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  BUSINESS CO-OPERATION CONTRACT No. VC9405

  

Exhibit 4.1  

 

BUSINESS CO-OPERATION CONTRACT No. VC9405    
    

 

	 

	Contract BCC VC 9405 dated June 2nd, 1994
	

Amendment dated October 28th, 1994
	

Amendment dated December 17th, 1994
	

Amendment dated December 22nd, 1994
	

Amendment dated December 23rd, 1994
	

Amendment dated April 8th, 1995
	

Amendment of July 2000
	

Amendment dated January 14th, 2002
	

Amendment and supplementary contract dated January 9th, 2004

1

  

 
 
BUSINESS CO-OPERATION CONTRACT

No. VC9405  

between 

VIETNAM
MOBILE SERVICES CO. 

and 

INDUSTRIFORVALTNINGS
AB KINNEVIK & 

COMVIK
INTERNATIONAL VIETNAM AB 

English
Version 

2

  

 
 

BUSINESS CO-OPERATION CONTRACT
  NUMBER—VC9405    
    

 
  A.    Legal base    
    

        Based upon the Law on Foreign Investment in Vietnam approved by the National Assembly of the Socialist Republic of Vietnam ("SRVN") on 29 December 1987,
and other relevant regulations. 

        Based
upon Decree 18-CP on the implementation of the Law on Foreign Investment ("Decree 28") promulgated by the Government on 16 April 1993; and all other relevant
legislation. 

3

 

 
 

B.    Information concerning the co-operation parties    
    

        The parties comprise: 

	(A)	 	VIETNAMESE PARTY	 	 	 	 
	

(i)	
 	

Name of company:	
 	

Vietnam Mobile Services Co. ("VMS")
	

(ii)	
 	

Company address:	
 	

12 Lang Trung, Hanoi, Socialist Republic of Vietnam
	

(iii)	
 	

Telephone:

Facsimile:	
 	

+84 4 351 534

+84 4 352 126
	

(iv)	
 	

Main activities of business:	
 	

Conducting mobile telecommunications business in SRVN
	

(v)	
 	

Decision/permit establishment:	
 	

321/QD TCCB-LD dated 16 April 1993 issued by DGPT
	

(vi)	
 	

Authorized representative:

Position:	
 	

Mr. Dinh Van Phuoc

Managing Director
	

(B)	
 	

FOREIGN PARTIES	
 	

 	
 	

 
	

(i)	
 	

Foreign Party No.1:	
 	

Industriforvaltnings AB Kinnevik ("Kinnevik")
	

 	
 	

Foreign Party No.2:	
 	

Comvik International Vietnam AB ("CIV")
	

(ii)	
 	

Both Foreign Parties address:	
 	

Skeppsbron 18

S-103 13 Stockholm, Sweden
	

(iii)	
 	

Telephone:

Facsimile:	
 	

+46 8 245420

+46 8 203774	
 	

 
	

(iv)	
 	

Main activities of business:	
 	

Communications
	

(v)	
 	

Permit for establishment/business:	
 	

CIV

No. 556472-6825

Registered in Sweden

Date: 31 August 1993	
 	

Kinnevik

No.556001-9035

Registered in Sweden

Date: 18 September 1936
	

(vi)	
 	

Financial status/ Registered capital: Asset value:	
 	

CIV

SEK 1,000,000	
 	

Kinnevik

SEK 1.210 billion

US$ 2 billion
	

(vii)	
 	

Bank with which the foreign parties have their accounts:	
 	

Bank Invik S.A.

75, route de Longwy,

B.P. 16, L-8005

Bertrange,

Luxembourg	
 	

Kinnevik has banking relations with all major Swedish banks
	

(viii)	
 	

CIV Account(s) no.:	
 	

4000150
	

 	
 	

Cash deposit:	
 	

USD 10,000,000 (US Dollar Ten Million)
	

 	
 	

Additional cash deposit in Comvik International:	
 	

USD 10,000,000 (US Dollar Ten Million)
	

(ix)	
 	

Authorized representative of CIV:	
 	

E.H. Ledin

Chairman
	

 	
 	

 	
 	

M.A. Zaman

President and Chief Executive Officer
	

(x)	
 	

Authorized representative of Kinnevik:	
 	

E.H. Ledin

Senior Vice President

(C)  PROVISIONS OF CONTRACT  

        The parties have agreed to sign this business co-operation contract on the following terms: 

        DEFINITIONS—the following words, terms, and phrases used herein shall have the meanings ascribed to them below. 

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	1.
	"Business
Co-operation Term" means that period of ten (10) years from the Commencement Date and any extensions thereof during which the Contract shall be agreed
mutually.

	2.
	(a)        "CIV"
means Comvik International (Vietnam) AB.

	(b)
	"Kinnevik"
means Industriforvaltnings AB Kinnevik.

	(c)
	"F.P."
means foreign parties means of Kinnevik and CIV.

	3.
	"Cellular
System" means the existing GSM cellular digital mobile telephone system (for both mobile and fixed cellular use) presently installed by VMS in Ho Chi Minh City, Bien Hoa and
Vung Tau and which is to be expanded by the parties pursuant to this Contract to operate in all areas from the south coast up to and including Hue. Thereafter, the Cellular System and the Paging
System will be expanded throughout the whole of SRVN in accordance with DGPT policy.

	4.
	"Commencement
Date" means the date upon which the SCCI approves the business co-operation application and grants a business investment license in favour of the parties upon
terms satisfactory to the parties.

	5.
	"Committee"
or "AC" means the Committee of Advisors established by Article 7 with respect to the operation and activities of VMS.

	6.
	"Contract"
means this Contract.

	7.
	"Contract
Date" means the date of signing the Contract.

	8.
	"DGPT"
means the Department General of Posts and Telecommunications.

	9.
	"VNPT"
means the Vietnam Posts and Telecommunications.

	10.
	"VMS"
means Vietnam Mobile Services Co.

	11.
	"Dong"
means official currency of the SRVN.

	12.
	"LFI"
means the Law on Foreign Investment in SRVN approved by the National Assembly of SRVN on 29 December 1987 as amended and all relevant regulations thereunder.

	13.
	"Revenue"
means all income derived by the parties from (a) Cellular System monthly subscription, phone sales, daily phone rentals and call and usage charges; (b) Paging
System monthly subscription and pager sales; (c) initial connection charges for subscribers to the Cellular System and to the Paging System; (d) as well as revenue earned from STD and
IDD operators.

	14.
	"Net
Revenue" means Revenue less Joint Costs.

	15.
	Joint
Costs means (1) transmission costs, (2) import duties and costs for terminals and (3) government taxes (4) sales & marketing cost which costs
will be borne equally by the parties. If possible, Joint Costs will be paid directly from Revenue prior to calculation of Net Revenue.

	16.
	"Paging
System" means the paging system (Tone, Numeric, Alpha/Numeric) to be installed initially in Ho Chi Minh City and subsequently in accordance with DGPT policy in other cities
upon demand.

	17.
	"SRVN"
means the Socialist Republic of Vietnam.

	18.
	"Termination
Date" means the date on which the Contract is terminated pursuant to Article11.

	19.
	"Termination
Notice" means the notice that shall be given pursuant to Article 11 by either party to the other for termination of the Contract. 

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	20.
	"Transmission
Cost" means cost paid by the parties to DGPT's carriers for:

	•
	Transmission
links from MSCs to MSCs and PSTN, MSCs to BSCs, and BSCs to BTSs provided by DGPT's carriers;

	•
	Transmitting
calls through/to DGPT's carriers PSTN as well as to STD and IDD operators;

	•
	Transmission
costs for telephones and facsimiles supporting the MSCs, BSCs to BTSs and ABSs; and/or

	•
	Transmission
links from paging centre to PSTN and transmitters.

	21.
	"US
$" means the official currency of the United States of America.

	22.
	"SCCI"
means the State Committee for Co-operation and Investment in SRVN.

	23.
	"GSM"
means the cellular mobile telephone system as specified by ETSI (European Telecommunications Standardisation Institute). 

ARTICLE 1    BUSINESS CO-OPERATION PURPOSE  

	1.1
	The
parties hereto agree to establish a contractual business co-operation in order to:

	(a)
	Obtain
all necessary licenses from the government of SRVN to improve the telecommunications capabilities of SRVN by installation and operation of the Cellular System and the Paging
System;

	(b)
	Train
VMS personnel and transfer technology to VMS in accordance with the business plan as and when necessary in operating the Cellular System and Paging System;

	(c)
	Provide
the equipment, machinery, technology and training to establish a maintenance and assembly workshop to enhance DGPT's development of a capability to manufacture communication
equipment, mainly digital cellular and paging equipment;

	(d)
	Install
and operate (i) the Cellular System operating under the GSM standard and the Paging System and (ii) a cellular system operating under any new standard that AC
recommends such as Personal Communications Network subject to DGPT policy;

	(e)
	Introduce
AGORA SYSTEM 2000 within SRVN for voice, data and image communication when F.P. and VMS consider it feasible and when F.P. provides financing and;

	(f)
	Conduct
such other business activities, as the parties may determine to be appropriate, with SCCI's approval. 

ARTICLE 2    BUSINESS CO-OPERATION PLAN  

	2.1
	The
parties have agreed upon the principles for the technical and financial plan according to Annex I. 

ARTICLE 3    RESPONSIBILITIES  

	3.1
	The
two parties have agreed to implement the Contract by carrying out the following responsibilities:

	(a)
	VMS
contribution:

	•
	To
provide sufficient local staff (for operation maintenance and business of the GSM Cellular System and Paging System) to be employed by VMS and to pay salaries and
expenses of such local staff; 

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	•
	Rights
to use land, buildings, and infrastructure required for the installation and operation of MSCs, BSCs, BTSs, the paging centre, transmitter sites and all supporting
systems (for both the Cellular System and Paging System);

	•
	To
provide at its expense, office space and infrastructure for staff requirements;

	•
	To
provide at its expense, utilities such as water, electricity etc., required for operations;

	•
	At
its expense to make application to obtain the grant of all licenses, permission and/or approvals from the Government of SRVN to enable the parties to build out, implement
and operate the Cellular System and Paging System after the Commencement Date;

	•
	Arrange
interconnection to PSTN, local trunk and international level, as well as transmissions, [which costs shall be borne by the parties at DGPT's carrier cost
price plus a reasonable profit margin; the parties shall be the customer of DGPT's carrier];

	•
	Obtaining
and paying for all necessary licenses, clearances and approvals as well as all related duties and taxes for importing telecommunications network equipment to be
delivered into SRVN for the cellular system and the paging system.

	(b)
	F.P.
contribution

	•
	Make
available US$87,300,000 of plant and equipment in stages in accordance with the business plan. For the first stage F.P. will pay US$6.2 million plus
training & bank fee to VMS for transfer of ownership to F.P. of the plant and equipment described in Annex II. Subsequent stages will be invested when AC determines it is economically viable to
do so in accordance with the business plan;

	•
	Provide
at its expense necessary technical, operational and management matters and to provide training to VMS personnel both inside and outside SRVN;

	•
	Provide
at its cost spare parts and maintenance for the network equipment;

	•
	Provide
at its cost computer systems including for subscriber management, billing, administration and other purposes (ABS, NMC and OMC etc.);

	•
	Provide
expatriate experts and absorb their costs and expenses (i.e. salaries, accommodations, transports, etc.);

	•
	Provide
at its expense office equipment for all operations of this Contract; and

	•
	F.P.
may decide to invest upon market demand beyond US$87.3 million but not exceeding US$ 200 million;

	•
	F.P.
is responsible to introduce VMS to GSM MOU and share the financial responsibilities. 

ARTICLE 4    SPECIFICS OF EQUIPMENT AND SYSTEM REQUIREMENTS  

	4.1
	VMS
shall decide with the recommendations of AC on the list of quantity, quality, the technical specifications and price of every type of equipment, machinery and main materials to be
contributed by VMS and F.P., as necessary for performing under the Contract.

	4.2
	VMS
will equip the Cellular System and the Paging System under this Contract, based upon the recommendations of the AC, recognizing that title to any equipment so purchased by F.P.'s
contribution hereunder shall be vested in F.P. (or its assignee) at all times, expect upon termination of the contract or any extension thereof. 

7

 
	4.3
	VMS
with the recommendations of AC and the approval of DGPT shall decide the technical standards for all telecommunications equipment to be connected to the Cellular System and the
Paging System and the type of approval authority for such equipment, with the parties having the power to refuse connection or to disconnect, in the case of contravention of any approved international
standard.

	4.4
	Each
party is responsible to the other party for any reasonable direct economic losses and other direct consequences due to improper performance of its obligation and shall compensate
for the losses which shall be determined through a mutual discussion. 

ARTICLE 5    SCHEDULE OF CAPITAL CONTRIBUTIONS  

	5.1
	The
schedule of the total amount of capital required to implement this Contract, as from the Commencement Date, shall be established with the recommendation of the AC in accordance
with to the agreed business plan. Generally, capital contributions shall be as follows:

	(a)
	VMS:

	(i)
	First
stage (preparing)—VMS shall contribute whatever materials and whatever costs are necessary to cover all local expenses related to operating, managing
and staffing sources.

	(ii)
	Second
stage (build out)—same as (i) above.

	(iii)
	Third
stage (Operation and subsequent expansion)—same as (i) above.

	(b)
	F.P.:

	(i)
	First
stage (preparing)—F.P shall provide the personnel, office equipment and training necessary to fulfil the requirements of a Cellular System and Paging
System as well as finance required for purchasing telecommunications equipment deemed necessary and appropriate, and shall arrange payment only for expenses related to foreign staff (i.e.,
technicians, engineers, etc.) necessary to this stage.

	(ii)
	Second
stage (build out)—same as (i) above.

	(iii)
	Third
stage (Operation and subsequent expansion)—same as (i) above.

	5.2
	If
either party fails to fulfil, in a timely manner, in accordance with the business plan, its agreed upon capital contribution schedule, it shall inform the other party of the same
and shall be responsible to that other party for all consequences caused to party by such failure and any resultant delay. 

8

   ARTICLE 6    FORM OF CAPITAL CONTRIBUTION PAYMENTS  

	6.1
	The
form of contributed capital payments as agreed by VMS and F.P. during the Contract is as follows:

	(a)
	VMS:

	(i)
	First
stage (preparing)—payments for expenses set forth in Article 5.1 (a) shall be in the form of cash, while VMS also shall provide necessary
buildings, land and utilities for the Cellular System and Paging System as well as office space for operations.

	(ii)
	Second
stage (build out)—same as (i) above.

	(iii)
	Third
stage (Operation and subsequent expansion)—same as (i) above.

	(b)
	F.P.:

	(i)
	First
stage (preparing)—payment shall be in cash for any purchase order to the suppliers for the telecommunications equipment to be delivered in connection
with the Cellular System and Paging System, and for other expenses set forth in Article 5.1 (b).

	(ii)
	Second
stage (build out)—same as (i) above.

	(iii)
	Third
stage (Operation and subsequent expansion)—same as (i) above. 

ARTICLE 7    COMMITTEE OF ADVISORS  

	7.1
	The
parties agree to establish an Advisory Committee (A.C.) under this Contract.

	7.2
	All
recommendations of the Advisory Committee shall be implemented by the parties as long as they do not contravene SRVN's national security, governing laws and regulations and
support the business purpose and business plans attached to this contract.

	7.3
	The
Committee shall consist of seven (7) Advisors, of whom VMS, by notice in writing, shall be entitled to appoint three (3) Advisors and F.P., by notice in writing,
shall be entitled to appoint four (4) Advisors.

	7.4
	F.P.
shall appoint of their Advisors to serve as the Chairman of the Committee and VMS shall appoint one of their Advisors to serve as the Vice Chairman of the Committee, with the
position of Chairman and Vice Chairman alternating every two (2) years between VMS and F.P.; provided, that F.P. shall have the first chairman.

	7.5
	The
advisors shall be consulted on matters pertaining to expansion of the Cellular System and Paging System (consistent with SRVN government policy) and to the marketing of the
cellular system and paging system.

	7.6
	The
Committee alone shall:

	(a)
	Recommend
VMS business policies;

	(b)
	Review
and discuss VMS commercial operations;

	(c)
	Consider
and recommend annual business plans and budgets, including capital expenditure;

	(d)
	Review
all VMS financial accounts and statements; and

	(e)
	Recommend
to VMS all appropriate management to implement policies to facilitate the operations and activities contemplated by this contract. 

9

 

	7.7
	The
Committee shall hold its initial meeting within two (2) months after the parties receive the business investment license from SCCI and, thereafter, it shall hold meetings
as and when it deems necessary but, in any event, not less than twice per year and at such locations as determined by the Committee, provided that at least thirty (30) days prior written notice
is given to each Advisor or is waived, in writing, by the same.

	7.8
	In
order to be valid and binding, Committee decisions must be approved by majority vote of the Advisors present at the meeting duly convened and at which a quorum of two Advisors is
present, either in person or by proxy, of whom at least one Advisor must be a VMS representative and at least one Advisor must be a F.P. representative.

	7.9
	Notwithstanding
anything in this Article 7 to the contrary, the following matters shall de determined only by both VMS and F.P. in writing:

	(a)
	any
amendment or other variation to this Contract;

	(b)
	sale,
lease, transfer or disposal of the whole or substantial portion of the business operations and/or assets of the parties under this Contract; and

	(c)
	termination
of any business activity carried on by the parties pursuant to this Contract or the renunciation of the business investment license to operation hereunder.

	7.10
	The
Committee shall appoint an individual to record the minutes of each meeting and to circulate the same to the Advisors as soon as practicable after the conclusion of such meeting. 

ARTICLE 8    IMPLEMENTATION OBLIGATIONS  

	8.1
	To
ensure the business co-operation's efficiency, the parties have agreed to the following:

	(a)
	VMS
shall:

	(i)
	forthwith
make application with F.P. to SCCI and relevant SRVN Government authorities to obtain at the earliest possible time all necessary approvals, licenses and
clearance from the SRVN Government for the parties to establish and operate Cellular System and Paging System;

	(ii)
	secure
on the best terms available, all necessary approvals, clearances and licenses from the SRVN authorities, as are required in connection with operating the
Cellular System and Paging System including importing equipment and establishing foreign currency accounts;

	(iii)
	secure
the rights for the parties to use premises and sites for installing and operating the Cellular System and the Paging System and business office buildings or
space for use in carrying out the appropriate activities contemplated in this Contract;

	(iv)
	assist
in securing, purchasing and leasing facilities (trunk and international circuits), equipment, materials, manpower and services in SRVN;

	(v)
	obtain
or procure, for the use of the necessary allocated frequency bands and shall ensure non/interference therewith at all times and from all sources;

	(vi)
	arrange
connection with the Cellular System and the Paging System to the SRVN public switched telephone network at local, trunk and international levels, and secure
service and support at DGPT's carrier cost price as customer; and

	(vii)
	assist
in obtaining licenses to install and implement in SRVN any other telecommunications system, such as PCN or other advanced systems, based upon digital
technology. 

10

 

	(b)
	F.P
shall:

	(i)
	provide
such assistance and support as F.P. and VMS mutually consider necessary and appropriate in connection with installing and operating the Cellular System and the
Paging System, including selecting equipment and obtaining necessary permits;

	(ii)
	assist
in developing marketing and business plans to maximise its revenues and profits under this Contract;

	(iii)
	arrange
to train technical, commercial and other staff to assist in performing under this Contract; and

	(iv)
	make
all contributions in a timely manner, in accordance with the business plans. 

ARTICLE 9    COMMENCEMENT OF OBLIGATIONS  

	9.1
	The
obligations of each party to the Contract in respect of providing funding and equipment to install and operate the Cellular System and the Paging System hereunder shall commence
on and from the Commencement Date.

	9.2
	As
promptly as practicable after approval by the SCCI of the Contract applications, VMS and F.P. shall seek to obtain all necessary permits to acquire and install the Cellular System,
operating on GSM standard frequencies in SRVN, and the Paging System.

	9.3
	Upon
placement of a purchase order with supplier of telecommunications equipment, F.P. shall make the necessary payment and financial arrangements within 60 days thereafter to
secure the purchase of such equipment. 

ARTICLE 10    TERMS OF BUSINESS CO-OPERATION  

	10.1
	The
parties agree that the duration of the Contract shall be ten (10) years from the Commencement Date.

	10.2
	At
least two (2) years prior to the expire of the Business Co-operation term, VMS and F.P. will hold consultations on the terms and conditions for an extension of
the term.

	10.3
	In
the event parties both agree extending, the Business Co-operation Term, they shall submit a request for such extension to SCCI, for its subsequent approvals as soon as
possible after receiving the parties' request for such approval. 

ARTICLE 11    TERMINATION OF BUSINESS CO-OPERATION  

	11.1
	Notwithstanding
Article 10, this Contact may be wound-up and terminated (but without prejudice to any antecedent rights of the parties) in any one of the following
cases:

	(a)
	VMS
or F.P. giving to the other of them not less than twelve (12) months prior written Termination Notice, expiring on the Termination Date, requesting that the parties
mutually agree to discharge themselves of their respective contractual obligations though negotiations, and as a result of such negotiations the parties agree to terminate the contract and the
termination is duly approved by SCCI;

	(b)
	An
approved arbitration body or court declaring the Contract's termination;

	(c)
	The
Business Co-operation term expires according to the terms of the business license granted by the SCCI. 

11

 

	11.2
	In
the event of any such termination, neither VMS or F.P. after the termination date shall enter into any contracts or other obligations relating to the Cellular System and Paging
System (other than such as any be agreed by both parties or required for the due performance of contracts then current) but this contract shall otherwise remain in full force and effect until all such
current contracts shall have been completed. Upon completion of all current contracts, VMS and F.P. shall cease their activities hereunder, subject to the terms of any particular current contract. 

ARTICLE 12    DISCHARGE OF OBLIGATIONS  

	12.1
	Either
party participating in the Contract shall have the right to be discharged of its obligations stipulated in Article 8 of this Contract in one of the following cases:

	(a)
	The
business co-operation is unable to continue its business activities due to extraordinary losses;

	(b)
	Either
party violates the contractual provisions hereof, resulting in substantial economic losses to the other party;

	(c)
	Either
party fails to fulfil its commitments to the other party hereunder during agreed period of time or after a mutually permitted extension of time; or

	(d)
	Where
the contractual provisions cannot be observed due to the existence of force majeure.

	12.2
	Discharge
of obligations shall be concluded according to Article 23. 

ARTICLE 13    TERMINATION OF OBLIGATIONS  

	13.1
	When
the Contract terminates under Article 11, the two parties shall agree to the following conditions:

	(a)
	In
the event of a Termination Notice given by VMS to F.P. pursuant to Article 11.1 (a), VMS shall pay to F.P. in US Dollars only the higher of:

	(i)
	F.P's
actual cost under this Contract as at the Termination Date, plus twenty percent (20%) interest per year for each year of the Contract's existence; or

	(ii)
	The
Net Revenue hereunder for the full year immediately next preceding the termination date, multiplied by seven (7); and upon satisfactory payment in full of the above
to F.P., legal title to all equipment used in the Cellular System and Paging System shall be transferred to VMS or its designate.

	(b)
	In
the event of a termination notice given by F.P. to VMS pursuant to Article 11.1 (a), F.P. shall pay to VMS for all the losses.

	(c)
	In
the event an arbitration body or court decide to terminate the contract pursuant to Article 11.1 (b), the parties must implement the decision of the arbitration body or
court to terminate the contract..

	(d)
	In
the event that the contract expires pursuant to Article 11.1 (c), legal title to all equipment used in the Cellular System and Paging System shall be transferred to VMS or
its designate at a price of US$ 1. 

12

   ARTICLE 14    FINANCIAL AFFAIRS AND AUDIT  

	14.1
	The
two parties agree to perform the accounting system for the business activities hereunder on principles and practical international accounting standard in accordance with the
requirements of the Ministry of Finance of SRVN, and generally accepted international accounting principles.

	14.2
	The
audit shall be performed according to existing regulations stipulated by the Ministry of Finance of SRVN, such that an independent accountant registered in SRVN or abroad shall
be engaged by the parties as the auditor of operations and activities hereunder, to examine and verify the financial receipts, expenditures and accounts, including the Annual Accounts and submit his
report to the A.C. First consideration will be given to a Vietnamese qualified Auditor in accordance with international standards and in accordance with the laws of Vietnam.

	14.3
	The
parties will maintain its books of accounts in both Dong and US Dollars in calculation of business operations hereunder. 

ARTICLE 15    LIABILITY FOR FINANCIAL OBLIGATIONS IN VIETNAM  

	15.1
	The
parties will use their best efforts to secure for their operations and any expatriate employees, all taxation benefits, maximum concessions and preferences applicable under the
LFI and other laws of SRVN to foreign and domestic investment enterprises for income tax, withholding taxes, customs duties and other taxes and levies.

	15.2
	F.P.
shall be liable to fulfil its financial obligations to the government of SRVN as stipulated in the business license issued by SCCI.

	15.3
	Any
foreigners working in SRVN for each party to the Contract shall be liable to pay income tax according to existing regulations of SRVN. The foreign workers and the party employing
them shall be responsible under SRVN laws for their foreign workers' violations of existing SRVN tax regulations. 

ARTICLE 16    REVENUE DISTRIBUTION  

	16.1
	The
parties agree that the AC shall endeavour to assist to manage the business under this Contract in order to distribute, as soon as practicable, Net Revenue derived hereunder,
consistent with this contract's purposes and mutually agreed between the parties, while taking into account the provision of sufficient funds of tax liabilities, and any liabilities for other
expenses, such that Net Revenue shall be paid out to VMS and F. P., according to the following procedures:

	(a)
	distribution
shall occur once each year, with the plan of distribution being agreed mutually by VMS and F.P., within sixty (60) days after the receipt of final audited annual
accounts; part payment may be made to the parties after each quarter and the final settlement may take place after the final annual audit.

	(b)
	Subject
to the above, any Net Revenue retained hereunder and carried over from all previous years may be distributed to the parties together with Net Revenue from the then current
year.

	16.2
	F.P
may remit abroad, legally and without any restrictions, any or all of its distribution share of Net revenue received hereunder, in accordance with the LFI.

	16.3
	VMS
and F.P. agree that all distributions of Net Revenue to them shall be shared between VMS and F.P. in accordance with the following formula:

	(a)
	VMS:

	(i)
	50%—for
the first five (5) full fiscal years from the commencement date of operations of the Cellular System and Paging System. 

13

 

	(ii)
	60%—thereafter

	(b)
	F.P.:

	(i)
	50%—for
the first five (5) full fiscal years from the commencement date of operations of the Cellular System and Paging System.

	(ii)
	40%—thereafter

	(c)
	Any
other distribution is to be agreed mutually by both VMS and F.P. 

Provided,
however, that both parties hereby agree that each party shall bear its own expenses and costs with respect to operating and managing the activities hereunder from such party's own portion of
the distribution. 

	16.4
	The
AC shall develop a business plan and recommend it to VMS (to be modified from time to time necessary and practicable) in connection with this Contract to ensure operations
hereunder shall commence as soon as practicable, with a view to generating maximum Revenue for distribution to VMS and F.P. 

ARTICLE 17    PROMULGATION OF ADVERSE LAWS  

	17.1
	If
either party's economic benefits are affected adversely by the promulgation of any new laws or regulations of SRVN or the new interpretation of existing laws and regulations after
the Contract Date, or for any other reasons, such as market conditions, the parties shall use their best efforts to implement any adjustments necessary to maintain each party's economic benefits
derived from the Contract on a basis no less favourable than the economic benefits it would have derived if such laws, rules or regulations had not been promulgated or amended or so interpreted or any
adverse market conditions had not taken place. 

ARTICLE 18    CHARGES FOR EQUIPEMENT AND SERVICES  

	18.1
	Tariff
(usage charge): 

VMS
shall use their best endeavours to ensure that the tariff charged to customers is at all times comparable to that found elsewhere in ASIA-PACIFIC region and shall recommend such a
tariff to the State Committee of Price for approval. 

The
tariff shall be adjusted from time to time in order to meet the business plan upon approval. 

	18.2
	VMS
confirms that AC shall have the rights to recommend:

	(a)
	Initial
connection charges;

	(b)
	Monthly
subscriber charges;

	(c)
	Usage
charges;

	(d)
	Price
for the telephone sets and pager unit.

	18.3
	VMS
confirms that the parties shall have the right to bill and collect the following:

	(a)
	Initial
connection charges;

	(b)
	Monthly
subscriber charges;

	(c)
	Sales
of telephone sets and pager units;

	(d)
	Usage
charges (call charges);

	(e)
	Phone
rentals with usage charges. 

14

 

	18.4
	The
parties may reduce the monthly charges for SRVN Government utilities and number of such subscribers shall be limited to maximum of five percent (5%) of total number of
subscribers.

	18.5
	The
parties review in accordance with the circular issued by DGPT every month following the exchange rate set by Vietcombank for the Dong and the US Dollar rate of exchange, on a
monthly basis, and make whatever adjustments are necessary in its subscriber charges to enable them to meet their revenue projections for the next succeeding month. 

ARTICLE 19    FOREIGN EXCHANGE  

	19.1
	Foreign
exchange needed hereunder may be made available from the following sources among others;

	(a)
	The
sale of services under this contract to customers in US Dollars.

	(b)
	The
exchange of Dong (including Dong earned from sales of services) at the appropriate SRVN foreign exchange facility.

	19.2
	Foreign
exchange acquired hereunder will be used in the following order of priority:

	(a)
	Dividends
payable to F.P; and

	(b)
	Payments
under any foreign technical and management assistance contracts. 

ARTICLE 20    REPRESENTATIONS AND WARRANTIES  

	20.1
	VMS
represents and warrants to F.P. that:

	(a)
	VMS
is authorized and empowered by all relevant SRVN Government authorities to perform its obligations hereunder;

	(b)
	DGPT
during the term of this contract, will authorise and empower the parties to build, operate, manage and provide services for cellular and paging telecommunications systems in
southern Vietnam (Hue and south of Hue) as well as north of Hue in accordance with DGPT policy;

	(c)
	The
parties will be entitled to receive and collect all of the revenues due to them as generated by the Cellular System and Paging System during the business co-operation
term; and

	(d)
	The
Vietnamese version of the Contract is the exact translation of the English version.

	(e)
	Min
2 × 10 MHZ of spectrum of the standard GSM frequencies are allocated for the operation of the Cellular System.

	20.2
	F.P
represents and warrants to VMS that:

	(a)
	Each
foreign party is a duly organised corporation in good standing and has duly complied with all filing or registration requirements in respect of corporate or other documents
imposed under the laws of Sweden, its place of incorporation and domicile; and

	(b)
	Each
foreign party is a duly authorised and empowered to enter into this Contract and to perform its obligations hereunder. 

15

 

ARTICLE 21    ASSIGNMENT  

	21.1
	If
either of the two parties intends to assign a part of the whole of its rights and obligations to the other party or to a third party the intending assignor shall be responsible to
inform the other party in writing about such assignment at least thirty (30) days in advance and request the other party to consent such consent not to be unreasonably withheld and to be given
within thirty (30) days. The conditions of any assignment to a third party shall not be more favourable than those that have been proposed to the other party to this contract. The assignee of a
part or whole of the rights and obligations stipulated in the Contract shall be liable to submit to the SCCI the necessary documents related to its approval. The Assignment shall not be effective
until it is approved in writing by the SCCI. 

ARTICLE 22    CONFIDENTIALITY  

	22.1
	VMS
and F.P. during the terms of this Contract and any extension(s) thereof, and thereafter until the information properly comes into public domain, shall maintain the secrecy and
confidentiality of and not disclose to any third party or person, any proprietary or secret or confidential information disclosed to it by the other party at any time during or for the purpose of
negotiating of this Contract.

	22.2
	VMS
and F.P. shall cause their Directors, staff and other employees, and those of their subsidiaries or affiliates, also to comply with the confidentiality obligation set forth
above.

	22.3
	This
provision and obligation shall survive the termination of this Contract. 

ARTICLE 23    DISPUTE RESOLUTION  

	23.1
	Any
dispute between the parties hereto first shall be resolved through mutual consultation and amicable settlement.

	23.2
	However,
if the parties fail to reach an agreement, they shall settle the dispute finally under the Rules of Conciliation and Arbitration of the International Chamber of Commerce,
using a tribunal of three (3) arbitrators appointed in accordance with the said Rules whose decision shall be final and biding upon each of VMS and F.P., recognising that the arbitrators shall
consider the intentions of VMS and F.P. hereunder and generally accepted standards and principles as applied by international tribunals in the arbitration and resolution of disputes.

	23.3
	The
site of the arbitration shall be Paris, France, or any other place mutually agreed by the parties. The English version of the BCC-VC 9405 shall be used to resolve
Article 23. 

ARTICLE 24    COMPLIANCE WITH SRVN LAWS AND REGULATIONS  

	24.1
	Both
parties shall observe, according to existing SRVN regulations, acts or decrees relative to the LFI, any other terms and conditions not mentioned in this Contract. 

ARTICLE 25    GOVERNING LAW  

	25.1
	The
parties commit themselves to observe fully the laws of SRVN and provisions of the LFI.

	25.2
	This
Contract shall be governed by and interpreted in accordance with the promulgated laws of SRVN. 

16

 

ARTICLE 26    DATE OF BUSINESS CO-OPERATION  

	26.1
	This
Contract is signed on the 2nd day of June, 1994 at Hanoi in two (2) original copies both in English and in Vietnamese. 

	FOR VMS	 	FOR KINNEVIK
	BY:	 	BY:
	

1.	
 	

Name: Dinh Van Phuoc	
 	

1.	
 	

Name: E.H. Ledin
	 	 	Position: Managing Director	 	 	 	Position: Senior Vice President
	

 	
 	

 	
 	

FOR CIV
	 	 	 	 	BY:
	

2.	
 	

Name:	
 	

2.	
 	

Name: M.A. Zaman
	 	 	Position:	 	 	 	Position: President & CEO

17

  

 
 
AMENDMENT TO BCC VC 9405  

        This Amendment is dated 28 October, 1994. 

	a)
	Vietnam
Mobile Services Co. ("VMS") 

	Principal office and address:	 	12 Lang Trung,

Hanoi, Vietnam	 	 
	Telephone:	 	+84 4 351 534	 	 
	Facsimile:	 	+84 4 352 126	 	 
	Represented by:	 	Mr. Dinh Van Phuoc	 	 
	Position:	 	Managing Director	 	 

	b)
	Comvik
International Vietnam AB ("CIV")

Industriforvaltnings Kinnevik AB ("Kinnevik") 

	Principal office and address:	 	Skeppsbron 18

103 13 Stockholm, Sweden	 	 
	Telephone:	 	+46 8 245420	 	 
	Facsimile:	 	+46 8 203774	 	 
	Represented by:	 	Mr Hakan Ledin	 	Mr M. A. Zaman
	Position:	 	Senior Vice President

Kinnevik

Chairman CIV	 	President and CEO

CIV

        VMS,
CIV and Kinnevik have agreed to make the following additions to their Business Co-Operation Contract dated 2 June 1994 as follows: 

	1.
	In
Section C Definition 15 the words "and a reasonable frequency fee" are added after the words "transmission costs".

	2.
	In
Article 3.1 (a) it is agreed that the foreign parties will pay the fee to SCCI for the business licence in accordance with applicable regulations and that such fee
will be accounted for as part of Joint Costs.

	3.
	In
Article 3.1 (b) the words "state-of-the-art" are added before the words "plant and equipment" where first appearing.

	4.
	In
Article 7.2 the words "including regulations lawfully made by the relevant bodies of Vietnam which administer Telecommunications" are added after the word "regulations".

	5.
	In
Article 13.1 (b) the words "the losses" are defined to mean future anticipated profits as determined at the time by a panel of three internationally recognised
telecommunications industry experts, one appointed by VMS, one by Comvik/Kinnevik and the third one by the first two.

	6.
	In
Article 14.1 the words "approved by the Ministry of Finance of Vietnam" are added after the words "International accounting principles".

	7.
	In
Article 15.2 the words "meaning all taxes and the fee payable to SCCI" are added after the words "financial obligations".

	8.
	In
Article 16.1 (b) the words "according to the agreed revenue sharing proportion" are added before the words "from the then current year".

	9.
	In
the Article 18.1 the words "State Committee for Price" are deleted and are replaced by "Vietnam authorities". 

18

 

	10.
	In
Article 12.1 (d) the words "force majeure" mean all events which are beyond the control of the parties to the contract and which are unforeseen, or if foreseen,
unavoidable and which prevent total or partial performance by any party. Such events shall include but not be limited to floods, droughts, typhoons, earthquakes, fires, natural disasters, strikes,
political upheavals and major changes in government policy which adversely affect the economic position of any of the parties.

	11.
	In
Article 20.1 (e) the words "10 Mhz" are deleted and replaced by "7.5 Mhz".

	12.
	The
cellular and the paging systems shall commence operation throughout SRVN under BCC VC9405 in accordance to the business plan.

	13.
	The
F.P shall make available USD 127.8M for the paging and cellular systems in accordance to the business plan.

	14.
	F.P.
shall within 45 days, in addition to USD 6.2M mentioned in Article 3 b), pay to VMS after receiving SCCI approval for the BCC FRF 36,305,736, VND 1,883,129,000 and
AUD 108,508 to be paid in USD at the rates of the day of payment for the GSM plant and equipment described in Annex 2a, which equipment is presently installed and operated by VMS Centre I in Hanoi.
Upon such payment, VMS shall transfer the ownership of such equipment to F.P.

	15.
	Sharing
of costs and revenues commences immediately when above mentioned payment has been effectuated. 

        The
total contributions of the parties for the 10-year period are according to the business plan: 

	VMS:	 	USD 181.8M (53%)	 	 
	CIV/Kinnevik:	 	USD 159.7M (47%)	 	 

        This
Amendment is signed on 28 October, 1994 at Hanoi in two original copies in English and Vietnamese. 

	FOR VMS BY:	 	FOR KINNEVIK/CIV BY:
	

Name: Dinh Van Phuoc

Position: Managing Director	
 	

Name: M.A. Zaman on behalf of Mr Hakan Ledin

Position: Senior Vice President

Kinnevik
	

 	
 	

Name: M.A. Zaman

Position: President & CEO Comvik

Int'l Vietnam AB

19

  

 
 
AMENDMENT TO BCC VC 9405  

This
Amendment is made as of the 17th day of December, 1994. 

The
parties comprise: 

	A)    The Vietnamese Party:

Vietnam Mobile Telecom Services Co. (VMS)
	Principal office and address:	 	12 Lang Trung,

Hanoi, Vietnam	 	 
	Telephone:	 	+84 4 351 534	 	 
	Facsimile:	 	+84 4 352 126	 	 
	Represented by:	 	Mr. Dinh Van Phuoc	 	 
	Position:	 	Managing Director	 	 
	

B)    The Foreign Party

Industriforvaltnings AB Kinnevik (Kinnevik)

Comvik International Vietnam AB (CIV)
	

Principal office and address:	
 	

Skeppsbron 18

103 13 Stockholm, Sweden
	Telephone:	 	+46 8 245420	 	 
	Facsimile:	 	+46 8 203774	 	 
	Represented by:	 	Mr Hakan Ledin	 	Mr M. A. Zaman
	Position:	 	Senior Vice President

Kinnevik

Chairman CIV	 	President and CEO

CIV

Both
Parties hereby agree to correct the BCC VC 9405 in accordance with Vietnamese Regulations and laws, and to correct the Feasibility study investment plan for the first year of the BCC VC 9405. 

	1.
	Correction
in Article 23.3 in BCC Contract will be: 

The
site of arbitration shall be Paris, France, or any other place mutually agreed by the Parties. The English and Vietnamese version of the BCC VC 9405 shall be used to resolve Article 23. 

Replaces
the old version:

The site of the arbitration shall be Paris, France, or any other place mutually agreed by the Parties. The English version of the BCC VC 9405 shall be used to resolve Article 23. 

	2.
	Correction
in Article 11.5 in the Feasibility study of the BCC VC 9405: 

	Qtr. In Operation	 	1	 	2	 	3	 	4
	VMS (mil. USD)	 	1.3	 	1.3	 	1.3	 	1.3
	CIV/Kinnevik (mil. USD)	 	8.9	 	8.9	 	8.9	 	9.0

Replaces
the old tables of Article 11.5 in Vietnamese and English versions of the feasibility study. 

20

 

Date
of Amendment 

This
Amendment is signed on 17th day of December, 1994 in Hanoi in two (2) original copies both in English and Vietnamese. 

	For

Vietnam Mobile Telecom Services Co. by:	 	For

Industriforvaltnings AB by:
	

Name:	
 	

Dinh Van Phuoc

Managing Director	
 	

Name:	
 	

E. Hakan Ledin

Senior Vice President
	

 	
 	

 	
 	

For Comvik International Vietnam AB by:
	

 	
 	

 	
 	

Name:	
 	

M.A. Zaman

President & CEO

21

  

 
 
AMENDMENT TO BCC VC 9405  

This
Amendment is made as of the 22nd day of December, 1994. 

The
parties comprise: 

	A)    The Vietnamese Party:

Vietnam Mobile Telecom Services Co. (VMS)
	Principal office and address:	 	12 Lang Trung,

Hanoi, Vietnam	 	 
	Telephone:	 	+84 4 351 534	 	 
	Facsimile:	 	+84 4 352 126	 	 
	Represented by:	 	Mr. Dinh Van Phuoc	 	 
	Position:	 	Managing Director	 	 
	

B)    The Foreign Party

Industriforvaltnings AB Kinnevik (Kinnevik)

Comvik International Vietnam AB (CIV)
	

Principal office and address:	
 	

Skeppsbron 18

103 13 Stockholm, Sweden	
 	

 
	Telephone:	 	+46 8 245420	 	 
	Facsimile:	 	+46 8 203774	 	 
	Represented by:	 	Mr Hakan Ledin	 	Mr M. A. Zaman
	Position:	 	Senior Vice President

Kinnevik

Chairman CIV	 	President and CEO

CIV

Both Parties hereby agree to make the following amendment to the BCC VC 9405.  

ARTICLE 13    TERMINATION OBLIGATIONS  

13.1(a)(ii).

The
Next Revenue hereunder for the full year immediately next preceding the termination date, multiplied by seven (7); shall be deleted,

The new text shall read

The Next Revenue hereunder for the full year immediately next preceding the termination date, multiplied by five (5); 

Both Parties hereby agree to make the following amendment to the BCC VC 9405.  

Foreign
Party confirms not to deduct interest payment to calculate the pre tax profit. Foreign party further confirms to follow the Foreign Investment Laws of Vietnam at all times. 

22

 
Date
of Amendment 

This
Amendment is signed on 22nd day of December, 1994 in Hanoi in two (2) original copies both in English and Vietnamese. 

	For

Vietnam Mobile Telecom Services Co. by:	 	For

Industriforvaltnings AB by:
	

Name:	
 	

Dinh Van Phuoc

Managing Director	
 	

Name:	
 	

E. Hakan Ledin

Senior Vice President
	

 	
 	

 	
 	

For Comvik International Vietnam AB by:
	

 	
 	

 	
 	

Name:	
 	

M.A. Zaman

President & CEO

23

  

 
 
 
 

AMENDMENT TO BCC VC 9405    
    

        This Amendment is made as of the 23rd day of December, 1994. 

        The
parties comprise: 

	A)
	The
Vietnamese Party: 

	Vietnam Mobile Telecom Services Co. (VMS)	 	 
	Principal office and address:	 	12 Lang Trung,

Hanoi, Vietnam	 	 
	Telephone:	 	+84 4 351 534	 	 
	Facsimile:	 	+84 4 352 126	 	 
	Represented by:	 	Mr. Dinh Van Phuoc	 	 
	Position:	 	Managing Director	 	 

	B)
	The
Foreign Party 

	Industriforvaltnings AB Kinnevik (Kinnevik)	 	 
	Comvik International Vietnam AB (CIV)	 	 
	

Principal office and address:	
 	

Skeppsbron 18

103 13 Stockholm, Sweden	
 	

 
	Telephone:	 	+46 8 245420	 	 
	Facsimile:	 	+46 8 203774	 	 
	Represented by:	 	Mr Hakan Ledin	 	Mr M. A. Zaman
	Position:	 	Senior Vice President

Kinnevik

Chairman CIV	 	President and CEO

CIV

Both Parties hereby agree to make the following amendment to the BCC VC 9405.  

ARTICLE 7    COMMITTEE OF ADVISORS  

	7.2
	All
recommendations of the Advisory Committee shall be implemented by the parties as long as they do not contravene SRVN's national security, governing laws and regulations and
support the business purpose and business plans attached to this contract; shall be deleted. 

        The
new text shall read, 

Both
parties shall make their best efforts to implement all recommendations of the Advisory Committee as long as they do not contravene SRVN's national security, governing laws and regulations and
support the business purpose and business plans attached to this contract. 

	7.3
	The
Committee shall consist of seven (7) Advisors, of whom VMS, by notice in writing, shall be entitled to appoint three (3) Advisors and F.P. by notice in writing,
shall be entitled to appoint four (4) Advisors; shall be deleted. 

The
new text shall read, 

The
Committee shall consist of eight (8) Advisors, of whom VMS, by notice in writing, shall be entitled to appoint four (4) Advisors and F.P. by notice in writing, shall be entitled to
appoint four (4) Advisors 

24

 
Date
of Amendment 

This
Amendment is signed on 23rd day of December, 1994 in Hanoi in two (2) original copies both in Vietnamese and English. 

	

For	
 	

 	
 	

 	
 	

For	
 	

 	
 	

 
	Vietnam Mobile Telecom Services Co. by:	 	Industriforvaltnings AB Kinnevik by:
	

 	
 	

Name:	
 	

DINH VAN PHUOC	
 	

 	
 	

Name:	
 	

E. HAKAN LEDIN
	 	 	 	 	Managing Director	 	 	 	 	 	Senior Vice President
	

 	
 	

 	
 	

 	
 	

For Comvik International Vietnam

AB by:
	

 	
 	

 	
 	

 	
 	

 	
 	

Name:	
 	

M.A. ZAMAN
	 	 	 	 	 	 	 	 	 	 	President & CEO

25

  

 
 
AMENDMENT TO BCC VC 9405 &

AMENDMENT OF OCTOBER 28, 1994.  

This
Amendment is made as of the 8th day of April, 1995. 

The
Parties comprise: 

	1.
	The
Vietnamese Party: 

	Vietnam Mobile Services Co. ("VMS")
	

Principal office and address:	
 	

12 Lang Trung,
	 	 	Hanoi, Vietnam
	Telephone:	 	+84 4 351 534
	Facsimile:	 	+84 4 352 126
	Represented by:	 	Mr. Dinh Van Phuoc
	Position:	 	Managing Director

	2.
	The
Foreign Party: 

	Industriforvaltnings AB Kinnevik ("Kinnevik")

Comvik International Vietnam AB ("CIV")
	

Principal office and address:	
 	

Skeppsbron 18
	 	 	103 13 Stockholm, Sweden
	Telephone:	 	+46 8 245420
	Facsimile:	 	+46 8 203774
	Represented by:	 	Mr. M.A. Zaman
	Position:	 	Vice President
	 	 	Telecommunications & TV Media
	 	 	South East Asia—Kinnevik
	 	 	President & CEO—CIV

        Both Parties hereby agree to make the following amendment to the BCC VC 9405 and the amendment of October 28, 1994.

PAYMENT  

        Kinnevik/Comvik agrees, in addition to the Amendment of October 28, 1994, to pay to VMS all additional investments made by VMS to purchase equipment for
GSM network in Hanoi and Ho Chi Minh City (between June 2, 1994, and the date BCC-VC9405 is approved by SCCI). VMS agrees to present to Kinnevik/Comvik actual invoices for the above
mentioned equipment together with the list of equipment. The Terms of payment shall be the same as mentioned in the Amendment of October 28, 1994. VMS shall transfer the Title of this equipment
to Kinnevik/Comvik upon the receipt of the payment. 

26

 

Date of Amendment 

        This
Amendment is signed on the 8th day of April, 1995, in Hanoi in two (2) original copies both in English and Vietnamese. 

	For	 	 	 	For	 	 
	Vietnam Mobile Telecom Services Company	 	Industriforvaltnings AB Kinnevik by:
	 	 	 	 	by:	 	 
	

Name:	
 	

DINH VAN PHUOC	
 	

Name	
 	

M.A. ZAMAN
	 	 	Managing Director	 	 	 	Vice President
	 	 	 	 	 	 	Telecommunications & TV
	 	 	 	 	 	 	Media
	 	 	 	 	 	 	South East Asia
	

 	
 	

 	
 	

For Comvik International Vietnam
	 	 	 	 	AB by:	 	 
	

 	
 	

 	
 	

Name:	
 	

M.A. ZAMAN
	 	 	 	 	 	 	President & CEO

27

  

 
 
BUSINESS CO-OPERATION CONTRACT NUMBER—VC9405  

 JULY 2000 AMENDMENT AND SUPPLEMENTARY CONTRACT  

        Based
upon the Law on Foreign Investment in Vietnam approved by the National Assembly of the Socialist Republic of Vietnam on 12 November 1996, as amended. 

        Based
upon Decree 12-CP on the implementation of the Law on Foreign Investment in Vietnam promulgated by the Government on 18 February 1997 and on all other relevant
legislation. 

        Based
on Business Co-operation Contract Number VC9405 dated 2 June 1994, as amended ("BCC"). 

        Based
on Investment Licence No. 1242/GP dated 19th May 1995. 

        The
parties comprising: 

	 	A) Vietnamese Party:	 	 	 	 
	

Name of company:	
 	

Vietnam Mobile Services Co. ("VMS")
	Company address:	 	811A Giai Phong Road Hanoi Vietnam

Hanoi, Vietnam
	Telephone:	 	+84 4 864 9533
	Decision/permit establishment:	 	596/QD TCCB-LD dated 11th October 1997 issued

by DGPT
	Authorized representative:	 	Mr. Dinh Van Phuoc
	Position:	 	Managing Director
	 	
 B) Foreign Parties	
 	

 	
 	

 
	

Foreign Party No.1:	
 	

Industriforvaltnings AB Kinnevik ("Kinnevik")
	Foreign Party No.2:	 	Comvik International Vietnam AB ("CIV")
	Both FP's address:	 	Skeppsbron 18

S-103 13 Stockholm, Sweden
	Telephone:	 	+46 8 245420	 	 
	Permit for establishment/business	 	CIV

No. 556472-6825

Registered in Sweden

Date: 31 August 1993	 	Kinnevik

No. 556001-9035

Registered in Sweden

Date: 18 September 1936

        Authorised
representative of CIV and position: 

        Authorised
representative of Kinnevik and position: 

HEREBY AGREE AS FOLLOWS  

	1.
	Insert
the following new definition in the BCC in Part C—Provisions of the Contract:

	
"23
	"Detailed
 Investment Plan" means the Detailed Investment Plan for the remaining years of the BCC approved by the MPI and attached to the Amendment and the Supplementary Contract to
the BCC signed on 20 July, 2000. 

28

 

	2.
	Insert
a new Article 5.3 in the BCC as follows:

	"5.3
	Each
year prior to 1 July, the parties to the BCC shall review and may modify (if necessary) the investment items based on the Detailed Investment Plan for that year and the F.P.'s
obligation to contribute capital set out in Article 4 of the Amendment and Supplementary Contract to the BCC. Any modification of those investment items shall not result in the minimum capital
contribution by the F.P. falling below the minimum capital contribution set out in the Detailed Investment Plan for that year provided that the total capital contributions of the F.P. for network
equipment is US$142.8M under the Contract. The agreed investment projetcs and their values shall be included in a yearly investment plan ("Year Investment Plan") that shall become effective on 1 July
of the year to which it relates. If the parties fail to agree the Yearly Investment Plan before 1 July of that year, the parties shall implement the investment items set out in the Detailed Investment
Plan for that year.

	

	During
the implementation of the Yearly Investment Plan, the implementation value of the projects of the F.P. will be deemed to be contributed on the date
of the F.P. makes the first payment for the signed orders for services and/or for the purchase of equipment to implement projects identified in the Yearly Investment Plan for that year or other
projects. ("Projects"). If the F.P. fails to contribute capital for the Projects in accordance with the signed orders, VMS shall notify the F.P. in writing of its intention to make the payment on
behalf of the F.P. for such orders. Within 30 days since VMS sends the written notice, the F.P. shall: (a) make payment for such orders, or (b) authorize VMS in writing to make
the payment on behalf of the F.P. for the said orders. In this case, the amount paid by VMS to implement that Project will be reimbursed by either: (a) deducting those payments from the Net
Revenues which would have been distributed to the F.P. in the latest advance period; or (b) from the F.P.'s own funds and on the date the F.P. makes the reimbursement to VMS, the amount of the
reimbursement will be deemed to be contributed by the F.P. as capital to the BCC.

	

	Before
the ending date of the BCC year (30th June each year), VMS shall review the implementation value of the F.P.'s projects during the year
with the Yearly Investment Plan agreed by both parties for that year. VMS shall be entitled to retain an amount from the Net Revenue of that year which would have been distributed to the F.P. to be
used solely to implement the projects in that Yearly Investment Plan that have been delayed by the F.P. and that amount retained by VMS shall be immediately deemed to be capital contributed by the
F.P.

	3.
	The
ratio of distribution of Net Revenue stipulated in items (a) (ii) and (b) (ii) of Article 16.3 of the BCC shall be deleted and replaced with the
following:

	

	(a) (ii) VMS:
"50%—for the fiscal years from the beginning of the sixth (6) year to the end of the tenth
(10) year of the BCC".

	

	(ii)the
F.P.: "50%—for the fiscal years from the beginning of the sixth (6) year to the end of the tenth (10) year of the BCC".

	4.
	In
the Amendment to the BCC signed on 28 October 1994, delete the words "the F.P. shall make available USD127.8M" and replace with the words "In addition to the contribution of
any unpaid capital of USD127.8M, the F.P. shall contribute a capital amount of USD15 (fifteen) Million to the capital of the BCC for network equipment".

	5.
	Defined
terms used in the BCC also apply to this Amendment and Supplementary Contract. 

29

 

	6.
	Except
for amendments set out herein, all other provisions of the BCC and its applicable amendments remain in full force and effect.

	7.
	This
Amendment Contract to the BCC is signed on the 20 day of July 2000 at Hanoi in four (4) original copies both in English and in Vietnamese. 

	FOR VMS	 	FOR KINNEVIK	 	FOR CIV
	BY:	 	BY:	 	BY:
	Name: Dinh Van Phuoc	 	Name: M.A. Zaman	 	Name: Simon Perkins
	Position: Managing Director	 	Position: Vice President	 	Position: Chief Representative & CEO

30

  

 
 
BUSINESS CO-OPERATION CONTRACT NUMBER—VC9405

AMENDMENT AND SUPPLEMENTARY CONTRACT

14 January 2002  

        Based upon the Law on Foreign Investment in Vietnam approved by the National Assembly of the Socialist Republic of Vietnam on 09 June 2000. 

        Based
upon Decree 24-CP on the implementation of the Law on Foreign Investment in Vietnam promulgated by the Government on 31 July 2000 and on all other relevant
legislation. 

        Based
on Business Co-operation Contract Number VC9405 dated 2 June 1994, as amended ("BCC"). 

        Based
on Investment Licence No. 1242/GP dated 19th May 1995 and the Amendment Licence No. 1242/GPDC dated 10/10/2000 of MPI. 

        The
parties comprising: 

	A)
	Vietnamese Party:

	Name of company:	 	Vietnam Mobile Services Co. ("VMS")
	Company address:	 	811A Giai Phong Road Hanoi Vietnam

Hanoi, Vietnam
	Telephone:	 	+84 4 864 9533	 	fax: +84 4 864 9534
	Major business activities:	 	Providing mobile telephony services
	Decision/permit establishment:	 	596/QD TCCB-LD dated 11th October 1997 issued by DGPT
	Authorized representative:	 	Mr. Dinh Van Phuoc
	Position:	 	Managing Director

	B)
	Foreign Parties

	Foreign Party No.1:	 	Industriforvaltnings AB Kinnevik ("Kinnevik")
	Foreign Party No.2:	 	Comvik International Vietnam AB ("CIV")
	 	 	Kinnevik and CIV are known together as "F.P."
	Both F.P.'s address:	 	Skeppsbron 18

S-103 13 Stockholm, Sweden
	Telephone:	 	+46 8 245420	 	Fax: +46 8 203 774
	Major business activities:	 	Providing telecommunication services
	Permit for establishment/business	 	CIV

No. 556472-6825

Registered in Sweden

Date: 31 August 1993	 	Kinnevik

No. 556001-9035

Registered in Sweden

Date: 18 September 1936
	Authorised representative of CIV:	 	Mr. Simon Perkins
	Position:	 	Chief Representative and CEO
	

Authorised representative of Kinnevik:	
 	

Mr. M.A. Zaman
	Position:	 	Vice President

31

 

Both hereby agree as follows:  

RECITALS  

	•
	Whereas,
VMS and the F.P. (the Parties) entered into a Business Co-operation Contract ("BCC") in 1994, and have been operating under the BCC since 1
July 1995; and

	•
	Whereas
the Parties are very happy with the successful co-operation generated by the BCC, and by their contribution to the socio-economic development of Vietnam
through their development of a world-class cellular mobile network; and

	•
	Whereas,
as a consequence of their growth, the parties have fully invested the total capital amounts set out under the BCC, therefore the Parties require the investment of
additional capital amounts to support the continued growth and development of the GSM mobile telephony network; both Parties mutually agree to implement the following actions:

	•
	Building
up a mobile telephony network and expanding its coverage nation-wide to meet the demand for cellular telephony service in the Vietnamese market; and

	•
	Provision
many useful valued added services as: Email; Internet access, high speed wireless data etc; and

	•
	Implementing
new technology: 2,5G, 3G etc; and

	•
	VMS
continuously receiving technology transferral, training courses for its staffs in the field of mobile network management and operation. 

        Now
therefore, the Parties agree as follow: 

	A.
	INVESTMENT TO 30/06/2005.

	1.
	Insert
the following new definition in the BCC in Part C—Provisions of the Contract:

	"25
	"Additional
Capital Investment and Revenue Plan"—hereafter called "Additional Plan"—means the Plan for the remaining years of the BCC (from 01/01/2002 to
30/06/2005) approved by the MPI and attached to the Amendment and the Supplementary Contract to the BCC signed on 14 January 2002. The "Additional Plan" shall set out the capital to be
contributed each year by each Party and covers detailed investment items and the correspondent capital, as well as the Net Revenue objectives of the BCC. 

Shall
the Net Revenue objective of the prior year be different from the Net Revenue objective of the BCC for the same period set out in the "Additional Plan", the capital to be contributed by each
party for the year shall be amended in proportion to the increase (or decrease) on the prior year's Net Revenue objective. 

	2.
	Insert
a new Item 3.2 into the Article 3 of the BCC, subject to clause 25 of Part C—Provisions of the Contract, as follows:

	"3.2
	Both
Parties shall contribute the minimum amount of USD 100,000,000 (One hundred million US dollars) but not exceeding USD 120,000,000 (One hundred and twenty million US dollars) for
network investments in the remaining years of BCC (from 01/01/2002 to 30/06/2005) with a contribution ratio as below:

	•
	The
Foreign Parties: 50% means the minimum contribution of USD 50,000,000 (Fifty millions US dollars) but not exceeding USD 60,000,000 (Sixty millions US dollars)".

	•
	The
Vietnamese Party: 50% means the minimum contribution of USD 50,000,000 (Fifty millions US dollars) but not exceeding USD 60,000,000 (Sixty millions US dollars). 

32

 

	3.
	Insert
a new Item 5.4 into the Article 5 of the BCC, subject to clause 25 of Part C—Provisions of the Contract, as follows:

	"5.4
	Both
parties undertake to strictly perform its obligations on additional capital contribution in accordance with the "Additional Plan" approved by the ministry of Planing and
Investment attached to this Amendment and Supplement to the BCC. During the implementation of the "Additional Plan", the capital amount of each party will be deemed to be contributed on the date the
Parties makes the first payment for the signed orders for services and/or for the purchase of equipment to implement projects identified in the Additional Capital Investment and Revenue Plan for that
year or other projects. ("Projects"). If the F.P. fails to contribute capital for the Projects in accordance with the signed orders, VMS shall notify the F.P. in writing of its intention to make the
payment on behalf of the F.P. for such orders. Within 30 days since VMS sends the written notice, the F.P. shall: (a) make payment for such orders, or (b) authorize VMS in writing
to make the payment on behalf of the F.P. for the said orders. In this case, the amount paid by VMS to implement that Project will be reimbursed by either: (a) deducting those payments from the
Net Revenues which would have been distributed to the F.P. in the latest advance period; or (b) from the F.P.'s own funds and on the date the F.P. makes the reimbursement to VMS, the amount of
the reimbursement will be deemed to be contributed by the F.P. as capital to the BCC. 

Before
the ending date of the BCC year (31 December each year), VMS shall review the implementation value of the F.P.'s projects during the year with the "Additional Plan" agreed by both parties for
that year. VMS shall be entitled to retain an amount from the Net Revenue of that year which would have been distributed to the F.P. to be used solely to implement the projects in the "Additional
Plan" that have been delayed by the F.P. and that amount retained by VMS shall be immediately deemed to be capital contributed by the F.P. 

Both
Parties mutually commit to effectively use with their own best efforts the contributed amount in order to make the MobiFone network one of the leading mobile networks in Vietnam." 

	4.
	"In
the Article 4 of the Amendment and Supplement to the BCC signed on 20 July 2000, delete the words "In addition to the contribution of any unpaid capital of
USD127.8M., the F.P. shall contribute a capital amount of USD 15 (fifteen) Million to the capital of the BCC for network equipment" and replace with the words "In addition to
the contribution of any unpaid capital of USD142.8 M, the F.P. shall contribute a capital amount of at least USD 50 (fifty) Million but not exceeding USD 60 (sixty) Million to the capital of the BCC
for network equipment, subject to clause 25 of Part C—Provisions of the Contract". 

In
the Article 3.1.a of the BCC signed 2nd June, 1994, insert the words "The Vietnamese Party shall contribute a minimum amount of USD 50,000,000 (fifty millions US
dollars) but not exceeding USD 60,000,000 (sixty millions US dollars) for network equipment, subject to clause 25 of Part C—Provisions of the
Contract".

	5.
	Defined
terms used in the BCC and the Amendment and Supplementary Contracts also apply to this Amendment and Supplementary Contract.

	6.
	Except
for the amendments set out above, all other provisions of the BCC and its applicable amendments remain in full force and effect.

	B.
	FURTHER CO-OPERATION.

        The
Parties mutually agree to negotiate the co-operation for the period after 30 June 2005 (after the termination of the Business Co-operation Contract No.
VC9405) under the form permitted and approved by the VNPT and other competent authorities of Vietnam. 

33

 

        This
Amendment Contract to the BCC is signed on the 14 January, 2002 at Hanoi in four (4) original copies both in English and in Vietnamese. 

	

For VMS	
 	

For KINNEVIK	
 	

For CIV
	BY:	 	BY:	 	BY:
	

Name: Dinh Van Phuoc	
 	

Name: M.A. Zaman	
 	

Name: Simon Perkins
	Position: Managing Director	 	Position: Vice President	 	Position: Chief Representative & CEO

34

  

 
 
BUSINESS CO-OPERATION CONTRACT NUMBER—VC9405

AMENDMENT AND SUPPLEMENTARY CONTRACT

9th January 2004  

        Based upon the Law on Foreign Investment in Vietnam approved by the National Assembly of the Socialist Republic of Vietnam on 09 June 2000. 

        Based
upon Decree 24-CP on the implementation of the Law on Foreign Investment in Vietnam promulgated by the Government on 31 July 2000 and on all other relevant
legislation. 

        Based
on Business Co-operation Contract Number VC9405 dated 2 June 1994, as amended ("BCC"). 

        Based
on Investment Licence No. 1242/GP dated 19th May 1995 and the Amendment Licence No. 1242/GPDC dated 10/10/2000 and Amendment Licence
No. 1242/GPDC1 dated 27/03/2002 of MPI. 

        The
parties comprising:

	A)
	 Vietnamese Party:  

	Name of company:	 	Vietnam Mobile Services Co. ("VMS")
	Company address:	 	811A Giai Phong Road Hanoi Vietnam Hanoi, Vietnam
	Telephone:	 	+84 4 864 9533    fax: +84 4 864 9534
	Major business activities:	 	Providing mobile telephony services
	Decision/permit establishment:	 	596/QD TCCB-LD dated 11th October 1997 issued by DGPT
	Authorized representative:	 	Mr. Dinh Van Phuoc
	Position:	 	Managing Director

	B)
	 Foreign Parties  

	Foreign Party No.1:	 	Industriforvaltnings AB Kinnevik ("Kinnevik")
	Foreign Party No.2:	 	Comvik International Vietnam AB ("CIV")
	Both FP's address:	 	Skeppsbron 18 S-103 13 Stockholm, Sweden
	Telephone:	 	+46 8 245420    Fax: +46 8 203 774
	Major business activities:	 	Providing telecommunication services
	Permit for establishment/business	 	CIV

No. 556472-6825

Registered in Sweden

Date: 31 August 1993	 	Kinnevik

No. 556001-9035

Registered in Sweden

Date: 18 September 1936
	Authorised representative of CIV:	 	Mr. Simon Perkins
	Position:	 	Chief Representative and CEO
	

Authorised representative of Kinnevik:	
 	

Mr. M.A. Zaman
	Position:	 	Vice President

Both hereby agree as follows:  

RECITALS  

	•
	Whereas,
VMS and the F.P. (the Parties) entered into a Business Co-operation Contract ("BCC") in 1994, and have been operating under the BCC since 1
July 1995; and 

35

 

	•
	Whereas
the Parties are very happy with the successful co-operation generated by the BCC, and by their contribution to the socio-economic development of Vietnam
through their development of a world-class cellular mobile network; and

	•
	Whereas,
as a consequence of their growth, the parties have fully invested the total capital amounts set out under the BCC, therefore the Parties require the investment of
additional capital amounts to support the continued growth and development of the GSM mobile telephony network; both Parties mutually agree to implement the following actions:

	•
	Building
up a mobile telephony network and expanding its coverage nation-wide to meet the demand for cellular telephony service in the Vietnamese market; and

	•
	Provision
many useful valued added services as: GPRS/MMS; EDGE, Internet access, high speed wireless data etc; and

	•
	Implementing
new technology: 2,5G and based for 3G etc; and

	•
	VMS
continuously receiving technology transferral, training courses for its staffs in the field of mobile network management and operation. 

        Now
therefore, the Parties agree as follow: 

	1.
	Insert
the following new definition in the BCC in Part C—Provisions of the Contract:

	"26
	"Detailed
Investment Plan for the BCC year 2004"—means the Investment Plan for the remaining time of the BCC (from 01/01/2004 to 30/06/2005) signed by both Parties on
30th December 2003 and approved by the MPI and attached to the Amendment and the Supplementary Contract to the BCC signed on 9th January 2004. This Plan shall
set out the capital to be contributed each year by each Party and covers detailed investment items and the correspondent capital.

	2.
	Insert
a new Item 3.3 into the Article 3 of the BCC, subject to clause 26 of Part C—Provisions of the Contract, as follows:

	"3.3
	Both
Parties shall contribute the additional amount of USD 20,000,000 (Twenty million US dollars) for network investments in the remaining time of BCC (from 01/01/2004 to 30/06/2005)
with a contribution ratio as below:

	•
	The
Vietnamese Party: 50% means the contribution of USD 10,000,000 (Ten millions US dollars).

	•
	The
Foreign Parties: 50% means the contribution of USD 10,000,000 (Ten millions US dollars)."

	3.
	In
the Article 4 of the Amendment and Supplement to the BCC signed on 14th January 2002, delete the words "In addition to the
contribution of any unpaid capital of USD 142.8 M. the F.P. shall contribute a capital amount of at least USD 50,000,000 (Fifty million US dollars) but not exceeding USD 60,000,000 (Sixty million US
dollars) to the capital of the BCC for network equipment, subject to clause 25 of Part C—Provisions of the Contract" and replace with the words
"In addition to the contribution of any unpaid capital of USD 192.8 M, the F.P. shall contribute an additional amount of USD 10,000,000 (ten million US dollars) to the capital
of the BCC for network equipment, subject to clause 26 of Part C—Provisions of the Contract" and 

In
the Article 3.1.a of the BCC signed 2nd June, 1994, insert the words "The Vietnamese Party shall contribute an additional capital amount of USD
10,000,000 (Ten million US dollars) for network equipment, subject to clause 26 of Part C—Provisions of the Contract". 

36

 
	4.
	Defined
terms used in the BCC and the Amendment and Supplementary Contracts also apply to this Amendment and Supplementary Contract.

	5.
	Except
for amendments set out above, all other provisions of the BCC and its applicable amendments remain in full force and effect. 

        This
Amendment Contract to the BCC is signed on the 9th January, 2004 at Hanoi in four (4) original copies both in English and in Vietnamese. 

	FOR VMS	 	FOR KINNEVIK	 	FOR CIV
	BY:	 	BY:	 	BY:
	Name: Dinh Van Phuoc	 	Name: M.A. Zaman	 	Name: Simon Perkins
	Position: Managing Director	 	Position: Vice President	 	Position: Chief Representative & CEO

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Exhibit 4.3  

MILLICOM
INTERNATIONAL CELLULAR S.A.

Issuer

and

THE BANK OF NEW YORK

as Trustee 

FIRST
SUPPLEMENTAL INDENTURE

dated as of January 12, 2005 

10%
Senior Notes due 2013 

Supplementing
the Indenture dated as of November 24, 2003 

   
        FIRST SUPPLEMENTAL INDENTURE, dated as of January 12, 2005 (this "First Supplemental Indenture"), between Millicom International Cellular S.A., a
société anonyme organized and existing under the laws of the Grand-Duchy of Luxembourg (the "Company"), and The Bank of New York, a New York banking corporation, as
trustee (the "Trustee"). 

R
E C I T A L S 

        WHEREAS,
the Company and the Trustee executed and delivered the indenture, dated as of November 24, 2003 (the "Indenture"), providing for the issuance thereunder by the Company,
and the authentication and delivery by the Trustee, of the Company's 10% Senior Notes due 2013 (the "Securities"); 

        WHEREAS,
the Registration Rights Agreement, which was attached as Annex F to the Indenture and made part thereof, provides for the issuance of securities under the Indenture containing
terms identical to the Securities (except that (i) Special Interest shall not accrue and be payable thereon; (ii) interest thereon shall accrue from the last date on which interest was
paid on the Securities or, if no such interest has been paid, from November 24, 2003 and (iii) such securities will not contain restrictions on transfer) and that such securities are to
be offered to holders of Securities in exchange for Securities pursuant to the Exchange Offer; 

        WHEREAS,
in accordance with the terms of the Registration Rights Agreement, the Company wishes to clarify that the Securities may consist of either or both of Original Securities or
Exchange Securities, each as defined herein, which shall rank pari passu. 

        WHEREAS,
Article 9.01 of the Indenture provides that, without consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from
time to time, may enter into one or more indentures supplemental to the Indenture to, among other things, cure any ambiguity, correct or supplement any provision in the Indenture which may be
inconsistent with any other provision in the Indenture or make any other provisions with respect to matters or questions arising under the Indenture which shall not be inconsistent with the provisions
of the Indenture, provided that such action shall not adversely affect the interests of Holders in any material respect; 

        WHEREAS,
the Company deems it advisable and has requested the Trustee to enter into this First Supplemental Indenture for the purpose of providing for the issuance of Exchange Securities
(as defined herein) under the Indenture by the Company, and the authentication and delivery of the Exchange Securities (as defined herein) by the Trustee; 

        WHEREAS,
the Company has duly authorized the execution and delivery of this First Supplemental Indenture and requested that the Trustee execute and deliver this First Supplemental
Indenture, and all conditions and requirements necessary to make this First Supplemental Indenture a valid and binding instrument in accordance with its terms have been performed and fulfilled by the
parties hereto; 

        NOW,
THEREFORE, in consideration of the foregoing and of the mutual premises and covenants contained herein and for other good and valuable consideration, the parties hereto agree, for
the equal and ratable benefit of the respective Holders from time to time of the Securities, as follows: 

1

  

 
 

ARTICLE 1    
    

DEFINITIONS 

        SECTION
1.1.    Definition of Terms.    For all purposes of the Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 

	(a)
	a
term defined in the Indenture and not otherwise defined herein has the same meaning when used in this First Supplemental Indenture; and

	(b)
	unless
otherwise specified, a reference to a Section or Article is to a Section or Article of this First Supplemental Indenture. 

 
 

ARTICLE 2    
    

AMENDMENTS
TO THE INDENTURE 

        SECTION
2.1.    Recitals.    The first paragraph under the Section "Recitals of the Company" of the Indenture shall be amended and
restated as follows: 

        "The
Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its 10% Senior Notes due 2013 (herein called the
"Securities"), to be issued in one series as herein set forth. The Securities may consist of either or both of Original Securities or Exchange Securities, each as defined herein. The Original
Securities and the Exchange Securities shall rank pari passu." 

        SECTION
2.2.    New Definitions.    The following new definitions shall be added in the appropriate alphabetical position in
Section 1.01 ("Definitions") of the Indenture: 

        "Exchange Registration Statement" means a registration statement of the Company under the Securities Act registering Exchange Securities
for distribution pursuant to the Exchange Offer." 

        "Exchange Security" means any Security issued in exchange for an Original Security or Original Securities pursuant to the Exchange Offer
or otherwise registered under the Securities Act and any Security with respect to which the next preceding Predecessor Security of such Security was an Exchange Security, and their Successor
Securities. 

        "Original Securities" means Securities that are not Exchange Securities. 

        "Registered Securities" means the Exchange Securities and all other Securities sold or otherwise disposed of pursuant to an effective
registration statement under the Securities Act, together with their respective Successor Securities. 

        "Unrestricted Securities Certificate" means a certificate substantially in the form set forth in Annex C." 

        SECTION
2.3.    Form of Face of Security.    The sixth full paragraph under Section 2.02 ("Form of Face of Security") of the
Indenture shall be amended and restated as follows: 

        "[If
the Security is an Original Security, then insert—The Holder of this Security is entitled to the benefits of the Registration Rights Agreement and to receive
Special Interest under certain circumstances as further described in the Registration Rights Agreement or, if this Security is an Additional Security, the Holder of this Security will be entitled to
the benefits of a registration rights agreement, if applicable, among the Company and the other parties thereto, relating to rights given by the Company to the purchasers of any Additional Securities.
Special Interest, if any, shall be paid in cash semi-annually in arrears on June 1 and December 1 in each year; and the amount of accrued Special Interest shall be determined
on the basis of the number of days actually elapsed.]" 

2

 

        SECTION
2.4.    Form of Reverse of Security.    Section 2.03 ("Form of Reverse of Security") of the Indenture shall be
supplemented by inserting the following paragraph: 

"Unless
the context otherwise requires, the Original Securities (as defined in the Indenture) and the Exchange Securities (as defined in the Indenture) shall constitute one series for all purposes
under the Indenture, including without limitation, amendments, waivers, redemptions and Offers to Purchase." 

        SECTION
2.5.    Title and Terms. 

	(a)
	Section 3.01
("Title and Terms") of the Indenture shall be supplemented by inserting the following paragraph immediately below the first full paragraph of such section: 

"The
Company may issue Exchange Securities from time to time pursuant to an Exchange Offer or otherwise, in each case pursuant to a Board Resolution of the Company, included in an Officer's
Certificate delivered to the Trustee, in authorized denominations in exchange for a like principal amount of Original Securities. Upon any such exchange the Original Securities so exchanged shall be
cancelled in accordance with Section 3.10 and shall no longer be deemed Outstanding for any purpose." 

	(b)
	The
second paragraph of Section 3.01 ("Title and Terms") of the Indenture shall be amended and restated as follows: 

"The
Securities shall be known and designated as the "10% Senior Notes due 2013" of the Company. Their Stated Maturity shall be December 1, 2013, and they shall bear interest at the rate of 10%
per annum, accruing from November 24, 2003 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually on June 1
and December 1, until the principal thereof is paid or made available for payment; provided, however, with respect to Original
Securities, if there has been a Registration Default, then Special Interest will accrue and be payable in addition to regular interest at the rate and in the manner set forth in the Form of Security.
Accrued Special Interest, if any, shall be paid in cash in arrears semi-annually on June 1 and December 1 in each year, and the amount of accrued Special Interest shall be
determined on the basis of the number of days actually elapsed and computed as provided in Section 3.11." 

        SECTION
2.6.    Execution, Authentication, Delivery and Dating. 

	(a)
	Section 3.03
("Execution, Authentication, Delivery and Dating") of the Indenture shall be supplemented by inserting the following paragraph immediately below the third full
paragraph of such section: 

"At
any time and from time to time after the execution and delivery of this Indenture and after the effectiveness of a Registration Statement under the Securities Act with respect thereto, the Company
may deliver Exchange Securities executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Exchange Securities and a like
principal amount of Original Securities for cancellation in accordance with Section 3.10, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities." 

	(b)
	The
fourth full paragraph of Section 3.03 ("Execution, Authentication, Delivery and Dating") of the Indenture shall be amended and restated as follows: 

"In
authenticating the Securities or Exchange Securities pursuant to this Section, and accepting the additional responsibilities under this Indenture in relation to such Securities or Exchange
Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating, 

3

 

	(a)
	that
such Securities or Exchange Securities have been duly and validly issued in accordance with the terms of this Indenture, are entitled to all the rights and benefits set forth
herein and constitute legal, valid and binding obligations of the Company, enforceable in accordance with their terms; and

	(b)
	that
the issuance of the Exchange Securities in exchange for the Original Securities has been effected in compliance with the Securities Act. 

        SECTION
2.7.    Registration, Registration of Transfer and Exchange Generally; Certain Transfers and Exchanges. 

	(a)
	Section 3.06(a)
("Registration, Registration of Transfer and Exchange Generally") of the Indenture shall be supplemented by inserting the following sentence at the end of the
first full paragraph of such section: 

"Such
Security Register shall distinguish between Original Securities and Exchange Securities." 

	(b)
	The
fourth full paragraph of Section 3.06(a) shall be amended and restated as follows: 

"All
Securities issued upon any registration of transfer of or exchange for Securities shall be the valid obligations of the Company, evidencing the same debt, and (subject to differences between the
Original Securities and the Exchange Securities provided for herein) entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange." 

	(c)
	Section 3.06(c)
("Securities Act Legends") of the Indenture shall be amended and restated as follows: 

"Securities
shall bear a Restricted Securities Legend and Regulation S Securities shall bear a Regulation S Legend, subject to the following: 

	(i)
	subject
to the following Clauses of this Section 3.06(c), a Security or any portion thereof which is exchanged, upon transfer or otherwise, for a Global Security or any portion
thereof shall bear the Restricted Securities Legend borne by such Global Security while represented thereby;

	(ii)
	subject
to the following Clauses of this Section 3.06(c), a new Security which is not a Global Security and is issued in exchange for another Security or any portion thereof,
upon transfer or otherwise, shall bear the Restricted Securities Legend borne by such other Security, provided that, if such new Security is required pursuant to
Section 3.06(b)(iii) or (iv) to be issued in the form of a Restricted Security, it shall bear a Restricted Securities Legend and, if such new Security is so required to be issued
in the form of a Regulation S Security, it shall bear a Regulation S Legend;

	(iii)
	Registered
Securities shall not bear a Restricted Securities Legend;

	(iv)
	after
a date that is two years from issuance, a new Security which does not bear a Restricted Securities Legend may be issued in exchange for or in lieu of a Security or any portion
thereof which bears such a legend if the Trustee has received an Unrestricted Securities Certificate, satisfactory to the Trustee and duly executed by the Holder of such legended Security or his
attorney duly authorized in writing, and after such date and receipt of such certificate, the Trustee shall authenticate and deliver such a new Security in exchange for or in lieu of such other
Security as provided in this Article Three;

	(v)
	a
new Security which does not bear a Restricted Securities Legend (other than a Global Security) may be issued in exchange for or in lieu of a Security or any portion thereof which
bears such a legend if, in the Company's judgment, placing such a legend upon 

4

 

such
new Security is not necessary to ensure compliance with the registration requirements of the Securities Act, and the Trustee, at the direction of the Company, shall authenticate and deliver such
a new Security as provided in this Article Three; and 

	(vi)
	notwithstanding
the foregoing provisions of this Section 3.06(c), a Successor Security of a Security that does not bear a particular form of Restricted Securities Legend shall
not bear such form of legend unless the Company has reasonable cause to believe that such Successor Security is a "restricted security" within the meaning of Rule 144, in which case the
Trustee, at the direction of the Company, shall authenticate and deliver a new Security bearing a Restricted Securities Legend in exchange for such Successor Security as provided in this Article
Three." 

        SECTION
2.8.    Supplemental Indentures Without Consent of Holders.    Clause (4) of Section 9.01 ("Supplemental Indentures
Without Consent of Holders") of the Indenture shall be amended and restated as follows: 

"to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to comply with any requirement of the Commission in order to effect qualification of this
Indenture under the Trust Indenture Act in connection with the Exchange Offer Registration Statement or the Resale Registration Statement or thereafter to maintain the qualification of this Indenture
under the Trust Indenture Act; or" 

        SECTION
2.9.    Limitation on Debt.    Clause (2) of Section 10.08 ("Limitation on Debt") of the Indenture shall be amended
and restated as follows: 

"the
original issuance by the Company of the Debt evidenced by the Securities (including any Exchange Securities);" 

 
 

ARTICLE 3    
    

MISCELLANEOUS

        SECTION
3.1.    Effectiveness and Effect. 

	(a)
	This
First Supplemental Indenture shall become effective as of the date written above upon receipt by the Trustee of a duly executed counterpart of this First Supplemental Indenture
signed by the Company and the Trustee.

	(b)
	The
provisions set forth in this First Supplemental Indenture shall be deemed to be, and shall be construed as part of, the Indenture to the same extent as if set forth fully therein.
All references to the Indenture in the Indenture or in any other agreement, document or instrument delivered in connection therewith or pursuant thereto shall be deemed to refer to the Indenture as
amended by this First Supplemental Indenture. Except as amended hereby, the Indenture shall remain in full force and effect. For the avoidance of doubt, the Company acknowledges and agrees that all of
the protections, indemnities, immunities and exemptions from liabilities in favor of the Trustee described in the Indenture and not being amended hereby shall apply to the Trustee's execution of this
First Supplemental Indenture and performance under the amended Indenture. 

        SECTION
3.2.    Trust Indenture Act Controls.    If any provision of this First Supplemental Indenture limits, qualifies or conflicts
with another provision that is required by or deemed to be included in this First Supplemental Indenture by the Trust Indenture Act of 1939, the required or incorporated provision shall control. 

5

 

        SECTION
3.3.    Governing Law.    THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. 

        SECTION
3.4.    Counterparts.    The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall
be an original, but all of them together represent the same agreement. 

        SECTION
3.5.    Severability.    In case any provision in this First Supplemental Indenture shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

        SECTION
3.6.    Effect of Headings.    The headings of the Articles and Sections of this First Supplemental Indenture have been inserted
for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

6

        IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed as of the day and year first above written. 

	 	 	MILLICOM INTERNATIONAL CELLULAR S.A.
	

 	
 	

By:	

/s/ MARC BEULS
	 	 	 	
 Name: Marc Beuls

Title: Chief Executive Officer
	

 	
 	

By:	

/s/ BRUNE NIEUWLAND
	 	 	 	
 Name: Brune Nieuwland

Title: Chief Financial Controller
	

 	
 	

THE BANK OF NEW YORK,

    As Trustee
	

 	
 	

By:	

/s/ DANIEL WYNNE
	 	 	 	
 Name: Daniel Wynne

Title:

QuickLinks

ARTICLE 1

ARTICLE 2

ARTICLE 3

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