Document:

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                                                                     EXHIBIT 4.2

                            RIGHTS AGENCY AGREEMENT

RIGHTS AGENCY AGREEMENT dated as of November 9, 2001, between SONERA
CORPORATION, a company incorporated under the laws of the Republic of Finland
(the "Company"), and CITIBANK, N.A., a national banking association organized
under the laws of the United States of America acting solely in its capacity as
Rights Subscription Agent hereunder and having an office at 111 Wall Street, New
York, New York 10043 ("Citibank").

                                WITNESSETH THAT:

    WHEREAS, the Company is issuing transferable rights (the "Share Rights") to
holders ("Shareholders") of its ordinary shares, no nominal value (such shares,
the "Shares", and such issuance, the "Issuance"), upon the terms and subject to
the conditions set forth in the Prospectus, dated November 9, 2001 and included
as Exhibit A hereto, as it may be amended from time to time (the "Prospectus").
Each Share Right consists of (1) a specified number transferable primary share
rights (the "Primary Share Rights") allowing holders thereof to purchase a
specified number of Shares that the Company is offering and
(2) non-transferable secondary share rights (the "Secondary Share Rights")
allowing Shareholders of record on November 14, 2001 who have exercised some or
all of their Primary Share Rights to purchase a portion of any Shares that are
not subscribed for pursuant to the exercise by Shareholders of Primary Share
Rights, in each case as described in the Prospectus;

    WHEREAS, the Issuance shall include the issuance of rights (the "ADS
Rights") to holders of Shares represented by American Depositary Shares ("ADSs")
evidenced by American Depositary Receipts ("ADRs") issued pursuant to the terms
of the Deposit Agreement dated as of October 12, 1999 (the "Original Deposit
Agreement") by and among the Company, Citibank, N.A., as Depositary (the
"Depositary") and all Holders and Beneficial Owners of ADSs (as defined
therein), as amended by Amendment No. 1 to Deposit Agreement, dated as of
April 26, 2001 (the Original Deposit Agreement as so amended, the "Deposit
Agreement"). Each ADS Right consists of (1) transferable primary ADS rights (the
"Primary ADS Rights") allowing holders thereof to purchase a specified number of
the Shares (in the form of ADSs) that the Company is offering and
(2) non-transferable secondary ADS rights (the "Secondary ADS Rights") allowing
ADS Holders of record on November 14, 2001 who have exercised some or all of
their Primary ADS Rights to purchase a portion of any new Shares (in the form of
ADSs) that are not subscribed for pursuant to the exercise by Shareholders of
Primary Share Rights, in each case as described in the Prospectus; and

    WHEREAS, the Company has requested that Citibank act as Rights Subscription
Agent ("Agent"), upon the terms and subject to the conditions set forth in this
Agreement and in addition to its services as Depositary, and Citibank is willing
to acceptsuch appointment, upon the terms and subject to the conditions set
forth herein.

    NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein, the parties hereto agree as follows:

1.  DEFINITIONS

    As used herein, the terms listed below shall have the meanings specified,
    with terms defined in the singular having a corresponding meaning in the
    plural and vice versa. Capitalized terms used in this Agreement without
    definition shall have the meaning assigned thereto in the Prospectus.

    ADRs has the meaning ascribed thereto in the recitals hereto.

    ADS Rights has the meaning ascribed thereto in the recitals hereto.
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    ADS(s) has the meaning ascribed thereto in the recitals hereto; each ADS
    represents one Share.

    ADS Subscription Price means the U.S. dollar amount which holders of
    Warrants (as hereinafter defined) must deliver to the Agent upon exercise of
    ADS Rights, as specified in the Warrant Certificate (as defined below) and
    the Prospectus.

    Agent has the meaning given in the recitals hereto.

    Agreement means this Rights Agency Agreement, as the same way be amended,
    supplemented or otherwise modified from time to time in accordance with the
    terms hereof.

    Commencement Date means the first date on which the ADS Rights shall be
    exercisable, being November 15, 2001.

    Commission means the United States Securities and Exchange Commission.

    Company Notice means the notice to be mailed by the Agent on behalf of the
    Company to the holders of ADRs on the register of the Depositary on the
    Record Date, as provided in Paragraph 7 hereof.

    Deposit Agreement has the meaning ascribed thereto in the recitals hereto.

    Depositary means Citibank in its capacity as Depositary under the Deposit
    Agreement.

    Effective Date means the date on which the Registration Statement (defined
    below) is declared effective by the Commission.

    Expiration Date means the date on or prior to which the payment of the ADS
    Subscription Price must be received by the Agent, being the date on which
    the ADS Rights, the Warrants and Warrant Certificates will expire, which
    will be 10:00 a.m. (New York City time) on November 21, 2001, or such other
    date as many be agreed in writing by the Company and the Agent for the
    expiration of such ADS Rights, the Warrants and Warrant Certificates (as
    defined below).

    Holders shall mean the person registered in the books of the Depositary as
    holding the ADRs as of the close of business in New York on the Record Date
    (as defined below).

    New ADSs has the meaning ascribed hereto in Paragraph 2 hereof.

    Primary ADS Rights shall have the meaning given in the recitals hereto.
    Primary ADS Rights are transferable.

    Prospectus has the meaning ascribed thereto in the recitals hereto.

    Record Date means the date for determination of the Holders of ADRs entitled
    to receive ADS Rights which will be the close of business in New York City
    on November 14, 2001, or such later date as may be established by agreement
    between the Company and the Agent for determination of the Holders of ADRs
    entitled to receive ADS Rights in respect thereof.

    Registration Statement means collectively the Registration Statement on
    Form F-3 filed with the Commission in respect of the Share Rights, the ADS
    Rights, the Shares and the ADSs issuable upon the exercise of such Share
    Rights and ADS Rights, respectively, including all exhibits thereto, as
    amended at the time such Registration Statement becomes effective under the
    Securities Act.

    Rights Offering means the offer by the Company of New ADSs by way of ADS
    Rights evidenced by Warrant Certificates (as defined below).

    Secondary ADS Rights shall have the meaning given in the recitals hereto.
    Secondary ADS Rights are not transferable.

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    Securities Act means the United States Securities Act of 1933, as amended.

    Share Rights has the meaning ascribed thereto in the recitals hereto.

    Shares has the meaning ascribed thereto in the recitals hereto.

    Subscription Price means the U.S. dollar equivalent of the subscription
    price paid to the Company in respect of each Share Right exercised.

    Warrant(s) has the meaning ascribed thereto in the Paragraph 2 hereof.

    Warrant Certificate means a transferable certificate evidencing Warrants
    representing ADS Rights, substantially in the form attached hereto as
    Exhibit B.

2.  RIGHTS OFFER.

    The Company will offer Holders one transferable Primary ADS Right for [every
    two (2)] ADS held of record on the Record Date. [Two (2)] ADS Right will
    entitle the holder thereof to subscribe for one (1) new ADS ("New ADS") at
    the ADS Subscription Price. The holder may exercise Primary ADS Rights only
    in units of two (2) , equivalent to one (1) New ADSs. No fractions of New
    ADSs will be issued. The Company will also offer Holders of record on the
    Record Date Secondary ADS Rights, allowing such Holders who exercise a
    portion of their Primary ADS Rights to specify an additional number of New
    ADSs that they would subscribe for in the event that any new Shares that are
    not subscribed for pursuant to the exercise by Shareholders of Primary Share
    Rights.

    ADS Rights will be presented by transferable warrants ("Warrants") and will
    be evidenced by Warrant Certificates. The ADS Rights (and the Warrants
    representing such ADS Rights) will expire on the Expiration Date. After such
    Expiration Date, the holders of any such ADS Rights (and the Warrants
    representing such ADS Rights) will have no rights other than the rights to
    receive proceeds, if any, from the sale of any unexercised Primary ADS
    Rights as described in the Prospectus.

3.  APPOINTMENT OF THE AGENT.

    The Company hereby appoints Citibank, as its Agent thereunder in connection
    with the Issuance, and Citibank hereby accepts such appointment, upon the
    terms and subject to the conditions contained herein. The Agent may perform
    its obligations hereunder through any agent appointed by it.

4.  CHANGE IN THE EXPIRATION DATE.

    Notwithstanding any other provisions of the Agreement, if the Company and
    the Agent designate any date other than November 21, 2001 as the Expiration
    Date, all other dates set forth in this Agreement will automatically be
    changed to the business days occurring nearest to the dates falling the same
    number of business days before or after such dates as the designated
    Expiration Date falls before or after November 21, 2001.

5.  ALLOCATION OF ADS RIGHTS.

    Immediately after the Record Date, the Agent will allocate Warrants to each
    Holder as of the Record Date, on the basis of one Primary ADS Right for
    every two (2) ADS held by such Holder as of the Record Date and one
    Secondary ADS Right.

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6.  PREPARATION OF WARRANT CERTIFICATES.

    a.  The Agent will cause to be prepared, for issuance to Holders of record
       of ADRs as of the Record Date, Warrant Certificates substantially in the
       form attached hereto as Exhibit B. The Company authorizes and directs the
       Agent to prepare Warrant Certificates as soon as practicable after the
       Record Date and to destroy any Warrant Certificates that are not issued
       as a result of the distribution of Warrants to ADR Holders as of the
       Record Date or as a result of any transfer or assignment of all or a
       portion of the ADS Rights in respect of which such Warrant Certificates
       were prepared.

    b.  The Agent will cause to appear on each Warrant Certificate (i) the name
       of the Holder of the ADRs to whom such Warrant Certificate is issued,
       (ii) the number of Primary ADS Rights to which such Holder is entitled
       and (iii) the certificate number of such Warrant Certificate.

7.  ISSUANCE AND TRANSFER OF WARRANT CERTIFICATES.

    a.  On the Effective Date, (i) the Company or its agents will advise the
       Agent by telephone (and confirm in writing) that the Registration
       Statement has been declared effective by the Commission, (ii) the Company
       will deliver sufficient copies of the Prospectus to the Agent to make the
       mailing and distribution contemplated by Paragraph 7(b), (iii) U.S.
       counsel for the Company will deliver to the Agent two original copies of
       their opinion addressed to the Agent stating, INTER ALIA, that (A) the
       Registration Statement has been declared effective under the Securities
       Act and, to their knowledge, no stop order suspending such effectiveness
       has been issued or is threatened, (B) (x) the statements contained under
       the captions "Summary of the Rights Offering-Holders of ADSs", "The
       Rights Offering" and "Description of American Depositary Shares" in the
       Prospectus, insofar as such statements constitute a summary of the terms
       of the Rights Offering and the documents referred to therein, fairly
       summarize, in all material respects, the matters referred to therein, and
       (y) the statements contained under the caption "Taxation-United States
       Federal Income Taxation" in the Prospectus, insofar as such statements
       relate to matters of U.S. law, fairly summarize such laws in all material
       respects and (C) assuming the authorization, execution and delivery of
       this Agreement by the Company under the laws of Finland, this Agreement
       constitutes a legal, valid and binding obligation of the Company,
       enforceable against the Company in accordance with its terms, subject to
       bankruptcy, insolvency, reorganization, moratorium, liquidation and
       similar laws of general applicability relating to or affecting creditors'
       rights and to general equity principles and (iv) Finnish counsel to the
       Company will deliver to the Agent two original copies of their opinion to
       the effect that (A) the Company has the corporate power and authority to
       enter into this Agreement and to perform its obligations hereunder and
       (B) this Agreement has been duly authorized, executed and delivered by
       the Company.

    b.  As soon as possible following the Record Date (after receipt of the
       items listed in Paragraph 7(a), the Agent will mail (or cause to be
       mailed) under its blanket surety bond by Federal Express, UPS or other
       nationally recognized express mail service, to each Holder within the
       United States (not including those whose addresses indicate that they are
       on military or other government service outside the United States);
       (A) a Warrant Certificate evidencing the Warrant evidencing ADS Rights to
       which such Holder is entitled under the terms of the Rights Offering;
       (B) an instructions booklet containing instructions relating to the
       exercise or transfer of the ADS Rights; (C) a copy of the Prospectus; and
       (D) Company Notice, substantially in the form annexed hereto as
       Exhibit C. As soon as possible following the Record Date (after receipt
       of the items listed in Paragraph 7(a), the Agent will cause to be
       delivered to the participants in DTC (as hereinafter defined) who hold
       ADSs in their DTC participant accounts (i) the requisite number of ADS
       Rights, (ii) the

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       requested number of copies of the Prospectus, Broker Letter and Client
       Letter (in each case in the form provided by the Company).

    c.  Warrant Certificates will not be issued to Holders with record addresses
       outside the United States (including those whose addresses indicate that
       they are on military or other government service outside the United
       States). Such Warrant Certificateswill be held by the Agent for the
       accounts of such Holders who may, prior to 10:00 a.m. (New York City
       time) on November 21, 2001, instruct the Agent as to the sale or other
       disposition of the Primary Share Rights underlying their Primary ADS
       Rights or may, prior to the Expiration Date, instruct the Agent as to the
       exercise of their ADS Rights, all as described above. If instructions are
       not received prior to that time, Primary Share Rights underlying the
       Primary ADS Rights held for such Holders will be sold by the Agent and
       the net proceeds held for account of the respective Holders. In the event
       that any Warrant Certificate is returned to the Agent for any reason and
       proper delivery thereof is not effected on or prior to November 21, 2001,
       the Primary Share Rights underlying the Primary ADS Rights evidenced by
       such Warrant Certificate will be sold by the Agent and the net proceeds
       held for the account of the Holder of such Warrant Certificate.

    d.  The Agent will, prior to the Expiration Date, effect transfers and
       assignments of Warrant Certificates (or portions of the ADS Rights
       represented by the Warrants evidenced thereby) as directed by the Holders
       thereof, and will send to each transferee or assignee of Warrant
       Certificates (or portions of the ADS Rights represented by the Warrants
       evidenced thereby), by first class mail, upon cancellation of such
       Warrant Certificates, a newly issued Warrant Certificate together with
       the other documents described in clause (b) above.

    e.  In the event that, prior to the Expiration Date, any person notifies the
       Agent that the Warrant Certificate to which such person is entitled has
       not been delivered, or has been lost, stolen or destroyed, the Agent will
       arrange for the issuance of a new Warrant Certificate and the delivery of
       the other documents described in clause (b) above to any person from whom
       it has, prior to Expiration Date, received a duly executed letter or
       other communication satisfactory to the Agent (A) indicating (i) the name
       and address of the registered holder of the lost Warrant Certificate,
       (ii) the number of such Warrant Certificate, and (iii) the number of
       Primary ADS Rights evidenced thereby, or (B) satisfying the Agent as to
       such failure of delivery, or lost, stolen or destroyed Warrant
       Certificate in accordance with procedures which are standard to the
       industry; PROVIDED, HOWEVER, that such issuance may be delayed by the
       Agent, in its discretion, pending receipt of an indemnity satisfactory to
       the Company and the Agent and confirmation that such lost, stolen or
       destroyed Warrant Certificate has not been exercised. Upon issuance of
       such new Warrant Certificate, the Agent shall cancel all such Warrant
       Certificates which are claimed were not delivered or were lost, stolen or
       destroyed and shall record such cancellation in the register of ADS
       Rights to be maintained by the Agent.

    f.    (i)  A holder of Primary ADS Rights may place an order with the Agent
               to sell the Primary Share Rights represented by its ADS Rights.
               Such orders must be received by the Agent prior to 10.00 a.m.
               (New York City time) on November 21, 2001, may prior to
               10:00 a.m. (New York City time) on the Expiration Date, instruct
               the Agent in writing to exercise ADS Rights as described above.

        (ii) The Agent's obligation to execute sale orders in respect to the
             Primary Share Rights represented by its Primary ADS Rights is
             subject to its ability to do so. All sale orders will be executed
             in the local market after the Expiration Date. Accordingly, such
             trades may not be at the best available price. The fees and
             commissions to be charged for sales of the Primary Share Rights
             represented by its Primary ADS Rights through the Agent will only
             be charged to the extent that the Agent is required to pay a fee to

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             consummate the transaction in the local market. The fee in respect
             of any such order will be allocated pro rata to the holders of all
             Primary Share Rights evidenced by Primary ADS Rights sold by the
             Agent.

    g.  If a properly completed and duly executed Warrant Certificate and
       payment of the ADS Subscription Price, in the case of instructions to
       exercise ADS Rights, are not received prior to the Expiration Date,
       Primary ADS Rights held for such holders will be treated as unexercised.
       The Agent shall cause Primary Share Rights evidenced by unexercised
       Primary ADS Rights to be sold upon the terms described in
       Section (f)(iii) above.

8.  ACCEPTANCE OF SUBSCRIPTIONS.

    a.  The Company hereby authorizes and directs the Agent to accept
       subscriptions for New ADSs on behalf of the Company upon the surrender to
       it of a properly completed and executed Warrant Certificate and payment
       of the ADS Subscription Price therefor in U.S. dollars, in accordance
       with the terms thereof and hereof. The Company further authorizes the
       Agent to refuse to accept, in its discretion, any improperly completed or
       unexecuted Warrant Certificate. Notwithstanding the foregoing, without
       further authorization from the Company, on or before the Expiration Date,
       the Agent may accept any subscription effected by payment in full of the
       ADS Subscription Price on or before the Expiration Date.

    b.  The Company authorizes the Agent to waive proof of authority to sign
       (including the right to waive signatures of co-fiduciaries and proof of
       appointment or authority of any fiduciary or other person acting in a
       representative capacity) in connection with any subscription with respect
       to which:

         (i) the surrendered Warrant Certificate is registered in the name of
             one or more individuals or an executor, administrator, trustee,
             custodian for a minor or other fiduciary and has been executed by
             such registered holder or holders, provided that (A) the New ADS
             subscribed for are to be issued in the name of such registered
             holder or holders (B) the check tendered in payment of such
             subscription is drawn for the proper amount and to the order of the
             Agent, and is otherwise in order, and (C) there is no evidence
             indicating that such person is not the duly authorized
             representative which such person purports to be;

        (ii) the surrendered Warrant Certificate is registered in the name of a
             corporation and has been executed by an officer of such
             corporation, provided that (A) the New ADSs subscribed for are to
             be issued in the name of such corporation (B) the check tendered in
             payment of such subscription is drawn for the proper amount and to
             the order of the Agent, and is otherwise in order, and (C) there is
             no evidence indicating that such person is not the duly authorized
             representative which such person purports to be;

        (iii) the surrendered Warrant Certificate has been executed by a bank,
              trust company or broker as agent for the registered holder
              thereof, provided that (A) the New ADSs subscribed for are to be
              issued in the name of such registered holder; and (B) the check
              tendered in payment of such subscription is drawn for the proper
              amount and to the order of the Agent, and is otherwise in order,
              and (C) there is no evidence indicating that such person is not
              the duly authorized representative which such person purports to
              be; or

        (iv) the surrendered Warrant Certificate is registered in the name of a
             decedent and has been executed by a person who purports to act as
             the executor or administrator of such decedent's estate, provided
             that (A) the New ADSs are to be issued in the name of such person
             as executor or administrator of such decedent's estate, (B) the
             check

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             tendered in payment of such subscription is drawn for the proper
             amount and to the order of the Agent, and is otherwise in order,
             and (C) there is no evidence indicating that such person is not the
             duly authorized representative which such person purports to be.

       In all cases other than those described in clauses (i) through (iv)
       above, the Agent will obtain all necessary proof of authority to sign in
       connection with the subscriptions for New ADSs, provided, however, that
       in the event that such proof of authority has not been received on or
       prior to the Expiration Date, the Agent shall obtain advice from the
       Company as to whether any such subscriptions may be accepted.

    c.  The Company authorizes the Agent to accept customary letters of
       indemnification from commercial banks, trust companies or any member of
       the Securities Transfer Agents Medallion Program (STAMP), the Stock
       Exchange Medallion Program (SEMP) or the New York Stock Exchange, Inc.
       Medallion Signature program (MSP).

    d.  The Agent shall establish procedures pursuant to which persons holding
       ADSs through The Depository Trust Company ("DTC") may exercise their ADS
       Rights by the timely delivery to the Agent of complete subscription
       instructions through DTC's PSOP Function on the "agent subscriptions over
       PTS" procedure ("Subscription Instructions" and the "ASOP", respectively)
       accompanied by timely payment in full of the ADS Subscription Price for
       each New ADS to be purchased. All Subscription Instructions and payment
       of the ADS Subscription Price for the subscribed New ADSs must be
       received by the Agent prior to the Expiration Date.

    e.  Holders of ADS Rights may exercise all or part of their ADS Rights at
       their discretion. However, subscriptions will be accepted for whole New
       ADSs only and no fractional New ADSs will be issued. The Agent is hereby
       instructed to round down to the nearest whole number of New ADS
       subscriptions submitted for fractional New ADSs. The Agent will, to the
       extent permitted by law, sell or cause to be sold, the Primary ADS Rights
       corresponding to the average of fractional Primary ADS Rights not
       exercised for the pro rata benefit of the Holders entitled thereto.

    f.  Holders, of record as of the Record Date, of ADS Rights may exercise
       their Secondary ADS Rights by specifying an additional number of New ADSs
       that they would subscribe for in the event that any new Shares are not
       subscribed for pursuant to the exercise by Shareholders of Primary Share
       Rights. The number of additional New ADSs that will be available pursuant
       to the exercise by Holders of Secondary ADS Rights will depend on the
       level of demand for the Shares and the New ADSs pursuant to the exercise
       by Shareholders of Primary Share Rights and Primary ADS Rights. In case
       of oversubscription pursuant to the exercise of Secondary Share Rights
       and Secondary ADS Rights, the additional New ADSs available will be
       allocated to Holders who have exercised their Secondary ADS Rights on the
       basis of the number of shares underlying the ADSs they hold on the Record
       Date in proportion to the total outstanding Shares, but subject in the
       case of each Holder to the maximum number of New ADSs applied for by such
       Holder pursuant to the exercise of its Secondary ADS Right. Holders must
       pay the ADS Subscription Price for all the New ADSs applied for pursuant
       to the exercise of Secondary ADS Rights to the Agent at the same time
       that Holders exercise, and pay the ADS Subscription Price for ADSs to be
       issued pursuant to the exercise of, Primary ADS Rights. In case of
       oversubscription pursuant to the exercise of Secondary Share Rights and
       Secondary ADS Rights with Holders being allocated a smaller number of
       additional New ADSs than they applied for pursuant to the exercise of
       Secondary ADS Rights, the Agent will refund to the relevant Holders
       promptly the excess ADS Subscription Price paid.

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    g.  Promptly after the Expiration Date, the Agent shall (x) determine the
       ADS Rights that have been timely and validly exercised by holders thereof
       and shall convert (or cause to be converted) the ADS Subscription Price
       paid by such Holders into euros, (y) instruct the custodian(s) for the
       ADS facility to exercise in Finland the Share Rights corresponding to the
       ADS Rights exercised and to cause the Shares received upon exercise of
       the Share Rights to be deposited into the ADR facility and (z) return any
       excess funds (after conversion of the ADS Subscription Price) to the
       applicable holders of ADS Rights validly exercised.

9.  REPORTS BY THE AGENT.

    a.  From time to time during the period from the Effective Date through the
       Expiration Date, if requested by the Company to do so, the Agent will
       advise the Company by telephone or by facsimile transmission as to
       (i) the total number of New ADSs subscribed for pursuant to the exercise
       of Primary ADS Rights, (ii) the total number of New ADSs subscribed for
       pursuant to the exercise of Secondary ADS Rights, and (iii) the aggregate
       amount of funds received by the Agent in payment of such subscriptions in
       U.S. dollars.

    b.  Not later than 10.00 a.m. (New York City time) on the business day
       following the Expiration Date, the Agent will advise the Company by
       facsimile and electronic mail transmission (to Ms. Maire Laitinen at
       358-2040-3413 and maire.laitinen@sonera.com, or by telephone confirmed in
       writing (at Sonera Corporation, Teilisuuskatu 15, Fin-00510 Helsinki,
       Finland) as to (i) the total number of New ADSs subscribed for pursuant
       to the exercise of Primary ADS Rights, (ii) the total number of New ADSs
       subscribed for pursuant to the exercise of Secondary ADS Rights, and
       (iii) the aggregate amount of funds received by the Agent in payment of
       such subscriptions in U.S. dollars.

10. ADS SUBSCRIPTION PRICE/SUBSCRIPTION PAYMENT.

    a.  The Agent will arrange to convert payments of the ADS Subscription Price
       from U.S. dollars to euros for payment to the Company in accordance with
       subscription upon the terms hereof, and shall as soon as practicable
       thereafter pay the custodian(s) under the Deposit Agreement by electronic
       transfer of funds to an account designated by the custodian(s), value
       date November       , 2001 (in the case of the exercise of Primary ADS
       Rights) and value date (in the case of exercise of Secondary ADS Rights),
       an amount, in euros, equal to the aggregate Subscription Price for all
       Shares represented by New ADSs subscribed for during the applicable
       subscription period.

    b.  At or prior to       , New York City time, on November       , 2001, the
       Agent shall (i) determine (A) the aggregate Subscription Price payable to
       the Company (in euros) in respect of the total number of New ADSs
       subscribed for pursuant to the exercise of Primary ADS Rights and
       Secondary ADS Rights, (B) the aggregate amount of the ADS Subscription
       Price received by the Agent, (C) the conversion rate to be used by the
       Agent to convert such ADS Subscription Price to euros for application to
       such aggregate Subscription Price and (D) if the euros equivalent of such
       aggregate ADS Subscription Price when converted at such necessary
       conversion rate shall be less than such aggregate Subscription Price for
       the total number of New ADSs subscribed for with the ADS Subscription
       Price, the amount of U.S. dollars necessary to provide an amount
       sufficient to pay such aggregate Subscription Price in full when
       converted at such conversion rate (the "Deficiency"), and (ii) pay such
       Deficiency, if any, to the Company on behalf of the Holders. The Agent
       shall promptly thereafter advise the Company by telecopy, electronic mail
       or by telephone confirmed in writing, of such denomination and the fact
       that such deposit was made, if applicable. Assuming all applications for
       New ADSs pursuant to the exercise of Secondary ADS Rights are satisfied
       in full, then each Holder shall then be

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       required to pay promptly its share of the amount of such Deficiency to
       the Agent and the Agent will not make delivery of any New ADSs subscribed
       for by such Holder pursuant to the exercise of Primary ADS Rights and/or
       Secondary ADS Rights prior to the receipt by the Agent of such payment.
       If payment of the amount of any deficiency is not received from a
       subscriber by the Agent by       , 2001, the Agent shall sell such New
       ADSs subscribed for by such subscriber in a commercially reasonable
       manner, and the Agent may allocate the proceeds of such sale for the
       account of the subscribers upon an average or other practicable basis
       without regard to any distinction among such subscribers because of
       exchange rates, or otherwise, in an amount sufficient to cover such
       Deficiency and to cover any costs incurred in selling such New ADSs. The
       Agent will thereupon have the right to indemnity and reimbursement from
       the Company with respect to the amount of any Deficiency not collected as
       provided above from any such Holder after such sale of ADSs and
       application of the proceeds thereof (less any costs incurred in such
       sale) to any such amount owed by such Holder to the Agent.

    c.  In the event that a holder's payment of the ADS Subscription Price, when
       converted to euros, exceeds the aggregate Subscription Price, the Agent
       shall promptly refund such excess to such holder without interest
       thereon. In such event the Agent will send promptly an ADS Receipt in
       respect of the remaining New ADSs to such subscriber together with a
       check in the amount of the excess proceeds, if any, from such sale.

11. DEPOSIT OF ADSS.

    a.  The Company shall, as soon as practicable after the registration of the
       Shares represented by the New ADSs subscribed for pursuant to the
       Issuance, cause to be deposited such Shares in an account maintained by
       the custodian(s) under the Deposit Agreement in the name of the
       Depositary or its designated nominee.

    b.  Immediately after the day on which the Company shall so cause to be
       deposited such Shares the Agent shall instruct the Depositary, in
       accordance with the terms of the Deposit Agreement, to issue as soon as
       practicable thereafter ADRs in respect of all ADSs subscribed for
       pursuant to the Issuance and to mail to each subscriber for New ADSs, in
       the manner specified by such subscriber, an ADR representing the number
       of New ADSs which such subscriber subscribed for on its surrendered
       Warrant Certificate and, in the case of New ADSs applied for pursuant to
       the exercise of Secondary ADS Rights, was allocated, provided, however,
       that in the case of a Deficiency as set forth in Section 10(b) hereof,
       the Agent shall not instruct the Depositary to make delivery of any New
       ADSs subscribed for by a Holder who has not paid its share of the amount
       of such Deficiency to the Agent, but shall instead act as provided in
       Section 10(b) hereof.

    c.  Any ADR requested to be mailed by the subscriber therefor will be mailed
       by the Agent by first class mail to a Holder, in each case under its
       blanket surety bond and within the limits thereof, protecting the Agent
       and the Company from any loss or liability arising out of non-receipt or
       non-delivery of any such ADR or the replacement thereof.

12. SUPPLIES OF DOCUMENTS.

    a.  The Company will cause sufficient copies of the Prospectus and the
       Company Notice to be furnished to the Agent when the same become
       available to allow for the distribution of copies of such documents to
       holders and to transferees of ADS Rights and New ADSs.

    b.  Promptly after the Expiration Date, the Agent will cause any unused
       Warrant Certificates in its possession to be destroyed and all Warrant
       Certificates that were registered or assigned and all exercised Warrant
       Certificates will be cancelled and destroyed. The Depositary will provide
       to the Company a record of such Warrant Certificates having been
       destroyed.

                                       9
<Page>
13. INSTRUCTIONS AND INDEMNIFICATION.

    a.  The Agent will be entitled to rely upon any instructions or directions
       furnished to it in writing by any director or officer to the Company or
       any attorney-in-fact for the Company appointed for this purpose pursuant
       to a power of attorney signed by any director or officer of the Company
       and to apply to such individuals for directions or instructions in
       connection with its duties, and will be entitled to treat as genuine, and
       as the document it purports to be, and letter or other document,
       furnished to it by such individuals. The Agent shall incur no liability
       or responsibility to the Company or any holder or holders of any ADS
       Right or Warrant Certificate for any action taken in reliance on, and in
       accordance with, any notice, resolution, waiver, consent, order,
       certificate, or other paper, document or instrument which conforms to the
       applicable requirements of this Agreement and which is reasonably
       believed by it to be genuine and to have been signed, sent or represented
       by the proper party or parties.

    b.  The Company will indemnify the Agent against, and defend and hold it
       harmless from, any and all liability and related expenses (including
       reasonable fees and expenses of its counsel) incurred by the Agent, which
       may arise out of acts performed or omitted in connection with this
       Agreement, as the same may be amended, modified, or supplemented from
       time to time, (i) by the Agent, except to the extent such liability or
       expense arises out if its, or its nominees, own negligence or willful
       misconduct, or (ii) by the Company or any of its agents.

    c.  The Agent will indemnify the Company against, and defend and hold it
       harmless from, any and all liability and related expenses (including
       reasonable fees and expenses of its counsel) incurred by the Company,
       which may arise out of acts performed or omitted in connection with this
       Agreement, as the same may be amended, modified, or supplemented from
       time to time by the Agent or its nominees, due to the Agent's own
       negligence or willful misconduct.

    d.  If any action or claim shall be brought or threatened to be brought
       against a party in respect of which indemnity may be sought pursuant to
       this Section 13, such party shall, as soon as practicable (or, in the
       case of any action or claim which is threatened to be brought, as soon as
       practicable after such party actually becomes aware of the same) notify
       the party against whom indemnity may be sought in writing of such action
       or claim, and in such circumstances, and also in the event of any action
       or claim being brought or threatened to be brought against such party,
       such party against whom indemnity may be sought shall provide to the
       party in respect of which indemnity may be sought, such information and
       assistance as such party shall reasonably request, subject always to the
       provisions of indemnity contained in this Section 13. Each party shall to
       the extent reasonable and practicable in all circumstances consult with
       the other party as and when reasonably requested by such party in respect
       of any action or claim referred to in this Section 13.

    e.  The obligation set forth in this Section 13 shall survive the
       termination of this Agreement.

14. PAYMENT FOR SERVICES.

    The Company will compensate the Agent for its services hereunder as provided
    in a letter agreement separately entered into between the Company and the
    Agent.

15. AMENDMENTS.

    This Agreement may be amended, supplemented or otherwise modified only by a
    written instrument executed and delivered by each of the parties hereto.

                                       10
<Page>
16. GOVERNING LAW AND JURISDICTION.

    This Agreement will be governed by, and construed and interpreted in
    accordance with, the laws of the State of New York applicable to contracts
    entered into, and to be fully performed, in the State of New York. The
    parties agree that the federal and state courts located in the City of New
    York, State of New York, shall have jurisdiction to hear and determine any
    suits, actions or proceedings and to settle any disputes between the parties
    relating to this Agreement and for such purpose each of the parties
    irrevocably submits to the jurisdiction of such courts. The Company hereby
    irrevocably designates, appoints and empowers Sonera Corporation, 5335
    Wisconsin Avenue, NW, Suite 750, Washington, D.C. 20015, as its authorized
    agent to receive and accept for and on its behalf and on behalf of its
    properties, assets and revenues, service by mail of any and all legal
    process, summons, notices and documents that may be served in any suit,
    action or proceeding brought against the Company in any court as described
    in the preceding sentence. If for any reason the Company's authorized agent
    shall cease to be available to act as such, the Company agrees to designate
    a new authorized agent in the United States for receiving and accepting
    service of all legal process on the terms and for the purposes of this
    Section 16 reasonably satisfactory to the Agent. The Company further hereby
    irrevocably consents and agrees to any and all legal process, summons,
    notices and documents that may be served in any suit, action or proceeding
    against it under the terms hereof, by service by mail of a copy thereof upon
    its authorized agent (whether or not the appointment of its authorized agent
    shall for any reason prove to be ineffective or its authorized agent shall
    fail to accept or acknowledge such service), with a copy mailed to the
    Company by registered or certified air mail, postage prepaid, to its address
    provided herein. The Company agrees that the failure of its authorized agent
    to give any notice of such service to it shall not impair or affect in any
    way the validity of such service or any judgment rendered in any action or
    proceeding based thereon. The Company irrevocably and unconditionally
    waives, to the fullest extent permitted by law, any objection that it may
    not now or hereafter have to the laying of venue of any actions, suits or
    proceedings brought in any court as provided herein, and hereby further
    irrevocably and unconditionally waives and agrees not to plead or claim in
    any such court that any such action, suit or proceeding brought in any such
    court has been brought in an inconvenient forum. The provisions of this
    Section 16 shall survive any termination of this Agreement.

17. COUNTERPARTS.

    This Agreement may be executed by the parties hereto on separate
    counterparts, which counterparts taken together will be deemed to constitute
    one and the same instrument.

18. NOTICES.

    Any notice provided for herein must be in writing in English and shall be
    deemed given when received and shall be addressed as follows: (i) if to the
    Company, to Maire Laitinen, Sonera Corporation, Teulisuuskatu 15, FIN-00510
    Helsinki, Finland, Telecopier 358-20-40-3413 Fax:              ; (ii) if to
    the Agent, to Citibank, N.A., 111 Wall Street, New York, New York 10043,
    Attention: Mark Gherzo--ADR Department, Telecopier No. (212) 825-5398. Any
    party may, by notice given in writing to each other party at its above
    address, designate another address for receipt of notices thereunder.

19. BINDING EFFECT.

    This Agreement shall be binding upon and insure to the benefit of the
    parties hereto and their respective successors and permitted assigns.

                                       11
<Page>
20. SEVERABILITY.

    In case any one or more of the provisions contained in this Agreement should
    be or become invalid, illegal or unenforceable in any respect, the validity,
    legality and enforceability of the remaining provisions contained herein
    shall in no way be affected, prejudiced or disturbed thereby.

                                       12
<Page>
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered by their duly authorized officers as of the day and year
above written.

<Table>
<S>                                                    <C>  <C>
                                                       SONERA CORPORATION

                                                       By:
                                                            -----------------------------------------
                                                                              Name:
                                                                              TITLE:
                                                       CITIBANK, N.A.

                                                       By:
                                                            -----------------------------------------
                                                                              Name:
                                                                              TITLE:
</Table>

ATTACHMENTS:

    Exhibit A  Prospectus

    Exhibit B  Form of Warrant Certificate

    Exhibit C  Company Notice

                                       13
<Page>
                                   EXHIBIT A

    See the registration statement filed by Sonera Corporation on November 9,
2001.

                                       14
<Page>
                                   EXHIBIT B

                                                                 FORM OF WARRANT

                               SONERA CORPORATION
                   WARRANT CERTIFICATE EVIDENCING ADS RIGHTS

                                   [ LABEL ]

    The registered owner of this Warrant Certificate named above, or such
owner's assigns, is entitled under the terms of the ADS Rights Offer by Sonera
Corporation (the "COMPANY") described in the Prospectus, dated November 9, 2001
(the "PROSPECTUS") to the number of transferable primary ADS Rights to subscribe
for American Depositary Shares ("ADSS") representing shares, no nominal value
("SHARES"), of the Company shown above. Each primary ADS Right entitles the
holder to subscribe for   -  ADSs at the Estimated ADS Subscription Price of
US$  -  per ADS upon the terms and conditions described in the Prospectus. The
registered owner of this Warrant Certificate may be entitled to exercise
non-transferable secondary ADS rights (upon the terms described in the
Prospectus) if (i) the registered owner holds this Warrant Certificate as a
registered holder of ADS(s) as of close of business in New York City on
November 14, 2001 and (ii) the registered owner has exercised some or all of its
primary ADS Rights. Citibank has been appointed by the Company to act as ADS
Rights Agent. The Estimated ADS Subscription Price is payable in U.S. dollars
and must be made by certified check or bank draft drawn made payable to the
order of "Citibank, N.A re: Sonera ADS Rights Offering". Please reference your
Warrant Certificate control number on your certified check or bank draft.

    IN ORDER TO EXERCISE OR INSTRUCT THE SALE OF YOUR ADS RIGHTS, YOU MUST
COMPLETE BOTH SIDES OF THE TEAR-OFF CARD AND DELIVER THE COMPLETED AND SIGNED
CARD, ALONG WITH PAYMENT OF THE ESTIMATED ADS SUBSCRIPTION PRICE FOR EACH ADS
SUBSCRIBED AND ANY OTHER DOCUMENTS REQUIRED, TO THE ADS RIGHTS AGENT BEFORE
10:00 A.M. NEW YORK TIME ON NOVEMBER 21, 2001 (THE "EXPIRATION DATE").

    THIS WARRANT IS TRANSFERABLE AT THE OFFICE OF THE ADS RIGHTS AGENT.

     THE PRIMARY ADS RIGHTS EVIDENCED BY THIS WARRANT CERTIFICATE ARE
        TRANSFERABLE. THE SECONDARY ADS RIGHTS EVIDENCED BY THIS
                   WARRANT CERTIFICATE ARE NOT TRANSFERABLE.

         VOID AFTER 10:00 A.M. NEW YORK CITY TIME ON NOVEMBER 21, 2001

To exercise the primary ADS Rights please complete line "A" below. Each ADS
Right entitles you to purchase   -  ADS but you cannot subscribe for a fraction
of an ADS.

To exercise the secondary ADS Rights, please complete line "B" below.

To instruct the sale of the primary Share Rights represented by the primary ADS
Rights, please complete "D" below.

                                       15
<Page>
--------------------------------------------------------------------------------
PLEASE FILL IN ALL APPLICABLE INFORMATION AND DELIVER TO CITIBANK, N.A. BEFORE
10:00 A.M. NEW YORK CITY TIME ON NOVEMBER 21, 2001
--------------------------------------------------------------------------------

<Table>
<S>                            <C>                            <C>
          BY HAND:                 BY OVERNIGHT COURIER:                BY MAIL:

        CITIBANK, N.A                 CITIBANK, N.A.                 CITIBANK, N.A.
   c/o Securities Transfer           Corporate Actions              Corporate Actions
 and Reporting Services Inc          40 Campanelli Dr                P.O. Box 43034
   Attn: Corporate Actions          Braintree, MA 02184         Providence, RI 02940-3034
100 Williams Street--GALLERIA
  New York, New York 10038
</Table>

<Table>
<S>  <C>                            <C>                  <C>  <C>                  <C>  <C>
A.   Primary ADS Rights                                   x   $                     =   $
     (  ADS Rights =   ADSs)         -----------------        -----------------         -----------------
                                       (No. of ADSs)          (Estimated ADS
                                                              Subscription Price)

B.   Secondary ADS Rights                                 x   $                     =   $
                                     -----------------        -----------------         -----------------
                                       (No. of ADSs)          (Estimated ADS
                                                              Subscription Price)

C.   Total Estimated ADS Subscription Price                                         =   $
                                                                                        -----------------

D.   Sell   of my primary ADS Rights
</Table>

                                       16
<Page>
--------------------------------------------------------------------------------

Section I.  TO SUBSCRIBE: I hereby irrevocably subscribe for the number of ADSs
indicated hereon upon the terms and conditions specified in the enclosed
Prospectus, receipt of which is acknowledged.
          TO SELL: If I have requested the ADS Rights Agent to attempt to sell
any rights on Line D, I authorize the sale of ADS Rights by the ADS Rights Agent
according to the procedures described in the Prospectus.

Name of Subscriber(s)/Seller(s):

________________________________________________________________________________

Address of Subscriber(s)/Seller(s):

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

Taxpayer ID No. of Subscriber(s)/Seller(s):

________________________________________________________________________________

Signature of Subscriber(s)/Seller(s):

________________________________________________________________________________

Daytime telephone number of Subscriber(s)/Seller(s):

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

SECTION 2. TO TRANSFER RIGHTS (except pursuant to line D above):
For value received       of the ADS Rights represented by the warrant
certificate are assigned to:

________________________________________________________________________________
                         (Print Full Name of Assignee)

________________________________________________________________________________
                              (Print Full Address)
________________________________________________________________________________
                         (Signature(s) of Assignor(s))

IMPORTANT: The signature(s) must correspond in every detail, without alteration,
with the name(s) as printed on your warrant certificate. The signature must be
guaranteed by an Eligible Institution such as a commercial bank, trust company,
trust company, securities broker/dealer, credit union, or savings association
participating in a Medallion Program approved by the Securities Transfer
Association, Inc.

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

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

SECTION 3--SPECIAL DELIVERY INSTRUCTIONS: Please mail certificates for ADSs for
which I have subscribed or any cash payment to which I am entitled, as
applicable, in accordance with the Prospectus to the following address (if other
than shown on the reverse hereof):

Address:

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

                            [ MEDALLION GUARANTEE ]
------------------------------------------

                                       17
<Page>

<Table>
<C>                               <S>                               <C>
------------------------------------------------------------------------------------------------
                                  PAYER'S NAME: CITIBANK, N.A.
------------------------------------------------------------------------------------------------
         SUBSTITUTE               Part 1--PLEASE PROVIDE YOUR        Social Security Number or
         FORM W-9                 SOCIAL SECURITY NUMBER OR                     TIN:
 Department of the Treasury       TIN IN THE BOX AT RIGHT AND         ------------------------
  Internal Revenue Service        CERTIFY BY SIGNING AND
                                  DATING BELOW:
                                  --------------------------------------------------------------
                                  Part 2--Certification--
                                  (1)  The number shown on this form is my correct Social
                                  Security Number or Taxpayer Identification Number (or I am
                                       waiting for a number to be issued to me as indicated in
Payer's Request for Taxpayer           Part 3, in which event I certify under penalty of perjury
   Identification Number               that a TIN has not been issued to me, and either (x) I
          ("TIN")                      have mailed or delivered an application to receive a TIN
                                       to the appropriate Internal Revenue Service ("IRS")
                                       Center or Social Security Administration Office, or (y) I
                                       intend to mail or deliver an application in the near
                                       future). I understand that if I do not provide a TIN by
                                       the time of payment, 31% of all payments made to me
                                       thereafter will be withheld until I provide a TIN, and
                                  (2)  I am not subject to backup withholding because: (a) I am
                                  exempt from backup withholding, or (b) I have not been
                                       notified by the IRS that I am subject to backup
                                       withholding as a result of a failure to report all
                                       interest or dividends, or (c) the IRS has notified me
                                       that I am no longer subject to backup withholding.
                                       CERTIFICATION INSTRUCTIONS--YOU MUST CROSS OUT ITEM (2)
                                       ABOVE IF YOU HAVE BEEN NOTIFIED BY THE IRS THAT YOU ARE
                                       CURRENTLY SUBJECT TO BACKUP WITHHOLDING BECAUSE OF
                                       UNDERREPORTING INTEREST OR DIVIDENDS ON YOUR TAX RETURN.
------------------------------------------------------------------------------------------------
                                                                    Part 3--Awaiting TIN / /
SIGNATURE -------------------------------------------

DATE ------------------------------------------------
------------------------------------------------------------------------------------------------
</Table>

Failure to complete and return this Substitute Form W-9 may result in backup
withholding of any payments made to you. See Instructions Booklet.

                                       18
<Page>
                                   EXHIBIT C

    See Exhibit 99.3 to the registration statement filed by Sonera Corporation
on November 9, 2001.

                                       19<Page>

                                                                    EXHIBIT 10.6

                             SHAREHOLDERS AGREEMENT

                               XFERA MOVILES, S.A.

                                      AMONG

                           ACS, TELEFONIA MOVIL, S.A.

                    AUTOPISTAS, CONCESIONARIA ESPANOLA, S.A.,

                   AHORRO CORPORACION FINANCIERA, S.V.B., S.A.

                            MANNESMANN EUROKOM, GMBH,

                            MERCAPITAL TELECOM, S.A.,

                               SONERA CORPORATION,

                      VIVENDI TELECOM INTERNATIONAL, S.A.,

                                   AS MEMBERS,

               ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A.,

                                MANNESMANN A.G.,

                     MERCAPITAL SERVICIOS FINANCIEROS, S.L.

                                  VIVENDI, S.A.

                                  AS GUARANTORS

                                       AND

                               XFERA MOVILES, S.A.

<Page>

                             MADRID, 12 JANUARY 2000

                                     -2-

<Page>

                                TABLE OF CONTENTS

<Table>
<S>                                                                                     <C>
1. PURPOSE OF THE AGREEMENT                                                             12

   1.1. PURPOSE                                                                         12
   1.2. ADAPTATION OF THE BY-LAWS                                                       12

2. CORPORATE PURPOSE.  COMPANY'S NAME.  INDUSTRIAL AND INTELLECTUAL
PROPERTY RIGHTS                                                                         13

   2.1. CORPORATE PURPOSE                                                               13
   2.2. COMPANY'S NAME                                                                  13
   2.3. INDUSTRIAL AND INTELLECTUAL PROPERTY                                            13
        2.3.1.  XFERA RELATED INDUSTRIAL AND INTELLECTUAL PROPERTY                      13
        2.3.2.  OTHER INTELLECTUAL PROPERTY RIGHTS                                      13

3. GENERAL SHAREHOLDERS MEETINGS                                                        14

   3.1. MEETINGS                                                                        14
   3.2. ORDINARY VOTE REQUIREMENTS                                                      14
   3.3. QUALIFIED MATTERS                                                               14

4. BOARD OF DIRECTORS. EXECUTIVE COMMITTE. CEO. MANAGEMENT                              14

   4.1. BOARD OF DIRECTORS                                                              14
        4.1.1. COMPOSITION                                                              14
        4.1.2. POSITIONS WITHIN THE BOARD                                               15
        4.1.3. APPOINTMENTS, RESIGNATION AND DISMISSAL OF DIRECTORS                     15
        4.1.4. MEETINGS OF THE BOARD                                                    16
        4.1.5. ORDINARY VOTE REQUIREMENTS                                               16
        4.1.6. QUALIFIED MATTERS                                                        16
        4.1.7. DIRECTORS' COMPENSATION.                                                 16
        4.1.8. COMPLIANCE WITH THIS AGREEMENT                                           17
   4.2. CEO ("CONSEJERO DELEGADO")                                                      17
   4.3. EXECUTIVE COMMITTEE. ("COMISION EJECUTIVA")                                     17
        4.3.1. COMPOSITION                                                              17
        4.3.2. FUNCTIONS. POWERS                                                        18
        4.3.3. ADOPTION OF RESOLUTIONS                                                  18
        4.3.4. MEETINGS OF THE EXECUTIVE COMMITTEE                                      18
   4.4. MANAGEMENT APPOINTMENT                                                          18

5. QUALIFIED MATTERS                                                                    19

   5.1. QUALIFIED MATTERS FOR THE GENERAL MEETING                                       19
   5.2. QUALIFIED MATTERS FOR THE BOARD OF DIRECTORS                                    21
   5.3. QUALIFIED MATTERS FOR THE EXECUTIVE COMMITTEE                                   22
   5.4. NO FURTHER APPROVAL                                                             23

6. AUDITOR. ANNUAL ACCOUNTS.                                                            24

   6.1. AUDITOR                                                                         24
   6.2. ANNUAL ACCOUNTS                                                                 24
        6.2.1. ANNUAL ACCOUNTS                                                          24
        6.2.2. REPORTS                                                                  25
        6.2.3. FINANCIAL YEAR                                                           25
        6.2.4. REPORTING OBLIGATIONS                                                    25

7.  FINANCING POLICY                                                                    25

    7.1. FINANCING EXPRESSLY REQUIRED FOR THE APPLICATION                               25

<Page>

    7.2. COMMITTED FINANCING FOR THE DEVELOPMENT OF THE ACTIVITIES                      25
    7.3. ADDITIONAL FINANCING                                                           26

8.  DIVIDEND POLICY                                                                     26

9.  DEFINITION OF THE ROLE OF THE MEMBERS                                               26

10. LIQUIDITY OF THE INVESTMENT                                                         27

    10.1. FIRST STAGE                                                                   27
    10.2. SECOND STAGE                                                                  27

11. RESTRICTIONS ON DISPOSITION OF SHARES                                               28

    11.1.   GENERAL RESTRICTION ON TRANSFERS                                            29
      11.1.1. GENERAL RESTRICTIONS                                                      28
      11.1.2. PERMITTED TRANSFERS                                                       28

    11.2.   FIRST REFUSAL RIGHTS                                                        30

                                    -ii-

<Page>

  11.3. CONDITION FOR ACQUISITION OF SHARES IN THE COMPANY                              33

12. DISPUTES RESOLUTIONS                                                                34

  12.1. DISPUTE SITUATION                                                               34
  12.2. INTERIM RESOLUTION                                                              34

13. RESTRICTIVE COVENANT                                                                34

  13.1. SCOPE                                                                           34
  13.2. TERM                                                                            34

14. WITHOUT CONTENTS                                                                    35

15. GUARANTEE                                                                           35

16. DURATION                                                                            35

17. BREACHES. TERMINATION.                                                              35

18. NOTICES                                                                             36

  18.1. WAYS TO GIVE NOTICE                                                             36
  18.2. ADDRESSES                                                                       36
  18.3. CHANGE OF ADDRESS                                                               38
  18.4. LANGUAGE                                                                        38

19. MISCELLANEOUS                                                                       38

  19.1. CONFIDENTIALITY                                                                 38
  19.2. PUBLICITY                                                                       39
  19.3. EXPENSES                                                                        39
  19.4. TAXES                                                                           39
  19.5. HEADINGS                                                                        39
  19.6. ANNEXES                                                                         39
  19.7. WAIVER                                                                          39
  19.8. ASSIGNMENT                                                                      39
  19.9. SUPERSEDURE                                                                     40
  19.10. LANGUAGE OF THE AGREEMENT                                                      40

20. GOVERNING LAW                                                                       40

21. SUBMISSION TO ARBITRATION                                                           40

</Table>

                                   -iii-

<Page>

In Madrid, on January 12, 2000

                                   THE PARTIES

a)   ACS, TELEFONIA MOVIL, S.A., whose particulars are the following:

     -   duly incorporated and validly existent under the laws of
         Spain,

     -   domiciled at Orense 34, Madrid,

     -   registered with the Commercial Registry of Madrid, at Volume 4,278,
         sheet 50, Section 8, Page M-71,029, and

     -   tax identification number (CIF) A-78/476579,

     duly represented by Mr. Angel Garcia Altozano, with D.N.I. 139,328-V, by
     virtue of special power of attorney granted by the Sole Director by virtue
     of notarial deed authorised by the Notary Public Mr. Jose Luis Alvarez
     Alvarez, on 4 January 1999, with number 9 of his notarial files.

     ACS, TELEFONIA MOVIL, S.A. will be referred to as "ACS".

b)   SONERA CORPORATION, whose particulars are the following:

     -   duly incorporated and validly existent under the laws of
         Finland,

     -   domiciled at Teollisuuskatu 15, Helsinki, Finland, and

     -   registered with the Trade Registry of Helsinki under number
         740,009

     duly represented by Ms. Pirjo Kekalainen-Torvinen, with Passport number
     1444320, by virtue of special powers of attorney granted in his favour by
     Mr. Aulis Salin, as certified by the Notary Public of Helsinki Ms. Lauri
     Haikarainen, on 29 December 1999, and apostilled on 30 December 1999.

     SONERA CORPORATION will be referred to as "SONERA".

c)   VIVENDI TELECOM INTERNATIONAL, S.A. whose particulars are the
     following:

<Page>

     -   duly incorporated and validly existent under the laws of
         France,

     -   domiciled at 42 Avenue de Friedland, 75008 Paris, France, and

     -   registered with the Commercial Registry of Paris under number
         343059564

     duly represented by Mr. Bruno Curis, with Passport number 95 IH 41450, by
     virtue of special powers of attorney granted in his favour by Mr. Michel
     Jean Charles Villaneau, as certified by the Notary Public of
     Neuilly-sur-Seine (Paris), Mr. Loic Beuriot, on 16 December 1999, and
     apostilled on 17 December 1999.

     VIVENDI TELECOM INTERNATIONAL, S.A. will be referred to as
     "VIVENDI".

d)   AUTOPISTAS, CONCESIONARIA ESPANOLA, S.A., whose particulars are
     the following:

     -   duly incorporated and validly existent under the laws of
         Spain,

     -   domiciled at Barcelona, Plaza Gala Placidia 1

     -   registered with the Commercial Registry under Barcelona Commercial
         Registry, Volume 1529, Sheet 174, Book 965, Section 2, Page number
         12664, and

     -   tax identification number A-08-209769,

     duly represented by Mr. Luis Deulofeu Fuguet, with Identity Card number
     40,952,786-K, by virtue of notarial deed authorised, on April 30, 1993, by
     the Notary Public of Barcelona, Mr. Antonio Clavera Esteva, under number
     1226 of his notarial files.

     AUTOPISTAS, CONCESIONARIA ESPANOLA, S.A. will be referred to as
     "ACESA".

e)   AHORRO CORPORACION FINANCIERA, S.V.B., S.A., whose particulars
     are the following:

     -   duly incorporated and validly existent under the laws of
         Spain,

     -   domiciled at Paseo de la Castellana 89, 28046 Madrid,

     -   registered with the Commercial Registry of Madrid under Volume 9671
         general, 8374 of Section 3 of the Book of Companies, Sheet 66, Page
         89593,

                                      -5-

<Page>

         entry 1, and with the Administrative Registry of the Securities
         National Market Commission under number 24, and

     -   tax identification number A-79202628,

     duly represented by Mr. Jose Carlos Terriente Quesada, with Identity Card
     number 25.034.624K, by virtue of the resolution of the Board of Directors
     dated 10 January 2000.

     AHORRO CORPORACION FINANCIERA, S.V.B., S.A. will be referred to
     as "ACF".

f)   MANNESMANN EUROKOM, GmbH, whose particulars are the following:

     -   duly incorporated and validly existent under the laws of
         Germany,

     -   domiciled at Prinzenallee 7, D-40549 Dusseldorf, Germany, and

     -   registered with the Amtsgericht Dusseldorf under number HRB
         38147,

     duly represented by Mr. Gerhard Schobelt, with Passport number 8579080836,
     by virtue of special powers of attorney granted in his favour by Mr. Kurt
     Kinzius and Mr. Martin Kugel, as certified by the Notary Public of
     Dusseldorf on January 5, 2000, and apostilled on January 7, 2000.

     MANNESMANN EUROKOM, GmbH will be referred to as "MANNESMANN"

g)   MERCAPITAL TELECOM, S.A., whose particulars are the following:

     -   duly incorporated and validly existent under the laws of
         Spain,

     -   domiciled at Amador de los Rios 8, Madrid,

     -   registered at the Commercial Registry of Madrid under Volume 5,147
         general, Book 4,293, Section 3, Sheet 118, Page M-40796, entry 1, and

     -   tax identification number (CIF) A-28/566230,

     duly represented by Mr. Rafael Mate Rodriguez, with Identity Card
     51053814-R, in his capacity as Sole Director.

     MERCAPITAL TELECOM, S.A. will hereinafter be referred to as
     "MERCAPITAL"

                                      -6-

<Page>

ACS, SONERA, VIVENDI, ACESA, ACF, MANNESMANN and MERCAPITAL will be collectively
referred to as the "Members".

h)   ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A., whose
     particulars are the following:

     -   duly incorporated and validly existent under the laws of
         Spain,

     -   domiciled at Avda. Pio XII, 102, Madrid,

     -   registered with the Commercial Registry of Madrid, at Volume 1660,
         Sheet 34, Section 8, Page M-30221, entry 498, and

     -   tax identification number (CIF) A-28004885,

     duly represented by Mr. Angel Garcia Altozano, with Identity Card number
     139328-V, by virtue of powers of attorney granted in his favour and
     formalised in public deed granted before the Madrid Notary Public, Ms.
     Pilar Lopez-Contreras Conde, on April 20, 1998, under number 1,280 of her
     notarial files.

i)   VIVENDI, S.A. whose particulars are the following:

     -   duly incorporated and validly existent under the laws of
         France,

     -   domiciled at 42 Avenue de Friedland, 75008 Paris, France

     -   registered with the Paris Trade Registry under number
         780129961, and

     duly represented by Mr. Regis Mesnier, with Passport number 91RE37961, by
     virtue of special powers of attorney granted in his favour by Mr.
     Jean-Marie Messier, 11 January 2000.

j)   MANNESMANN A.G., whose particulars are the following:

     -   duly incorporated and validly existent under the laws of
         Germany,

     -   domiciled at Mannesmannferz, 4213 Dusseldorf, Germany, and

     -   registered with the Amtsgericht Dusseldorf under number
         HRB995,

     duly represented by Mr. Gerhard Schobelt, with Passport number
     8579080836, by virtue of special powers of attorney granted in
     his favour by Mr. Michael Schmitt and Mr. Joachim Peters, as
     certified by the Notary Public of Dusseldorf on January 11, 2000.

                                      -7-

<Page>

k)   MERCAPITAL SERVICIOS FINANCIEROS, S.L., whose particulars are the
     following:

     -   duly incorporated and validly existent under the laws of
         Spain,

     -   domiciled at Paseo de la Castellana, 216, Madrid,

     -   registered with the Commercial Registry of Madrid at Volume 4416, Sheet
         70, Section 8, Page M-73217, entry 1, and

     -   tax identification number (CIF) B-78292851,

     duly represented by Mr. Rafael Mate Rodriguez, with Identity Card
     51053814-R, by virtue of

     ACS, ACTIVIDADES Y CONSTRUCCIONES, S.A., VIVENDI, S.A MANNESMANN
     A.G., MERCAPITAL SERVICIOS FINANCIEROS, S.L., will be
     collectively referred to as the "Guarantors "

l)   And, XFERA MOVILES, S.A. whose particulars are the following:

      -   duly incorporated and validly existent under the laws of Spain,

      -   domiciled at Velazquez, 21, 28001 Madrid,

      -   registered at the Commercial Registry of Madrid under Volume 14 805,
          Sheet 140, Section 8, Page M-246 116, entry 1, and

      -   tax identification number A-82528548.

      Duly represented by Ms. Pirjo Kekalainen, Mr. Angel Garcia
      Altozano and Mr. Bruno Curis, in their capacity as members of
      the Board of Directors.

      XFERA MOVILES, S.A. will be referred to as the "Company".

                                      -8-

<Page>

                                     WHEREAS

I.   DECLARATIONS OF THE PARTIES:

     Each of the Parties, respectively, declare that:

     (a)  it has the legal personality and capacity to proceed, and
          the present Agreement falls within the scope of its
          corporate purpose;

     (b)  the powers of attorney granted by it, pursuant to which its
          representative is acting, are sufficient and have not been
          substituted or revoked;

     (c)  the execution of this Agreement does not require
          administrative authorisation and does not violate any legal
          provision;

     (d)  the obligations assumed by it under this Agreement are valid
          and enforceable.

II.  THE PUBLIC BID

     Pursuant to an Order of the Ministry of Development ("MINISTERIO DE
     FOMENTO") published in the State Official Gazette number 270, of 11
     November, 1999, a public bid (the "Public Bid") was called, for the
     granting of four individual licenses type B2 (the "Licenses", and each one
     of them the "License"), for the establishment of the necessary public
     network and exploitation of the third generation mobile telecommunications
     services. The terms and conditions for the granting of the Licenses were
     approved by another Ministerial Order of the same date.

                                      -9-

<Page>

III. APPLICATION FOR THE LICENSE

     The Members have reached an agreement for the application for the License,
     and for the operation of the telecommunications services to be rendered
     under the License, subject to awarding of the License to the Company,
     taking into consideration that ACF will be acting, for the purposes of the
     aforesaid application, in its own name and on behalf of the following
     Spanish savings banks (jointly, "the Savings Banks"): CAJA ESPANA DE
     INVERSIONES, CAJA DE AHORROS Y MONTE DE PIEDAD, CAJA DE AHORROS DE LA
     INMACULADA DE ARAGON, CAJA DE AHORROS DE MURCIA, MONTE DE PIEDAD Y CAJA DE
     AHORROS DE HUELVA Y SEVILLA, CAJA DE SAN FERNANDO, CAJA DE AHORROS Y MONTE
     DE PIEDAD DE BALEARES, CAIXA TERRASSA, CAIXA PENEDES, CAJA DE AHORROS DE
     CASTILLA-LA MANCHA, CAJA DE AHORROS DE EXTREMADURA, CAJA DE AHORROS DE
     GRANADA and CAJA DE AHORROS DE BADAJOZ.

     For the purpose set forth above, the Members have incorporated the Company,
     which shall file an application (the "Application") for the License, and
     shall exploit the same, if awarded to the Company.

IV.  PARTICIPATIONS IN THE COMPANY

     The issued share capital of the Company is currently set at Euro 60,102,
     fully subscribed and paid-up by 25%, and divided into 60,102 shares,
     numbers 1 to 60,102, both inclusive, with a face value of Euro 1 each.

     Below follows a chart describing the current distribution of the share
     capital in the Company:

                                      -10-

<Page>

<Table>
<Caption>

-----------------------------------------------------------------------------
                 SHARES                     SHAREHOLDER    OWNERSHIP TITLE
-----------------------------------------------------------------------------
        NUMBERING           %    NUMBER
-----------------------------------------------------------------------------
<S>                       <C>    <C>        <C>           <C>

 From 1 to 12,020, both    20    12.020         ACS       Deed of
       inclusive.                                         Incorporation of
                                                          the Company
                                                          granted on
                                                          January 4, 2000.
-----------------------------------------------------------------------------
 From 20,035 to 29,049,    15     9.015       SONERA
     both inclusive.
-----------------------------------------------------------------------------
 From 40,069 to 56,597,   27.5   16.529       VIVENDI
     both inclusive.
-----------------------------------------------------------------------------
 From 12,021 to 16,768,    7,9    4.748        ACESA      Sale and Purchase
     both inclusive                                       Agreement  of
                                                          January 12, 2000.
-----------------------------------------------------------------------------
 From 56,598 to 59,602,     5     3.005         ACF
     both inclusive
-----------------------------------------------------------------------------
-  3266 shares, from
   16,769 to 20,034,        7     4.207     MANNESMANN
   both inclusive;
-  441 shares, from
   39,628 to 40,068,
   both inclusive; and
-  500 shares, from
   59,603 to 60,102,
   both inclusive
-----------------------------------------------------------------------------
 From 29,050 to 39,627,   17.6   10.578     MERCAPITAL
     both inclusive
-----------------------------------------------------------------------------
          TOTAL            100   60,102
-----------------------------------------------------------------------------

</Table>

V.   MEMORANDUM OF UNDERSTANDING

     On 4 January, 2000, ACS, SONERA and VIVENDI (the "Founding Members")
     executed a memorandum of understanding setting forth, among others, the
     basis for the relationships among them as shareholders in the Company,
     which shall be an applicant for the License (the "MOU").

VI.  BUSINESS PLAN

                                      -11-

<Page>

     The Parties have reached an agreement with respect to the ten-year business
     plan for the Company in relation to the License, and that will be filed
     along with the Application for the License (the "Initial Business Plan").

     For purposes of this agreement, "Business Plan" shall mean the latest
     version of the business plan, as updated and approved by the Board of
     Directors from time to time in accordance with this Agreement.

NOW, THEREFORE, the Parties have agreed to enter into this shareholders
agreement (the "Agreement"), which shall be regulated by the following

                                     CLAUSES

1.   PURPOSE OF THE AGREEMENT

1.1. PURPOSE

     The purpose of this Agreement is to govern the relationship among all of
     the Members as shareholders in the Company. To this end, the Members
     declare that all obligations assumed pursuant to this Agreement have the
     force of law between them, and they agree to loyally respect such
     obligations. In particular, the Members agree to exercise all their
     inherent rights as shareholders in order to comply with this Agreement.

1.2. ADAPTATION OF THE BY-LAWS

     The Members undertake to pass a resolution at the General Shareholders'
     Meeting of the Company within one month from the date of this Agreement,
     for the approval of the new by-laws which shall be fully adapted to the
     contents of this Agreement (the "By-laws"), unless not permissible under
     Spanish law.

     In the event that the Commercial Registry of Madrid considered that any
     part of the By-laws should be changed in order to be fully registered, the
     Members will amend them in such a way that the change is in accordance with
     the letter and the spirit of the present Agreement.

     The Parties agree that in the event of discrepancy between the By-laws and
     this Agreement, the provisions of this Agreement shall prevail.

                                      -12-

<Page>

2.   CORPORATE PURPOSE.  COMPANY'S NAME.  INDUSTRIAL AND INTELLECTUAL
     PROPERTY RIGHTS

2.1. CORPORATE PURPOSE

     The corporate purpose of the Company will be the establishment and
     exploitation of UMTS mobile telecommunications networks as well as the
     provision, management, marketing and distribution of every kind of UMTS
     mobile telecommunication services, and any other type of complementary
     services through such mobile networks.

2.2. COMPANY'S NAME

     The Company's name will be "XFERA MOVILES, S.A."

2.3. INDUSTRIAL AND INTELLECTUAL PROPERTY

     2.3.1. XFERA RELATED INDUSTRIAL AND INTELLECTUAL PROPERTY

            The Company shall be the sole and full owner of such corporate name
            and of any trademarks, trade names or any other industrial or
            intellectual property rights containing the term "XFERA" in any
            jurisdiction. VIVENDI shall make its best efforts to transfer to the
            Company any such rights at cost prior to filing the Application.

            The above notwithstanding, the Parties agree that, in the event that
            the Company was not granted the License, any rights to the corporate
            name, trademark, trade names or any other industrial or intellectual
            property rights will be transferred back to VIVENDI for the same
            price.

     2.3.2. OTHER INTELLECTUAL PROPERTY RIGHTS

            Each Member may provide to the Company access to or copies of
            information, promotional material (including videos), technology,
            know how, copyrights, trade secrets, planning tools, business
            planning models, market research tools or other items of
            intellectual property ("Intellectual Property").

            Nothing contained in this Agreement shall be construed as granting
            or conferring any rights by way of licence or otherwise in any
            Intellectual Property disclosed by one Member to the other Members
            or to the Company. A Member shall return all Intellectual Property
            received in a tangible form at the termination or expiration of this
            Agreement or if requested to do so.

            Any Intellectual Property shall be used by the Members for the sole
            purpose of preparing the Application or any other purposes as may be
            agreed by the Members. The Members agree that any Intellectual
            Property owned by Orange, PLC shall not be used for any other
            purpose or disclosed to any third party or be copied without the
            prior written consent of Orange, PLC.

                                      -13-

<Page>

3.   GENERAL SHAREHOLDERS MEETINGS

3.1. MEETINGS

     The General Shareholders Meetings of the Company will be held at least once
     a year, following the call by the Board of Directors at its own initiative,
     or upon the request of any of the Members holding a participation in the
     share capital of the Company of at least 4%.

3.2. ORDINARY VOTE REQUIREMENTS

     Resolutions not addressing Qualified Matters (as defined in 0 below) will
     be adopted according to the majority rules provided for under law.

3.3. QUALIFIED MATTERS

     Resolutions that address Qualified Matters will be adopted by the
     affirmative vote of Members representing at least 86% or 70% of the share
     capital of the Company with the right to vote, as the case may be, as
     specified in 5.1.

4.   BOARD OF DIRECTORS. EXECUTIVE COMMITTE. CEO. MANAGEMENT

4.1. BOARD OF DIRECTORS

     4.1.1.  COMPOSITION

             -  BEFORE THE DATE OF GRANTING OF THE LICENSE

                Until the granting of the License to the Company, the Board of
                Directors will be composed of three Directors, one of them to be
                appointed by each of the Founding Members, respectively.

             -  AFTER THE DATE OF GRANTING OF THE LICENSE

             Once the License has been granted, the Board of Directors will be
             composed of fifteen (15) Directors as follows:

                                       -14-
<Page>

<Table>
<Caption>
             ------------------------------------------------------------
                       SHAREHOLDER               NUMBER OF DIRECTORS
             ------------------------------------------------------------
             <S>                                 <C>
             ACS                                          3
             ------------------------------------------------------------
             SONERA                                       2
             ------------------------------------------------------------
             VIVENDI                                      4
             ------------------------------------------------------------
             ACESA                                        1
             ------------------------------------------------------------
             ACF                                          1
             ------------------------------------------------------------
             MANNESMANN                                   1
             ------------------------------------------------------------
             MERCAPITAL                                   2
             ------------------------------------------------------------
                                          +
             ------------------------------------------------------------
             CEO                                          1
             ------------------------------------------------------------
</Table>

             Each of the Members will be entitled to designate the number of
             Directors referred to in the above chart as long as its
             participation in the Company is not reduced below 66% of the
             participations set forth in Recital IV above.

     4.1.2.  POSITIONS WITHIN THE BOARD

             The Board shall appoint a Chairman, and a Secretary. The persons
             holding said positions shall be proposed for appointment or
             dismissal by the Directors appointed by the Members indicated
             below. The Directors appointed by the other Members shall vote
             in favour of the appointment or dismissal, as the case may be,
             so indicated.

<Table>
<Caption>
             -------------------------------------------------------------
                    POSITION                     NOMINATING
                                                   MEMBER
             -------------------------------------------------------------
             <S>                                 <C>
             Chairman                                ACS
             -------------------------------------------------------------
             Secretary                             VIVENDI
             -------------------------------------------------------------
</Table>

             The Chairman shall not have decisive vote within the Board of
             Directors.

     4.1.3.  APPOINTMENTS, RESIGNATION AND DISMISSAL OF DIRECTORS

             Each and all of the Members will vote to appoint or dismiss the
             Directors indicated by the Member who is entitled to make the
             corresponding appointment or dismissal, pursuant to 0. above.

                                       -15-
<Page>

             In case of death, resignation, inability to act or dismissal of
             any of the Directors, the Members hereby agree that the Member
             who designated him/her/them will nominate the new Director(s)
             who will replace him/her/them in his/her/their position in the
             Board, and that the other Members shall vote in favour of the
             appointment of said new Director(s) at the General Shareholders'
             Meeting of the Company.

     4.1.4.  MEETINGS OF THE BOARD

             The Board of Directors will meet at least four (4) times every year
             and whenever called by the Chairman, at its own initiative or upon
             petition of two Directors.

             The Board of Directors will be called by written notice fifteen
             (15) calendar days in advance and shall be served on all the
             Directors at the address notified from time to time by each
             Director to the Secretary to the Board of the Company. The
             calling notice shall include a sufficiently detailed agenda of
             the meeting, and shall be accompanied by any relevant
             information for discussion at such meeting.

             When required for reasons of urgency, seven (7) calendar days
             notice prior to the meeting will be considered sufficient.

     4.1.5.  ORDINARY VOTE REQUIREMENTS

             Resolutions on matters not included as Qualified Matters (as
             defined in 5.2 below) will be adopted by absolute majority of the
             attending Directors, provided the attending Directors are at
             least the majority of the total Directors, which is the minimum
             quorum required.

             Decisions on matters which involve amounts in excess of the
             maximum thresholds fixed in paragraphs e), f), g) and n) of
             clause 5.3 shall not be competence of the Executive Committee (as
             defined in clause 4.3) but of the Board of Directors.

     4.1.6.  QUALIFIED MATTERS

             Resolutions on Qualified Matters (as defined in clause 5.2 below)
             will be adopted by an affirmative vote of more than 10 Directors.

     4.1.7.  DIRECTORS' COMPENSATION.

             The Directors will receive no compensation other than the
             reimbursement for actual costs incurred in attending the Board
             of Directors meetings unless otherwise decided by the General
             Shareholders Meeting with a qualified majority of 70%. Each of
             the Directors shall be properly covered by a responsibility
             insurance policy paid by the Company.

                                       -16-
<Page>

     4.1.8.  COMPLIANCE WITH THIS AGREEMENT

             The Members agree that they shall, and shall cause the Directors
             appointed by them, to comply at all times with this Agreement.
             For purposes of this Agreement, the Members will be responsible
             for the acts of the Directors respectively nominated by them.

4.2. CEO ("CONSEJERO DELEGADO")

     Upon the granting of the License, a CEO (who shall him/herself be a
     Director) shall be appointed by the Board of Directors. The Founding
     Members shall unanimously propose the person who will hold such position,
     and all the Directors shall vote at the Board in favour of the appointment
     of the person so nominated.

     If the Founding Members are unable to agree upon the proposal of the CEO,
     then such Founding Members, shall respectively escalate such dispute for
     resolution to the relevant persons within their companies holding senior
     executive management responsibility for the affairs of the Company. Should
     no agreement be reached among them within 30 days after one Member has
     initiated the escalation procedure, the appointment of the CEO shall pass
     to the Board of Directors for a final vote.

     The CEO, together with the Key Managers (as defined in 4.4) shall be
     responsible for the day-to-day management of the operations of the business
     of the Company. The CEO shall act in full accordance with the Business
     Plan, the corresponding annual budget in force (the "Annual Budget"), this
     Agreement and the decisions of the Board of Directors and the Executive
     Committee; but shall have no authority to take any action (except for
     preparatory works, suggestions and proposals, as the case may be) with
     respect to any of the matters reserved, as the case may be, to the General
     Shareholders Meeting, the Board of Directors (including those specified in
     5.2) or the Executive Committee (including those specified in 5.3), without
     first obtaining the requisite approval of the Board of Directors, the
     General Shareholders Meeting or the Executive Committee, as provided
     therein with respect to the matter in question.

4.3. EXECUTIVE COMMITTEE. ("COMISION EJECUTIVA")

     4.3.1.  COMPOSITION

             The Members undertake to set up an Executive Committee which
             shall be composed of at least four members, all of whom shall be
             directors: (i) the CEO and (ii) three Directors, one appointed
             by each of the Founding Members (the "Executive Committee's
             Founding Directors"), respectively, as long as each of the
             Founding Members has not reduced its participation in the
             Company below ten per cent (10%). Additional members of the
             Executive Committee can be appointed by the Board of Directors
             as foreseen in 5.2c.

                                       -17-
<Page>

             Each Founding Member shall also be entitled to dismiss the
             Executive Committee's Founding Director appointed by the same.

             In case of death, resignation, inability to act or dismissal of
             any of the Executive Committee's Founding Director, the Founding
             Member who designated him/her will nominate the new Executive
             Committee's Founding Director who shall replace him/her in
             his/her position at the Executive Committee.

             The remaining Directors shall vote in favour of the appointment
             or dismissals indicated by each Founding Member pursuant to the
             above.

     4.3.2.  FUNCTIONS. POWERS

             The role of the Executive Committee shall be to closely monitor
             and support the operation of the business of the Company and to
             direct the management of the Company.

             The Members agree that the Executive Committee is a delegated
             body of the Board of Directors with all its faculties except
             for: (i) those which may not be delegated according to law or to
             the By-laws of the Company; and (ii) those related to the
             Qualified Matters for the Board of Directors.

     4.3.3.  ADOPTION OF RESOLUTIONS

             Resolutions on Qualified Matters referred to in 5.3 below will be
             adopted by the affirmative vote of each of the Executive
             Committee's Founding Directors.

             Resolutions on matters other than Qualified Matters will be adopted
             by absolute majority of the members of the Executive Committee.

     4.3.4.  MEETINGS OF THE EXECUTIVE COMMITTEE

             The Executive Committee will meet regularly, whenever called by the
             CEO or by any of the Executive Committee's Founding Directors.

4.4. MANAGEMENT APPOINTMENT

     The Members agree that in all cases the most competent officers will be
     selected to fulfil positions in the Company.

     Candidates who may come from any origin will be chosen among the best
     candidates to form a highly qualified and integrated management team.

     The Key Managers shall be proposed by the Executive Committee (with the
     affirmative vote of each of the Executive Committee's Founding Members),
     and approved by the Board of Directors.

                                       -18-
<Page>

     Should there be no agreement at the Executive Committee level (with respect
     to the proposal for the appointment of the Key Managers), the affirmative
     vote of two of the Executive Committee's Founding Members (including
     necessarily the one appointed by the Founding Member entitled to present to
     the Executive Committee the candidate in question, as specified below)
     shall be sufficient. In this case, the Executive Committee's Founding
     Members shall vote at the Board in favour of the proposal of appointment so
     made by the Executive Committee.

     The Founding Members shall be entitled to present to the Executive
     Committee candidates for the key management positions referred to below
     ("Key Managers") to the Executive Committee:

<Table>
<Caption>
     --------------------------------------------------------------------
           MANAGEMENT POSITION          FOUNDING MEMBER PROPOSING THE
                                        APPOINTMENT TO THE EXECUTIVE
                                                  COMMITTEE
     --------------------------------------------------------------------
     <S>                                <C>
     Chief Financial Officer ("CFO")                 ACS
     --------------------------------------------------------------------
     Chief Operating Officer ("COO")               VIVENDI
     --------------------------------------------------------------------
     Chief Technical Officer ("CTO")               SONERA
     --------------------------------------------------------------------
     Director of Sales & Marketing                 SONERA
     --------------------------------------------------------------------
     Human Resources Manager                         ACS
     --------------------------------------------------------------------
     Procurement Director                          VIVENDI
     --------------------------------------------------------------------
</Table>

     The above referred management structure could be changed by the Executive
     Committee by qualified majority, as provided in 4.3.3.

     The Board of Directors shall approve the appointment of such managers.

     The managers will directly report to the CEO and shall act in full
     accordance with the Annual Budget and the Business Plan in force.

5.   QUALIFIED MATTERS

5.1. QUALIFIED MATTERS FOR THE GENERAL MEETING

     The following shall be Qualified Matters for the General Meeting, and shall
     require the qualified majority provided in 3.3:

                                       -19-
<Page>

<Table>
<Caption>
     --------------------------------------------------------------------
                    QUALIFIED MATTERS                QUALIFIED MAJORITY
                                                        (% OF SHARE
                                                        CAPITAL WITH
                                                       VOTING RIGHTS)
     --------------------------------------------------------------------
          <S>                                        <C>
          (a)  any amendment to the By-laws of the           70
               Company except for the change of
               registered address within Madrid and
               those amendments referred to in (b),
               (d) and (f) below
     --------------------------------------------------------------------
          (b)  capital increases, convertible                86
               bonds, warrants, subscription rights
               or other analogue securities, unless
               specifically provided for in the
               Business Plan (in which case no
               qualified majority will be required)
               or in Clause 7.3.2 below, and the
               amendment of any qualified
               majorities for the approval of any
               Qualified Matters.
     --------------------------------------------------------------------
          (c)  the solicitation for Additional               86
               Financing according to 7.3.1 below
     --------------------------------------------------------------------
          (d)  the amendment of the exact number of          86
               members of the Board of Directors;
     --------------------------------------------------------------------
          (e)  any issue of non-convertible bonds,           70
               promissory notes and other analogue
               non-convertible securities;
     --------------------------------------------------------------------
          (f)  the conversion ("TRANSFORMACION"),            86
               merger, split-off or dissolution of
               the Company;
     --------------------------------------------------------------------
          (g)  transactions regarding treasury               70
               stock ("NEGOCIOS SOBRE ACCIONES
               PROPIAS") by the Company;
     --------------------------------------------------------------------
          (h)  The transfer of all the assets which          86
               form the business of the Company;
     --------------------------------------------------------------------
          (i)  the transfer of a material part of            70
               the assets which form the business
               of the Company and the development
               of any material new line of
               business; and
     --------------------------------------------------------------------
          (j)  the appointment of auditors.                  70
     --------------------------------------------------------------------
</Table>

                                       -20-

<Page>

5.2. QUALIFIED MATTERS FOR THE BOARD OF DIRECTORS

     The following shall be Qualified Matters for the approval by the Board of
     Directors, and shall require the qualified majority provided in 4.1.6:

     a) The approval and adoption of, or any material amendment to,
        the Business Plan and/or the Annual Budget;

     b) the approval of any capital expenditure which deviates by more
        of 5% of the Annual Budget;

     c) the appointment and removal of the CEO and of the Executive Committee
        Members, and the adoption of (i) bonus or employee benefit plans or
        programs, (ii) any material amendment to or change in any such employee
        benefit plans or programs or (iii) awards of bonuses or other incentive
        compensation under such plans;

     d) the transfer of assets (including intellectual property) of
        the Company in excess of EUROS FIVE MILLION (Euros - 5,000,000);

     e) the creation or assumption by the Company of any debt or the granting of
        any mortgage, pledge, or other charge or encumbrance which individually
        exceeds EUROS FIFTEEN MILLION (Euros - 15,000,000) and cumulatively
        exceeds EUROS TWENTY FIVE MILLION (Euros - 25,000,000), within the same
        fiscal year;

     f) the granting of any loan, credit or other form of financing in favour of
        a third party, or the granting of any kind of guarantee to a third
        party, individually in excess of EUROS ONE MILLION (Euros - 1,000,000)
        and cumulatively exceeding EUROS FIVE MILLION (Euros - 5,000,000) within
        the same fiscal year, other than in the ordinary course of business;

     g) the potential application for additional telecommunication
        licenses;

     h) the approval of concrete actions/omissions leading to the enforcement
        by the Authorities of the guarantees offered by the Members in the
        Application;

     i) the entering into, or variation of the terms of, any contract with any
        of the shareholders (or companies of the same Group) of the Company;

     j) the solicitation of Additional Financing from the Members, under the
        terms provided in 7.3;

     k) the distribution of interim dividends or the proposal to the General
        Shareholders Meeting regarding the distribution of dividends or the
        purchase or redemption of treasury stock;

                                     -21-
<Page>

     l) the creation or dissolution of subsidiaries, or the acquisition or sale
        of a participation in other companies, or the entering in any joint
        venture, partnership or similar arrangement;

     m) the establishment of new accounting policies and principles, or the
        material amendment thereof;

     n) the design of the general strategies;

     o) the settlement in any administrative, court or arbitration proceedings
        to the extent that the amount settled exceeds EUROS FIVE MILLION (Euros
        5,000,000); and

     p) in general, any act or transaction involving a monetary amount in excess
        of EUROS TEN MILLION (Euros - 10,000,000).

     To adopt resolutions on Qualified Matters, the Board of Directors must
     observe the voting requirements set forth 4.1.6.

5.3. QUALIFIED MATTERS FOR THE EXECUTIVE COMMITTEE

     The following shall be Qualified Matters for the approval by the Executive
     Committee, and shall require the qualified majority provided in 4.3.3:

     a) The proposal of the Annual Budget and the Business Plan or the
        proposal of any material amendment thereto;

     b) the proposal of the appointment of the Key Managers, (according to 4.4
        below) the amendment of management structure, and the appointment of
        second level management; the fixing of their employment conditions, as
        well as the entering into any employment contract which provides for a
        remuneration (including bonuses) in excess of EUROS ONE HUNDRED THOUSAND
        (Euros - 100,000), and the establishment of valuation and control
        mechanisms of the performance of the management of the Company;

     c) the execution of, or the making of a material amendment to, any
        agreement, commitment or arrangement involving aggregate expenditures by
        the Company in excess of Euros ONE MILLION (1,000,000) in any one year;

     d) the adoption of a collective bargaining agreement, and the proposal for
        the adoption of (i) bonus or employee benefit plans or programs,
        proposal of the (ii) any material amendment to or change in any such
        employee benefit plans or programs or (iii) awards of bonuses or other
        incentive compensation under such plans;

     e) the creation or assumption by the Company of any debt or the granting of
        any mortgage, pledge, or other charge or encumbrance which individually
        exceeds EUROS TWO MILLION (Euros 2,000,000) and is below EUROS FIVE

                                     -22-
<Page>

        MILLION (Euros 5,000,000) and cumulatively is below EUROS TEN MILLION
        (Euros 10,000,000) within the same fiscal year;

     f) the granting of any loan, credit or other form of financing in favour of
        a third party, or the granting of any kind of guarantee to a third
        party, individually in excess of EUROS ONE HUNDRED THOUSAND (Euros
        100,000) and below EUROS FIVE HUNDRED THOUSAND (Euros 500,000), and
        cumulatively below EUROS FIVE MILLION (Euros - 5,000,000) within the
        same fiscal year, other than in the ordinary course of business;

     g) the commencement, abandonment or the settlement of any litigation or
        arbitration that (i) involves a dispute in excess of EUROS ONE MILLION
        (Euros 1,000,000) and below EUROS THREE MILLION (Euros 3,000,000) or
        (ii) has been brought or commenced by or against any Governmental
        Authority;

     h) the definition of the type of basic services to be rendered by
        the Company within the scope corporate purpose;

     i) the approval of the distribution structure, including the choice of (i)
        the distribution model (agency, dealership or franchise), (ii) the
        distribution patterns (exclusive, semi-exclusive or non-exclusive),
        (iii) distribution channels (specialised shops, retail commerce,
        department stores, discount stores, or e-commerce);

     j) the configuration of the network further to the configuration
        contained in the Application;

     k) the choice and change of the domicile within Madrid;

     l) the choice and registration of trademarks, domain names and any other
        intellectual property rights;

     m) the granting of general powers of attorney and the approval of the
        structure of powers within the management;

     n) in general, any act or transaction involving a monetary amount below
        EUROS FIVE MILLION (Euros - 5,000,000) and in excess of EUROS FIVE
        HUNDRED THOUSAND (Euros- 500,000); and

     o) the preparation of the annual accounts.

5.4. NO FURTHER APPROVAL

     Unless required under Spanish Law, no further General Shareholders' Meeting
     or Board approval on Qualified Matters shall be required if expressly (and
     in full detail) provided for in, or approved in connection with, the Annual
     Budget already approved by the Board.

                                     -23-
<Page>

6.   AUDITOR. ANNUAL ACCOUNTS.

6.1. AUDITOR

     The Members shall appoint one of the top international auditor's firm of
     recognised prestige as the Company's Auditor within the General
     Shareholders' Meeting, regardless of being such appointment required by
     Spanish Law or not.

6.2. ANNUAL ACCOUNTS

     6.2.1. ANNUAL ACCOUNTS

            The annual accounts (the balance sheet, the profit and loss account
            and the annual report, the "Annual Accounts") shall be audited by
            the Company's Auditor.

            The Members will receive the Annual Accounts of the Company within
            15 days following their audit and no later than one month prior to
            the approval of said accounts by the General Shareholders Meeting.

            The audit report prepared by the Company's Auditor shall in any case
            be deposited with the Commercial Registry.

            As soon as practicable after the date hereof, but in any case as
            soon as practicable after the incorporation of the Company, the
            Members shall procure that the Company establishes adequate
            procedures and systems in respect of accounting, reporting and
            financial control (including systems for the preparation of
            Annual Operating Plans and Annual Budget) in a form agreed by the
            Members. Any change in the procedures and systems in respect of
            accounting, reporting and financial control may only take place
            following the procedure of Clause 5.2 above.

            The Accounts and Consolidated Accounts of the Company shall be
            prepared and audited annually each Financial Year in accordance
            with international accounting standards ("IAS") and with the
            standard accounting practice and rules of the Kingdom of Spain
            using the same rules and methods on a consistent basis from year
            to year.

            The Members shall discuss, determine and approve in accordance with
            5.2 whatever further accounting principles may be necessary in order
            for the Company's accounts to be complete and correct and fairly
            represent the financial condition of the Company on the respective
            dates thereof and the results of the Company's operations for the
            periods then ended.

            The Accounts and Consolidated Accounts shall be established in
            Euros, subject to specific requirements of applicable law.

                                     -24-
<Page>

     6.2.2. REPORTS

            The Members shall procure that in respect of the Company the
            following are prepared and made available at each Executive
            Committee Meeting and Board of Directors meeting:

            -  a financial forecast for the next quarter; and

            -  a monthly report including operational figures detailing
               significant variations to or departures from the Business Plan
               and Annual Operating Plan and Budget.

     6.2.3. FINANCIAL YEAR

            The financial year (the "Financial Year") for the Company shall be
            the 12 months ending on 31 December in any calendar year.

     6.2.4. REPORTING OBLIGATIONS

            The Members shall use their best endeavours to ensure that the
            Company prepares the necessary financial information to enable
            the Members to meet their respective reporting obligations under
            the listing rules of any applicable Stock Exchange for quarterly,
            half yearly and yearly results to the extent the Company is
            notified sufficiently in advance of the financial information
            necessary to enable the Parties to meet their reporting
            obligations.

7.   FINANCING POLICY

7.1. FINANCING EXPRESSLY REQUIRED FOR THE APPLICATION

     The Members agree to grant or provide, the guarantees in favour of the
     Administration required for purposes of filing the Application, in
     proportion to their respective participation of the Members, unless
     otherwise agreed between any of them. Furthermore, each of the Guarantors
     shall guarantee the economic and financial solvency of the relevant Member
     that belongs to the same group of companies as the Guarantor.

7.2. COMMITTED FINANCING FOR THE DEVELOPMENT OF THE ACTIVITIES

     The Members undertake to finance and capitalise the Company up to the
     amounts set forth in the Initial Business Plan ("Committed Financing"). The
     Members undertake to take the necessary steps in order for the Committed
     Financing to be completed and implemented. The failure to fulfil this
     obligation in the manner, time and proportion as approved by the Board,
     will be considered a material breach of this Agreement.

                                     -25-
<Page>

7.3. ADDITIONAL FINANCING

     7.3.1 In the event that at any time and from time to time, the Board of
           Directors considers that the Company requires additional financing,
           beyond that described in the Initial Business Plan, and such funds
           are not available on commercially reasonable terms, the Members may,
           by agreement of the majority required in relation to the Qualified
           Matters for the General Shareholders Meeting approve such additional
           financing. Each Member will then provide to the Company its pro rata
           contribution of such additional financing, in proportion to their
           respective equity interests in the Company. If any Member freely
           decides not to provide its pro rata contribution of the additional
           financing (the "Non-Contributing Member"), then the Members
           committing to provide the funds (the "Contributing Members"), may
           decide, by the majority of 86% of the shares held in the Company by
           the Contributing Members', to set the terms and conditions under
           which the additional financing are provided, including whether such
           funds are provided as debt or equity. The Defaulting Member may
           decide, up to the time of actual funding, to provide its pro-rata
           portion of the additional financing under the same terms and
           conditions approved by the Contributing Shareholders.

     7.3.2 If such financing is (i) necessary for the Company for the awarding
           of the License or to prevent the award of the same from being revoked
           by the Spanish Authorities, as notified in writing by the same,
           and/or (ii) required to avoid a forced liquidation of the Company as
           required by the applicable law, an agreement by Members holding at
           least 51% of the share capital of the Company shall suffice.

     7.3.3 The additional financing required to be provided pursuant to the
           provisions of clauses 7.3.1 and 7.3.2 above are herein referred to as
           the "Additional Financing". Each Contributing Member shall contribute
           the amount of any Additional Financing within fourteen (14) business
           days after the calling of any such Additional Financing duly approved
           in accordance with this Agreement.

8.   DIVIDEND POLICY

     The Members agree that no dividend shall be distributed by the Company
     during the first five years from the granting of the License. Thereafter,
     at least 50% of the yearly profits available for distribution, if any,
     shall be allocated to the payment of dividends, unless otherwise approved
     by the Board of Directors in accordance with Clause 5.2.

9.   DEFINITION OF THE ROLE OF THE MEMBERS

     The Members agree that separate technical and assistance services
     agreements will be concluded on arm's length terms among the Company and
     SONERA, MANNESMANN and VIVENDI, and, if appropriate, any other Member.

                                     -26-
<Page>

10.   LIQUIDITY OF THE INVESTMENT

10.1. FIRST STAGE

      The Members agree that, from the 30th month after the date on which the
      License is awarded, and as long as the Company is not floated, any Member
      wishing to sell all or part of his shares shall offer them to the other
      Members at a set price he freely determines. The other Members will have
      the right to acquire all, but not part, of the offered shares at the set
      price if they so wish.

      Should there be more than one Member interested in acquiring all the
      offered shares, the latter shall be distributed among such interest
      Members, pro rata, according to their share capital stakes in the Company.

      Should no Member exercise its purchase right, then the Member wishing to
      sell may search for a third party wishing to purchase his shares. Should
      there be any BONA FIDE third party firmly offering to purchase such
      shares, the other Members will have the right to exercise their first
      refusal rights as established in 11.2 below. However, in such a case, the
      price payable for the shares by any Member exercising his first refusal
      right will be the price offered by the third interested purchaser plus
      10%.

10.2. SECOND STAGE

      After 60 months from the granting of the License upon the request of
      Members holding a participation in the Company of at least 20%, the
      resolution of floating the Company shall be submitted to the General
      Shareholders Meeting. If the Company has not taken an irrevocable
      resolution to initiate the process for flotation one month after said
      request, the Members who have voted in favour of the above-mentioned
      resolution (the "Exiting Members") will have the right to sell their
      entire shareholdings in the Company to those Members who have not voted
      in favour (the "Blocking Members"), who shall be obligated to buy in
      proportion to their respective holdings. In any event, the Members will
      be entitled to exercise their respective first refusal right in
      accordance with the provisions established in 11.2 below.

      The price for the sale by the Exiting Members of their respective shares
      (the "Exit Shares") to the Blocking Members shall be determined according
      to the following procedure

        (i)   the Exiting Members, on the one part, and the Blocking Members, on
          the other, shall, respectively, and at their own cost, request an
          independent expert (which will be an investment bank with
          international repute) to determine the fair market value of the Exit
          Shares on the date of notification of the intention to sell by the
          Exiting Members. In the event that the results of the two experts
          deviate less than six percent (6%), the fair market value will be the
          average of the results of both reports.

                                     -27-
<Page>

           If either the Exiting Members or the Blocking Members did not appoint
           its respective independent expert, the fair market value determined
           by the expert appointed by the other party shall be binding upon both
           parties.

       (ii)   If the results of the valuations of the two experts deviated by
           more than six percent (6%), the experts shall seek to reconcile such
           results within a term of fourteen (14) days.

       (iii)  In the event that there were still discrepancies amounting to more
           than six percent (6%), the Exiting Members, on the one part, and the
           Blocking Members, on the other, agree that those discrepancies shall
           be finally and definitely settled by a third expert appointed by the
           two former experts (appointed by Exiting Members, and the Blocking
           Members, respectively). Should no agreement be reached regarding the
           appointment of the third expert, such expert shall be appointed by
           the Chairman of a recognised international institution with qualified
           expertise in this market chosen by lot ("insaculatio") between two
           institutions, each of them proposed by each expert. Each party shall
           be entitled to refuse one of the institutions proposed by the other
           party.

           The third expert will have to choose between the decisions of one of
           the experts appointed by the parties according to paragraph (i)
           above, not being possible to provide a third decision.

           The Members expressly agree to accept the decision of the third
           expert undertaking this decision as final and binding upon them,
           hereby expressly waiving any right of appeal before any jurisdiction
           or arbitration proceedings.

11.   RESTRICTIONS ON DISPOSITION OF SHARES

11.1. GENERAL RESTRICTION ON TRANSFERS

      11.1.1. GENERAL RESTRICTIONS

              The Members undertake not to sell, transfer, assign, deliver, or
              dispose of by any other means, of whatever nature, any shares
              owned by them in the share capital of the Company except pursuant
              to the provisions of this clause 11.1.

      11.1.2. PERMITTED TRANSFERS

              The following transfers are permitted under the conditions set
              forth below:

          (i)      TRANSFERS WITHIN THE GROUP

          The shares in the Company shall be freely transferable among entities
          of the same Group (as defined in 11.2.10(i) below).

                                     -28-
<Page>

          (ii)     TRANSFERS AMONG MEMBERS AND TO BANCA MARCH, S.A. AND
               FCC GROUPS

          Furthermore, until December 31, 2000 the transfer of shares in the
          Company shall be free among the Members, and from the Members to
          companies of the Banca March, S.A. Group and to companies of the
          Fomento de Construcciones y Contratas, S.A. Group.

          (iii)    TRANSFERS FROM ACF TO THE SAVINGS BANK

          ACF shall be free to transfer its shares in the Company to the Savings
          Banks or to a special vehicle incorporated for this purpose and
          controlled by the Savings Banks, before December 31, 2000.

          (iv)     TRANSFERS IN THE EVENT OF CHANGE OF CONTROL IN
               MANNESMANN/ORANGE

          Should there be any change of Control (as defined in 11.2.10(i) below)
          in MANNESMANN before December 31, 2000, MANNESMANN will be entitled to
          freely transfer its shares in the Company (together with its rights
          and obligations deriving from this Agreement) to Orange PLC
          ("Orange"). If, in spite of the change of Control in MANNESMANN, such
          transfer to Orange was not notified before the above-mentioned date,
          then the Founding Members will be entitled to acquire the shares held
          by MANNESMANN. The price for the shares shall be fixed according to
          the provisions of 11.2.7. Unless otherwise stated, the provisions of
          11.2.7 shall apply MUTATIS MUTANDIS.

          Should there be, subsequently to a transfer of shares by MANNESMANN,
          any change of Control (as defined in 11.2.10(i) below) in Orange, the
          Members will be entitled to acquire the shares held by Orange,
          according to the following rules:

          -  For the period of one (1) month following the notification of the
             change of Control in Orange, if any of the Founding Members decided
             to exercise its right to acquire, then the Founding Members will be
             entitled to acquire the Orange's shares pro-rata their respective
             participation.

          -  If the Founding Members did not exercise their right to acquire
             within the above one-month period, any of the Members will be
             entitled to acquire the Orange's shares pro-rata its participation
             in the Company, during the subsequent one-month period.

          -  The price for the shares shall be fixed according to the provisions
             of 11.2.7. Unless otherwise stated, the provisions of 11.2.7 shall
             apply MUTATIS MUTANDIS.

                                     -29-
<Page>

          Furthermore, from the moment that there is a notification of the
          change of Control in Orange, Orange will lose any specific rights it
          may have under this Agreement. Therefore, for the determination of the
          price of the shares, the experts shall take into account such lose of
          rights.

          Orange shall be obliged to notify the intention of the change of
          Control as soon as it becomes aware thereof.

        The Members expressly undertake to execute whatever private or public
        documents evidencing the consent definitively granted hereunder to the
        transfers referred to in this clause 11.1.2, and their waiver to the
        first refusal rights granted to them.

11.2. FIRST REFUSAL RIGHTS

      11.2.1.  Any Member who in good faith plans or attempts to transfer INTER
               VIVOS all or part of its shares in the Company, by payment or
               gift, to any individual or entity, even to another Member
               (unless otherwise provided in 11.1.2 above), must notify the
               Board of Directors of the Company thereof in writing, including
               the purchaser (the "Offeror"), number, class and series (if
               applicable) of the shares to be transferred, the price or
               consideration of each share and the conditions of the
               transaction. This notice of intent to transfer shall be
               construed for all purposes as an irrevocable offer to contract
               in the terms expressed below.

     11.2.2.   Within eight (8) days from the date of receipt of the notice, the
               Board of Directors shall send a notification with a copy thereof
               simultaneously to all Members, on the day the copy(ies) is/are
               sent, in order that it(they) may exercise its(their) pre-emptive
               right.

     11.2.3.   Within thirty (30) days from the date of receipt of the notice
               copy, the Members shall be entitled to exercise their pre-emptive
               right with regard to all, but not part of the offered shares,
               notifying the Board of Directors by any type of written notice.
               This written notice shall be construed as an irrevocable
               acceptance of the offer in the terms expressed below.

     11.2.4.   Within eight (8) days from the day after the date on which the
               option to exercise the pre-emptive right expires, the Board of
               Directors shall distribute the shares among those who have
               exercised, in a timely and proscribed manner, their right.

               If more than one Member has exercised the pre-emptive right, the
               shares shall be distributed in proportion to the total sum of the
               par value of the respectively owned shares.

                                     -30-

<Page>

     11.2.5.   Once the shares have been allocated, the Board of Directors shall
               notify within 24 hours the selling Member of the name and
               domicile of the non-selling Member(s) to whom distribution has
               been made and the number of shares distributed to each, as the
               case may be. The same notice shall be sent to each of the Members
               to whom distribution has been made.

     11.2.6.   The conditions and price for the acquisition shall be those
               stated in the transfer project, however, if all or part of the
               price is to be postponed in the transfer project, a credit entity
               must guarantee payment of the postponed price, as a previous
               requirement for acquiring the shares.

     11.2.7.   If the transfer offer is to be made for payment but different
               from a sale and purchase or as a swap or gift, the purchase
               price of the shares for the remaining Members who have exercised
               their pre-emptive rights shall be that to which the parties
               agree (within a maximum term of fifteen days since the date of
               the notification referred to in paragraph 11.2.5 above). If
               there is no agreement, the purchase price shall  be the price
               determined according to the procedure provided for in 10.2
               above, on the day the transfer project was notified to the
               Company.

     11.2.8.   The selling Member shall be free to transfer the shares in
               accordance to the notified transfer project, if:

               (i)   The selling Member has not received the notice referred to
                     in paragraph 11.2.5 above after two months since the
                     sending of the offer notice to the Board of Directors; or

               (ii)  For reasons not attributable to the selling Member, the
                     transfer of the shares from the seller to the Members
                     having exercised their pre-emptive right has not been
                     carried out:

                     -     Within the twenty (20) days following the date of the
                         notice made in accordance to paragraph 11.2.5 above, in
                         case the projected transfer was to be effected through
                         a sale and purchase and, consequently, the price was
                         the one set forth in paragraph 11.2.6 above; or

                     -     Within the sixty (60) days following the date of the
                         notice made in accordance to paragraph 11.2.5 above, in
                         case the projected transfer was to be effected for
                         payment but not through a sale and purchase, or as a
                         gift, and consequently the price was the one set forth
                         in paragraph 11.2.7 above.

               The transfer shall be effected within a maximum term of one month
               from the elapse of the periods referred to in (i) and (ii) above.

                                     -31-
<Page>

               If the transfer is not effected within said period, the selling
               Member will not be allowed to present a new transfer project
               until six months have elapsed since the date of the former
               transfer offer.

     11.2.9.   In cases of acquisitions of shares as a consequence of a
               judicial or administrative enforcement proceedings or as a
               consequence of the liquidation of the Company which owned those
               shares or acquisition MORTIS CAUSA, the Board of Directors may
               reject the recording of the transfer in the Book of Registered
               Shares by presenting one or several acquiring Members. The
               presentation shall take place through a Notary Public, within a
               maximum term of two months from the date on which the request to
               register the shares in the Book of Registered Shares was made.

               For that purpose, within eight days from the receipt of the
               request for recording, the Board of Directors shall send a copy
               thereof simultaneously to all Members in case they wish to make
               use of their pre-emptive right over the shares.

               The exercise of the pre-emptive right, the acquisition of shares
               and the notification to the requester of recording shall be
               effected in accordance to the terms set forth in paragraphs
               11.2.3 to 11.2.5 of this Clause 11.2.

               The acquisition price for the shares shall necessarily be the
               shares' Real Value on the day the recording at the Book of
               Registered Shares was requested; this value shall be determined
               in accordance to the provisions set forth in the law.

               The earnings per share the Company decides to distribute during
               the time between the request for recording in the Book of
               Registered Shares and the notification to the requester of the
               name of the acquiring shareholder/s, shall correspond to the
               requester.

     11.2.10.  For the purpose of this Agreement,

               (i)   Entities shall be considered as belonging to the same
                     "Group" if they constitute a single decision-making unit,
                     because any one of them controls or may control, directly
                     or indirectly, the decisions of the others.

                     It shall be understood, in any case, that one entity has
                     "Control" over another in any of the following
                     circumstances:

                     (a)   When the controlling entity holds the majority of the
                         voting rights of the controlled entity, either directly
                         or by means of agreements with other shareholders.

                                     -32-
<Page>

                     (b)   When the controlling entity has the right to appoint
                         or remove the majority of the members of the governing
                         bodies of the controlled entity, either directly or by
                         means of agreements with other shareholders.

                     (c)   When at least one-half plus one of the directors of
                         the controlled entity are directors or top executives
                         of the controlling entity or of another entity
                         controlled by the latter.

                     For the purpose of the provisions contained in the
                     preceding paragraphs, the rights to vote or of appointment
                     or removal possessed by the controlling entity through
                     controlled entities or through other persons acting on
                     behalf of the controlling entity or on behalf of other
                     entities controlled by the latter shall be added to the
                     rights to vote or of appointment or removal referred to in
                     said paragraphs.

               (ii)  "Real Value" shall mean the value determined by the
                     Company's auditor or, if the Company is not required to
                     annual accounts verification, the value determined by an
                     auditor nominated, at the request of any of the acquiring
                     Members, seller or Directors by the Commercial Registrar of
                     the district where the Company is registered. In this
                     latter case, auditor's fees shall be borne by halves by the
                     transferor and the acquirers who have not reached a
                     previous agreement. The auditor shall determine the Real
                     Value in the maximum term of one month since he was
                     appointed.

               (iii) All references to days are to calendar days.

     11.2.11.  The terms in this Clause shall be applicable to the transfer of
               first subscription rights, convertible obligations or other
               titles granting a right to shares' subscription.

     11.2.12.  Transfers effected contravening the provisions set forth in this
               Article shall not be enforceable against the Company and can not
               be registered in the Share Register Book.

11.3. CONDITION FOR ACQUISITION OF SHARES IN THE COMPANY

      Until the fifth anniversary of the granting of the License, no third party
      may acquire shares in the Company without having become a party to this
      Agreement. To this effect, the Selling Member shall cause the purchaser to
      execute a counterpart hereof prior to the purchase. The non-fulfilment of
      this undertaking shall be deemed to constitute a material breach of this
      Agreement by the Selling Member.

                                     -33-
<Page>

12.   DISPUTES RESOLUTIONS

12.1. DISPUTE SITUATION

      If the Founding Members are unable to agree upon a decision which requires
      their unanimous consent at the Executive Committee's level, then such
      Founding Members, shall respectively refer such dispute for resolution
      ("Dispute Resolution") to the relevant persons within their companies
      holding senior executive management responsibility for the affairs of the
      Company.

      Should no agreement be reached among them within 30 days after one Member
      has initiated the Dispute Resolution, the relevant matter shall be decided
      by the Board of Directors by simple majority.

12.2. INTERIM RESOLUTION

      Exceptionally, during the escalation period referred in 12.1 above, the
      Board of Directors of the Company may, with the approval of half plus one
      of its members, adopt measures regarding the ordinary course of business
      of the Company and/or any measures of a provisional nature, as necessary
      for the proper day to day management of the Company.

13.   RESTRICTIVE COVENANT

13.1. SCOPE

      The Guarantors and the Members agree that, neither they nor any of the
      companies belonging to their respective Group (as defined in 11.2.10
      above) shall compete with the Company in the mobile telecommunication
      services in Spain and, as a consequence thereof, shall not, directly or
      indirectly, acquire or held any participation in the share capital of a
      company that would render similar services than the Company in Spain.

      For the sake of clarification, wireless local loop and related services do
      not qualify as mobile telecommunication services. Equally, for the sake of
      clarification, this non-compete obligation shall not include those
      services that do not require a telecommunication license in Spain (such as
      internet services, Sonera's SmartTrust Services and Sonera's Zed
      Services).

      An exception to the above non-compete covenant is made in relation to
      investments made by financial institutions amounting to less than 10%
      interest which are expressly authorised.

13.2. TERM

      The non compete obligation established in 13.1 above will apply to each
      Member for as long as such Member is Party to this Agreement and for 2
      years thereafter in the case that it ceased to be a Party due to a
      material breach of this Agreement.

                                     -34-
<Page>

14.  WITHOUT CONTENTS

15.  GUARANTEE

     Each of the Guarantors unconditionally guarantees the compliance by the
     relevant Member belonging to its same Group, of the obligations and
     undertakings assumed hereunder, to the benefit of the rest of the members
     and of the Company. This guarantee shall in no event be construed as joint
     and several among the Guarantors.

16.  DURATION

     This Agreement will be in force for the entire life of the Company, unless
     any of the following occurs:

     a) the Public Bid process is cancelled or the awarding of the
        Licenses postponed beyond December 31, 2000, by the Spanish
        Authorities;

     b) the four Licenses are awarded to third parties;

     c) the Parties so decide;

     d) no Application is filed by the Company; or

     e) the Company is floated.

17.  BREACHES. TERMINATION.

     In case of material breach of any of the obligations under this Agreement
     by any of the Members, any non-breaching Member will notify the breaching
     Member in writing of the relevant breach.

     If the breaching Member does not remedy such breach within a period of
     thirty (30) days from the date of delivery of the above-mentioned notice,
     the other Member(s) will have the right to proceed according to the
     provisions set forth in Article 1.124 of the Spanish Civil Code.

     Upon the occurrence of a breach by any Member (as accepted by the breaching
     Member or as determined by an arbitrator), and notwithstanding any other
     provision of this Agreement to the contrary, each of the Members shall take
     all necessary action to remove from the Board of Directors any Director
     designated by the breaching Member to the Board of Directors and cause the
     size of the Board of Directors to be decreased by the number of Directors
     so removed. The breaching Member shall have no right to designate Directors
     pursuant to 4.1.1 until such time as such breach is cured in full or waived
     by each non-breaching Member.

     Without prejudice to the above, the non-breaching Members shall in any
     event be entitled to purchase all the shares from the breaching Member. The
     purchase price shall be (i) the Real Value of the relevant shares on the
     day of the exercise of the option to purchase, minus (ii) 20% of the above
     amount, as damages.

                                     -35-
<Page>

      The transfer shall be completed within 90 days from the date on which the
      breaching Member has received the notice of purchase from the
      non-breaching Members.

18.   NOTICES

18.1. WAYS TO GIVE NOTICE

      All notices among the Parties in relation with this Agreement may be made
      by international courier, certified mail with return receipt or facsimile
      (provided international courier or certified mail follow). Notices made
      by international courier shall be deemed received by the addressee
      provided that the sender holds a copy of the delivery receipt furnished
      by the courier company. Notices made by certified mail shall be deemed
      received by the addressee provided that the sender holds a return
      receipt. Notices made by facsimile shall be deemed received by the
      addressee provided that (i) the sender holds an OK confirmation with the
      date and number of pages of the fax, (ii) international courier or
      certified mail delivery have followed and (iii) the sender holds the
      adequate evidence of such delivery pursuant to this Clause.

18.2. ADDRESSES

      The Parties have designated the following addresses for the purpose of
      receiving notice:

      (a)          ACS/ ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A.

          -     Domicile: Avda. Pio XII 102, Madrid

          -     Attention: Mr. Angel Garcia Altozano

          -     Facsimile: 00-34-91-343.92.22

      (b)          SONERA

          -     Domicile: Teollisuuskatu 15, Helsinki, Finland

          -     Attention: General Counsel / Ms. Pirjo Kekalainen-Torvinen

          -     Facsimile: 00-358 204 063 570

      (c)          VIVENDI

                                     -36-
<Page>

          -     Domicile: Colline de l'Arche, Immeuble Madeleine 76,
                Route de la Demi-Lune, 92057 Paris-La Defense

          -     Attention: General Secretary

          -     Facsimile: 00 33 171 00 26 63

      (d)          VIVENDI, S.A.

          -     Domicile: 42 Avenue de Friedland, 75008 Paris, France

          -     Attention: Legal Counsel

          -     Facsimile: 00 33

      (e)          ACESA

          -     Domicile: Plaza Gala Placidia, 1, Barcelona

          -     Attention: Secretary General: Mr. Juan Arturo Margenat

          -     Facsimile: 34 93 228 50 09

      (f)          MANNESMANN

          -     Domicile: Prinzenallee 7

          -     Attention: Mr. Christian Sommer

          -     Facsimile: 49 211 64996 131

      (g)          MANNESMANN AG

          -     Domicile: Mannesmannferz, 4213 Duesseldorf

          -     Attention: Dr. Babette Sievers

          -     Facsimile: 49 211 820 15 87

      (h)          ACF

          -     Domicile: Paseo de la Castellana, 89, Madrid

                                     -37-
<Page>

          -     Attention: Director Corporate Finance: Mr. Victoriano
                Lopez-Pinto

                        Legal Department: Mr. Fernando Navarro

          -     Facsimile: 34 91 556 01 11

      (i)          MERCAPITAL/MERCAPITAL SERVICIOS FINANCIEROS, S.L.

          -     Domicile: Paseo de la Castellana, 216, Madrid

          -     Attention: Mr. Ramon Carne / Rafael Mate

          -     Facsimile: 00 34 91 344 9191

      (j)          THE COMPANY:

          -     Domicile: Velazquez, 21, 3(0), 28001 Madrid

          -     Attention: Board of Directors

          -     Facsimile: 00 34 91 578 30 77

18.3. CHANGE OF ADDRESS

      Any notice sent to the above referenced address will be deemed to be
      received by the addressee, except if prior to the sending of such notice
      the addressee had notified the addressor by certified mail of a change of
      address.

18.4. LANGUAGE

      All notices under this Agreement shall be served in English.

19.   MISCELLANEOUS

19.1. CONFIDENTIALITY

      Any information and know-how related to the transaction hereunder, shall
      be kept in confidence. Information and know-how furnished by the Parties
      to the present Agreement to the representatives, agents or employees of
      the other parties and/or the Company will also be kept confidential and
      shall not be disclosed to third parties without prior written consent of
      the Party furnishing such Information and/or know how. This
      confidentiality provision shall survive for three years after the
      termination of this Agreement.

                                     -38-
<Page>

19.2. PUBLICITY

      The Members shall, unless required by law or the rules of the relevant
      Stock Exchanges, not issue any press release or make any other disclosure
      of this Agreement without the prior approval of the other Parties hereto.

19.3. EXPENSES

      Except as otherwise specifically provided in this Agreement, the Company
      shall bear all expenses and costs incurred by it in the preparation,
      negotiation, execution of this Agreement, and the performance of the
      transactions contemplated hereby, expressly including the preparation of
      the bid to be filed for the License.

      The Members expressly agree to share the expenses of the Company in
      proportion to their respective participation in the share capital of the
      Company, in the event that the Company was not granted the License. For
      this purpose, the Members shall make the relevant contributions to the
      Company.

19.4. TAXES

      Any and all taxes arising from this Agreement and the transactions
      contemplated hereby shall be borne by the Party liable for the same under
      the applicable law.

19.5. HEADINGS

      The headings in this Agreement are intended for convenience only and shall
      be ignored in construing this Agreement.

19.6. ANNEXES

      The Annexes to this Agreement are an integral part hereof and reference to
      this Agreement includes reference thereto.

19.7. WAIVER

      Compliance with any provision of this Agreement may be waived by the Party
      entitled to demand such compliance, but such waiver must be in writing. No
      waiver of any provisions shall be construed as a continuing waiver of that
      provision or a waiver of any other provision.

19.8. ASSIGNMENT

      The Founding Members may assign at any time all its rights or obligations
      under this Agreement to any company of its Group. Any such assignment
      shall be notified before its occurrence.

                                     -39-
<Page>

19.9. SUPERSEDURE

      This Agreement supersedes all prior proposals and agreements, written or
      oral, with respect to the transactions contemplated hereunder, including
      the MOU, except for the provisions contained in Clause 8 of the MOU, which
      shall also bind to Members other than the Founding Members.

19.10. LANGUAGE OF THE AGREEMENT

      This Agreement will be executed in English, but the Parties shall agree
      on a Spanish version thereof. The English version shall prevail for all
      purposes.

20.   GOVERNING LAW

      This Agreement shall be governed by and construed under the common laws of
      Spain ("DERECHO COMUN ESPANOL").

21.   SUBMISSION TO ARBITRATION

      The Parties, expressly waiving to any other forum to which they may be
      entitled, expressly agree that all disputes and claims arising from or
      relating to this Agreement, including failure to comply, its termination
      or nullification, shall be finally settled according to the Arbitration
      Rules of the UNCITRAL.

      The parties undertake to voluntarily comply with the arbitration award as
      soon as they have been duly notified thereof.

      The arbitration proceeding shall be held in the city of Geneva. The
      arbitration proceedings shall be conducted in English

                                     -40-
<Page>

AS AN EXPRESSION OF THEIR CONSENT, the Parties shall initial every page and sign
at the bottom of the twelve (12) copies of the present Agreement, at the place
and on the date indicated above.

ACS, TELEFONIA MOVIL, S.A.              SONERA CORPORATION

By:                                     By:

----------------------------------      ---------------------------------
Mr. Angel Garcia Altozano               Ms. Pirjo Kekalainen-Torvinen

VIVENDI TELECOM INTERNATIONAL,          AUTOPISTAS, CONCESIONARIA
S.A.                                    ESPANOLA, S.A.

By:                                     By:

----------------------------------      ---------------------------------
Mr. Bruno Curis                         Mr. Luis Deuloufeu Fuguet

AHORRO CORPORACION FINANCIERA,          MANNESMANN EUROKOM, GMBH
S.V.B., S.A

By:                                     By:

----------------------------------      ---------------------------------
Mr. Jose Carlos Terriente Quesada       Mr. Gerhard Schobelt

                                     -41-
<Page>

MERCAPITAL TELECOM, S.A.                ACS, ACTIVIDADES DE
                                        CONSTRUCCIONES Y SERVICIOS, S.A.

By:                                     By:

----------------------------------      ---------------------------------
Mr. Rafael Mate Rodriguez               Mr. Angel Garcia Altozano

VIVENDI, S.A.                           MANNESMANN AG

By:                                     By:

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

Mr. Regis Mesnier                       Mr. Gerhard Schobelt

MERCAPITAL TELECOM, S.A.

By:

----------------------------------
Mr. Rafael Mate Rodriguez

XFERA MOVILES, S.A.

By:

-----------------------------------------------------------------------
Mr. Angel Garcia Altozano/Ms. Pirjo Kekalainen-Torvinen/Mr. Bruno Curis

                                     -42-

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