.5.1 the Assignor shall not have any right to be indemnified by the
                  Borrower or to take the benefit of or to enforce any Security
                  Interest in respect of all or any part of the Secured
                  Obligations;

            4.5.2 any right or proof of the Assignor in the winding up of the
                  Borrower in respect of any indebtedness whatsoever shall be
                  exercised and enforced by it only in such manner and on such
                  terms as the Security Trustee may require; and

            4.5.3 any amount received or recovered by the Assignor as a result
                  of any exercise by it of any such right shall be immediately
                  paid to the Security Trustee.

      5.    REPRESENTATIONS AND WARRANTIES

      5.1   BY ASSIGNOR: The Assignor represents and warrants to and for the
            benefit of the Security Trustee as follows:

            5.1.1 INCORPORATION: it is a company duly incorporated and validly
                  existing under the laws of Singapore;

            5.1.2 POWERS: it has all requisite power and authority, corporate or
                  otherwise, to (i) engage in the business in which it currently
                  engages and proposes to engage, (ii) to own the Assigned
                  Property and (iii) execute, deliver and perform all of its
                  obligations under this Assignment and to consummate the
                  transactions contemplated hereby (including the creation of
                  the security to be created by this Assignment);

            5.1.3 AUTHORISATION AND CONSENTS: no consent of any other Person,
                  and no consent, licence, permit, approval or authorisation of,
                  exemption by, or registration, filing or declaration with, any
                  governmental authority is required to be obtained or made in
                  connection with the execution, delivery, performance, validity
                  or enforceability of this Assignment, other than those which
                  have been obtained or made and remain in full force and
                  effect, the stamping of this Assignment and any filing in
                  relation thereto in the Accounting and Corporate Regulatory
                  Authority and those that the

                                       6
<PAGE>

                  failure of which to obtain, will not have a material adverse
                  effect on the ability of the Assignor to perform its
                  obligations under this Assignment;

         5.1.4    OBLIGATIONS BINDING: this Assignment has been executed and
                  delivered by a duly authorised officer of the Assignor, and
                  constitutes the legal, valid and binding obligations of the
                  Assignor enforceable against the Assignor in accordance with
                  its terms except as enforceability may be limited by
                  applicable bankruptcy, insolvency, reorganisation, moratorium
                  or similar laws affecting the enforcement of creditors' rights
                  only and by general equitable principles;

         5.1.5    NON VIOLATION OF LAWS, ETC: the entry into and performance of
                  this Assignment and the transactions contemplated by this
                  Assignment do not and will not conflict with or result in (i)
                  a breach of any law, judgment or regulation or any official or
                  judicial order, or (ii) a breach of the constitutional
                  documents of the Assignor, or (iii) a material breach of any
                  agreement or document to which the Assignor is a party or
                  which is binding upon it or any of its assets or revenues with
                  a monetary value greater than US$500,000, nor cause any
                  limitation placed on it or the powers of its directors to be
                  exceeded or result in the creation or imposition of any
                  Security Interest on any part of the Collateral pursuant to
                  the provisions of any such agreement or document;

         5.1.6    LITIGATION: no litigation, arbitration or administrative
                  proceeding is currently taking place or pending or, to the
                  knowledge of the officers of that Assignor, threatened against
                  the Assignor or any of its respective assets which could, in
                  the reasonable opinion of the Security Trustee, materially and
                  adversely affect its business, assets or financial condition
                  or its respective ability to perform its obligations under
                  this Assignment;

         5.1.7    BUILDING AGREEMENT: the Building Agreement constitutes valid,
                  binding and enforceable obligations of the Assignor, are in
                  full force and effect and have not been varied or modified in
                  any respect from the form in which they were entered into, or
                  cancelled, and neither it nor, to the best of the Assignor's
                  knowledge, the Lessor, is in default thereunder or has
                  asserted or threatened to assert any right of termination or
                  repudiation thereof or any right of re-entry; and

         5.1.8    OWNERSHIP: it is the sole and beneficial owner of the Assigned
                  Property free from any Security Interest (other than those
                  created by this Assignment and permitted under the terms of
                  the Facility Agreement).

      6.    UNDERTAKINGS

      6.1   The Assignor hereby undertakes to the Security Trustee that:

         6.1.1    DISPOSITION: it will not, (and will not agree, conditionally
                  or unconditionally, to) sell assign, transfer or otherwise
                  dispose of, or create (or agree, conditionally or
                  unconditionally, to create) or have outstanding any Security
                  Interest on or over any part of the Assigned Property or any
                  interest in the Assigned Property, except for the security
                  created by this Assignment and Permitted Security Interest;

         6.1.2    IMPAIRMENT OF SECURITY: it will not take or omit to take any
                  action the taking or omission of which will result in any
                  alteration or impairment of this Assignment or of any of the
                  rights created under this Assignment;

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<PAGE>
         6.1.3    ESCROW MORTGAGE: it will promptly upon the grant of the Lease
                  or other documents of title relating to the Property, deliver
                  the documents of title to the Security Trustee and will
                  complete and perfect the Escrow Mortgage;

         6.1.4    PERFORMANCE: it will take all commercially reasonable steps
                  necessary or reasonably advisable to secure the due
                  performance by the Lessor of its obligations under the
                  Building Agreement;

         6.1.5    BUILDING AGREEMENT: (1) it will promptly and diligently
                  perform and comply with the obligations on its part contained
                  in the Building Agreement, remedy any breach of its
                  obligations under the Building Agreement, notify the Security
                  Trustee of any breach of or default of which it has knowledge
                  under the Building Agreement and institute and prosecute all
                  such proceedings as may be necessary or reasonably advisable
                  to preserve or protect its interests and the interests of the
                  Security Trustee in the Building Agreement, and (2) it will at
                  its own cost and expense use commercially reasonable efforts
                  to obtain the grant to it of the Lease pursuant to the
                  Building Agreement and will promptly upon the grant of the
                  Lease, notify the Security Trustee of such grant;

         6.1.6    VARIATION: it will not, except with the prior consent in
                  writing of the Security Trustee, make or agree to any
                  amendment, modification or variation of the Building
                  Agreement, agree to any extension of time or period for any
                  matter in the Building Agreement, release the Lessor from any
                  of its obligations under the Building Agreement, exercise any
                  rights or powers of termination under the Building Agreement
                  or waive any breach of the Building Agreement;

         6.1.7    FRUSTRATION: it will not make or agree to any claim that the
                  Building Agreement is frustrated or invalid;

         6.1.8    EXERCISE: it will at no time exercise any right or power
                  conferred on it by the Building Agreement in any manner which
                  is in the reasonable opinion of the Security Trustee adverse
                  to the interests of the Security Trustee under this
                  Assignment;

         6.1.9    ENFORCEMENT OF RIGHTS: it will do or permit to be done each
                  and every act or thing which the Security Trustee may from
                  time to time reasonably require to be done for the purpose of
                  enforcing the rights of the Security Trustee under the
                  Building Agreement and this Assignment and will allow its name
                  to be used as and when required by the Security Trustee for
                  that purpose;

         6.1.10   RENDERING BUILDING AGREEMENT VOID: it will not do, or omit to
                  do, or permit to be done, anything which will render the
                  Building Agreement to be or become, in any respect, invalid,
                  void or voidable;

         6.1.11   ASSIGNMENT OF BUILDING AGREEMENT: as soon as the Building
                  Agreement shall have been made between the Lessor and the
                  Security Trustee and, if so required by the Security Trustee,
                  deliver to the Security Trustee an assignment in substantially
                  the same form as this Assignment as agreed by the Security
                  Trustee and/or such further instruments or documents, and do
                  such act or thing as the Security Trustee may require or which
                  is required by law, for the purpose of perfecting the security
                  created or intended to be created by this Assignment over the
                  Property and for obtaining the full benefit of this Assignment
                  and the rights and powers hereby granted.

                                       8
<PAGE>

      7.    CONTINUING OBLIGATIONS

      7.1   ASSIGNOR'S OBLIGATIONS: It is further agreed and declared by the
            Assignor that notwithstanding this Assignment:

            7.1.1 NO OBLIGATION: the Security Trustee shall not be obliged to
                  enforce any rights and benefits hereby assigned to it or to
                  which it may at any time be entitled under this Assignment;

            7.1.2 ASSIGNOR TO REMAIN LIABLE: the Assignor shall remain liable
                  under the Building Agreement to perform all the conditions and
                  obligations provided in the Building Agreement to be observed
                  and performed by it and neither this Assignment nor the
                  receipt by the Security Trustee of any payment pursuant hereto
                  shall cause the Security Trustee to be under any obligation or
                  liability under the Building Agreement or for the performance
                  or observance of any of the representations, warranties,
                  conditions, covenants, agreements or other terms of the
                  Building Agreement; and

            7.1.3 CONTRACTING PARTY: the Lessor shall continue to give or
                  receive instructions to or from the Security Trustee and in
                  all other respects deal with and look to the Security Trustee
                  as its contracting party until the Security Trustee shall
                  notify the Lessor of the occurrence and continuation of an
                  Event of Default.

      7.2   RIGHTS OF SECURITY TRUSTEE: At any time after the occurrence and
            continuation of an Event of Default and subject to the terms of the
            Facility Agreement, the Security Trustee shall be entitled either in
            its own name or as agent for the Assignor;

            7.2.1 PERFORMANCE: to perform and enforce the Building Agreement;

            7.2.2 AMENDMENT: to agree to the amendment, variation, termination
                  or repudiation of the Building Agreement and/or the Lease;

            7.2.3 DISPOSAL: to sell, assign, transfer or otherwise dispose of
                  the Assigned Property or of any interest therein or of any
                  property, assets or rights received thereunder or pursuant
                  thereto;

            7.2.4 DEALING: in all other respects to exercise the Assignor's
                  rights under the Building Agreement as if it were the
                  contracting party thereto; and

            7.2.5 POWERS AS SECURITY TRUSTEE: otherwise to put into force and
                  effect all rights, powers and remedies available to it at law
                  or otherwise as assignee of the Building Agreement.

      8.    INDEMNITY

      8.1   The Assignor agrees (i) to pay, indemnify, and hold harmless the
            Security Trustee on demand from, any and all stamp, excise,
            withholding, documentary and other like duties and taxes and all
            recording and filing fees (collectively, "Taxes and Fees") and any
            and all liabilities with respect to, or resulting from any delay or
            omission on the part of the Assignor to pay Taxes and Fees which may
            be payable or determined to be payable in connection with the
            execution and delivery of, or consummation of any of the
            transactions contemplated by, or any amendment, supplement or
            modification of, or any waiver or consent under or in respect of,
            this Assignment, and (ii) to, on demand, pay, indemnify, and hold
            the Security Trustee and its Affiliates, officers, directors,
            employees, agents, attorneys, successors and assigns, harmless from
            and against any and all other liabilities, obligations, losses,
            damages, penalties, actions,

                                       9
<PAGE>

            judgments, suits, costs, expenses or disbursements of any kind or
            nature whatsoever (including, without limitation, reasonable
            attorneys' fees and expenses) with respect to (i) negotiation,
            preparation, execution, delivery, consummation, enforcement,
            performance and administration of this Assignment and any amendment,
            supplement or modification to, or extension of this Assignment
            (whether or not the same is actually implemented, completed or
            granted, as the case may be) and any other documents prepared in
            connection herewith and (ii) the enforcement or preservation of any
            of the Security Trustee's rights under the Assignment (all of the
            foregoing, collectively, the "Indemnified Liabilities"); provided,
            that the Assignor shall have no obligation hereunder with respect to
            Indemnified Liabilities directly arising from the gross negligence
            or willful misconduct of the Security Trustee.

      8.2   If the Security Trustee expends any moneys reimbursable by Assignor
            by reason of Section 8.1 or any other provision of this Assignment,
            all moneys so expended by the Security Trustee shall on demand be
            repaid by the Assignor to the Security Trustee in the currency in
            which such moneys were expended together with interest thereon from
            the date such moneys were expended until the date of reimbursement
            thereof to the Security Trustee (whether before or after judgment)
            at the Interest Rate or, if an Event of Default has occurred, at the
            Default Rate, such interest to be calculated on the basis of a 360
            day year and the actual number of days elapsed. Accrued interest on
            all amounts hereunder shall be payable in arrears on the Interest
            Payment Date for the calendar month immediately preceding such
            Interest Payment Date; provided, however, that if an Event of
            Default has occurred, any such interest shall be payable on demand
            to the Security Trustee.

      9.    ENFORCEMENT

      9.1   SECTION 21: Section 21 of the Act shall not apply to this
            Assignment;

      9.2   POWER OF SALE: the Security Trustee may exercise the power of sale
            conferred on mortgagees by the Act (as varied and extended by this
            Assignment) free from the restrictions imposed by Section 25
            thereof. The security created by this Assignment shall become
            immediately enforceable and the power of sale and all other powers
            conferred by the Act and/or this Assignment shall arise and may be
            immediately exercised by the Security Trustee at any time after the
            occurrence and continuation of an Event of Default.

      9.3   STATUTORY POWERS: the powers conferred by this Assignment in
            relation to the Assigned Property or any part thereof on the
            Security Trustee shall be addition to and not in substitution for
            the powers conferred on mortgagees under the Act, which shall apply
            to the security created by this Assignment except insofar as they
            are expressly or impliedly excluded. Where there is any ambiguity or
            conflict between the powers contained in the Act and those conferred
            by this Assignment as aforesaid or where the powers or protections
            in this Assignment are more extensive or less restricted than those
            provided by the Act, then the terms of this Assignment shall prevail
            to the extent permitted by law.

      10.   APPLICATION OF MONEYS

      10.1  Any moneys received by the Security Trustee under or pursuant to
            this Assignment and/or the powers conferred by this Assignment shall
            be applied by it in the following manner and order:

            10.1.1 first, in or towards payment of any costs, charges and
                   expenses reasonably incurred by the Security Trustee in
                   exercising the powers specified in this Assignment or as
                   otherwise referred to herein:

            10.1.2 secondly, in or towards payment of the Secured Obligations;
                   and

                                       10
<PAGE>

            10.1.3 thirdly, in payment of any surplus to the Assignor or any
                   other person lawfully entitled thereto.

      11.   DELEGATION

            The Security Trustee, at any time and from time to time, may
            delegate by power of attorney or in any other manner to such person
            or persons as the Security Trustee may select in its reasonable
            commercial judgment, all or any of the powers, authorities and
            discretions which are for the time being exercisable by the Security
            Trustee under this Assignment in relation to the Assigned Property
            or any part thereof. Any such delegation may be made upon such terms
            and be subject to such regulations between the Security Trustee and
            its delegate as the Security Trustee may think fit. The Security
            Trustee shall not be in any way liable or responsible to the
            Assignor for any loss or damage arising from any act, default,
            omission or misconduct on the part of any such delegate, provided
            the Security Trustee has acted reasonably in its selection of such
            delegate.

      12.   FURTHER ASSURANCE

            The Assignor shall at its own expense execute and do all such
            assurances, acts and things as the Security Trustee may reasonably
            deem necessary or advisable for perfecting or protecting the
            security over the Assigned Property or any part thereof or for
            facilitating the realisation of the Assigned Property and the
            exercise of all powers, authorities and discretions vested in the
            Security Trustee or in any such delegate as aforesaid and shall in
            particular execute all transfers, conveyances, assignments and
            assurances relating to the Assigned Property (whether to the
            Security Trustee or to its nominees) and give all notices, orders
            and directions which the Security Trustee may in its reasonable
            opinion think expedient.

      13.   POWER OF ATTORNEY

      13.1  POWERS: the Assignor hereby by way of security irrevocably appoints
            the Security Trustee and every such delegate or sub-delegate as
            aforesaid to be its attorney and on its behalf and in its name or
            otherwise, and with full power of substitution, to execute and do
            all or any of the following acts, things or deeds:

            13.1.1 DELIVERY OF LEASE: from and after the occurrence and
                   continuation of an Event of Default, to take delivery of the
                   Lease or other documents of title relating to the Property
                   from the Lessor and execute and accept the Lease or other
                   documents of title relating to the Property on such terms
                   and subject to such conditions as the Security Trustee may
                   accept;

            13.1.2 DOCUMENTS OF TITLE: to execute the Lease with the Lessor and
                   accept and take delivery of the Certificates of Title or
                   other documents of title relating to the Property on such
                   terms and subject to such conditions as the Security Trustee
                   may accept; provided that, until the occurrence of an Event
                   of Default, the Security Trustee will execute and do the
                   aforesaid in the name of the Assignor;

            13.1.3 PERFECTION OF ESCROW MORTGAGE: to execute, deliver and
                   otherwise complete and perfect the Escrow Mortgage as a legal
                   mortgage of the Property in favour of the Security Trustee
                   and to register the Escrow Mortgage with the relevant
                   authority;

                                       11
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            13.1.4 OTHER ASSURANCES: to execute and do all such other
                   assurances, acts and things required of the Assignor pursuant
                   to this Assignment;

            13.1.5 GENERAL: (i) to execute (whether by seal or otherwise) and do
                   all such other assurances, acts and things which may be
                   required for the full exercise of all or any of the powers
                   conferred or which may be deemed proper on or in connection
                   with any of the purposes aforesaid.

      13.2  RATIFICATION: the Assignor declares that such power of attorney has
            been given for valuable consideration and shall remain irrevocable
            for as long as any part of the Secured Obligations remain
            outstanding. The Security Trustee hereby ratifies and confirms and
            agrees to ratify and confirm whatever any such attorney as is
            mentioned in Clause 13.1 shall do or purport to do in the exercise
            or purported exercise of all or any of the powers, authorities and
            discretion referred to in Clause 13.1. In relation to the power
            referred to herein, the exercise by the Security Trustee of such
            power shall be conclusive evidence of its right to exercise the
            same.

      14.   AVOIDANCE OF PAYMENTS

            No assurance, security, guarantee or payment which may be avoided
            under any law relating to the bankruptcy, insolvency or winding up,
            and no release, settlement or discharge given or made by the
            Security Trustee on the faith of any such assurance, security,
            guarantee or payment, shall prejudice or affect the right of the
            Security Trustee to enforce the security created by this Assignment
            in respect of the full extent of the moneys hereby secured. Any such
            release, settlement or discharge shall be deemed to be made subject
            to the condition that it will be void if any payment or security
            which the Security Trustee may previously have received or may
            thereafter receive from any person in respect of the Secured
            Obligations is set aside under any applicable law or proves to have
            been for any reason invalid.

      15.   BENEFIT OF ASSIGNMENT

            This Assignment shall be binding upon and enure to the benefit of
            each party hereto and its successors and permitted assigns (as
            provided in this Clause 15). The Assignor may not assign or transfer
            all or any of its rights, benefits and/or obligations under this
            Assignment. The Security Trustee may assign or transfer all or any
            of its rights, benefits and/or obligations under this Assignment.

      16.   REMEDIES AND WAIVERS

      16.1  The Security Trustee may in its discretion grant time or other
            indulgence, or make any other arrangement, variation or release
            with, any person or persons whether or not a party hereto (whether
            or not such person or persons are jointly liable with the Assignor)
            in respect of any part of the Secured Obligations or any other
            security therefor, or guarantee in respect thereof without prejudice
            either to the security constituted by or pursuant to this Assignment
            or to the liability of the Assignor for the Secured Obligations or
            the exercise by the Security Trustee of any rights, remedies and
            privileges conferred upon by this Assignment.

                                       12
<PAGE>

      16.2  The rights, powers and remedies provided in this Assignment are
            cumulative and are not, nor are they to be construed as, exclusive
            of any rights, powers or remedies provided by law.

      16.3  No failure on the part of the Security Trustee to exercise or delay
            on its part in exercising, any of the rights, powers and remedies
            provided by this Assignment or by law shall operate as a waiver
            thereof, nor shall any single or partial exercise of any such
            rights, powers or remedies preclude any further or other exercise of
            the Security Trustee's rights, powers or remedies concerned or the
            exercise of any other rights, powers or remedies.

      17.   CURRENCY INDEMNITY

            If, under any applicable law or regulation, and whether pursuant to
            a judgment being made or registered against the Assignor or the
            bankruptcy or liquidation of the Assignor or for any other reason
            any payment under or in connection with this Assignment is made or
            fails to be satisfied in a currency (the "PAYMENT CURRENCY") other
            than the currency in which such payment is due under or in
            connection with this Assignment (the "CONTRACTUAL CURRENCY"), then
            to the extent that the amount of such payment actually received by
            the Security Trustee when converted into the Contractual Currency at
            the rate of exchange, falls short of the amount due under or in
            connection with this Assignment, the Assignor, as a separate and
            independent obligation, shall indemnify and hold harmless the
            Security Trustee against the amount of such shortfall. For the
            purposes of this Clause 17, "RATE OF EXCHANGE" means the rate at
            which the Security Trustee is able on or about the date of such
            payment to purchase the Contractual Currency with the Payment
            Currency and shall take into account any premium and other costs of
            exchange with respect thereto.

      18.   PARTIAL INVALIDITY

            The illegality, invalidity or unenforceability of any provision of
            this Assignment under the law of any jurisdiction shall not affect
            its legality, validity or enforceability under the law of any other
            jurisdiction nor the legality, validity or enforceability of any
            other provision.

      19.   THE CONTRACTS (RIGHTS OF THIRD PARTIES) ACT, CAP 53B

            The Contracts (Rights of Third Parties) Act, Cap 53B shall not under
            any circumstances apply to this Assignment and any person who is not
            a party to this Assignment (whether or not such person shall be
            named, referred to, or otherwise identified, or shall form part of a
            class of persons so named, referred to, or identified, in this
            Assignment) shall have no right whatsoever under the Contracts
            (Rights of Third Parties) Act 53B to enforce this Assignment or any
            of its terms.

      20.   COMMUNICATIONS

      20.1  All notices, consents, requests and demands to or upon the Parties
            to be effective shall be in writing in the English language and,
            unless otherwise expressly provided herein, shall be deemed to have
            been duly given or made when delivered by hand, or five (5) Business
            Days after being deposited in the mail, certified mail, return
            receipt requested, postage prepaid, or, in the case of facsimile
            notice, when sent and receipt has been confirmed, addressed as set
            forth to the Party or Parties on the signature page hereof (or to
            such other address as may be hereafter notified by the Parties).

                                       13
<PAGE>

      20.2  Notices or communications shall be sent to the following addresses:

             To the Assignor:

             Name : Asia Netcom (Singapore) Pte Ltd
             Address : 2 Shenton Way
                       #11-01 SGX Centre 1
                       Singapore 068804

             Fax :(65) 6233 6325
             Attention : Oliver Ao

             To the Security Trustee:

             Name : Industrial and Commercial Bank of China (Asia) Limited
             Address : 10/F, ICBC Asia Building
                       122-126 Queen's Road Central
                       Hong Kong

             Fax : 2851 9361
             Attention : Ms Esther Cheng/Ms Amy Wong

      21.   GOVERNING LAW

      21.1  This Assignment is governed by, and construed in accordance with,
            the laws of Singapore.

      21.2  For the benefit of the Security Trustee, the parties irrevocably
            agree that the courts of Singapore are to have jurisdiction to
            settle any disputes which may arise out of or in connection with
            this Assignment and that, accordingly, any legal action or
            proceedings arising out of or in connection with this Assignment
            ("Proceedings") may be brought in those courts and the Assignor
            irrevocably submits to the jurisdiction of those courts.

      21.3  Nothing in this Clause shall limit the right of the Security Trustee
            to take Proceedings against the Assignor in any other court of
            competent jurisdiction nor shall the taking of Proceedings in one or
            more jurisdictions preclude the Security Trustee from taking
            Proceedings in any other jurisdiction, whether concurrently or not.

      21.4  The Assignor irrevocably waives any objection which it may at any
            time have to the laying of the venue of any Proceedings in any court
            referred to in this Clause and any claim that any such Proceedings
            have been brought in an inconvenient forum.

                                       14
<PAGE>

                                    SCHEDULE

                                    PROPERTY

All that piece of land known as Private Lot A20789 at Changi North Crescent
Singapore, forming part Government Survey Lot 3754C of Mukim 31, estimated to
contain an area of 5,312 square metres, more or less subject to survey, and more
particularly shown on the plan attached to the Letter of Offer and the Building
Agreement.

                                       15
<PAGE>

                                    APPENDIX

                                FORM OF MORTGAGE

                                       16
<PAGE>

In witness whereof this Assignment has been entered into on the date stated at
the beginning of this Assignment.

THE ASSIGNOR

SIGNED, SEALED AND DELIVERED          )
as a Deed by its authorised attorney  )
                                      )
                                      )
for and on behalf of                  )
ASIA NETCOM SINGAPORE PTE. LTD.       )
in the presence of:-                  )
                                      )

THE SECURITY TRUSTEE

SIGNED BY                             )
                                      )
                                      )
                                      )
For and on behalf of                  )
INDUSTRIAL AND COMMERCIAL             )
BANK OF CHINA (ASIA) LIMITED          )

                                       17

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