Document:

<PAGE>   1

                                                                    EXHIBIT 10.1

                                                  LICENSE AND RESELLER AGREEMENT
    BETWEEN PHOENIX INTERNATIONAL LTD., INC. AND LONDON BRIDGE SOFTWARE HOLDINGS
                                                          PLC AND ITS AFFILIATES

This Reseller Agreement ("Agreement") is made effective as of the latest date
set forth on the signature page of this Agreement ("Effective Date"), between
London Bridge Software Holdings, plc, a public limited company registered in the
United Kingdom and listed on the London Stock Exchange and Phoenix
International, Ltd. Inc., a Florida corporation, with a principal place of
business located at 500 International Parkway, Heathrow, Florida 32748
("PHOENIX"). This Agreement consists of the general terms and conditions
contained on Pages 1 through 6 below, of the Schedules which are attached, and
of any addenda to this Agreement which are executed by the parties, whether
originally attached or subsequently added ("Addenda"). All definitions for
defined terms are contained in Section 8.10 of the Agreement.

1.       Licensed Program License

1.1.     Rights Granted. PHOENIX grants London Bridge Software Holdings plc, and
each of its directly or indirectly majority owned subsidiaries (hereinafter
referred to individually and collectively as "LBS") a non-transferable,
non-exclusive, license for the term of this Agreement to use the Licensed
Programs, any derivatives thereof and any interfaces developed by PHOENIX for
End Users to connect the Licensed Programs to the End User software ("Phoenix
Interfaces"), each in the Territory for the following purposes:

         A.       Marketing and Demonstration:  To (i) market the Licensed
Programs to End Users of the Licensed Programs and/or of the Consulting and
Technical Support Services provided in connection with the Licensed Programs,
and (ii) to demonstrate the Licensed Programs to potential End Users.

         B.       Development of Interfaces:  To develop the LBS Interfaces
required to interface the Licensed Programs with LBS Software and the software
belonging to End Users.

         C.       Granting Sublicenses:  To grant non-exclusive,
non-transferable sublicenses, which may be perpetual, of the Licensed Programs
to End Users for use solely in their internal business operations in accordance
with Section 2.2A of this Agreement.

         D.       Perform Services for End Users:  To perform Consulting,
Technical Support, and other services for End Users, including but not limited
to third-party training, commercial time-sharing, out-sourcing, rental, or
service bureau and/or data processing and file transfer use.

         E.       Disaster Recovery:  To copy the Licensed Programs for archival
or backup purposes. All titles, trademarks, copyright and restricted rights
notices shall be reproduced in such copies. All archival and backup copies of
the Licensed Programs are subject to the terms of this Agreement. LBS may
maintain the Licensed Programs at a backup recovery facility. If the backup
recovery facility is provided by a third party, LBS and the third party shall
execute a written agreement prior to use of such third party facilities
specifying that such party's use of the Programs shall be governed by the terms
and conditions of the Agreement. The copies of the Licensed Programs installed
at such backup recovery facility shall only be used during an emergency or
testing for emergency and for the purpose of providing backup data processing
for LBS and/or its End Users. Access to the Licensed Program(s) shall be limited
solely to those employees necessary to provide backup data processing for LBS.
Upon termination of the third party's services for LBS, the third party's right
to use the Licensed Programs shall also terminate. The third party shall destroy
all copies of such Licensed Programs in its possession, custody or control.

1.2      Restrictions on use of Licensed Program

         A.       LBS shall not reproduce, prepare derivative works based upon,
modify, enhance or otherwise alter, distribute copies of, perform, display,
make, use, or sell the Licensed Programs except as otherwise specified in this
Agreement. The only exceptions to the above are that LBS may:

                  i.       Make a reasonable number of copies of the Licensed
Programs for archival or backup purposes. All titles, trademarks, copyright, and
proprietary rights notices shall be reproduced in such archival or backup copy.
All archival and backup copies of the Licensed Programs are subject to the terms
of this Agreement.

                  ii.      Create computer programs for internal use only, which
operate in conjunction with the Licensed Programs pursuant to this Agreement.
PHOENIX shall have no responsibility or liability for the operation or
integration of such computer programs in connection with the Licensed Programs
except as otherwise specifically set forth in this Agreement.

         B.       LBS shall not reverse engineer, disassemble or decompile the
Licensed Programs, or cause or permit such acts.

1.3.     Assignment of Agreement to another Entity:  Neither Phoenix or LBS may
assign, transfer, sub-license or delegate, without the prior written consent of
the other party, its rights, duties or obligations under this Agreement to any
person or entity, in whole or in part. Notwithstanding the foregoing, either
party may assign this Agreement in whole to a purchaser of all or substantially
all of the assets or outstanding capital stock of the assigning party, provided
that: (i) such party is in the same business as the assigning party (ii) such
party is not a competitor of the non-assigning party at the time of the
assignment, and (iii) such party simultaneously executes a writing in which it
agrees to be bound by the terms of this Agreement and the assigning party shall
be jointly and severally liable with any assignee of this Agreement for the term
of this Agreement.

2.       LBS Responsibilities

2.1.     Payments

A.       License Fees.  LBS shall be entitled to retain one hundred percent
(100%) of the License Fees for Licensed Programs licensed under the End User
Agreements. Notwithstanding the foregoing, after LBS has retained Four Million
Dollars ($4,000,000.00) in cash payments for License Fees (including transaction
fees for services provided pursuant to Section 1.10 above), LBS shall credit
Phoenix with fifty percent (50%) of the cash actually received from such End
Users between the Effective Date of the Asset Purchase Agreement executed
between the parties of even date herewith and the Closing Date (as that term is
defined in the Asset Purchase Agreement, hereinafter the "Transition Period"),
which credit shall be applied to reduce the outstanding principal and interest
balance of the Line of Credit Loan described in the Asset Purchase Agreement, as
of the Closing Date.

B.       Consulting Services Fees.  Promptly upon receipt of invoices for the
consulting services being subcontracted to Phoenix under the terms of Section
2.2 below, LBS shall invoice the End Users for such Consulting Services at a
rate that shall be equal to or greater than PHOENIX then current blended
Consulting Rate of One Hundred and Fifty Dollars ($150.00) per man-hour, and
such invoices shall be required to be paid to LBS within thirty days from the
invoice date. LBS shall be entitled to retain twenty percent (20%) of the
Consulting Services Fees invoiced and collected from End Users. LBS shall remit
the balance of the Consulting Services Fees to Phoenix within five (5) business
days of receipt thereof.
<PAGE>   2
C.       Technical Support Services.  LBS shall promptly invoice the End User in
advance for the initial annual Technical Support Services on the Maintenance
Purchase Date (as defined in the End User Agreement, and shall charge the End
User an annual Technical Support Fee which shall be equal to or greater than
the annual Technical Support Fees then currently being charged by PHOENIX to its
general customer base for similar Technical Support Services. LBS shall be
entitled to retain twenty five percent (25%) of the Technical Support Service
Fees invoiced and collected from End Users. LBS shall remit the balance of the
Technical Support Services Fees to Phoenix within five (5) business days of
receipt thereof.

D.       Repayment of Cash Collected in the Event of Termination of Asset
Purchase Agreement.  Notwithstanding the foregoing, in the event that the Asset
Purchase Agreement is terminated by either party under the terms of and prior
to the full and final consummation of the transaction contemplated by the Asset
Purchase Agreement, LBS shall:

         I.       promptly assign to PHOENIX all End User agreements, subject to
         the consent of the End Users; and

         II.      Credit PHOENIX with seventy percent (70%) of the cash
         collected by LBS for License Fees collected prior to such assignment,
         which credit shall be applied to the then outstanding amount of the
         loan under the Line of Credit as of the termination date.

Notwithstanding the foregoing, to the extent that an End User refuses to
consent to such assignment, LBS shall be entitled to continue to use the
Licensed Programs and Phoenix shall continue to provide the Services via the
sublicense arrangement through the then current term of the Services Schedules
to the applicable End User Agreement, and LBS shall pass through all License
and Services Fees to PHOENIX for the remainder of the term of the End User
Agreement provided that PHOENIX is not in default under the terms of such
Agreement. Should there be a Release Event under the Escrow Agreement, LBS
shall be entitled to keep any License or Services Fees invoiced and collected
after the Release Event.

2.2      End User Arrangements

         LBS shall have the following obligations with respect to End User
Arrangements:

         A.       Agreements with End Users:  LBS may enter into sublicense
and/or servicing agreements directly with one or more End Users, using the LBS
standard customer agreement which shall be reasonably acceptable to PHOENIX.

         B.       Development of Interfaces:

                  I.       LBS Interfaces:  LBS will work with PHOENIX to
mutually specify and develop various interfaces between the Licensed LBS in
connection with the development of an LBS Interface shall be considered
Consulting Services, and shall be performed at the blended rate of one hundred
and fifty dollars ($150.00) per man-hour during the Transition Period. Once a
LBS Interface is licensed to an End User, and for the longer of (i) the
remainder of the term of this Agreement, (ii) or until the expiration or
earlier termination of the applicable End User agreement, LBS shall provide
maintenance for LBS interfaces which will interface with the most current and
the next to most current releases of the Licensed Programs.

                  II.      Charges for Interfaces: LBS and PHOENIX may each
license their own interfaces to End Users at prices as determined solely by LBS
and PHOENIX, respectively, from time to time.

3.       PHOENIX Obligations

3.1      Marketing Support.  Upon LBS' request, PHOENIX will jointly market the
Licensed Programs to third parties, with LBS, and each party shall bear its own
expenses in connection therewith.

3.2      Consulting Services.  LBS may contract directly with its End Users to
provide Consulting Services, in which event PHOENIX agrees to operate as a
subcontractor of LBS with respect to the provision of such Consulting Services.
The scope of Consulting Services required under any such subcontract
arrangement shall be described in a Consulting Services Supplement which must
be approved in writing by both parties and which shall reference and be
incorporated into this Agreement. In addition, the Consulting Services Rates
shall be equal to or greater than the blended rate then being charged by
Phoenix to its general customer base. PHOENIX agrees to provide LBS with
accurate invoices within fifteen days of completion of such Consulting
Services, so that LBS may promptly invoice the End User for such Services.

3.3      Technical Support Services:

         A.       PHOENIX will provide Technical Support Services free of
charge to LBS for so long as it is providing Technical Support Services to
PHOENIX customers, and will act as a subcontractor when requested, to provide
Technical Support Services to LBS End Users under the terms of its standard
Technical Services Supplement attached as Schedule B to the Standard LBS End
User Agreement or any additional services supplements which must be approved in
writing by both parties and which reference and are incorporated into this
Agreement.

         B.       LBS will receive for its use, without payment of any
additional license fees, all Updates issued by PHOENIX. Use of any Update with
or in place of the Licensed Programs shall be fully governed by and subject to
the terms of this Agreement relating to the use of the Licensed Programs. All
copies of any portion of the Licensed Programs replaced by an Update shall be
destroyed or returned to PHOENIX.

3.4      PHOENIX Interfaces:  PHOENIX will work with LBS to mutually specify
and develop various interfaces between the Licensed Programs and LBS software
products and services in the event that an End User desires such an interface.
PHOENIX shall charge LBS at a blended rate of one hundred and fifty dollars
($150.00) per man hour for such Consulting Services. PHOENIX shall provide LBS
with prior written notice of any proposed change in an PHOENIX interface, as
soon as possible, but in any event not less than sixty (60) days prior to
making the proposed change. LBS shall own the proprietary rights in any and all
interfaces derived from the Licensed Programs.

3.5      Improvements to the Licensed Programs:  If an End User discovers an
error or malfunction in the Licensed Programs and so notifies PHOENIX, PHOENIX
shall make reasonable efforts to correct such error or malfunction in its next
release of the Licensed Programs. Such release shall be provided to existing
End Users without additional charge provided that such End Users have purchased
Technical Support Services from LBS or PHOENIX.

3.6      Costs:  Except as otherwise provided, all costs and expenses, including
indirect costs, incurred in fulfilling PHOENIX's responsibilities under this
Article 3 shall be borne by PHOENIX.

3.7      Escrow of Source Code.  PHOENIX agrees to escrow the Source Code to
the Licensed programs with Fort Knox Securities in Atlanta, Georgia under terms
and conditions comparable to those contained in the LBS Master Escrow Agreement
which provides among other events of release that LBS shall be entitled to
release of the source code ("Release Events") in the event that PHOENIX:

         i.       breaches its obligations to provide Consulting and/or
         Technical Support Services under the terms and conditions of this
         Agreement;
<PAGE>   3
         II.      becomes insolvent or is unable to pay its debts in the normal
         course of business; or

         III.     files for bankruptcy or is forced into involuntary bankruptcy.

In the event of a Release Event, LBS shall be entitled to use the source code
to the Licensed Programs for the sole purpose of supporting its End Users and
its own use of the Licensed Programs, to the extent that LBS is providing
services under then current End User Agreements in accordance with Section 1.1D
above. In no event shall LBS be entitled to use the source code for development
purposes (other than to develop the interfaces referenced in Section 1.1B
above). In addition, PHOENIX agrees that in the event there is a Release Event,
LBS shall be free to solicit for hire the technical employees of PHOENIX. LBS
shall not use the source code for the Licensed Programs for any other purpose.
LBS may not use the source code or information derived from the source code to
develop, have developed or participate in the development of any competing
products of the Licensed Programs. LBS may not provide the source code or any
access to the source code to any third party for any reason.

4.       Term and Termination

4.1.     Term.  This Agreement shall commence on the Effective Date, and shall
continue thereafter in full force until the earlier of (i) the Closing Date (as
defined in the Asset Purchase Agreement), or (ii) that date on which this
Agreement is terminated by one of the parties in accordance with Section 4.2
below.

4.2.     Termination By Either Party

         A.       In the event either party defaults in any material obligation
in this Agreement, the non-defaulting party shall give written notice of such
default. If the party in default has not cured the default within thirty (30)
days of the notice to the reasonable satisfaction of the non-defaulting party,
the non-defaulting party may terminate this Agreement in writing. In addition,
should LBS terminate the Asset Purchase Agreement prior to the full and final
consummation of the transaction contemplated thereby, PHOENIX shall have the
right to immediately terminate this Agreement, except that LBS shall be
entitled to continue to use the Licensed Programs to perform the remainder of
its obligations under the then current terms of any existing End User
Agreements, to the extent that such End Users will not reasonably consent to
assignment of such End User Agreements in PHOENIX.

         B.       Termination of this Agreement shall not relieve either
party's obligations under this Agreement with respect to confidentiality,
indemnity, and payment of all License Fees and all other fees and expenses that
have accrued or that LBS has agreed to pay. Notwithstanding the above, LBS
shall not be obligated to pay PHOENIX future license fees or maintenance fees
when termination is due to breach or default solely by PHOENIX and which is not
cured by PHOENIX.

         C.       A termination or expiration of this Agreement shall not
effect LBS' right to continue to use the Licensed programs in accordance with
the terms of Section 1.1 above to complete its obligations under then current
agreements with its End Users for the then current terms of such agreements. In
addition, the obligations of LBS and PHOENIX in connection with each End User
agreement of LBS, which is effective as of the time of expiration or
termination of the Agreement, shall survive such expiration or termination, and
shall continue in full force and effect until such End User agreement expires
or terminates pursuant to its terms.

5.       Ownership.

5.1.     The parties acknowledge that all right, title and interest in and to
the Licensed Programs, and in all patents, trademarks, copyrights, trade
secrets, and all other intellectual property and proprietary rights therein,
and all work done in connection with Consulting Services performed by PHOENIX
are owned by and shall remain owned by PHOENIX, and that work resulting from
custom programming or other Consulting Services performed by PHOENIX for LBS
shall be owned by PHOENIX, and shall not be considered "LBS Software" for
purposes of this Section 5 only.

5.2.     To the extent that any right, title, or interest in and to the PHOENIX
Software should accidentally or by operation of law, be deemed to be in LBS or
LBS' employees, independent contractors, representatives or agents, LBS agrees
at PHOENIX sole cost and expense (and agrees to use reasonable efforts to
cause its employees, independent contractors, representatives or agents) to
perform any acts that may be reasonably necessary to transfer ownership of any
right, title, and interest in the PHOENIX Software to PHOENIX including but not
limited to the execution of further written assignments, and shall use
reasonable efforts to assist PHOENIX and its representative in securing
intellectual property protection therefor in the United States and foreign
countries.

5.3.     LBS acknowledges that any unauthorized reproduction, preparation of
derivative works based on (except as otherwise provided for pursuant to this
Agreement), distribution, performance, display, making, using, or sale of the
PHOENIX Software or any right embodied therein by LBS, or its employees,
independent contractors, agents, or representatives, including Users, will
result in irreparable harm to PHOENIX for which remedies other than injunctive
relief may be inadequate, and that PHOENIX shall be entitled to seek from a
court of competent jurisdiction injunctive or other equitable relief to
restrain such unauthorized acts in addition to other appropriate remedies.

6.       Indemnity, Warranties, Remedies, Limitation of Liability

6.1.     Warranties and Disclaimers

         A.       Licensed Program Warranties:

                  I.       Owner of the Licensed Programs:  PHOENIX represents
that it is the lawful owner or licensor of the Licensed Programs, and has the
full right and authority to grant the licenses hereunder.

                  II.      Performance:  PHOENIX warrants for the term of this
Agreement that the Licensed Programs, will substantially perform in accordance
with the Specifications and Documentation provided to LBS by PHOENIX in all
material respects. PHOENIX will use its best efforts to promptly correct any
reported error condition of the Licensed Programs. PHOENIX will undertake to
correct any reported error condition provided that LBS provides PHOENIX with
documentation of the error or deficiency and the necessary software and data
required to reproduce the error or deficiency of the Licensed Programs, and all
other reasonable support and assistance in discovering the cause or a cure for
reported error or deficiency of the Licensed Programs.

         B.       Year 2000 Warranty:  PHOENIX warrants, that the Licensed
Programs are currently, and will remain for the term of this Agreement, Year
2000 Conformant.

         C.       Services Warranty:  PHOENIX warrants that its Consulting and
Technical Support Services will be performed timely and consistent with the
highest standards in the information technology industry in existence at the
time services are performed.

         D.       Infringement:  PHOENIX represents to the best of its
knowledge, that as of the Effective Date, no patent, copyright, trademark, or
any other trade secrets or proprietary intellectual property rights and/or
claims of third parties have been or will be asserted against the Licensed
Programs.

         C.       Exclusions From and Limitations of Warranty:

<PAGE>   4
                  I.       General.  Except as otherwise provided above,
PHOENIX does not not warrant that the Licensed Programs will meet LBS'
requirements, that the Licensed Programs will operate in the combinations which
LBS may select for use (other than the Licensed Programs acquired herein), or
that the operation of the Licensed Programs will be uninterrupted or
error-free. The warranties set forth in this Section do not cover any copy of
the Licensed Programs which have been altered or changed in any way by anyone
other than PHOENIX, including but not limited to derivative works prepared by
LBS, unless they were expressly authorized in writing by PHOENIX.

                  II.      Unintended Use.  PHOENIX is not responsible for
problems caused by: (a) use of the Licensed Programs outside the scope of this
Agreement; (b) changes in, or modifications to, the operating characteristics
of any computer hardware, software or data for which the Licensed Programs are
procured which were not previously authorized in writing by PHOENIX; (c) use of
the Licensed Programs with data or software of third parties or with hardware
which is incompatible with the Licensed Programs; (d) changes to any component
of the Designated System; or (e) accident, physical, electrical or magnetic
stress, unauthorized alterations, failure of electric power, environmental
controls, or causes other than ordinary use.

The warranties specified in this Section 6.1 are the complete warranties
between PHOENIX and LBS. ALL IMPLIED WARRANTIES, INCLUDING BUT NOT LIMITED TO
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSE, ARE EXPRESSLY
EXCLUDED. Some states do not allow exclusions of implied warranties; if the
above is true, the exclusions may not apply to this Agreement. The express
warranties set forth above supersede all proposals, promotions, advertisements,
representations or prior warranties, verbal or written, express or implied,
statutory or otherwise, and any communications between the parties relating to
the subject matter of these warranties not specifically incorporated into this
Agreement. No representation or statement not expressly contained in this
Agreement shall be binding on PHOENIX as a warranty or otherwise.

6.2     Patent, Copyright and Trademark Infringement Indemnity

         A.       PHOENIX will defend and fully indemnify LBS and its officers,
directors, employees, attorneys, agents and representatives against a claim
that the Licensed Programs furnished and used within the scope of this
Agreement infringe or violate a patent, copyright or trademark, or trade
secret, or other intellectual property or proprietary right, provided that LBS
promptly notifies PHOENIX in writing of such a claim upon becoming aware of the
claim. PHOENIX shall control the defense of any such claim, lawsuit or other
proceeding. In no event shall PHOENIX settle any such claim, lawsuit or
proceeding which results in an assignment, license or transfer of rights in the
Licensed Programs or which otherwise affects LBS' ability to fully satisfy all
obligations that it has in connection with LBS End User Agreements without LBS'
prior written approval.

         B.       Notwithstanding the provisions of Section 8.2(A) above,
PHOENIX shall have no liability for any claim based, in whole or in part, on:
(a) use of a superseded or altered release of the Licensed Programs, if the
infringement would have been avoided by the use of the current unaltered
release of the Licensed Programs that PHOENIX provides to LBS; (b) the
combination, operation, or use of any Licensed Programs furnished under this
Agreement with software, hardware, or other materials not furnished by PHOENIX
(or represented to be compatible with the Licensed Programs) if such
infringement would have been avoided by the use of the Licensed Program without
such software, hardware or other materials; or (c) any modifications,
enhancements or other alterations, of the Licensed Programs or any derivative
works thereof not made or authorized by PHOENIX.

         C.       In the event the Licensed Programs are held to infringe or
are believed by PHOENIX to infringe, PHOENIX shall have the option, at its
expense, to (i) modify the Licensed Programs to be noninfringing; (ii) to
obtain for LBS a license to continue using the Licensed Programs, (iii) to
replace the Licensed Programs with non-infringing software substantially
complying with the Licensed Programs' specifications without the loss of
material features or functionality; or (iv) to terminate the License for the
infringing Licensed Programs and refund the License Fees paid for those
Licensed Programs. The remedy described in subsection (iv) above shall not be
exercised unless the remedies described in subsections (i) through (iii) are not
available.

         D.       LBS shall defend and indemnify PHOENIX, and hold PHOENIX
harmless, for any action brought against PHOENIX and PHOENIX's officers,
directors, employees, attorneys, agents and representatives to the extent such
action is based on, in whole or in part: (i) by any unauthorized modification or
change to the Licensed Programs made by LBS; (ii) claims made as the sole
result of LBS interfaces; or (iii) claims made as a sole result of LBS'
marketing efforts; provided that PHOENIX promptly notifies LBS in writing of
such claim upon becoming aware of such a claim. PHOENIX and LBS shall jointly
control the defense of any such claim, lawsuit or other proceeding. In no
event shall LBS settle any such claim, lawsuit or proceeding which results in
an assignment, license or transfer of rights in the Licensed Programs or which
otherwise affects PHOENIX's rights in the Licensed Programs without PHOENIX's
prior written approval.

6.3     Remedies and Limitation of Liability

         A.       Remedies.  For any uncured breach of the warranties contained
in Paragraph 6.1 above, LBS shall be entitled to the following remedies:

                  1.       In the case of any nonconformity or defect in the
Licensed Programs for which PHOENIX is responsible, PHOENIX shall at LBS'
option; (a) use reasonable efforts to provide maintenance, modifications, or
fixes with respect to any such error in a timely manner, (b) replace the
Licensed Programs with software with substantially the same functionality in
all material respects, or (iii) refund the License and Service Fees to
attributable in all End User Agreements to LBS.

         B.       In order to avail itself of the remedies provided pursuant to
this Section, LBS shall provide all reasonable support and assistance in
discovering the cause or cure for the failure of the Licensed Programs.

         C.       For all matters outside of infringement and/or breaches of
confidentiality under the terms of this Agreement, LBS' liability to Phoenix
under the terms or conditions of this Agreement shall be limited to direct
damages related to claims and shall be limited to an amount equal to the
greater of (i) the fees owed by LBS to PHOENIX under Article 2 above, or (ii)
Five Hundred Thousand Dollars ($500,000.00). PHOENIX liability to LBS (for
claims other than infringement and breaches of confidentiality under the terms
of this Agreement) shall be limited to the License Fees received by PHOENIX for
the Licensed Programs (in connection with claims BY PHOENIX for Services (with
respect to claims related to Services. IN NO EVENT SHALL EITHER PARTY BE LIABLE
FOR SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOSS OF
PROFITS) ARISING OUT OF THIS AGREEMENT OR WITH RESPECT TO THE INSTALLATION,
USE, OPERATION OR MAINTENANCE OF THE LICENSED PROGRAMS, INCURRED BY EITHER
PARTY OR ANY END USER OR OTHER THIRD PARTY, EVEN IF THE OTHER PARTY HAS BEEN
APPRISED OF THE POSSIBILITY OF SUCH DAMAGES. Such special, indirect, incidental
or consequential damages shall include but are not limited to loss of profits
or revenue, any loss of data, or use.

<PAGE>   5
         D.       The provisions of this Article allocate the risks under this
Agreement between PHOENIX and LBS, and is reflected in PHOENIX's prices for the
Licensed Programs.

7.       Confidentiality

7.1.     By virtue of this Agreement, the parties may have access to information
that is confidential to one another ("Confidential Information"). Confidential
Information shall be limited to the Licensed Programs or any other information
relating to the distinctive methods or procedures which either party uses in the
design, development, licensing, support, or maintenance of software, the forms
and pricing under this Agreement. Customer information, and all information
understood to be or clearly identified as confidential.

7.2.     LBS shall not permit any personnel or User to remove any proprietary or
other legend or restrictive notice contained or included in any material
provided by PHOENIX and LBS shall not permit LBS' personnel or Users to
reproduce or copy any such material except as expressly authorized hereunder.

7.3.     A party's Confidential Information shall not include information that,
as evidenced by documentary evidence: (a) is or becomes a part of the public
domain through no act or omission of the other party; (b) was in the other
party's lawful possession prior to the disclosure and had not been obtained by
the other party either directly or indirectly from the disclosing party; (c) is
lawfully disclosed to the other party by a third party without restriction on
disclosure; (d) is independently developed by the other party; or (e) is
obligated to be disclosed by court order or government requirement. LBS shall
not disclose the results of any benchmark tests of the Licensed Programs to any
third party without PHOENIX' prior written approval.

7.4.     The parties agree to hold each other's Confidential Information in
confidence during the term of this Agreement and for a period of five (5) years
after the termination of this Agreement. Such provisions shall apply to trade
secrets so long as they fall within the definition under the Georgia Trade
Secrets Act. The parties agree not to make each other's Confidential Information
available in any form to any third party or to use each other's Confidential
Information for any purpose other than the implementation of this Agreement.
Each party agrees to take all reasonable steps to ensure that Confidential
Information is not disclosed or distributed by any person or entity in violation
of the terms of this Agreement. Each party agrees to take reasonable steps to
protect the other party's Confidential Information, which shall be no less than
the same or similar efforts used to protect that party's own Confidential
Information.

7.5.     Both parties acknowledge that any use or disclosure of the other
party's Confidential Information in any manner inconsistent with the provisions
of this Agreement may cause the non-disclosing party irreparable damage for
which remedies other than injunctive relief may be inadequate, and both parties
agree that the non-disclosing party shall be entitled to receive from a court of
competent jurisdiction injunctive or other equitable relief to restrain such use
or disclosure in addition to appropriate remedies.

8.       General

8.1.     Governing Law and Jurisdiction.  Both parties agree that, without
respect to the place of making or place of performance of this Agreement, this
Agreement shall be governed by and construed under the laws of the State of
Georgia, without regard to its laws or rulings regarding conflicts of law.

8.2.     Notice.  All notices required to be sent hereunder shall be in writing
and shall be deemed to have been given three (3) days after mailing when mailed
by first class mail registered or certified. Notices to PHOENIX shall be
addressed to Bahram Yusefzadeh, Chairman of the Board and CEO, Phoenix
International Ltd, Inc., 500 International Parkway Heathrow, Florida 32748, with
a copy addressed to: Rusty Pickering, General Counsel, Phoenix International
Ltd. Inc., 500 International Parkway Heathrow, Florida 32748. Notices to LBS
shall be addressed to Jon Lee, Chief Operating Officer, LBS 10th Floor, New
London Bridge House, 26 London Bridge Street, London, England SE1 PSG, with a
copy addressed to: Patricia B. Todd, Senior Vice President and General Counsel,
London Bridge Group, 2550 W. Tyvola Road, Suite 400, Charlotte, North Carolina
20277.

8.3.     Severability.  In the event any provision of this Agreement, or
portions thereof, is held to be invalid, illegal or unenforceable, such
provision shall be, and shall be deemed to be modified so as to cure the
invalidity, illegality or unenforceability, and all other provisions of this
Agreement shall be enforceable notwithstanding such invalidity, illegality or
unenforceability.

8.4.     Waiver.  The waiver by either party of any default, breach, or right of
this Agreement shall not constitute a waiver of any other or subsequent default,
breach, or right.

8.5.     Survival.  The obligations imposed by this Agreement in Section 6 and
in Section 7, shall survive the termination of this Agreement.

8.6.     Export Administration.  LBS agrees to comply fully with all relevant
export laws and regulations of the United States to assure that neither the
Licensed Programs, nor any direct product thereof, are exported, directly or
indirectly, in violation of United States law.

8.7.     Relationship Between the Parties

         A.       PHOENIX is an independent contractor; nothing in this
Agreement shall be construed to create a partnership, joint venture or agency
relationship between the parties.

         B.       For purposes of this Agreement, LBS is not an agent of
PHOENIX, and LBS has no express or implied authority to act on behalf of, or
make any representations whatsoever on behalf of PHOENIX. PHOENIX has no right
to control any activities of LBS outside the terms of this Agreement. Neither
party shall have the power or authority to bind the other party to any contract
or obligation.

8.8.     Acts of God.  Neither party shall be responsible for failure to perform
in a timely manner under this Agreement when its failure results from any of the
following causes: Acts of God or public enemies, civil war, insurrection or
riot, fire, flood, explosion, earthquake or serious accident, strike, labor
trouble or any cause beyond its reasonable control. Notwithstanding the
foregoing, the party so affected shall take all reasonable steps to avoid or
promptly remove such cause of non-performance and shall resume performance
hereunder, herein shall relieve LBS of its obligation to

8.9.     Entire Agreement.  All Schedules attached to this Agreement are
incorporated herein by reference and are expressly made a part of this
Agreement. Each party acknowledges that it has read this Agreement and the
schedules attached in this Agreement, understands them, and agrees to be bound
by their terms. This Agreement constitutes the complete agreement between the
parties and supersedes all prior or contemporaneous agreements or
representations, written or oral, concerning the subject matter of this
Agreement. This Agreement may not be modified or amended except in writing
signed by a duly authorized representative of each party; no other act,
document, usage or custom shall be deemed to amend or modify this Agreement.

8.10.    Definitions.

         A.       "Consulting Services" means installation, implementation,
training and education, operational and technical recommendations, analysis,
design, customer development, and general consultation relating to the Licensed
programs agreed to by LBS and the End User.

<PAGE>   6
         B.       "Documentation" means the user guides, user manuals and
associated user documentation for use by LBS and End Users in connection with
the Licensed Programs.

         C.       "End User" means a third party who is granted a sublicense to
use the Licensed Programs or to receive Consulting or Technical Support
Services provided in connection with the Licensed Programs.

         D.       "Interfaces" means certain software that enables the passing
of data from the one software system to another.

         E.       "LBS Interfaces" means the interface(s) between the Licensed
Programs and LBS software which are or will be developed by and proprietary to
LBS for the purpose of passing information from the LBS software programs to
the Licensed Programs, and which LBS intends to offer to its general customer
base as a standard interface offering A.

         F.       "Licensed Programs" means the object code versions of the
PHOENIX software as set forth on Schedule B or which LBS is granted a license
pursuant to this Agreement; the Documentation and Updates.

         G.       "LBS Software" means software then currently owned or which
LBS has the right to license to End Users.

         H.       "Sublicense" means a non-exclusive, non-transferable right
granted by LBS under a Sublicense Agreement to an End User to use a copy of the
Licensed Programs with LBS software, or in connection with a service provided
by LBS.

         I.       "Technical Support Services" means telephone support, error
correction, and the provision of the Updates and enhancements to the source
code and object code which are developed and released for LBS and/or PHOENIX
customers. Notwithstanding anything in this Agreement to the contrary Phoenix
shall provide technical support for the current and immediately preceding major
release of the Licensed Programs.

         J.       "Territory" means world-wide, excluding any country in
Africa, Middle East and Australia.

         K.       "Updates" means subsequent releases of the Licensed Programs
which are generally made available for the Licensed Programs. Updates also shall
include all changes to, additions to, subtraction from, error corrections, and
all other modifications to the Licensed Programs, as well as later versions of
the initial version of the Licensed Programs delivered to LBS and/or other
PHOENIX Customers.

         L.       "User" means any current or future employee of LBS or End
User who shall require access to or use of the Licensed Programs solely in
connection with the internal business operations of said employer.

         M.       "Year 2000 Conformant" means that neither performance nor
functionality is affected by dates prior to, during and after the year 2000. In
particular:

         Rule 1.  no value for current date will cause any interruption in
operation;

         Rule 2.  date-based functionality must behave consistently for dates
prior to, during and after Year 2000;

         Rule 3.  in all interfaces and data storage, the century in any date
must be specified either explicitly or by unambiguous algorithms or interfacing
rules; and

         Rule 4.  Year 2000 must be recognized as a leap year.

Each party has caused this Agreement to be executed by its duly authorized
representative.

PHOENIX INTERNATIONAL LTD., INC.           LONDON BRIDGE SOFTWARE HOLDINGS, PLC.

By: /s/ Bahram Yusefzadeh                  By: /s/ Jonathan Lee
   -----------------------------              ----------------------------------

Name: BAHRAM YESEFZADEH                   Name: JON LEE
     ---------------------------                --------------------------------

Title: CHM & CEO                           Title: COO
      --------------------------                 -------------------------------

Date: 10-25-2000                           Date: 25th October 2000
     ---------------------------                --------------------------------<PAGE>   1
                                                                   Exhibit 10.47

                            SYNDICATED LOAN AGREEMENT

                                RMB 7,500,000,000

                         CHINA MOBILE (SHENZHEN) LIMITED

                             (Acting as "Borrower")

                           CONSTRUCTION BANK OF CHINA

                                  BANK OF CHINA

                        (Acting as "Joint Lead Managers")

                                  BANK OF CHINA

                           CONSTRUCTION BANK OF CHINA

                      (Acting as "Joint Lead Underwriters")

                             STATE DEVELOPMENT BANK

                            AGRICULTURE BANK OF CHINA

                   INDUSTRIAL AND COMMERCIAL BANK OF CHINA

                         (Acting as "Co-Lead Managers")

                             BANK OF COMMUNICATIONS

                HONG KONG & SHANGHAI BANKING CORPORATION LTD.

                              CHINA MERCHANTS BANK

                             (Acting as "Managers")

                 CONSTRUCTION BANK OF CHINA, SHENZHEN BRANCH

                            (Acting as "Agency Bank")

                          JINGTIAN & GONGCHENG LAW FIRM

                            October 7, 2000, Beijing
<PAGE>   2
                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

Articles                                                         Pages
--------                                                         -----
<S>                <C>                                           <C>
Article One        Terms and Definitions........................       2
Article Two        Loan Arrangement.............................       5
Article Three      Drawdown.....................................       5
Article Four       Guarantee....................................       9
Article Five       Repayment, Prepayment, Extension.............      10
Article Six        Interest.....................................      13
Article Seven      Tax..........................................      14
Article Eight      Fees and Expenses............................      14
Article Nine       Payment and Proof of Debt....................      14
Article Ten        The Relations Among Banks, Rights and
                   Obligations, and Responsibilities............      15
Article Eleven     Borrower's Representations and Warranties....      25
Article Twelve     Borrower's Covenants.........................      26
Article Thirteen   Lending Banks' Warranties....................      28
Article Fourteen   Events of Default and Other Similar Events...      28
Article Fifteen    Default Interest and Compensation............      30
Article Sixteen    Transfer.....................................      31
Article Seventeen  Notices......................................      32
Article Eighteen   Governing Law and Jurisdiction...............      34
Article Nineteen   Insurance....................................      34
Article Twenty     Other Stipulations...........................      34
Schedule One       Lending Banks and the Credit Amount
                   Undertaken...................................      48
Schedule Two       List of Guarantors...........................      50
Schedule Three     Form of Drawdown Notice......................      52
Schedule Four      Form of Prepayment Notice....................      53
Schedule Five      Form of Reply to Prepayment Notice...........      54
Schedule Six       Form of Payment Notice.......................      55
Schedule Seven     Form of Letter of Guarantee..................      56
Schedule Eight     Form of Extension Application................      65
Schedule Nine      Form of Extension Reply......................      67
Schedule Ten       Form of Interest Payment Notice..............      68
Schedule Eleven    Form of Legal Opinion Issued by Lawyer of
                   the Borrower and Guarantors..................      69
Schedule Twelve    Form of Legal Opinion Issued by Lawyer of
                   Lending Banks................................      76
</TABLE>
<PAGE>   3
                            SYNDICATED LOAN AGREEMENT

THIS AGREEMENT IS EXECUTED ON OCTOBER 7, 2000, IN BEIJING BY THE PARTIES AS
FOLLOWS:

1.   China Mobile (Shenzhen) Limited, a wholly-owned subsidiary of China Mobile
     (Hong Kong) Limited incorporated in mainland China, registered at Shenzhen
     Administrative Bureau of Industry and Commerce, with a registered address
     of 10th Floor, Guotong Building, 9023 Binhedadao, Futian District,
     Shenzhen, acting as the Borrower (hereinafter referred to as the
     "Borrower");

2.   Construction Bank of China and Bank of China, acting as Joint Lead Managers
     and Joint Lead Underwriters;

3.   State Development Bank, Agriculture Bank of China, and Industrial and
     Commercial Bank of China, acting as Co-Lead Managers;

4.   Bank of Communications, Hong Kong & Shanghai Banking Corporation Ltd., and
     China Merchants Bank, acting as Managers;

5.   Banks listed in Schedule One hereunder, acting as Member Banks of the
     Syndicate;

6.   Construction Bank of China, Shenzhen Branch, acting as Agency Bank; and

7.   Companies listed in Schedule Two hereunder, acting jointly as Guarantors.

     This Agreement is established in accordance with the Commercial Banking Law
of the People's Republic of China, General Rules for Providing Loans,
Provisional Regulations on Providing Syndicated Loans, the Security Law of the
People's Republic of China, and other applicable laws and regulations of the
People's Republic of China.

                                     PREFACE

1.   The Borrower is a wholly-owned subsidiary of China Mobile (Hong Kong)
     Limited, which holds 100% of its equity interest.

2.   Currently, China Mobile (Hong Kong) Limited directly or indirectly holds
     100% of the equity interest of each of the guarantors listed in Schedule
     Two.

3.   China Mobile Communications Corporation ("CMCC") has restructured its
     mobile telecommunication business in seven provinces, municipalities, and
     autonomous region (namely, Beijing, Shanghai, Tianjin, Liaoning, Hebei,
     Shandong, and Guangxi) and established mobile communication companies in
     the aforesaid seven provinces, municipalities, and autonomous region. Upon
     the incorporation of the mobile communication companies in the seven
     provinces, municipalities, and autonomous region, CMCC will, through China
     Mobile (Hong Kong) Group Limited ("CMHK Group") and China Mobile

                                       1
<PAGE>   4
     Hong Kong (BVI) Limited ("China Mobile BVI"), inject all the equity
     interest it holds in the mobile communication companies in the seven
     provinces, municipalities, and autonomous region to seven wholly-owned BVI
     subsidiaries ("Seven BVI Subsidiaries") of China Mobile BVI. Upon the
     completion of such injection, CMHK will acquire from China Mobile BVI the
     equity interest it holds in the Seven BVI Subsidiaries (hereinafter
     referred to as the "Acquisition Transaction").

4.   In accordance with the Acquisition Plan approved by relevant departments of
     the State Council, part of the consideration will be raised by the
     Borrower, in lieu of its parent company China Mobile (Hong Kong) Limited,
     through a Renminbi-denominated debt financing conducted within the
     territory of China, and will be paid directly to CMCC.

5.   In accordance with the Acquisition Plan approved by relevant departments of
     the State Council, six subsidiaries directly or indirectly owned by China
     Mobile (Hong Kong) Limited, acting as Guarantors, agree to jointly issue a
     letter of guarantee to the Lending Banks, and to provide guarantee to the
     Lending Banks for the Borrower with their respective capital.

6.   To complete the aforesaid Acquisition Transaction, the Borrower, pursuant
     to the current requirements of financial regulations and supervisions,
     applies to the Lending Banks for a Renminbi-denominated debt financing
     ("Class A Loan") with a total principal amount not exceeding RMB 5 billion
     (RMB 5,000,000,000.00) and a term of SIX (6) months as well as a
     Renminbi-denominated debt financing ("Class B Loan") with a total principal
     amount not exceeding RMB 7.5 billion (RMB 7,500,000,000.00) and a term of
     THREE (3) years within the territory of China in accordance with the
     approval from the State Council.

7.   For the purposes of this Agreement, the Loan means Class B Loan.

     THEREFORE, the Parties have reached the following Agreement:

                        ARTICLE ONE TERMS AND DEFINITIONS

1.1  In this Agreement, unless the context otherwise requires, the following
     terms have the following meanings:

     1)   "Loan Arrangement" means the Renminbi-denominated syndicated loans
          provided in accordance with this Agreement;

     2)   "Term" means the term of the loan set out in accordance with Article
          2.3 herein;

     3)   "Effective Term of the Loan Agreement" means the period from the
          effective date (including the effective date) to the date (including
          any Extensions) when the total amount of the Loan (including the total
          interest and fees) set out in the Loan Agreement herein has been
          repaid

                                       2
<PAGE>   5
          to the Lending Banks;

     4)   "This Agreement" means this Syndicated Loan Agreement and its
          Schedules, as well as any modifications, edits, and amendments to this
          Syndicated Loan Agreement;

     5)   "Loan" means the loan arranged in accordance with the Loan Arrangement
          set out in this Agreement;

     6)   "Security" means any guarantee, undertaking, security, pledge, lien,
          setting creditor's right, hypothecation or any other arrangement of
          security interest.

     7)   "Member Banks" mean banks that have committed to provide loans in
          accordance with this Agreement.

     8)   "Lending Banks" mean banks that provide loans in accordance with this
          Agreement.

     9)   "Guarantors" mean companies or institutions that provide guarantee for
          the Borrower.

     10)  "Letter of Guarantee" means the letter of guarantee issued by
          guarantors in the form set out in Schedule Seven herein;

     11)  "Overseas Financing" means equity financing and debt financing
          conducted in Hong Kong, U.S. and other places by China Mobile (Hong
          Kong) Limited in an effort to complete the acquisition transaction;

     12)  "Bank Business Day" means a day (other than China's legal non-business
          days and legal holidays) on which banks in Beijing are open for
          general banking business;

     13)  "Drawdown Date" means a Bank Business Day on which the Loan is drawn
          by the Borrower in accordance with Article 3 herein;

     14)  "Repayment Date" means the third anniversary of the Drawdown Date, and
          the Repayment Date shall fall on a Bank Business Day (and in case of a
          non-Bank Business Day, it shall postpone accordingly to fall on the
          next Bank Business Day);

     15)  "Prepayment Date" means the prepayment date set out in the Prepayment
          Notice, and the Prepayment Date shall fall on a Bank Business Day;

     16)  "Extension Repayment Date" means the extension repayment date approved
          at the syndicate meeting upon receiving an Extension Application from
          the Borrower, the Extension Repayment Date shall fall on a Bank
          Business Day;

                                       3
<PAGE>   6
     17)  "Drawdown Period" means the drawdown period set out in Article 3.1
          herein;

     18)  "Interest Calculation Period" means the interest calculation period
          set out in Article 6.3 herein;

     19)  "Interest Payment Date" means the Bank Business Day set out in Article
          6.3 herein;

     20)  "Advancement" means the principal amount of the Loan provided by
          Lending Banks through the Agency Bank to the Borrower when the
          Borrower draws any Loan in accordance with Article 3 herein;

     21)  "Event of Default" means any event defined as an Event of Default
          and/or Event of Cross-Default in Article 14 herein;

     22)  "Anticipatory Event of Default" means any event that will become an
          Event of Default upon the issuance of the notice and/or lapse of time
          and any event defined as such in Article 14.3 herein;

     23)  "Agency Bank" means Construction Bank of China, Shenzhen Branch;

     24)  "Loan Documents" mean this Agreement and any other documents executed
          for the performance of this Agreement;

     25)  "Drawdown Notice" means the drawdown notice in the form set out in
          Schedule Three herein;

     26)  "Prepayment Notice" means the prepayment notice in the form set out in
          Schedule Four herein;

     27)  "Repayment Notice" means the repayment notice in the form set out in
          Schedule Six herein;

     28)  "Extension Application" means the extension application in the form
          set out in Schedule Eight herein;

     29)  "Interest Payment Notice" means the interest payment notice in the
          form set out in Schedule Ten herein;

     30)  "Tax" means any present or future tax, charge, compulsory charge,
          deduction and withholding of every kinds, and any related interest or
          penalty on the tax levied or imposed by the Central Government of the
          People's Republic of China and/or local tax authorities, or other
          agencies;

     31)  "Acquisition Transaction" means the acquisition by China Mobile (Hong
          Kong) Limited of the equity interest of the Seven BVI Subsidiaries
          held by China Mobile BVI; and

                                       4
<PAGE>   7
     32)  "Insurance" means various insurances required to be purchased by
          relevant laws or regulations, competent authorities of the industry,
          or compulsory insurances of the industry.

1.2  In this Agreement, unless the context otherwise requires, (1) this
     Agreement includes the amendment or supplementary documents of this
     Agreement or any Loan Documents; (2) Articles, Sections, and Schedules
     refer to Articles, Sections, and Schedules of this Agreement; and (3) the
     table of contents and headings of Articles of this Agreement are for
     convenience of reference and do not constitute interpretation of this
     Agreement, and they do not impose any limitations upon the content and its
     respective scope under the titles.

                          ARTICLE TWO LOAN ARRANGEMENT

2.1  Principal Amount of the Loan

     Subject to the observation of the terms and conditions set out in this
     Agreement and the performance of all the conditions precedent to the
     Drawdown by the Borrower, the Lending Banks agree to provide the Borrower
     with a loan, the principal amount of which shall not exceed RMB 7.5 billion
     (RMB 7,500,000,000.00).

2.2  Purpose of the Loan

     The Loan is to be used for the sole purpose as follows: as part of the cash
     consideration to be paid in connection with the acquisition by China Mobile
     (Hong Kong) Limited of the equity interest of the Seven BVI Subsidiaries
     from China Mobile BVI, the Borrower, entrusted by China Mobile (Hong Kong)
     Limited, directly pays the amount to CMCC designated by China Mobile BVI.

2.3  Term

     The term of the Loan is THREE (3) years, from the first Drawdown Date to
     the day immediately preceding the THIRD (3rd) anniversary of such first
     Drawdown Date (In case it falls on a Non-Bank Business Day, it shall be
     postponed to the next Bank Business Day).

                             ARTICLE THREE DRAWDOWN

3.1  Drawdown Period

     The Drawdown Period shall begin on the effective date herein and end on the
     earlier of (a) the day immediately preceding the first anniversary of the
     effective date, and (b) the date when the total principal amount of the
     Loan has been withdrawn.

                                       5
<PAGE>   8
3.2  Conditions Precedent to the First Drawdown

     When and until all the following conditions are met, the Lending Banks will
     be obliged to make the Loan available to the Borrower, and the Borrower may
     submit to the Agency Bank a Drawdown Notice:

     1)   All following documents have been provided to the Agency Bank:

          i.   About the Borrower

               a)   The Borrower's articles of association;

               b)   The approval certificate for the establishment of a wholly
                    foreign-owned enterprise issued by the competent authorities
                    of trade and economic cooperation;

               c)   The Borrower's currently valid business license
                    (counterpart) issued by the State Administration of Industry
                    and Commerce;

               d)   The Borrower's tax registration certificate (counterpart);

               e)   The Borrower's foreign exchange registration certificate;

               f)   The resolution approved by the Borrower's board of directors
                    on the following issues: borrowing the loan in accordance
                    with the provisions of this Agreement and authorizing one or
                    more persons to execute this Agreement, any other relevant
                    Loan Documents and all Drawdown Notices as well as other
                    documents to be executed in relation to this Agreement, and
                    the signature samples of such persons;

               g)   The presentation and relevant proof documents produced by
                    the Borrower with regard to the security interest of any
                    kind set upon its assets and/or any contingent liabilities
                    of any kind assumed by the Borrower prior to the execution
                    date of this Agreement; and

               h)   The approval documents of the State Council for the payment
                    of the purchase price of the acquisition by the Borrower on
                    behalf of China Mobile (Hong Kong) Limited and for the Loan
                    Arrangement;

          ii.  About the Guarantors

                                       6
<PAGE>   9
               a)   Each Guarantor' articles of association;

               b)   The approval certificates for the establishment of a wholly
                    foreign-owned enterprise issued to each of the Guarantors by
                    the competent authorities of trade and economic cooperation;

               c)   Each Guarantor' currently valid business license
                    (counterpart) issued by the State Administration of Industry
                    and Commerce;

               d)   Each Guarantor' tax registration certificate (counterpart);

               e)   Each Guarantor' foreign exchange registration certificate;

               f)   The resolutions approved by each Guarantor' boards of
                    directors on the following issues: providing guarantee in
                    accordance with the provisions of this Agreement and/or the
                    Letter of Guarantee and authorizing one or more persons to
                    execute this Agreement and/or the Letter of Guarantee; and
                    the signature samples of such persons;

               g)   The presentation and relevant proof documents produced by
                    each Guarantor with regard to the security interest of any
                    kind with a total amount exceeding RMB100 million imposed
                    upon its assets and/or any contingent liabilities of any
                    kind assumed by it prior to the execution date of this
                    Agreement;

               h)   The certificate executed by the legal representative of each
                    Guarantor certifying that on and prior to the Drawdown Date,
                    no Event of Defaults have taken place on the part of each
                    Guarantor, and the statement that all the representations,
                    statements, warranties, and covenants made by it in this
                    Agreement and/or Letter of Guarantee are true and accurate;
                    and

               i)   The originals of the Letter of Guarantee, which have been
                    duly executed and effective, is in accordance with in the
                    form set out in Schedule Seven herein;

          iii. Other Documents

               a)   The confirmation letter produced by the chairman of the
                    board of directors of China Mobile (Hong Kong) Limited on
                    behalf of the board of directors approving the Syndicate
                    Loan Arrangement under this Agreement and consenting to the
                    Guarantee Arrangement under

                                       7
<PAGE>   10
                    this Agreement;

               b)   The Legal Opinion produced by Chinese lawyer of the Lending
                    Banks in the form set out in Schedule Twelve herein; and

               c)   The Legal Opinion produced by Chinese lawyer of the Borrower
                    and Guarantors in the form set out in Schedule Eleven
                    herein;

               Upon receiving all the documents on the aforesaid Conditions
               Precedent to the Drawdown, the Agency Bank shall deliver on a
               timely basis to the Lending Banks a written notice confirming the
               completeness of the documents on the Conditions Precedent to the
               first Drawdown;

     2)   No Event of Default or Anticipatory Event of Default has occurred on
          the part of the Borrower or Guarantor; and

     3)   All the fees and charges set out in Article 8 herein have been paid in
          full.

3.3  Conditions Precedent to Follow-on Drawdown

     After the first Drawdown, the following conditions precedent shall be met
     before the Borrower submits to the Agency Bank a Drawdown Notice and makes
     another Drawdown:

     1)   The Borrower delivers to the Agency Bank a written confirmation,
          stating that on the date when the Drawdown Notice for the follow-on
          Drawdown is submitted and on the corresponding follow-on Drawdown
          Date, the circumstances specified in Section 2) of Article 3.4 herein
          are true, and the loan withdrawn has been used in strict accordance
          with the stipulations herein;

     2)   Each Guarantor individually confirms that on the date when the
          Drawdown Notice for the follow-on Drawdown is submitted and on the
          corresponding follow-on Drawdown Date, there is no materially adverse
          change in the guarantee qualifications, guarantee capacity, and all
          other conditions of such Guarantor under this Agreement and Letter of
          Guarantee from the effective date of the Letter of Guarantee to such
          follow-on Drawdown Date, and such Guarantee continues to comply with
          Chinese laws and regulations with regard to stipulations on the
          guarantors' qualifications.

3.4  Relevant Requirements on the Drawdown

     The Drawdown shall meet the following requirements regardless it is the
     first or follow-on Drawdown:

     1)   The Borrower shall submit to the Agency Bank, SEVEN (7) Bank Business
          Days in advance, an irrevocable Drawdown Notice in the form set out in
          Schedule Three herein and shall withdraw the amount

                                       8
<PAGE>   11
          of the Loan specified in such Drawdown Notice on the Drawdown Date,
          which shall fall on a Bank Business Day set out in such Drawdown
          Notice;

     2)   Meantime, the Borrower shall submit to the Agency Bank a statement
          executed by the Borrower's legal representative or authorized signer
          certifying that on and prior to the Drawdown Date, (1) no Event of
          Defaults or Anticipatory Event of Defaults have taken place on the
          part of the Borrower; (2) all the representations, warranties, and
          covenants made by the Borrower in this Agreement are true, accurate,
          and effective; and (3) all the documents on the Conditions Precedent
          to the Drawdown pursuant to Section 1) of Article 3.2 herein submitted
          by the Borrower to the Agency Bank shall still be true, accurate, and
          effective;

     3)   The amount withdrawn each time shall not be less than RMB 2 billion
          (excluding the last Drawdown).

          After each Drawdown, the Advancement withdrawn constitutes debt of the
          Borrower owed to the Lending Banks.

3.5  Irrevocability of the Drawdown Notice

     Unless the context herein otherwise requires, the Borrower shall make the
     Drawdown pursuant to the Drawdown Notice. In case that the Borrower fails
     to make the Drawdown pursuant to the Drawdown Notice, the Borrower shall,
     upon requirement from the Agency Bank, compensate the Agency Bank and all
     other Lending Banks for their respective actual financing cost.

3.6  The Total Amount of the Advancement

     The total amount of the Advancement shall not exceed the total amount of
     the Loan Arrangement pursuant to this Agreement. Such total amount shall
     only be withdrawn by the Borrower during the Drawdown Period. In case that
     the Borrower fails to withdraw the total amount of the Loan within the
     Drawdown Period, such unclaimed portion of the Loan shall not be withdrawn
     after the Drawdown Period expires, unless the Borrower, through the Agency
     Bank, and the Lending Banks enter into a written agreement on an Extension
     of the Drawdown Period.

3.7  Account Entering Time of the Advancement

     The total amount of the Advancement withdrawn by the Borrower shall be
     remitted to the Borrower's Renminbi-denominated current account opened at
     the Agency Bank not later than Twelve (12:00) o'clock (Beijing Time) at
     noon on the Drawdown Date.

                             ARTICLE FOUR GUARANTEE

4.1  The Producing of Letters of Guarantee

                                       9
<PAGE>   12
     The Guarantors have reached agreement with the Borrower and the Guarantors
     agree that concurrently with the execution of this Agreement, each of the
     Guarantors will produce a Letter of Guarantee in favor of the Lending Banks
     in the form of Schedule Seven herein to guarantee the Loan provided by the
     Lending Banks pursuant to this Agreement shall be repaid in full pursuant
     to the provisions of this Agreement.

4.2  Obligations of the Guarantors

     The liabilities and obligations of the Guarantors are joint and several.
     Any Guarantor assumes joint liability with respect to the obligations and
     liabilities of another and/or other Guarantor(s). One Guarantor's failure
     in performing the obligations under this Agreement or any other Loan
     Documents shall not affect the obligations that shall be assumed by any
     other Guarantors. In case that the Borrower cannot repay the Loan in full
     pursuant to the provisions herein on schedule, the Guarantors shall make
     the repayment pursuant to the Repayment Notice delivered to any of the
     Guarantors by the Lending Banks through the Agency Bank, and meantime the
     Guarantors shall give up the demurrer that the Agency Bank shall first
     deliver a Repayment Notice to the Borrower.

                ARTICLE FIVE REPAYMENT, PREPAYMENT, EXTENSION

5.1   Repayment Schedule

      The balance of the Loan under this Agreement shall be repaid in full on
      Repayment Date in one lump sum by the Borrower to the Lending Banks
      through the Agency Bank.

5.2   Repayment Notice

      The Agency Bank shall, FIFTEEN (15) Bank Business Days prior to the
      Repayment Date, deliver the Repayment Notice to the Borrower to remind the
      Borrower of repaying the loan on schedule. However, in case the Agency
      Bank fails to deliver the Repayment Notice to the Borrower pursuant to
      this clause, the Borrower's liabilities, including the liability to
      compensate the Lending Banks, resulting from the failure to make the
      repayment on schedule in violation of the provisions herein shall not be
      absolved.

5.3   Account Entry of the Repayment Sum

      The Borrower shall remit all balance of the Loan at maturity to the
      Borrower's Renminbi-denominated current account opened at the Agency Bank
      not later than Twelve (12:00) o'clock (Beijing Time) at noon on the
      Repayment Date pursuant to the terms under this Agreement.

5.4   Prepayment

                                       10
<PAGE>   13
      During the effective term of the Loan Agreement, the Borrower may repay
      prior to its maturity all or part of the Loan on any Bank Business Day
      within the Term pursuant to Article 5.3 herein, and pay the due interest
      outstanding accrued on such repaid amount over the period ending on such
      Prepayment Date subject to the following provisions:

     1)   The principal amount repaid prior to its maturity shall not be less
          than RMB 100 million (RMB 100,000,000.00), and the due interest
          outstanding accrued on such repaid amount over the period ending on
          such Prepayment Date shall be paid at the same time;

     2)   The Borrower has submitted to the Agency Bank, at least THIRTY (30)
          days in advance, a Prepayment Notice, detailing the principal amount
          to be repaid prior to its maturity and the Repayment Date; the Agency
          Bank shall, within FIFTEEN (15) days upon receiving such Prepayment
          Notice from the Borrower, make a reply, which shall specify the due
          interest outstanding accrued on the advanced repayment amount over the
          period ending on such Prepayment Date; in case that the Borrower does
          not receive such reply from the Agency Bank, it shall be regarded that
          the Lending Banks agree to this advanced repayment, and the Borrower
          may repay the principal amount of this repayment on the Prepayment
          Date, while the due interest outstanding accrued on such repaid
          principal amount shall be paid on a timely basis upon instruction of
          the Lending Banks. However, the due and unpaid interest accrued over
          the period from the Prepayment Date to the day on which such interest
          is paid in full shall not accrue any interest;

     3)   All other due and payable sums of money until such Prepayment Date
          herein have been paid;

     4)   Any Prepayment Notice submitted by the Borrower pursuant to any
          stipulations of this Agreement shall be irrevocable, and the Borrower
          shall make the advanced repayment in accordance with such Prepayment
          Notice. The Borrower shall only repay the Loan or any other amount
          prior to its maturity in accordance with the terms and conditions
          stipulated herein. The advanced repayment amount under this Agreement
          shall not be re-borrowed; and

     5)   In case that the Borrower repays the Loan or any other amount prior to
          its maturity pursuant to the stipulations herein, it shall, when
          making the advanced repayment, also pay the Lending Banks all the due
          and unpaid interest accrued over a period ending on the Prepayment
          Date as well as all other costs payable by the Borrower under this
          Agreement.

5.5  Extension

     1)   The Loan under this Agreement, upon the satisfaction of the following
          conditions, may be extended:

                                       11
<PAGE>   14
          i.   The representations and warranties listed in Article 11 herein
               and the covenants listed in Article 12 herein remain true and
               accurate in light of the then existing facts and circumstances;

          ii.  There is no Event of Default or Anticipatory Event of Default
               that has not been cured or corrected until the day when the
               Extension Application is submitted; and

          iii. During the period from the execution of the Letter of Guarantee
               to the day when the Extension Application is submitted, the
               guarantee qualifications, guarantee capacity, and all other
               conditions of the Guarantors under this Agreement and Letter of
               Guarantee have not experienced any material adverse changes, the
               Guarantors still comply with Chinese laws and regulations with
               regard to stipulations on the guarantors' qualifications, and
               during the proposed Extension, the Guarantors shall continue to
               maintain such lawful and good conditions.

          The amount of Loan to be extended in the Extension Application shall
          not exceed the balance of the Loan. In accordance with Article 12 of
          the General Rules for Providing Loans, the aggregated term of the
          Extension under this Agreement shall not exceed EIGHTEEN (18) months;

     2)   In case the Borrower requires an Extension, it shall, THIRTY (30) Bank
          Business Days prior to the Repayment Date, submit to the Agency Bank
          an Extension Application in the form set out in Schedule Eight herein;

     3)   Upon receiving the Extension Application, the Agency Bank shall
          immediately notify the Lending Banks, which shall make extension
          arrangements pursuant to Section 4) of Article 10.7 herein. If an
          Extension is accepted, the Agency Bank shall, FIFTEEN (15) Bank
          Business Days prior to the Repayment Date, make an Extension Reply to
          the Borrower in the form set out in Schedule Nine herein;

     4)   The Borrower's extension arrangements shall be guaranteed by the
          Guarantors executing this Agreement; in case that the Borrower
          proposes to make extension arrangements and makes Extension
          Application to the Agency Bank while the Agency Bank considers that
          the Guarantors executing this Agreement are no longer qualified to
          provide guarantee, the Borrower shall arrange other guarantors to
          provide guarantee for the Borrower's extension arrangements;

     5)   The Guarantors under this Agreement hereby agree that when the
          Borrower makes an Extension Application, only the Borrower shall
          notify the Guarantors about such extension arrangements and the
          Guarantors shall sign and stamp on the Extension Application to

                                       12
<PAGE>   15
          confirm their consent to the extension arrangements. Once the Agency
          Bank agrees to the Borrower's Extension Application and begins the
          extension arrangement, the Guarantors' guarantee liabilities or
          obligations will continue to be applicable to the Loan of the
          Extension. The validity of the extension arrangement does not depend
          on the further consent by the Guarantors to the extension
          arrangements, and the stipulations of this Section shall constitute a
          waiver of the Guarantors' right of consent to future extension
          arrangements;

     6)   Regarding the interest rate of the Extension, the Parties agree that
          in case that the combined Extension period and the original Term reach
          a new interest rate period level, the lending rate of the extension
          arrangement shall, beginning from the Extension Date, be determined,
          pursuant to the new level with the first day of the Extension as a
          base date, at 10% below the base lending rate of the same level for
          financial institutions as announced by the People's Bank of China
          (PBOC).

                              ARTICLE SIX INTEREST

6.1  The Borrower shall pay, through the Agency Bank, the Lending Banks the
     interest of the loan pursuant to the following provisions.

6.2  The lending rate is determined annually pursuant the Term stipulated in
     Article 2.3 herein, at 10% below the base lending rate of the same level
     for financial institutions on the effective date of this Agreement as
     announced by the PBOC. Upon the anniversary of the first Drawdown Date, the
     rate is then determined at 10% below the then base lending rate of the same
     level for financial institutions announced by the PBOC. In case that
     between any two base dates, the PBOC adjusts the interest rate level for
     the corresponding period, the lending rate for the Loan under this
     Agreement will not be adjusted no matter whether the amount is drawn in a
     lump sum or in installment.

6.3   Interest accrues on the Loan from and including the day on which the Loan
      is transmitted to the Borrower's Renminbi-denominated account opened at
      the Agency Bank, to but excluding the Repayment Date. The interest of the
      withdrawn and unrepaid principal of the loan is calculated on the basis of
      the actual days and is settled on a quarterly basis. The fixed Interest
      Payment Date falls on the TWENTIETH (20) day in the last month of a
      quarter, namely March 20th, June 20th, September 20th, and December 20th.
      In case that it falls on a Non-Bank Business Day, it shall be postponed to
      fall on the next Bank Business Day. The method of lending interest
      calculation is as follows: Interest of the Loan = withdrawn and unrepaid
      principal x actual days of borrowing the loan x annual interest
      rate / 360

6.4   The Agency Bank shall, FIFTEEN (15) Bank Business Days prior to the
      Interest Payment Date, deliver an Interest Payment Notice in the form set
      out in Schedule Ten herein to confirm the due and payable interest amount.
      However, in case the Agency Bank fails to deliver the Interest Payment
      Notice to the Borrower pursuant to this clause, the Borrower's
      liabilities, including

                                       13
<PAGE>   16
     the liability to compensate the Lending Banks, resulting from the failure
     to pay the interest on schedule in violation of the provisions herein shall
     not be absolved.

6.5   Upon the repayment of the principal amount of the Loan under this
      Agreement, the due and outstanding interest accrued on such principal
      amount shall be settled in a lump sum along with the principal amount.

                                ARTICLE SEVEN TAX

7.1  The Borrower shall, through the Agency Bank, pay the Lending Banks in full
     the entire sum payable under this Agreement, and shall not deduct from or
     counterclaim for it, and shall pay and settle any relevant taxes. In case
     that any laws, regulations, or statutes require that any sum from the
     amount to be paid to the Agency Bank by the borrower shall be deducted or
     withheld, the Borrower shall pay the additional sum along with the amount
     so that the total amount the Agency Bank receives equals to the total
     amount without and before any deductions and withholdings.

7.2  In accordance with the provisions of the Interim Regulations of the
     People's Republic of China on Stamp Tax, the Lending Banks, being one Party
     to this Agreement, and the Borrower, being the other Party, shall each pay
     a stamp tax at the rate of 0.005 percent.

                         ARTICLE EIGHT FEES AND EXPENSES

8.1  The Borrower, the Agency Bank and the Lending Banks agree that the Borrower
     shall pay a one-time fee to the Lending Banks, including the lawyer fees
     which shall be borne by the Borrower and the travel expenses, documentation
     expenses, and communication expenses incurred by the Joint Lead Managers to
     form the bank syndicate. Such fee shall be paid within TEN (10) Bank
     Business Days after the execution of this Agreement. Apart from such fee,
     the Borrower shall not be liable to bear any other fees of the Joint Lead
     Managers, the Agency Bank and/or the Lending Banks.

                    ARTICLE NINE PAYMENT AND PROOF OF DEBT

9.1  The Agency Bank shall, pursuant to the stipulations herein, remit the
     withdrawn amount to the Borrower's Renminbi-denominated current account
     opened at the Agency Bank not later than Twelve (12:00) o'clock (Beijing
     Time) at noon on the Drawdown Date.

9.2  All sums payable by the Borrower under this Agreement shall be paid to the
     Agency Bank by the Borrower on a timely basis. In case that any sum the
     Agency Bank receives is less than the due and payable amount, the Agency
     Bank shall distribute it in accordance with the following order:

                                       14
<PAGE>   17
     1)   Fees resulting from the satisfaction of creditor's claim;

     2)   Default interest and compensation;

     3)   Interest; and

     4)   Principal;

     In addition, the Agency Bank has the right to classify and transfer any
     other sums received from the Borrower (excluding the foreign exchange
     amount in the Borrower's capital account) as sums owed under this Agreement
     in a manner it deems appropriate.

9.3  All sums payable to the Lending Banks pursuant to this Agreement shall be
     remitted to the account (designated by the Agency Bank) by the Borrower in
     accordance with the Agency Bank's notice. When the sum has been remitted to
     the designated account, the payment shall be deemed to be completed.

9.4  The Lending Banks jointly entrust the Agency Bank with the duty of
     recording the principal, interest, fee, and any other sums owed by the
     Borrower under the Loan Arrangement herein into the Agency Bank's internal
     account book. The aforesaid record as well as bills and receipts produced
     and kept by the Agency Bank during the normal business course when the
     Borrower makes withdrawal, repayment, and interest payment are deemed as
     valid proof of creditor's rights and proof of debt among the Lending Banks,
     the Agency Bank, and the Borrower.

                  ARTICLE TEN THE RELATIONS AMONG BANKS, RIGHTS
                      AND OBLIGATIONS, AND RESPONSIBILITIES

10.1 The Acknowledgement of the Loan Arrangement under the Syndicated Loan by
     the Banks

     The banks under this Agreement, including the Joint Lead Managers, Joint
     Lead Underwriters, the Agency Bank and other Member Banks and Lending
     Banks, hereby understand, acknowledge and agree:

     1)   The civil right of the banks under this Agreement, including the Joint
          Lead Managers, Joint Lead Underwriters, the Agency Bank and other
          Member Banks and Lending Banks, is equal; the voting right of each of
          the Lending Banks is in proportion to the amount of the Loan such bank
          provides;

     2)   The Member Banks and the Lending Banks shall be Chinese banks within
          the territory of China and/or foreign banks approved to conduct
          Renminbi businesses within the territory of China;

     3)   All financial institutions participating in the syndicated loan are
          Member Banks of the syndicated loan; The Loan under this Agreement

                                       15
<PAGE>   18
          is RMB loan;

     4)   In accordance with Chinese laws, the Lending Banks provide the Loan to
          the same Borrower pursuant to the same loan agreement, namely, this
          Agreement;

     5)   The principle of volunteer negotiation and volunteer loan subscription
          is observed when Member Banks and the Lending Banks participate in the
          syndicated loan;

     6)   All Member Banks and the Lending Banks have prudently examined
          materials for evaluating and examining the Borrower, Guarantors and
          other materials related to the Loan Arrangement provided by the
          Borrower through the Agency Bank; all Member Banks and the Lending
          Banks fully understand that pursuant to the provisions of Chinese
          laws, the Borrower is obliged to truthfully provide, through the
          Agency Bank, Member Banks and the Lending Banks with all necessary
          materials on the syndicated loan and answer their inquiries, and to
          make the decision to participate in the Loan Arrangement, all Member
          Banks and the Lending Banks have taken corresponding steps, procedures
          so as to fully understand materials and information related to the
          Loan Arrangement; the decision to participate in the Loan Arrangement
          under this Agreement is completely based upon the review conducted by
          the Member Banks and the Lending Banks themselves;

     7)   The amount of the Loan under this Agreement is acknowledged and set
          out in Schedule One herein;

     8)   The Joint Lead Managers, Joint Lead Underwriters, the Agency Bank and
          other Member Banks and the Lending Banks jointly execute this
          Agreement with the Borrower and Guarantors;

     9)   This Agreement is a single loan contract executed upon full
          negotiation, duly authorized representatives of the Lending Banks
          shall execute this Agreement with the respective official seals
          stamped;

     10)  The principal amount undertaken by each Lending Bank and the time to
          provide the amount shall be specified in this Agreement;

     11)  The interest accrued on the Loan under this Agreement is determined in
          accordance with the lending rate and measures set by the PBOC on the
          basis of interest rate adjustment plan negotiated between the Borrower
          and the Lending Banks; and

     12)  The Loan under this Agreement is guaranteed by the following
          Guarantors: Guangdong Mobile Communication Company Limited, Zhejiang
          Mobile Communication Company Limited, Jiangsu Mobile Communication
          Company Limited, Fujian Mobile Communication Company Limited, Henan
          Mobile Communication Company Limited,

                                       16
<PAGE>   19
          and Hainan Mobile Communication Company Limited. In the event that the
          Borrower fails to repay the principal, pay the interest and other fees
          due on schedule, the Guarantors shall fulfill the obligation of
          payment or bear the responsibility pursuant to the provisions of this
          Agreement and the Letter of Guarantee.

10.2 Joint Lead Managers

     The responsibilities of the Joint Lead Managers are as follows:

     1)   The Joint Lead Managers have accepted the formal written delegation by
          the Borrower to the Joint Lead Managers regarding the preparation and
          formation of the syndicate on September 21, 2000. The Joint Lead
          Managers, based on such written delegation, make invitations to their
          peers in the business with regard to organizing the bank syndicate;

     2)   Delivering invitations to the peers with regard to organizing the bank
          syndicate, information memorandum, and other related materials the
          Joint Lead Managers deem necessary, specifying the deadline for
          feedback and collecting their respective feedback;

     3)   Retaining lawyers for the bank syndicate;

     4)   Organizing and arranging the negotiation, preparation, and execution
          of this Agreement; and

     5)   Designating the Agency Bank.

10.3 Joint Lead Underwriters

     The responsibilities of the Joint Lead Underwriters are as follows:

     1)   Being jointly responsible for underwriting the Loan under the Loan
          Arrangement herein. When Member Banks and/or the Lending Banks fail to
          provide the Loan pursuant to the provisions herein, the Joint Lead
          Underwriters bear the responsibility of making the Loan and providing
          the Loan to the Borrower pursuant to the provisions herein. The
          performance of Member Banks and/or the Lending Banks of this Agreement
          is not a precondition to borrowing the Loan to be provided by the
          Joint Lead Underwriters under this Agreement;

     2)   The Joint Lead Underwriters assume joint and several liability for the
          Loan Arrangement under this Agreement on principle of equality; and

     3)   In case that the Joint Lead Underwriters fail to fulfill their
          responsibilities under this Agreement, they shall assume the liability
          pursuant to relevant stipulations.

10.4 The Rights and Obligations of the Member Banks

                                       17
<PAGE>   20
     1)   They have the right to know and inquire, through the Agency Bank, the
          Borrower's credit condition, its utilization of the syndicated loan,
          and its performance of this Agreement;

     2)   Proposing to hold a bank syndicate meeting prior to the first
          Drawdown;

     3)   Providing Loan amounts undertaken in full on schedule in strict
          accordance with the stipulations herein; and

     4)   Once the Member Banks provide the Loan to the Borrower pursuant to the
          stipulations herein, they shall be entitled to the rights of the
          Lending Banks, and shall assume the liabilities of the Lending Banks.

10.5 The Rights and Obligations of the Lending Banks

     1)   They have the right to know and inquire, through the Agency Bank, the
          Borrower's credit condition, its utilization of the syndicated loan,
          and its performance of this Agreement;

     2)   They have the right to require the Agency Bank to distribute the
          interest and principal in accordance with the proportion and time
          agreed upon;

     3)   They have the right to point out and ask for the correction of the
          failure of the Agency Bank to perform its responsibilities and
          obligations or activities that impair the interest of other Lending
          Banks;

     4)   They shall enjoy the interest and assume the risk according to their
          proportion of the Loan as well as the stipulations of this Agreement;

     5)   Prior to the decision made at the bank syndicate meeting to call back
          the Loan to the Borrower ahead of schedule, they shall not call back
          their shares of the Loan ahead of schedule;

     6)   Proposing to hold a bank syndicate meeting and exercise voting right
          in proportion to their loan share;

     7)   Coordinating and assisting the Agency Bank in dealing with issues
          related to the Loan;

     8)   The Lending Banks shall not, without discussions with the Joint Lead
          Managers and the Agency Bank, make any addition and deletion, change
          or adjustment in any form to any article herein; shall not enter into
          any other agreements or undertakings related to this Agreement but not
          covered by this Agreement, and such agreements or undertakings, if
          already reached or implemented is deemed invalid; and

     9)   The Lending Banks have conducted and will, through the Agency

                                       18
<PAGE>   21
          Bank, conduct investigation and evaluation on the Borrower's and/or
          Guarantors' financial condition, credit condition or any other
          conditions. The decision and judgment of the Lending Banks do not
          depend upon the presentation and introduction of the Joint Lead
          Managers and/or the Agency Bank, including but not limited to the
          following aspects:

          i.   Examining and inquiring about, for their own interest, the
               accuracy and completeness of any information related to the Loan
               Arrangement pursuant to this Agreement (no matter whether or not
               such information has been delivered or will henceforth be
               delivered to such Borrower and/or Guarantors by the Joint Lead
               Managers and/or the Agency Bank) provided by the Borrower and/or
               Guarantors; or,

          ii.  Evaluating and examining Borrower's and/or Guarantors' financial
               condition, credit condition or other conditions for their own
               interest.

10.6 Agency Bank

     1)   To perform this Agreement, the Borrower shall, in the name of the
          borrower, open a RMB current account at the Agency Bank;

     2)   Each Lending Bank agrees that the Agency Bank shall be their agent for
          the issues concerning this Agreement and entrust the Agency Bank to
          perform the rights, powers and authorities as well as all other
          reasonable associated rights, powers and authorities specially
          entrusted to the Agency Bank pursuant to the provisions herein;

     3)   In case that,

          i.   All representations related to this Agreement made by the
               Borrower and/or Guarantors are true;

          ii.  The Borrower has not violated or failed to fulfill its
               obligations under this Agreement; and

          iii. The Guarantors have not violated or failed to fulfill their
               obligations under this Agreement and/or the Letter of Guarantee;

          then the Agency Bank shall enjoy the following rights and/or powers:

          i.   Relying on the certificates executed documents and information
               provided, by the Borrower and/or Guarantors or those representing
               the Borrower and/or Guarantors;

          ii.  With the authorization of the Lending Banks, the Agency Bank may
               directly take legal actions or procedures against the default

                                       19
<PAGE>   22
               of the Borrower and Guarantors until the losses resulting from
               such Event of Default have been fully compensated for and the
               Event of Default has been corrected;

               In addition, the Agency Bank shall fulfill the following
               obligations:

          i.   Immediately notifying each Lending Bank the content of any notice
               or document the Agency Bank receives from the Borrower or
               Guarantors; and

          ii.  Acting in accordance with reasonable instructions from the
               Lending Banks;

     4)   The Agency Bank is not obliged to:

          i.   Inquire:

               a)   Whether or not any representations, warranties, and
                    covenants made by the Borrower in this Agreement are true;

               b)   Whether or not any representations, warranties, and
                    covenants made by the Guarantors in this Agreement and/or
                    the Letter of Guarantee are true;

               c)   The occurrence of any event that constitutes an Event of
                    Default or Anticipatory Event of Default;

               d)   The performance of the obligations under this Agreement by
                    the Borrower; and

               e)   The performance of the Letter of Guarantee by the
                    Guarantors;

          ii.  Disclosing any information concerning the Borrower and/or
               Guarantors to any other parties not specified in this Agreement;
               or

          iii. Assuming any other obligations beyond those specified in this
               Agreement;

     5)   In accordance with relevant provisions herein, to protect the interest
          of all Lending Banks, and all expenses, including the lawyer fees,
          arising out of relevant legal actions or procedures taken by the
          Agency Bank shall be compensated by the Lending Banks, upon receiving
          a written notice from the Agency Bank, in proportion to their
          respective shares in the Loan pursuant to the requirement of the
          Agency Bank;

     6)   The Agency Bank shall not bear any responsibility for the accuracy
          and/or completeness of the information related to this Agreement or

                                       20
<PAGE>   23
          any information on the legality, validity, effectiveness, propriety or
          enforceability of this Agreement provided by the Borrower and/or
          Guarantors;

     7)   The Member Banks and Lending Banks agree that they do not advance any
          possible claim against any person of the Agency Bank with regard to
          items specified in item 4) of Article 10.6 herein;

     8)   The Responsibilities of the Agency Bank

     The Lending Banks grant authorization to the Agency Bank and the Agency
     Bank acknowledges and warrants fulfilling the following responsibilities:

     i.   The Agency Bank shall responsible for the organization and
          implementation of this Agreement after its execution;

     ii.  The Agency Bank shall strictly perform this Agreement and safeguard
          the interest of Lending Banks pursuant to the provisions herein, and
          shall not impair the lawful interest of other Lending Banks by taking
          advantage of the Agency Bank's status;

     iii. The Agency Bank is the loan manager after the execution of this
          Agreement; the Agency Bank designates a particular person to be in
          charge of the specific issues with regard to the syndicated loan, and
          is responsible for transferring to the Lending Banks relevant
          financial information and data provided by the Borrower;

     iv.  The Agency Bank, strictly in accordance with relevant provisions
          herein, shall handle the allocation of all the principal of the Loan
          as well as the collection of the principal and interest;

     v.   The Agency Bank will conduct registration of the total amount of the
          syndicated loan examined and approved by the Lending Banks and the
          respective loan shares provided by the Member Banks and register the
          collection of the principal and interest of the loan;

     vi.  The Agency Bank will timely repay the interest paid and principal
          repaid by the Borrower to the Lending Banks in accordance with their
          corresponding share of the Loan;

     vii. In case that the Borrower fails to repay the syndicated loan in full
          on schedule, the Agency Bank shall, pursuant to the provisions herein,
          distribute the repaid amount among the Lending Banks in accordance
          with their corresponding share of the Loan. The default interest shall
          accrue on the overdue amount, and the Agency Bank, pursuant to
          relevant regulations of PBOC, will calculate and collect the default
          interest from the Borrower.

     viii. Upon the execution of this Agreement, the Agency Bank shall submit
          the counterpart of this Agreement to PBOC for file;

                                       21
<PAGE>   24
     ix.  The Agency Bank is responsible to inform the Borrower its actions of
          default, and if no rectification is made, the Agency Bank is
          responsible to hold a bank syndicate meeting and impose penalties upon
          the Borrower; the penalty decision at the bank syndicate meeting will
          be sent to the Borrower and Guarantors in writing; the penalties
          include stopping the provision of the Loan, calling back the Loan
          ahead of schedule, and default interest, among others; when necessary,
          it can file law suits to relevant people's courts;

     x.   In case that the authorization to the Agency Bank and the authority of
          the Agency Bank is inexplicit and unclear, the Agency Bank will take
          bona fide measures to safeguard the interest of the Lending Banks; and

     xi.  Conduct other issues with regard to the syndicated loan that are
          entrusted by the Member Banks.

10.7 Bank Syndicate Meeting

     1)   The bank syndicate meeting will be proposed by the Agency Bank and/or
          Joint Lead Managers, or by more than two Member Banks and/or Lending
          Banks. The decision of a bank syndicate meeting shall be in written
          form and shall be executed by the legal representatives or authorized
          agents of the Lending Banks;

     2)   The following issues shall be discussed at the syndicate meeting and
          shall be approved by Member Banks that undertake more than two thirds
          of the loan share or Lending Banks that provide more than two thirds
          of the Loan, and the decisions will have the binding force upon all
          Member Banks and the Lending Banks:

          i.   Declaring an Event of Default on the part of the Borrower and
               ascertaining its responsibility for default pursuant to the
               Agreement;

          ii.  Determining the Anticipatory Event of Default;

          iii. Deciding to stop the Loan;

          iv.  Deciding to cancel the undrawn Loan;

          v.   Deciding to call back the Loan ahead of schedule;

          vi.  Deciding to file lawsuit or arbitration against the Borrower and
               Warrantors; and

          vii. Other material issues;

     3)   The following issues shall be discussed at the syndicate meeting and
          shall be approved unanimously by all the Member Banks or Lending

                                       22
<PAGE>   25
          Banks:

          i.   Amending this Agreement;

          ii.  Increasing the Loan amount;

          iii. Advancing or postponing the Drawdown; and

          iv.  The change in Guarantors or method of guarantee;

     4)   The Extension Application put forward by the Borrower shall be deemed
          accepted upon the consent from the Joint Lead Underwriters while other
          Lending Banks may or may not accept the Extension; in case that
          Lending Banks accept the Extension, they shall undertake their
          corresponding share of the balance of the Loan extended; in case that
          a Lending Bank does not accept the Extension, its relevant share of
          the balance of the Loan extended shall be automatically transferred to
          and undertaken by the Joint Lead Underwriters equally.

10.8 Fund Transfer among the Lending Banks and the Agency Bank

     1)   The Lending Banks assume the obligation of providing the Loan in the
          sum specified in Schedule One herein;

     2)   The fund transfer among the Lending Banks and the Agency Bank will be
          conducted through the Lending Banks (or their branches) and the
          clearing system of the PBOC at the place where the Agency Bank is
          located; transfer of fund by one party under this Agreement to the
          other party's account opened at PBOC of the aforesaid location is
          deemed the completion of payment;

     3)   The Drawdown Notice shall only be delivered by post or courier instead
          of being delivered by other means such as fax and e-mail; in case that
          it is delivered by post, the time when the Agency Bank signs the
          receipt for the post is deemed as the time of receipt; in case it is
          delivered by courier, the time when the Agency Bank signs the receipt
          for it is deemed as the time of receipt; no matter what means of
          delivery is adopted, receipt by the Agency Bank of the Notice prior to
          the end of its business hour on a given day is deemed as having
          received on such day;

     4)   The Agency Bank, upon receiving the Drawdown Notice from the Borrower,
          shall immediately notify each Lending Bank via fax followed by
          confirmation via telephone, and the time for such notice shall be no
          later than fifteen (15) o'clock(15:00) Beijing Time on the next day
          after the day when such Drawdown Notice is received;

     5)   The Member Banks and/or Lending Banks, upon receiving the Borrower's
          Drawdown Notice from the Agency Bank, shall, within TWO (2) Bank
          Business Days, make a written acknowledgement

                                       23
<PAGE>   26
          (including by means of fax) to the Agency Bank with regard to: (1) The
          receipt of Drawdown Notice; and (2) Whether or not agree to remit its
          loan share to the Agency Bank at the time and in the amount as
          specified in the Drawdown Notice. In case that Member Banks and/or
          Lending Banks agree to remit the amount to the Agency Bank at the time
          and in the amount as specified in the Drawdown Notice, such
          confirmation letter then constitutes their obligation of payment; in
          case that Member Banks and/or Lending Banks do not agree to remit the
          amount to the Agency Bank at the time and in the amount as specified
          in the Drawdown Notice, they shall notify the Agency Bank the
          following issues: (1) reasons why they fail to act in accordance with
          the instructions from the Agency Bank; (2) Whether or not they would
          continue to participate in the Loan Arrangement as Lending Banks. In
          the case of (2), the Joint Lead Underwriters shall make respective
          arrangement on a timely basis so that the principal amount under the
          Loan Arrangement continues to be equal to that at the time when this
          Agreement is executed;

     6)   In case that the Lending Banks fail to transfer the amount of Loan
          they have undertaken in full on schedule to the account designated by
          the Agency Bank pursuant to the provisions of the Drawdown Notice, the
          Agency Bank shall immediately notify the Joint Lead Underwriters, who
          shall take coordinated measures to raise corresponding amount of fund
          so as to ensure that the amount in full will be transferred to the
          account opened at the Agency Bank by the Borrower on the Drawdown
          Date; regarding any cost or loss resulting from the emergency measures
          taken by the Joint Lead Underwriters in an effort to raise fund under
          such a circumstance, the Joint Lead Underwriters shall, through the
          Agency Bank, deliver to the Lending Bank that has violated the
          Agreement a written notice detailing the loss and its amount, and such
          Lending Bank shall compensate, through the Agency Bank, to the Joint
          Lead Underwriters pursuant to such notice; in case under such a
          circumstance, the Joint Lead Underwriters fail to raise the necessary
          fund after making the best efforts, any loss, claim from the Borrower,
          as well as all the liabilities and consequences resulting therefrom
          shall be borne by such Lending Banks that fail to provide its share of
          the Loan in violation of the Agreement;

     7)   The Lending Banks shall, in strict accordance with the Agreement and
          provisions of this Agreement, remit the loan amount in full on
          schedule to the account of the Agency Bank; the arrival time of fund
          shall not be later than ten (10) o'clock (10:00) Beijing Time on the
          morning of the Drawdown Date, and any later time shall be deemed as
          the next day; and

     8)   In case that the amount paid by the Agency Bank to the Lending Banks
          exceeds the amount the Agency Bank received from the Borrower, the
          Agency Bank has the right to ask the Lending Banks to return any
          excess amount.

                                       24
<PAGE>   27
            ARTICLE ELEVEN     BORROWER'S REPRESENTATIONS AND WARRANTIES

11.1 The Borrower hereby represents and warrants to the Joint Lead Managers,
     Joint Lead Underwriters, the Agency Bank, Member Banks, and Lending Banks
     as follows:

     1)   The Borrower is a wholly foreign-owned company of limited liability
          established under the laws of China with a qualification to conduct
          business in China, and has sufficient power, authority, and legal
          right to own its assets and operate its business;

     2)   The Borrower has the right to borrow the Loan pursuant to the
          provisions herein, and has taken all necessary actions and/or other
          actions necessary to approve the execution and performance of this
          Agreement;

     3)   This Agreement and other loan documents, upon execution thereof and
          with the official seals stamped, constitute an agreement with legal
          binding force upon the Borrower;

     4)   The execution of the loan documents or the performance of any
          obligation under the loan documents or the exercise of any rights
          under the loan documents by the Borrower will not contradict or
          conflict with any laws, regulations, statues, judgments, decrees,
          authorizations, agreements, or obligations applicable to the Borrower;
          in the event of any contradictions, the Borrower has already obtained
          from the competent authorities of the Chinese government a valid
          waiver of legal binding force in China, which may be enforced by legal
          actions;

     5)   The Borrower does not have any material liabilities or contingent
          liabilities that have not been disclosed to the Agency Bank and
          Lending Banks;

     6)   No security interest of any kind has been imposed upon the assets or
          income of the Borrower that may have material adverse effect upon the
          borrowing of the Loan, the utilization and/or repayment of the Loan;

     7)   When the Agreement goes into effect, there is no factual or pending
          lawsuit, arbitration of the arbitration tribunal, or any other
          potential material disputes against the Borrower that may constitute
          material adverse effect in any form upon the borrowing of the Loan,
          the utilization and/or repayment of the Loan by the Borrower;

     8)   At present, the Borrower's latest financial statements are prepared in
          accordance with applicable Chinese laws and accounting standards. Such
          financial statements completely, truly and fairly reflect the
          financial status of the Borrower within corresponding fiscal period as
          well as its performance during the same period. There has been no
          material adverse change in the business or financial conditions of the
          Borrower following the end of such fiscal period;

                                       25
<PAGE>   28
     9)   The Borrower, upon borrowing the Loan, will utilize the borrowed fund
          in strict accordance with the purpose of the Loan as provided in this
          Agreement and the laws of China; and

     10)  All materials provided by the Borrower to the Joint Lead Managers and
          the Agency Bank are true, complete, and accurate in all material
          aspects.

11.2 The Borrower represents and warrants to the Agency Bank and Lending Banks
     that the above representations and warranties are all true and accurate in
     light of the existing fact and circumstance on each Drawdown Date.

                       ARTICLE TWELVE BORROWER'S COVENANTS

12.1 Affirmative Covenants

     The Borrower undertakes to the Agency Bank and Lending Banks that within
     the Effective Term of the Loan Agreement and prior to the settlement and
     repayment of the full amount under the Loan, unless the Agency Bank
     consents in writing otherwise, the Borrower will:

     1)   Remain a wholly owned subsidiary of China Mobile (Hong Kong) Limited.

     2)   Provide to the Agency Bank

          i.   after the Agreement becomes effective, the counterpart of the
               latest annual financial statements (if any) which have been
               examined and acknowledged by the Board of Directors of the
               Borrower, and such statements shall be prepared in accordance
               with applicable Chinese laws and accounting standards;

          ii.  within six months after the end of each fiscal year, the
               counterpart of the financial statements for the fiscal year which
               have been examined and acknowledged by the Board of Directors of
               the Borrower, and such statements shall be prepared in accordance
               with applicable Chinese laws and accounting standards; and

          iii. upon request from the Agency Bank, relevant information on the
               Borrower on a timely basis;

     3)   Immediately notify the Agency Bank the following issues:

          i.   The occurrence of any Event of Default;

          ii.  Anticipatory Event of Default or any possible event that will
               impair the Lending Banks' interest under the Agreement;

                                       26
<PAGE>   29
          iii. Any lawsuit, arbitration, or claim in any form involving an
               aggregate amount of more than RMB fifty million or the equivalent
               amount in other currencies claimed by any creditor; and

          iv.  Any other material issues, including but not limited to the
               change in equity interest structure (of the Borrower);

     4)   Abide by the applicable laws, regulations, authorizations, or
          agreements and fulfill relevant obligations as well as pay due taxes
          on time during business operations;

     5)   Provide the Agency Bank, on a timely basis, with the counterparts of
          any material agreement or other loan, guarantee or other financial
          arrangement agreements, executed after the Agreement comes into
          effect, that may have material adverse effect upon this Agreement;

     6)   Ensure that, the Borrower's Loan under this Agreement, at any given
          time, shall be at least equal to the Borrower's all other secured debt
          in terms of order of repayment; and

     7)   Procure insurance and maintain the validity of various insurances.

12.2 Negative Covenants

     The Borrower undertakes to the Agency Bank and Lending Banks that within
     the Term and prior to the settlement and repayment of the full amount under
     the Loan, the Borrower shall take all proper measures to safeguard the
     interest of the Lending Banks and protect it from infringement of any
     forms. Unless the Agency Bank otherwise consents in writing, the Borrower
     will not:

     1)   Ask for the withdrawal of any loan amount under this Agreement prior
          to the completion of the Overseas Financing of China Mobile (Hong
          Kong) Limited;

     2)   Merge with any other company, or take any measure with the aim to
          dissolve, liquidate, or terminate business operation;

     3)   Reduce its registered capital;

     4)   Sell, transfer, or dispose in any other ways any part of business or
          assets that may constitute material adverse effect upon its borrowing,
          utilization and/or repayment of the Loan;

     5)   Incur any other debt or contingent liability that has priority over
          the Loan in terms of order of repayment; and

     6)   Impose any material security interest upon its assets for benefit of
          any other creditors.

                                       27
<PAGE>   30
                   ARTICLE THIRTEEN LENDING BANKS' WARRANTIES

13.1 Each of the Lending Banks, upon receiving the Drawdown Notice delivered by
     the Agency Bank, will remit the amount they undertake under the Loan
     Arrangement specified in Schedule One to the account designated by the
     Agency Bank on schedule pursuant to the stipulations of the Form of
     Drawdown Notice set out in Schedule Three.

13.2 The obligations each Lending Bank assumes are separate and individual, and
     any Lending Bank's failure to fulfill its obligations under this Agreement
     shall not affect nor restrict the other Lending Banks' fulfillment of
     obligations under this Agreement, nor affect the Borrower's due obligations
     to other Lending Banks. The other Lending Banks shall not assume any
     liabilities for the actions of the Lending Bank that fails to fulfill its
     obligations under this Agreement. Notwithstanding such provisions on the
     Lending Banks' obligations, the Joint Lead Managers and Joint Lead
     Underwriters shall assume the joint and several liabilities in presiding
     over the arrangement to provide the full amount of Loan under this
     Agreement.

13.3 Since the Joint Lead Underwriters, under the Loan Arrangement herein, take
     the responsibility to underwrite the Loan on firm commitment basis, when
     any Lending Bank fails to provide its share of the Loan to the account
     designated by the Agency Bank pursuant to the instruction of the Agency
     Bank, the Joint Lead Underwriters shall, in lieu of such Lending Bank,
     provide Loan to the Borrower, and each Lending Bank undertakes to
     compensate the Agency Bank and/or Joint Lead Underwriters for any cost,
     loss, compensation, and other direct relevant expenses in any form
     resulting therefrom; such compensation shall be paid within FIFTEEN (15)
     days upon receiving the written Payment Notice to such Lending Bank
     delivered by the Agency Bank. In the event of any disputes with regard to
     such compensation, the payment shall be made by the Lending Bank before
     taking any other measures to deal with the disputes. The Lending Bank
     undertakes that it will not refuse to pay or delay to pay such compensation
     on the ground of existing disputes.

13.4 The documents and information concerning this Agreement provided by the
     Borrower to the Lending Banks shall be used for the sole purpose of making
     the Loan Arrangement under this Agreement unless otherwise required by laws
     and regulations or the context herein.

           ARTICLE FOURTEEN   EVENTS OF DEFAULT AND OTHER SIMILAR EVENTS

14.1 Events of Default

     Each of the following is an Event of Default:

     1)   The Borrower fails to pay on schedule any amount that is due and
          payable under this Agreement or any other loan documents and in a
          manner pursuant to their provisions (excluding during the Extension);

                                       28
<PAGE>   31
     2)   The Borrower or any Guarantor under this Agreement fails to duly and
          timely fulfill or abide by their respective obligations under such
          documents; and regarding the rectifiable Event of Default and Event of
          Default excluding the inability of payment, they, upon receiving the
          notice of a written request to rectify such default issued by the
          Agency Bank pursuant to the provision set out in Article 14.4
          hereunder, fail to make rectification within TWENTY-EIGHT (28) Bank
          Business Days (or a longer period possibly approved at the bank
          syndicate meeting) pursuant to the provision of Article 14.4;

     3)   Any representations, warranties and/or undertaking made in loan
          documents or in connection with loan documents by the Borrower or any
          Guarantor under this Agreement is deemed as being wrong or misleading
          in material aspect by the Agency Bank;

     4)   The occurrence of any event having similar effect as any of the
          aforesaid event (details may vary) which relates to any other party
          (excluding Lending Banks) under the loan documents and have material
          adverse effect upon the financial condition of the Borrower;

14.2 Cross Event of Default

     1)   Any debt and other amount become or are declared to be due and payable
          prior to the stated maturity date are not repaid on the maturity date
          and as a result, the Borrower's ability to repay the principal and pay
          the interest of the Loan is materially affected;

     2)   The Borrower fails to repay any debt on the stated maturity date and
          fails to make rectifications within the corresponding grace period,
          and as a result, the Borrower's ability to repay the principal and pay
          the interest of the Loan is materially affected;

     3)   Any other creditor obtains the ownership of the entire or any part of
          the Borrower's business or assets, or the arbitration award or
          judgment is enforced against any assets of the Borrower, and as a
          result, the Borrower's ability to repay the principal and pay the
          interest of the Loan is materially affected;

     4)   The Borrower stops to pay due and payable sum to any other creditor,
          fails to repay any debt at maturity or seeks to reach any compromise
          or other arrangement with any other creditor, or is declared to be
          insolvent;

14.3 Anticipatory Event of Default (Determined at the Bank Syndicate Meeting)

     1)   The Borrower or Guarantors terminate or probably will terminate the
          operation of their business or any material part of their business, or
          the Borrower disposes of its entire business or assets or any material
          part of its business or assets, and as a result, the Borrower's
          ability to repay the principal and to pay the interest of the Loan is
          materially affected;

     2)   The financial condition of the Borrower or Guarantors experiences any
          material adverse change, or their ability to perform the this
          Agreement

                                       29
<PAGE>   32
          experiences any material adverse change;

     3)   Material undertakings or substantial guarantee provided by the
          Borrower or any material security interest of any form set upon its
          business, assets, proceeds, and other aspects;

     4)   Material undertakings or substantial guarantee provided by the
          Guarantors or any material security interest of any form set upon
          their business, assets, proceeds, and other aspects, and as a result,
          the Guarantors' fulfillment of the guarantee obligation is thereby
          materially and adversely affected (excluding the arrangement under
          this Agreement).

14.4 In the event of Event of Default, Cross Event of Default, and Anticipatory
     Event of Default on the part of the Borrower, or violation of the relevant
     stipulations of the negative covenants by the Borrower, the Agency Bank
     may, if the Borrower does not make rectifications within TWENTY-EIGHT (28)
     Bank Business Days upon receiving the notice of a written request to
     rectify such default from the Agency Bank, deliver to the Borrower a
     written notice declaring (a) the occurrence of the Event of Default and/or
     Anticipatory Event of Default, and (b) that the Loan becomes mature on the
     TWENTY-THIRD (23rd) Bank Business Day from Borrower's receipt of such
     maturity notice without the need to make a request, deliver a notice or
     conduct other legal procedure or other procedure of any kind.

                ARTICLE FIFTEEN   DEFAULT INTEREST AND COMPENSATION

15.1 Default interest accrues and is calculated and collected on overdue amount
     or diverted amount of the Loan, beginning from the date of becoming overdue
     or diversion, in accordance with the default interest rate set by PBOC,
     until the principal and interest is paid in full. In the event of a change
     in default interest rate, the interest is calculated in separate periods.
     Compound interest accrues and is calculated on a quarterly basis at the
     default interest rate on the default interest that is not paid. In the
     event of certain amount becoming overdue and being diverted, no cumulative
     default interest will be paid and the higher of (a) default interest
     accrued on the overdue amount and (b) default interest accrued on the
     diverted amount, will be paid by the Borrower.

     1)   On the date of the execution of this Agreement, the default interest
          rate for overdue loan is 0.021 percent per day, and that for diverted
          loan is 0.05 percent per day. The method of default interest
          calculation is as follows:

          i.   Default Interest for Overdue Loan = the Principal of the Overdue
               Loan x Daily Default Interest Rate for Overdue Loan x Actual Days
               Overdue;

               Interest on Unpaid Default Interest = Payable Default Interest on
               Overdue Loan x Daily Default Interest Rate for Overdue Loan x
               Actual Days Overdue.

                                       30
<PAGE>   33
          ii.  Default Interest for Diverted Amount of the Loan = the Diverted
               Principal Amount of the Loan x Daily Default Interest Rate for
               Diverted Amount of the Loan x Actual Days Overdue;
               Interest on Unpaid Default Interest = Payable Default Interest on
               Diverted Amount of the Loan x Daily Default Interest Rate for
               Diverted Amount of the Loan x Actual Days Overdue.

          iii. The due and unpaid interest is classified into the principal on
               the Interest Payment Date.

     2)   The aforesaid default interest rate for overdue loan and/or diverted
          loan as well as the default interest calculation methods are subject
          to adjustments from time to time in accordance with the regulations
          concerning the default interest rate and default interest calculation
          methods promulgated by PBOC from time to time.

15.2 The Borrower shall, through the Agency Bank, compensate the Agency Bank and
     Lending Banks the entire actual losses, liabilities, damages, costs and
     expenses resulting from any Event of Default on the part of the Borrower or
     the Borrower's failure to fulfill its obligations under the loan documents.

                            ARTICLE SIXTEEN     TRANSFER

16.1 This Agreement shall be binding upon the Borrower, and the Borrower shall
     not transfer any right and obligation under this Agreement without prior
     unanimous written consent from the Agency Bank and Lending Banks.

16.2 This Agreement shall be binding upon Lending Banks and their successors and
     transferees stipulated herein, and one Lending Bank may, at any time,
     transfer its entire or part of the rights and interest under this Agreement
     and other loan documents to another Lending Bank, and the Borrower shall be
     notified of such transfer on a timely basis upon the completion of the
     transfer; in case the Lending Bank needs to transfer its entire or part of
     the rights and interest under this Agreement and other loan documents to
     other banks or financial institutions other than the Lending Banks, it
     shall obtain a prior written consent from the Borrower (the Borrower shall
     not unreasonably withhold such consent), and such written consent shall be
     made within TEN (10) Bank Business Days from the receipt of Agency Bank's
     notice by the Borrower. In case that the Borrower accepts such transfer,
     all agreements, representations, warranties, and covenants made by the
     Borrower herein shall apply to the interest of transferees and Lending
     Banks.

16.3 The Lending Banks may disclose to the potential transferees or banks
     accepting the transferred loan non-public information concerning the
     Borrower that the Lending Banks deem it appropriate. However, prior to the
     disclosure of such information, the Lending Banks shall, through the Agency
     Bank, notify the Borrower in writing, and the Borrower shall, within FIVE
     (5) Bank Business Days from receiving the written notice, make a reply to
     the

                                       31
<PAGE>   34
     Agency Bank regarding whether or not it agrees. In case that the Borrower
     does not agree, it shall state the reasons; in case that the Borrower,
     within FIVE (5) Bank Business Days from receiving the written notice, does
     not make a reply, it shall be deemed to consent.

                            ARTICLE SEVENTEEN   NOTICES

17.1 Notices and requests pursuant to the stipulations herein shall be in
     writing and be sent to the following addresses or numbers:

     BORROWER:   CHINA MOBILE (SHENZHEN) LIMITED

                  Contact: Liu Li
                  Address: 10th Flr., Guotong Bldg., 9023 Binhedadao, Futian
                       District, Shenzhen
                  Zip: 518048
                  Tel: 0755-3888010
                  Fax: 0755-3888011
                  E-mail: liuli913@21cn.com

     JOINT LEAD MANAGERS/JOINT LEAD UNDERWRITERS:

                  CONSTRUCTION BANK OF CHINA
                  Contact: Liang Hongchen/Zhou Xiaoquan
                  Address: No. 25 Jinrong Street, Beijing
                  Zip:  100032
                  Tel: 010-6759 8754
                  Fax:010-6759 7333
                  E-mail: lianghongchen/zh/ccb@ccb.com.cn

                  BANK OF CHINA
                  Contact: Wang Tong/Liu Huijun
                  Address: No. 410 Fuchengmennei St., Beijing
                  Zip:  100818
                  Tel: 010-6601 4077
                  Fax:010-6601 4037
                  E-mail: wangtong@bank-of-china.com

     AGENCY BANK: CONSTRUCTION BANK OF CHINA, SHENZHEN BRANCH

                  Contact: Zhang Ling
                  Address: CCB Bldg., Financial Center, Honglingnan Rd.,
                       Shenzhen, Guangdong
                  Zip:
                  Tel:  0755-2488521
                  Fax: 0755-2488147
                  E-mail: sz_xdjyc/sz/ccb@ccb.com.cn

                                       32
<PAGE>   35
     GUARANTORS:  GUANGDONG MOBILE COMMUNICATION COMPANY LIMITED

                  Contact: Tan Biying
                  Address: Quanqiutong Hotel, No. 208 Yuexiunan Rd.,
                   Guangzhou
                  Zip: 510100
                  Tel:  020-8389 9909
                  Zip: 020-8389 9929
                  E-mail: tan_by@gmcc.net   mail to:tan_by@gmcc.net

                  ZHEJIANG MOBILE COMMUNICATION COMPANY LIMITED

                  Contact: Jin Han
                  Address: No. 406 Tiyuchang Rd., Hangzhou, Zhejiang
                  Zip: 310006
                  Tel:  0571-5166048
                  Zip: 0571-5107903
                  E-mail:     jinhan@zmzz.com.cn

                  JIANGSU MOBILE COMMUNICATION COMPANY LIMITED

                  Contact: Ji Xiaoming
                  Address: No. 51, Huju Rd., Nanjing, Jiangsu
                  Zip: 210029
                  Tel:  025-6668163
                  Zip: 025-6668162
                  E-mail: jmcccwb@public1.ptt.js.cn

                  FUJIAN MOBILE COMMUNICATION COMPANY LIMITED

                  Contact: Gao Yanghui
                  Address: No. 59 Wushan Rd., Gulou District, Fuzhou, Fujian
                  Zip: 350001
                  Tel:   0591-3376133
                  Fax: 0591-3376139
                  E-mail: luckgyh@21.cn.com

                  HENAN MOBILE COMMUNICATION COMPANY LIMITED

                  Contact: Zhang Yuzhong
                  Address: No. 115 Huanghe Rd., Zhengzhou, Henan
                  Zip: 450003
                  Tel:  0371-5956622
                  Zip: 0371-5968855
                  E-mail: zyz0129@371.net

                                       33
<PAGE>   36
                  HAINAN MOBILE COMMUNICATION COMPANY LIMITED

                  Contact: Lan Qingchun
                  Address: No. 22, Nanbao Rd., Haikou, Hainan
                  Zip: 570125
                  Tel:  0898-6763132
                  Zip: 0898-6715461
                  E-mail: lqc@qmcc.net

17.2 The date of receipt of the aforesaid written notice or request refers to:

     1)   If sent by a courier, the date of delivery to the address is the date
          of receipt;

     2)   If delivered by an established express mail service company, the
          SECOND (2nd) day after it is submitted to the express mail service
          company is the date of receipt; or

     3)   If transmitted by telex or fax, either the date with the confirmation
          from the facsimile machine or the date of sending the fax is the date
          of receipt.

     The Guarantors may, for the purpose stated herein, through delivering a
     notice in writing to the Agency Bank, change their addresses and means of
     communication.

               ARTICLE EIGHTEEN  GOVERNING LAW AND JURISDICTION

18.1 This Agreement shall be governed by and interpreted in accordance with the
     law of the People's Republic of China.

18.2 Any lawsuit arising out of or relating to this Agreement shall be filed at
     the people's court where the Joint Lead Managers are located. The parties
     hereby agree that they will be irrevocably subject to the jurisdiction of
     such court.

                           ARTICLE NINETEEN     INSURANCE

19.1 The Borrower and Guarantors shall purchase insurances required by relevant
     laws or regulations, competent authorities of the industry, or compulsory
     insurances of the industry.

                        ARTICLE TWENTY  OTHER STIPULATIONS

20.1 Amendment and Waiver

     Amendment and waiver of any article under this Agreement as well as waivers
     to abandon the right to claim against the default under this Agreement
     shall be

                                       34
<PAGE>   37
      made in writing and be effective only upon the execution with the official
      seal stamped by the legal representatives or authorized signers of the
      Agency Bank, Lending Banks, and the Borrower.

20.2  Rights/Powers

      The failure to exercise or delay to exercise any right, power, decision
      power or any other right or power under this Agreement by the Agency Bank
      and Lending Banks shall not be deemed as the abandonment of such right,
      power or decision power; any separate or partial performance of such
      right, power, decision power or any other right or power shall not
      restrict the complete or further exercise of such right, power, decision
      power or any other right or power; the rights, powers, and remedial
      measures stipulated herein are cumulative, not excluding any other rights,
      powers, and remedial measures provided by law.

20.3  The Entire Agreement

      This Agreement and the loan documents mentioned herein constitute the
      entire rights and obligations of the Borrower, Joint Lead Managers, Joint
      Lead Underwriters, the Agency Bank, Member Banks, and Lending Banks, and
      shall supersede any intent or agreement in connection with this Loan
      Arrangement prior to the execution of this Agreement.

20.4  Copies

      The Agreement is prepared in EIGHTEEN (18) originals. Each of the Joint
      Lead Managers/Joint Lead Underwriters, Member Banks/Lending Banks, the
      Agency Bank, the Borrower and Guarantors shall keep one copy. Each
      original shall have the same validity. The originals of this Agreement
      shall be executed and stamped with the official seals by the formal
      authorized representatives of the parties to this Agreement.

20.5  Effectiveness

      This Agreement is executed on October 7, 2000, in Beijing. The Agreement
      becomes effective on the execution date.

                                       35
<PAGE>   38
IN WITNESS WHEREOF the duly authorized representatives of the Parties hereto
have duly executed this Agreement.

BORROWER: CHINA MOBILE (SHENZHEN) LIMITED
(Official Seal)

Authorized Representative Signature:   /s/ Wang Xiaochu
                                     ---------------------

JOINT LEAD MANAGERS/JOINT LEAD UNDERWRITERS:
CONSTRUCTION BANK OF CHINA

(Official Seal)

Authorized Representative Signature:  /s/ Zhang Enzhao
                                    ----------------------

BANK OF CHINA
(Official Seal)

Authorized Representative Signature:  /s/ Sun Changji
                                    ----------------------

                                       36
<PAGE>   39
MEMBER BANKS/LENDING BANKS
CONSTRUCTION BANK OF CHINA

(Official Seal)

Authorized Representative Signature:  /s/ Zhang Enzhao
                                    ---------------------

BANK OF CHINA
(Official Seal)

Authorized Representative Signature:  /s/ Sun Changji
                                    ----------------------

                                       37
<PAGE>   40
STATE DEVELOPMENT BANK
(Official Seal)

Authorized Representative Signature:  /s/ Ji Qiaoling
                                    ----------------------

AGRICULTURE BANK OF CHINA
(Official Seal)

Authorized Representative Signature:  /s/ Yang Mingsheng
                                    ----------------------

                                       38
<PAGE>   41
INDUSTRIAL AND COMMERCIAL BANK OF CHINA, SHENZHEN BRANCH
(Official Seal)

Authorized Representative Signature:  /s/ Li Lihui
                                    ----------------------

BANK OF COMMUNICATIONS
(Official Seal)

Authorized Representative Signature: /s/ Li Jun
                                    --------------------

                                       39
<PAGE>   42
HONG KONG & SHANGHAI BANKING CORPORATION LTD., SHENZHEN BRANCH
(Official Seal)

Authorized Representative Signature:  /s/ Rose Lee Wai Mun
                                    -------------------------

CHINA MERCHANTS BANK
(Official Seal)

Authorized Representative Signature:  /s/ Chen Xiaoxian
                                    ----------------------

                                       40
<PAGE>   43
AGENCY BANK

CONSTRUCTION BANK OF CHINA, SHENZHEN BRANCH
(Official Seal)

Authorized Representative Signature:  /s/ Li Weiping
                                    ---------------------

                                       41
<PAGE>   44
GUARANTOR SIGNATURE PAGE

The signature and stamp on this page are for the sole purpose of the formal
execution of the Syndicated Loan Agreement (RMB 7,500,000,000) on October 7,
2000.

GUARANTOR: GUANGDONG MOBILE COMMUNICATION COMPANY LIMITED
(Official Seal)

Authorized Representative Signature:  /s/ Li Gang
                                    --------------------

                                       42
<PAGE>   45
GUARANTOR SIGNATURE PAGE

The signature and stamp on this page are for the sole purpose of the formal
execution of the Syndicated Loan Agreement (RMB 7,500,000,000) on October 7,
2000.

GUARANTOR: ZHEJIANG MOBILE COMMUNICATION COMPANY LIMITED
(Official Seal)

Authorized Representative Signature:  /s/ Xu Long
                                    -------------------

                                       43
<PAGE>   46
GUARANTOR SIGNATURE PAGE

The signature and stamp on this page are for the sole purpose of the formal
execution of the Syndicated Loan Agreement (RMB 7,500,000,000) on October 7,
2000.

GUARANTOR: JIANGSU MOBILE COMMUNICATION COMPANY LIMITED
(Official Seal)

Authorized Representative Signature:  /s/ He Ning
                                    -------------------

                                       44
<PAGE>   47
GUARANTOR SIGNATURE PAGE

The signature and stamp on this page are for the sole purpose of the formal
execution of the Syndicated Loan Agreement (RMB 7,500,000,000) on October 7,
2000.

GUARANTOR: FUJIAN MOBILE COMMUNICATION COMPANY LIMITED
(Official Seal)

Authorized Representative Signature:  /s/ Lin Lixun
                                    --------------------

                                       45
<PAGE>   48
GUARANTOR SIGNATURE PAGE

The signature and stamp on this page are for the sole purpose of the formal
execution of the Syndicated Loan Agreement (RMB 7,500,000,000) on October 7,
2000.

GUARANTOR: HENAN MOBILE COMMUNICATION COMPANY LIMITED
(Official Seal)

Authorized Representative Signature:   /s/ Lu Jie
                                     --------------------

                                       46
<PAGE>   49
GUARANTOR SIGNATURE PAGE

The signature and stamp on this page are for the sole purpose of the formal
execution of the Syndicated Loan Agreement (RMB 7,500,000,000) on October 7,
2000.

GUARANTOR: HAINAN MOBILE COMMUNICATION COMPANY LIMITED
(Official Seal)

Authorized Representative Signature:  /s/ Wei Yiping
                                    ---------------------

                                       47
<PAGE>   50
         SCHEDULE ONE LENDING BANKS AND THE CREDIT AMOUNT UNDERTAKEN

<TABLE>
<CAPTION>
             LENDING BANKS                      CREDIT AMOUNT (IN RMB 100
                                                         MILLIONS)

<S>                                             <C>
CONSTRUCTION BANK OF CHINA                                24.6

Contact: Liang Hongchen/Zhou Xiaoquan
Address: No. 25 Jinrong Street, Beijing
Zip: 100032
Tel:  010-6759 8754
Fax: 010-6759 7333
E-mail: lianghongchen/zh/ccb@ccb.com.cn

BANK OF CHINA

Contact: Wang Tong/Liu Huijun
Address: No. 410 Fuchengmennei St.,
Beijing
Zip: 100818                                               24.6
Tel:  010-6601 4077
Fax: 010-6601 4037
E-mail: wangtong@bank-of-china.com

STATE DEVELOPMENT BANK

Contact: Yuan Yinghua/Shen Caizhan
Address: No. 29 Fuchengmenwai St.,
Beijing
Zip: 100037                                               7.2
Tel:  010-68306958/68306964
Fax: 010-68306921
E-mail: ofish929@263.net

AGRICULTURE BANK OF CHINA

Contact: Jiang Haiyang
Address: Jinyu Building, No.100 North
Xisanhuan Road
   Haidian District, Beijing                              7.2
Zip: 100036
Tel:  010-6843 5588 ext. 1114
Fax: 010-6843 4303
E-mail:

INDUSTRIAL AND COMMERCIAL BANK OF CHINA,
SHENZHEN BRANCH

Contact: Zong Jianxin/Liu Yufeng/He Nan
Address: North Bldg., Financial Center,
      Shennandong Rd., Shenzhen                           7.2
Zip: 518015
Tel:  0755-2062755/2068104
Fax: 0755-2060244
E-mail: jxzong@zicn.com

BANK OF COMMUNICATIONS

Contact: Qian Yong/Huang Linjiang
Address: No. 18 Xianxia Rd., Shanghai
Zip: 200335                                               1.8
Tel:  021-62752243/62751234-2056
Fax: 021-62751363
E-mail: qiangyong2056@21cn.com

HONG KONG & SHANGHAI BANKING CORPORATION LTD.
SHENZHEN BRANCH

Contact: Yu Guoheng
Address: 1st Flr., Xindu Hotel, No. 1
      Chunfeng Rd., Shenzhen                              1.2
Zip: 518001
Tel:  0755 2338016
</TABLE>

                                       48
<PAGE>   51
<TABLE>
<CAPTION>
             LENDING BANKS                      CREDIT AMOUNT (IN RMB 100
                                                         MILLIONS)
<S>                                             <C>
Fax: 0755 2324045
E-mail:

CHINA MERCHANTS BANK

Contact: Zhu Ze
Address:    5th Flr., No. 2
     Shennanzhong Rd., Shenzhen
Zip: 518001                                               1.2
Tel:  0755-2090419
Fax: 0755-2096180
E-mail: 00934@oa.cmb.china.com

TOTAL                                                     75
</TABLE>

Note: No particular sequence is adopted with regard to the name of the banks
      that undertake the same credit amount.

                                       49
<PAGE>   52
                         SCHEDULE TWO LIST OF GUARANTORS

Guangdong Mobile Communication Company Limited

      Contact: Tan Biying
      Address: Quanqiutong Hotel, No. 208 Yuexiunan Rd., Guangzhou
      Zip:     510100
      Tel:     020-8389 9909
      Zip:     020-8389 9929
      E-mail:  tan_by@gmcc.net

Zhejiang Mobile Communication Company Limited

      Contact: Jin Han
      Address: No. 406 Tiyuchang Rd., Hangzhou, Zhejiang
      Zip:     310006
      Tel:     0571-5166048
      Zip:     0571-5107903
      E-mail:  jinhan@zmcc.com.cn

Jiangsu Mobile Communication Company Limited

      Contact: Ji Xiaoming
      Address: No. 51, Huju Rd., Nanjing, Jiangsu
      Zip:     210029
      Tel:     025-6668163
      Zip:     025-6668162
      E-mail:  jmcccwb@public1.ptt.js.cn

Fujian Mobile Communication Company Limited

      Contact: Gao Yanghui
      Address: No. 59 Wushan Rd., Gulou District, Fuzhou, Fujian
      Zip:     350001
      Tel:     0591-3376133
      Zip:     0591-3376130
      E-mail:  luckgyh@21.cn.com

Henan Mobile Communication Company Limited

      Contact: Zhang Yuzhong
      Address: No. 115 Huanghe Rd., Zhengzhou, Henan
      Zip:     450003
      Tel:     0371-5956622
      Zip:     0371-5968855
      E-mail:  zyz0129@371.net

Hainan Mobile Communication Company Limited

      Contact: Lan Qingchun
      Address: No. 22, Nanbao Rd., Haikou, Hainan
      Zip:     570125

                                       50
<PAGE>   53
      Tel:     0898-6763132
      Zip:     0898-6715461
      E-mail:  lqc@qmcc.net

                                       51
<PAGE>   54
                     SCHEDULE THREE FORM OF DRAWDOWN NOTICE

To: Construction Bank of China, Shenzhen Branch

                         RE: SYNDICATED LOAN AGREEMENT ON
                           RENMINBI 7,500,000,000 LOAN

      In accordance with the stipulations under Article Three of the Syndicated
Loan Agreement executed on the date of October 7, 2000, China Mobile (Shenzhen)
Limited (the "Company") has satisfied all the conditions precedent to the
withdrawal and is qualified to withdraw the advancement in any other aspect.

      The Company hereby irrevocably notifies you (the "Bank") that the Company
plans to withdraw [in one lump sum] the Advancement of RMB [000,000,000] on the
date of [ ],200[ ] in accordance with the Loan Arrangement and delivers this
notice accordingly. The advancement of the withdrawal shall be paid in
accordance with stipulations under Article Nine of the Agreement.

      The Company hereby acknowledge:

      (1)   No Event of Default or Anticipatory Event of Default occurs on the
            part of the Borrower;

      (2)   All the representations, warranties and Covenants made by the
            Borrower in the Agreement are true, correct and effective;

      (3)   All relevant documents regarding conditions precedent to the
            drawdown under Article 3.2 submitted to the Agency Bank by the
            Borrower are still true, correct and effective.

      Terms used in this notice shall have the same meaning as defined in the
Syndicated Loan Agreement.

                          China Mobile (Shenzhen) Limited
                          (Official Seal)

                          Authorized representative: ______________

                           [  ], [  ]

                                       52
<PAGE>   55
                   SCHEDULE FOUR FORM OF PREPAYMENT NOTICE

To: Construction Bank of China, Shenzhen Branch

                         RE: SYNDICATED LOAN AGREEMENT ON
                           RENMINBI 7,500,000,000 LOAN

      In accordance with the stipulations under Article Five of the Syndicated
Loan Agreement executed on the date of October 7, 2000, we plan to repay the
amount of the Loan prior to its maturity to you and hereby irrevocably deliver
this Notice accordingly. The principal of the Prepayment shall be Renminbi
[000,000,000]. Prepayment shall be made on the date of [ ], [ ]. Detailed
arrangement of the prepayment shall be in accordance with Article 5.4 under the
Syndicated Loan Agreement.

      We hereby acknowledge:

      (1)   Representations, warranties and Covenants under Article Eleven and
            Twelve are still true and correct on the date of the delivery of the
            Notice herein; and

      (2)   By the date of the delivery of this Notice, there has been no Event
            of Default or Anticipatory Event of Default that has not been cured
            or corrected.

      Terms used in this Notice shall have the some meaning as defined under the
Syndicated Loan Agreement.

                          China Mobile (Shenzhen) Limited
                          (Official Seal)

                          Authorized representative: ______________

                           [  ], [  ]

                                       53
<PAGE>   56
               SCHEDULE FIVE FORM OF REPLY TO PREPAYMENT NOTICE

To: China Mobile (Shenzhen) Limited

                        RE: SYNDICATED LOAN AGREEMENT ON

                           RENMINBI 7,500,000,000 LOAN

      We have received and reviewed the Prepayment Notice you delivered on the
date of [ ], 200[ ]. Terms of prepayment shall be in accordance with the
stipulations under the Syndicated Loan Agreement executed on the date of [ ], of
which:

      1.    Principal of prepayment shall be _________;

      2.    As of the prepayment date ( )indicated in the Prepayment Notice, the
            due and payable interest on the principal amount of the prepayment
            shall be _____;

      You shall pay the prepayment principal and its due and payable interest,
____ in full, to our account as follows:

      Name of the Bank: [        ]
      Account Name: [           ]
      Account Number: [         ]

      Terms used in this Reply shall have the same meaning as defined under the
Syndicated Loan Agreement.

                          Construction Bank of China, Shenzhen Branch
                          (Official Seal)

                          Authorized representative: _______

                          [  ],[  ]

                                       54
<PAGE>   57
                       SCHEDULE SIX FORM OF PAYMENT NOTICE

To: China Mobile (Shenzhen) Limited

                         RE: SYNDICATED LOAN AGREEMENT ON
                           RENMINBI 7,500,000,000 LOAN

      The Amount you borrowed on the date of October 7, 2000 in accordance with
the Syndicated Loan Agreement will mature on the date of [ ], 200[ ]. In
accordance with the provisions of Article 5 of the Syndicated Loan Agreement,
please pay upon maturity of the Loan due principal and interest in full to the
following accounts of the Bank:

      Name of Bank: [      ]
      Account Title: [       ]
      Account Number: [    ]

      Of which:

      1.  Principal payable: [    ]
      2.  Interest payable: [     ]

      Terms used in this Notice shall have the same meaning as defined under the
Syndicated Loan Agreement.

                              Construction Bank of China, Shenzhen Branch
                                 (Official Seal)

                              Authorized representative: ______________

                              [  ],[  ]

                                       55
<PAGE>   58
                  SCHEDULE SEVEN FORM OF LETTER OF GUARANTEE

                                    GUARANTEE

To:   Construction Bank of China, Bank of China and other Lending Banks
      indicated in Schedule One of the Syndicated Loan Agreement

      Re: Provision to the Lending Banks of irrevocable and unconditional
guarantee with joint liabilities regarding the Syndicated Loan Agreement (RMB
7,500,000,000) (the "Loan Agreement") executed on the date of October 7, 2000
between China Mobile (Shenzhen) Limited and Construction Bank of China, Bank of
China and other Lending Banks listed in Schedule One of the Syndicated Loan
Agreement (the "Lending Banks").

      [ ] Mobile Communication Company Limited (the "Guarantor") is a wholly
foreign-owned limited liability company established and existing under the laws
of the People's Republic of China ("China"), with its registered address of its
headquarter at [ _____ ]. In accordance with Security Law of the People's
Republic of China (the "Security Law") and other relevant laws and regulations,
the Guarantor hereby provides the Lending Banks with a Guarantee in favor of the
Lending Banks and undertakes to perform its obligations in accordance with
stipulations under this Guarantee.

WHEREAS:

      China Mobile (Shenzhen) Limited (the "Borrower"), a wholly foreign-owned
limited liability company established and existing under the laws of China, will
execute the Loan Agreement on the same date of the execution of the Letter of
Guarantee. The Loan Agreement Provides that the total amount of the principal of
the loan (the "Loan") granted to the Borrower by the Lending Banks shall not
exceed Renminbi seven billion five hundred million (RMB 7,500,000,000.00).

      The condition precedent to the Lending Banks' assumption of the obligation
to disburse the Loan under the Loan Agreement is, including but not limited to,
the receipt by the Agency Bank of the unconditional and irrevocable Guarantee in
favor of the Lending Banks issued by the Guarantor, guaranteeing that the
Borrower will pay all the payable sums from time to time to the Lending Banks
through the Agency Bank on a timely basis in accordance with the Loan Agreement.

      Therefore, this Guarantor hereby agrees that the Guarantor and other
Guarantors, including [ ] Mobile Communication Company Limited, [ ]
Communication Company Limited, [ ] Mobile Communication Company Limited, [ ]
Mobile Communication Company Limited and [ ] Mobile Communication Company
Limited (the "Guarantors") shall assume joint and several liabilities for all
debts, responsibilities and obligations stipulated under the Loan Agreement, and
that the Guarantor and the Borrower under the Syndicated Loan Agreement shall
assume joint and several liabilities for all debts, responsibilities and
obligations stipulated under the agreement.

                                       56
<PAGE>   59
      Unless otherwise stipulated, terms used this Letter of Guarantee shall
have the same meaning as defined in the Loan Agreement.

      The Guarantor hereby further agrees:

1.    As the surety with joint liabilities and/or joint guarantee liabilities
      (similarly hereinafter), the Guarantor and other Guarantors indicated
      hereby absolutely and unconditionally guarantee to the Agency Bank and the
      Lending Banks that the Borrower shall make payments in full, promptly and
      on a timely basis when any part of and/or all the principal, interest,
      Default Interest, compensation, fees to satisfy creditor's claim and other
      amounts fall due whether pursuant to the provisions, as a result of
      accelerated repayment or otherwise in accordance with the stipulations
      under the Loan Agreement, and any and/or all of any other relevant
      documents and agreements; the Guarantor understands and acknowledges that
      in accordance with the Security Law, (1) the Lending Banks may request the
      Borrower to perform its liabilities or request the Guarantor to assume its
      guarantee liabilities within the limit of the Guarantee in the event that
      Borrower under the Guarantee with joint liabilities has not performed its
      liabilities before the deadline for performance of the liabilities; i.e.,
      upon the Borrower's failure to pay the due and payable sum under the Loan
      Agreement and the occurrence of events and circumstances of default, the
      Agency Bank may first request payment from the Guarantors who assume joint
      liabilities for debts together with the Borrower and need not first
      request payment from the Borrower; (2) in the event that two or more than
      two Guarantors assume joint guarantee liabilities, the Lending Banks may
      request any one of them to assume the entire guarantee liabilities. All
      Guarantors shall assume the obligation to guarantee the satisfaction of
      the entire creditor's claim.

2.    Upon occurrence of Event of Default in the payment of partial or entire
      guaranteed obligation on the part of the Borrower, or upon occurrence of
      Event of Default or Anticipatory Event of Default, the Guarantors, as
      surety assuming joint guarantee liabilities, shall immediately pay the
      entire amount of the due and payable guaranteed liabilities of the
      Borrower (whether as a result of acceleration or otherwise) to the Agency
      Bank in favor of the Lending Banks in accordance with instructions of the
      Agency Bank, stipulations under the Loan Agreement and in the manner
      required thereby. The Guarantors shall not advance any claim, set-off,
      counterclaim or defense to the Agency Bank or any Lending Bank regarding
      the partial or entire payment.

3.    Upon occurrence of Event of Default or Anticipatory Event of Default
      hereof, if no corrections have been made within the correction period of
      twenty eight (28) working days stipulated under Article 14.4 of the Loan
      Agreement, the Lending Banks shall be vested the power to deliver Notice
      of Claims accompanied with certificates regarding the Borrower's
      non-payment of any of the due and payable amount to the Guarantors, who,
      upon receipt of the above Notice of Claims, shall perform its guarantee
      obligation in accordance with the amount indicated in the Notice of
      Claims. Notwithstanding the foregoing, should the loan principal and/or
      interest under the Loan Agreement

                                       57
<PAGE>   60
      not be repaid and/or paid, the Lending Banks shall be vested the power to
      deliver Notice of Claims accompanied with certificates regarding the
      Borrower's non-payment of such principal and/or interest to the
      Guarantors, who, upon receipt of the above Notice, shall perform its
      guarantee obligation in accordance with the amount indicated in the Notice
      of Claims.

4.    The obligations of the Guarantors shall be absolute and unconditional and
      shall not be limited or affected by any circumstances, including (but not
      limited to) (1) the Borrower's failure to perform or comply with the Loan
      Agreement or any stipulations under any such documents or agreements; (2)
      transfer by the Borrower for the benefit of the Creditor (not limited to
      the Creditor's interest under this Guarantee), request to nominate a
      Recipient, Trustee or Liquidator for the Borrower or any of its assets,
      upon declaration of liquidation or filing of the request of liquidation on
      the part of the Borrower, or any other measures taken for the above
      purposes; (3) changes in the Borrower's name, scope of business,
      registered capital or organization documents; or (4) any other
      circumstances that may constitute a relief of obligations that shall be
      assumed by a guarantor or surety.

5.    The Lending Banks may neglect or restrain the enforcement of the
      Guarantee, the Loan Agreement or of the payment under any other relevant
      guarantees, documents or agreements, however, such negligence or restraint
      shall not affect or mitigate the Guarantors' obligations under the
      Guarantee herein. Guarantors shall not request the Agency Bank to make
      enforcement of the Loan Agreement or any other guarantees as a
      prerequisite of the enforcement of the Guarantee herein. The Failure to
      enforce the Loan Agreement or any other guarantees shall not affect or
      mitigate the Guarantee herein or defend against the Guarantee herein for
      such reasons.

6.    The Guarantors undertakes that they shall remain the wholly owned
      subsidiaries directly or indirectly owned by CMHK in China within the term
      of the Loan Agreement.

7.    Debts, responsibilities or liabilities guaranteed by the Guarantee herein
      may at any moment be renewed, extended, amended, compromised, exempted or
      abandoned by the Agency Bank or Lending Banks upon request of the
      Borrower, and such conducts shall not impair or affect the Guarantors'
      liabilities under the Guarantee herein; and the guarantee liabilities of
      the Guarantors under the Guarantee herein shall also apply to the above
      renewal, extension, amendment or compromise by the Agency Bank and Lending
      Banks.

8.    The Guarantee is a continuous guarantee, which covers any debts under the
      guaranteed liabilities. However, before the Agency Bank is vested the
      power to receive any debts under the guarantee liabilities, it shall have
      no obligation to exhaust its right of recourse against the Borrower, nor
      shall it have any obligation to exhaust its right of recourse the Agency
      Bank or certain Lending Banks may have against any Guarantor or any
      guarantee. This Guarantee shall be irrevocable and with full force before
      the full performance of the guaranteed obligations and the full payment of
      any indebted amount under the guarantee. The Guarantors shall waive the
      defense arising from any time limit

                                       58
<PAGE>   61
      that might affect the obligations hereunder or the enforcement hereof.

9.    Prior to the full payment and/or repayment of the principal, interest
      and/or other amounts under the Loan Agreement, the Guarantor shall not
      have the right of subrogation obtained as a result of its performance of
      any of the guarantee liabilities hereunder. Notwithstanding the foregoing,
      in the event that the Guarantor receives any sums as a result of its
      entitlement to such right of subrogation while one of the guaranteed
      obligations has not been performed, the Guarantor shall agree to pay all
      such sums to the Agency Bank to offset the amount over due under
      stipulations of the Loan Agreement.

10.   The Guarantors agree to pay all fees and charges related to the
      enforcement of this Guarantee.

11.   The Guaranteed obligations hereunder shall be obligations guaranteed in
      the form of Renminbi and paid by the Guarantors in accordance with the
      Guarantee in Renminbi. In any circumstances, Renminbi shall be the
      currency used in the account and payment.

12.   Any Notice or Request delivered to the Guarantors shall be in writing, and
      (1) delivered by special messenger; (2) sent by reputable courier service,
      or (3) transmitted by telex or facsimile. The address of the Guarantor:
      Name of the Company: [ ], Address: [ ], Postal Code: [ ], Contact: [ ],
      Telephone Number: [ ], Fax: [ ], E-mail: [ ]. The date of Notice or
      Request referred to herein shall be (1) the day of the receipt thereof if
      by delivery by special messenger; (2) the next day following the delivery
      to the courier service company if delivered by a creditable courier
      service; or (3) the fourth day following the delivery to the postal
      service if delivered by post-paid registered mail; (4) the delivery date
      with confirmation of acceptance if delivered by telex or facsimile. For
      the purpose hereof, the Guarantor may change its address by a written
      notice to the Agency Bank.

13.   This Guarantee shall be equally binding upon the Guarantor, its successor
      and the transferees and may be enforced by the Agency Bank, the Lending
      Banks, its successors and transferees. The Guarantor shall have no right
      to assign or to otherwise transfer the obligations hereunder. The Lending
      Bank may transfer part or all of its rights and interest hereunder to
      another Lending Bank at any time, in which case the Guarantor shall be
      promptly informed of such a transfer upon completion of the transfer; in
      the event that the Lending Bank needs to transfer its rights and interest
      hereunder to a bank or financial institution other than the Lending Banks,
      the Lending Bank shall obtain the consent of the Guarantors first (which
      consent shall not be unreasonably withheld). The Guarantors' Obligations
      hereunder shall not be Limited or affected in anyway by the above
      assignment or transfer. Any of the above assignment and transfer shall
      come into effect and be binding on the Guarantors upon the date of such
      assignment or transfer.

14.   The Guarantors hereby represent and warrant that:

      a)    the Guarantors are established and validly existing under the Laws
            of

                                       59
<PAGE>   62
            China, with its registered address as above;

      b)    the Guarantors have full legal rights, powers and authority to
            conduct their existing operations, possess their assets, assume this
            Guarantee and other obligations stipulated hereunder, execute and
            deliver this Guarantee and to perform and comply with the terms and
            conditions hereunder;

      c)    the Guarantors have taken all appropriate and necessary corporate
            and legal actions to authorize the execution and delivery of this
            Guarantee and to perform and abide by the stipulations and terms
            hereunder;

      d)    except for the relevant documents already obtained and submitted to
            the Agency Bank and the Lending Banks, the execution, delivery,
            effectiveness, performance, enforcement, the validity as evidence in
            legal proceedings of this Guarantee and the Guarantors' obligations
            hereunder do not require further consent from any other governmental
            departments or agency or any other shareholders or creditors, or
            notification thereto, or registration or filing therewith, or other
            actions to be taken;

      e)    This Guarantee constitutes the legal and valid obligations binding
            on the Guarantors and can be enforced in accordance with its
            stipulations. The execution, delivery, performance of terms and
            conditions hereunder, the payment of all the due and payable amount
            in the currency stipulated hereunder on the date indicated herein do
            not (1) infringe or violate any stipulations of any applicable laws
            of China and other government regulations (with legal validity or
            not); (2) violate any government guidelines and policies (with no
            legal validity) applicable to the Guarantors; (3) conflict with the
            business license of the Guarantors; (4) conflict with any
            agreements, debentures, mortgages or other documents other than this
            Guarantee to which the Guarantor is a Party or the Guarantor or its
            assets is bound, and will not bring about consequences of violation
            of any of the stipulations thereof nor create any mortgage, lien,
            pledge, security interests or preferential arrangement; (5)
            constitute Event of Default under any agreement nor constitute Event
            of Default due to delivery of Notice or elapse of time or both;

      f)    under any agreement to which the Guarantor is a Party or the
            Guarantor or its assets is bound, no Event of Default has occurred
            on the part of the Guarantor which affects the Guarantor's ability
            to pay the full amount payable hereunder;

      g)    this Guarantee constitutes the Guarantors' direct, unconditional and
            comprehensive obligations. With respect to the priority order of the
            Guarantor's payment of other loans, liabilities, guarantee or
            obligations and all other aspect the Guarantors' obligations
            hereunder at least have and will have the priority equal to the
            guaranteed loans, liabilities or obligations and other guarantee;

                                       60
<PAGE>   63
      h)    there are no material or possible debts that have potential adverse
            impact on the Guarantor's performance of its guarantee obligations
            hereunder which has not been disclosed to the Agency Bank or the
            Lending Banks by the Guarantor;

      i)    there are no pending or threatening lawsuit, arbitration or other
            proceedings against the Guarantors with the tribunal of arbitration,
            the court, governmental agencies or administrative agencies which
            may affect the financial status or operation of the Guarantors, or
            impair the Guarantors' ability to pay all or part of the payable
            amount in accordance with this Guarantee, or affect the validity or
            enforcement of this Guarantee in anyway;

      j)    the Guarantors undertake their business and operations in accordance
            with all applicable laws, rules and regulations of China.

15.   The Guarantors further warrant that:

      a)    the Guarantors shall maintain their accounting system in accordance
            with the accounting principles stipulated under the laws of China;

      b)    the Guarantors shall deliver an audited annual financial statement
            to the Agency Bank within 120 days after every fiscal year and
            deliver an unaudited semi-annual financial statement to the Agency
            Bank within 90 days after the first half of every fiscal year;

      c)    after the execution of this Guarantee, the Guarantors respectively
            or along with the Borrower shall appoint one of the top six
            international accounting firms to prepare semi-annual consolidated
            financial statements of the Guarantors in accordance with the
            accounting standards of China and deliver them to the Lending Banks
            through the Agency Bank. In the event that the parent company of the
            Guarantors, namely China Mobile (Hong Kong) Limited shall arrange
            and prepare audited semi-annual financial statements in accordance
            with laws of Hong Kong rules of Hong Kong Stock Exchange, the
            semi-annual consolidated financial statements of the Guarantors
            hereunder shall be audited financial statements; otherwise, the
            international accounting firm ranked among the top six international
            accounting firms shall prepare unaudited semi-annual consolidated
            financial statements of the Guarantors and provide the Agency Bank
            with a letter, indicating that the unaudited semi-annual
            consolidated financial statements of the Guarantors prepared by the
            firm (1) is in accordance with the accounting standards of China;
            (2) the preparation method is reasonable and correct. Such
            semi-annual consolidated financial statements shall at the same time
            be attached with a letter produced by the Guarantors indicating the
            truthfulness of the data presented in the financial statements.
            Expense incurred in the preparation of the financial statements
            shall be borne by the Guarantors and/or the Borrower;

                                       61
<PAGE>   64
      d)    the Guarantors respectively or along with the Borrower shall appoint
            one of the top six international accounting firms to prepare
            semi-annual consolidated financial statements for the six Guarantors
            hereunder and deliver them, through the Agency Bank, to the Lending
            Banks. The Guarantors and/or Borrower shall bear the relevant fees
            and charges;

      e)    the Guarantors shall notify the Agency Bank immediately with regard
            to the following issues:

            i)    lawsuit, arbitration or claims in any other forms regarding
                  any creditor's claim with the total amount exceeding Renminbi
                  three hundred million (RMB 300,000,000) or with the equivalent
                  amount in other currencies;

            ii)   merger with other companies or business institutions;

            iii)  sales, transfer or other means of disposal of assets or
                  business of more than Renminbi one billion (RMB
                  1,000,000,000);

      f)    the Guarantors shall abide by applicable laws, rules and regulation,
            authorities or agreements, perform relevant obligations and pay any
            due and payable tax;

      g)    in the event that the aggregate balance of debt or contingent
            liabilities of the Guarantors is less than one hundred and twenty
            percent (120%) of the total shareholders' equity, the Guarantors
            shall notify the Agency Bank on a timely basis of their material or
            possible debts incurred, assumed or newly-established with the
            amount of a single item exceeding Renminbi one billion (RMB
            1,000,000,000) or debt with equivalent value and immediately provide
            the Agency Bank with text of the agreement regarding the material
            debt or contingent liabilities; in the event that the aggregated
            balance of the debt or contingent liabilities of the Guarantors
            exceeds one hundred and twenty percent (120%) of the total
            shareholders' equity, the Guarantors shall not incur, assume or
            establish any additional debt or contingent liabilities without the
            Lending Banks' prior consent. To this end, the Guarantors shall
            notify the Agency Bank in writing of the event that the Guarantors
            may incur, assume or establish additional debts or contingent
            liabilities with attachment of a draft of the agreement regarding
            the relevant debts and contingent liabilities. The Agency Bank shall
            notify the Guarantors within ten (10) Bank Business Days after
            receipt of the above written Notice if the Agency Bank agrees upon
            the above debts or contingent liabilities. The Agency Bank's failure
            to notify the Guarantors within the above time limit shall be deemed
            as consent;

      h)    the Guarantors will not take any action or procedure for the purpose
            of dissolution, liquidation or termination of the business without
            the Lending Banks' prior consent;

                                       62
<PAGE>   65
i)          No other debt or contingent liabilities with higher rank of priority
            over the debts and contingent liabilities hereunder in respect of
            the order of payment will be created.

16.   The validity, presumption and interpretation of this Guarantee and all the
      rights, obligations and liabilities arising out of this Guarantee shall be
      governed by and interpreted according to the laws of China. Any legal
      actions or proceedings taken against the Guarantors or any of their assets
      in connection with this Guarantee shall be submitted to the competent
      tribunal of economic adjudication of the people's court in Beijing.

17.   In the event that any payment under this Guarantee is required to be made
      on a Non-Bank Business Day, such payment shall be postponed to the next
      Bank Business Day or any other date provided under the Loan Agreement.

18.   The Term of the Guarantee herein shall begin from the date of the
      execution of the Syndicated Loan Agreement and end on the first
      anniversary of the expiry of the Term of the Loan stipulated under the
      Syndicated Loan Agreement; in the event that the loan is extended, the
      term of the Guarantee shall end on the first anniversary of the expiry of
      renewed term of the Loan.

      On this basis, the Guarantors have executed this Guarantee in favor of the
Agency Bank and the Lending Banks, which shall come into effect upon execution
of the Letter of Guarantee by the Guarantors and the stamp of their official
seals.

                                       63
<PAGE>   66
GUARANTOR SIGNATURE PAGE             Re:  Provision to the Lending Banks of
                                     irrevocable  and  unconditional guarantee
                                     with  joint  liabilities regarding   the
                                     Syndicated    Loan Agreement   on  RMB
                                     7,500,000,000 Loan   executed   on  the
                                     date  of October  7,  2000   between
                                     China Mobile   (Shenzhen)   Limited   and
                                     Construction  Bank of  China,  Bank of
                                     China  and other  Lending  Banks listed  in
                                     Schedule   One  of  the Syndicated Loan
                                     Agreement.

GUARANTOR: [    ] MOBILE COMMUNICATION COMPANY LIMITED

(OFFICIAL SEAL)

AUTHORIZED REPRESENTATIVE: ________

NAME: _________

TITLE: _______

                                       64
<PAGE>   67
                   SCHEDULE EIGHT FORM OF EXTENSION APPLICATION

To: Construction Bank of China, Bank of China

                    REGARDING: SYNDICATED LOAN AGREEMENT ON
                           RENMINBI 7,500,000,000 LOAN

      In accordance with the stipulations under Article 5.5 of the Syndicated
Loan Agreement executed on the date of October 7, 2000, we plan to apply for
extension and hereby submit the Application accordingly.

      The amount of principal to be extended under this Extension Application
shall be Renminbi [ ]. The extension term shall be [ ]. Interest on the extended
principal amount shall be in accordance with the stipulations under Article 5.5
of the Syndicated Loan Agreement.

      We hereby confirm the following:

      (1)   The representations and warranties under Article 11 and Covenants
            under Article 12 are still true and correct in light of the
            circumstances on the date of the application;

      (2)   As of the date of the submission of this Application, there exists
            no Event of Default or Anticipatory Event of Default that has not
            been cured or corrected; and,

      (3)   There have been no substantial adverse change within the period from
            the date of the execution of the Guarantee to the date of the
            submission of this Application with respect to the Guarantee
            qualification, guarantee ability and any other conditions of the
            Guarantors under the Syndicated Loan Agreement and the Guarantee,
            which remain to be in accordance with stipulations regarding the
            guarantee qualifications of guarantors under laws and regulations of
            China. The Company further understands that the Guarantors shall
            continue to maintain this lawful and healthy condition within the
            proposed Extension Period.

      Terms and Definitions under the Syndicated Loan Agreement shall also be
applicable to this Application.

                                       65
<PAGE>   68
                       China Mobile (Shenzhen) Limited
                       (Official Seal)

                       Authorized representative: ______________

                       The Guarantors hereby acknowledge that the aforesaid
                       conditions are true and hereby consent to the extension.

                       Official Seals of all Guarantors:

                       Legal representatives of all Guarantors:

                       [  ], 200[  ]

                                       66
<PAGE>   69
                      SCHEDULE NINE FORM OF EXTENSION REPLY

To: China Mobile (Shenzhen) Limited

                         RE: SYNDICATED LOAN AGREEMENT ON
                           RENMINBI 7,500,000,000 LOAN

      In accordance with the Syndicated Loan Extension Application you submitted
by on the date of [ ], 200[ ] and acknowledged by all Guarantors, we hereby
agree to the following Loan Extension Arrangement:

1.    Amount of the Loan Extended: [ ], of which the respective share of the
      extended loan of the Lending Banks are as follows:

      Construction Bank of China [Amount]
      Bank of China  [Amount]
      [            ] [Amount]
      [            ] [Amount]
      [            ] [Amount]
      [            ] [Amount]
      [            ] [Amount]
      [            ] [Amount]

2.    Term of Extension: [ ], from [commencing date] to [maturity date]

3.    Interest of the Loan Extended shall be [ %] pursuant to the provisions of
      Peoples' Bank of China and that of Article 5.5(6) of the Syndicated Loan
      Agreement;

4.    Other terms of the Extension shall be in accordance with stipulations
      under the Syndicated Loan Agreement (RMB 7,500,000,000) between you and us
      executed on the date of October 7, 2000;

5.    You shall pay [on the commencing date of the Extension] the loan interest
      as of the date hereof, with an aggregate amount of Renminbi [ ].

      Terms and Definitions under the Syndicated Loan Agreement shall also be
applicable to this Reply.

                                Construction Bank of China
                                (Official Seal)

                                Authorized representative: _____________

                                Bank of China
                                (Official Seal)

                                Authorized representative: _____________

                                [ ], 200[ ]

                                       67
<PAGE>   70
                  SCHEDULE TEN FORM OF INTEREST PAYMENT NOTICE

To: China Mobile (Shenzhen) Limited

                         RE: SYNDICATED LOAN AGREEMENT ON
                           RENMINBI 7,500,000,000 LOAN

      In accordance with Article Six under the Syndicated Loan Agreement, you
shall pay the Loan Interest of Renminbi [ ] on the date of [ ], 200[ ]. Please
pay the due Loan Interest on the above date to the following account of the
Bank:

      Name of Bank: [        ]
      Account Name: [         ]
      Account Number: [      ]

      Terms used in this Notice shall have the same meaning as defined under the
Syndicated Loan Agreement.

                        Construction Bank of China, Shenzhen Branch
                        (Official seal of)

                        Authorized representative: ________________

                        [   ],[   ]

                                       68
<PAGE>   71
                      SCHEDULE ELEVEN FORM OF LEGAL OPINION
                ISSUED BY LAWYERS OF THE BORROWER AND GUARANTORS

                                  LEGAL OPINION

TO:    CONSTRUCTION BANK OF CHINA
       BANK OF CHINA
       STATE DEVELOPMENT BANK
       AGRICULTURE BANK OF CHINA
       INDUSTRIAL AND COMMERCIAL BANK OF CHINA
       BANK OF COMMUNICATIONS
       HONG KONG & SHANGHAI BANKING CORPORATION LTD., SHENZHEN BRANCH
       CHINA MERCHANTS BANK
       (THE "LENDING BANKS")

To Whom It May Concern:

                      RE: ISSUES CONCERNING ARRANGEMENT OF
                   SYNDICATED LOAN OF RENMINBI 7,500,000,000
                               AND ARRANGEMENT OF
                   SYNDICATED LOAN OF RENMINBI 5,000,000,000

      We are lawyers with the Commerce & Finance Law Firm (the "Law Firm"),
which has been licensed by Bureau of Justice of Beijing Municipality to practice
within the territory of the People's Republic of China ("China"). The Law Firm
is qualified to issue this Opinion.

      Entrusted by China Mobile (Shenzhen) Limited (the "Borrower") and
Guangdong Mobile Communication Company Limited, Zhejiang Mobile Communication
Company Limited, Jiangsu Mobile Communication Company Limited, Fujian Mobile
Communication Company Limited, Henan Mobile Communication Company Limited and
Hainan Mobile Communication Company Limited (the " Guarantors"), the Law Firm,
being the legal council of the "Borrower" and the "Guarantors" in China, issues
this Legal Opinion on relevant issues regarding the captioned Syndicated Loan
Arrangement.

      The Lending Banks, the Borrower and the Guarantors have executed a
Syndicated Loan Agreement on Renminbi 5,000,000,000 Loan and a Syndicated Loan
Agreement on Renminbi 7,500,000,000 Loan on October 7, 2000, and the Guarantors
executed Letters of Guarantee in favor of the Lending Banks.

      Unless otherwise indicated, terms used in this Opinion shall have the same
meaning as defined under the Syndicated Loan Agreement.

      In order to issue this Opinion, we have reviewed all the originals or
copies of the documents relevant to the Borrower and the Lending Banks (see
legal documents and other documents that we deem as necessary for the issuance
of this Opinion in Schedule One attached to this Opinion). The originals or
copies of these documents

                                       69
<PAGE>   72
have been provided by the Borrower and the Lending Banks.

      The Statement, analysis and conclusion hereunder are made on the following
basis:

      1.    State and local laws and regulations and government policies of
            China;

      2.    Our practice and experience in similar projects;

      3.    The originals, photocopies or facsimiles of the above legal
            documents regarding the captioned issues.

      When reviewing the originals, photocopies or facsimiles of the above
documents, we assume the following:

      1.    All the handwriting, seals and stamps on the original copies are
            genuine and valid, and all the documents provided to us as
            photocopies are the same as the originals;

      2.    All the presentations of the facts in the documents are true and
            complete in all respects;

      On the basis of the above statement and assumptions, the Law Firm arrives
at the following legal opinions:

1.    The Borrower and the Guarantors are limited liability companies
      established and validly existing under the laws of China and are qualified
      to operate in the territory of China. The Articles of Association of each
      of the Borrower and the Guarantors are in accordance with relevant
      stipulations under the laws of China and are legal and valid;

2.    The registered capital of the Borrower and the Guarantors have been fully
      paid up by their investors;

3.    The Borrower and the Guarantors are vested sufficient power, authority and
      legal rights, and have obtained the consent, approval, authorization order
      and registration from all the governmental agencies to own their present
      assets and to operate the business which they are operating at present;

4.    The Borrower and the Guarantors have obtained all the legal and valid
      certificates and licenses relevant to their business operations, including
      but not limited to the certificate of approval, business license, tax
      registration certificate and foreign exchange registration license;

5.    Both the Borrower and the Guarantors have taken all necessary legal
      person's and/or other actions, including necessary approvals by their
      boards of directors and general meetings of shareholders, to (1) execute
      and deliver loan documents, (2) perform their obligations under the loan
      documents;

6.    Purpose of the loan under the Loan Agreement have been approved by all
      relevant governmental agencies and have obtained consent from China Mobile

                                       70
<PAGE>   73
      Communications Corporation ("CMCC"), China Mobile (Hong Kong) Limited,
      China Mobile BVI and the Borrower, including necessary approvals by the
      boards of directors and general meetings of shareholders. Purpose of the
      loan under the Loan Agreement is legal and valid;

7.    The Acquisition Transaction has obtained appropriate approval from
      relevant governmental agencies and have obtained consent from CMCC, China
      Mobile (Hong Kong) Limited and China Mobile BVI, including necessary
      approvals by the boards of directors and general meetings of shareholders;

8.    The Loan Agreement shall be binding on the Borrower and the Guarantors
      upon signing with official seals affixed and may be enforced upon the
      Borrower and the Guarantors in accordance with its stipulations;

9.    The Borrower and the Guarantors' execution and delivery of the Loan
      Agreement and/or Letter of Guarantee and other loan documents, and the
      performance of their obligations under the Loan Agreement and/or Letter of
      Guarantee and other loan documents do not (1) violate or infringe any
      stipulation under applicable state and local laws and regulations of
      China; (2) violate or infringe applicable policies of the Chinese
      government; (3) conflict with their business licenses in the case of the
      Guarantors; (4) conflict with any agreement, contract or other document to
      which the Borrower and the Guarantors are one Party or they or their
      assets are bound, and will not bring about consequences of the violation
      of any of their stipulations or any mortgage, lien, pledge, security
      interests or preferential arrangements created thereunder; (5) constitute
      Event of Default under any agreement or constitute Event of Default due to
      delivery of Notice or lapse of time or both;

10.   The Borrower and the Guarantors' execution and delivery of the Loan
      Agreement and/or Letter of Guarantee and other loan documents, and the
      performance of their obligations under these loan documents do not require
      any other consent, approval, license or authority from governmental
      agencies, or consent or approval from any other third party (including
      their investors);

                                       71
<PAGE>   74
11.   In accordance with Interim Provisions Regarding Syndicated Loan
      promulgated by People's Bank of China, after the execution of the
      Syndicated Loan Agreement, the Agency Bank shall deliver a copy of the
      Syndicated Loan Agreement to PBOC for file. Other than this, loan
      documents are not required to be delivered to any governmental agency,
      court or other agency for registration or the record with a purpose to
      make the Loan Agreement valid and enforceable;

12.   No security interest in any form that may exert a substantial adverse
      effect on the borrowing, utilization and/or repayment of the Loan has been
      created on any asset and/or income of the Borrower;

13.   The Guarantors are vested the power to provide guarantee to the Lending
      Banks. The Guarantors' obligations, under the Guarantee, constitute their
      direct, unconditional, several and joint obligations to the Lending Banks
      and shall at least have the same priority as any of the Guarantors'
      existing and future secured debt and other contingent debts;

14.   The Borrower and the Guarantors have all established and implemented an
      accounting system in accordance with stipulations under all applicable
      laws and regulations and the Generally Accepted Accounting Principle of
      China and have been maintaining the continuity of such an accounting
      system; all the assets, rights and interests of the Borrower and the
      Guarantors or their business operations have been recorded completely on a
      timely basis in their respective financial statements; taxes regarding the
      Borrower's and the Guarantors' ownership of their assets and business
      operations have been declared and fully paid completely and on a timely
      basis;

15.   Except for stamp tax, the Borrower and the Guarantors have no withholding
      tax, income tax, corporate tax or other taxes or expenses Levied on any
      payment under the Loan Agreement or the execution, delivery, performance
      or enforcement of the Loan Agreement or any other proposed documents; in
      accordance with stipulations under the existing Interim Regulations of the
      People's Republic of China on Stamp Tax, the Borrower, being one Party to
      the Agreement, and all the Lending Banks being the other Party to the
      Agreement shall pay a stamp tax at the rate of 0.005 percent to the tax
      authorities of China on the amount indicated under the Loan Agreement
      regarding the execution and performance of the Loan Agreement. Such stamp
      tax shall be paid immediately after the execution of the Loan Agreement
      with the official seals affixed to the Agreement;

16.   Although the State Administration for Industry and Commerce has
      promulgated Interim Provisions Concerning the Proportion between
      Registered Capital and Total Investment of Chinese-foreign Equity Joint
      Ventures and the supplementary provisions thereunder, all of which are
      equally applicable to the Borrower, according to the State Council's reply
      Regarding the Acquisition Transactions, if the Loan Arrangement by the
      Borrower under the Loan Agreement does not violate stipulations under the
      relevant existing and valid laws of China, the loan arrangement made
      according to the Loan Agreement shall be legal, valid and enforceable;

                                       72
<PAGE>   75
17.   Unless otherwise stipulated under the Loan Agreement, consent, approval,
      authorization, order, registration and terms required by the laws of China
      in relation to the Loan Arrangement covered in the Loan Agreement have all
      been made or obtained in writing;

18.   Under any agreement to which the Borrower is a Party and the Guarantors
      the other, or to which the Borrower and/or the Guarantors or their assets
      are bound, the Borrower and/or the Guarantors have not committed any Event
      of Default that would impair their ability of performing the obligations
      under the Loan Agreement;

19.   As of the date hereof, there has been no pending lawsuit, arbitration by
      arbitration tribunal or other potential material dispute against the
      Borrower and/or the Guarantors that may constitute substantial adverse
      effect upon the borrowing, utilization and/or repayment of the Loan by the
      Borrower, or upon the financial condition or operation of the Guarantors,
      or upon the Guarantors' performance of the guarantee obligations under the
      Letter of Guarantee; nor any pending legal or governmental proceedings
      against the validity and legality of the Loan or any threat that would
      trigger such procedures;

20.   The Borrower and the Guarantors shall enjoy no sovereign immunity in the
      course of the execution, delivery, performance of the loan documents such
      as the Loan Agreement and/or the Letter of Guarantee, and shall not demand
      such rights within the terms of such loan documents such as the Loan
      Agreement and the Letter of Guarantee;

21.   The Opinion shall be of same validity upon its execution and the date of
      the withdrawal by the Borrower.

      The Opinion herein is issued solely for the purpose of the captioned
Syndicated Loan Arrangement for the benefit of the Lending Banks. The Opinion
can be disclosed to the Lending Banks and the lawyers thereof and may be relied
upon by the Lending Banks and lawyers thereof for the above purpose only. The
Opinion shall not be disclosed to any other person or be used for other purposes
without prior consent of the Law Firm.

                                        COMMERCE & FINANCE LAW FIRM

                                        [ ], 2000

                                       73
<PAGE>   76
SCHEDULE ONE  CHECKLIST OF DOCUMENTS

I.    CHINA MOBILE (SHENZHEN) LIMITED

      1     Business license;

      2     Legal person code certificate;

      3     Certificate of approval for wholly foreign-owned enterprises;

      4     Capital Verification Certificate for Capital Contribution;

      5     Loan Certificate;

      6     Tax Registration Certificate (Local and State Taxes);

      7     Foreign Exchange Registration Certificate;

      8     Board Resolution regarding the Syndicated Loan;

      9     Articles of Association;

      10    List of Directors of the Board.

II. CHINA MOBILE (HONG KONG) LIMITED

      1.    Certificate of Incorporation;

      2.    Articles of Association;

      3.    Confirmation Letter with legitimate authorization by China Mobile
            (Hong Kong) Limited in accordance with stipulations under the laws
            of the place of incorporation and corporate documents of the
            company, issued by the Chairman of the Board of Directors of the
            company to the effect that Borrower's financing arrangement in
            accordance with the terms and conditions under of the Syndicated
            Loan Agreement and the Guarantors' guarantee arrangement in the
            accordance with the Form of Letter of Guarantee under Schedule Seven
            of the Loan Agreement;

      4.    Other relevant documents, particularly the Legal Opinion issued by
            the Chinese lawyers retained by the Borrower and the Guarantors
            confirming the State Council's reply concerning Acquisition
            Transactions (including the reply concerning this Loan Arrangement)
            and the reply by China Securities Regulatory Commission;

III.  THE GUARANTORS

      1.    Business license;

                                       74
<PAGE>   77
      2.    Legal person code certificate

      3.    Certificate of approval for wholly foreign-owned enterprises;

      4.    Capital Verification Certificate for Capital Contribution;

      5.    Tax Registration Certificate (Local and State Taxes);

      6.    Foreign Exchange Registration Certificate;

      7.    Board resolution regarding its consent to guarantee the Syndicated
            Loan;

      8.    Letter of Authorization by the Board of Directors to authorize
            [signer] to execute the Syndicated Loan Agreement, the Letter of
            Guarantee and other loan documents on behalf of the company;

      9.    Articles of Association;

      10.   List of Directors of the Board;

      11.   Material debts and contingent liabilities;

IV.   CHINA MOBILE BVI

      1.    Resolution by the General Meeting of Shareholders or the Board of
            Directors regarding approval of the sale of the interests of the
            mobile communications companies in the seven provinces,
            municipalities and autonomous region.

                                       75
<PAGE>   78
                      SCHEDULE TWELVE FORM OF LEGAL OPINION

                      ISSUED BY LAWYER OF THE LENDING BANKS

                                  LEGAL OPINION

TO:    CONSTRUCTION BANK OF CHINA
       BANK OF CHINA
       STATE DEVELOPMENT BANK
       AGRICULTURE BANK OF CHINA
       INDUSTRIAL AND COMMERCIAL BANK OF CHINA
       BANK OF COMMUNICATIONS
       HONG KONG & SHANGHAI BANKING CORPORATION LTD., SHENZHEN BRANCH
       CHINA MERCHANTS BANK
       (THE "LENDING BANKS")

To Whom It May Concern:

                      RE: ISSUES CONCERNING ARRANGEMENT OF
              SYNDICATED LOAN AGREEMENT OF RENMINBI 7,500,000,000
                               AND ARRANGEMENT OF
                   SYNDICATED LOAN OF RENMINBI 5,000,000,000

      We are lawyers with the Jingtian & Gongcheng Law Firm (the "Law Firm"),
which has been licensed by Bureau of Justice of Beijing Municipality to practice
within the territory of the People's Republic of China ("China"). The Law Firm
is qualified to issue this Opinion.

      Entrusted by Lending Banks, the Law Firm issued the Legal Opinion herein
regarding relevant issues on the captioned Syndicated Loan Arrangement, with
China Mobile (Shenzhen) Limited (the "Borrower") as the Borrower and Guangdong
Mobile Communication Company Limited, Zhejiang Mobile Communication Company
Limited, Jiangsu Mobile Communication Company Limited, Fujian Mobile
Communication Company Limited, Henan Mobile Communication Company Limited and
Hainan Mobile Communication Company Limited (the "Guarantors") as the
Guarantors.

      On October 7, 2000, the Lending Banks, the Borrower and the Guarantors
executed a Syndicated Loan Agreement on Renminbi 5,000,000,000 Loan and a
Syndicated Loan Agreement on Renminbi 7,500,000,000 Loan and the guarantors
executed Letters of Guarantee in favor of the Lending Banks under the Syndicated
Loan.

      Unless otherwise indicated, terms used in this Opinion shall have the same
meaning as defined under the Syndicated Loan Agreement.

      In order to issue this Opinion, we have reviewed all the originals or
copies of the documents relevant to the Borrower and the Lending Banks (see
legal documents and other documents that we deem as necessary for the issuance
of this Opinion in Schedule One attached to this Opinion). The originals or
copies of these documents

                                       76
<PAGE>   79
have been provided by the Borrower and the Lending Banks.

      The Statement, analysis and conclusion hereunder are made on the following
basis:

1.    State and local laws and regulations and government policies of China;

2.    Our practice and experience in similar projects;

3.    The originals, photocopies or facsimiles of the above legal documents
      regarding the captioned issues.

      When reviewing the originals, photocopies or facsimiles of the above
documents, we assume the following:

1.    All the handwriting, seals and stamps on the original copies are genuine
      and valid, and all the documents provided to us as photocopies are the
      same as the originals;

2.    All the presentations of the facts in the documents are true and complete
      in all respects;

      On the basis of the above statement and assumptions, the Law Firm arrives
at the following legal opinions:

1.    The Borrower and the Guarantors are limited liability companies
      established and validly existing under the laws of China and are qualified
      to operate in the territory of China. The Articles of Association of each
      of the Borrower and the Guarantors are in accordance with relevant
      stipulations under the laws of China and are legal and valid;

2.    The registered capital of the Borrower and the Guarantors have been fully
      paid up by their investors;

3.    The Borrower and the Guarantors are vested sufficient power, authority and
      legal rights, and have obtained the consent, approval, authorization order
      and registration from all the governmental agencies to own their present
      assets and to operate the business which they are operating at present;

4.    The Borrower and the Guarantors have obtained all the legal and valid
      certificates and licenses relevant to their business operations, including
      but not limited to the certificate of approval, business license, tax
      registration certificate and foreign exchange registration license;

5.    Both the Borrower and the Guarantors have taken all necessary legal
      person's and/or other actions, including necessary approvals by their
      boards of directors and general meetings of shareholders, to (1) execute
      and deliver loan documents, (2) perform their obligations under the loan
      documents;

6.    Purpose of the loan under the Loan Agreement have been approved by all
      relevant governmental agencies and have obtained consent from China Mobile

                                       77
<PAGE>   80
      Communications Corporation ("CMCC"), China Mobile (Hong Kong) Limited,
      China Mobile BVI and the Borrower, including necessary approvals by the
      boards of directors and general meetings of shareholders. Purpose of the
      loan under the Loan Agreement is legal and valid;

7.    The Acquisition Transaction has obtained appropriate approval from
      relevant governmental agencies and have obtained consent from CMCC, China
      Mobile (Hong Kong) Limited and China Mobile BVI, including necessary
      approvals by the boards of directors and general meetings of shareholders;

8.    The Loan Agreement shall be binding on the Borrower and the Guarantors
      upon signing with official seals affixed and may be enforced upon the
      Borrower and the Guarantors in accordance with its stipulations;

9.    The Borrower and the Guarantors' execution and delivery of the Loan
      Agreement and/or Letter of Guarantee and other loan documents, and the
      performance of their obligations under the Loan Agreement and/or Letter of
      Guarantee and other loan documents do not (1) violate or infringe any
      stipulation under applicable state and local laws and regulations of
      China; (2) violate or infringe applicable policies of the Chinese
      government; (3) conflict with their business licenses in the case of the
      Guarantors; (4) conflict with any agreement, contract or other document to
      which the Borrower and the Guarantors are one Party or they or their
      assets are bound, and will not bring about consequences of the violation
      of any of their stipulations or any mortgage, lien, pledge, security
      interests or preferential arrangements created thereunder; (5) constitute
      Event of Default under any agreement or constitute Event of Default due to
      delivery of Notice or lapse of time or both;

10.   The Borrower and the Guarantors' execution and delivery of the Loan
      Agreement and/or Letter of Guarantee and other loan documents, and the
      performance of their obligations under these loan documents do not require
      any other consent, approval, license or authority from governmental
      agencies, or consent or approval from any other third party (including
      their investors);

                                       78
<PAGE>   81
11.   In accordance with Interim Provisions Regarding Syndicated Loan
      promulgated by People's Bank of China, after the execution of the
      Syndicated Loan Agreement, the Agency Bank shall deliver a copy of the
      Syndicated Loan Agreement to PBOC for file, and the filing has been
      completed. Other than this, loan documents are not required to be
      delivered to any governmental agency, court or other agency for
      registration or the record with a purpose to make the Loan Agreement valid
      and enforceable;

12.   No security interest in any form that may exert a substantial adverse
      effect on the borrowing, utilization and/or repayment of the Loan has been
      created on any asset and/or income of the Borrower;

13.   The Guarantors are vested the power to provide guarantee to the Lending
      Banks. The Guarantors' obligations, under the Guarantee, constitute their
      direct, unconditional, several and joint obligations to the Lending Banks
      and shall at least have the same priority as any of the Guarantors'
      existing and future secured debt and other contingent debts;

14.   The Borrower and the Guarantors have all established and implemented an
      accounting system in accordance with stipulations under all applicable
      laws and regulations and the Generally Accepted Accounting Principle of
      China and have been maintaining the continuity of such an accounting
      system; all the assets, rights and interests of the Borrower and the
      Guarantors or their business operations have been recorded completely on a
      timely basis in their respective financial statements; taxes regarding the
      Borrower's and the Guarantors' ownership of their assets and business
      operations have been declared and fully paid completely and on a timely
      basis;

15.   Except for stamp tax, the Borrower and the Guarantors have no withholding
      tax, income tax, corporate tax or other taxes or expenses Levied on any
      payment under the Loan Agreement or the execution, delivery, performance
      or enforcement of the Loan Agreement or any other proposed documents; in
      accordance with stipulations under the existing Interim Regulations of the
      People's Republic of China on Stamp Tax, the Borrower, being one Party to
      the Agreement, and all the Lending Banks being the other Party to the
      Agreement shall pay a stamp tax at the rate of 0.005 percent to the tax
      authorities of China on the amount indicated under the Loan Agreement
      regarding the execution and performance of the Loan Agreement. Such stamp
      tax shall be paid immediately after the execution of the Loan Agreement
      with the official seals affixed to the Agreement;

16.   Although the State Administration for Industry and Commerce has
      promulgated Interim Provisions Concerning the Proportion between
      Registered Capital and Total Investment of Chinese-foreign Equity Joint
      Ventures and the supplementary provisions thereunder, all of which are
      equally applicable to the Borrower, according to the State Council's reply
      Regarding the Acquisition Transactions, if the Loan Arrangement by the
      Borrower under the Loan Agreement does not violate stipulations under the
      relevant existing and valid laws of China, the loan arrangement made
      according to the Loan Agreement shall be legal, valid and enforceable;

                                       79
<PAGE>   82
17.   Unless otherwise stipulated under the Loan Agreement, consent, approval,
      authorization, order, registration and terms required by the laws of China
      in relation to the Loan Arrangement covered in the Loan Agreement have all
      been made or obtained in writing;

18.   Under any agreement to which the Borrower is a Party and the Guarantors
      the other, or to which the Borrower and/or the Guarantors or their assets
      are bound, the Borrower and/or the Guarantors have not committed any Event
      of Default that would impair their ability of performing the obligations
      under the Loan Agreement;

19.   As of the date hereof, there has been no pending lawsuit, arbitration by
      arbitration tribunal or other potential material dispute against the
      Borrower and/or the Guarantors that may constitute substantial adverse
      effect upon the borrowing, utilization and/or repayment of the Loan by the
      Borrower, or upon the financial condition or operation of the Guarantors,
      or upon the Guarantors' performance of the guarantee obligations under the
      Letter of Guarantee; nor any pending legal or governmental proceedings
      against the validity and legality of the Loan or any threat that would
      trigger such procedures;

20.   The Borrower and the Guarantors shall enjoy no sovereign immunity in the
      course of the execution, delivery, performance of the loan documents such
      as the Loan Agreement and/or the Letter of Guarantee, and shall not demand
      such rights within the terms of such loan documents such as the Loan
      Agreement and the Letter of Guarantee;

      This Opinion is issued solely for the purpose of the captioned Syndicated
Loan Arrangement for the benefit of the Lending Banks. The Opinion issued by the
Law Firm herein is based on the Legal Opinion issued on [ ], 2000 by Commerce &
Finance Law Firm, which is the Chinese legal council of the Borrower and the
Guarantors. The Opinion may be relied upon by the Lending Banks for the above
purpose only. This Opinion shall not be disclosed to any other person or be used
for other purposes without the prior consent of the Law Firm.

                                JINGTIAN & GONGCHENG LAW FIRM

                                [ ], 2000

                                       80
<PAGE>   83
ANNEX A:  CHECKLIST OF DOCUMENTS

I.    CHINA MOBILE (SHENZHEN) LIMITED

      1.    Business license;

      2.    Legal person code certificate;

      3.    Certificate of approval for wholly foreign-owned enterprises;

      4.    Capital Verification Certificate for Capital Contribution;

      5.    Loan Certificate;

      6.    Tax Registration Certificate (Local and State Taxes);

      7.    Foreign Exchange Registration Certificate;

      8.    Board Resolution regarding the Syndicated Loan;

      9.    Articles of Association;

      10.   List of Directors of the Board.

II.   CHINA MOBILE (HONG KONG) LIMITED

      1.    Certificate of Incorporation;

      2.    Articles of Association;

      3.    Confirmation Letter with legitimate authorization by China Mobile
            (Hong Kong) Limited in accordance with stipulations under the laws
            of the place of incorporation and corporate documents of the
            company, issued by the Chairman of the Board of Directors of the
            company on behalf of China Mobile (Hong Kong) Limited to the effect
            that Borrower's financing arrangement in accordance with the terms
            and conditions under of the Syndicated Loan Agreement and the
            Guarantors' guarantee arrangement in the accordance with the Form of
            Letter of Guarantee under Schedule Seven of the Loan Agreement;

      4.    Other relevant documents, particularly the Legal Opinion issued by
            the Chinese lawyers retained by the Borrower and the Guarantors
            regarding the State Council's reply concerning Acquisition
            Transactions (including the reply concerning this Loan Arrangement)
            and the reply by China Securities Regulatory Commission;

III.  THE GUARANTORS

      1.    Business license;

                                       81
<PAGE>   84
      2.    Legal person code certificate

      3.    Certificate of approval for wholly foreign-owned enterprises;

      4.    Capital Verification Certificate for Capital Contribution;

      5.    Tax Registration Certificate (Local and State Taxes);

      6.    Foreign Exchange Registration Certificate;

      7.    Board resolution regarding its consent to guarantee the Syndicate
            Loan;

      8.    Letter of Authorization by the Board of Directors to authorize
            [signer] to execute the Syndicated Loan Agreement, the Letter of
            Guarantee and other loan documents on behalf of the company;

      9.    Articles of Association;

      10.   List of Directors of the Board;

      11.   Material debts and contingent liabilities;

IV.   CHINA MOBILE BVI

      1.    Resolution by the General Meeting of Shareholders or the Board of
            Directors regarding approval of the sale of the interests of the
            mobile communications companies in the seven provinces,
            municipalities and autonomous region.

                                       82
<PAGE>   85
                                    GUARANTEE

To:   Construction Bank of China, Bank of China and other Lending Banks
      indicated in Schedule One of the Syndicated Loan Agreement

      Re: Provision to the Lending Banks of irrevocable and unconditional
guarantee with joint liabilities regarding the Syndicated Loan Agreement (RMB
7,500,000,000) (the "Loan Agreement") executed on the date of October 7, 2000
between China Mobile (Shenzhen) Limited and Construction Bank of China, Bank of
China and other Lending Banks listed in Schedule One of the Syndicated Loan
Agreement (the " Lending Banks").

      Guangdong Mobile Communication Company Limited (the "Guarantor") is a
wholly foreign-owned limited liability company established and existing under
the laws of the People's Republic of China ("China"), with its registered
address of its headquarter at Quanqiutong Hotel, No. 208 Yuexiunan Rd.,
Guangzhou. In accordance with Security Law of the People's Republic of China
(the "Security Law") and other relevant laws and regulations, the Guarantor
hereby provides the Lending Banks with a Guarantee in favor of the Lending Banks
and undertakes to perform its obligations in accordance with stipulations under
this Guarantee.

WHEREAS:

      China Mobile (Shenzhen) Limited (the "Borrower"), a wholly foreign-owned
limited liability company established and existing under the laws of China, will
execute the Loan Agreement on the same date of the execution of the Letter of
Guarantee. The Loan Agreement Provides that the total amount of the principal of
the loan (the "Loan") granted to the Borrower by the Lending Banks shall not
exceed Renminbi seven billion five hundred million (RMB 7,500,000,000.00).

      The condition precedent to the Lending Banks' assumption of the obligation
to disburse the Loan under the Loan Agreement is, including but not limited to,
the receipt by the Agency Bank of the unconditional and irrevocable Guarantee in
favor of the Lending Banks issued by the Guarantor, guaranteeing that the
Borrower will pay all the payable sums from time to time to the Lending Banks
through the Agency Bank on a timely basis in accordance with the Loan Agreement.

      Therefore, this Guarantor hereby agrees that the Guarantor and other
Guarantors, including Zhejiang Mobile Communication Company Limited, Jiangsu
Communication Company Limited, Fujian Mobile Communication Company Limited,
Henan Mobile Communication Company Limited and Hainan Mobile Communication
Company Limited (the "Guarantors") shall assume joint and several liabilities
for all debts, responsibilities and obligations stipulated under the Loan
Agreement, and that the Guarantor and the Borrower under the Syndicated Loan
Agreement shall assume joint and several liabilities for all debts,
responsibilities and obligations stipulated under the agreement.

      Unless otherwise stipulated, terms used this Letter of Guarantee shall
have the same meaning as defined in the Loan Agreement.

                                       83
<PAGE>   86
      The Guarantor hereby further agrees:

1.    As the surety with joint liabilities and/or joint guarantee liabilities
      (similarly hereinafter), the Guarantor and other Guarantors indicated
      hereby absolutely and unconditionally guarantee to the Agency Bank and the
      Lending Banks that the Borrower shall make payments in full, promptly and
      on a timely basis when any part of and/or all the principal, interest,
      Default Interest, compensation, fees to satisfy creditor's claim and other
      amounts fall due whether pursuant to the provisions, as a result of
      accelerated repayment or otherwise in accordance with the stipulations
      under the Loan Agreement, and any and/or all of any other relevant
      documents and agreements; the Guarantor understands and acknowledges that
      in accordance with the Security Law, (1) the Lending Banks may request the
      Borrower to perform its liabilities or request the Guarantor to assume its
      guarantee liabilities within the limit of the Guarantee in the event that
      Borrower under the Guarantee with joint liabilities has not performed its
      liabilities before the deadline for performance of the liabilities; i.e.,
      upon the Borrower's failure to pay the due and payable sum under the Loan
      Agreement and the occurrence of events and circumstances of default, the
      Agency Bank may first request payment from the Guarantors who assume joint
      liabilities for debts together with the Borrower and need not first
      request payment from the Borrower; (2) in the event that two or more than
      two Guarantors assume joint guarantee liabilities, the Lending Banks may
      request any one of them to assume the entire guarantee liabilities. All
      Guarantors shall assume the obligation to guarantee the satisfaction of
      the entire creditor's claim.

2.    Upon occurrence of Event of Default in the payment of partial or entire
      guaranteed obligation on the part of the Borrower, or upon occurrence of
      Event of Default or Anticipatory Event of Default, the Guarantors, as
      surety assuming joint guarantee liabilities, shall immediately pay the
      entire amount of the due and payable guaranteed liabilities of the
      Borrower (whether as a result of acceleration or otherwise) to the Agency
      Bank in favor of the Lending Banks in accordance with instructions of the
      Agency Bank, stipulations under the Loan Agreement and in the manner
      required thereby. The Guarantors shall not advance any claim, set-off,
      counterclaim or defense to the Agency Bank or any Lending Bank regarding
      the partial or entire payment.

3.    Upon occurrence of Event of Default or Anticipatory Event of Default
      hereof, if no corrections have been made within the correction period of
      twenty eight (28) working days stipulated under Article 14.4 of the Loan
      Agreement, the Lending Banks shall be vested the power to deliver Notice
      of Claims accompanied with certificates regarding the Borrower's
      non-payment of any of the due and payable amount to the Guarantors, who,
      upon receipt of the above Notice of Claims, shall perform its guarantee
      obligation in accordance with the amount indicated in the Notice of
      Claims. Notwithstanding the foregoing, should the loan principal and/or
      interest under the Loan Agreement not be repaid and/or paid, the Lending
      Banks shall be vested the power to deliver Notice of Claims accompanied
      with certificates regarding the Borrower's non-payment of such principal
      and/or interest to the Guarantors, who, upon receipt of the above Notice,
      shall perform its guarantee obligation in accordance with the amount
      indicated in the Notice of Claims.

                                       84
<PAGE>   87
4.    The obligations of the Guarantors shall be absolute and unconditional and
      shall not be limited or affected by any circumstances, including (but not
      limited to) (1) the Borrower's failure to perform or comply with the Loan
      Agreement or any stipulations under any such documents or agreements; (2)
      transfer by the Borrower for the benefit of the Creditor (not limited to
      the Creditor's interest under this Guarantee), request to nominate a
      Recipient, Trustee or Liquidator for the Borrower or any of its assets,
      upon declaration of liquidation or filing of the request of liquidation on
      the part of the Borrower, or any other measures taken for the above
      purposes; (3) changes in the Borrower's name, scope of business,
      registered capital or organization documents; or (4) any other
      circumstances that may constitute a relief of obligations that shall be
      assumed by a guarantor or surety.

5.    The Lending Banks may neglect or restrain the enforcement of the
      Guarantee, the Loan Agreement or of the payment under any other relevant
      guarantees, documents or agreements, however, such negligence or restraint
      shall not affect or mitigate the Guarantors' obligations under the
      Guarantee herein. Guarantors shall not request the Agency Bank to make
      enforcement of the Loan Agreement or any other guarantees as a
      prerequisite of the enforcement of the Guarantee herein. The Failure to
      enforce the Loan Agreement or any other guarantees shall not affect or
      mitigate the Guarantee herein or defend against the Guarantee herein for
      such reasons.

6.    The Guarantors undertakes that they shall remain the wholly owned
      subsidiaries directly or indirectly owned by China Mobile (Hong Kong)
      Limited in China within the term of the Loan Agreement.

7.    Debts, responsibilities or liabilities guaranteed by the Guarantee herein
      may at any moment be renewed, extended, amended, compromised, exempted or
      abandoned by the Agency Bank or Lending Banks upon request of the
      Borrower, and such conducts shall not impair or affect the Guarantors'
      liabilities under the Guarantee herein; and the guarantee liabilities of
      the Guarantors under the Guarantee herein shall also apply to the above
      renewal, extension, amendment or compromise by the Agency Bank and Lending
      Banks.

8.    The Guarantee is a continuous guarantee, which covers any debts under the
      guaranteed liabilities. However, before the Agency Bank is vested the
      power to receive any debts under the guarantee liabilities, it shall have
      no obligation to exhaust its right of recourse against the Borrower, nor
      shall it have any obligation to exhaust its right of recourse the Agency
      Bank or certain Lending Banks may have against any Guarantor or any
      guarantee. This Guarantee shall be irrevocable and with full force before
      the full performance of the guaranteed obligations and the full payment of
      any indebted amount under the guarantee. The Guarantors shall waive the
      defense arising from any time limit that might affect the obligations
      hereunder or the enforcement hereof.

9.    Prior to the full payment and/or repayment of the principal, interest
      and/or other amounts under the Loan Agreement, the Guarantor shall not
      have the right of subrogation obtained as a result of its performance of
      any of the guarantee liabilities hereunder. Notwithstanding the foregoing,
      in the event that the

                                       85
<PAGE>   88
      Guarantor receives any sums as a result of its entitlement to such right
      of subrogation while one of the guaranteed obligations has not been
      performed, the Guarantor shall agree to pay all such sums to the Agency
      Bank to offset the amount over due under stipulations of the Loan
      Agreement.

10.   The Guarantors agree to pay all fees and charges related to the
      enforcement of this Guarantee.

11.   The Guaranteed obligations hereunder shall be obligations guaranteed in
      the form of Renminbi and paid by the Guarantors in accordance with the
      Guarantee in Renminbi. In any circumstances, Renminbi shall be the
      currency used in the account and payment.

12.   Any Notice or Request delivered to the Guarantors shall be in writing, and
      (1) delivered by special messenger; (2) sent by reputable courier service,
      or (3) transmitted by telex or facsimile. The address of the Guarantor:
      Name of the Company:Guangdong Mobile Communication Company Limited.,
      Address: Quanqiutong Hotel, No. 208 Yuexiunan RD, Guangzhou, Postal Code:
      510100, Contact: Tan Biying, Telephone Number: 020-8389 9909, Fax:
      020-8389 9929, E-mail: tan_by@gmcc.net. The date of Notice or Request
      referred to herein shall be (1) the day of the receipt thereof if by
      delivery by special messenger; (2) the next day following the delivery to
      the courier service company if delivered by a creditable courier service;
      or (3) the fourth day following the delivery to the postal service if
      delivered by post-paid registered mail; (4) the delivery date with
      confirmation of acceptance if delivered by telex or facsimile. For the
      purpose hereof, the Guarantor may change its address by a written notice
      to the Agency Bank.

13.   This Guarantee shall be equally binding upon the Guarantor, its successor
      and the transferees and may be enforced by the Agency Bank, the Lending
      Banks, its successors and transferees. The Guarantor shall have no right
      to assign or to otherwise transfer the obligations hereunder. The Lending
      Bank may transfer part or all of its rights and interest hereunder to
      another Lending Bank at any time, in which case the Guarantor shall be
      promptly informed of such a transfer upon completion of the transfer; in
      the event that the Lending Bank needs to transfer its rights and interest
      hereunder to a bank or financial institution other than the Lending Banks,
      the Lending Bank shall obtain the consent of the Guarantors first (which
      consent shall not be unreasonably withheld). The Guarantors' Obligations
      hereunder shall not be Limited or affected in anyway by the above
      assignment or transfer. Any of the above assignment and transfer shall
      come into effect and be binding on the Guarantors upon the date of such
      assignment or transfer.

14.   The Guarantors hereby represent and warrant that:

      a)    the Guarantors are established and validly existing under the Laws
            of China, with its registered address as above;

      b)    the Guarantors have full legal rights, powers and authority to
            conduct their existing operations, possess their assets, assume this
            Guarantee and other obligations stipulated hereunder, execute and
            deliver this Guarantee and to

                                       86
<PAGE>   89
            perform and comply with the terms and conditions hereunder;

      c)    the Guarantors have taken all appropriate and necessary corporate
            and legal actions to authorize the execution and delivery of this
            Guarantee and to perform and abide by the stipulations and terms
            hereunder;

      d)    except for the relevant documents already obtained and submitted to
            the Agency Bank and the Lending Banks, the execution, delivery,
            effectiveness, performance, enforcement, the validity as evidence in
            legal proceedings of this Guarantee and the Guarantors' obligations
            hereunder do not require further consent from any other governmental
            departments or agency or any other shareholders or creditors, or
            notification thereto, or registration or filing therewith, or other
            actions to be taken;

      e)    This Guarantee constitutes the legal and valid obligations binding
            on the Guarantors and can be enforced in accordance with its
            stipulations. The execution, delivery, performance of terms and
            conditions hereunder, the payment of all the due and payable amount
            in the currency stipulated hereunder on the date indicated herein do
            not (1) infringe or violate any stipulations of any applicable laws
            of China and other government regulations (with legal validity or
            not); (2) violate any government guidelines and policies (with no
            legal validity) applicable to the Guarantors; (3) conflict with the
            business license of the Guarantors; (4) conflict with any
            agreements, debentures, mortgages or other documents other than this
            Guarantee to which the Guarantor is a Party or the Guarantor or its
            assets is bound, and will not bring about consequences of violation
            of any of the stipulations thereof nor create any mortgage, lien,
            pledge, security interests or preferential arrangement; (5)
            constitute Event of Default under any agreement nor constitute Event
            of Default due to delivery of Notice or elapse of time or both;

      f)    under any agreement to which the Guarantor is a Party or the
            Guarantor or its assets is bound, no Event of Default has occurred
            on the part of the Guarantor which affects the Guarantor's ability
            to pay the full amount payable hereunder;

      g)    this Guarantee constitutes the Guarantors' direct, unconditional and
            comprehensive obligations. With respect to the priority order of the
            Guarantor's payment of other loans, liabilities, guarantee or
            obligations and all other aspect the Guarantors' obligations
            hereunder at least have and will have the priority equal to the
            guaranteed loans, liabilities or obligations and other guarantee;

      h)    there are no material or possible debts that have potential adverse
            impact on the Guarantor's performance of its guarantee obligations
            hereunder which has not been disclosed to the Agency Bank or the
            Lending Banks by the Guarantor;

      i)    there are no pending or threatening lawsuit, arbitration or other
            proceedings against the Guarantors with the tribunal of arbitration,
            the court,

                                       87
<PAGE>   90
            governmental agencies or administrative agencies which may affect
            the financial status or operation of the Guarantors, or impair the
            Guarantors' ability to pay all or part of the payable amount in
            accordance with this Guarantee, or affect the validity or
            enforcement of this Guarantee in anyway;

      j)    the Guarantors undertake their business and operations in accordance
            with all applicable laws, rules and regulations of China.

15. The Guarantors further warrant that:

      a)    the Guarantors shall maintain their accounting system in accordance
            with the accounting principles stipulated under the laws of China;

      b)    the Guarantors shall deliver an audited annual financial statement
            to the Agency Bank within 120 days after every fiscal year and
            deliver an unaudited semi-annual financial statement to the Agency
            Bank within 90 days after the first half of every fiscal year;

      c)    after the execution of this Guarantee, the Guarantors respectively
            or along with the Borrower shall appoint one of the top six
            international accounting firms to prepare semi-annual consolidated
            financial statements of the Guarantors in accordance with the
            accounting standards of China and deliver them to the Lending Banks
            through the Agency Bank. In the event that the parent company of the
            Guarantors, namely China Mobile (Hong Kong) Limited shall arrange
            and prepare audited semi-annual financial statements in accordance
            with laws of Hong Kong rules of Hong Kong Stock Exchange, the
            semi-annual consolidated financial statements of the Guarantors
            hereunder shall be audited financial statements; otherwise, the
            international accounting firm ranked among the top six international
            accounting firms shall prepare unaudited semi-annual consolidated
            financial statements of the Guarantors and provide the Agency Bank
            with a letter, indicating that the unaudited semi-annual
            consolidated financial statements of the Guarantors prepared by the
            firm (1) is in accordance with the accounting standards of China;
            (2) the preparation method is reasonable and correct. Such
            semi-annual consolidated financial statements shall at the same time
            be attached with a letter produced by the Guarantors indicating the
            truthfulness of the data presented in the financial statements.
            Expense incurred in the preparation of the financial statements
            shall be borne by the Guarantors and/or the Borrower;

      d)    the Guarantors respectively or along with the Borrower shall appoint
            one of the top six international accounting firms to prepare
            semi-annual consolidated financial statements for the six Guarantors
            hereunder and deliver them, through the Agency Bank, to the Lending
            Banks. The Guarantors and/or Borrower shall bear the relevant fees
            and charges;

      e)    the Guarantors shall notify the Agency Bank immediately with regard
            to the following issues:

            i)    lawsuit, arbitration or claims in any other forms regarding
                  any creditor's

                                       88
<PAGE>   91
                  claim with the total amount exceeding Renminbi three hundred
                  million (RMB 300,000,000) or with the equivalent amount in
                  other currencies;

            ii)   merger with other companies or business institutions;

            iii)  sales, transfer or other means of disposal of assets or
                  business of more than Renminbi one billion (RMB
                  1,000,000,000);

      f)    the Guarantors shall abide by applicable laws, rules and regulation,
            authorities or agreements, perform relevant obligations and pay any
            due and payable tax;

      g)    in the event that the aggregate balance of debt or contingent
            liabilities of the Guarantors is less than one hundred and twenty
            percent (120%) of the total shareholders' equity, the Guarantors
            shall notify the Agency Bank on a timely basis of their material or
            possible debts incurred, assumed or newly-established with the
            amount of a single item exceeding Renminbi one billion (RMB
            1,000,000,000) or debt with equivalent value and immediately provide
            the Agency Bank with text of the agreement regarding the material
            debt or contingent liabilities; in the event that the aggregated
            balance of the debt or contingent liabilities of the Guarantors
            exceeds one hundred and twenty percent (120%) of the total
            shareholders' equity, the Guarantors shall not incur, assume or
            establish any additional debt or contingent liabilities without the
            Lending Banks' prior consent. To this end, the Guarantors shall
            notify the Agency Bank in writing of the event that the Guarantors
            may incur, assume or establish additional debts or contingent
            liabilities with attachment of a draft of the agreement regarding
            the relevant debts and contingent liabilities. The Agency Bank shall
            notify the Guarantors within ten (10) Bank Business Days after
            receipt of the above written Notice if the Agency Bank agrees upon
            the above debts or contingent liabilities. The Agency Bank's failure
            to notify the Guarantors within the above time limit shall be deemed
            as consent;

      h)    the Guarantors will not take any action or procedure for the purpose
            of dissolution, liquidation or termination of the business without
            the Lending Banks' prior consent;

      i)    No other debt or contingent liabilities with higher rank of priority
            over the debts and contingent liabilities hereunder in respect of
            the order of payment will be created.

16.   The validity, presumption and interpretation of this Guarantee and all the
      rights, obligations and liabilities arising out of this Guarantee shall be
      governed by and interpreted according to the laws of China. Any legal
      actions or proceedings taken against the Guarantors or any of their assets
      in connection with this Guarantee shall be submitted to the competent
      tribunal of economic adjudication of the people's court in Beijing.

17.   In the event that any payment under this Guarantee is required to be made
      on a Non-Bank Business Day, such payment shall be postponed to the next
      Bank

                                       89
<PAGE>   92
      Business Day or any other date provided under the Loan Agreement.

18.   The Term of the Guarantee herein shall begin from the date of the
      execution of the Syndicated Loan Agreement and end on the first
      anniversary of the expiry of the Term of the Loan stipulated under the
      Syndicated Loan Agreement; in the event that the loan is extended, the
      term of the Guarantee shall end on the first anniversary of the expiry of
      renewed term of the Loan.

      On this basis, the Guarantors have executed this Guarantee in favor of the
Agency Bank and the Lending Banks, which shall come into effect upon execution
of the Letter of Guarantee by the Guarantors and the stamp of their official
seals.

                                       90
<PAGE>   93
GUARANTOR SIGNATURE PAGE             Re:  Provision to the Lending Banks of
                                     irrevocable  and  unconditional guarantee
                                     with  joint  liabilities regarding   the
                                     Syndicated    Loan Agreement   on  RMB
                                     7,500,000,000 Loan   executed   on  the
                                     date  of October  7,  2000   between
                                     China Mobile   (Shenzhen)   Limited   and
                                     Construction  Bank of  China,  Bank of
                                     China  and other  Lending  Banks listed  in
                                     Schedule   One  of  the Syndicated Loan
                                     Agreement.

GUARANTOR: GUANGDONG MOBILE COMMUNICATION COMPANY LIMITED

(OFFICIAL SEAL)

AUTHORIZED REPRESENTATIVE:  /s/ LI GANG
                           --------------
NAME: LI GANG

TITLE: CHAIRMAN & GENERAL MANAGER

                                       91
<PAGE>   94
                                    GUARANTEE

To:   Construction Bank of China, Bank of China and other Lending Banks
      indicated in Schedule One of the Syndicated Loan Agreement

      Re: Provision to the Lending Banks of irrevocable and unconditional
guarantee with joint liabilities regarding the Syndicated Loan Agreement (RMB
7,500,000,000) (the "Loan Agreement") executed on the date of October 7, 2000
between China Mobile (Shenzhen) Limited and Construction Bank of China, Bank of
China and other Lending Banks listed in Schedule One of the Syndicated Loan
Agreement (the " Lending Banks").

      Zhejiang Mobile Communication Company Limited (the "Guarantor") is a
wholly foreign-owned limited liability company established and existing under
the laws of the People's Republic of China ("China"), with its registered
address of its headquarter at No. 406 Tiyuchang Rd., Hangzhou, Zhejiang. In
accordance with Security Law of the People's Republic of China (the "Security
Law") and other relevant laws and regulations, the Guarantor hereby provides the
Lending Banks with a Guarantee in favor of the Lending Banks and undertakes to
perform its obligations in accordance with stipulations under this Guarantee.

WHEREAS:

      China Mobile (Shenzhen) Limited (the "Borrower"), a wholly foreign-owned
limited liability company established and existing under the laws of China, will
execute the Loan Agreement on the same date of the execution of the Letter of
Guarantee. The Loan Agreement Provides that the total amount of the principal of
the loan (the "Loan") granted to the Borrower by the Lending Banks shall not
exceed Renminbi seven billion five hundred million (RMB 7,500,000,000.00).

      The condition precedent to the Lending Banks' assumption of the obligation
to disburse the Loan under the Loan Agreement is, including but not limited to,
the receipt by the Agency Bank of the unconditional and irrevocable Guarantee in
favor of the Lending Banks issued by the Guarantor, guaranteeing that the
Borrower will pay all the payable sums from time to time to the Lending Banks
through the Agency Bank on a timely basis in accordance with the Loan Agreement.

      Therefore, this Guarantor hereby agrees that the Guarantor and other
Guarantors, including Guangdong Mobile Communication Company Limited, Jiangsu
Communication Company Limited, Fujian Mobile Communication Company Limited,
Henan Mobile Communication Company Limited and Hainan Mobile Communication
Company Limited (the "Guarantors") shall assume joint and several liabilities
for all debts, responsibilities and obligations stipulated under the Loan
Agreement, and that the Guarantor and the Borrower under the Syndicated Loan
Agreement shall assume joint and several liabilities for all debts,
responsibilities and obligations stipulated under the agreement.

      Unless otherwise stipulated, terms used this Letter of Guarantee shall
have the same meaning as defined in the Loan Agreement.

                                       92
<PAGE>   95
      The Guarantor hereby further agrees:

1.    As the surety with joint liabilities and/or joint guarantee liabilities
      (similarly hereinafter), the Guarantor and other Guarantors indicated
      hereby absolutely and unconditionally guarantee to the Agency Bank and the
      Lending Banks that the Borrower shall make payments in full, promptly and
      on a timely basis when any part of and/or all the principal, interest,
      Default Interest, compensation, fees to satisfy creditor's claim and other
      amounts fall due whether pursuant to the provisions, as a result of
      accelerated repayment or otherwise in accordance with the stipulations
      under the Loan Agreement, and any and/or all of any other relevant
      documents and agreements; the Guarantor understands and acknowledges that
      in accordance with the Security Law, (1) the Lending Banks may request the
      Borrower to perform its liabilities or request the Guarantor to assume its
      guarantee liabilities within the limit of the Guarantee in the event that
      Borrower under the Guarantee with joint liabilities has not performed its
      liabilities before the deadline for performance of the liabilities; i.e.,
      upon the Borrower's failure to pay the due and payable sum under the Loan
      Agreement and the occurrence of events and circumstances of default, the
      Agency Bank may first request payment from the Guarantors who assume joint
      liabilities for debts together with the Borrower and need not first
      request payment from the Borrower; (2) in the event that two or more than
      two Guarantors assume joint guarantee liabilities, the Lending Banks may
      request any one of them to assume the entire guarantee liabilities. All
      Guarantors shall assume the obligation to guarantee the satisfaction of
      the entire creditor's claim.

2.    Upon occurrence of Event of Default in the payment of partial or entire
      guaranteed obligation on the part of the Borrower, or upon occurrence of
      Event of Default or Anticipatory Event of Default, the Guarantors, as
      surety assuming joint guarantee liabilities, shall immediately pay the
      entire amount of the due and payable guaranteed liabilities of the
      Borrower (whether as a result of acceleration or otherwise) to the Agency
      Bank in favor of the Lending Banks in accordance with instructions of the
      Agency Bank, stipulations under the Loan Agreement and in the manner
      required thereby. The Guarantors shall not advance any claim, set-off,
      counterclaim or defense to the Agency Bank or any Lending Bank regarding
      the partial or entire payment.

3.    Upon occurrence of Event of Default or Anticipatory Event of Default
      hereof, if no corrections have been made within the correction period of
      twenty eight (28) working days stipulated under Article 14.4 of the Loan
      Agreement, the Lending Banks shall be vested the power to deliver Notice
      of Claims accompanied with certificates regarding the Borrower's
      non-payment of any of the due and payable amount to the Guarantors, who,
      upon receipt of the above Notice of Claims, shall perform its guarantee
      obligation in accordance with the amount indicated in the Notice of
      Claims. Notwithstanding the foregoing, should the loan principal and/or
      interest under the Loan Agreement not be repaid and/or paid, the Lending
      Banks shall be vested the power to deliver Notice of Claims accompanied
      with certificates regarding the Borrower's non-payment of such principal
      and/or interest to the Guarantors, who, upon receipt of the above Notice,
      shall perform its guarantee obligation in accordance with the amount
      indicated in the Notice of Claims.

                                       93
<PAGE>   96
4.    The obligations of the Guarantors shall be absolute and unconditional and
      shall not be limited or affected by any circumstances, including (but not
      limited to) (1) the Borrower's failure to perform or comply with the Loan
      Agreement or any stipulations under any such documents or agreements; (2)
      transfer by the Borrower for the benefit of the Creditor (not limited to
      the Creditor's interest under this Guarantee), request to nominate a
      Recipient, Trustee or Liquidator for the Borrower or any of its assets,
      upon declaration of liquidation or filing of the request of liquidation on
      the part of the Borrower, or any other measures taken for the above
      purposes; (3) changes in the Borrower's name, scope of business,
      registered capital or organization documents; or (4) any other
      circumstances that may constitute a relief of obligations that shall be
      assumed by a guarantor or surety.

5.    The Lending Banks may neglect or restrain the enforcement of the
      Guarantee, the Loan Agreement or of the payment under any other relevant
      guarantees, documents or agreements, however, such negligence or restraint
      shall not affect or mitigate the Guarantors' obligations under the
      Guarantee herein. Guarantors shall not request the Agency Bank to make
      enforcement of the Loan Agreement or any other guarantees as a
      prerequisite of the enforcement of the Guarantee herein. The Failure to
      enforce the Loan Agreement or any other guarantees shall not affect or
      mitigate the Guarantee herein or defend against the Guarantee herein for
      such reasons.

6.    The Guarantors undertakes that they shall remain the wholly owned
      subsidiaries directly or indirectly owned by China Mobile (Hong Kong)
      Limited in China within the term of the Loan Agreement.

7.    Debts, responsibilities or liabilities guaranteed by the Guarantee herein
      may at any moment be renewed, extended, amended, compromised, exempted or
      abandoned by the Agency Bank or Lending Banks upon request of the
      Borrower, and such conducts shall not impair or affect the Guarantors'
      liabilities under the Guarantee herein; and the guarantee liabilities of
      the Guarantors under the Guarantee herein shall also apply to the above
      renewal, extension, amendment or compromise by the Agency Bank and Lending
      Banks.

8.    The Guarantee is a continuous guarantee, which covers any debts under the
      guaranteed liabilities. However, before the Agency Bank is vested the
      power to receive any debts under the guarantee liabilities, it shall have
      no obligation to exhaust its right of recourse against the Borrower, nor
      shall it have any obligation to exhaust its right of recourse the Agency
      Bank or certain Lending Banks may have against any Guarantor or any
      guarantee. This Guarantee shall be irrevocable and with full force before
      the full performance of the guaranteed obligations and the full payment of
      any indebted amount under the guarantee. The Guarantors shall waive the
      defense arising from any time limit that might affect the obligations
      hereunder or the enforcement hereof.

9.    Prior to the full payment and/or repayment of the principal, interest
      and/or other amounts under the Loan Agreement, the Guarantor shall not
      have the right of subrogation obtained as a result of its performance of
      any of the guarantee liabilities hereunder. Notwithstanding the foregoing,
      in the event that the

                                       94
<PAGE>   97
      Guarantor receives any sums as a result of its entitlement to such right
      of subrogation while one of the guaranteed obligations has not been
      performed, the Guarantor shall agree to pay all such sums to the Agency
      Bank to offset the amount over due under stipulations of the Loan
      Agreement.

10.   The Guarantors agree to pay all fees and charges related to the
      enforcement of this Guarantee.

11.   The Guaranteed obligations hereunder shall be obligations guaranteed in
      the form of Renminbi and paid by the Guarantors in accordance with the
      Guarantee in Renminbi. In any circumstances, Renminbi shall be the
      currency used in the account and payment.

12.   Any Notice or Request delivered to the Guarantors shall be in writing, and
      (1) delivered by special messenger; (2) sent by reputable courier service,
      or (3) transmitted by telex or facsimile. The address of the Guarantor:
      Name of the Company: Zhejiang Mobile Communication Company Limited.,
      Address: No. 406 Tiyuchang Rd., Hangzhou, Zhejiang, Postal Code: 310006,
      Contact: Jin Han, Telephone Number: 0571-5166048, Fax: 0571-5107903,
      E-mail: jinhan@zmcc.com.cn. The date of Notice or Request referred to
      herein shall be (1) the day of the receipt thereof if by delivery by
      special messenger; (2) the next day following the delivery to the courier
      service company if delivered by a creditable courier service; or (3) the
      fourth day following the delivery to the postal service if delivered by
      post-paid registered mail; (4) the delivery date with confirmation of
      acceptance if delivered by telex or facsimile. For the purpose hereof, the
      Guarantor may change its address by a written notice to the Agency Bank.

13.   This Guarantee shall be equally binding upon the Guarantor, its successor
      and the transferees and may be enforced by the Agency Bank, the Lending
      Banks, its successors and transferees. The Guarantor shall have no right
      to assign or to otherwise transfer the obligations hereunder. The Lending
      Bank may transfer part or all of its rights and interest hereunder to
      another Lending Bank at any time, in which case the Guarantor shall be
      promptly informed of such a transfer upon completion of the transfer; in
      the event that the Lending Bank needs to transfer its rights and interest
      hereunder to a bank or financial institution other than the Lending Banks,
      the Lending Bank shall obtain the consent of the Guarantors first (which
      consent shall not be unreasonably withheld). The Guarantors' Obligations
      hereunder shall not be Limited or affected in anyway by the above
      assignment or transfer. Any of the above assignment and transfer shall
      come into effect and be binding on the Guarantors upon the date of such
      assignment or transfer.

14.   The Guarantors hereby represent and warrant that:

      a)    the Guarantors are established and validly existing under the Laws
            of China, with its registered address as above;

      b)    the Guarantors have full legal rights, powers and authority to
            conduct their existing operations, possess their assets, assume this
            Guarantee and other obligations stipulated hereunder, execute and
            deliver this Guarantee and to

                                       95
<PAGE>   98
            perform and comply with the terms and conditions hereunder;

      c)    the Guarantors have taken all appropriate and necessary corporate
            and legal actions to authorize the execution and delivery of this
            Guarantee and to perform and abide by the stipulations and terms
            hereunder;

      d)    except for the relevant documents already obtained and submitted to
            the Agency Bank and the Lending Banks, the execution, delivery,
            effectiveness, performance, enforcement, the validity as evidence in
            legal proceedings of this Guarantee and the Guarantors' obligations
            hereunder do not require further consent from any other governmental
            departments or agency or any other shareholders or creditors, or
            notification thereto, or registration or filing therewith, or other
            actions to be taken;

      e)    This Guarantee constitutes the legal and valid obligations binding
            on the Guarantors and can be enforced in accordance with its
            stipulations. The execution, delivery, performance of terms and
            conditions hereunder, the payment of all the due and payable amount
            in the currency stipulated hereunder on the date indicated herein do
            not (1) infringe or violate any stipulations of any applicable laws
            of China and other government regulations (with legal validity or
            not); (2) violate any government guidelines and policies (with no
            legal validity) applicable to the Guarantors; (3) conflict with the
            business license of the Guarantors; (4) conflict with any
            agreements, debentures, mortgages or other documents other than this
            Guarantee to which the Guarantor is a Party or the Guarantor or its
            assets is bound, and will not bring about consequences of violation
            of any of the stipulations thereof nor create any mortgage, lien,
            pledge, security interests or preferential arrangement; (5)
            constitute Event of Default under any agreement nor constitute Event
            of Default due to delivery of Notice or elapse of time or both;

      f)    under any agreement to which the Guarantor is a Party or the
            Guarantor or its assets is bound, no Event of Default has occurred
            on the part of the Guarantor which affects the Guarantor's ability
            to pay the full amount payable hereunder;

      g)    this Guarantee constitutes the Guarantors' direct, unconditional and
            comprehensive obligations. With respect to the priority order of the
            Guarantor's payment of other loans, liabilities, guarantee or
            obligations and all other aspect the Guarantors' obligations
            hereunder at least have and will have the priority equal to the
            guaranteed loans, liabilities or obligations and other guarantee;

      h)    there are no material or possible debts that have potential adverse
            impact on the Guarantor's performance of its guarantee obligations
            hereunder which has not been disclosed to the Agency Bank or the
            Lending Banks by the Guarantor;

      i)    there are no pending or threatening lawsuit, arbitration or other
            proceedings against the Guarantors with the tribunal of arbitration,
            the court,

                                       96
<PAGE>   99
            governmental agencies or administrative agencies which may affect
            the financial status or operation of the Guarantors, or impair the
            Guarantors' ability to pay all or part of the payable amount in
            accordance with this Guarantee, or affect the validity or
            enforcement of this Guarantee in anyway;

      j)    the Guarantors undertake their business and operations in accordance
            with all applicable laws, rules and regulations of China.

15.   The Guarantors further warrant that:

      a)    the Guarantors shall maintain their accounting system in accordance
            with the accounting principles stipulated under the laws of China;

      b)    the Guarantors shall deliver an audited annual financial statement
            to the Agency Bank within 120 days after every fiscal year and
            deliver an unaudited semi-annual financial statement to the Agency
            Bank within 90 days after the first half of every fiscal year;

      c)    after the execution of this Guarantee, the Guarantors respectively
            or along with the Borrower shall appoint one of the top six
            international accounting firms to prepare semi-annual consolidated
            financial statements of the Guarantors in accordance with the
            accounting standards of China and deliver them to the Lending Banks
            through the Agency Bank. In the event that the parent company of the
            Guarantors, namely China Mobile (Hong Kong) Limited shall arrange
            and prepare audited semi-annual financial statements in accordance
            with laws of Hong Kong rules of Hong Kong Stock Exchange, the
            semi-annual consolidated financial statements of the Guarantors
            hereunder shall be audited financial statements; otherwise, the
            international accounting firm ranked among the top six international
            accounting firms shall prepare unaudited semi-annual consolidated
            financial statements of the Guarantors and provide the Agency Bank
            with a letter, indicating that the unaudited semi-annual
            consolidated financial statements of the Guarantors prepared by the
            firm (1) is in accordance with the accounting standards of China;
            (2) the preparation method is reasonable and correct. Such
            semi-annual consolidated financial statements shall at the same time
            be attached with a letter produced by the Guarantors indicating the
            truthfulness of the data presented in the financial statements.
            Expense incurred in the preparation of the financial statements
            shall be borne by the Guarantors and/or the Borrower;

      d)    the Guarantors respectively or along with the Borrower shall appoint
            one of the top six international accounting firms to prepare
            semi-annual consolidated financial statements for the six Guarantors
            hereunder and deliver them, through the Agency Bank, to the Lending
            Banks. The Guarantors and/or Borrower shall bear the relevant fees
            and charges;

      e)    the Guarantors shall notify the Agency Bank immediately with regard
            to the following issues:

            i)    lawsuit, arbitration or claims in any other forms regarding
                  any creditor's

                                       97
<PAGE>   100
                  claim with the total amount exceeding Renminbi three hundred
                  million (RMB 300,000,000) or with the equivalent amount in
                  other currencies;

            ii)   merger with other companies or business institutions;

            iii)  sales, transfer or other means of disposal of assets or
                  business of more than Renminbi one billion (RMB
                  1,000,000,000);

      f)    the Guarantors shall abide by applicable laws, rules and regulation,
            authorities or agreements, perform relevant obligations and pay any
            due and payable tax;

      g)    in the event that the aggregate balance of debt or contingent
            liabilities of the Guarantors is less than one hundred and twenty
            percent (120%) of the total shareholders' equity, the Guarantors
            shall notify the Agency Bank on a timely basis of their material or
            possible debts incurred, assumed or newly-established with the
            amount of a single item exceeding Renminbi one billion (RMB
            1,000,000,000) or debt with equivalent value and immediately provide
            the Agency Bank with text of the agreement regarding the material
            debt or contingent liabilities; in the event that the aggregated
            balance of the debt or contingent liabilities of the Guarantors
            exceeds one hundred and twenty percent (120%) of the total
            shareholders' equity, the Guarantors shall not incur, assume or
            establish any additional debt or contingent liabilities without the
            Lending Banks' prior consent. To this end, the Guarantors shall
            notify the Agency Bank in writing of the event that the Guarantors
            may incur, assume or establish additional debts or contingent
            liabilities with attachment of a draft of the agreement regarding
            the relevant debts and contingent liabilities. The Agency Bank shall
            notify the Guarantors within ten (10) Bank Business Days after
            receipt of the above written Notice if the Agency Bank agrees upon
            the above debts or contingent liabilities. The Agency Bank's failure
            to notify the Guarantors within the above time limit shall be deemed
            as consent;

      h)    the Guarantors will not take any action or procedure for the purpose
            of dissolution, liquidation or termination of the business without
            the Lending Banks' prior consent;

      i)    No other debt or contingent liabilities with higher rank of priority
            over the debts and contingent liabilities hereunder in respect of
            the order of payment will be created.

16.   The validity, presumption and interpretation of this Guarantee and all the
      rights, obligations and liabilities arising out of this Guarantee shall be
      governed by and interpreted according to the laws of China. Any legal
      actions or proceedings taken against the Guarantors or any of their assets
      in connection with this Guarantee shall be submitted to the competent
      tribunal of economic adjudication of the people's court in Beijing.

17.   In the event that any payment under this Guarantee is required to be made
      on a Non-Bank Business Day, such payment shall be postponed to the next
      Bank

                                       98
<PAGE>   101
      Business Day or any other date provided under the Loan Agreement.

18.   The Term of the Guarantee herein shall begin from the date of the
      execution of the Syndicated Loan Agreement and end on the first
      anniversary of the expiry of the Term of the Loan stipulated under the
      Syndicated Loan Agreement; in the event that the loan is extended, the
      term of the Guarantee shall end on the first anniversary of the expiry of
      renewed term of the Loan.

      On this basis, the Guarantors have executed this Guarantee in favor of the
Agency Bank and the Lending Banks, which shall come into effect upon execution
of the Letter of Guarantee by the Guarantors and the stamp of their official
seals.

                                       99
<PAGE>   102
GUARANTOR SIGNATURE PAGE             Re:  Provision to the Lending Banks of
                                     irrevocable  and  unconditional guarantee
                                     with  joint  liabilities regarding   the
                                     Syndicated    Loan Agreement   on  RMB
                                     7,500,000,000 Loan   executed   on  the
                                     date  of October  7,  2000   between
                                     China Mobile   (Shenzhen)   Limited   and
                                     Construction  Bank of  China,  Bank of
                                     China  and other  Lending  Banks listed  in
                                     Schedule   One  of  the Syndicated Loan
                                     Agreement.

GUARANTOR: ZHEJIANG MOBILE COMMUNICATION COMPANY LIMITED

(OFFICIAL SEAL)

AUTHORIZED REPRESENTATIVE:  /s/ XU LONG
                           --------------

NAME:

TITLE:

                                      100
<PAGE>   103
                                    GUARANTEE

To:   Construction Bank of China, Bank of China and other Lending Banks
      indicated in Schedule One of the Syndicated Loan Agreement

      Re: Provision to the Lending Banks of irrevocable and unconditional
guarantee with joint liabilities regarding the Syndicated Loan Agreement (RMB
7,500,000,000) (the "Loan Agreement") executed on the date of October 7, 2000
between China Mobile (Shenzhen) Limited and Construction Bank of China, Bank of
China and other Lending Banks listed in Schedule One of the Syndicated Loan
Agreement (the " Lending Banks").

      Jiangsu Mobile Communication Company Limited (the "Guarantor") is a wholly
foreign-owned limited liability company established and existing under the laws
of the People's Republic of China ("China"), with its registered address of its
headquarter at No. 51, Huju Rd., Nanjing, Jiangsu. In accordance with Security
Law of the People's Republic of China (the "Security Law") and other relevant
laws and regulations, the Guarantor hereby provides the Lending Banks with a
Guarantee in favor of the Lending Banks and undertakes to perform its
obligations in accordance with stipulations under this Guarantee.

WHEREAS:

      China Mobile (Shenzhen) Limited (the "Borrower"), a wholly foreign-owned
limited liability company established and existing under the laws of China, will
execute the Loan Agreement on the same date of the execution of the Letter of
Guarantee. The Loan Agreement Provides that the total amount of the principal of
the loan (the "Loan") granted to the Borrower by the Lending Banks shall not
exceed Renminbi seven billion five hundred million (RMB 7,500,000,000.00).

      The condition precedent to the Lending Banks' assumption of the obligation
to disburse the Loan under the Loan Agreement is, including but not limited to,
the receipt by the Agency Bank of the unconditional and irrevocable Guarantee in
favor of the Lending Banks issued by the Guarantor, guaranteeing that the
Borrower will pay all the payable sums from time to time to the Lending Banks
through the Agency Bank on a timely basis in accordance with the Loan Agreement.

      Therefore, this Guarantor hereby agrees that the Guarantor and other
Guarantors, including Guangdong Mobile Communication Company Limited, Zhejiang
Communication Company Limited, Fujian Mobile Communication Company Limited,
Henan Mobile Communication Company Limited and Hainan Mobile Communication
Company Limited (the "Guarantors") shall assume joint and several liabilities
for all debts, responsibilities and obligations stipulated under the Loan
Agreement, and that the Guarantor and the Borrower under the Syndicated Loan
Agreement shall assume joint and several liabilities for all debts,
responsibilities and obligations stipulated under the agreement.

      Unless otherwise stipulated, terms used this Letter of Guarantee shall
have the same meaning as defined in the Loan Agreement.

                                      101
<PAGE>   104
      The Guarantor hereby further agrees:

1.    As the surety with joint liabilities and/or joint guarantee liabilities
      (similarly hereinafter), the Guarantor and other Guarantors indicated
      hereby absolutely and unconditionally guarantee to the Agency Bank and the
      Lending Banks that the Borrower shall make payments in full, promptly and
      on a timely basis when any part of and/or all the principal, interest,
      Default Interest, compensation, fees to satisfy creditor's claim and other
      amounts fall due whether pursuant to the provisions, as a result of
      accelerated repayment or otherwise in accordance with the stipulations
      under the Loan Agreement, and any and/or all of any other relevant
      documents and agreements; the Guarantor understands and acknowledges that
      in accordance with the Security Law, (1) the Lending Banks may request the
      Borrower to perform its liabilities or request the Guarantor to assume its
      guarantee liabilities within the limit of the Guarantee in the event that
      Borrower under the Guarantee with joint liabilities has not performed its
      liabilities before the deadline for performance of the liabilities; i.e.,
      upon the Borrower's failure to pay the due and payable sum under the Loan
      Agreement and the occurrence of events and circumstances of default, the
      Agency Bank may first request payment from the Guarantors who assume joint
      liabilities for debts together with the Borrower and need not first
      request payment from the Borrower; (2) in the event that two or more than
      two Guarantors assume joint guarantee liabilities, the Lending Banks may
      request any one of them to assume the entire guarantee liabilities. All
      Guarantors shall assume the obligation to guarantee the satisfaction of
      the entire creditor's claim.

2.    Upon occurrence of Event of Default in the payment of partial or entire
      guaranteed obligation on the part of the Borrower, or upon occurrence of
      Event of Default or Anticipatory Event of Default, the Guarantors, as
      surety assuming joint guarantee liabilities, shall immediately pay the
      entire amount of the due and payable guaranteed liabilities of the
      Borrower (whether as a result of acceleration or otherwise) to the Agency
      Bank in favor of the Lending Banks in accordance with instructions of the
      Agency Bank, stipulations under the Loan Agreement and in the manner
      required thereby. The Guarantors shall not advance any claim, set-off,
      counterclaim or defense to the Agency Bank or any Lending Bank regarding
      the partial or entire payment.

3.    Upon occurrence of Event of Default or Anticipatory Event of Default
      hereof, if no corrections have been made within the correction period of
      twenty eight (28) working days stipulated under Article 14.4 of the Loan
      Agreement, the Lending Banks shall be vested the power to deliver Notice
      of Claims accompanied with certificates regarding the Borrower's
      non-payment of any of the due and payable amount to the Guarantors, who,
      upon receipt of the above Notice of Claims, shall perform its guarantee
      obligation in accordance with the amount indicated in the Notice of
      Claims. Notwithstanding the foregoing, should the loan principal and/or
      interest under the Loan Agreement not be repaid and/or paid, the Lending
      Banks shall be vested the power to deliver Notice of Claims accompanied
      with certificates regarding the Borrower's non-payment of such principal
      and/or interest to the Guarantors, who, upon receipt of the above Notice,
      shall perform its guarantee obligation in accordance with the amount
      indicated in the Notice of Claims.

                                      102
<PAGE>   105
4.    The obligations of the Guarantors shall be absolute and unconditional and
      shall not be limited or affected by any circumstances, including (but not
      limited to) (1) the Borrower's failure to perform or comply with the Loan
      Agreement or any stipulations under any such documents or agreements; (2)
      transfer by the Borrower for the benefit of the Creditor (not limited to
      the Creditor's interest under this Guarantee), request to nominate a
      Recipient, Trustee or Liquidator for the Borrower or any of its assets,
      upon declaration of liquidation or filing of the request of liquidation on
      the part of the Borrower, or any other measures taken for the above
      purposes; (3) changes in the Borrower's name, scope of business,
      registered capital or organization documents; or (4) any other
      circumstances that may constitute a relief of obligations that shall be
      assumed by a guarantor or surety.

5.    The Lending Banks may neglect or restrain the enforcement of the
      Guarantee, the Loan Agreement or of the payment under any other relevant
      guarantees, documents or agreements, however, such negligence or restraint
      shall not affect or mitigate the Guarantors' obligations under the
      Guarantee herein. Guarantors shall not request the Agency Bank to make
      enforcement of the Loan Agreement or any other guarantees as a
      prerequisite of the enforcement of the Guarantee herein. The Failure to
      enforce the Loan Agreement or any other guarantees shall not affect or
      mitigate the Guarantee herein or defend against the Guarantee herein for
      such reasons.

6.    The Guarantors undertakes that they shall remain the wholly owned
      subsidiaries directly or indirectly owned by China Mobile (Hong Kong)
      Limited in China within the term of the Loan Agreement.

7.    Debts, responsibilities or liabilities guaranteed by the Guarantee herein
      may at any moment be renewed, extended, amended, compromised, exempted or
      abandoned by the Agency Bank or Lending Banks upon request of the
      Borrower, and such conducts shall not impair or affect the Guarantors'
      liabilities under the Guarantee herein; and the guarantee liabilities of
      the Guarantors under the Guarantee herein shall also apply to the above
      renewal, extension, amendment or compromise by the Agency Bank and Lending
      Banks.

8.    The Guarantee is a continuous guarantee, which covers any debts under the
      guaranteed liabilities. However, before the Agency Bank is vested the
      power to receive any debts under the guarantee liabilities, it shall have
      no obligation to exhaust its right of recourse against the Borrower, nor
      shall it have any obligation to exhaust its right of recourse the Agency
      Bank or certain Lending Banks may have against any Guarantor or any
      guarantee. This Guarantee shall be irrevocable and with full force before
      the full performance of the guaranteed obligations and the full payment of
      any indebted amount under the guarantee. The Guarantors shall waive the
      defense arising from any time limit that might affect the obligations
      hereunder or the enforcement hereof.

9.    Prior to the full payment and/or repayment of the principal, interest
      and/or other amounts under the Loan Agreement, the Guarantor shall not
      have the right of subrogation obtained as a result of its performance of
      any of the guarantee liabilities hereunder. Notwithstanding the foregoing,
      in the event that the

                                      103
<PAGE>   106
      Guarantor receives any sums as a result of its entitlement to such right
      of subrogation while one of the guaranteed obligations has not been
      performed, the Guarantor shall agree to pay all such sums to the Agency
      Bank to offset the amount over due under stipulations of the Loan
      Agreement.

10.   The Guarantors agree to pay all fees and charges related to the
      enforcement of this Guarantee.

11.   The Guaranteed obligations hereunder shall be obligations guaranteed in
      the form of Renminbi and paid by the Guarantors in accordance with the
      Guarantee in Renminbi. In any circumstances, Renminbi shall be the
      currency used in the account and payment.

12.   Any Notice or Request delivered to the Guarantors shall be in writing, and
      (1) delivered by special messenger; (2) sent by reputable courier service,
      or (3) transmitted by telex or facsimile. The address of the Guarantor:
      Name of the Company: Jiangsu Mobile Communication Company Limited.,
      Address: No. 51, Huju Rd., Nanjing, Jiangsu, Postal Code: 210029, Contact:
      Ji Xiaoming, Telephone Number: 025-6668163, Fax: 025-6668162, E-mail:
      jmcccwb@public1.ptt.js.cn. The date of Notice or Request referred to
      herein shall be (1) the day of the receipt thereof if by delivery by
      special messenger; (2) the next day following the delivery to the courier
      service company if delivered by a creditable courier service; or (3) the
      fourth day following the delivery to the postal service if delivered by
      post-paid registered mail; (4) the delivery date with confirmation of
      acceptance if delivered by telex or facsimile. For the purpose hereof, the
      Guarantor may change its address by a written notice to the Agency Bank.

13.   This Guarantee shall be equally binding upon the Guarantor, its successor
      and the transferees and may be enforced by the Agency Bank, the Lending
      Banks, its successors and transferees. The Guarantor shall have no right
      to assign or to otherwise transfer the obligations hereunder. The Lending
      Bank may transfer part or all of its rights and interest hereunder to
      another Lending Bank at any time, in which case the Guarantor shall be
      promptly informed of such a transfer upon completion of the transfer; in
      the event that the Lending Bank needs to transfer its rights and interest
      hereunder to a bank or financial institution other than the Lending Banks,
      the Lending Bank shall obtain the consent of the Guarantors first (which
      consent shall not be unreasonably withheld). The Guarantors' Obligations
      hereunder shall not be Limited or affected in anyway by the above
      assignment or transfer. Any of the above assignment and transfer shall
      come into effect and be binding on the Guarantors upon the date of such
      assignment or transfer.

14.   The Guarantors hereby represent and warrant that:

      a)    the Guarantors are established and validly existing under the Laws
            of China, with its registered address as above;

      b)    the Guarantors have full legal rights, powers and authority to
            conduct their existing operations, possess their assets, assume this
            Guarantee and other obligations stipulated hereunder, execute and
            deliver this Guarantee and to

                                      104
<PAGE>   107
            perform and comply with the terms and conditions hereunder;

      c)    the Guarantors have taken all appropriate and necessary corporate
            and legal actions to authorize the execution and delivery of this
            Guarantee and to perform and abide by the stipulations and terms
            hereunder;

      d)    except for the relevant documents already obtained and submitted to
            the Agency Bank and the Lending Banks, the execution, delivery,
            effectiveness, performance, enforcement, the validity as evidence in
            legal proceedings of this Guarantee and the Guarantors' obligations
            hereunder do not require further consent from any other governmental
            departments or agency or any other shareholders or creditors, or
            notification thereto, or registration or filing therewith, or other
            actions to be taken;

      e)    This Guarantee constitutes the legal and valid obligations binding
            on the Guarantors and can be enforced in accordance with its
            stipulations. The execution, delivery, performance of terms and
            conditions hereunder, the payment of all the due and payable amount
            in the currency stipulated hereunder on the date indicated herein do
            not (1) infringe or violate any stipulations of any applicable laws
            of China and other government regulations (with legal validity or
            not); (2) violate any government guidelines and policies (with no
            legal validity) applicable to the Guarantors; (3) conflict with the
            business license of the Guarantors; (4) conflict with any
            agreements, debentures, mortgages or other documents other than this
            Guarantee to which the Guarantor is a Party or the Guarantor or its
            assets is bound, and will not bring about consequences of violation
            of any of the stipulations thereof nor create any mortgage, lien,
            pledge, security interests or preferential arrangement; (5)
            constitute Event of Default under any agreement nor constitute Event
            of Default due to delivery of Notice or elapse of time or both;

      f)    under any agreement to which the Guarantor is a Party or the
            Guarantor or its assets is bound, no Event of Default has occurred
            on the part of the Guarantor which affects the Guarantor's ability
            to pay the full amount payable hereunder;

      g)    this Guarantee constitutes the Guarantors' direct, unconditional and
            comprehensive obligations. With respect to the priority order of the
            Guarantor's payment of other loans, liabilities, guarantee or
            obligations and all other aspect the Guarantors' obligations
            hereunder at least have and will have the priority equal to the
            guaranteed loans, liabilities or obligations and other guarantee;

      h)    there are no material or possible debts that have potential adverse
            impact on the Guarantor's performance of its guarantee obligations
            hereunder which has not been disclosed to the Agency Bank or the
            Lending Banks by the Guarantor;

      i)    there are no pending or threatening lawsuit, arbitration or other
            proceedings against the Guarantors with the tribunal of arbitration,
            the court,

                                      105
<PAGE>   108
            governmental agencies or administrative agencies which may affect
            the financial status or operation of the Guarantors, or impair the
            Guarantors' ability to pay all or part of the payable amount in
            accordance with this Guarantee, or affect the validity or
            enforcement of this Guarantee in anyway;

      j)    the Guarantors undertake their business and operations in accordance
            with all applicable laws, rules and regulations of China.

15. The Guarantors further warrant that:

      a)    the Guarantors shall maintain their accounting system in accordance
            with the accounting principles stipulated under the laws of China;

      b)    the Guarantors shall deliver an audited annual financial statement
            to the Agency Bank within 120 days after every fiscal year and
            deliver an unaudited semi-annual financial statement to the Agency
            Bank within 90 days after the first half of every fiscal year;

      c)    after the execution of this Guarantee, the Guarantors respectively
            or along with the Borrower shall appoint one of the top six
            international accounting firms to prepare semi-annual consolidated
            financial statements of the Guarantors in accordance with the
            accounting standards of China and deliver them to the Lending Banks
            through the Agency Bank. In the event that the parent company of the
            Guarantors, namely China Mobile (Hong Kong) Limited shall arrange
            and prepare audited semi-annual financial statements in accordance
            with laws of Hong Kong rules of Hong Kong Stock Exchange, the
            semi-annual consolidated financial statements of the Guarantors
            hereunder shall be audited financial statements; otherwise, the
            international accounting firm ranked among the top six international
            accounting firms shall prepare unaudited semi-annual consolidated
            financial statements of the Guarantors and provide the Agency Bank
            with a letter, indicating that the unaudited semi-annual
            consolidated financial statements of the Guarantors prepared by the
            firm (1) is in accordance with the accounting standards of China;
            (2) the preparation method is reasonable and correct. Such
            semi-annual consolidated financial statements shall at the same time
            be attached with a letter produced by the Guarantors indicating the
            truthfulness of the data presented in the financial statements.
            Expense incurred in the preparation of the financial statements
            shall be borne by the Guarantors and/or the Borrower;

      d)    the Guarantors respectively or along with the Borrower shall appoint
            one of the top six international accounting firms to prepare
            semi-annual consolidated financial statements for the six Guarantors
            hereunder and deliver them, through the Agency Bank, to the Lending
            Banks. The Guarantors and/or Borrower shall bear the relevant fees
            and charges;

      e)    the Guarantors shall notify the Agency Bank immediately with regard
            to the following issues:

            i)    lawsuit, arbitration or claims in any other forms regarding
                  any

                                      106
<PAGE>   109
                  creditor's claim with the total amount exceeding Renminbi
                  three hundred million (RMB 300,000,000) or with the equivalent
                  amount in other currencies;

            ii)   merger with other companies or business institutions;

            iii)  sales, transfer or other means of disposal of assets or
                  business of more than Renminbi one billion (RMB
                  1,000,000,000);

      f)    the Guarantors shall abide by applicable laws, rules and regulation,
            authorities or agreements, perform relevant obligations and pay any
            due and payable tax;

      g)    in the event that the aggregate balance of debt or contingent
            liabilities of the Guarantors is less than one hundred and twenty
            percent (120%) of the total shareholders' equity, the Guarantors
            shall notify the Agency Bank on a timely basis of their material or
            possible debts incurred, assumed or newly-established with the
            amount of a single item exceeding Renminbi one billion (RMB
            1,000,000,000) or debt with equivalent value and immediately provide
            the Agency Bank with text of the agreement regarding the material
            debt or contingent liabilities; in the event that the aggregated
            balance of the debt or contingent liabilities of the Guarantors
            exceeds one hundred and twenty percent (120%) of the total
            shareholders' equity, the Guarantors shall not incur, assume or
            establish any additional debt or contingent liabilities without the
            Lending Banks' prior consent. To this end, the Guarantors shall
            notify the Agency Bank in writing of the event that the Guarantors
            may incur, assume or establish additional debts or contingent
            liabilities with attachment of a draft of the agreement regarding
            the relevant debts and contingent liabilities. The Agency Bank shall
            notify the Guarantors within ten (10) Bank Business Days after
            receipt of the above written Notice if the Agency Bank agrees upon
            the above debts or contingent liabilities. The Agency Bank's failure
            to notify the Guarantors within the above time limit shall be deemed
            as consent;

      h)    the Guarantors will not take any action or procedure for the purpose
            of dissolution, liquidation or termination of the business without
            the Lending Banks' prior consent;

      i)    No other debt or contingent liabilities with higher rank of priority
            over the debts and contingent liabilities hereunder in respect of
            the order of payment will be created.

16.   The validity, presumption and interpretation of this Guarantee and all the
      rights, obligations and liabilities arising out of this Guarantee shall be
      governed by and interpreted according to the laws of China. Any legal
      actions or proceedings taken against the Guarantors or any of their assets
      in connection with this Guarantee shall be submitted to the competent
      tribunal of economic adjudication of the people's court in Beijing.

17.   In the event that any payment under this Guarantee is required to be made
      on a

                                      107
<PAGE>   110
      Non-Bank Business Day, such payment shall be postponed to the next Bank
      Business Day or any other date provided under the Loan Agreement.

18.   The Term of the Guarantee herein shall begin from the date of the
      execution of the Syndicated Loan Agreement and end on the first
      anniversary of the expiry of the Term of the Loan stipulated under the
      Syndicated Loan Agreement; in the event that the loan is extended, the
      term of the Guarantee shall end on the first anniversary of the expiry of
      renewed term of the Loan.

      On this basis, the Guarantors have executed this Guarantee in favor of the
Agency Bank and the Lending Banks, which shall come into effect upon execution
of the Letter of Guarantee by the Guarantors and the stamp of their official
seals.

                                      108
<PAGE>   111
GUARANTOR SIGNATURE PAGE             Re:  Provision to the Lending Banks of
                                     irrevocable  and  unconditional guarantee
                                     with  joint  liabilities regarding   the
                                     Syndicated   Loan Agreement   on  RMB
                                     7,500,000,000 Loan   executed   on  the
                                     date  of October  7,  2000   between
                                     China Mobile   (Shenzhen)   Limited   and
                                     Construction  Bank of  China,  Bank of
                                     China  and other  Lending  Banks listed  in
                                     Schedule   One  of  the Syndicated Loan
                                     Agreement.

GUARANTOR: JIANGSU MOBILE COMMUNICATION COMPANY LIMITED

(OFFICIAL SEAL)

AUTHORIZED REPRESENTATIVE:  /S/ HE NING
                           ------------

NAME:  HE NING

TITLE:   CHAIRMAN & GENERAL MANAGER

                                      109
<PAGE>   112
                                    GUARANTEE

To:   Construction Bank of China, Bank of China and other Lending Banks
      indicated in Schedule One of the Syndicated Loan Agreement

      Re: Provision to the Lending Banks of irrevocable and unconditional
guarantee with joint liabilities regarding the Syndicated Loan Agreement (RMB
7,500,000,000) (the "Loan Agreement") executed on the date of October 7, 2000
between China Mobile (Shenzhen) Limited and Construction Bank of China, Bank of
China and other Lending Banks listed in Schedule One of the Syndicated Loan
Agreement (the " Lending Banks").

      Fujian Mobile Communication Company Limited (the "Guarantor") is a wholly
foreign-owned limited liability company established and existing under the laws
of the People's Republic of China ("China"), with its registered address of its
headquarter at No. 59 Wushan Rd., Gulou District, Fuzhou, Fujian. In accordance
with Security Law of the People's Republic of China (the "Security Law") and
other relevant laws and regulations, the Guarantor hereby provides the Lending
Banks with a Guarantee in favor of the Lending Banks and undertakes to perform
its obligations in accordance with stipulations under this Guarantee.

WHEREAS:

      China Mobile (Shenzhen) Limited (the "Borrower"), a wholly foreign-owned
limited liability company established and existing under the laws of China, will
execute the Loan Agreement on the same date of the execution of the Letter of
Guarantee. The Loan Agreement Provides that the total amount of the principal of
the loan (the "Loan") granted to the Borrower by the Lending Banks shall not
exceed Renminbi seven billion five hundred million (RMB 7,500,000,000.00).

      The condition precedent to the Lending Banks' assumption of the obligation
to disburse the Loan under the Loan Agreement is, including but not limited to,
the receipt by the Agency Bank of the unconditional and irrevocable Guarantee in
favor of the Lending Banks issued by the Guarantor, guaranteeing that the
Borrower will pay all the payable sums from time to time to the Lending Banks
through the Agency Bank on a timely basis in accordance with the Loan Agreement.

      Therefore, this Guarantor hereby agrees that the Guarantor and other
Guarantors, including Guangdong Mobile Communication Company Limited, Zhejiang
Communication Company Limited, Jiangsu Mobile Communication Company Limited,
Henan Mobile Communication Company Limited and Hainan Mobile Communication
Company Limited (the "Guarantors") shall assume joint and several liabilities
for all debts, responsibilities and obligations stipulated under the Loan
Agreement, and that the Guarantor and the Borrower under the Syndicated Loan
Agreement shall assume joint and several liabilities for all debts,
responsibilities and obligations stipulated under the agreement.

      Unless otherwise stipulated, terms used this Letter of Guarantee shall
have the same meaning as defined in the Loan Agreement.

                                      110
<PAGE>   113
      The Guarantor hereby further agrees:

1.    As the surety with joint liabilities and/or joint guarantee liabilities
      (similarly hereinafter), the Guarantor and other Guarantors indicated
      hereby absolutely and unconditionally guarantee to the Agency Bank and the
      Lending Banks that the Borrower shall make payments in full, promptly and
      on a timely basis when any part of and/or all the principal, interest,
      Default Interest, compensation, fees to satisfy creditor's claim and other
      amounts fall due whether pursuant to the provisions, as a result of
      accelerated repayment or otherwise in accordance with the stipulations
      under the Loan Agreement, and any and/or all of any other relevant
      documents and agreements; the Guarantor understands and acknowledges that
      in accordance with the Security Law, (1) the Lending Banks may request the
      Borrower to perform its liabilities or request the Guarantor to assume its
      guarantee liabilities within the limit of the Guarantee in the event that
      Borrower under the Guarantee with joint liabilities has not performed its
      liabilities before the deadline for performance of the liabilities; i.e.,
      upon the Borrower's failure to pay the due and payable sum under the Loan
      Agreement and the occurrence of events and circumstances of default, the
      Agency Bank may first request payment from the Guarantors who assume joint
      liabilities for debts together with the Borrower and need not first
      request payment from the Borrower; (2) in the event that two or more than
      two Guarantors assume joint guarantee liabilities, the Lending Banks may
      request any one of them to assume the entire guarantee liabilities. All
      Guarantors shall assume the obligation to guarantee the satisfaction of
      the entire creditor's claim.

2.    Upon occurrence of Event of Default in the payment of partial or entire
      guaranteed obligation on the part of the Borrower, or upon occurrence of
      Event of Default or Anticipatory Event of Default, the Guarantors, as
      surety assuming joint guarantee liabilities, shall immediately pay the
      entire amount of the due and payable guaranteed liabilities of the
      Borrower (whether as a result of acceleration or otherwise) to the Agency
      Bank in favor of the Lending Banks in accordance with instructions of the
      Agency Bank, stipulations under the Loan Agreement and in the manner
      required thereby. The Guarantors shall not advance any claim, set-off,
      counterclaim or defense to the Agency Bank or any Lending Bank regarding
      the partial or entire payment.

3.    Upon occurrence of Event of Default or Anticipatory Event of Default
      hereof, if no corrections have been made within the correction period of
      twenty eight (28) working days stipulated under Article 14.4 of the Loan
      Agreement, the Lending Banks shall be vested the power to deliver Notice
      of Claims accompanied with certificates regarding the Borrower's
      non-payment of any of the due and payable amount to the Guarantors, who,
      upon receipt of the above Notice of Claims, shall perform its guarantee
      obligation in accordance with the amount indicated in the Notice of
      Claims. Notwithstanding the foregoing, should the loan principal and/or
      interest under the Loan Agreement not be repaid and/or paid, the Lending
      Banks shall be vested the power to deliver Notice of Claims accompanied
      with certificates regarding the Borrower's non-payment of such principal
      and/or interest to the Guarantors, who, upon receipt of the above Notice,
      shall perform its guarantee obligation in accordance with the amount
      indicated in the Notice of Claims.

                                      111
<PAGE>   114
4.    The obligations of the Guarantors shall be absolute and unconditional and
      shall not be limited or affected by any circumstances, including (but not
      limited to) (1) the Borrower's failure to perform or comply with the Loan
      Agreement or any stipulations under any such documents or agreements; (2)
      transfer by the Borrower for the benefit of the Creditor (not limited to
      the Creditor's interest under this Guarantee), request to nominate a
      Recipient, Trustee or Liquidator for the Borrower or any of its assets,
      upon declaration of liquidation or filing of the request of liquidation on
      the part of the Borrower, or any other measures taken for the above
      purposes; (3) changes in the Borrower's name, scope of business,
      registered capital or organization documents; or (4) any other
      circumstances that may constitute a relief of obligations that shall be
      assumed by a guarantor or surety.

5.    The Lending Banks may neglect or restrain the enforcement of the
      Guarantee, the Loan Agreement or of the payment under any other relevant
      guarantees, documents or agreements, however, such negligence or restraint
      shall not affect or mitigate the Guarantors' obligations under the
      Guarantee herein. Guarantors shall not request the Agency Bank to make
      enforcement of the Loan Agreement or any other guarantees as a
      prerequisite of the enforcement of the Guarantee herein. The Failure to
      enforce the Loan Agreement or any other guarantees shall not affect or
      mitigate the Guarantee herein or defend against the Guarantee herein for
      such reasons.

6.    The Guarantors undertakes that they shall remain the wholly owned
      subsidiaries directly or indirectly owned by China Mobile (Hong Kong)
      Limited in China within the term of the Loan Agreement.

7.    Debts, responsibilities or liabilities guaranteed by the Guarantee herein
      may at any moment be renewed, extended, amended, compromised, exempted or
      abandoned by the Agency Bank or Lending Banks upon request of the
      Borrower, and such conducts shall not impair or affect the Guarantors'
      liabilities under the Guarantee herein; and the guarantee liabilities of
      the Guarantors under the Guarantee herein shall also apply to the above
      renewal, extension, amendment or compromise by the Agency Bank and Lending
      Banks.

8.    The Guarantee is a continuous guarantee, which covers any debts under the
      guaranteed liabilities. However, before the Agency Bank is vested the
      power to receive any debts under the guarantee liabilities, it shall have
      no obligation to exhaust its right of recourse against the Borrower, nor
      shall it have any obligation to exhaust its right of recourse the Agency
      Bank or certain Lending Banks may have against any Guarantor or any
      guarantee. This Guarantee shall be irrevocable and with full force before
      the full performance of the guaranteed obligations and the full payment of
      any indebted amount under the guarantee. The Guarantors shall waive the
      defense arising from any time limit that might affect the obligations
      hereunder or the enforcement hereof.

9.    Prior to the full payment and/or repayment of the principal, interest
      and/or other amounts under the Loan Agreement, the Guarantor shall not
      have the right of subrogation obtained as a result of its performance of
      any of the guarantee liabilities hereunder. Notwithstanding the foregoing,
      in the event that the

                                      112
<PAGE>   115
      Guarantor receives any sums as a result of its entitlement to such right
      of subrogation while one of the guaranteed obligations has not been
      performed, the Guarantor shall agree to pay all such sums to the Agency
      Bank to offset the amount over due under stipulations of the Loan
      Agreement.

10.   The Guarantors agree to pay all fees and charges related to the
      enforcement of this Guarantee.

11.   The Guaranteed obligations hereunder shall be obligations guaranteed in
      the form of Renminbi and paid by the Guarantors in accordance with the
      Guarantee in Renminbi. In any circumstances, Renminbi shall be the
      currency used in the account and payment.

12.   Any Notice or Request delivered to the Guarantors shall be in writing, and
      (1) delivered by special messenger; (2) sent by reputable courier service,
      or (3) transmitted by telex or facsimile. The address of the Guarantor:
      Name of the Company: Fujian Mobile Communication Company Limited.,
      Address: No. 59 Wushan Rd., Gulou District, Fuzhou, Fujian, Postal Code:
      350001, Contact: Gao Yanghui, Telephone Number: 0591-3376133, Fax:
      0591-3376130, E-mail: luckgyh@21cn.com. The date of Notice or Request
      referred to herein shall be (1) the day of the receipt thereof if by
      delivery by special messenger; (2) the next day following the delivery to
      the courier service company if delivered by a creditable courier service;
      or (3) the fourth day following the delivery to the postal service if
      delivered by post-paid registered mail; (4) the delivery date with
      confirmation of acceptance if delivered by telex or facsimile. For the
      purpose hereof, the Guarantor may change its address by a written notice
      to the Agency Bank.

13.   This Guarantee shall be equally binding upon the Guarantor, its successor
      and the transferees and may be enforced by the Agency Bank, the Lending
      Banks, its successors and transferees. The Guarantor shall have no right
      to assign or to otherwise transfer the obligations hereunder. The Lending
      Bank may transfer part or all of its rights and interest hereunder to
      another Lending Bank at any time, in which case the Guarantor shall be
      promptly informed of such a transfer upon completion of the transfer; in
      the event that the Lending Bank needs to transfer its rights and interest
      hereunder to a bank or financial institution other than the Lending Banks,
      the Lending Bank shall obtain the consent of the Guarantors first (which
      consent shall not be unreasonably withheld). The Guarantors' Obligations
      hereunder shall not be Limited or affected in anyway by the above
      assignment or transfer. Any of the above assignment and transfer shall
      come into effect and be binding on the Guarantors upon the date of such
      assignment or transfer.

14.   The Guarantors hereby represent and warrant that:

      a)    the Guarantors are established and validly existing under the Laws
            of China, with its registered address as above;

      b)    the Guarantors have full legal rights, powers and authority to
            conduct their existing operations, possess their assets, assume this
            Guarantee and other obligations stipulated hereunder, execute and
            deliver this Guarantee and to perform and comply with the terms and
            conditions hereunder;

                                      113
<PAGE>   116
      c)    the Guarantors have taken all appropriate and necessary corporate
            and legal actions to authorize the execution and delivery of this
            Guarantee and to perform and abide by the stipulations and terms
            hereunder;

      d)    except for the relevant documents already obtained and submitted to
            the Agency Bank and the Lending Banks, the execution, delivery,
            effectiveness, performance, enforcement, the validity as evidence in
            legal proceedings of this Guarantee and the Guarantors' obligations
            hereunder do not require further consent from any other governmental
            departments or agency or any other shareholders or creditors, or
            notification thereto, or registration or filing therewith, or other
            actions to be taken;

      e)    This Guarantee constitutes the legal and valid obligations binding
            on the Guarantors and can be enforced in accordance with its
            stipulations. The execution, delivery, performance of terms and
            conditions hereunder, the payment of all the due and payable amount
            in the currency stipulated hereunder on the date indicated herein do
            not (1) infringe or violate any stipulations of any applicable laws
            of China and other government regulations (with legal validity or
            not); (2) violate any government guidelines and policies (with no
            legal validity) applicable to the Guarantors; (3) conflict with the
            business license of the Guarantors; (4) conflict with any
            agreements, debentures, mortgages or other documents other than this
            Guarantee to which the Guarantor is a Party or the Guarantor or its
            assets is bound, and will not bring about consequences of violation
            of any of the stipulations thereof nor create any mortgage, lien,
            pledge, security interests or preferential arrangement; (5)
            constitute Event of Default under any agreement nor constitute Event
            of Default due to delivery of Notice or elapse of time or both;

      f)    under any agreement to which the Guarantor is a Party or the
            Guarantor or its assets is bound, no Event of Default has occurred
            on the part of the Guarantor which affects the Guarantor's ability
            to pay the full amount payable hereunder;

      g)    this Guarantee constitutes the Guarantors' direct, unconditional and
            comprehensive obligations. With respect to the priority order of the
            Guarantor's payment of other loans, liabilities, guarantee or
            obligations and all other aspect the Guarantors' obligations
            hereunder at least have and will have the priority equal to the
            guaranteed loans, liabilities or obligations and other guarantee;

      h)    there are no material or possible debts that have potential adverse
            impact on the Guarantor's performance of its guarantee obligations
            hereunder which has not been disclosed to the Agency Bank or the
            Lending Banks by the Guarantor;

      i)    there are no pending or threatening lawsuit, arbitration or other
            proceedings against the Guarantors with the tribunal of arbitration,
            the court, governmental agencies or administrative agencies which
            may affect the

                                      114
<PAGE>   117
            financial status or operation of the Guarantors, or impair the
            Guarantors' ability to pay all or part of the payable amount in
            accordance with this Guarantee, or affect the validity or
            enforcement of this Guarantee in anyway;

      j)    the Guarantors undertake their business and operations in accordance
            with all applicable laws, rules and regulations of China.

15.   The Guarantors further warrant that:

      a)    the Guarantors shall maintain their accounting system in accordance
            with the accounting principles stipulated under the laws of China;

      b)    the Guarantors shall deliver an audited annual financial statement
            to the Agency Bank within 120 days after every fiscal year and
            deliver an unaudited semi-annual financial statement to the Agency
            Bank within 90 days after the first half of every fiscal year;

      c)    after the execution of this Guarantee, the Guarantors respectively
            or along with the Borrower shall appoint one of the top six
            international accounting firms to prepare semi-annual consolidated
            financial statements of the Guarantors in accordance with the
            accounting standards of China and deliver them to the Lending Banks
            through the Agency Bank. In the event that the parent company of the
            Guarantors, namely China Mobile (Hong Kong) Limited shall arrange
            and prepare audited semi-annual financial statements in accordance
            with laws of Hong Kong rules of Hong Kong Stock Exchange, the
            semi-annual consolidated financial statements of the Guarantors
            hereunder shall be audited financial statements; otherwise, the
            international accounting firm ranked among the top six international
            accounting firms shall prepare unaudited semi-annual consolidated
            financial statements of the Guarantors and provide the Agency Bank
            with a letter, indicating that the unaudited semi-annual
            consolidated financial statements of the Guarantors prepared by the
            firm (1) is in accordance with the accounting standards of China;
            (2) the preparation method is reasonable and correct. Such
            semi-annual consolidated financial statements shall at the same time
            be attached with a letter produced by the Guarantors indicating the
            truthfulness of the data presented in the financial statements.
            Expense incurred in the preparation of the financial statements
            shall be borne by the Guarantors and/or the Borrower;

      d)    the Guarantors respectively or along with the Borrower shall appoint
            one of the top six international accounting firms to prepare
            semi-annual consolidated financial statements for the six Guarantors
            hereunder and deliver them, through the Agency Bank, to the Lending
            Banks. The Guarantors and/or Borrower shall bear the relevant fees
            and charges;

      e)    the Guarantors shall notify the Agency Bank immediately with regard
            to the following issues:

            i)    lawsuit, arbitration or claims in any other forms regarding
                  any creditor's claim with the total amount exceeding Renminbi
                  three

                                      115
<PAGE>   118
                  hundred million (RMB 300,000,000) or with the equivalent
                  amount in other currencies;

            ii)   merger with other companies or business institutions;

            iii)  sales, transfer or other means of disposal of assets or
                  business of more than Renminbi one billion (RMB
                  1,000,000,000);

      f)    the Guarantors shall abide by applicable laws, rules and regulation,
            authorities or agreements, perform relevant obligations and pay any
            due and payable tax;

      g)    in the event that the aggregate balance of debt or contingent
            liabilities of the Guarantors is less than one hundred and twenty
            percent (120%) of the total shareholders' equity, the Guarantors
            shall notify the Agency Bank on a timely basis of their material or
            possible debts incurred, assumed or newly-established with the
            amount of a single item exceeding Renminbi one billion (RMB
            1,000,000,000) or debt with equivalent value and immediately provide
            the Agency Bank with text of the agreement regarding the material
            debt or contingent liabilities; in the event that the aggregated
            balance of the debt or contingent liabilities of the Guarantors
            exceeds one hundred and twenty percent (120%) of the total
            shareholders' equity, the Guarantors shall not incur, assume or
            establish any additional debt or contingent liabilities without the
            Lending Banks' prior consent. To this end, the Guarantors shall
            notify the Agency Bank in writing of the event that the Guarantors
            may incur, assume or establish additional debts or contingent
            liabilities with attachment of a draft of the agreement regarding
            the relevant debts and contingent liabilities. The Agency Bank shall
            notify the Guarantors within ten (10) Bank Business Days after
            receipt of the above written Notice if the Agency Bank agrees upon
            the above debts or contingent liabilities. The Agency Bank's failure
            to notify the Guarantors within the above time limit shall be deemed
            as consent;

      h)    the Guarantors will not take any action or procedure for the purpose
            of dissolution, liquidation or termination of the business without
            the Lending Banks' prior consent;

      i)    No other debt or contingent liabilities with higher rank of priority
            over the debts and contingent liabilities hereunder in respect of
            the order of payment will be created.

16.   The validity, presumption and interpretation of this Guarantee and all the
      rights, obligations and liabilities arising out of this Guarantee shall be
      governed by and interpreted according to the laws of China. Any legal
      actions or proceedings taken against the Guarantors or any of their assets
      in connection with this Guarantee shall be submitted to the competent
      tribunal of economic adjudication of the people's court in Beijing.

17.   In the event that any payment under this Guarantee is required to be made
      on a Non-Bank Business Day, such payment shall be postponed to the next
      Bank

                                      116
<PAGE>   119
      Business Day or any other date provided under the Loan Agreement.

18.   The Term of the Guarantee herein shall begin from the date of the
      execution of the Syndicated Loan Agreement and end on the first
      anniversary of the expiry of the Term of the Loan stipulated under the
      Syndicated Loan Agreement; in the event that the loan is extended, the
      term of the Guarantee shall end on the first anniversary of the expiry of
      renewed term of the Loan.

      On this basis, the Guarantors have executed this Guarantee in favor of the
Agency Bank and the Lending Banks, which shall come into effect upon execution
of the Letter of Guarantee by the Guarantors and the stamp of their official
seals.

                                      117
<PAGE>   120
GUARANTOR SIGNATURE PAGE             Re:  Provision to the Lending Banks of
                                     irrevocable  and  unconditional guarantee
                                     with  joint  liabilities regarding   the
                                     Syndicated    Loan Agreement   on  RMB
                                     7,500,000,000 Loan   executed   on  the
                                     date  of October  7,  2000   between
                                     China Mobile   (Shenzhen)   Limited   and
                                     Construction  Bank of  China,  Bank of
                                     China  and other  Lending  Banks listed  in
                                     Schedule   One  of  the Syndicated Loan
                                     Agreement.

GUARANTOR: FUJIAN MOBILE COMMUNICATION COMPANY LIMITED

(OFFICIAL SEAL)

AUTHORIZED REPRESENTATIVE:  /S/ LIN LIXUN
                          ----------------

NAME:

TITLE:   DEPUTY GENERAL MANAGER

                                      118
<PAGE>   121
                                    GUARANTEE

To:   Construction Bank of China, Bank of China and other Lending Banks
      indicated in Schedule One of the Syndicated Loan Agreement

      Re: Provision to the Lending Banks of irrevocable and unconditional
guarantee with joint liabilities regarding the Syndicated Loan Agreement (RMB
7,500,000,000) (the "Loan Agreement") executed on the date of October 7, 2000
between China Mobile (Shenzhen) Limited and Construction Bank of China, Bank of
China and other Lending Banks listed in Schedule One of the Syndicated Loan
Agreement (the "Lending Banks").

      Henan Mobile Communication Company Limited (the "Guarantor") is a wholly
foreign-owned limited liability company established and existing under the laws
of the People's Republic of China ("China"), with its registered address of its
headquarter at No. 115 Huanghe Rd., Zhengzhou, Henan. In accordance with
Security Law of the People's Republic of China (the "Security Law") and other
relevant laws and regulations, the Guarantor hereby provides the Lending Banks
with a Guarantee in favor of the Lending Banks and undertakes to perform its
obligations in accordance with stipulations under this Guarantee.

WHEREAS:

      China Mobile (Shenzhen) Limited (the "Borrower"), a wholly foreign-owned
limited liability company established and existing under the laws of China, will
execute the Loan Agreement on the same date of the execution of the Letter of
Guarantee. The Loan Agreement Provides that the total amount of the principal of
the loan (the "Loan") granted to the Borrower by the Lending Banks shall not
exceed Renminbi seven billion five hundred million (RMB 7,500,000,000.00).

      The condition precedent to the Lending Banks' assumption of the obligation
to disburse the Loan under the Loan Agreement is, including but not limited to,
the receipt by the Agency Bank of the unconditional and irrevocable Guarantee in
favor of the Lending Banks issued by the Guarantor, guaranteeing that the
Borrower will pay all the payable sums from time to time to the Lending Banks
through the Agency Bank on a timely basis in accordance with the Loan Agreement.

      Therefore, this Guarantor hereby agrees that the Guarantor and other
Guarantors, including Guangdong Mobile Communication Company Limited, Zhejiang
Communication Company Limited, Jiangsu Mobile Communication Company Limited,
Fujian Mobile Communication Company Limited and Hainan Mobile Communication
Company Limited (the "Guarantors") shall assume joint and several liabilities
for all debts, responsibilities and obligations stipulated under the Loan
Agreement, and that the Guarantor and the Borrower under the Syndicated Loan
Agreement shall assume joint and several liabilities for all debts,
responsibilities and obligations stipulated under the agreement.

      Unless otherwise stipulated, terms used this Letter of Guarantee shall
have the same meaning as defined in the Loan Agreement.

                                      119
<PAGE>   122
      The Guarantor hereby further agrees:

1.    As the surety with joint liabilities and/or joint guarantee liabilities
      (similarly hereinafter), the Guarantor and other Guarantors indicated
      hereby absolutely and unconditionally guarantee to the Agency Bank and the
      Lending Banks that the Borrower shall make payments in full, promptly and
      on a timely basis when any part of and/or all the principal, interest,
      Default Interest, compensation, fees to satisfy creditor's claim and other
      amounts fall due whether pursuant to the provisions, as a result of
      accelerated repayment or otherwise in accordance with the stipulations
      under the Loan Agreement, and any and/or all of any other relevant
      documents and agreements; the Guarantor understands and acknowledges that
      in accordance with the Security Law, (1) the Lending Banks may request the
      Borrower to perform its liabilities or request the Guarantor to assume its
      guarantee liabilities within the limit of the Guarantee in the event that
      Borrower under the Guarantee with joint liabilities has not performed its
      liabilities before the deadline for performance of the liabilities; i.e.,
      upon the Borrower's failure to pay the due and payable sum under the Loan
      Agreement and the occurrence of events and circumstances of default, the
      Agency Bank may first request payment from the Guarantors who assume joint
      liabilities for debts together with the Borrower and need not first
      request payment from the Borrower; (2) in the event that two or more than
      two Guarantors assume joint guarantee liabilities, the Lending Banks may
      request any one of them to assume the entire guarantee liabilities. All
      Guarantors shall assume the obligation to guarantee the satisfaction of
      the entire creditor's claim.

2.    Upon occurrence of Event of Default in the payment of partial or entire
      guaranteed obligation on the part of the Borrower, or upon occurrence of
      Event of Default or Anticipatory Event of Default, the Guarantors, as
      surety assuming joint guarantee liabilities, shall immediately pay the
      entire amount of the due and payable guaranteed liabilities of the
      Borrower (whether as a result of acceleration or otherwise) to the Agency
      Bank in favor of the Lending Banks in accordance with instructions of the
      Agency Bank, stipulations under the Loan Agreement and in the manner
      required thereby. The Guarantors shall not advance any claim, set-off,
      counterclaim or defense to the Agency Bank or any Lending Bank regarding
      the partial or entire payment.

3.    Upon occurrence of Event of Default or Anticipatory Event of Default
      hereof, if no corrections have been made within the correction period of
      twenty eight (28) working days stipulated under Article 14.4 of the Loan
      Agreement, the Lending Banks shall be vested the power to deliver Notice
      of Claims accompanied with certificates regarding the Borrower's
      non-payment of any of the due and payable amount to the Guarantors, who,
      upon receipt of the above Notice of Claims, shall perform its guarantee
      obligation in accordance with the amount indicated in the Notice of
      Claims. Notwithstanding the foregoing, should the loan principal and/or
      interest under the Loan Agreement not be repaid and/or paid, the Lending
      Banks shall be vested the power to deliver Notice of Claims accompanied
      with certificates regarding the Borrower's non-payment of such principal
      and/or interest to the Guarantors, who, upon receipt of the above Notice,
      shall perform its guarantee obligation in accordance with the amount
      indicated in the Notice of Claims.

                                      120
<PAGE>   123
4.    The obligations of the Guarantors shall be absolute and unconditional and
      shall not be limited or affected by any circumstances, including (but not
      limited to) (1) the Borrower's failure to perform or comply with the Loan
      Agreement or any stipulations under any such documents or agreements; (2)
      transfer by the Borrower for the benefit of the Creditor (not limited to
      the Creditor's interest under this Guarantee), request to nominate a
      Recipient, Trustee or Liquidator for the Borrower or any of its assets,
      upon declaration of liquidation or filing of the request of liquidation on
      the part of the Borrower, or any other measures taken for the above
      purposes; (3) changes in the Borrower's name, scope of business,
      registered capital or organization documents; or (4) any other
      circumstances that may constitute a relief of obligations that shall be
      assumed by a guarantor or surety.

5.    The Lending Banks may neglect or restrain the enforcement of the
      Guarantee, the Loan Agreement or of the payment under any other relevant
      guarantees, documents or agreements, however, such negligence or restraint
      shall not affect or mitigate the Guarantors' obligations under the
      Guarantee herein. Guarantors shall not request the Agency Bank to make
      enforcement of the Loan Agreement or any other guarantees as a
      prerequisite of the enforcement of the Guarantee herein. The Failure to
      enforce the Loan Agreement or any other guarantees shall not affect or
      mitigate the Guarantee herein or defend against the Guarantee herein for
      such reasons.

6.    The Guarantors undertakes that they shall remain the wholly owned
      subsidiaries directly or indirectly owned by China Mobile (Hong Kong)
      Limited in China within the term of the Loan Agreement.

7.    Debts, responsibilities or liabilities guaranteed by the Guarantee herein
      may at any moment be renewed, extended, amended, compromised, exempted or
      abandoned by the Agency Bank or Lending Banks upon request of the
      Borrower, and such conducts shall not impair or affect the Guarantors'
      liabilities under the Guarantee herein; and the guarantee liabilities of
      the Guarantors under the Guarantee herein shall also apply to the above
      renewal, extension, amendment or compromise by the Agency Bank and Lending
      Banks.

8.    The Guarantee is a continuous guarantee, which covers any debts under the
      guaranteed liabilities. However, before the Agency Bank is vested the
      power to receive any debts under the guarantee liabilities, it shall have
      no obligation to exhaust its right of recourse against the Borrower, nor
      shall it have any obligation to exhaust its right of recourse the Agency
      Bank or certain Lending Banks may have against any Guarantor or any
      guarantee. This Guarantee shall be irrevocable and with full force before
      the full performance of the guaranteed obligations and the full payment of
      any indebted amount under the guarantee. The Guarantors shall waive the
      defense arising from any time limit that might affect the obligations
      hereunder or the enforcement hereof.

9.    Prior to the full payment and/or repayment of the principal, interest
      and/or other amounts under the Loan Agreement, the Guarantor shall not
      have the right of subrogation obtained as a result of its performance of
      any of the guarantee liabilities hereunder. Notwithstanding the foregoing,
      in the event that the

                                      121
<PAGE>   124
      Guarantor receives any sums as a result of its entitlement to such right
      of subrogation while one of the guaranteed obligations has not been
      performed, the Guarantor shall agree to pay all such sums to the Agency
      Bank to offset the amount over due under stipulations of the Loan
      Agreement.

10.   The Guarantors agree to pay all fees and charges related to the
      enforcement of this Guarantee.

11.   The Guaranteed obligations hereunder shall be obligations guaranteed in
      the form of Renminbi and paid by the Guarantors in accordance with the
      Guarantee in Renminbi. In any circumstances, Renminbi shall be the
      currency used in the account and payment.

12.   Any Notice or Request delivered to the Guarantors shall be in writing, and
      (1) delivered by special messenger; (2) sent by reputable courier service,
      or (3) transmitted by telex or facsimile. The address of the Guarantor:
      Name of the Company: Henan Mobile Communication Company Limited., Address:
      No. 115 Huanghe Rd., Zhengzhou, Henan, Postal Code: 450003, Contact: Zhang
      Yuzhong, Telephone Number: 0371-5956622, Fax: 0371-5968855, E-mail:
      zyz0129@371.net. The date of Notice or Request referred to herein shall be
      (1) the day of the receipt thereof if by delivery by special messenger;
      (2) the next day following the delivery to the courier service company if
      delivered by a creditable courier service; or (3) the fourth day following
      the delivery to the postal service if delivered by post-paid registered
      mail; (4) the delivery date with confirmation of acceptance if delivered
      by telex or facsimile. For the purpose hereof, the Guarantor may change
      its address by a written notice to the Agency Bank.

13.   This Guarantee shall be equally binding upon the Guarantor, its successor
      and the transferees and may be enforced by the Agency Bank, the Lending
      Banks, its successors and transferees. The Guarantor shall have no right
      to assign or to otherwise transfer the obligations hereunder. The Lending
      Bank may transfer part or all of its rights and interest hereunder to
      another Lending Bank at any time, in which case the Guarantor shall be
      promptly informed of such a transfer upon completion of the transfer; in
      the event that the Lending Bank needs to transfer its rights and interest
      hereunder to a bank or financial institution other than the Lending Banks,
      the Lending Bank shall obtain the consent of the Guarantors first (which
      consent shall not be unreasonably withheld). The Guarantors' Obligations
      hereunder shall not be Limited or affected in anyway by the above
      assignment or transfer. Any of the above assignment and transfer shall
      come into effect and be binding on the Guarantors upon the date of such
      assignment or transfer.

14.   The Guarantors hereby represent and warrant that:

      a)    the Guarantors are established and validly existing under the Laws
            of China, with its registered address as above;

      b)    the Guarantors have full legal rights, powers and authority to
            conduct their existing operations, possess their assets, assume this
            Guarantee and other obligations stipulated hereunder, execute and
            deliver this Guarantee and to perform and comply with the terms and
            conditions hereunder;

                                      122
<PAGE>   125
      c)    the Guarantors have taken all appropriate and necessary corporate
            and legal actions to authorize the execution and delivery of this
            Guarantee and to perform and abide by the stipulations and terms
            hereunder;

      d)    except for the relevant documents already obtained and submitted to
            the Agency Bank and the Lending Banks, the execution, delivery,
            effectiveness, performance, enforcement, the validity as evidence in
            legal proceedings of this Guarantee and the Guarantors' obligations
            hereunder do not require further consent from any other governmental
            departments or agency or any other shareholders or creditors, or
            notification thereto, or registration or filing therewith, or other
            actions to be taken;

      e)    This Guarantee constitutes the legal and valid obligations binding
            on the Guarantors and can be enforced in accordance with its
            stipulations. The execution, delivery, performance of terms and
            conditions hereunder, the payment of all the due and payable amount
            in the currency stipulated hereunder on the date indicated herein do
            not (1) infringe or violate any stipulations of any applicable laws
            of China and other government regulations (with legal validity or
            not); (2) violate any government guidelines and policies (with no
            legal validity) applicable to the Guarantors; (3) conflict with the
            business license of the Guarantors; (4) conflict with any
            agreements, debentures, mortgages or other documents other than this
            Guarantee to which the Guarantor is a Party or the Guarantor or its
            assets is bound, and will not bring about consequences of violation
            of any of the stipulations thereof nor create any mortgage, lien,
            pledge, security interests or preferential arrangement; (5)
            constitute Event of Default under any agreement nor constitute Event
            of Default due to delivery of Notice or elapse of time or both;

      f)    under any agreement to which the Guarantor is a Party or the
            Guarantor or its assets is bound, no Event of Default has occurred
            on the part of the Guarantor which affects the Guarantor's ability
            to pay the full amount payable hereunder;

      g)    this Guarantee constitutes the Guarantors' direct, unconditional and
            comprehensive obligations. With respect to the priority order of the
            Guarantor's payment of other loans, liabilities, guarantee or
            obligations and all other aspect the Guarantors' obligations
            hereunder at least have and will have the priority equal to the
            guaranteed loans, liabilities or obligations and other guarantee;

      h)    there are no material or possible debts that have potential adverse
            impact on the Guarantor's performance of its guarantee obligations
            hereunder which has not been disclosed to the Agency Bank or the
            Lending Banks by the Guarantor;

      i)    there are no pending or threatening lawsuit, arbitration or other
            proceedings against the Guarantors with the tribunal of arbitration,
            the court, governmental agencies or administrative agencies which
            may affect the

                                      123
<PAGE>   126
            financial status or operation of the Guarantors, or impair the
            Guarantors' ability to pay all or part of the payable amount in
            accordance with this Guarantee, or affect the validity or
            enforcement of this Guarantee in anyway;

      j)    the Guarantors undertake their business and operations in accordance
            with all applicable laws, rules and regulations of China.

15.   The Guarantors further warrant that:

      a)    the Guarantors shall maintain their accounting system in accordance
            with the accounting principles stipulated under the laws of China;

      b)    the Guarantors shall deliver an audited annual financial statement
            to the Agency Bank within 120 days after every fiscal year and
            deliver an unaudited semi-annual financial statement to the Agency
            Bank within 90 days after the first half of every fiscal year;

      c)    after the execution of this Guarantee, the Guarantors respectively
            or along with the Borrower shall appoint one of the top six
            international accounting firms to prepare semi-annual consolidated
            financial statements of the Guarantors in accordance with the
            accounting standards of China and deliver them to the Lending Banks
            through the Agency Bank. In the event that the parent company of the
            Guarantors, namely China Mobile (Hong Kong) Limited shall arrange
            and prepare audited semi-annual financial statements in accordance
            with laws of Hong Kong rules of Hong Kong Stock Exchange, the
            semi-annual consolidated financial statements of the Guarantors
            hereunder shall be audited financial statements; otherwise, the
            international accounting firm ranked among the top six international
            accounting firms shall prepare unaudited semi-annual consolidated
            financial statements of the Guarantors and provide the Agency Bank
            with a letter, indicating that the unaudited semi-annual
            consolidated financial statements of the Guarantors prepared by the
            firm (1) is in accordance with the accounting standards of China;
            (2) the preparation method is reasonable and correct. Such
            semi-annual consolidated financial statements shall at the same time
            be attached with a letter produced by the Guarantors indicating the
            truthfulness of the data presented in the financial statements.
            Expense incurred in the preparation of the financial statements
            shall be borne by the Guarantors and/or the Borrower;

      d)    the Guarantors respectively or along with the Borrower shall appoint
            one of the top six international accounting firms to prepare
            semi-annual consolidated financial statements for the six Guarantors
            hereunder and deliver them, through the Agency Bank, to the Lending
            Banks. The Guarantors and/or Borrower shall bear the relevant fees
            and charges;

      e)    the Guarantors shall notify the Agency Bank immediately with regard
            to the following issues:

            i)    lawsuit, arbitration or claims in any other forms regarding
                  any creditor's claim with the total amount exceeding Renminbi
                  three

                                      124
<PAGE>   127
                  hundred million (RMB 300,000,000) or with the equivalent
                  amount in other currencies;

            ii)   merger with other companies or business institutions;

            iii)  sales, transfer or other means of disposal of assets or
                  business of more than Renminbi one billion (RMB
                  1,000,000,000);

      f)    the Guarantors shall abide by applicable laws, rules and regulation,
            authorities or agreements, perform relevant obligations and pay any
            due and payable tax;

      g)    in the event that the aggregate balance of debt or contingent
            liabilities of the Guarantors is less than one hundred and twenty
            percent (120%) of the total shareholders' equity, the Guarantors
            shall notify the Agency Bank on a timely basis of their material or
            possible debts incurred, assumed or newly-established with the
            amount of a single item exceeding Renminbi one billion (RMB
            1,000,000,000) or debt with equivalent value and immediately provide
            the Agency Bank with text of the agreement regarding the material
            debt or contingent liabilities; in the event that the aggregated
            balance of the debt or contingent liabilities of the Guarantors
            exceeds one hundred and twenty percent (120%) of the total
            shareholders' equity, the Guarantors shall not incur, assume or
            establish any additional debt or contingent liabilities without the
            Lending Banks' prior consent. To this end, the Guarantors shall
            notify the Agency Bank in writing of the event that the Guarantors
            may incur, assume or establish additional debts or contingent
            liabilities with attachment of a draft of the agreement regarding
            the relevant debts and contingent liabilities. The Agency Bank shall
            notify the Guarantors within ten (10) Bank Business Days after
            receipt of the above written Notice if the Agency Bank agrees upon
            the above debts or contingent liabilities. The Agency Bank's failure
            to notify the Guarantors within the above time limit shall be deemed
            as consent;

      h)    the Guarantors will not take any action or procedure for the purpose
            of dissolution, liquidation or termination of the business without
            the Lending Banks' prior consent;

      i)    No other debt or contingent liabilities with higher rank of priority
            over the debts and contingent liabilities hereunder in respect of
            the order of payment will be created.

16.   The validity, presumption and interpretation of this Guarantee and all the
      rights, obligations and liabilities arising out of this Guarantee shall be
      governed by and interpreted according to the laws of China. Any legal
      actions or proceedings taken against the Guarantors or any of their assets
      in connection with this Guarantee shall be submitted to the competent
      tribunal of economic adjudication of the people's court in Beijing.

17.   In the event that any payment under this Guarantee is required to be made
      on a Non-Bank Business Day, such payment shall be postponed to the next
      Bank

                                      125
<PAGE>   128
      Business Day or any other date provided under the Loan Agreement.

18.   The Term of the Guarantee herein shall begin from the date of the
      execution of the Syndicated Loan Agreement and end on the first
      anniversary of the expiry of the Term of the Loan stipulated under the
      Syndicated Loan Agreement; in the event that the loan is extended, the
      term of the Guarantee shall end on the first anniversary of the expiry of
      renewed term of the Loan.

      On this basis, the Guarantors have executed this Guarantee in favor of the
Agency Bank and the Lending Banks, which shall come into effect upon execution
of the Letter of Guarantee by the Guarantors and the stamp of their official
seals.

                                      126
<PAGE>   129
GUARANTOR SIGNATURE PAGE         Re:  Provision to the Lending Banks of
                                 irrevocable and unconditional guarantee with
                                 joint liabilities regarding the Syndicated Loan
                                 Agreement on RMB 7,500,000,000 Loan executed on
                                 the date of October 7, 2000 between China
                                 Mobile (Shenzhen) Limited and Construction Bank
                                 of China, Bank of China and other Lending Banks
                                 listed in Schedule One of the Syndicated Loan
                                 Agreement.

GUARANTOR: HENAN MOBILE COMMUNICATION COMPANY LIMITED

(OFFICIAL SEAL)

AUTHORIZED REPRESENTATIVE:  /s/ LU JIE
                          --------------

NAME:   LU JIE

TITLE:   MANAGER OF FINANCIAL DEPARTMENT

                                      127
<PAGE>   130
                                    GUARANTEE

To:   Construction Bank of China, Bank of China and other Lending Banks
      indicated in Schedule One of the Syndicated Loan Agreement

      Re: Provision to the Lending Banks of irrevocable and unconditional
guarantee with joint liabilities regarding the Syndicated Loan Agreement (RMB
7,500,000,000) (the "Loan Agreement") executed on the date of October 7, 2000
between China Mobile (Shenzhen) Limited and Construction Bank of China, Bank of
China and other Lending Banks listed in Schedule One of the Syndicated Loan
Agreement (the " Lending Banks").

      Hainan Mobile Communication Company Limited (the "Guarantor") is a wholly
foreign-owned limited liability company established and existing under the laws
of the People's Republic of China ("China"), with its registered address of its
headquarter at No. 22, Nanbao Rd., Haikou, Hainan. In accordance with Security
Law of the People's Republic of China (the "Security Law") and other relevant
laws and regulations, the Guarantor hereby provides the Lending Banks with a
Guarantee in favor of the Lending Banks and undertakes to perform its
obligations in accordance with stipulations under this Guarantee.

WHEREAS:

      China Mobile (Shenzhen) Limited (the "Borrower"), a wholly foreign-owned
limited liability company established and existing under the laws of China, will
execute the Loan Agreement on the same date of the execution of the Letter of
Guarantee. The Loan Agreement Provides that the total amount of the principal of
the loan (the "Loan") granted to the Borrower by the Lending Banks shall not
exceed Renminbi seven billion five hundred million (RMB 7,500,000,000.00).

      The condition precedent to the Lending Banks' assumption of the obligation
to disburse the Loan under the Loan Agreement is, including but not limited to,
the receipt by the Agency Bank of the unconditional and irrevocable Guarantee in
favor of the Lending Banks issued by the Guarantor, guaranteeing that the
Borrower will pay all the payable sums from time to time to the Lending Banks
through the Agency Bank on a timely basis in accordance with the Loan Agreement.

      Therefore, this Guarantor hereby agrees that the Guarantor and other
Guarantors, including Guangdong Mobile Communication Company Limited, Zhejiang
Communication Company Limited, Jiangsu Mobile Communication Company Limited,
Fujian Mobile Communication Company Limited and Henan Mobile Communication
Company Limited (the "Guarantors") shall assume joint and several liabilities
for all debts, responsibilities and obligations stipulated under the Loan
Agreement, and that the Guarantor and the Borrower under the Syndicated Loan
Agreement shall assume joint and several liabilities for all debts,
responsibilities and obligations stipulated under the agreement.

      Unless otherwise stipulated, terms used this Letter of Guarantee shall
have the same meaning as defined in the Loan Agreement.

                                      128
<PAGE>   131
      The Guarantor hereby further agrees:

1.    As the surety with joint liabilities and/or joint guarantee liabilities
      (similarly hereinafter), the Guarantor and other Guarantors indicated
      hereby absolutely and unconditionally guarantee to the Agency Bank and the
      Lending Banks that the Borrower shall make payments in full, promptly and
      on a timely basis when any part of and/or all the principal, interest,
      Default Interest, compensation, fees to satisfy creditor's claim and other
      amounts fall due whether pursuant to the provisions, as a result of
      accelerated repayment or otherwise in accordance with the stipulations
      under the Loan Agreement, and any and/or all of any other relevant
      documents and agreements; the Guarantor understands and acknowledges that
      in accordance with the Security Law, (1) the Lending Banks may request the
      Borrower to perform its liabilities or request the Guarantor to assume its
      guarantee liabilities within the limit of the Guarantee in the event that
      Borrower under the Guarantee with joint liabilities has not performed its
      liabilities before the deadline for performance of the liabilities; i.e.,
      upon the Borrower's failure to pay the due and payable sum under the Loan
      Agreement and the occurrence of events and circumstances of default, the
      Agency Bank may first request payment from the Guarantors who assume joint
      liabilities for debts together with the Borrower and need not first
      request payment from the Borrower; (2) in the event that two or more than
      two Guarantors assume joint guarantee liabilities, the Lending Banks may
      request any one of them to assume the entire guarantee liabilities. All
      Guarantors shall assume the obligation to guarantee the satisfaction of
      the entire creditor's claim.

2.    Upon occurrence of Event of Default in the payment of partial or entire
      guaranteed obligation on the part of the Borrower, or upon occurrence of
      Event of Default or Anticipatory Event of Default, the Guarantors, as
      surety assuming joint guarantee liabilities, shall immediately pay the
      entire amount of the due and payable guaranteed liabilities of the
      Borrower (whether as a result of acceleration or otherwise) to the Agency
      Bank in favor of the Lending Banks in accordance with instructions of the
      Agency Bank, stipulations under the Loan Agreement and in the manner
      required thereby. The Guarantors shall not advance any claim, set-off,
      counterclaim or defense to the Agency Bank or any Lending Bank regarding
      the partial or entire payment.

3.    Upon occurrence of Event of Default or Anticipatory Event of Default
      hereof, if no corrections have been made within the correction period of
      twenty eight (28) working days stipulated under Article 14.4 of the Loan
      Agreement, the Lending Banks shall be vested the power to deliver Notice
      of Claims accompanied with certificates regarding the Borrower's
      non-payment of any of the due and payable amount to the Guarantors, who,
      upon receipt of the above Notice of Claims, shall perform its guarantee
      obligation in accordance with the amount indicated in the Notice of
      Claims. Notwithstanding the foregoing, should the loan principal and/or
      interest under the Loan Agreement not be repaid and/or paid, the Lending
      Banks shall be vested the power to deliver Notice of Claims accompanied
      with certificates regarding the Borrower's non-payment of such principal
      and/or interest to the Guarantors, who, upon receipt of the above Notice,
      shall perform its guarantee obligation in accordance with the amount
      indicated in the Notice of Claims.

                                      129
<PAGE>   132
4.    The obligations of the Guarantors shall be absolute and unconditional and
      shall not be limited or affected by any circumstances, including (but not
      limited to) (1) the Borrower's failure to perform or comply with the Loan
      Agreement or any stipulations under any such documents or agreements; (2)
      transfer by the Borrower for the benefit of the Creditor (not limited to
      the Creditor's interest under this Guarantee), request to nominate a
      Recipient, Trustee or Liquidator for the Borrower or any of its assets,
      upon declaration of liquidation or filing of the request of liquidation on
      the part of the Borrower, or any other measures taken for the above
      purposes; (3) changes in the Borrower's name, scope of business,
      registered capital or organization documents; or (4) any other
      circumstances that may constitute a relief of obligations that shall be
      assumed by a guarantor or surety.

5.    The Lending Banks may neglect or restrain the enforcement of the
      Guarantee, the Loan Agreement or of the payment under any other relevant
      guarantees, documents or agreements, however, such negligence or restraint
      shall not affect or mitigate the Guarantors' obligations under the
      Guarantee herein. Guarantors shall not request the Agency Bank to make
      enforcement of the Loan Agreement or any other guarantees as a
      prerequisite of the enforcement of the Guarantee herein. The Failure to
      enforce the Loan Agreement or any other guarantees shall not affect or
      mitigate the Guarantee herein or defend against the Guarantee herein for
      such reasons.

6.    The Guarantors undertakes that they shall remain the wholly owned
      subsidiaries directly or indirectly owned by China Mobile (Hong Kong)
      Limited in China within the term of the Loan Agreement.

7.    Debts, responsibilities or liabilities guaranteed by the Guarantee herein
      may at any moment be renewed, extended, amended, compromised, exempted or
      abandoned by the Agency Bank or Lending Banks upon request of the
      Borrower, and such conducts shall not impair or affect the Guarantors'
      liabilities under the Guarantee herein; and the guarantee liabilities of
      the Guarantors under the Guarantee herein shall also apply to the above
      renewal, extension, amendment or compromise by the Agency Bank and Lending
      Banks.

8.    The Guarantee is a continuous guarantee, which covers any debts under the
      guaranteed liabilities. However, before the Agency Bank is vested the
      power to receive any debts under the guarantee liabilities, it shall have
      no obligation to exhaust its right of recourse against the Borrower, nor
      shall it have any obligation to exhaust its right of recourse the Agency
      Bank or certain Lending Banks may have against any Guarantor or any
      guarantee. This Guarantee shall be irrevocable and with full force before
      the full performance of the guaranteed obligations and the full payment of
      any indebted amount under the guarantee. The Guarantors shall waive the
      defense arising from any time limit that might affect the obligations
      hereunder or the enforcement hereof.

9.    Prior to the full payment and/or repayment of the principal, interest
      and/or other amounts under the Loan Agreement, the Guarantor shall not
      have the right of subrogation obtained as a result of its performance of
      any of the guarantee liabilities hereunder. Notwithstanding the foregoing,
      in the event that the

                                      130
<PAGE>   133
      Guarantor receives any sums as a result of its entitlement to such right
      of subrogation while one of the guaranteed obligations has not been
      performed, the Guarantor shall agree to pay all such sums to the Agency
      Bank to offset the amount over due under stipulations of the Loan
      Agreement.

10.   The Guarantors agree to pay all fees and charges related to the
      enforcement of this Guarantee.

11.   The Guaranteed obligations hereunder shall be obligations guaranteed in
      the form of Renminbi and paid by the Guarantors in accordance with the
      Guarantee in Renminbi. In any circumstances, Renminbi shall be the
      currency used in the account and payment.

12.   Any Notice or Request delivered to the Guarantors shall be in writing, and
      (1) delivered by special messenger; (2) sent by reputable courier service,
      or (3) transmitted by telex or facsimile. The address of the Guarantor:
      Name of the Company: Hainan Mobile Communication Company Limited.,
      Address: No. 22, Nanbao Rd., Haikou, Hainan, Postal Code: 570125, Contact:
      Lan Qingchun, Telephone Number: 0898-6763132, Fax: 0898-6715461, E-mail:
      lqc@qmcc.net. The date of Notice or Request referred to herein shall be
      (1) the day of the receipt thereof if by delivery by special messenger;
      (2) the next day following the delivery to the courier service company if
      delivered by a creditable courier service; or (3) the fourth day following
      the delivery to the postal service if delivered by post-paid registered
      mail; (4) the delivery date with confirmation of acceptance if delivered
      by telex or facsimile. For the purpose hereof, the Guarantor may change
      its address by a written notice to the Agency Bank.

13.   This Guarantee shall be equally binding upon the Guarantor, its successor
      and the transferees and may be enforced by the Agency Bank, the Lending
      Banks, its successors and transferees. The Guarantor shall have no right
      to assign or to otherwise transfer the obligations hereunder. The Lending
      Bank may transfer part or all of its rights and interest hereunder to
      another Lending Bank at any time, in which case the Guarantor shall be
      promptly informed of such a transfer upon completion of the transfer; in
      the event that the Lending Bank needs to transfer its rights and interest
      hereunder to a bank or financial institution other than the Lending Banks,
      the Lending Bank shall obtain the consent of the Guarantors first (which
      consent shall not be unreasonably withheld). The Guarantors' Obligations
      hereunder shall not be Limited or affected in anyway by the above
      assignment or transfer. Any of the above assignment and transfer shall
      come into effect and be binding on the Guarantors upon the date of such
      assignment or transfer.

14.   The Guarantors hereby represent and warrant that:

      a)    the Guarantors are established and validly existing under the Laws
            of China, with its registered address as above;

      b)    the Guarantors have full legal rights, powers and authority to
            conduct their existing operations, possess their assets, assume this
            Guarantee and other obligations stipulated hereunder, execute and
            deliver this Guarantee and to perform and comply with the terms and
            conditions hereunder;

                                      131
<PAGE>   134
      c)    the Guarantors have taken all appropriate and necessary corporate
            and legal actions to authorize the execution and delivery of this
            Guarantee and to perform and abide by the stipulations and terms
            hereunder;

      d)    except for the relevant documents already obtained and submitted to
            the Agency Bank and the Lending Banks, the execution, delivery,
            effectiveness, performance, enforcement, the validity as evidence in
            legal proceedings of this Guarantee and the Guarantors' obligations
            hereunder do not require further consent from any other governmental
            departments or agency or any other shareholders or creditors, or
            notification thereto, or registration or filing therewith, or other
            actions to be taken;

      e)    This Guarantee constitutes the legal and valid obligations binding
            on the Guarantors and can be enforced in accordance with its
            stipulations. The execution, delivery, performance of terms and
            conditions hereunder, the payment of all the due and payable amount
            in the currency stipulated hereunder on the date indicated herein do
            not (1) infringe or violate any stipulations of any applicable laws
            of China and other government regulations (with legal validity or
            not); (2) violate any government guidelines and policies (with no
            legal validity) applicable to the Guarantors; (3) conflict with the
            business license of the Guarantors; (4) conflict with any
            agreements, debentures, mortgages or other documents other than this
            Guarantee to which the Guarantor is a Party or the Guarantor or its
            assets is bound, and will not bring about consequences of violation
            of any of the stipulations thereof nor create any mortgage, lien,
            pledge, security interests or preferential arrangement; (5)
            constitute Event of Default under any agreement nor constitute Event
            of Default due to delivery of Notice or elapse of time or both;

      f)    under any agreement to which the Guarantor is a Party or the
            Guarantor or its assets is bound, no Event of Default has occurred
            on the part of the Guarantor which affects the Guarantor's ability
            to pay the full amount payable hereunder;

      g)    this Guarantee constitutes the Guarantors' direct, unconditional and
            comprehensive obligations. With respect to the priority order of the
            Guarantor's payment of other loans, liabilities, guarantee or
            obligations and all other aspect the Guarantors' obligations
            hereunder at least have and will have the priority equal to the
            guaranteed loans, liabilities or obligations and other guarantee;

      h)    there are no material or possible debts that have potential adverse
            impact on the Guarantor's performance of its guarantee obligations
            hereunder which has not been disclosed to the Agency Bank or the
            Lending Banks by the Guarantor;

      i)    there are no pending or threatening lawsuit, arbitration or other
            proceedings against the Guarantors with the tribunal of arbitration,
            the court, governmental agencies or administrative agencies which
            may affect the

                                      132
<PAGE>   135
            financial status or operation of the Guarantors, or impair the
            Guarantors' ability to pay all or part of the payable amount in
            accordance with this Guarantee, or affect the validity or
            enforcement of this Guarantee in anyway;

      j)    the Guarantors undertake their business and operations in accordance
            with all applicable laws, rules and regulations of China.

15.   The Guarantors further warrant that:

      a)    the Guarantors shall maintain their accounting system in accordance
            with the accounting principles stipulated under the laws of China;

      b)    the Guarantors shall deliver an audited annual financial statement
            to the Agency Bank within 120 days after every fiscal year and
            deliver an unaudited semi-annual financial statement to the Agency
            Bank within 90 days after the first half of every fiscal year;

      c)    after the execution of this Guarantee, the Guarantors respectively
            or along with the Borrower shall appoint one of the top six
            international accounting firms to prepare semi-annual consolidated
            financial statements of the Guarantors in accordance with the
            accounting standards of China and deliver them to the Lending Banks
            through the Agency Bank. In the event that the parent company of the
            Guarantors, namely China Mobile (Hong Kong) Limited shall arrange
            and prepare audited semi-annual financial statements in accordance
            with laws of Hong Kong rules of Hong Kong Stock Exchange, the
            semi-annual consolidated financial statements of the Guarantors
            hereunder shall be audited financial statements; otherwise, the
            international accounting firm ranked among the top six international
            accounting firms shall prepare unaudited semi-annual consolidated
            financial statements of the Guarantors and provide the Agency Bank
            with a letter, indicating that the unaudited semi-annual
            consolidated financial statements of the Guarantors prepared by the
            firm (1) is in accordance with the accounting standards of China;
            (2) the preparation method is reasonable and correct. Such
            semi-annual consolidated financial statements shall at the same time
            be attached with a letter produced by the Guarantors indicating the
            truthfulness of the data presented in the financial statements.
            Expense incurred in the preparation of the financial statements
            shall be borne by the Guarantors and/or the Borrower;

      d)    the Guarantors respectively or along with the Borrower shall appoint
            one of the top six international accounting firms to prepare
            semi-annual consolidated financial statements for the six Guarantors
            hereunder and deliver them, through the Agency Bank, to the Lending
            Banks. The Guarantors and/or Borrower shall bear the relevant fees
            and charges;

      e)    the Guarantors shall notify the Agency Bank immediately with regard
            to the following issues:

            i)    lawsuit, arbitration or claims in any other forms regarding
                  any creditor's claim with the total amount exceeding Renminbi
                  three

                                      133
<PAGE>   136
                  hundred million (RMB 300,000,000) or with the equivalent
                  amount in other currencies;

            ii)   merger with other companies or business institutions;

            iii)  sales, transfer or other means of disposal of assets or
                  business of more than Renminbi one billion (RMB
                  1,000,000,000);

      f)    the Guarantors shall abide by applicable laws, rules and regulation,
            authorities or agreements, perform relevant obligations and pay any
            due and payable tax;

      g)    in the event that the aggregate balance of debt or contingent
            liabilities of the Guarantors is less than one hundred and twenty
            percent (120%) of the total shareholders' equity, the Guarantors
            shall notify the Agency Bank on a timely basis of their material or
            possible debts incurred, assumed or newly-established with the
            amount of a single item exceeding Renminbi one billion (RMB
            1,000,000,000) or debt with equivalent value and immediately provide
            the Agency Bank with text of the agreement regarding the material
            debt or contingent liabilities; in the event that the aggregated
            balance of the debt or contingent liabilities of the Guarantors
            exceeds one hundred and twenty percent (120%) of the total
            shareholders' equity, the Guarantors shall not incur, assume or
            establish any additional debt or contingent liabilities without the
            Lending Banks' prior consent. To this end, the Guarantors shall
            notify the Agency Bank in writing of the event that the Guarantors
            may incur, assume or establish additional debts or contingent
            liabilities with attachment of a draft of the agreement regarding
            the relevant debts and contingent liabilities. The Agency Bank shall
            notify the Guarantors within ten (10) Bank Business Days after
            receipt of the above written Notice if the Agency Bank agrees upon
            the above debts or contingent liabilities. The Agency Bank's failure
            to notify the Guarantors within the above time limit shall be deemed
            as consent;

      h)    the Guarantors will not take any action or procedure for the purpose
            of dissolution, liquidation or termination of the business without
            the Lending Banks' prior consent;

      i)    No other debt or contingent liabilities with higher rank of priority
            over the debts and contingent liabilities hereunder in respect of
            the order of payment will be created.

16.   The validity, presumption and interpretation of this Guarantee and all the
      rights, obligations and liabilities arising out of this Guarantee shall be
      governed by and interpreted according to the laws of China. Any legal
      actions or proceedings taken against the Guarantors or any of their assets
      in connection with this Guarantee shall be submitted to the competent
      tribunal of economic adjudication of the people's court in Beijing.

17.   In the event that any payment under this Guarantee is required to be made
      on a Non-Bank Business Day, such payment shall be postponed to the next
      Bank

                                      134
<PAGE>   137
      Business Day or any other date provided under the Loan Agreement.

18.   The Term of the Guarantee herein shall begin from the date of the
      execution of the Syndicated Loan Agreement and end on the first
      anniversary of the expiry of the Term of the Loan stipulated under the
      Syndicated Loan Agreement; in the event that the loan is extended, the
      term of the Guarantee shall end on the first anniversary of the expiry of
      renewed term of the Loan.

      On this basis, the Guarantors have executed this Guarantee in favor of the
Agency Bank and the Lending Banks, which shall come into effect upon execution
of the Letter of Guarantee by the Guarantors and the stamp of their official
seals.

                                      135
<PAGE>   138
GUARANTOR SIGNATURE PAGE             Re:  Provision to the Lending Banks
                                     of  irrevocable  and  unconditional
                                     guarantee  with  joint  liabilities
                                     regarding   the   Syndicated   Loan
                                     Agreement   on  RMB   7,500,000,000
                                     Loan   executed   on  the  date  of
                                     October  7,  2000   between   China
                                     Mobile   (Shenzhen)   Limited   and
                                     Construction  Bank of  China,  Bank
                                     of China  and other  Lending  Banks
                                     listed  in  Schedule   One  of  the
                                     Syndicated Loan Agreement.

GUARANTOR: HAINAN MOBILE COMMUNICATION COMPANY LIMITED

(OFFICIAL SEAL)

AUTHORIZED REPRESENTATIVE:  /s/ WEI PING
                           ---------------

NAME:   WEI PING

TITLE:   CHAIRMAN

                                      136

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]