Document:

Commercial Lease between River Road Real Estate and Drugmax

 Exhibit 10.11 
  
 COMMERCIAL LEASE 
  
 1. PARTIES. This Lease is made this 18th day of October, 2001, by and between RIVER ROAD REAL ESTATE, LLC., a Florida limited liability company (herein called “Landlord”) and DRUGMAX, INC., a Florida corporation (herein called “Tenant”).

  
 2. PREMISES. Landlord hereby leases to Tenant and
Tenant leases from Landlord, upon all of the conditions set forth herein, that certain real property situated at 10016 River Road, St. Rose, Lousiana 70087, and described as a 39,000 square foot building as described in Exhibit “A”
attached hereto and made a part hereof. Said real property, including the land and all improvements thereon, is herein called the “Property.” 
  
 3. TERM AND POSSESSION. 
  
 3.1 Initial Term. The initial term hereof shall be for five (5) years following the Commencement Date, as hereinafter defined,
unless sooner terminated pursuant to any provision hereof. Notwithstanding the date of possession by the Tenant the initial term of the Lease shall run from the Commencement Date. 
  
 4. RENT. 
  
 4.1 Rent Payment, Proration and Sales Taxes. All rental payments due hereunder shall be paid without notice or demand, and without
abatement, deduction or setoff for any reason unless specifically provided herein. Rent for any period during the term hereof which is for less than one (1) month shall be a pro rata portion of the monthly rent installment based on the number of
days in such period and the number of days in the month in question. Rent shall be payable in lawful money of the United States to Landlord at the address stated herein or to such other persons or at such other places as Landlord may designate in
writing. In addition, Tenant shall pay to Landlord all sales and use taxes imposed by the State of Florida or any other governmental authority from time to time, upon said rent and any other charges hereunder upon which sales and use taxes are
imposed. 
  
 4.2 No Waiver. The acceptance
by the Landlord of monies from the Tenant as rent or other sums due shall not be an admission of the accuracy or the sufficiency of the amount of such rent or other sums due nor shall it be deemed a waiver by Landlord of any right or claim to
additional or further rent or other sums due. 
  
 4.3 Initial Rent. Tenant shall pay to Landlord as minimum rent for the Property for the first lease year, monthly payments in the amount of FIFTEEN THOUSAND AND NO/100 DOLLARS ($15,000.00), in advance, on or before the 1st day of
each month throughout the first lease year. 
  

 4.4 Advance Rent. Tenant shall pay Landlord upon execution hereof FIFTEEN THOUSAND
AND NO/100 DOLLARS ($15,000.00) as rent for the month of October, 2001. 
  
 4.5 Rent Adjustments. Commencing on October 15, 2001, and continuing on the 15th day of October of each year thereafter, the monthly minimum rent payable under Section 4.1 above
shall be adjusted annually by the increase from the Commencement Date, if any, in the Consumer Price Index published by the Bureau of Labor Statistics of the U.S. Department of Labor Statistics for All Urban Consumers, U.S. City Average (1982-84 =
100), All Items, herein referred to as “C.P.I.” The adjusted monthly minimum rent shall be calculated as follows: the minimum rent payable for the first month of the term hereof, as set forth in Section 4.1 above, shall be multiplied by a
fraction, the numerator of which shall be the C.P.I. for the month immediately preceding the effective date of the subject rent adjustment, and the denominator of which shall be the C.P.I. for the first month of the lease term. The sum so calculated
shall constitute the new monthly minimum rent hereunder until the subsequent adjustment, but in no event shall any adjustment reduce the minimum rent to an amount lower than the minimum rent payable for the month immediately preceding the date of
adjustment. No delay in establishing the rent adjustment shall be a waiver of Landlord’s right to later collect the difference between the rental at the rate prior to adjustment, which shall continue to be paid until the adjustment is
established, and the rental rate after adjustment. In the event the compilation and/or publication of the C.P.I. shall be transferred to any other governmental department or bureau or agency or shall be discontinued, then the index most nearly the
same as the C.P.I. shall be used to make such calculation. In the event that Landlord and Tenant cannot agree on an alternative index, then the matter shall be submitted for decision to the American Arbitration Association in accordance with the
then rules of said association and the decision of the arbitrators shall be binding upon the parties. The cost of said arbitration will be paid equally by Landlord and Tenant. 
  
 5. SECURITY DEPOSIT. Tenant shall deposit with Landlord, upon demand of the Landlord, FIFTEEN THOUSAND AND NO/100
DOLLARS ($15,000.00) as security for Tenant’s faithful performance of Tenant’s obligations hereunder. If Tenant fails to pay rent or other charges due hereunder, or otherwise defaults with respect to any provision hereof, Landlord may (but
shall not be required to do so before enforcing other rights and remedies) use, apply or retain all or any portion of said deposit for the payment of any rent or other charge in default or for the payment of any other sum to which Landlord may
become obligated by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby, but Tenant’s liability under this Lease shall only be discharged pro tanto, and Tenant shall remain liable
for any amounts not actually paid from said deposit. If Landlord so uses or applies all or any portion of said deposit, Tenant shall, within ten (10) days after written demand therefor, deposit cash with Landlord in an amount sufficient to restore
said deposit to the full amount hereinabove stated, and Tenant’s failure to do so shall be a material breach hereof. Landlord shall not be required to keep said deposit separate from its general accounts and such deposit shall not bear
interest. If Tenant performs 

  

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all of Tenant’s obligations hereunder, said deposit, or so much thereof as has not theretofore been applied by Landlord, shall be returned, without
payment of interest or other increment for its use, to Tenant (or, at Landlord’s option, to the last assignee, if any, of Tenant’s interest hereunder) within thirty (30) days after the expiration of the term hereof, and after Tenant has
vacated the Property. No trust relationship is created herein between Landlord and Tenant with respect to said security deposit. If the monthly rent shall, from time to time, increase during the term hereof, Tenant shall thereupon deposit with
Landlord additional security deposit so that the amount of security deposit held by Landlord shall at all times bear the same proportion to then current rent as the original security deposit bears to the original monthly rent set forth in Section
4.3 hereof. 
  
 6. USE. 
  
 6.1 Use. The Property shall be used and occupied only
for wharehousing and office uses and for no other purpose. Without limiting the foregoing, Tenant shall not use nor permit the use of the Property in any manner that will tend to create waste or a nuisance or, if there shall be more than one tenant
in the building containing the Property, shall tend to disturb or interfere with the rights of such other tenants. 
  
 6.2 Compliance with Law and Restrictions. Tenant shall, at Tenant’s expense, execute and comply with all statutes, ordinances,
rules, orders, regulations and requirements of the federal, state, county and city government, and of any and all of their departments and bureaus, applicable to the Property, as well as all covenants and restrictions of record, and other
requirements in effect during the term or any part thereof, which regulate the use by Tenant of the Property. 
  
 6.3 Condition of Property; Letter of Acceptance. By taking possession of the Property, Tenant shall be deemed to have accepted the
Property, subject to all applicable zoning, municipal, county and state laws, ordinances and regulations governing and regulating the use of the Property, and any covenants or restrictions of record, as suitable for Tenant’s intended purposes,
and in compliance with all terms and provisions hereof. Tenant acknowledges that neither Landlord nor Landlord’s agent has made any representation or warranty as to the present or future suitability of the Property for the conduct of
Tenant’s business. The Tenant hereby accepts delivery of the Property and the condition of the Property complies with Landlord’s covenants and obligations hereunder. 
  
 7. MAINTENANCE, REPAIRS AND ALTERATIONS. 
  
 7.1 Casualty and Condemnation. The specific provisions hereof relating to repairs after casualty or
condemnation shall take precedence over the terms of this Section 7, but only to the extent in conflict herewith. 
  

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 7.2 Maintenance. Tenant shall, at Tenant’s sole cost and expense, maintain
the Property, the building and improvements and all components thereof throughout the lease term, in good, safe and clean order, condition and repair, including without limitation all plumbing, heating, air conditioning, ventilating, and electrical
facilities and all components thereof serving the Property, the building, its painting, maintenance and repair. If Tenant fails to perform Tenant’s obligations under this Section 7 or under any other section hereof, Landlord may at
Landlord’s option enter upon the Property after ten (10) days’ prior written notice to Tenant (except in the case of emergency, in which case no notice shall be required), perform such obligations on Tenant’s behalf, and put the
Property in good, safe and clean order, condition and repair, and the cost thereof together with interest thereon at the Default Rate, shall be due and payable as additional rent to Landlord together with Tenant’s next rental installment.
Tenant expressly waives the benefits of any statute now or hereafter in effect which would otherwise afford Tenant the right to make repairs at Landlord’s expense or to terminate this Lease because of Landlord’s failure to keep the
Property in good order, condition and repair. It is agreed that the only obligation for maintenance or repair to the Property is limited to the roof and the structure of the building. 
  
 7.3 Plate Glass. Tenant shall maintain all plate glass, within or on the perimeter of the Property,
if any. 
  
 7.5 Grounds; Parking Areas.
Tenant, at Tenant’s expense, shall maintain all landscaping, driveways, parking areas and sidewalks serving the Property. Landlord shall be responsible for any necessary repaying and/or repairs to parking lot. 
  
 7.6 Termination of Lease. On the last day of the term
hereof, or on any sooner termination, Tenant shall surrender the Property to Landlord in the same condition as received, ordinary wear and tear excepted, clean and free of debris. Tenant’s moveable machinery, furniture, fixtures and equipment,
other than that which is affixed to the Property so that it cannot be removed without damage to the Property and which Landlord does not require Tenant to remove, may be removed by Tenant upon expiration of the lease term. Tenant shall repair any
damage to the Property occasioned by the installation or removal of its trade fixtures, furnishings and equipment. Upon termination of this Lease for any cause whatsoever, if Tenant fails to remove its effects, they shall be deemed abandoned and
Landlord may, at its option, remove the same in any manner that the Landlord shall choose, store them without liability to the Tenant for loss thereof, and the Tenant agrees to pay the Landlord on demand any and all expenses incurred in such
removal, including court costs, attorney’s fees and storage charges for any length of time the same shall be in the Landlord’s possession, or the Landlord may, at its option, without notice, sell said effects, or any part of the same, at a
private sale and without legal process for such price as the Landlord may obtain and apply the proceeds of such sale upon the amounts due under this Lease from the Tenant to Landlord and upon the expenses incident to the removal and sale of said
effects. Tenant shall deliver all keys and combinations to locks within the Property to Landlord upon termination of this Lease for 

  

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any reason. Tenant’s obligations to perform under this provision shall survive the end of the lease term. 
  
 7.7 Alterations and Additions. 
  
 (a) Tenant shall not, without Landlord’s prior written
consent, make any alterations, improvements, additions, or Utility Installations (as defined below) in, on, or to the Property. Further, any contractor or person making any alterations, improvements, additions or Utility Installations in, on, or to
the Property must first be approved in writing by Landlord. Landlord may require Tenant to provide Landlord, at Tenant’s sole cost and expense, a lien and completion bond in an amount equal to one and one-half (1 1/2) times the estimated cost of such improvements, to insure Landlord against any liability for construction liens
and to insure completion of the work. Landlord may require that Tenant remove any or all of said alterations, improvements, additions or Utility Installations at the expiration of the term, and restore the Property to its prior condition. Should
Tenant make any alterations, improvements, additions or Utility Installations without the prior approval of Landlord, in addition to all other remedies of Landlord for Tenant’s breach, Landlord may require that Tenant remove any or all of the
same. As used in this Section 7.7, the term “Utility Installation” shall mean carpeting, window coverings, air lines, power panels, electrical distribution systems, lighting fixtures, space heaters, heating, air conditioning and
ventilation systems, and plumbing, and penetrations to any exterior wall or roof, if any. 
  
 (b) Any alteration, improvement, addition or Utility Installation in or to the Property that Tenant shall desire to make shall be
presented to Landlord for approval in written form, with proposed detailed plans. If Landlord shall give its consent, the consent shall be deemed conditioned upon Tenant acquiring all necessary permits to do the work from appropriate governmental
agencies, the furnishing of a copy thereof to Landlord prior to the commencement of the work, the compliance by Tenant with all conditions of said permits in a prompt and expeditious manner, and, if applicable, Tenant’s conducting its work so
as not to interfere with any other tenants of the building in which the Property is located. 
  
 (c) Tenant shall pay, when due, and hereby agrees to indemnify and hold harmless Landlord for and from, all claims for labor or materials
furnished or alleged to have been furnished to or for Tenant, at or for use in the Property, which claims are or may be secured by any construction lien against the Property or any interest therein. Tenant shall give Landlord not less than ten (10)
days’ notice prior to the commencement of any work on the Property which might give rise to any such lien or claim of lien and Landlord shall have the right to post notices of non-responsibility in or on the Property as provided by law. If
Tenant shall, in good faith, contest the validity of any such lien, claim or demand, then Tenant shall, at its sole expense, defend itself and Landlord against the same and shall pay and satisfy any adverse judgment that may be rendered thereon
before the enforcement thereof against the Landlord or the Property, upon the condition that, if Landlord shall require, Tenant shall furnish to Landlord a surety bond satisfactory to Landlord in an amount 

  

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equal to such contested lien, claim or demand indemnifying Landlord against liability for the same and holding the Property free from the effect of such
lien, claim or demand. In addition, Landlord may require Tenant to pay Landlord’s attorney’s fees and costs in participating in such action if Landlord shall decide it is in its best interests to do so. 
  
 (d) Unless Landlord requires their removal, all alterations,
improvements, additions and Utility Installations made on the Property shall become the property of Landlord and remain upon and be surrendered with the Property at the expiration of the lease term without compensation to Tenant. 
  
 7.8 Landlord’s Interest Not Subject to Liens. As
provided in §713.10, Florida Statutes, the interest of Landlord shall not be subject to liens for improvements made by Tenant and Tenant shall notify any contractor making such improvements of this provision. An appropriate notice of this
provision may be recorded by Landlord in the Public Records of Pinellas County, Florida, in accordance with said statute, without Tenant’s joinder or consent. 
  
 8. INSURANCE; INDEMNITY. 
  
 8.1 Property Insurance - Tenant. Tenant shall at all times during the term hereof, at its expense, maintain a policy or policies
insuring the Property against loss or damage by fire, explosion, and other hazards and contingencies (“all risk,” as such term is used in the insurance industry), and plate glass insurance as required in the reasonable discretion of
Landlord, in an amount of not less than full insurable value. 
  
 8.2 Liability Insurance - Tenant. Tenant shall, at Tenant’s sole expense, obtain and keep in force during the term hereof a policy of bodily injury and property damage insurance, insuring Tenant and
Landlord against any liability arising out of the use, occupancy or maintenance of the Property and the parking areas, walkways, driveways, landscaped areas and other areas exterior to the Property and appurtenant thereto. Such insurance shall be in
an amount not less than THREE MILLION DOLLARS ($3,000,000.00) combined single limit, THREE MILLION DOLLARS ($3,000,000.00) per person, THREE MILLION DOLLARS ($3,000,000.00) per accident for bodily injury, and THREE MILLION DOLLARS ($3,000,000.00)
property damage. The policy shall insure performance by Tenant of the indemnity provisions of this Section 8. The limits of said insurance shall not, however, limit the liability of Tenant hereunder. Upon demand, Tenant shall provide Landlord, at
Landlord’s expense, with such increased amounts of insurance as Landlord may reasonably require to afford Landlord adequate protection for risks insured under this Section 8. Tenant, as a material part of the consideration to Landlord, hereby
assumes all risk of damage to property or injury to persons, in, upon or about the Property arising from any cause and Tenant hereby waives all claims in respect thereof against Landlord. 
  
 8.3 Employees Compensation - Tenant. Tenant shall
maintain and keep in force all employees’ compensation insurance required under the laws of 

  

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the State of Florida and such other insurance as may be necessary to protect Landlord against any other liability to person or property arising hereunder by
operation of law, whether such law is now in force or is adopted subsequent to the execution hereof. 
  
 8.4 Tenant’s Default. Should Tenant fail to keep in effect and pay for such insurance as it is in this section required to
maintain, Landlord may do so, in which event the insurance premiums paid by Landlord, together with interest thereon at the Default Rate from the date paid by Landlord, shall become due and payable forthwith and failure of Tenant to pay same on
demand shall constitute a breach hereof. 
  
 8.5
Tenant’s Compliance. Tenant shall properly and promptly comply with and execute all rules, orders and regulations of the Southeastern Underwriter’s Association for fire and other casualties, at Tenant’s own cost and expense.
Tenant shall not do or permit to be done anything which shall invalidate the insurance policies referred to in this Section 8. Tenant agrees to pay any increase in the amount of insurance premiums over and above the rate now in force that may be
caused by Tenant’s use or occupancy of the Property. In the event any increase in premiums is caused by the act or omission of Tenant in violation of the terms hereof, payment by Tenant of such increase shall not release Tenant from liability
for such violation. 
  
 8.6 Insurance
Policies. Insurance required hereunder shall be with good and solvent insurance companies satisfactory to Landlord; in the absence of other specific directions, such companies shall hold a “General Policyholders Rating” of at least B
plus, or such other rating as may be required by a lender having a lien on the Property, as set forth in the most current issue of “Best’s Insurance Guide”. Tenant shall deliver to Landlord copies of policies of insurance required to
be provided by Tenant under this Section 8 or certificates evidencing the existence and amounts of such insurance and its compliance with the conditions set forth in this Section 8. No such policy shall be cancelable or subject to reduction of
coverage or other modification except after thirty (30) days’ prior written notice to Landlord, and the interest of Landlord under such policies shall not be affected by any default by Tenant under the provisions of such policies. Tenant shall,
at least thirty (30) days prior to the expiration of such policies, furnish Landlord with renewals or “binders” thereof, or Landlord may order such insurance and charge the cost thereof to Tenant, which amount shall be payable by Tenant
upon demand. If required by any mortgage encumbering the Property, the mortgagee shall also be a named or additional insured and the terms of all insurance policies shall comply with all other requirements of such mortgage. 
  
 8.7 Waiver of Subrogation. Tenant and Landlord each
hereby release and relieve the other, and waive their entire right of recovery against the other, for loss or damage arising out of, or incident to, the perils actually insured against under this Section 8, which perils occur in, on, or about the
Property, whether due to the negligence of Landlord or Tenant or their agents, employees, contractors and/or invitees. Tenant and Landlord shall, upon obtaining the policies of insurance required 

  

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hereunder, give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. 
  
 8.8 Indemnity. Tenant shall indemnify and hold
harmless Landlord from and against any and all injury, expense, damages and claims arising from Tenant’s use of the Property, whether due to damage to the Property, claims for injury to the person or property of any other tenant of the building
(if applicable) or any other person rightfully in or about the Property, from the conduct of Tenant’s business or from any activity, work or things done, permitted or suffered by Tenant or its agents, servants, employees, licensees, customers,
or invitees in or about the Property or elsewhere or consequent upon or arising from Tenant’s failure to comply with applicable laws, statutes, ordinances or regulations, and Tenant shall further indemnify and hold harmless Landlord from and
against any and all such claims and from and against all costs, attorney’s fees, expenses and liabilities incurred in the investigation, handling or defense of any such claim or any action or proceeding brought in connection therewith by a
third person or any governmental authority; and in case any action or proceeding is brought against Landlord by reason of any such claim, Tenant upon notice from Landlord shall defend the same at Tenant’s expense by counsel satisfactory to
Landlord. This indemnity shall not require payment as a condition precedent to recovery. 
  
 8.9 Exemption of Landlord from Liability. Tenant hereby agrees that Landlord shall not be liable for injury to Tenant’s
business or any loss of income therefrom or for damage to the goods, wares, merchandise or other property of Tenant, Tenant’s employees, invitees, customers, or any other person in or about the Property, whether such damage or injury is caused
by or results from fire, steam, electricity, gas, water or rain, or from the breakage, leakage, obstruction or other defects of pipes, sprinklers, wires, appliances, plumbing, air conditioning or lighting fixtures, or from any other cause, whether
the said damage or injury results from latent defects or other conditions arising upon the Property or upon other portions of the building(s) of which the Property is a part, or from other sources or places and regardless of whether the cause of
such damage or injury or the means of repairing the same is inaccessible to Tenant. Landlord shall not be liable for any damages arising from any act or neglect of any other tenant of the building in which the Property is located. 
  

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 9. DAMAGE OR DESTRUCTION. 
  
 9.1 Definitions. 
  
 (a) “Property Partial Damage” shall herein mean damage or destruction to the Property to the
extent that the cost of repair is less than fifty percent (50%) of the fair market value of the Property immediately prior to such damage or destruction, or if applicable, damage or destruction to the building of which the Property is a part to the
extent that the cost of repair is less than fifty percent (50%) of the fair market value of such building as a whole immediately prior to such damage or destruction. 
  
 (b) “Property Total Destruction” shall herein mean damage or destruction to the Property to the
extent that the cost of repair is fifty percent (50%) or more of the fair market value of the Property immediately prior to such damage or destruction, or if applicable, damage or destruction to the building of which the Property is a part to the
extent that the cost of repair is fifty percent (50%) or more of the fair market value of such building as a whole immediately prior to such damage or destruction. 
  
 (c) “Insured Loss” shall herein mean damage or destruction which was caused by an event required
to be covered by the insurance described in Section 9. 
  
 9.2 Partial Damage - Insured Loss. Subject to the provisions of Section 9.5, if, at any time during the term hereof, there is damage which is an Insured Loss and which falls into the classification of Property Partial Damage, then
Landlord shall, at Landlord’s sole cost, repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. In no event shall Landlord be obligated to make any repairs or replacements of any items other
than those installed by or at the expense of Landlord or to repair any damage except to the extent proceeds of insurance are available for such purpose. 
  
 9.3 Partial Damage - Uninsured Loss. Subject to the provisions of Section 9.5, if at any time during the term hereof there is
damage which is not an Insured Loss and which falls within the classification of Property Partial Damage, unless caused by a negligent or willful act of Tenant (in which event Tenant shall make the repairs at Tenant’s expense), Landlord may at
Landlord’s option either (i) repair such damage as soon as reasonably possible at Landlord’s expense, in which event this Lease shall continue in full force and effect, or (ii) give written notice to Tenant within thirty (30) days after
the date of the occurrence of such damage of Landlord’s intention to cancel and terminate this Lease, as of the date of the occurrence of such damage. In the event Landlord elects to give such notice of Landlord’s intention to cancel and
terminate this Lease, Tenant shall have the right within ten (10) days after the receipt of such notice to give written notice to Landlord of Tenant’s intention to repair such damage at Tenant’s expense, without reimbursement from
Landlord, in which event this 

  

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Lease shall continue in full force and effect, and Tenant shall proceed to make such repairs as soon as reasonably possible. If Tenant does not give such
notice within such ten (10) day period, this Lease shall be cancelled and terminated as of the date of the occurrence of such damage. In no event shall Landlord be obligated to make any repairs or replacements of any items other than those installed
by or at the expense of Landlord. 
  
 9.4
Total Destruction. If at any time during the term hereof there is damage, whether or not an Insured Loss (including destruction required by any authorized public authority), which falls into the classification of Property Total Destruction or
Property Building Total Destruction, this Lease shall automatically terminate as of the date of such damage, unless within ten (10) days after such damage occurs Landlord shall notify Tenant that Landlord shall repair such damage and shall
thereafter repair the damage within a reasonable time. 
  
 9.5 Damage Near End of Term. 
  
 (a) If at any time during the last six (6) months of the term hereof there is damage, whether or not an Insured Loss, which falls within the classification of Property Partial Damage, Landlord may at Landlord’s option cancel and
terminate this Lease as of the date of occurrence of such damage by giving written notice to Tenant of Landlord’s election to do so within thirty (30) days after the date of occurrence of such damage. 
  
 (b) Notwithstanding Subsection 9.5(a), in the event that
Tenant has an option to extend or renew this Lease and the time within which said option may be exercised has not yet expired, Tenant shall exercise such option, if it is to be exercised at all, no later than twenty (20) days after the occurrence of
an Insured Loss falling within the classification of Property Partial Damage during the last six (6) months of the term hereof. If Tenant duly exercises such option during said twenty (20) day period, Landlord shall, at Landlord’s expense,
repair such damage as soon as reasonably possible to the extent required under Section 9.2 above and this Lease shall continue in full force and effect. If Tenant fails to exercise such option during said twenty (20) day period, then Landlord may at
Landlord’s option terminate and cancel this Lease as of the expiration of said twenty (20) day period by giving written notice to Tenant of Landlord’s election to do so within ten (10) days after the expiration of said twenty (20) day
period, notwithstanding any term or provision to the contrary in the grant of option to extend or renew. 
  
 9.6 Abatement of Rent; Tenant’s Remedies. 
  
 (a) In the event of damage described in this Section 9 which Landlord or Tenant repairs or restores, the
rent payable hereunder for the period during which such damage, repair or restoration continues shall be abated in proportion to the degree to which Tenant’s use of the Property is impaired. Except for abatement 

  

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of rent, if any, Tenant shall have no claim against Landlord for any damage suffered by reason of any such damage, destruction, repair or restoration.

  
 (b) If Landlord shall be obligated to repair
or restore the Property under the provisions of this Section 9 and shall not commence such repair or restoration within ninety (90) days after such obligation shall accrue, Tenant may at Tenant’s option cancel and terminate this Lease by giving
Landlord written notice of Tenant’s election to do so at any time prior to the commencement of such repair or restoration. In such event, this Lease shall terminate as of the date of such notice and Tenant shall have no other rights against
Landlord. 
  
 9.7 Termination; Advance
Payments. Upon termination hereof pursuant to this Section 9, an equitable adjustment shall be made concerning advance rent and any advance payments made by Tenant to Landlord. Landlord shall, in addition, return to Tenant so much of
Tenant’s security deposit as has not theretofore been applied by Landlord. 
  
 9.8 Waiver. Landlord and Tenant waive the provisions of any statutes which relate to termination of leases when leased property is
destroyed and agree that any such event shall be governed by the terms hereof. 
  
 10. PROPERTY TAXES. 
  
 10.1 Definition of “Real Property Taxes”. As used herein, the term “real property taxes” shall include any form of tax or assessment, general, special, ordinary or extraordinary, and any
license fee, commercial rental tax, improvement bond or bonds, levy or tax (other than inheritance, personal income or estate taxes) imposed on the Property by any authority having the direct or indirect power to tax, including any city, state or
federal government, or any school, agricultural, sanitary, fire, street, drainage or other improvement district thereof, against any legal or equitable interest of Landlord in the Property or in the real property of which the Property is a part, or
against Landlord’s right to rent or other income therefrom, or against Landlord’s business of leasing the Property. The term “real property tax” shall also include any tax, fee, levy, assessment or charge (i) in substitution of,
partially or totally, any tax, fee, levy, assessment or charge hereinabove included within the definition of “real property tax” or (ii) the nature of which was hereinbefore included within the definition of “real property tax,”
or (iii) that is imposed as a result of a transfer, either partial or total, of Landlord’s possessory interest in the Property, or which is added to a tax or charge hereinbefore included within the definition of real property tax by reason of
such transfer, or (iv) that is imposed by reason of this transaction, any modifications or changes hereto, or any transfers hereof. The term “real property tax” shall not include any income, estate or inheritance tax assessed against
Landlord, documentary stamp tax imposed as a result of Landlord’s transfer of the fee interest in the Property, or any sales tax on rent or other payments due from Tenant hereunder. 
  

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 10.2 Payment of Taxes. Tenant shall pay the real property taxes, as defined in
Section 10.1, applicable to the Property throughout the lease term. If the term hereof shall not expire concurrently with the expiration of the tax year, Tenant’s liability for real property taxes for the last partial lease year shall be
prorated on an annual basis. 
  
 10.3 Personal
Property Taxes. Tenant shall pay, prior to delinquency, all taxes assessed against and levied upon trade fixtures, furnishings, equipment and all other personal property of Tenant contained on the Property or elsewhere or on any leasehold
improvements made to the Property by Tenant, regardless of the validity thereof or whether title to such improvements shall be in the name of Tenant or Landlord. When possible, Tenant shall cause said trade fixtures, furnishings, equipment and all
other personal property to be assessed and billed separately from the real property of Landlord. If any of Tenant’s personal property shall be assessed with Landlord’s real property, Tenant shall pay Landlord the taxes attributable to
Tenant’s personal property within ten (10) days after receipt of a written statement from Landlord setting forth the taxes applicable to Tenant’s property. 
  
 11. UTILITIES. 
  
 (a) Tenant shall punctually pay for all water and sewer charges, and for all gas, heat, electricity, telephone, garbage collection and all
other utilities and services consumed in connection with the Property, together with any taxes thereon. If any such services are not separately metered as to the Property, Tenant shall pay a reasonable proportion to be determined by Landlord of all
charges jointly metered with other premises. 
  
 (b) If charges to be paid by Tenant hereunder are not paid when due and Landlord elects to pay same, interest shall accrue thereon from the date paid by Landlord at the Default Rate, and such charges and interest shall be added to the
subsequent month’s rent and shall be collectible from Tenant in the same manner as rent. Landlord shall not be liable for damage to Tenant’s business and/or inventory or for any other claim by Tenant resulting from an interruption in
utility services. 
  
 12. ASSIGNMENT AND SUBLETTING.

  
 12.1 Landlord’s Consent Required.
Tenant shall not voluntarily or by operation of law assign, mortgage, sublet, or otherwise transfer or encumber all or any part of Tenant’s interest in this Lease or in the Property or Tenant’s possession thereof without Landlord’s
prior written consent. Any attempted assignment, transfer, mortgage, encumbrance or subletting without Landlord’s consent shall be void and shall constitute a breach hereof. No term or provision contained below in this Section 12 shall be
deemed to limit Landlord’s absolute right to withhold consent to any proposed transfer or encumbrance of Tenant’s interest in Landlord’s absolute discretion and for any reason whatsoever. If Tenant desires to assign this Lease or to
sublet the Property 

  

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or any portion thereof, it shall first notify Landlord of its desire to do so and shall submit in writing to Landlord; (i) the name of the proposed assignee
or subtenant; (ii) the nature of the proposed assignee’s or subtenant’s business to be conducted on the Property; (iii) the terms of the proposed assignment or sublease; and (iv) such financial information as Landlord may reasonably
request concerning the proposed assignee or subtenant. 
  
 12.2 No Release or Waiver. Regardless of Landlord’s consent, no subletting or assignment shall release Tenant from Tenant’s obligation or alter the primary liability of Tenant to pay the rent and to perform all other
obligations to be performed by Tenant hereunder. The acceptance of rent by Landlord from any other person shall not be deemed to be a waiver by Landlord of any provision hereof. Consent to one assignment or subletting shall not be deemed consent to
any subsequent assignment or subletting. In the event of default by any assignee of Tenant or any successor of Tenant in the performance of any of the terms hereof, Landlord may proceed directly against Tenant without the necessity of exhausting
remedies against said assignee. Landlord may consent to subsequent assignments or subletting hereof or amendments or modifications to this Lease with assignees of Tenant, without notifying Tenant, or any successor of Tenant, and without obtaining
its or their consent thereto and such action shall not relieve Tenant of liability hereunder. 
  
 12.3 Effect of Transfer. The voluntary or other surrender hereof by Tenant or a mutual cancellation hereof shall not work a merger
of the interests of the parties hereunder and shall, at the option of Landlord, terminate any or all subleases or subtenancies or shall operate as an assignment to Landlord of such subleases or subtenancies. If Tenant is a corporation,
unincorporated association or partnership, the transfer, assignment or hypothecation of any stock or interest in such corporation, association or partnership in the aggregate in excess of twenty-five percent (25%) or resulting in a change in
management control shall be deemed an assignment within the meaning and provisions of this Section 12. 
  
 12.4 Attorney’s Fees. In the event Tenant shall assign or sublet the Property or request the consent of Landlord to any
assignment or subletting or if Tenant shall request the consent of Landlord for any act Tenant proposes to do, then Tenant shall pay Landlord’s reasonable attorney’s fees and costs incurred in connection with each such request. 

 
 12.5 Right of Recapture. At any time within thirty
(30) days after Landlord’s receipt of the information specified in Section 12.1 above, Landlord may, by written notice to Tenant, elect (i) to sublease the Property or the portion thereof proposed to be subleased by Tenant, or to take an
assignment of Tenant’s estate hereunder or such part thereof as shall be specified in said notice, on the same terms and conditions as those contained in said notice; or (ii) to participate with Tenant in any payments (including, but not
limited to, rent, security deposit and operating expenses) received by Tenant from any assignee or subtenant in excess of the payments made by Tenant to Landlord hereunder, which election shall entitle Landlord to fifty percent 

  

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(50%) of such excess, which shall be paid to Landlord within five (5) days after receipt by Tenant. If Landlord does not exercise either of the options set
forth in this Section 12.5 within said thirty (30) day period, Tenant may within ninety (90) days after the expiration of said thirty (30) day period enter into a valid assignment or sublease of the Property or portion thereof upon the terms and
conditions set forth in the notice furnished by Tenant to Landlord pursuant to Section 12.1 above, subject, however, in each instance, to Landlord’s consent as set forth in Section 12.1 above. 
  
 13. DEFAULTS; REMEDIES. 
  
 13.1 Defaults. The occurrence of any one or more of
the following events shall constitute a material default and breach hereof by Tenant: 
  
 (a) The vacating or abandonment of the Property by Tenant; 
  
 (b) The failure by Tenant to make any payment of rent or any other payment required to be made by Tenant
hereunder, as and when due, where such failure shall continue for a period of three (3) days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or vacate pursuant to applicable
unlawful detainer or other statutes, such notice shall also constitute the notice required by this subsection; 
  
 (c) The failure by Tenant to observe or perform any of the covenants, conditions or provisions hereof to be observed or performed by
Tenant, other than described in Subsection (b) above, where such failure shall continue for a period of thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s default is such
that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be deemed to be in default if Tenant commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion;

  
 (d) (i) The making by Tenant of any general
arrangement or assignment for the benefit of creditors; (ii) Tenant becomes a “debtor” as defined under the Federal Bankruptcy Code or any successor statute thereto or any other statute affording debtor relief, whether state or federal,
(unless, in the case of a petition filed against Tenant, the same is dismissed within thirty (30) days), or admits in writing its present or prospective insolvency or inability to pay its debts as they mature, or is unable to or does not pay a
material portion (in numbers or dollar amount) of its debts as they mature; (iii) the appointment of a trustee or receiver to take possession of all or a substantial portion of Tenant’s assets located at the Property or of Tenant’s
interest in this Lease; (iv) the attachment, execution or other judicial seizure of all or a substantial portion of Tenant’s assets located at the Property or of Tenant’s interest in this Lease; or (v) the entry of a judgment against
Tenant which affects Tenant’s ability to conduct its business in the ordinary course; provided, however, to the extent that any 

  

 -14- 

 
provision of this Subsection 13.1(d) is contrary to any applicable law, such provision shall be of no force or effect to such extent only; and/or 

 
 (e) The discovery by Landlord that any financial
statement, warranty, representation or other information given to Landlord by Tenant, any assignee of Tenant, any subtenant of Tenant, any successor in interest of Tenant or any guarantor of Tenant’s obligation hereunder, in connection with
this Lease, was materially false or misleading when made or furnished. 
  
 13.2 Remedies. In the event of any default or breach hereof by Tenant, Landlord may (but shall not be obligated) at any time thereafter, with or without notice or demand and without limiting Landlord in the
exercise of any right or remedy which Landlord may have by reason of such default or breach: 
  
 (a) Terminate Tenant’s right to possession of the Property by any lawful means, in which case this Lease shall terminate and Tenant
shall immediately surrender possession of the Property to Landlord. In such event, Landlord shall be entitled to recover from Tenant all damages incurred by Landlord by reason of Tenant’s default, including accrued rent, the cost of recovering
possession of the Property, expenses of reletting, including necessary renovation and alteration of the Property, reasonable attorney’s fees, and any real estate commission actually paid; 
  
 (b) Reenter and take possession of the Property and relet or
attempt to relet same for Tenant’s account, holding Tenant liable in damages for all expenses incurred by Landlord in any such reletting and for any difference between the amount of rents received from such reletting and those due and payable
under the terms hereof. In the event Landlord relets the Property, Landlord shall have the right to lease the Property or portions thereof for such periods of time and such rentals and for such use and upon such covenants and conditions as Landlord,
in its sole discretion, may elect, and Landlord may make such repairs and improvements to the Property as Landlord may deem necessary. Landlord shall be entitled to bring such actions or proceedings for the recovery of any deficits due to Landlord
as it may deem advisable, without being obliged to wait until the end of the term and commencement or maintenance of any one or more actions shall not bar Landlord from bringing other or subsequent actions for further accruals, nor shall anything
done by Landlord pursuant to this Subsection 13.2(b) limit or prohibit Landlord’s right at any time to pursue other remedies of Landlord hereunder; 
  
 (c) Declare all rents and charges due hereunder immediately due and payable and thereupon all such rents and fixed charges to the end of
the term shall thereupon be accelerated, and Landlord may, at once, take action to collect the same by distress or otherwise. In the event of acceleration of rents and other charges due hereunder which cannot be exactly determined as of the date of
acceleration and/or judgment, the amount of said rent and charges shall be as determined by Landlord in a reasonable manner based on information such as previous fluctuations in the C.P.I. and the like; 
  

 -15- 

 (d) Perform any of Tenant’s obligations on behalf of Tenant in such manner as
Landlord shall deem reasonable, including payment of any moneys necessary to perform such obligation or obtain legal advice, and all expenses incurred by Landlord in connection with the foregoing, as well as any other amounts necessary to compensate
Landlord for all detriment caused by Tenant’s failure to perform which in the ordinary course would be likely to result therefrom, shall be immediately due and payable from Tenant to Landlord, with interest at the Default Rate; such performance
by Landlord shall not cure the default of Tenant hereunder and Landlord may proceed to pursue any or all remedies available to Landlord on account of Tenant’s default; if necessary, Landlord may enter upon the Property after ten (10) days’
prior written notice to Tenant (except in the case of emergency, in which case no notice shall be required), perform any of Tenant’s obligations of which Tenant is in default; and/or 
  
 (e) Pursue any other remedy now or hereafter available to
Landlord under state or federal laws or judicial decisions. Unpaid installments of rent and other unpaid monetary obligations of Tenant under the terms hereof shall bear interest from the date due at the Default Rate. 
  
 13.3 No Waiver. No reentry or taking possession of
the Property by Landlord shall be construed as an election on its part to terminate this Lease, accept a surrender of the Property or release Tenant from any obligations hereunder, unless a written notice of such intention be given to Tenant.
Notwithstanding any such reletting or reentry or taking possession, Landlord may at any time thereafter elect to terminate this Lease for a previous default. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other
remedies herein provided or any other remedies provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Landlord hereunder or of any damages accruing to Landlord by reason of the violation
of any of the terms, provisions and covenants herein contained. Landlord’s acceptance of rent or additional rent following any event of default hereunder shall not be construed as Landlord’s waiver of such event of default. No waiver by
Landlord of any violation or breach of any of the terms, provisions, and covenants herein contained shall be deemed or construed to constitute a waiver of any other or subsequent violation or breach of any of the terms, provisions, and covenants
herein contained. Forbearance by Landlord to enforce one or more of the remedies herein provided upon an event of default shall not be deemed or construed to constitute a waiver of any other or subsequent violation or default. The loss or damage
that Landlord may suffer by reason of termination of this Lease or the deficiency from any reletting as provided for above shall include the expense of repossession and any repairs or remodeling undertaken by Landlord following possession. Should
Landlord at any time terminate this Lease for any default, in addition to any other remedy Landlord may have, Landlord may recover from Tenant all damages Landlord may incur by reason of such default, including the cost of recovering the Property
and the loss of rent for the remainder of the Lease term. Landlord’s consent to or approval of any act shall not be deemed to render unnecessary the obtaining of Landlord’s consent to or 

  

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approval of any subsequent act by Tenant. The delivery of keys to any employee or agent of Landlord shall not operate as a termination hereof or a surrender
of the Property. 
  
 13.4 Late Charges.
Tenant hereby acknowledges that late payment by Tenant to Landlord of rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs
include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Property. Accordingly, if any installment of rent or any other sum due from
Tenant shall not be received by Landlord or Landlord’s designee within ten (10) days after such amount shall be due, then, without any requirement for notice to Tenant, Tenant shall pay to Landlord a late charge equal to six percent (6%) of
such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event
constitute a waiver of Tenant’s default with respect to such overdue amount nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. In the event that a late charge is payable hereunder, whether or not
collected, for three (3) consecutive installments of rent, then rent shall automatically become due and payable quarterly in advance, rather than monthly, notwithstanding any other provision hereof to the contrary. The parties agree that the payment
of late charges and the payment of interest as provided elsewhere herein are distinct and separate from one another in that the payment of interest is to compensate Landlord for the use of Landlord’s money by Tenant and the payment of late
charges is to compensate Landlord for administrative and other expenses incurred by Landlord. 
  
 13.5 Interest on Past-Due Obligations. Except as expressly herein provided, any amount due to Landlord not paid when due shall bear
interest at the maximum rate then allowed by law (the “Default Rate”) from the date due. Payment of such interest shall not excuse or cure any default by Tenant under this Lease, provided, however, that interest shall not be payable on
late charges incurred by Tenant. Notwithstanding any other term or provision hereof, in no event shall the total of all amounts paid hereunder by Tenant and deemed to be interest exceed the amount permitted by applicable usury laws and, in the event
of payment by Tenant of interest in excess of such permitted amount, the excess shall be applied towards damages incurred by Landlord or returned to Tenant, at Landlord’s option. 
  
 13.6 Impounds. In the event that a late charge is payable hereunder, whether or not collected, for
three (3) installments of rent or other monetary obligation which Tenant is late in paying, Tenant shall pay to Landlord, if Landlord shall so request, in addition to any other payments required under this Lease, monthly advance installments,
payable at the same time as the rent is paid for the month to which it applies, in amounts required as estimated by Landlord to establish a fund for real property tax and insurance expenses on the Property which are payable by Tenant under the terms
hereof. Such fund shall be established to insure payment when due, 

  

 -17- 

 
before delinquency, of any or all such real property taxes and insurance premiums. If the amounts paid to Landlord by Tenant under the provisions of this
Section 13.6 are insufficient to discharge the obligations of Tenant to pay such real property taxes and insurance premiums as the same become due, Tenant shall pay to Landlord, upon Landlord’s demand, additional sums necessary to pay such
obligations. All moneys paid to Landlord under this Section 13.6 may be intermingled with other monies of Landlord and shall not bear interest. In the event of a default in the obligations of Tenant to perform under this Lease, then any balance
remaining from funds paid to Landlord under the provisions of this Section 13.6 may, at the option of Landlord, be applied to the payment of any monetary default of Tenant, in lieu of being applied to the payment of real property tax and insurance
premiums. 
  
 13.7 Default by Landlord.
Landlord shall not be in default unless Landlord fails to perform obligations required of Landlord within a reasonable time, but in no event later than thirty (30) days after written notice by Tenant to Landlord and to the holder of any first
mortgage or deed of trust covering the Property, whose name and address shall have theretofore been furnished to Tenant in writing, specifying the obligation that Landlord has failed to perform; provided, however, that if the nature of
Landlord’s obligation is such that more than thirty (30) days are required for performance, then Landlord shall not be in default if Landlord commences performance within such thirty (30) day period and thereafter diligently prosecutes the same
to completion. Notwithstanding any other provision hereof, Landlord shall not be in default hereunder for failure to perform any act required of Landlord where such failure is due to inability to perform on account of strike, laws, regulations or
requirements of any governmental authority, or any other cause whatsoever beyond Landlord’s control, nor shall Tenant’s rent be abated by reason of such inability to perform. 
  
 14. CONDEMNATION. If the Property or any portion thereof is taken under the power of eminent domain, or sold under
the threat of the exercise of said power (either of which is herein called “condemnation”), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or possession, whichever first occurs. If
more than twenty percent (20%) of the Property or such portion thereof as will make the Property unusable for the purposes herein leased is taken by condemnation, either party may terminate this Lease by notice to the other, in writing, only within
ten (10) days after Landlord shall have given Tenant written notice of such condemnation or pending condemnation (or in the absence of such notice, within ten (10) days after the condemning authority shall have taken possession), such termination to
take effect as of the date the condemning authority takes possession. If neither party terminates this Lease in accordance with the foregoing, this Lease shall remain in full force and effect as to the portion of the Property remaining, except that
the rent shall be reduced in the proportion that the floor area taken bears to the total floor area of the Property and Tenant shall have no other rights or remedies as a result of such condemnation. Any award or payment made in connection with a
condemnation shall be the property of Landlord, whether such award shall be made in settlement of contemplated condemnation proceedings or as compensation for diminution in value of the leasehold or for the taking of the fee, or as severance or
other 

  

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damages; provided, however, that Tenant shall be entitled to any separate award made to Tenant which does not diminish Landlord’s award, such as for
loss of or damage to Tenant’s trade fixtures and removable personal property and Tenant’s moving expenses. In the event that this Lease is not terminated by reason of such condemnation, Landlord shall, to the extent of severance damages
received by Landlord in connection with such condemnation, repair any damage to the Property caused by such condemnation except to the extent that Tenant has been reimbursed therefor by the condemning authority. Tenant shall pay any amount in excess
of such severance damages required to complete such repair. Landlord shall in no event be obligated to repair or replace any items other than those installed by or at the expense of Landlord. 
  
 15. ESTOPPEL CERTIFICATE. 
  
 15.1 Certificate. Tenant shall at any time, upon not
less than ten (10) days’ prior written notice from Landlord, execute, acknowledge and deliver to Landlord and/or any lender or purchaser designated by Landlord a statement in writing (i) certifying that this Lease is unmodified and in full
force and effect (or, if modified, stating the nature of such modification and certifying that this Lease, as so modified, is in full force and effect) and the date to which the rent and other charges are paid in advance, if applicable, and (ii)
acknowledging that there are not, to Tenant’s knowledge, any uncured defaults on the part of Landlord hereunder, or specifying such defaults if any are claimed. Any such statement may be conclusively relied upon by any purchaser or encumbrancer
of the Property. 
  
 15.2 Failure to Deliver
Certificate. At Landlord’s option, Tenant’s failure to deliver such statement within such time shall be a material breach by Tenant under this Lease or shall be conclusive upon Tenant (i) that this Lease is in full force and effect,
without modification except as may be represented by Landlord, (ii) that there are no uncured defaults in Landlord’s performance, and (iii) that no rent has been paid in advance. 
  
 15.3 Financial Statements. If Landlord desires to finance, refinance or sell the Property, or any
part thereof, Tenant hereby agrees to deliver to any lender or purchaser designated by Landlord the past three (3) years’ financial statements of Tenant, in such detail as may be reasonably required by such lender or purchaser. All such
financial statements shall be received by Landlord and such lender or purchaser in confidence and shall be used only for the purposes of assessing the status of Tenant’s tenancy and the value of the Property. 
  
 16. SUBORDINATION. 
  
 (a) Tenant accepts this Lease subject to any deeds of trust,
master leases, security interests or mortgages which might now or hereafter constitute a lien upon the Property and all renewals, extensions, modifications and replacements thereof, and to recorded covenants and zoning ordinances and other 

  

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building and fire ordinances and governmental regulations relating to the use of the Property. Tenant, shall at any time hereafter, on demand, execute any
instrument, releases or other documents that may be required by any mortgagee for the purpose of subjecting and subordinating this Lease to the lien of any such deed of trust, master lease, security interest or mortgage hereafter constituting a lien
on the Property. Tenant’s failure to execute such documents within ten (10) days after written demand shall constitute material default by Tenant hereunder, or, at Landlord’s option, Landlord shall execute such documents on behalf of
Tenant as Tenant’s attorney-in-fact. Tenant does hereby make, constitute and irrevocably appoint Landlord as Tenant’s attorney-in-fact and in Tenant’s name, place and stead to execute such documents in accordance with this Section 17.
Landlord, at its sole option, shall have the right to waive the applicability of this Section 17 so that this Lease will not be subject and subordinate to any specific deed of trust, master lease, security interest or mortgage. 
  
 (b) This Lease and any modification thereof is subject to
the approval of any mortgagee of the Property from time to time. Any mortgagee which did not have a mortgage affecting the Property at the time this Lease or any modification hereof is made will be limited as to approval rights to the extent that
such mortgagee reserves the right to disclaim responsibility for any capital improvements to the mortgaged premises which the Landlord has agreed to make, or covenants, contractual obligations or services which do not run with the land. In order to
further secure the indebtedness secured by any such mortgage, Landlord and Tenant hereby covenant for themselves and for the benefit of any such mortgagee that this Lease shall be subject and subordinate to any mortgage now or hereafter affecting
the Property and all advances made or to be made thereunder and all renewals, extensions, modifications, consolidations or replacements thereof, including future advances thereunder or supplements thereto, provided, however, that without limiting
any of the foregoing, in the event that by reason of any default on the part of Landlord the mortgagee succeeds to the interest of the Landlord, then, at the sole option of the mortgagee, this Lease may nevertheless continue in full force and effect
and Tenant shall and does hereby agree to attorn to such mortgagee and to recognize such mortgagee as the Landlord in such event. Tenant hereby constitutes and appoints Landlord and/or the mortgagee as Tenant’s attorney-in-fact to execute and
deliver any such agreement of attornment for and on behalf of Tenant, and it is further covenanted that (i) the provisions of said mortgage shall govern with respect to the disposition of proceeds of insurance or condemnation or eminent domain
awards, and (ii) in the absence of the prior written consent of the mortgagee, Tenant shall not prepay rent more than one (1) month in advance, or enter into any agreement with Landlord to amend or modify this Lease, or voluntarily surrender the
Property or terminate the Lease without cause, or surrender the Lease, or allow the release of the approved Tenant from the obligations hereunder on assigning or subletting of the Property or any part thereof. In the event of any act or omission by
Landlord which would give Tenant the right to terminate this Lease, Tenant shall not exercise any such right until it shall have given thirty (30) days’ written notice thereof to the mortgagee at the address previously furnished to Tenant.

  

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 17. LANDLORD’S LIEN. In addition to the statutory landlord’s lien, Landlord shall have,
at all times, a valid security interest to secure payments of all rent, additional rent and other sums of money becoming due hereunder from Tenant and to secure payment of any damages or loss which Landlord may suffer by reason of the breach by
Tenant of any covenant, agreement or condition contained herein, upon all goods, wares, equipment, fixtures, furniture, improvements and other personal property of Tenant presently or which may hereafter be situated in the Property and all proceeds
therefrom, and such property shall not be removed therefrom without the consent of Landlord until all arrearages in rent, as well as any and all other sums of money then due to Landlord hereunder, shall first have been paid and discharged and all
the covenants, agreements and conditions hereof have been fully complied with and performed by Tenant. Upon the occurrence of an event of default by Tenant, Landlord may, in addition to any other remedies provided herein, enter upon the Property and
take possession of any and all goods, wares, equipment, fixtures, furniture, improvements, and other personal property of Tenant situated in the Property, without liability for trespass or conversion, and sell the same at public or private sale,
with or without having such property at the sale, after giving Tenant reasonable notice of the time and place of any public sale or of the time after which any private sale is to be made, at which sale the Landlord or its assigns may purchase unless
otherwise prohibited by law. Unless otherwise provided by law, and without intending to exclude any other manner of giving Tenant reasonable notice, the requirement of reasonable notice shall be met if such notice is given in the manner prescribed
in this Lease at least five (5) days before the time of sale. The proceeds from any such disposition, less any and all expenses connected with the taking of possession, holding and selling of the Property (including reasonable attorney’s fees
and other expenses), shall be applied as a credit against the indebtedness secured by the security interest granted in this Section 17. Any surplus shall be paid to Tenant or as otherwise required by law; and Tenant shall pay any deficiencies
forthwith. Upon request of the Landlord, Tenant agrees to execute and deliver to Tenant a financing statement in form sufficient to perfect the security interest of Landlord in the aforementioned property and proceeds thereof under the provisions of
the Uniform Commercial Code in force in the State of Florida. The statutory lien for rent is not hereby waived, the security interest herein granted being in addition and supplementary thereto. 
  
 18. SIGNS. Tenant shall not place any sign on or about the Property
without Landlord’s prior written consent. 
  
 19.
NOTICES. 
  
 (a) Except as provided in
subsection (b) below, any notice, demand, request or other communication (“Notice”) required or permitted to be given hereunder shall be in writing and shall be deemed given when mailed by certified or registered mail, postage prepaid,
return receipt requested, addressed to Tenant or to Landlord at the address noted below the signature of such party. Notice given by any other means shall be deemed given when actually received in writing. Either party may by notice to the other
specify a different address for Notice purposes, which shall only 

  

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be effective upon receipt, except that upon Tenant’s taking possession of the Property, the Property shall constitute Tenant’s address for Notice
purposes. A copy of all Notices required or permitted to be given to Landlord hereunder shall be concurrently transmitted to such party or parties at such addresses as Landlord may from time to time hereafter designate by notice to Tenant.

  
 (b) The Tenant hereby appoints as its agent
to receive the service of all dispossessory or distraint proceedings and legal notices the person in charge of the Property at the time or occupying the Property, and if there is no person in charge or occupying the Property, than such service or
notice may be made by attaching the same on the main entrance of the Property. 
  
 20. INCORPORATION OF PRIOR AGREEMENTS; AMENDMENTS. This Lease contains all agreements of the parties with respect to any matter mentioned herein. No prior agreement or understanding pertaining to any such
matter shall be effective. This Lease may be modified in writing only, signed by the parties in interest at the time of the modification. Except as otherwise stated in this Lease, Tenant hereby acknowledges that neither the Landlord nor any of its
employees or agents has made any oral or written warranties or representations to Tenant relative to the condition or use by Tenant of said Property, and Tenant acknowledges that Tenant assumes all responsibility regarding the Occupational Safety
Health Act, the legal use and adaptability of the Property, and the compliance thereof with all applicable laws and regulations in effect during the term hereof, except as otherwise specifically stated in this Lease. 
  
 21. ATTORNEY’S FEES. If either party brings an action to enforce
the terms hereof or declare rights hereunder, the prevailing party in any such action shall be entitled to recover reasonable attorney’s and legal assistant’s fees and costs incurred in connection therewith, on appeal or otherwise,
including those incurred in arbitration, mediation, administrative or bankruptcy proceedings and in enforcing any right to indemnity herein. 
  
 22. EASEMENTS. Landlord reserves to itself the right, from time to time, to grant such easements, rights and dedications as Landlord deems
necessary or desirable and to cause the recordation of plats and restrictions, so long as such easements, rights, dedications, plats and restrictions do not unreasonably interfere with the use of the Property by Tenant. Tenant shall promptly sign
any of the aforementioned documents upon request of Landlord and failure to do so shall constitute a material breach hereof. 
  
 23. FORCE MAJEURE. Whenever a period of time is herein prescribed for action to be taken by Landlord, Landlord shall not be liable or responsible
for, and there shall be excluded from the computation for any such period of time, any delays due to strikes, riots, acts of God, shortages of labor or materials, war, governmental laws, regulations or restrictions or any other causes of any kind
whatsoever which are beyond the control of Landlord. 
  

 -22- 

 24. HOLDING OVER. If Tenant, with Landlord’s consent, remains in possession of the Property
or any part thereof after the expiration of the term hereof, such occupancy shall be a tenancy from month to month upon all the provisions hereof pertaining to the obligations of Tenant, but all options and rights of first refusal, if any, granted
under the terms hereof, shall be deemed terminated and be of no further effect during said month to month tenancy. If Tenant shall hold over without Landlord’s express written consent, Tenant shall become a tenant at sufferance and rental shall
be due at the higher of (1) the then prevailing market rate as determined by Landlord in its absolute discretion, or (2) twice the rent payable immediately prior to the expiration of the term. The foregoing provisions shall not limit Landlord’s
rights hereunder or provided by law in the event of Tenant’s default. 
  
 25. LANDLORD’S ACCESS. Landlord and Landlord’s agents shall have the right to enter the Property at reasonable times for the purpose of inspecting the same, posting notices of non-responsibility,
showing the same to prospective purchasers, lenders, or tenants, performing any obligation of Tenant hereunder of which Tenant is in default, and making such alterations, repairs, improvements or additions to the Property or to the building of which
it is a part as Landlord may deem necessary or desirable, all without being deemed guilty of an eviction of Tenant and without abatement of rent, and Landlord may erect scaffolding and other necessary structures where reasonably required by the
character of any work performed, provided that the business of Tenant shall be interfered with as little as reasonably practicable. Tenant hereby waives any claims for damages for any injury to or interference with Tenant’s business, any loss
of occupancy or quiet enjoyment of the Property, and any other loss occasioned thereby. For each of the aforesaid purposes, Landlord shall at all times have and retain a key with which to unlock all of the doors in, upon and about the Property,
excluding Tenant’s vaults and safes, if any, and Landlord shall have the right to use any and all means which Landlord may deem proper to open said doors in an emergency in order to obtain entry to the Property, and any entry to the Property
obtained by Landlord by any of said means shall not under any circumstances be construed or deemed to be a forceable or unlawful entry into, or a detainer of, the Property, or an eviction of Tenant from the Property or any portion thereof. No
provision hereof shall be construed as obligating Landlord to perform any repairs, alterations or to take any action not otherwise expressly agreed to be performed or taken by Landlord. Landlord may at any time place on or about the Property any
ordinary “For Sale” signs and Landlord may at any time during the last one hundred twenty (120) days of the term hereof place on or about the Property any ordinary “For Lease” signs, all without rebate of rent or liability to
Tenant. 
  
 26. QUIET ENJOYMENT. Upon Tenant paying the
rent for the Property and observing and performing all of the covenants, conditions and provisions on Tenant’s part to be observed and performed hereunder, Tenant shall have quiet possession of the Property for the entire term hereof subject to
all of the provisions hereof. 
  

 -23- 

 27. LANDLORD’S LIABILITY. The term “Landlord” as used herein shall mean only the
owner or owners at the time in question of the fee title or a tenant’s interest in a ground lease of the Property, and in the event of any transfer of such title or interest, Landlord herein named (and in case of any subsequent transfers then
the grantor) shall be relieved from and after the date of such transfer of all liability as respects Landlord’s obligations thereafter to be performed, provided that any funds in the hands of Landlord or the then grantor at the time of such
transfer, in which Tenant has an interest, shall be delivered to the grantee. The obligations contained in this Lease to be performed by Landlord shall, subject to transfer of funds as aforesaid, be binding on Landlord’s successors and assigns
only during their respective periods of ownership. Tenant shall look solely to the equity of the then owner of the Property in the Property for the satisfaction of any remedies of Tenant in the event of a breach by the Landlord of any of its
obligations. Such exculpation of liability shall be absolute and without any exception whatsoever. 
  
 28. BINDING EFFECT: CHOICE OF LAW. Subject to any provisions hereof restricting assignment or subletting by Tenant and subject to the provisions of
the foregoing Section 27, this Lease shall bind the parties, their personal representatives, successors and assigns. This Lease shall be governed by the laws of the State wherein the Property is located. 
  
 29. SEVERABILITY. The invalidity of any provision hereof under
applicable law shall in no way affect the validity of any other provision hereof. 
  
 30. TIME OF ESSENCE. Time is of the essence hereof. 
  
 31. ADDITIONAL RENT; SURVIVAL. Any and all monetary obligations of Tenant under the terms hereof shall be deemed to be rent, shall be secured by any available lien for rent, and to the extent accrued shall
survive expiration or termination of the term hereof. 
  
 32.
COVENANTS AND CONDITIONS. Each provision hereof performable by Tenant shall be deemed both a covenant and a condition. 
  
 33. MERGER. The voluntary or other surrender hereof by Tenant, or a mutual cancellation thereof, or a termination by Landlord, shall not work a
merger, and shall, at the option of Landlord, terminate all or any existing subtenancies or may, at the option of Landlord, operate as an assignment to Landlord of any or all of such subtenancies. 
  
 34. GUARANTOR. In the event that there is a guarantor hereof, said
guarantor shall have the same obligations as Tenant under this Lease. 
  
 35. SECURITY MEASURES. Tenant hereby acknowledges that the rental payable to Landlord hereunder does not include the cost of guard service or other security measures, and that Landlord shall have no obligation whatsoever to provide

  

 -24- 

 
same. Tenant assumes all responsibility for the protection of Tenant, its agents and invitees from acts of third parties. 
  
 36. AUTHORITY. If Tenant is a corporation, trust, or general or
limited partnership, each individual executing this Lease on behalf of such entity represents and warrants that he or she is duly authorized to execute and deliver this Lease on behalf of said entity, and Tenant shall, within fifteen (15) days after
execution hereof, deliver to Landlord evidence of such authority satisfactory to Landlord. 
  
 37. CONSTRUCTION. Any conflict between the printed provisions hereof and the typewritten or handwritten provisions shall be controlled by the typewritten or handwritten provisions. Headings used herein shall
not affect the interpretation hereof, being merely for convenience. The terms “Landlord” and “Tenant” shall include the plural and the singular and all grammar shall be deemed to conform thereto. If more than one person executes
this Lease, their obligations shall be joint and several. The use of the words “include,” “includes” and “including” shall be without limitation to the items which may follow. 
  
 38. AUCTIONS. Tenant shall not conduct, nor permit to be conducted,
either voluntarily or involuntarily, any auction upon the Property without first having obtained Landlord’s prior written consent. 
  
 39. CAPTIONS. The parties mutually agree that the headings and captions contained in this Lease are inserted for convenience or reference only, and
are not to be deemed part of or used in construing this Lease. 
  
 40. ARBITRATION. In the event of any dispute between the Landlord and Tenant with respect to any issue specifically mentioned in this Lease as a matter to be decided by arbitration, such dispute shall be determined by arbitration in
accordance with the laws of the State of Florida dealing with arbitration, or in the absence of such laws, the rules of the American Arbitration Association. The decision resulting from the arbitration shall be binding, final and conclusive on the
parties and a decision thereon may be entered by a court having jurisdiction. 
  
 41. RADON GAS DISCLOSURE. The following language is required by law in any contract involving the sale or lease of any building within the State of Florida: 
  
 “RADON GAS: Radon is a naturally occurring radioactive gas that,
when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional
information regarding radon and radon testing may be obtained from your county public health unit.” 
  

 -25- 

 42. ENVIRONMENTAL COMPLIANCE. 
  
 (a) Tenant shall not use, generate, manufacture, produce, store, release, discharge or dispose of, on, under
or about the Property, or transport to or from the Property, any Hazardous Substance (as defined below), or allow any other person or entity to do so. Tenant shall keep and maintain the Property in compliance with, and shall not cause or permit the
Property to be in violation of, any Environmental Laws (as defined below). 
  
 (b) Tenant shall give prompt notice to Landlord of (i) any proceeding or inquiry by any governmental authority (including without limitation the Florida Environmental Protection Agency or Florida Department of Health
and Rehabilitative Services) with respect to the presence of any Hazardous Substance on the Property or the migration thereof from or to other property; (ii) all claims made or threatened by any third party against Tenant, Landlord or the Property
relating to any loss or injury resulting from any Hazardous Substance; and (iii) Tenant’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Property that could cause the Property or any part
thereof to be subject to any restrictions on the ownership, occupancy, transferability or use of the Property under any Environmental Law or any regulation adopted in accordance therewith. 
  
 (c) Tenant shall protect, indemnify and hold harmless
Landlord, its directors, officers, employees, agents, successors and assigns from and against any and all loss, damage, cost, expense or liability (including attorneys’ fees and costs) directly or indirectly arising out of or attributable to
the use, generation, manufacture, production, storage, release, threatened release, discharge, disposal, transport or presence of a Hazardous Substance on, under, about, to or from the Property, including without limitation all foreseeable
consequential damages and the costs of any necessary repair, cleanup or detoxification of the Property, in any way arising from the acts of Tenant. 
  
 (d) “Environmental Laws” shall mean any federal, state or local law, statute, ordinance or regulation pertaining to health,
industrial hygiene, or the environmental conditions on, under or about the Property, including without limitation the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended from time to time (“CERCLA”), 42
U.S.C. Sections 9601 et seq., and the Resource Conservation and Recovery Act of 1976, as amended from time to time (“RCRA”), 42 U.S.C. Sections 6901 et seq. The term “Hazardous Substance” shall include without limitation: (i)
those substances included within the definition of “hazardous substances,” “hazardous materials,” “toxic substances,” or “solid waste” in CERCLA, RCRA, and the Hazardous Materials Transportation Act, 49 U.S.C.
Sections 1801 et seq., and in the regulations promulgated pursuant to said laws; (ii) those substances defined as “hazardous wastes” in any Florida Statute and in the regulations promulgated pursuant to any Florida Statute; (iii) those
substances listed in the United States Department of Transportation Table (49 CFR 172.101 and amendments thereto) or by the Environmental Protection Agency (or any successor agency) as hazardous substances (40 CFR Part 302 and amendments thereto);
(iv) such other substances, 

  

 -26- 

 
materials and wastes which are or become regulated under applicable local, state or federal law, or which are classified as hazardous or toxic under federal,
state or local laws or regulations; and (v) any material, waste or substance which is (1) petroleum, (2) asbestos, (3) polychlorinated biphenyls, (4) designated as a “hazardous substance” pursuant to Section 311 of the Clean Water Act, 33
U.S.C. Sections 1251 et seq., or listed pursuant to Section 307 of the Clean Water Act, (5) flammable explosive, or (6) radioactive materials. 
  
 (e) Landlord shall have the right to inspect the Property and audit Tenant’s operations thereon to ascertain Tenant’s compliance
with the provisions of this Lease at any reasonable time, and Tenant shall provide periodic certifications to Landlord, upon request, that Tenant is in compliance with the environmental restrictions contained herein. Landlord shall have the right,
but not the obligation, to enter upon the Property and perform any obligation of Tenant hereunder of which Tenant is in default, including, without limitation, any remediation necessary due to environmental impact of Tenant’s operations on the
Property, without waiving or reducing Tenant’s liability for Tenant’s default hereunder. 
  
 (f) All of the terms and provisions of this Section 42 shall survive expiration or termination of this Lease for any reason whatsoever.

  
 LANDLORD AND TENANT HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM
AND PROVISION CONTAINED HEREIN AND, BY EXECUTION OF THIS LEASE, SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE
THE INTENT AND PURPOSE OF LANDLORD AND TENANT WITH RESPECT TO THE PROPERTY. 
  

 -27- 

									
	 	 	 	 	 LANDLORD:

			
	 	 	 	 	 RIVER ROAD REAL ESTATE, LLC.

					
	 	 	/s/    Illegible        	 	 	 	 By:
	 	/s/    JUGAL G.
TANEJAManager        
	 Print name:
	 	Illegible	 	 	 	 Its
	 	Manager
	 	 	 	 	 	 	 	 	Jugal G. Taneja
					
	 	 	/s/    LINDA TUPJER        	 	 	 	 Date:
	 	 10/16/01

	 Print name:
	 	Linda Tupjer	 	 	 	 	 	 
	 	 	 	 	 	 	 Address:

				
	 	 	 	 	 	 	 6950 Bryan Dairy Road
 Largo, Florida 33777

				
	 	 	 	 	 	 	 TENANT:

				
	 	 	 	 	 	 	 DRUGMAX, INC.

					
	 	 	/s/    SUSAN H ARRINGTON        	 	 	 	 By:
	 	/s/    Illegible        
	 Print name:
	 	Susan H. Arrington	 	 	 	 	 	Illegible
	 	 	 	 	 	 	 Its
	 	CFO
	 	 	/s/    MARY LOUISE
SCUSSEL        	 	 	 	 Date:
	 	 10/16/01

	 Print name:
	 	Mary Louise Scussel	 	 	 	 	 	 
	 	 	 	 	 	 	 Address:

				
	 	 	 	 	 	 	 12505 Starkey Road
 Suite A
 Largo, FL 33773

  

 -28-<PAGE>

                                                                   EXHIBIT 10.84

                                27 SEPTEMBER 2004

                          HUTCHISON TELECOMMUNICATIONS
                              INTERNATIONAL LIMITED

                          HUTCHISON TELECOMMUNICATIONS
                           INVESTMENT HOLDINGS LIMITED

                           GOLDMAN SACHS (ASIA) L.L.C.

                           THE HONG KONG UNDERWRITERS
                           NAMED IN SCHEDULE 1 HERETO

                    ========================================

                                    HONG KONG
                             UNDERWRITING AGREEMENT
                                   RELATING TO
                          HUTCHISON TELECOMMUNICATIONS
                              INTERNATIONAL LIMITED

                    ========================================

                    [LOGO OF FRESHFIELDS BRUCKHAUS DERINGER]

<PAGE>

                                                                   Exhibit 10.84

THIS AGREEMENT is made on 27 September 2004

BETWEEN:

(1)     HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED, a company
        incorporated in the Cayman Islands with limited liability whose
        registered office is at Century Yard, Cricket Square, Hutchins Drive,
        George Town, Grand Cayman, Cayman Islands (the Company);

(2)     HUTCHISON TELECOMMUNICATIONS INVESTMENT HOLDINGS LIMITED, a company
        incorporated in the British Virgin Islands whose registered office is at
        P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
        British Virgin Islands (the Selling Shareholder);

(3)     GOLDMAN SACHS (ASIA) L.L.C., whose place of business in Hong Kong is at
        68/F Cheung Kong Center, 2 Queen's Road Central, Hong Kong (Goldman
        Sachs); and

(4)     EACH OF THE HONG KONG UNDERWRITERS whose respective names and addresses
        are set out in Schedule 1 (together, the Hong Kong Underwriters and
        individually, a Hong Kong Underwriter).

WHEREAS:

(A)     The Company was incorporated in the Cayman Islands on 17 March 2004,
        with the registration number CT-133883.

(B)     The Company submitted a valid application (together with all necessary
        supporting documents) to the Registrar of Companies in Hong Kong to be
        registered as an oversea company in Hong Kong under Part XI of the
        Companies Ordinance and has been registered accordingly since 20 May
        2004.

(C)     As at the date of this Agreement, the Company has an authorized share
        capital of HK$2,500,000,000.00 and US$10,000.00 divided into
        10,000,000,000 Shares of HK$0.25 each and 1,000,000 Preference Shares of
        US$0.01 each, of which 4,500,000,000 Shares have been allotted and
        issued fully paid up or credited as fully paid.

(D)     As at the date hereof, the Selling Shareholder is the sole registered
        and beneficial owner of all of the issued Shares (save for those Shares
        to be transferred pursuant to the DoCoMo Acquisition). The Selling
        Shareholder is a wholly-owned subsidiary of HWL.

(E)     At meetings of the board of Directors held on 30 August 2004 and 17
        September 2004, resolutions were passed pursuant to which, inter alia,
        Directors were authorized to agree and sign on behalf of the Company
        this Agreement and all the other relevant documents in connection with
        the Global Offering.

                                                                          Page 1

<PAGE>

(F)     An application has been made to the Hong Kong Stock Exchange for the
        listing of, and permission to deal in, the Shares and to the New York
        Stock Exchange for the listing of the ADSs by way of an offer for sale
        comprising:

        (i)     the Hong Kong Public Offering;

        (ii)    the Preferential Offering; and

        (iii)   the International Offering.

(G)     The Selling Shareholder is expected to grant to Goldman Sachs for and on
        behalf of the International Underwriters an Over-Allocation Option to
        require the Selling Shareholder to sell up to an aggregate of 11,550,000
        ADSs (representing 173,250,000 additional Shares) to cover
        over-allocations in connection with the International Offering.

(H)     The Company has appointed Goldman Sachs to sponsor the Company in
        relation to the application to the Hong Kong Stock Exchange for the
        listing of and granting of permission to deal in the Shares.

(I)     Goldman Sachs has agreed to act as sponsor and global coordinator, and
        the Hong Kong Underwriters have agreed to underwrite the Initial Public
        Offer Shares, subject to and on the conditions of this Agreement and in
        reliance upon the representations, warranties and undertakings given to
        Goldman Sachs and the Hong Kong Underwriters as set out in this
        Agreement.

NOW IT IS AGREED as follows:

1.      INTERPRETATION

1.1     In this Agreement (including the recitals and the Schedules), the
following expressions shall, unless the context otherwise requires, have the
following meanings:

Acceptance Date means 6 October 2004 being the date on which the application
lists for the Hong Kong Offer Shares will close as stated in the section headed
"How to Apply for Hong Kong Offer Shares and Reserved Shares" in the Hong Kong
Prospectus (or such other later date as such application lists may close as
stated in the Hong Kong Prospectus and the Application Forms);

ADRs means American Depositary Receipts to be issued pursuant to the Deposit
Agreement;

ADSs means American Depositary Shares, each representing ownership of 15 Shares;

affiliate means in relation to a particular company, any company or other entity
which is its holding company or subsidiary, or any subsidiary of its holding
company or which directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, the company
specified. For the purposes of this definition the term "control" (including the
terms "controlling," "controlled by" and "under common control with") means the
possession, direct or indirect, of the power to direct or cause the direction of
the management and policies

                                                                          Page 2

<PAGE>

of a person, whether through the ownership of voting securities, by contract, or
otherwise;

Agreement Among Hong Kong Underwriters means the agreement to be entered into
between the Hong Kong Underwriters and Goldman Sachs on the date hereof;

Aircel means Aircel Limited and Aircel Cellular Limited, each incorporated with
limited liability under the Companies Act of India;

Aircel Accounts means the audited results of Aircel for each of the financial
years ended 31 March 2001, 2002 and 2003;

Aircel Reporting Accountants means Morison Heng, Hong Kong, Certified Public
Accountants;

Application Forms means the Hong Kong Application Forms and the Preferential
Offering Application Forms;

Approval means any consent, approval, authorization, sanction, permission,
order, franchise, registration, filing, clearance, qualification, licence,
permit, certificate or declaration;

Articles of Association means the articles of association of the Company;

Banking Day has the meaning ascribed to it in the Receiving Bankers' Agreement;

Branch Registrar's Agreement means the agreement between the Branch Share
Registrar and the Company in the agreed form;

Branch Share Registrar means Computershare Hong Kong Investor Services Limited;

Brokerage means brokerage at the rate of 1 per cent. of the aggregate Offer
Price in respect of all the Hong Kong Offer Shares and Reserved Shares, payable
to members of the Hong Kong Stock Exchange and the Hong Kong Underwriters (as
the case may be) pursuant to the Hong Kong Public Offering;

Business Day means any day (excluding a Saturday) on which licensed banks
generally are open for business in Hong Kong;

CCASS means the Central Clearing and Settlement System established and operated
by Hongkong Clearing;

Claw Back Shares means the International Offer Shares withdrawn from the
International Offering and made available as an additional part of the Hong Kong
Offer Shares for purchase pursuant to the Hong Kong Public Offering pursuant to
clauses 3.5 and 3.7;

Closing means the time when payment is to be made under clause 7.1, after the
Conditions have been fulfilled and/or waived in accordance with this Agreement,
which is expected to be 8:00 a.m. on 15 October 2004 or otherwise as agreed
between

                                                                          Page 3

<PAGE>

the Selling Shareholder and Goldman Sachs (on behalf of the Hong Kong
Underwriters);

Companies Ordinance means the Companies Ordinance (Chapter 32 of the Laws of
Hong Kong);

Company Accounts means the combined audited results of the Company and its
subsidiaries for each of the financial years ended 31 December 2001, 2002 and
2003 and for the six months ended 30 June 2003 and 2004 (together with the notes
thereto);

Conditions means the conditions set out in clause 2.1;

Deposit Agreement means the deposit agreement expected to be entered into among
the Company, the Depositary and all holders from time to time of the ADRs;

Depositary means Citibank, N.A. of 111 Wall Street, New York, NY 10005, United
States of America, as issuer and depositary in relation to the ADSs;

Directors means the directors of the Company;

DoCoMo Acquisition means the acquisition by HWL of the 20% interest in Hutchison
3G UK Holdings Limited held by NTT DoCoMo, Inc. pursuant to an agreement dated
27 May 2004;

Final Offering Circular means the final offering circular to be issued by the
Company in connection with the International Offering substantially in the
agreed form;

Formal Notice means the formal notice substantially in the agreed form required
under Listing Rule 12.02 to be published in connection with the Hong Kong Public
Offering in the newspapers and on the dates specified in Schedule 7;

Global Offering means the Hong Kong Public Offering together with the
International Offering (including the Preferential Offering);

Governmental Authorization means an Approval from an applicable Governmental
Authority;

Governmental Authority means any public, regulatory or governmental agency or
authority (including, without limitation, the Hong Kong Stock Exchange and the
SFC) and any court at the national, provincial, municipal or local level;

Group means the Company and any of its subsidiaries from time to time including
the Significant Subsidiaries;

HK dollars and HK$ means Hong Kong dollars, the lawful currency of Hong Kong;

holding company has the meaning ascribed thereto in section 2 of the Companies
Ordinance;

Hongkong Clearing means Hong Kong Securities Clearing Company Limited;

                                                                          Page 4

<PAGE>

Hong Kong means the Hong Kong Special Administrative Region of the People's
Republic of China;

Hong Kong Application Forms means the white and yellow application forms for the
Hong Kong Offer Shares each in the agreed form to be issued by the Company with
the Hong Kong Prospectus;

Hong Kong Offering Documents means the Hong Kong Prospectus, the Hong Kong
Application Forms, the Formal Notice and any announcements, offer awareness
materials and summary disclosure materials issued or to be issued by the Company
in connection with the Hong Kong Public Offering (including any supplement or
amendment thereto);

Hong Kong Offer Shares means the Initial Public Offer Shares (i) together with,
where applicable, the Claw Back Shares, or (ii) as may be adjusted pursuant to
clause 3.9 or 6.7;

Hong Kong Prospectus means the prospectus (including any supplement or amendment
thereto) to be issued by the Company in connection with the Hong Kong Public
Offering substantially in the agreed form;

Hong Kong Public Offering means the offer for sale of the Hong Kong Offer Shares
in Hong Kong on and subject to the terms and conditions set out in the Hong Kong
Offering Documents;

Hong Kong Stock Exchange means The Stock Exchange of Hong Kong Limited;

HWL means Hutchison Whampoa Limited a company incorporated in Hong Kong with
limited liability and listed on the Hong Kong Stock Exchange;

Initial Public Offer Shares means the 115,500,000 Shares initially offered for
subscription by the Company pursuant to the Hong Kong Public Offering, excluding
any Claw Back Shares and before making any adjustment pursuant to clauses 3.9 or
6.7;

International Offering means the offering of the International Offer Shares,
comprising (i) the offering of ADSs (which may, at the option of investors, be
delivered in the form of Shares) to professional and institutional investors
(including to professional and institutional investors within Hong Kong)
pursuant to the International Offering Circular, (ii) the public offering of
ADSs (which may, at the option of investors, be delivered in the form of Shares)
in the United States registered under the Securities Act pursuant to the US
Prospectus and (iii) the POWL pursuant to the Japanese Prospectus;

International Offering Circular means the Preliminary Offering Circular and the
Final Offering Circular (including any supplement or amendment thereto);

International Offering Documents means the International Offering Circular, the
Japanese Prospectus, the registration statement filed with the SEC and any
announcements, offer awareness materials and summary disclosure materials issued
or to be issued by the Company in connection with the International Offering
(including any supplement or amendment thereto);

                                                                          Page 5

<PAGE>

International Offer Shares means the 1,039,500,000 Shares (representing in
aggregate 69,300,000 ADSs) initially offered pursuant to the International
Offering (subject to adjustment as described in clause 3.9 and subject to the
provisions of clauses 3.5, 3.7 and 6.7 and the Over-Allocation Option);

International Underwriting Agreement means the purchase agreement relating to
the International Offering (including, for these purposes, the Preferential
Offering) expected to be entered into between the Company, the Selling
Shareholder, Goldman Sachs and the other International Underwriters on or
following the Price Determination Date;

International Underwriters means the group of underwriters of the International
Offering led by Goldman Sachs, who are expected to enter into the International
Underwriting Agreement;

Intersyndicate Agreement means the agreement to be entered into between the Hong
Kong Underwriters and the International Underwriters;

Investor Compensation Levy means the investor compensation levy of 0.002 per
cent. charged by the Hong Kong Stock Exchange on each of the Selling Shareholder
and the purchasers in respect of the Offer Shares;

Japanese Prospectus means the securities registration statement to be filed by
the Company with the Director-General of Kanto Local Finance Bureau, the
Ministry of Finance of Japan in connection with the POWL;

Law means any law, rule, regulation, judgment, decree or ruling of any
Governmental Authority or any guideline, opinion, notice, circular or order of
any Government Authority which is legally or customarily binding in nature;

Listing Committee means the Listing Committee of the Hong Kong Stock Exchange;

Listing Date means the date, expected to be on or about 15 October 2004, on
which the Shares are listed and from which dealings therein are permitted to
take place on the Hong Kong Stock Exchange;

Listing Rules means The Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited, as amended from time to time;

Multiple Applications Letter means the letter from the Company to the Branch
Share Registrar substantially in the agreed form relating to identification of
multiple applications in relation to the Hong Kong Offer Shares;

Nominee means HSBC Nominees (Hong Kong) Limited, in whose name the application
monies are to be held by the Receiving Bankers under the Receiving Bankers'
Agreement;

Offer Price means the price per Share for the Hong Kong Offer Shares as fixed in
accordance with the provisions of clause 3.6;

                                                                          Page 6

<PAGE>

Offer Shares means the 1,155,000,000 Shares being initially offered for sale
pursuant to the Global Offering (subject to adjustment as described in clause
3.9), together with any further Shares sold pursuant to the exercise of the
Over-Allocation Option;

Over-Allocation Option means the option expected to be granted in the
International Underwriting Agreement by the Selling Shareholder to the
International Underwriters, exercisable by Goldman Sachs on behalf of the
International Underwriters, up to the date which is the 30th day after the day
on which dealings in the Shares commence on the Hong Kong Stock Exchange, to
require the Selling Shareholder to sell up to an aggregate of 11,550,000 ADSs
(representing 173,250,000 additional Shares), which may be deliverable in the
form of Shares, at the price per ADS payable by International Underwriters under
the International Underwriting Agreement;

Overseas Shareholders means holders of HWL shares whose addresses on the
register of members of HWL were outside Hong Kong as at the close of business on
the Record Date;

POWL means the offering of Shares pursuant to a public offering without listing
in Japan;

PRC means the People's Republic of China, which, for the purpose of this
Agreement, excludes Hong Kong, the Macau Special Administrative Region of the
PRC and Taiwan;

Preference Shares means non-voting redeemable preference shares of par value
US$0.01 each in the share capital of the Company;

Preferential Offering means the preferential offering to the Qualifying HWL
Shareholders to acquire Reserved Shares on the basis of an assured entitlement
of one Reserved Share for every whole multiple of 75 HWL ordinary shares held by
each Qualifying HWL Shareholder at the close of business on the Record Date on
and subject to the terms and conditions of the Preferential Offering Documents;

Preferential Offering Application Form means the blue application form for the
Reserved Shares in the agreed form to be issued by the Company to Qualifying HWL
Shareholders with the Hong Kong Prospectus;

Preferential Offering Documents means the Hong Kong Prospectus (in both printed
form and on CD ROM in electronic form in compliance with Listing Rule 12.11),
the Preferential Offering Application Form, the Formal Notice and any
announcements, offer awareness materials and summary disclosure materials in the
agreed form issued by the Company and/or HWL in connection with the Preferential
Offering (including any supplement or amendment thereto);

Preliminary Offering Circular means the preliminary offering circular issued by
the Company in connection with the International Offering (dated 17 September
2004);

Price Determination Agreement means the letter agreement substantially in the
form set out in Schedule 5 to be entered into between Goldman Sachs (on behalf
of the

                                                                          Page 7

<PAGE>

Underwriters) and the Selling Shareholder immediately following the
determination of the Offer Price in accordance with clause 3.6 to record the
price so determined;

Price Determination Date means the date on which the Offer Price is determined
in accordance with the provisions of clause 3.6, which is expected to be on or
about 7 October 2004 and in any event not later than 11 October 2004;

Principal Registrar's Agreement means the agreement between the Principal Share
Registrar and the Company in the agreed form;

Principal Share Registrar means Bank of Butterfield International (Cayman)
Limited;

Proceedings means any suit, investigation, inquiry, action or proceeding arising
out of or in connection with this Agreement;

Property Valuer means DTZ Debenham Tie Leung Limited, an independent property
valuer;

Prospectus Date means the date of the Hong Kong Prospectus, being 30 September
2004;

Qualifying HWL Shareholders means the shareholders of HWL whose names appeared
on the register of members of HWL as holding 75 or more ordinary shares of HWL
as at the close of business on the Record Date, other than the Overseas
Shareholders;

Receiving Bankers means The Hongkong and Shanghai Banking Corporation Limited,
Standard Chartered Bank (Hong Kong) Limited and The Bank of East Asia, Limited,
being the banks appointed to hold the application monies received in connection
with the Hong Kong Public Offering pursuant to the Receiving Bankers' Agreement;

Receiving Bankers' Agreement means the agreement appointing the Receiving
Bankers and the Nominee in the agreed form;

Record Date means 24 September 2004, being the record date for ascertaining the
assured entitlements of the Qualifying HWL Shareholders to apply for the
Reserved Shares;

Reporting Accountants means PricewaterhouseCoopers, Hong Kong, Certified Public
Accountants;

Reserved Shares means the 56,764,237 Shares initially to be offered to
Qualifying HWL Shareholders pursuant to the Preferential Offering and which are
to be allocated out of the International Offer Shares, subject to any adjustment
as provided in the Intersyndicate Agreement and the International Underwriting
Agreement;

Restructuring means the events and transactions set forth in (A) the Hong Kong
Prospectus under the caption "The Restructuring" and (B) Appendix IX to the Hong
Kong Prospectus;

                                                                          Page 8

<PAGE>

Schedules means schedules to this Agreement;

SEC means the US Securities and Exchange Commission;

Securities Act means the US Securities Act of 1933, as amended;

SFC means the Securities and Futures Commission of Hong Kong;

SFC Transaction Levy means the SFC transaction levy of 0.005 per cent. charged
by the Hong Kong Stock Exchange on each of the Selling Shareholder and the
purchasers in respect of the Offer Shares;

SFO means the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong
Kong);

Share Option Scheme means the share option scheme conditionally adopted by the
Company on 17 September 2004, the principal terms of which are summarized in the
section entitled "Share Option Scheme" in Appendix X to the Hong Kong
Prospectus;

Shares means ordinary shares of par value HK$0.25 each in the share capital of
the Company for which an application has been made for the listing, and
permission to deal in, on the Main Board of the Hong Kong Stock Exchange;

Significant Subsidiaries means subsidiaries and associated companies of the
Company as listed in Schedule 3, and Significant Subsidiary means any of them;

subsidiary has the meaning ascribed to it in Listing Rule 1.01;

Taxation means all forms of taxation whether in Hong Kong or elsewhere in the
world wherever imposed and all statutory, governmental, state, provincial, local
governmental or municipal impositions, duties and levies and all penalties,
charges, costs and interest relating thereto;

Trading Fee means the trading fee of 0.005 per cent. charged by the Hong Kong
Stock Exchange on each of the Selling Shareholder and the purchasers in respect
of the Offer Shares;

transaction means any transaction, act, event, omission or circumstance existing
of whatever nature;

Under-Subscription shall have the meaning given in clause 6.1;

Underwriters means the Hong Kong Underwriters and the International
Underwriters;

US and United States means the United States of America, its territories, its
possessions, any State of the United States of America and the District of
Columbia;

US dollar and US$ means United States dollars, the lawful currency of the United
States;

US Offering means the registered offering of Shares in the United States
pursuant to the US Prospectus;

                                                                          Page 9

<PAGE>

US Prospectus means the prospectus to be issued by the Company in the US in
connection with the International Offering;

Valid Applications means applications under the Hong Kong Public Offering from
persons made before the closing of the application lists (a) by giving
electronic application instructions to Hongkong Clearing (i) which have been
duly submitted and are otherwise in accordance with the terms and conditions of
the Hong Kong Offering Documents and (ii) in respect of which the debit from
such person's Designated Bank Account (as defined in the General Rules of CCASS)
to effect such instructions has been accepted by the relevant bank when first
requested (or, and without prejudice to the provisions of clauses 6.1 and 6.5,
if practicable in the circumstances and requested by Goldman Sachs (for itself
and on behalf of the other Hong Kong Underwriters) or the Company, on further
request) or (b) on Hong Kong Application Forms which (i) have been duly
completed and submitted and are otherwise in accordance with the terms and
conditions of the Hong Kong Offering Documents and (ii) are accompanied by
cheques or banker's cashier orders for the full amount payable on application
which are honoured on first presentation (or, and without prejudice to the
provisions of clauses 6.1 and 6.5, if practicable in the circumstances and
requested by Goldman Sachs (for itself and on behalf of the other Hong Kong
Underwriters) or the Company, on further presentation) and subject to the
provisions of clauses 3.4 and 3.5;

Verification Notes means the verification notes in respect of the Hong Kong
Prospectus in the agreed form prepared by Freshfields Bruckhaus Deringer dated
27 September 2004 (signed copies of which have been or will be delivered to
Goldman Sachs);

Warranties means the representations, warranties and undertakings in Schedule 4
and given or made, or deemed to be given or made, pursuant to clause 10 and
Warranty shall be construed accordingly; and

Warrantors means the Company and the Selling Shareholder.

1.2     In this Agreement, unless otherwise specified:

(a)     references to recitals, clauses, sub-clauses, paragraphs and Schedules
        are to recitals, clauses, sub-clauses, paragraphs of, and schedules to,
        this Agreement;

(b)     a reference to any statute or statutory provision shall be construed as
        a reference to the same as it may have been, or may from time to time
        be, amended, modified or re-enacted;

(c)     references to a "company" shall be construed so as to include any
        company, corporation or other body corporate, whenever and however
        incorporated or established;

(d)     references to a "person" shall be construed so as to include any
        individual, firm, company, government, state or agency of a state or any
        joint venture, association or partnership (whether or not having
        separate legal personality);

                                                                         Page 10

<PAGE>

(e)     references to writing shall include any mode of reproducing words in a
        legible and non-transitory form;

(f)     references to times of the day are, unless otherwise specified, to Hong
        Kong time;

(g)     all headings to clauses, sections and Schedules are for convenience only
        and do not affect the interpretation of this Agreement;

(h)     references to the "closing of the application lists" shall be to 12:00
        noon on the Acceptance Date;

(i)     the Schedules form part of this Agreement and shall have the same force
        and effect as if expressly set out in the body of this Agreement, and
        any reference to this Agreement shall include the Schedules; and

(j)     a reference to a document being "in the agreed form" means such document
        in a form agreed and initialled for the purposes of identification by
        Linklaters and Freshfields Bruckhaus Deringer.

2.      CONDITIONS

2.1     Obligations Conditional: The obligations of the Hong Kong Underwriters
under this Agreement are conditional upon:

(a)     Goldman Sachs, on behalf of the Hong Kong Underwriters, receiving the
        documents listed in Part A of Schedule 2 not later than 5:00 p.m. on the
        Business Day prior to the Prospectus Date and the documents listed in
        Part B of Schedule 2 not later than 5:00 p.m. on the Business Day prior
        to Closing, in each case (save as otherwise specified in Schedule 2) in
        form and content satisfactory to Goldman Sachs;

(b)     the lodging of the Hong Kong Prospectus (and other required documents)
        with the Hong Kong Stock Exchange by 11:00 a.m. (or such later time as
        agreed by the Hong Kong Stock Exchange) at least one Business Day prior
        to the Prospectus Date, and the Hong Kong Stock Exchange issuing a
        certificate pursuant to section 342C(5) of the Companies Ordinance
        certifying that it authorizes registration of the Hong Kong Prospectus
        prior to the Prospectus Date;

(c)     the lodging of one copy of the Hong Kong Prospectus and each of the
        Application Forms duly certified by two Directors (or by their agents
        duly authorized in writing) as having been approved by the resolutions
        of the board of Directors or a duly constituted committee thereof and
        having all the documents required by the provisions of section 342C of
        the Companies Ordinance to be endorsed thereon or attached thereto with
        the Registrar of Companies in Hong Kong not later than 3:00 p.m. (or
        such later time as agreed by the Registrar of Companies in Hong Kong) on
        the Business Day before the Prospectus Date, and the Registrar of
        Companies in Hong Kong registering the same before the Prospectus Date;

                                                                         Page 11

<PAGE>

(d)     the listing of and permission to deal in all the Shares having been
        granted (subject only to despatch of share certificates) by the Listing
        Committee in principle on or before the Price Determination Date and
        dealings in the Shares being allowed by the Hong Kong Stock Exchange to
        commence on the Hong Kong Stock Exchange on or before 15 October 2004
        (or such later date as the Selling Shareholder and Goldman Sachs on
        behalf of the Hong Kong Underwriters may agree) and such listing and
        permission not subsequently being revoked or suspended prior to the time
        and date detailed in clause 12.1;

(e)     the execution and delivery of the International Underwriting Agreement
        on the Price Determination Date;

(f)     the International Underwriting Agreement becoming unconditional in
        accordance with its terms (other than any condition for this Agreement
        to become unconditional) and not having been terminated in accordance
        with its terms or otherwise, prior to 8:00 a.m. on the morning on which
        dealing is scheduled to commence in the Shares on the Hong Kong Stock
        Exchange; and

(g)     the Offer Price having been fixed on the Price Determination Date in
        accordance with the provisions of clause 3.6 and the Price Determination
        Agreement having been executed by the Selling Shareholder and Goldman
        Sachs (on behalf of the Hong Kong Underwriters).

2.2     Undertakings: Each of the Company and the Selling Shareholder undertakes
to use its best endeavours to procure the fulfilment of the conditions set out
in clause 2.1 above (save for clauses 2.1(e) and 2.1(g)) and in particular shall
furnish such information, supply such documents, pay such fees, give such
undertakings and do all such acts and things as may be reasonably required by
Goldman Sachs (on behalf of the Hong Kong Underwriters), the Hong Kong Stock
Exchange, the SFC and the Registrar of Companies in Hong Kong in connection with
the application for the listing of and permission to deal in the Shares and the
fulfilment of such conditions.

2.3     Waiver: Goldman Sachs, for itself and on behalf of the other Hong Kong
Underwriters, may, at any time, waive any or all of the Conditions (in whole or
in part) or extend the deadline for the fulfilment of such Conditions by such
number of days or in such manner as it may in its sole and absolute discretion
determine.

2.4     Termination: In the event that any of the Conditions is not fulfilled or
waived on or prior to 30 October 2004 or in the event that the Price
Determination Date shall not occur, this Agreement shall terminate with
immediate effect and the provisions of clause 12.2 shall apply.

3.      THE HONG KONG PUBLIC OFFERING

3.1     Hong Kong Public Offering: The Selling Shareholder will, subject to the
determination of the Offer Price in accordance with clause 3.6, as beneficial
owner, offer the Hong Kong Offer Shares for sale to the public in Hong Kong at
the Offer Price, payable in full on application in HK dollars together with
Brokerage at the rate of 1 per cent., SFC Transaction Levy at the rate of 0.005
per cent., Investor Compensation Levy at the rate of 0.002 per cent. and Trading
Fee at the rate of

                                                                         Page 12

<PAGE>

0.005 per cent. on and subject to the terms and conditions set out in the Hong
Kong Offering Documents and this Agreement. The Hong Kong Offer Shares shall be
sold pursuant to the Hong Kong Public Offering free and clear of all liens,
charges and encumbrances, claims, options and third party rights, and together
with all rights attaching thereto at the date hereof, including the right to
receive all dividends or other distributions declared, made or paid on the Hong
Kong Offer Shares at any time after the date of this Agreement.

3.2     Appointment: The Company and the Selling Shareholder hereby appoint, to
the exclusion of all others:

(a)     Goldman Sachs to act as global coordinator of the Global Offering;

(b)     Goldman Sachs to act as sponsor to the Company in relation to the
        application to the Hong Kong Stock Exchange for the listing of, and
        permission to deal in, the Offer Shares; and

(c)     the Hong Kong Underwriters as underwriters for the Hong Kong Public
        Offering,

and relying on the representations, warranties and undertakings herein contained
and subject as hereafter mentioned, Goldman Sachs and each Hong Kong Underwriter
respectively and severally accept such appointments.

The Company and the Selling Shareholder hereby confirm that the foregoing
appointments confer on Goldman Sachs and each Hong Kong Underwriter,
respectively, all powers, authorities and discretion on behalf of the Company
which are necessary for (or, in the case of discretions, reasonably necessary
for), or reasonably incidental to, the lawful making of the Hong Kong Public
Offering and hereby agree to ratify and confirm everything which Goldman Sachs
or any of the Hong Kong Underwriters shall lawfully do in the exercise of any
such appointments, powers, authorities and discretions. The Company and the
Selling Shareholder confirm that they will use all commercially reasonable
endeavours to procure that there is no offer, sale or distribution of the Hong
Kong Offer Shares otherwise than in accordance with and on the terms of the Hong
Kong Offering Documents and this Agreement.

Each such appointment is made on the basis and on terms that each appointee may,
as far as it relates to the Hong Kong Public Offering, at the option of such
appointee, delegate all or any of its relevant rights, duties, powers and
discretions in such manner and on such terms as it thinks fit (with or without
formality, but having (so far as practical) consulted with the Company or the
Selling Shareholder) to any one or more of its affiliates; provided, however,
that no such delegation shall in any way release any appointee from, or
otherwise reduce, the duties and responsibilities of such appointee hereunder.

3.3     Formal Notice: The Company and the Selling Shareholder will, subject to
registration of the Hong Kong Prospectus in accordance with clause 2.1(c), cause
the Formal Notice to be published in such newspapers and on such date(s) as set
out in Schedule 7, or as the Company and Goldman Sachs may otherwise agree in
writing.

                                                                         Page 13

<PAGE>

3.4     Application Lists: The application lists for the Hong Kong Offer Shares
will, subject as mentioned below, open at 11:45 a.m. on the Acceptance Date and
will close at 12:00 noon on the same day. In the event of a tropical cyclone
warning signal No. 8 or above or a "black" rainstorm warning signal (in any such
case, a signal) being in force in Hong Kong at any time between 8:00 a.m. and
12:00 noon on the Acceptance Date then the application lists will open at 11:45
a.m. and close at 12:00 noon on the next Business Day on which no signal remains
in force at any time between 8:00 a.m. and 12:00 noon and all references in this
Agreement to the closing of the application lists shall be construed
accordingly.

3.5     Acceptance of Applications: The Company and the Selling Shareholder
agree that Goldman Sachs shall have the sole and exclusive right in its absolute
discretion (and may authorize the Receiving Bankers to exercise such discretion)
and on behalf of the Company and the Selling Shareholder, on and subject to the
terms and conditions set out in the Hong Kong Offering Documents, the
Preferential Offering Documents, this Agreement and the Receiving Bankers'
Agreement, to accept or reject (in whole or in part) any applications for Hong
Kong Offer Shares and/or Reserved Shares. Where the number of Hong Kong Offer
Shares or Reserved Shares (as the case may be) being. applied for exceeds the
total number of the Hong Kong Offer Shares or the number of Reserved Shares not
taken up pursuant to Assured Entitlements (as the case may be), Goldman Sachs
shall have the right to determine the basis of allocation of the Hong Kong Offer
Shares or such excess Reserved Shares (as the case may be), having (as far as
practical) first consulted with the Selling Shareholder. Goldman Sachs, without
prejudice to clause 3.7 below, may, but shall not be obliged to, withdraw Offer
Shares from the International Offering and, on behalf of the Company and the
Selling Shareholder, make available such Offer Shares as additional Hong Kong
Offer Shares to satisfy Valid Applications. Where Goldman Sachs intends to
reject an application in the Hong Kong Public Offering for Shares with an
aggregate subscription price of more than HK$5 million (excluding Brokerage,
Trading Fee, SFC Transaction Levy and Investor Compensation Levy payable) on
grounds not contemplated by the written guidelines by which Goldman Sachs and/or
the Receiving Banks will determine whether or not an application for Shares is a
Valid Application, it shall first consult with the Selling Shareholder.

3.6     Price Determination: The Offer Price will be based on the Hong Kong
dollar equivalent of the US dollar price at which ADSs are to be offered in the
International Offering. The price of such ADSs will be fixed in accordance with
the International Underwriting Agreement on the Price Determination Date. The
Offer Price will be determined as that amount which, when increased by Brokerage
at the rate of 1 per cent., SFC Transaction Levy at the rate of 0.005 per cent.,
Investor Compensation Levy at the rate of 0.002 per cent. and Trading Fee at the
rate of 0.005 per cent. thereon, is (subject to any necessary rounding) equal to
the US dollar per ADS (i) converted into Hong Kong dollars at the average of the
bid and offered exchange rates quoted by The Hongkong and Shanghai Banking
Corporation Limited at the close of business on the Business Day prior to the
Price Determination Date and (ii) divided by 15 (being the number of Offer
Shares represented by each ADS), provided that the Offer Price (exclusive of
Brokerage, SFC Transaction Levy, Investor Compensation Levy and Trading Fee)
shall not exceed HK$7.55 and is expected to be not lower than HK$6.52. The Offer
Price shall upon its determination be recorded in the Price

                                                                         Page 14

<PAGE>

Determination Agreement to be executed by the Selling Shareholder and Goldman
Sachs (on behalf of the Hong Kong Underwriters) at such time.

3.7     Clawback: The aggregate number of Initial Public Offer Shares shall be

increased in the following manner in the event of a Hong Kong Public Offering
over-subscription:

(a)     if the number of Shares which are the subject of Valid Applications
        represents 15 times or more but less than 50 times the number of Initial
        Public Offer Shares, then Shares will be reallocated to the Hong Kong
        Public Offering from the International Offering so that the total number
        of Shares available under the Hong Kong Public Offering will be
        increased to at least 346,500,000 Shares representing at least 30 per
        cent. of the total number of Shares initially available in the Global
        Offering (without any exercise of the Over-Allocation Option);

(b)     if the number of Shares which are the subject of Valid Applications
        represents 50 times or more but less than 100 times the number of
        Initial Public Offer Shares, then Shares will be reallocated to the Hong
        Kong Public Offering from the International Offering so that the total
        number of Shares available under the Hong Kong Public Offering will be
        increased to at least 462,000,000 Shares representing at least 40 per
        cent. of the total number of Shares initially available in the Global
        Offering (without any exercise of the Over-Allocation Option); and

(c)     if the number of Shares which are the subject of Valid Applications
        represents 100 times or more the number of Initial Public Offer Shares,
        then Shares will be reallocated to the Hong Kong Public Offering from
        the International Offering so that the total number of Shares available
        under the Hong Kong Public Offering will be increased to at least
        577,500,000 Shares representing at least 50 per cent. of the total
        number of Shares initially available in the Global Offering (without any
        exercise of the Over-Allocation Option).

In each such case, Goldman Sachs, after prior consultation with the Company,
shall have absolute discretion in determining the number of additional Offer
Shares reallocated to the Hong Kong Public Offering (subject to the relevant
minimum numbers in paragraph (a), (b) or (c) above, as appropriate). In addition
to the clawback mechanism described above, Goldman Sachs, after prior
consultation with the Company, shall have absolute discretion to reallocate
Offer Shares being offered pursuant to the International Offering to the Hong
Kong Public Offering.

The relevant number of International Offer Shares which are the subject of
clawback pursuant to this clause 3.7 shall be withdrawn from the International
Offering and made available as additional Initial Public Offer Shares offered
for purchase pursuant to the Hong Kong Public Offering. Any such reallocation
shall have no effect on the Selling Shareholder's obligations to pay the
commission due to the Hong Kong Underwriters which shall be determined pursuant
to clause 8.

3.8     Pools: The total number of Initial Public Offer Shares (after taking
into account any reallocation pursuant to clause 3.7 and clause 6.7) shall be
divided equally into two pools for allocation purposes: pool A and pool B. The
Shares in

                                                                         Page 15

<PAGE>

pool A will be allocated by Goldman Sachs in its absolute discretion, having (as
far as is practical) first consulted with the Company, on an equitable basis to
applicants who have applied for Shares with an aggregate subscription price of
HK$5 million (excluding Brokerage, Trading Fee, SFC Transaction Levy and
Investor Compensation Levy payable) or less per applicant. The Shares in pool B
will be allocated by Goldman Sachs in its absolute discretion, having (as far as
is practical) first consulted with the Company, on an equitable basis to
applicants who have applied for Shares with an aggregate subscription price of
more than HK$5 million (excluding Brokerage, Trading Fee, SFC Transaction Levy
and Investor Compensation Levy payable) per applicant. Goldman Sachs shall
determine the allocation ratio for the two pools described above, having (as far
as is practical) first consulted with the Company, and subject to the provisions
relevant thereto set out in the section headed "Structure of the Global
Offering" in the Hong Kong Prospectus. Any Shares which are reallocated from the
International Offering to the Hong Kong Public Offering pursuant to clause 3.7
shall, subject to the provisions of this clause and the Hong Kong Offering
Documents, be allocated in such manner as Goldman Sachs may in its absolute
discretion determine, having (as far as is practical) first consulted with the
Company.

3.9     Changes to Price Range, Initial Public Offer Shares and/or Offer Shares:
Goldman Sachs on behalf of the Hong Kong Underwriters may, where considered
appropriate, based on the level of interest expressed by prospective investors
during the book-building process, with the prior written consent of the Selling
Shareholder (in consultation with the Company), change the indicative offer
price range or the number of Initial Public Offer Shares and/or Offer Shares as
stated in the Hong Kong Prospectus, subject to compliance with applicable Law
and the Listing Rules. In any such case, the Company and the Selling Shareholder
shall, as soon as practicable following the decision to make such change and in
any event not later than the morning of the Acceptance Date, cause to be
published in The Standard (in English) and the Sing Tao Daily (in Chinese)
notices of the change in the indicative offer price range and/or the number of
the Initial Public Offer Shares and/or Offer Shares.

3.10    Receiving Bankers: The Company and the Selling Shareholder will prior to
the Prospectus Date appoint the Receiving Bankers to act as receiving bankers in
connection with the receiving of completed applications for Hong Kong Public
Offer Shares and the Nominee in connection with the receiving and holding of
application moneys and any interest accruing thereon, in both cases, on and
subject to the terms and conditions of the Receiving Bankers' Agreement.

3.11    Branch Share Registrar: The Company and the Selling Shareholder will
prior to the Prospectus Date appoint the Branch Share Registrar to provide
services in connection with the processing of applications under the Hong Kong
Public Offering and the Preferential Offering on and subject to the terms and
conditions of the Branch Registrar's Agreement and the Multiple Applications
Letter.

3.12    Minimum Public Float under Listing Rule 8.08(1): The Company undertakes
with the Hong Kong Underwriters shall use all commercially reasonable endeavours
to ensure that each of the Directors and the directors and chief executives of
each subsidiary of the Company and their respective associates (as defined in
Listing Rule 1.01) (each a Connected Applicant) shall not make applications
under the Hong Kong Public Offering in respect of an aggregate number of Hong
Kong

                                                                         Page 16

<PAGE>

Offer Shares which would cause the minimum percentage of Shares which are
required to be in public hands (as such phrase is construed in accordance with
the Listing Rule 8.24) on the Listing Date at the commencement of dealings in
Shares on the Hong Kong Stock Exchange to fall below the 25% threshold
prescribed by Listing Rule 8.08(1) (excluding for the purposes of this clause
any Shares that may be sold pursuant to the exercise of Over-allocation Option)
(Minimum Public Float). The Company shall notify Goldman Sachs in writing of
information relating to applications made under the Hong Kong Public Offering by
Connected Applicants as soon as practicable following the closing of the
application lists and in any event within 24 hours thereafter. The Company shall
forthwith notify Goldman Sachs in writing if it becomes aware that the Minimum
Public Float is or may be breached on the Listing Date.

3.13    Undertakings to Hong Kong Underwriters: Without prejudice to the
foregoing obligations, each of the Company and the Selling Shareholder
undertakes with the Hong Kong Underwriters that it will do all such other acts
and things, pay all fees (as referred to in the fees and expenses letter
referred to in clause 8.3) and execute all documents as may be required for the
purpose of the Hong Kong Public Offering and obtaining listing of and permission
to deal in the Shares on the Hong Kong Stock Exchange (including in particular,
in the case of the Company, effecting all necessary registrations and filings
with the Hong Kong Stock Exchange and the Registrar of Companies in Hong Kong
and ensuring that each of the Directors will sign or cause to be duly signed on
their behalf all documents required to be signed by them as directors of the
Company for the purposes of or in connection with any such registrations and
filings and the obtaining of listing of and permission to deal in the Shares on
the Hong Kong Stock Exchange) and that it will comply with all requirements so
as to enable the listing of and permission to deal in the Shares to commence on
15 October 2004 to be granted by the Listing Committee.

3.14    Exclusion: No Hong Kong Underwriter shall be responsible for any loss or
damage (except for any loss or damage arising solely out of any fraud, wilful
default or gross negligence on the part of that Hong Kong Underwriter) to any
persons arising from any transaction lawfully and properly carried out by it
pursuant to this Agreement or to the Selling Shareholder or the Company for any
alleged insufficiency of the Offer Price.

4.      THE HONG KONG OFFERING DOCUMENTS AND THE PREFERENTIAL OFFERING DOCUMENTS

4.1     Issue of Hong Kong Offering Documents: Subject to the Hong Kong
Prospectus having been registered by the Registrar of Companies in Hong Kong,
the Company will, on the Prospectus Date, issue the Hong Kong Prospectus and the
Hong Kong Application Forms and shall cause sufficient copies of the Hong Kong
Prospectus and the Hong Kong Application Forms to be made available at the
addresses specified in the Hong Kong Prospectus to satisfy public demand during
the period from Prospectus Date to the closing of the application lists, and
cause such number of copies of the Hong Kong Prospectus and the Hong Kong
Application Forms as Goldman Sachs (on behalf of the Hong Kong Underwriters) may
reasonably request to be delivered to Goldman Sachs or as Goldman Sachs (on
behalf of the Hong Kong Underwriters) may direct for the purpose of issuing the
same generally.

                                                                         Page 17

<PAGE>

4.2     Issue of Preferential Offering Documents: Subject to the Hong Kong
Prospectus having been registered by the Registrar of Companies in Hong Kong,
the Company will cause the Hong Kong Prospectus in electronic format on CD ROM
(together with an electronic format of the specimen Preferential Offering
Application Form) (both of which shall be identical with the contents of the
Hong Kong Prospectus and the Preferential Offering Application Form in printed
form which have been registered by the Registrar of Companies in Hong Kong) and
the Preferential Offering Application Form to be delivered to Qualifying HWL
Shareholders on the Prospectus Date (or as soon as possible thereafter) and
shall cause sufficient copies of the Hong Kong Prospectus and the Preferential
Offering Application Forms to be made available to Qualifying HWL Shareholders
at the offices of the Branch Share Registrar specified in the Hong Kong
Prospectus from the Prospectus Date to the closing of the application lists.

4.3     Other Documents: Except for the International Offering Documents, the
Hong Kong Offering Documents and the Preferential Offering Documents or except
as otherwise provided pursuant to the provisions of this Agreement or as
required by the Hong Kong Stock Exchange or other Governmental Authorities
having jurisdiction, the Selling Shareholder and the Company each undertake not,
without the prior written approval of Goldman Sachs (not to be unreasonably
withheld or delayed), to issue, publish, distribute or otherwise make available
any document (including any prospectus or any supplement or amendment thereto),
material or information in connection with the Global Offering until the expiry
of the period of three months after the Listing Date.

5.      ALLOCATION OF HONG KONG OFFER SHARES

5.1     Share certificates: The Company shall procure that share certificates in
the names of the successful applicants in the Hong Kong Public Offering (or,
where appropriate, HKSCC Nominees Limited) (each in a form complying with the
Listing Rules) shall be issued and despatched, or delivered to Hongkong Clearing
for immediate credit to such CCASS stock accounts as shall be notified by
Goldman Sachs to the Company for such purpose, or made available for collection
(as applicable) as provided for in the Hong Kong Offering Documents and this
Agreement on the Business Day immediately before the Listing Date, which is
expected to be 14 October 2004. Such share certificates will only become valid
in the circumstances described in the Prospectus.

5.2     Allocations: At the same time as Closing or as soon as possible
thereafter on the date of Closing (and in any event by no later than 9:00 a.m.
on the Listing Date), and in accordance with the relevant sections of the Hong
Kong Offering Documents, this Agreement and subject to the manner agreed between
the Company, the Selling Shareholder, Goldman Sachs, the Principal Share
Registrar and the Branch Share Registrar, the Company and the Selling
Shareholder shall procure that the names of the successful applicants in the
Hong Kong Public Offering (or, where appropriate, HKSCC Nominees Limited) shall
be entered in the principal register of members of the Company maintained in the
Cayman Islands by the Principal Share Registrar accordingly (without payment of
any registration or transfer fee) as transferees and as holders of the
appropriate number of Hong Kong Offer Shares.

                                                                         Page 18

<PAGE>

5.3     Removal to branch register: Immediately after the allocations made
pursuant to clause 5.2 but prior to the commencement of dealings in the Shares
on the Hong Kong Stock Exchange, the Company shall procure the establishment in
Hong Kong of a branch register of members of the Company and the Company shall
procure that the names of the successful applicants (or, where appropriate,
HKSCC Nominees Limited) shall be removed from the principal register of members
of the Company maintained in the Cayman Islands by the Principal Share Registrar
and shall be entered in the branch register of members of the Company by the
Branch Share Registrar.

6.      UNDERWRITING

6.1     Several Underwriting Commitments: Upon the terms and subject to the
conditions of this Agreement and in reliance upon the Warranties, if and to the
extent that, by 12:00 noon on the Acceptance Date, there shall remain any
Initial Public Offer Shares for which Valid Applications, as subsequently
calculated, have not been received (an Under-Subscription), the Hong Kong
Underwriters shall, subject to and after taking account of any reallocation of
Shares to the International Offering pursuant to clause 6.7, apply or procure
applications for such number of Hong Kong Offer Shares as represents the
shortfall at the Offer Price in accordance with the terms and conditions set out
in the Hong Kong Offering Documents (other than as to the deadline for making
the application and payment and save as provided in this clause 6) and shall pay
or procure to be paid the net amount payable on application for such shares in
HK dollars as provided in accordance with clause 6.6 PROVIDED THAT the
obligations of the Hong Kong Underwriters in respect of Hong Kong Offer Shares
under this sub-clause shall be several (and not joint and several) on the basis
that each Hong Kong Underwriter shall apply or procure applications for such
number of Hong Kong Offer Shares to which this sub-clause applies in the
proportions set out against its name in the column headed "Percentage of Hong
Kong Public Offering Underwritten" in Schedule 1.

6.2     Rights and Liabilities: Subject to the provisions of the Agreement Among
Hong Kong Underwriters, none of the Hong Kong Underwriters will be liable for
any failure on the part of any of the other Hong Kong Underwriters to perform
its obligations under this clause 6. Notwithstanding the foregoing, each of the
Hong Kong Underwriters shall be entitled to enforce any or all of its rights
under this Agreement either alone or jointly with the other Hong Kong
Underwriters.

6.3     Acceptance of Applications: The Company and the Selling Shareholder
agree with the Hong Kong Underwriters that all Valid Applications received prior
to the closing of the application lists and accepted by Goldman Sachs pursuant
to this Agreement, either in whole or in part, will be accepted by the Company
and the Selling Shareholder before calling upon the Hong Kong Underwriters or
any of them to perform the obligations imposed on them by this clause.

6.4     Calculation of Hong Kong Offer Shares Applied For: Following the closing
of the application lists, the Receiving Bankers and the Branch Share Registrar
will, pursuant to the Receiving Bankers' Agreement and the Branch Registrar's
Agreement, calculate and notify Goldman Sachs and the Selling Shareholder of the
number of Hong Kong Offer Shares for which Valid Applications have been received
and not rejected and will procure that the applications will be processed, and
such

                                                                         Page 19

<PAGE>

calculation and notification made, as soon as practicable and in any event not
later than 9:00 a.m. on the third Banking Day after the Acceptance Date.

6.5     Notification to Goldman Sachs: Subject to clause 6.7, in the event of an
Under-Subscription such that the Hong Kong Underwriters are obliged to apply for
or procure applicants pursuant to clause 6.1 for the Hong Kong Offer Shares
representing the shortfall, the Company will procure that the Branch Share
Registrar and/or the Receiving Bankers will as soon as possible and in any event
not later than 9:00 p.m. on the Banking Day after the Acceptance Date notify
Goldman Sachs on behalf of the Hong Kong Underwriters of the number of Hong Kong
Offer Shares falling to be taken up pursuant to clause 6.1 and together with
such other information as Goldman Sachs may reasonably require.

6.6     Hong Kong Underwriters' Purchase Obligations: Subject to clause 6.7,
each of the Hong Kong Underwriters will severally, as soon as practicable, and
in any event not later than 2:00 p.m. on the third Business Day immediately
after the date on which any notification is made under clause 6.5 deliver to the
Selling Shareholder duly completed white Hong Kong Application Form(s) for such
number of Hong Kong Offer Shares as fall to be taken up by it pursuant to clause
6.1, and, subject to the proviso in clause 6.1, specifying the name(s) and
address(es) and other relevant information of the applicant(s) as instructed on
the white Application Form and the number of Hong Kong Offer Shares to be
allocated to each such applicant, together with a cheque or cashier order
payable to "HSBC Nominees (Hong Kong) Limited - Hutchison Telecom Public Offer"
for the Hong Kong dollar amount equal to the net purchase price payable by the
relevant Hong Kong Underwriter calculated on the basis of the Offer Price:

(a)     plus the SFC Transaction Levy at the rate of 0.005 per cent., Investor
        Compensation Levy at the rate of 0.002 per cent. and Trading Fee at the
        rate of 0.005 per cent. thereon payable by the applicants to the Hong
        Kong Stock Exchange in respect of such Hong Kong Offer Shares; and

(b)     less the amount of underwriting commission calculated on the basis of
        2.5 per cent. of the Offer Price,

and Goldman Sachs shall instruct the Nominee to pay such amounts referred to in
sub-paragraph (a) above to the Hong Kong Stock Exchange on behalf of the
applicants together with other successful applicants in the Hong Kong Public
Offering. Brokerage payable by applicants at the rate of 1 per cent. of the
Offer Price may be retained by the Hong Kong Underwriters. Goldman Sachs shall
not be responsible for the failure by any Hong Kong Underwriter (apart from
itself in its capacity as a Hong Kong Underwriter) to make such payment.

The transfer of relevant Hong Kong Offer Shares applied for by any Hong Kong
Underwriter pursuant to this clause 6 shall be completed in accordance with the
provisions of clause 5.

6.7     Reallocation to International Offering: If an Under-Subscription shall
occur, Goldman Sachs shall have the right (but is not obliged) to apply for
(subject to and in accordance with this Agreement) or to reallocate to the
International Offering all or any of the Hong Kong Offer Shares which any Hong
Kong Underwriter is

                                                                         Page 20

<PAGE>

required to apply for pursuant to clause 6.1. Any application submitted or
procured to be submitted by Goldman Sachs or any reallocation of Hong Kong Offer
Shares to the International Offering pursuant to this sub-clause and duly
purchased by the International Underwriters and/or purchasers procured by any
one or more of them shall satisfy pro tanto the obligation of the Hong Kong
Underwriters under this clause 6 and, as between the Hong Kong Underwriters, on
a pro-rata basis. Any Shares which are reallocated from the Hong Kong Public
Offering to the International Offering pursuant to this clause 6.7 shall for all
purposes (including the purchase price per Share payable to the Selling
Shareholder) be deemed to be International Offer Shares delivered under the
International Underwriting Agreement and the Hong Kong Underwriters shall not be
entitled to any underwriting commissions payable under clause 8.1 in respect of
such reallocated Shares.

6.8     Cessation of Hong Kong Underwriters' Obligations: All obligations and
liabilities of the Hong Kong Underwriters under this Agreement to apply or
procure applicants for Hong Kong Offer Shares will cease following due payment
in full by or on behalf of the respective Hong Kong Underwriters in accordance
with clause 6.6 or on Goldman Sachs being notified pursuant to clause 6.4 that
the Hong Kong Public Offering is fully subscribed or over subscribed by Valid
Applications.

6.9     Reduction of Hong Kong Underwriters' Obligation: The obligation of a
Hong Kong Underwriter pursuant to this clause 6 shall be reduced to the extent
that valid Underwriters' Applications (as defined in Schedule 6) are made or
procured by such Hong Kong Underwriter to be made in accordance with the
arrangements set out in Schedule 6.

7.      PAYMENT UNDER THE HONG KONG PUBLIC OFFERING

7.1     Payment to the Selling Shareholder: At Closing or as soon as possible
thereafter on the date of Closing (and in any event prior to the commencement of
dealings of the Shares on the Hong Kong Stock Exchange), the application moneys
with interest thereon held by the Nominee will, in accordance with the
provisions of the Receiving Bankers' Agreement and subject to clauses 7.2 and
7.3 below, be paid over to the Selling Shareholder after the share certificates
for the Hong Kong Offer Shares have been despatched or delivered (subject to
such certificates only becoming valid in the circumstances described in the
Prospectus) by or on behalf of the Company to the successful applicants under
the Hong Kong Public Offering through the facilities of Hongkong Clearing for
credit (following payment) to CCASS participants accounts or made available to
such applicants, as the case may be PROVIDED THAT the Nominee may deduct from
the amount so payable to the Selling Shareholder the amounts described in
clauses 7.2 and 7.3 below.

7.2     Payment of underwriting commissions, brokerage and levies by the Selling
Shareholder: The Selling Shareholder covenants and agrees that it will in
accordance with the provisions of the Receiving Bankers' Agreement, pay or cause
to be paid on behalf of the Company:

(a)     the underwriting commission referred to in clause 8.1 (such payment to
        be made by way of deduction from the application moneys referred to in
        clause 7.1 held by the Nominee in accordance with the terms of the
        Receiving

                                                                         Page 21

<PAGE>

        Bankers' Agreement and Goldman Sachs being authorised to direct the
        Nominee to make such deduction);

(b)     those fees and expenses payable pursuant to clause 8.3 and which have
        been agreed with the Company; and

(c)     such sums as are required to satisfy the payments referred to in clause
        7.3,

and the Company agrees to reimburse the Selling Shareholder the amounts so paid
or caused to be paid.

7.3     Brokerage and Levies: Goldman Sachs on behalf of the Hong Kong
Underwriters will arrange for the payment by the Nominee on behalf of the
Selling Shareholder and successful applicants under the Hong Kong Public
Offering (excluding any applications made pursuant to clause 6.6):

(a)     to members of the Hong Kong Stock Exchange and the Hong Kong
        Underwriters (as the case may be) of Brokerage at the rate of 1 per
        cent. of the Offer Price; and

(b)     to the Hong Kong Stock Exchange of the SFC Transaction Levy, Investor
        Compensation Levy and Trading Fee at the aggregate rate of 0.024 per
        cent. of the Offer Price,

in respect of Valid Applications for the Hong Kong Offer Shares, such amounts to
be paid by way of deduction from the application moneys held by the Nominee and
Goldman Sachs being authorised to direct the Nominee to make such deduction.

7.4     Goldman Sachs' responsibilities: For the avoidance of doubt, Goldman
Sachs shall have no liability under this clause or otherwise for any default by
the Nominee and, subject to clause 8.3 or save as otherwise agreed between
Goldman Sachs and the Selling Shareholder and/or the Company, Goldman Sachs
shall not be responsible for the payment (by deduction from the gross proceeds
or otherwise) of any fees, costs, charges and expenses of or incurred by the
Selling Shareholder or the Company.

8.      COMMISSION AND EXPENSES

8.1     Underwriting commissions: In consideration of the services of the Hong
Kong Underwriters under this Agreement, the Company will pay to Goldman Sachs,
for itself and on behalf of the other Hong Kong Underwriters, an underwriting
commission calculated at the rate of 2.5 per cent. of the Offer Price multiplied
by the number of Initial Public Offer Shares less any Shares reallocated to the
International Offering under clause 6.7, ignoring for this purpose any Claw Back
Shares. For the avoidance of doubt, the Hong Kong Underwriters shall not be
entitled to any underwriting commissions in respect of the Claw Back Shares or
the Shares reallocated to the International Offering under clause 6.7 as the
relevant underwriting discounts and commissions relating to such Shares will be
payable to the relevant International Underwriters in accordance with the
International Underwriting Agreement and deducted from the purchase moneys
payable under the International Underwriting Agreement.

                                                                         Page 22

<PAGE>

8.2     Allocation of underwriting commission: The allocation and distribution
of the underwriting commission referred to in clause 8.1 above among the Hong
Kong Underwriters shall be separately dealt with in the Agreement Among Hong
Kong Underwriters. The Selling Shareholder and the Company shall not be
concerned as to or bear any liability in respect of the allocation or
distribution of such underwriting commissions by Goldman Sachs to any one or
more of the Hong Kong Underwriters.

8.3     Fees and expenses letter: The responsibility for fees and expenses in
connection with the Hong Kong Public Offering shall be as set out in the fees
and expenses letter entered into on the date of this Agreement between Goldman
Sachs (for itself and on behalf of each of the Hong Kong Underwriters), the
Company and the Selling Shareholder.

8.4     Indemnity: The Company will be responsible for and will indemnify each
of the Hong Kong Underwriters against the Trading Fee, SFC Transaction Levy and
Investor Compensation Levy payable by the Selling Shareholder in connection with
the Hong Kong Public Offering and the purchase of the Hong Kong Offer Shares
pursuant thereto (not being Brokerage, Trading Fee, SFC Transaction Levy and
Investor Compensation Levy paid by applicants in respect of the Hong Kong Offer
Shares and collected and paid by the Receiving Bankers to Goldman Sachs or in
respect of undersubscribed Hong Kong Offer Shares purchased by any Hong Kong
Underwriter or due by such Hong Kong Underwriter pursuant to any purchase of
Hong Kong Offer Shares by such Hong Kong Underwriter whether pursuant to clause
6.1 or otherwise).

8.5     Stamp or other transfer duty: The Selling Shareholder shall be liable
for all and any stamp or other transfer duty (including any penalties for late
stamping) arising in respect of the transfer and delivery to initial purchasers
procured by the Hong Kong Underwriters (including, if applicable, to each Hong
Kong Underwriter) of any or all of the Hong Kong Offer Shares shown opposite its
name in Schedule 1, in each case pursuant to this Agreement. The Company
undertakes to pay to and reimburse the Selling Shareholder in respect of any
such stamp or other transfer duty (including any penalties for late stamping).
In addition, the Company undertakes to pay to and reimburse Goldman Sachs and
each of the Hong Kong Underwriters in respect of any such stamp or other
transfer duty (including any penalties for late stamping) which they may incur
or otherwise suffer. For the avoidance of doubt, neither the Company nor the
Selling Shareholder shall be liable under this clause 8.5 to pay to and
reimburse Goldman Sachs or the Hong Kong Underwriters in respect of any stamp or
other transfer duty or penalty for late stamping arising in respect of any
subsequent sale of Shares by initial purchasers of the Hong Kong Offer Shares to
any other person.

9.      STABILIZATION AND LIABILITY

9.1     Stabilization: Goldman Sachs and its affiliates may, in connection with
the Global Offering, for their own account as principal or on behalf of any Hong
Kong Underwriter, but not as agent for the Company or the Selling Shareholder,
to the extent permitted by applicable Law of Hong Kong or elsewhere,
over-allocate or effect transactions in the market or otherwise with a view to
stabilizing or maintaining the market price of the Offer Shares at such prices,
in such amounts and in such manner as Goldman Sachs and/or its relevant
affiliates may determine and at levels

                                                                         Page 23

<PAGE>

other than those which might otherwise prevail in the open market. Such
stabilizing, if commenced, may be discontinued at any time. Any expenses and
losses resulting from such over-allocation and stabilization or other
transactions effected pursuant to this clause shall be debited, and any profit
arising from them shall be beneficially credited to a stabilization account the
arrangements regarding which shall be a matter exclusively for Goldman Sachs and
its affiliates, the Hong Kong Underwriters and the International Underwriters
governed by the Intersyndicate Agreement, or otherwise as agreed between them.

9.2     Liability: For the avoidance of doubt, Goldman Sachs shall not be
responsible or liable to the Selling Shareholder or the Company for any breach
of the provisions in this Agreement by any Hong Kong Underwriter (other than
itself in its capacity as a Hong Kong Underwriter).

10.     REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

10.1    The Warrantors: The Warrantors, jointly and severally, represent,
warrant and undertake to each of Goldman Sachs and the other Hong Kong
Underwriters in the terms set out in Part A of Schedule 4. The Selling
Shareholder severally represents, warrants and undertakes to each of Goldman
Sachs and the other Hong Kong Underwriters in the terms set out in Part B of
Schedule 4. The Warrantors accept that each of Goldman Sachs and the Hong Kong
Underwriters is entering into this Agreement in reliance upon each such
representation, warranty and undertaking.

10.2    Separate Warranties: Each Warranty shall be construed separately and
shall not be limited or restricted by reference to or inference from the terms
of any other of the Warranties or any other term of this Agreement.

10.3    Duration: The Warranties shall remain in full force and effect
notwithstanding completion of the Hong Kong Public Offering.

10.4    Repetition: The Warranties are given on and as at the date of this
Agreement with respect to the facts and circumstances subsisting at the date of
this Agreement. In addition, the Warranties shall be deemed to be repeated on
and as at:

(a)     the date on which the Hong Kong Prospectus is registered by the
        Registrar of Companies in Hong Kong as required by section 342C of the
        Companies Ordinance;

(b)     the Acceptance Date;

(c)     (i)     the time immediately prior to the delivery by the Hong Kong
                Underwriters of duly completed Hong Kong Application Forms; and

        (ii)    the time of payment for the Hong Kong Offer Shares to be taken
                up,

        respectively, pursuant to clause 6.6; and

(d)     Closing,

in each case, by reference to the facts and circumstances then subsisting.

                                                                         Page 24

<PAGE>

10.5    Notice: If at any time:

(a)     any significant new factor likely to affect the Hong Kong Public
        Offering which arises between the date of this Agreement and Closing and
        come to the attention of either of the Warrantors; or

(b)     by reference to the facts and circumstances then existing, prior to the
        last of the events on which the Warranties are deemed to be repeated
        pursuant to the provisions of clause 10.4, any matter or event comes to
        the attention of either of the Warrantors as a result of which any of
        the Warranties, if repeated immediately after the occurrence of such
        matter or event, would be untrue, inaccurate or misleading in any
        material respect or which would or is reasonably likely to render
        untrue, inaccurate or misleading in any material respect any statement,
        whether of fact or opinion, contained in any of the Hong Kong Offering
        Documents if the same were issued immediately after the occurrence of
        such matter or event,

the relevant Warrantor shall forthwith notify each of the other parties to this
Agreement (with Goldman Sachs to receive notice for itself and on behalf of the
other Hong Kong Underwriters).

10.6    Action to be Taken: If at any time, by reference to the facts and
circumstances then existing, prior to the last of the events on which the
Warranties are deemed to be repeated pursuant to the provisions of clause 10.4,
any matter or event comes to the attention of either of the Warrantors or any of
the Hong Kong Underwriters as a result of which any of the Warranties, if
repeated immediately after the occurrence of such matter or event, would be
untrue, inaccurate or misleading in any material respect or which would or is
reasonably likely to render untrue, inaccurate or misleading in any material
respect any statement, whether of fact or opinion, contained in any of the Hong
Kong Offering Documents if the same were issued immediately after the occurrence
of such matter or event, the relevant Warrantor or such Hong Kong Underwriter
(as the case may be) shall forthwith notify Goldman Sachs (on behalf of itself
and each other Hong Kong Underwriter) and the other Warrantors (as the case may
be) and, without prejudice to any other rights of any party, the Company (for
itself and on behalf of the Selling Shareholder) and Goldman Sachs (for itself
and on behalf of the Hong Kong Underwriters) shall forthwith consult with a view
to agreeing, if the Hong Kong Prospectus has already been registered with the
Registrar of Companies in Hong Kong or distributed (as the case may be), what
announcement or circular or document or supplemental prospectus or listing
document, if any, should be issued, published, distributed or made available or
what other act or thing should be done. Subject to clause 20.2, neither the
Warrantors nor the Hong Kong Underwriters shall issue, publish, distribute or
make publicly available any such announcement, circular or document or
supplemental prospectus or listing document without, in the case of the
Warrantors, the prior written consent of Goldman Sachs (for itself and on behalf
of the Hong Kong Underwriters) or, in the case of the Hong Kong Underwriters,
the Company (in each case, such consent not to be unreasonably withheld or
delayed).

10.7    Further Obligations in respect of Warranties: The Warrantors will use
their commercially reasonable endeavours not to, and will use their reasonable
endeavours to procure that none of their affiliates will do or omit to do
anything which may cause

                                                                         Page 25

<PAGE>

any of the representations or warranties given pursuant to clause 10 to be
untrue in any material respect at any time on which such representations and
warranties are deemed to be given (assuming such representations or warranties
are to be repeated at the relevant time by reference to the facts and
circumstances then subsisting).

10.8    Further Obligations in respect of Contracts: The Warrantors will not,
and will use their commercially reasonable endeavours to procure that none of
their affiliates will, without the prior written consent of Goldman Sachs (such
consent not to be unreasonably withheld or delayed), at any time immediately
prior to the commencement of dealings in the Shares on the Hong Kong Stock
Exchange enter into any contract or commitment of an unusual or onerous nature
outside the ordinary and usual course, whether or not that contract, if entered
into prior to the date hereof, would constitute a material contract for the
purpose of the Hong Kong Prospectus.

10.9    No Claim: No claim shall be made against Goldman Sachs or any of the
Hong Kong Underwriters or against any other Indemnified Person as defined in
clause 13 by either of the Warrantors or any of their affiliates to recover any
damage, cost, charge or expense which either of the Warrantors, the Directors or
any of the affiliates of either of the Warrantors may suffer or incur by reason
of or arising out of either carrying out by Goldman Sachs or the Hong Kong
Underwriters or any of them of the work to be done by Goldman Sachs or the Hong
Kong Underwriters or any of them pursuant hereto or the performance of their
respective obligations hereunder or otherwise in connection with the Hong Kong
Offering Documents or the Preferential Offering Documents (whether in
performance of its duties as underwriter or financial adviser or otherwise) save
for any loss or damage arising solely out of any fraud, wilful default, gross
negligence or negligence having a material adverse effect on the Global Offering
or the Hong Kong Public Offering or the Group taken as a whole of the relevant
person.

11.     FURTHER UNDERTAKINGS

11.1    The Company: The Company undertakes to each of Goldman Sachs and the
other Hong Kong Underwriters that:

(a)     the Company will use commercially reasonable endeavours to comply in all
        respects with the terms and conditions of the Hong Kong Public Offering
        and the Preferential Offering and do all such acts and things (including
        without limitation executing any documents) as may be necessary or
        appropriate to implement the Hong Kong Public Offering and the
        Preferential Offering, in particular, without limitation:

        (i)     to comply with the obligations imposed upon it by the Companies
                Ordinance and the Listing Rules in respect of or by reason of
                the making of the Hong Kong Public Offering and the Preferential
                Offering, including without limitation, the making of all
                necessary filings with the Registrar of Companies in Hong Kong
                and the Hong Kong Stock Exchange and the making available for
                inspection in Hong Kong of the documents and in the manner
                referred to in the section headed "Documents available for
                inspection" of Appendix XI to the Hong Kong Prospectus during
                the period specified in that section; and

                                                                         Page 26

<PAGE>

        (ii)    as soon as practicable following announcement of the basis of
                allocation of the Hong Kong Offer Shares and the Reserved Shares
                and in any event no later than the relevant times set out in the
                Hong Kong Prospectus, to cause definitive share certificates
                representing the Hong Kong Offer Shares and the Reserved Shares
                to be posted or made available for collection in accordance with
                the terms of the Hong Kong Public Offering to successful
                applicants or, as the case may be, procure that the share
                certificates for Hong Kong Offer Shares in respect of which
                successful applicants have elected for delivery into CCASS shall
                be duly delivered to the depositary for Hongkong Clearing for
                credit to the stock account of such CCASS participant(s) as may
                be specified for such purpose by or on behalf of the relevant
                applicant;

(b)     the Company will use all reasonable endeavours to procure that the
        Principal Share Registrar, the Branch Share Registrar and the Receiving
        Bankers will comply with the terms of the Principal Registrar's
        Agreement, the Branch Registrar's Agreement, the Multiple Applications
        Letter and the Receiving Bankers' Agreement and will do all such acts
        and things as may be required to be done by each of them and by the time
        specified or necessary in connection with the Global Offering and in
        particular, but without limitation, to provide Goldman Sachs with such
        information and assistance as Goldman Sachs may reasonably require for
        the purposes of determining the level of acceptances under the Hong Kong
        Public Offering and the basis of allocation of the Hong Kong Offer
        Shares. None of the terms of the appointments of the Principal Share
        Registrar, the Branch Share Registrar and the Receiving Bankers shall be
        amended without the prior written consent of Goldman Sachs (on behalf of
        the Hong Kong Underwriters);

(c)     the Company will use commercially reasonable endeavours to comply with
        the Listing Rules in relation to supplemental listing documents to the
        Hong Kong Prospectus and further agrees, subject to clause 20.2, not to
        issue, publish, distribute or make available any announcement, circular
        or document in connection with the Hong Kong Public Offering and the
        Preferential Offering without the prior written consent of Goldman Sachs
        (such consent not to be unreasonably withheld or delayed);

(d)     the Company will use commercially reasonable endeavours to (A) comply
        with the Hong Kong Stock Exchange's rules or other requirements to
        publish and disseminate to the public, under certain circumstances,
        information affecting any estimated financial information in the Hong
        Kong Prospectus and (B) announce in a press announcement any information
        so required by the Hong Kong Stock Exchange to be published and
        disseminated to the public in connection with the Hong Kong Public
        Offering; provided, however, that no such press announcement shall be
        issued by the Company without having been submitted to Goldman Sachs for
        its review not less than two business days prior to such issuance, or
        such lesser period of time as is necessary for the Company to avoid
        violation of any law or regulation applicable to it;

(e)     the Company will, in compliance with the Listing Rules, deliver to the
        Hong Kong Stock Exchange the declaration in the form set out in Appendix
        5, Form F of the Listing Rules acceptable to the Hong Kong Stock
        Exchange;

                                                                         Page 27

<PAGE>

(f)     the Company will procure that none of the Directors or their respective
        associates and other connected persons (as defined in the Listing Rules)
        of the Company will himself (or through a company controlled by him)
        apply for any Reserved Shares either in his or its own name or through
        nominees unless permitted to do so under the Listing Rules;

(g)     the Company will maintain a listing for the Shares on the Hong Kong
        Stock Exchange for at least one year after the Listing Date except
        following a withdrawal of such listing which has been approved by the
        relevant shareholders of the Company in accordance with the Listing
        Rules or following an offer (within the meaning of the Hong Kong Code on
        Takeovers and Mergers) for the Company becoming unconditional;

(h)     the Company will procure that the audited accounts of the Company for
        the financial years ending 31 December 2004 and 31 December 2005 will be
        prepared on a basis consistent in all material respects with the
        accounting policies adopted for the purposes of the financial statements
        contained in the report of the Reporting Accountants set out in Appendix
        I to the Hong Kong Prospectus; and

(i)     the Company will not, at any time after the date of this Agreement up to
        and including the date on which all of the Conditions are fulfilled (or
        waived) in accordance with this Agreement, amend or agree to amend the
        Memorandum and Articles of Association of the Company save as requested
        by the Hong Kong Stock Exchange.

11.2    Restrictions on Allotment etc.: The Company undertakes to the Hong Kong
Underwriters, that except pursuant to the Global Offering (including pursuant to
the Over-Allocation Option) or pursuant to the Share Option Scheme, at any time
from the date of this Agreement until the date falling 6 months after the
Listing Date, the Company will not without Goldman Sachs's prior written consent
(on behalf of itself and the Hong Kong Underwriters) and unless in compliance
with the requirements of the Listing Rules:

(a)     allot, issue, offer, sell, pledge, contract to sell, hedge or grant any
        option or right to subscribe or purchase, agree to allot or issue or
        otherwise dispose of, directly or indirectly, or repurchase, any Shares
        or any securities exchangeable or convertible into Shares or which carry
        rights to subscribe or purchase Shares;

(b)     enter into any swap or other arrangement that transfers, in whole or in
        part, any of the economic consequence of ownership of any Shares; or

(c)     offer to or agree to do any of the foregoing or announce any intention
        to do so,

whether any such transactions described in (a) or (b) above is to be settled by
delivery of share capital or such other securities, in cash or otherwise.

11.3    The Selling Shareholder: The Selling Shareholder undertakes with the
Hong Kong Underwriters and the Company that:

                                                                         Page 28

<PAGE>

(a)     the Selling Shareholder will use all reasonably commercial endeavours
        comply in all respects with its obligations under the terms and
        conditions of the Hong Kong Public Offering and the Preferential
        Offering and do all such acts and things (including without limitation
        executing any documents) as may be necessary to implement the Hong Kong
        Public Offering and the Preferential Offering, in particular, without
        limitation, to deliver the Hong Kong Offer Shares and Reserved Shares to
        successful applicants under the Hong Kong Public Offering and the
        Preferential Offering (as the case may be) and, if any of the Hong Kong
        Offer Shares falls to be taken up pursuant to clause 6.1, to the
        applicants under clause 6.6 or, as the case may be, as Goldman Sachs
        direct;

(b)     the Selling Shareholder will pay any tax, duty, levy, fee or other
        charge or expense (if any) which may be payable in the Cayman Islands or
        Hong Kong by itself, whether pursuant to the requirement of any law,
        rule or regulation or otherwise, in connection with the transfer of the
        Hong Kong Offer Shares, the Global Offering, the execution and delivery
        of, and the performance of any of the provisions under, this Agreement
        and the Company agrees to reimburse the Selling Shareholder for the
        amounts so paid;

(c)     it has no present intention of disposing of any Shares (or any
        beneficial interest therein) beneficially owned or to be owned or
        controlled by it, except pursuant to the DoCoMo Acquisition and the
        Stock Borrowing Agreement; and

(d)     except pursuant to (i) the Global Offering (including pursuant to the
        Over-Allocation Option) or (ii) the Stock Borrowing Agreement or (iii)
        the transfer by it of Shares pursuant to the DoCoMo Acquisition upon
        completion of the Global Offering:

        (i)     at any time after the date of this Agreement up to the date
                which is six months from the Listing Date, it will not, without
                the prior written consent of Goldman Sachs (on behalf of the
                Hong Kong Underwriters) and unless in compliance with the
                Listing Rules, (A) dispose of any Shares or any direct or
                indirect interest therein (including, without limitation, any
                option, mortgage, pledge, charge or other security interest) or
                any securities convertible into, exercisable or exchangeable
                for, any of the foregoing or enter into any swap or other
                arrangement that transfers, in whole or in part, any of the
                economic consequence of ownership of any Shares or offer to or
                agree to do any of the foregoing or announce any intention to do
                so (other than in each case in relation to any Shares in which
                it or its subsidiaries may become interested following the
                Listing Date) or (B) dispose of any direct or indirect interests
                in any company or entity holding any Shares (other than
                companies or entities holding solely Shares acquired following
                the Listing Date); and

        (ii)    during the six-month period commencing on the expiry of the date
                which is six months from the Listing Date, in the event that it
                enters into any of the foregoing transactions in sub-paragraph
                (i) above, or agrees or contracts to, or publicly announces any
                intention to enter into

                                                                         Page 29

<PAGE>

               such transactions, it will take all reasonable steps to ensure
               that it will not create a disorderly or false market in the
               Shares.

11.4    Restrictions on Application: The Selling Shareholder agrees with Goldman
Sachs and the Hong Kong Underwriters that, without Goldman Sachs's consent, it
will not (as principal), and shall procure that (so far as is relevant to it)
its associates (as the term is defined in the Listing Rules) shall not (as
principal), apply for any Hong Kong Offer Shares either in his own name or
through nominees.

11.5    Benefit of this Clause: Save as provided otherwise, the undertakings in
this clause are given for the benefit only of Goldman Sachs and the Hong Kong
Underwriters, who may agree to waive or grant consents in respect of any of them
on such terms as Goldman Sachs (for itself and on behalf of the other Hong Kong
Underwriters) see fit.

11.6    Effect of Undertakings: The undertakings in this clause 11 shall remain
in full force and effect notwithstanding the completion of the Global Offering
and all matters contemplated in this Agreement.

12.     TERMINATION

12.1    Termination Events: Goldman Sachs (for itself and on behalf of the Hong
Kong Underwriters) may in its absolute discretion terminate this Agreement by
giving notice to the Selling Shareholder and the Company at any time at or prior
to 8:00 a.m. on the Listing Date, if at or prior to such time:

(a)     there shall have developed, occurred, existed or come into force:

        (i)     any change or development involving a prospective change or
                development, or any event or series of events resulting in or
                representing a change or development, or prospective change or
                development, in local, national, regional or international
                financial, political, military, industrial, economic, fiscal or
                market conditions (including, without limitation, conditions in
                stock and bond markets, money and foreign exchange markets and
                inter-bank markets, a change in the system under which the value
                of the Hong Kong currency is linked to that of the currency of
                the United States, or a devaluation of the Renminbi against any
                foreign currencies) in or affecting Hong Kong, the PRC, Japan,
                the United States, the United Kingdom, the Cayman Islands, India
                or Israel; or

        (ii)    any new law or regulation or any change in existing law or
                regulation, or any change in the interpretation or application
                thereof by any court or other competent authority in or
                affecting Hong Kong, the PRC, Japan, the United States, the
                United Kingdom, the Cayman Islands, India or Israel; or

        (iii)   any event or series of events in the nature of force majeure
                (including, without limitation, acts of government, strikes,
                lock-outs, fire, explosion, flooding, civil commotion, acts of
                war, acts of terrorism (whether or not responsibility has been
                claimed), acts of God, accident

                                                                         Page 30

<PAGE>

        or interruption or delay in transportation) in or affecting Hong Kong,
        the PRC, Japan, the United States, the United Kingdom, the Cayman
        Islands, India or Israel; or

        (iv)    any local, national, regional or international outbreak or
                escalation of hostilities (whether or not war is or has been
                declared) or other state of emergency or calamity or crisis in
                or affecting Hong Kong, the PRC, Japan, the United States, the
                United Kingdom, the Cayman Islands, India or Israel; or

        (v)     the imposition or declaration of (A) any suspension or material
                limitation on trading in securities generally on the Hong Kong
                Stock Exchange, the New York Stock Exchange and/or the London
                Stock Exchange (B) a suspension or material limitation in
                trading in the Company's securities on the New York Stock
                Exchange or (C) a general moratorium on commercial banking
                activities or disruption in commercial banking activities or
                foreign exchange trading or securities settlement or clearance
                services in or affecting Hong Kong, the United States or the
                United Kingdom; or

        (vi)    any change or prospective change in taxation or exchange
                controls, currency exchange rates or foreign investment
                regulations in Hong Kong or the Cayman Islands or any other
                relevant jurisdiction adversely affecting Hong Kong or the
                Cayman Islands or any other relevant jurisdiction or affecting
                an investment in Shares; or

        (vii)   any material litigation or claim being threatened or instigated
                against any member of the Group; or

(b)     there has come to the notice of Goldman Sachs or any of the Hong Kong
        Underwriters that:

        (i)     any statement contained in the Hong Kong Offering Documents was
                or has become untrue, incorrect or misleading in any respect; or

        (ii)    any matter has arisen or has been discovered which would, had it
                arisen immediately before the Prospectus Date, not having been
                disclosed in the Hong Kong Prospectus, constitute an omission
                therefrom; or

        (iii)   any matter or event showing any of the warranties given by the
                Selling Shareholder or the Company in this Agreement to be
                untrue or misleading in any respect when first given or
                repeated; or

        (iv)    any event, act or omission which gives or is likely to give rise
                to any liability of any of the Company or the Selling
                Shareholder pursuant to the indemnities given by them in this
                Agreement; or

        (v)     any breach of any of the obligations of any party (other than
                the Hong Kong Underwriters) to this Agreement; or

                                                                         Page 31

<PAGE>

        (vi)    any adverse change or prospective adverse change in the business
                or in the financial or trading position of the Group as a whole,

and which, in any such case in either (a) or (b) above and in the judgment of
Goldman Sachs (for itself and on behalf of the other Hong Kong Underwriters):

(A)     is or will be or is reasonably likely to be materially adverse to, or
        materially and prejudicially affect, the business or financial or
        trading position or prospects of the Group as a whole; or

(B)     has or will have or is reasonably likely to have a material adverse
        effect on the success of the Global Offering and/or make it
        impracticable or inadvisable for any material part of this Agreement,
        the Hong Kong Public Offering or the Global Offering to be performed or
        implemented as envisaged; or

(C)     makes it inadvisable or impracticable to proceed with the Hong Kong
        Public Offering and/or the Global Offering or the delivery of the Offer
        Shares on the terms and in the manner contemplated by the Hong Kong
        Prospectus.

12.2    Consequences of Termination: Upon the termination of this Agreement
pursuant to the provisions of clause 2.4 or clause 12.1:

(a)     each of the parties hereto shall cease to have any rights or obligations
        under this Agreement, save in respect of the provisions of this clause
        and clauses 13, 18, 23 to 26 (inclusive) and any rights or obligations
        which may have accrued under this Agreement prior to such termination;

(b)     with respect to the Hong Kong Public Offering, all payments made by the
        Hong Kong Underwriters or any of them pursuant to clause 6.6 and/or by
        successful applicants under Valid Applications shall be refunded
        forthwith (in the latter case the Selling Shareholder and the Company
        shall procure that the Branch Share Registrar and the Nominee despatch
        refund cheques to all applicants under the Hong Kong Public Offering in
        accordance with the Branch Registrar's Agreement and the Receiving
        Bankers' Agreement); and

(c)     the Selling Shareholder shall pay to Goldman Sachs such fees and
        expenses incurred by Goldman Sachs and the Hong Kong Underwriters in
        accordance with the terms of the fees and expenses letter described in
        clause 8.3.

13.     INDEMNITY

13.1    Indemnity: Each of the Company and the Selling Shareholder (each on
Indemnifying Party) jointly and severally undertakes to indemnify and keep
indemnified (on an after-tax basis) and hold harmless Goldman Sachs and the Hong
Kong Underwriters or any of them (for itself and on trust for its affiliates and
their respective partners, directors, officers, employees, agents and assignees
(the Related Parties)) (each an Indemnified Person) from and against (i) all and
any actions, claims (whether or not any such claim involves or results in any
actions or proceedings), demands, investigations and proceedings from time to
time alleged, made or brought or threatened to be made or brought (together the
Actions), and (ii) all charges, losses, damages, liabilities, payments, costs or
expenses including legal

                                                                         Page 32

<PAGE>

fees and taxes (including stamp duty and any penalties and/or interest arising
in respect of any taxes), including without limitation, all payments, costs or
expenses reasonably and properly made or incurred arising out of or in
connection with the settlement of any Actions or in investigating, disputing or
defending the same or the enforcement of any such settlement or any judgment
obtained in respect of any Actions whether or not such claim is successful,
compromised or settled, and any right of action which may be exercised (together
the Losses) which may be suffered, made or incurred by, an Indemnified Person
(with such amount of indemnity to be paid to each of the Hong Kong Underwriters
to cover all the Actions against and Losses incurred by such party and its
Related Parties) arising out of or in connection with:

(a)     the performance by any of Goldman Sachs and/or the Hong Kong
        Underwriters of its or their obligations under this Agreement; or

(b)     the issue, publication, distribution or making available of any of the
        Hong Kong Offering Documents, the Preferential Offering Documents, the
        International Offering Circular or the US Prospectus (including any
        amendment thereof or supplement thereto) and/or any announcement or
        offering material whatsoever in connection with the Global Offering
        (whether or not approved by Goldman Sachs pursuant to clause 20); or

(c)     the sale and transfer of the Offer Shares; or

(d)     any act or omission resulting in a breach or alleged breach on the part
        of the Company or the Selling Shareholder of any of the provisions of
        this Agreement or the International Underwriting Agreement; or

(e)     any failure or alleged failure by any of the Directors to comply with
        their respective obligations under the Listing Rules or any other
        applicable Laws or regulations; or

(f)     any of the Warranties being untrue, inaccurate or misleading or
        otherwise breached or being alleged by any third party to be untrue,
        inaccurate or misleading or otherwise breached; or

(g)     the Hong Kong Public Offering failing, or being alleged to fail, to
        comply with the requirements of the Listing Rules or any other
        applicable Laws or regulations; or

(h)     any statement in any of the Hong Kong Offering Documents, the
        Preferential Offering Documents, the International Offering Circular or
        the US Prospectus or any supplement or amendment thereto being, or being
        alleged to be, defamatory of any person; or

(i)     any untrue statement or alleged untrue statement of a material fact
        contained in any Hong Kong Offering Document, International Offering
        Circular or the US Prospectus or any supplement or amendment thereto, or
        any omission or alleged omission to state therein a material fact
        necessary in order to make the statements therein not misleading; or

                                                                         Page 33

<PAGE>

(j)     any breach or alleged breach of the laws, rules or regulations of any
        country or territory resulting from the distribution of the Hong Kong
        Offering Documents or the International Offering Circular or the US
        Prospectus and/or any offer, sale or distribution of the Shares
        otherwise than in accordance with and on the terms of those documents
        and this Agreement; or

(k)     the settlement of any Proceedings by any Governmental Authority,
        commenced or threatened,

PROVIDED THAT (i) the indemnity in respect of any Action or Loss resulting from
sub-clauses (a), (b), (g) or (j) above shall not be available to any Indemnified
Person to the extent that such Action or Loss is finally judicially determined
to have been caused solely by fraud, wilful default, gross negligence or
negligence having a material adverse effect on the Global Offering or the Hong
Kong Public Offering or the Group taken as a whole on the part of such
Indemnified Person; and (ii) any settlement or compromise of any Action or Loss
by any of Goldman Sachs, the Hong Kong Underwriters or any other Indemnified
Person shall be made without prejudice to any claim, action or demand which any
of Goldman Sachs, the Hong Kong Underwriters or any other Indemnified Person may
have or make against any Indemnifying Party under this clause or otherwise under
this Agreement.

13.2    Notification of Proceedings: In case any proceeding (including any
governmental investigation) shall be instituted involving any Indemnified
Person, such Indemnified Person shall promptly notify the Indemnifying Party in
writing and such Indemnifying Party, shall pay the reasonable fees and
disbursements of counsel properly incurred in connection with such proceeding.
Such Indemnified Person shall, subject to any requirement imposed by any insurer
of the Indemnified Person, consult with the Company, the Selling Shareholder and
Goldman Sachs and keep them informed in relation to such proceeding. Any failure
by an Indemnified Person to notify or consult any Indemnifying Party in
accordance with this clause shall not in any way relieve or reduce the
obligations of any Indemnifying Party to indemnify each and every Indemnified
Person under this clause 13.

13.3    Proceedings: Following notification of the commencement of any such
proceeding against any Indemnified Person pursuant to clause 13.2, the relevant
Indemnifying Party shall be entitled to participate in such proceedings and has
the option, jointly with any other Indemnifying Party, to assume the defence
thereof, with counsel satisfactory to such Indemnified Person (which shall not,
except with the consent of the Indemnified Person, be counsel to the Indemnified
Person), and, after notice from the Indemnifying Party to the Indemnified Person
of its election to assume the defence of an action, the Indemnifying Party shall
not be liable to such Indemnified Person for any legal expenses of other counsel
or any other expenses, in each case subsequently incurred by such Indemnified
Person, in connection with the defence thereof other than reasonable costs of
investigation.

13.4    Legal Counsel: Legal counsel to the Indemnified Persons shall be
selected by Goldman Sachs.

13.5    Settlement: No Indemnifying Party shall, without the prior written
consent of the Indemnified Person, settle or compromise or consent to the entry
of any judgment with respect to any litigation, or any investigation or
proceeding by any governmental

                                                                         Page 34

<PAGE>

agency or body, commenced or threatened, or any claim whatsoever in respect of
which indemnification or contribution could be sought under this clause 13
(whether or not the Indemnified Persons are actual or potential parties
thereto), unless such settlement, compromise or consent:

(a)     includes an unconditional release of each Indemnified Person from all
        liabilities arising out of such litigation, investigation, proceeding or
        claim; and

(b)     does not include a statement as to the admission of fault by or on
        behalf of any Indemnified Person.

13.6    Effect: The indemnities in this clause shall remain in full force and
effect notwithstanding completion of the Hong Kong Public Offering and the
Preferential Offering or the rescission or termination of this Agreement. The
provisions of the indemnities contained in this clause are not affected by any
other terms (including, subject to clause 13.7, any limitations) set out in this
Agreement.

13.7    Limitation on liability of the Selling Shareholder: The maximum
aggregate amount of the liability of the Selling Shareholder under this clause
13 and under sub-section 8(a) of the International Underwriting Agreement shall
not exceed the sum of (i) the gross proceeds of the International Offering
(determined by multiplying the purchase price per ADS by the total number of
ADSs sold under the International Offering (including proceeds from shares
delivered as Shares under the International Offering)); (ii) the gross proceeds
of the Hong Kong Public Offering (determined by multiplying the Offer Price by
the total number of Hong Kong Offer Shares); and (iii) any legal or other
expenses reasonably incurred by the Hong Kong Underwriters and/or the
International Underwriters in connection with investigating or defending any
action or claim for which the Hong Kong Underwriters and/or the International
Underwriters (as the case may be) are entitled to reimbursement by the Selling
Shareholder in accordance with clause 13.1 hereof (in the case of the Hong Kong
Underwriters) or sub-section 8(a) of the International Underwriting Agreement
(in the case of the International Underwriters).

14.     REMEDIES, WAIVERS AND RELEASE

14.1    Delay or Omission: No delay or omission on the part of any party hereto
in exercising any right, power or remedy under this Agreement shall:

(a)     impair such right, power or remedy; or

(b)     operate as a waiver thereof.

14.2    Single or Partial Exercise: The single or partial exercise of any right,
power or remedy under this Agreement shall not preclude any other or further
exercise thereof or the exercise of any other right, power or remedy.

14.3    Cumulative and Not Exclusive: The rights, powers and remedies provided
in this Agreement are cumulative and not exclusive of any rights, powers and
remedies provided by law.

14.4    Release or Compromise: Each party hereto may expressly release or
compromise the liability of any other party hereto or grant time or other
indulgence to

                                                                         Page 35

<PAGE>

any party hereto in any way without releasing or reducing or compromising the
liability of such party to any other party or of any other party hereto in any
other way.

15.     ASSIGNMENT

15.1    Binding: This Agreement shall be binding on, and enure for the benefit
of, the parties hereto and their respective successors, personal representatives
and permitted assigns.

15.2    Assignment: Any of the Hong Kong Underwriters may assign to any
affiliate the benefits of and interests and rights in or arising under this
Agreement. Save as aforesaid, no other party hereto shall assign or transfer all
or any part of any benefit of, or interest or right in, this Agreement, or any
benefit, interest, right or obligation arising under this Agreement.

16.     FURTHER ASSURANCE

16.1    Further Assurance: The Company and the Selling Shareholder shall from
time to time, on being required to do so by Goldman Sachs now or at any time in
the future, use reasonable endeavours to do or procure the doing of such acts
and/or execute or procure the execution of such documents as Goldman Sachs may
reasonably consider necessary to give full effect to this Agreement and securing
to Goldman Sachs and the Hong Kong Underwriters or any of them the full benefit
of the rights, powers and remedies conferred upon them or any of them in this
Agreement.

17.     ENTIRE AGREEMENT

17.1    Entire Agreement: This Agreement and any other documents referred to in
this Agreement constitute the whole and only agreement between the Company, the
Selling Shareholder, Goldman Sachs and the other Hong Kong Underwriters relating
to the underwriting of the Hong Kong Public Offering and supersedes and
extinguishes any other prior drafts, agreements, undertakings, representations,
warranties and arrangements of any nature whatsoever, whether or not in writing,
relating thereto made or given by any other party or any other person, whether
or not in writing, at any time prior to the execution of this Agreement
(Pre-contractual Statements).

17.2    Reliance: Each party hereto acknowledges that in entering into this
Agreement on the terms set out in this Agreement it is not relying upon any
Pre-contractual Statement which is not expressly set out herein or the documents
referred to herein.

17.3    Right of Action: No party shall have any right of action (except in the
case of fraud) against any other party to this Agreement arising out of or in
connection with any Pre-contractual Statement except to the extent that such
Pre-contractual Statement is repeated in this Agreement or the documents
referred to herein.

18.     AMENDMENT OR VARIATION

18.1    Amendment or Variation: This Agreement may only be amended or varied in
writing signed by each of the parties hereto.

                                                                         Page 36

<PAGE>

19.     NOTICES

19.1    Form and Language: Any notice or other communication given or made under
this Agreement shall be in writing (other than writing on the screen of a visual
display unit or other similar device which shall not be treated as writing for
the purpose of this clause) and shall, unless otherwise specified, be in
English.

19.2    Delivery: Any such notice or other communication shall be addressed as
provided in clause 19.3 and, if so addressed, shall be deemed to have been duly
given or made as follows:

(a)     if sent by personal delivery, upon delivery at the address of the
        relevant party;

(b)     if sent by post, five Business Days after the date of posting; and

(c)     if sent by facsimile, upon despatch to the facsimile number of the
        recipient, with the production of a transmission report by the machine
        from which the facsimile was sent which indicates that the facsimile was
        sent in its entirety to the facsimile number of the recipient and
        provided that a confirmation copy of such notice or communication shall
        be sent by post to the addressee concerned not later than the Business
        Day immediately following the date of despatch of the facsimile.

19.3    Addresses: The relevant addressee, address and facsimile number of each
party hereto for the purposes of this Agreement, subject to clause 19.4 are:

Name of Party                 Address                       Facsimile No.
----------------------------  ----------------------------  --------------------
The Company                   18/F, Two Harbourfront        (852) 2128 1778
                              22 Tak Fung Street
                              Hunghom
                              Kowloon
                              Hong Kong
                              Attention: The Company
                                         Secretary

The Selling Shareholder       22/F, Hutchison House         (852) 2128 1778
                              10 Harcourt Road
                              Hong Kong
                              Attention: The Company
                                         Secretary

Goldman Sachs                 68th Floor                    (852) 2978 0440
(for itself and on behalf of  Cheung Kong Center
the Hong Kong Underwriters)   2 Queen's Road Central
                              Hong Kong
                              Attention: Special Execution
                                         Group

                                                                         Page 37

<PAGE>

19.4    Change of Details: A party may notify the other parties to this
Agreement of a change to its relevant addressee, address or facsimile number for
the purposes of clause 19.3 provided that such notification shall only be
effective on:

(a)     the date specified in the notification as the date on which the change
        is to take place; or

(b)     if no date is specified or the date specified is earlier than the date
        on which a notice is deemed under clause 19.2 above to have been duly
        given, the date on which such notice is so deemed to have been duly
        given.

20.     ANNOUNCEMENTS

20.1    No Announcement: Subject to clause 20.2, no announcement or press
release concerning the Hong Kong Public Offering, the Preferential Offering or
any ancillary matter shall be made by any of the parties to this Agreement
without the prior written approval of Goldman Sachs (such approval not to be
unreasonably withheld or delayed).

20.2    Permitted Announcement: Any party to this Agreement may make an
announcement concerning the Hong Kong Public Offering, the Preferential Offering
or any ancillary matter if and to the extent:

(a)     required by Law, the Listing Rules or an order of a court of competent
        jurisdiction;

(b)     required by any securities exchange or regulatory or governmental body
        to which such party is subject or submits, wherever situated, including,
        without limitation, the Hong Kong Stock Exchange, whether or not the
        requirement has the force of law; or

(c)     Goldman Sachs and the Company have given prior written approval to the
        making of the announcement,

PROVIDED THAT in relation to paragraphs (a) and (b) above any such announcement
shall be made only after consultation with Goldman Sachs.

20.3    Period: The restrictions contained in this clause shall continue to
apply for a period of three months after the Listing Date. The Company shall
procure compliance by its subsidiaries and affiliates with the provisions of
this clause.

21.     TIME OF ESSENCE

21.1    Time of Essence: Any time, date or period referred to in this Agreement
may be extended by mutual agreement between the Company, the Selling Shareholder
and Goldman Sachs (for itself and on behalf of the other Hong Kong
Underwriters). Save as otherwise expressly provided, as regards any date or
period originally fixed or any date or period so extended as aforesaid, time is
of the essence of this Agreement.

                                                                         Page 38

<PAGE>

22.     INVALIDITY

22.1    Effect of Invalidity: If at any time any provision of this Agreement is
or becomes illegal, invalid or unenforceable in any respect under the law of any
jurisdiction, that shall not affect or impair:

(a)     the legality, validity or enforceability in that jurisdiction of any
        other provision of this Agreement; or

(b)     the legality, validity or enforceability under the law of any other
        jurisdiction of that or any other provision of this Agreement.

23.     GOVERNING LAW

23.1    Hong Kong Law: This Agreement shall be governed by and construed in
accordance with Hong Kong law.

24.     DISPUTE RESOLUTION

24.1    Jurisdiction: The parties to this Agreement irrevocably agree that the
courts of Hong Kong are to have exclusive jurisdiction to settle any disputes
which may arise out of or in connection with this Agreement and that accordingly
any Proceedings, out of or in connection with this Agreement may be brought in
such courts.

24.2(a) Notwithstanding clause 24.1 above, each of the Company, the Selling
        Shareholder and Goldman Sachs (for and on behalf of the Hong Kong
        Underwriters) shall have the option to refer any disputes which may
        arise out of or in connection with this Agreement to be finally resolved
        by arbitration in accordance with this clause 24.2. Upon written notice
        by the Company, the Selling Shareholder or Goldman Sachs pursuant to
        this clause 24.2, such disputes shall be referred to and finally
        resolved by arbitration in accordance with the UNCITRAL Arbitration
        Rules (the Rules) as in force from time to time and as may be amended by
        the rest of this clause 24.

(b)     There shall be three arbitrators. The appointing authority shall be the
        Hong Kong International Arbitration Centre (HKIAC).

(c)     Where there are multiple parties, whether as claimant or as respondent,
        the multiple claimants, jointly, shall appoint a claimants-appointed
        arbitrator, and the multiple respondents, jointly, shall appoint a
        respondents-appointed arbitrator for the purpose of Article 7(1) of the
        Rules. The claimants-appointed arbitrator and the respondents-appointed
        arbitrator shall then choose the third arbitrator who will act as
        chairman of the arbitral tribunal.

(d)     The seat of arbitration shall be Hong Kong, and the arbitration shall be
        administered by HKIAC.

(e)     The governing law of the arbitration proceedings shall be the laws of
        Hong Kong.

(f)     The language to be used in the arbitral proceedings shall be English.

                                                                         Page 39

<PAGE>

(g)     By agreeing to arbitration pursuant to this clause 24.2, the parties
        hereto irrevocably waive their right to any form of appeal, review or
        recourse to any state court or other judicial authority, insofar as such
        waiver may be validly made and to the fullest extent permitted by
        applicable laws.

(h)     The award shall be given by a majority decision. If there be no
        majority, the award shall be made by the Chairman of the arbitral
        tribunal alone.

24.3    Agent for Service: The Selling Shareholder hereby irrevocably authorizes
and appoints the Company at the address set out in clause 19.3 to accept service
of all legal process arising out of or connected with this Agreement and service
on such persons shall be deemed to be service on the Selling Shareholder.

25.     IMMUNITY

25.1    Waiver: To the extent that any party hereto may in any court proceedings
arising out of or in connection with this Agreement or in any proceedings taken
for the enforcement of any determination, decision, order or award made in such
court proceedings claim for itself or its assets immunity from suit or other
legal process or to the extent that in any such court or enforcement proceedings
there may be attributed to itself or its assets such immunity (whether or not
claimed), such party hereby irrevocably waives such immunity and consents, in
respect of any such court or enforcement proceedings, to the giving of any
relief or the issue of any process including, without limitation, the making,
enforcement or execution against property whatsoever (irrespective of its use or
intended use) to the full extent permitted by applicable laws.

26.     CURRENCY INDEMNITY

26.1    Conversion into Another Currency: If for the purposes of obtaining
judgment in any court by the Company, the Selling Shareholder, Goldman Sachs or
any other Hong Kong Underwriter as the case may be (for the purposes of this
clause, the Claiming Party) it is necessary to convert a sum due hereunder into
any currency other than HK dollars, the parties hereto agree, to the fullest
extent that they may effectively do so, that the rate of exchange used shall be
the rate at which in accordance with normal banking procedures such Claiming
Party could purchase HK dollars with such other currency in Hong Kong on the
Business Day preceding that on which final judgment is given.

26.2    Judgement in Another Currency: The obligation of any party hereto in
respect of any sum due from such party (for the purposes of this clause, the
Obligor) to any Claiming Party shall, notwithstanding any judgment in a currency
other than HK dollars, not be discharged until the first Business Day following
receipt by such Claiming Party of any sum adjudged to be so due in such other
currency, on which (and only to the extent that) such Claiming Party may in
accordance with normal banking procedures purchase HK dollars with such other
currency.

26.3    Obligor's Indemnity: If the HK dollars purchased pursuant to this clause
are less than the sum originally due to the Claiming Party, such Obligor agrees,
as a separate obligation and notwithstanding any such judgment, to indemnify the
Claiming Party against such loss.

                                                                         Page 40

<PAGE>

26.4    Claiming Party's Obligation: If the HK dollars purchased pursuant to
this clause are greater than the sum originally due to the Claiming Party, the
Claiming Party agrees, as a separate obligation and notwithstanding any such
judgment, to repay to the Obligor an amount equal to the excess of the HK
dollars so purchased over the sum originally due hereunder to the Claiming
Party.

27.     COUNTERPARTS

27.1    Number of Counterparts: This Agreement may be executed in any number of
counterparts, and by the parties on separate counterparts, but shall not be
effective until each party has executed at least one counterpart.

27.2    Counterparts as One Original: Each counterpart shall constitute an
original of this Agreement, but all the counterparts shall together constitute
but one and the same instrument.

IN WITNESS whereof this Agreement has been executed under hand by or on behalf
of the parties hereto the day and year first above written.

                                                                         Page 41

<PAGE>

                                   SCHEDULE 1

                             HONG KONG UNDERWRITERS

<TABLE>
<CAPTION>
                                                                       PERCENTAGE OF
                                                                         HONG KONG      NUMBER OF HONG
                                                                           PUBLIC         KONG OFFER
                                                                          OFFERING          SHARES
                NAME                             ADDRESS                UNDERWRITTEN     UNDERWRITTEN
-----------------------------------   ------------------------------   --------------   --------------
<S>                                   <C>                                    <C>            <C>
Goldman Sachs (Asia) L.L.C            68/F., Cheung Kong Center              60%            69,300,000
                                      2 Queen's Road Central
                                      Hong Kong

ABN AMRO Bank N.V.,                   38/F., Cheung Kong Center
Hong Kong Branch                      2 Queen's Road Central
                                      Hong Kong
and

N M Rothschild & Sons                 16/F, Alexandra House                  12%            13,860,000
(Hong Kong) Limited,                  16-20 Chater Road
                                      Central
each trading as                       Hong Kong
ABN AMRO Rothschild

BNP Paribas Peregrine Capital         36/F., Asia Pacific Finance             2%             2,310,000
Limited                               Tower
                                      3 Garden Road, Central
                                      Hong Kong

Celestial Capital Limited             21/F., Low Block                        2%             2,310,000
                                      Grand Millennium Plaza
                                      181 Queen's Road Central
                                      Hong Kong

Core Pacific - Yamaichi               36/F., Cosco Tower                      2%             2,310,000
International (H.K.) Limited          Grand Millennium Plaza
                                      183 Queen's Road Central
                                      Hong Kong

Dao Heng Securities Limited           12/F., The Center                       2%             2,310,000
                                      99 Queen's Road Central
                                      Hong Kong

DBS Asia Capital Limited              16/F., Man Yee Building                 2%             2,310,000
                                      68 Des Voeux Road Central
                                      Hong Kong

First Shanghai Securities Limited     19/F., Wing On House                    2%             2,310,000
                                      71 Des Voeux Road Central
                                      Hong Kong
</TABLE>

                                                                         Page 42

<PAGE>

<TABLE>
<CAPTION>
                                                                       PERCENTAGE OF
                                                                         HONG KONG      NUMBER OF HONG
                                                                           PUBLIC         KONG OFFER
                                                                          OFFERING          SHARES
                NAME                             ADDRESS                UNDERWRITTEN     UNDERWRITTEN
-----------------------------------   ------------------------------   --------------   --------------
<S>                                   <C>                                     <C>            <C>
Guotai Junan Securities (Hong         27/F., Low Block                        2%             2,310,000
Kong) Limited                         Grand Millennium Plaza
                                      181 Queen's Road Central
                                      Hong Kong

The Hongkong and Shanghai Banking     Level 15                                2%             2,310,000
Corporation Limited                   1 Queen's Road Central
                                      Hong Kong

KGI Capital Asia Limited              27/F., Asia Pacific Finance             2%             2,310,000
                                      Tower
                                      Citibank Plaza, 3 Garden Road
                                      Central
                                      Hong Kong

Kim Eng Securities (Hong Kong)        Room 1901                               2%             2,310,000
Limited                               Bank of America Tower
                                      12 Harcourt Road, Central
                                      Hong Kong

SBI E2-Capital Securities Limited     43/F., Jardine House                    2%             2,310,000
                                      One Connaught Road Central
                                      Hong Kong

South China Securities Limited        28/F., Bank of China Tower              2%             2,310,000
                                      1 Garden Road, Central
                                      Hong Kong

Sun Hung Kai International Limited    Level 12, One Pacific Place             2%             2,310,000
                                      88 Queensway
                                      Hong Kong

Tai Fook Securities Company           25/F., New World Tower                  2%             2,310,000
Limited                               16-18 Queen's Road Central
                                      Hong Kong
</TABLE>

                                                                         Page 43

<PAGE>

                                   SCHEDULE 2

                       THE CONDITIONS PRECEDENT DOCUMENTS

                   PART A : TO BE DELIVERED TO GOLDMAN SACHS
    NOT LATER THAN 5:00 P.M. ON THE BUSINESS DAY PRIOR TO THE PROSPECTUS DATE

1.      LEGAL DOCUMENTS

1.1     A certified copy of the resolutions of the sole shareholder of the
Company referred to in paragraph 1(C) of Appendix X to the Hong Kong Prospectus.

1.2     A certified copy of the resolutions of the Directors:

(a)     considering the Hong Kong Prospectus in detail in conjunction with the
        Verification Notes;

(b)     approving and authorizing the execution on behalf of the Company of this
        Agreement together with all other agreements and documents in the form
        previously approved by or on behalf of the Company as necessary,
        convenient or desirable to effect the Global Offering and implement the
        listing of the Shares;

(c)     approving the Hong Kong Public Offering;

(d)     approving the International Offering (including the Preferential
        Offering);

(e)     approving and authorizing the circulation of the Preliminary Offering
        Circular or ratifying the same; and

(f)     approving and authorizing the issue and the registration with the
        Registrar of Companies in Hong Kong of the Hong Kong Prospectus and the
        Application Forms.

1.3     A certified copy of the resolutions of the directors of the Selling
        Shareholder:

(a)     considering the Hong Kong Prospectus in detail in conjunction with the
        Verification Notes;

(b)     approving and authorizing the execution on behalf of the Selling
        Shareholder of this Agreement together with all other agreements and
        documents in the form previously approved by or on behalf of the Company
        necessary, convenient or desirable to effect the Global Offering and
        implement the listing of the Shares; and

(c)     approving the Global Offering.

1.4     One certified copy of the Receiving Bankers' Agreement.

1.5     One certified copy of the Principal Registrar's Agreement.

                                                                         Page 44

<PAGE>

1.6     One certified copy of the Branch Registrar's Agreement.

1.7     One certified copy of the Multiple Applications Letter.

1.8     A copy of each of the service contracts of the Directors.

2.      DOCUMENTS RELATING TO THE HONG KONG PUBLIC OFFERING

2.1     Seven printed copies of each of the Hong Kong Prospectus and the
Application Forms, each duly signed by two Directors or their respective duly
authorized attorneys and, if signed by their respective duly authorized
attorneys, certified copies of the relevant power of attorney or authorization
document.

2.2     An original or a copy of the Verification Notes signed by or on behalf
of each person to whom responsibility is therein assigned (other than Goldman
Sachs and its legal advisers).

2.3     Two signed originals of the accountants' report dated the Prospectus
Date issued by the Reporting Accountants, the text of which is contained in
Appendix I to the Hong Kong Prospectus.

2.4     Two signed originals of the accountants' report dated the Prospectus
Date issued by the Aircel Reporting Accountants, the text of which is contained
in Appendix IV to the Hong Kong Prospectus.

2.5     Two signed originals dated the Prospectus Date from the Reporting
Accountants addressed to the Hong Kong Underwriters confirming, inter alia, the
indebtedness statement contained in the Hong Kong Prospectus and commenting on
the statement contained in the Hong Kong Prospectus as to the sufficiency of
working capital, such letter to be in the form previously approved by Goldman
Sachs on behalf of the Hong Kong Underwriters.

2.6     Two signed originals of the comfort letter dated the date of this
Agreement from the Reporting Accountants addressed to the Hong Kong Underwriters
in respect of financial information set out in the Hong Kong Prospectus.

2.7     Two certified copies of the letters, summary of values and valuation
certificate dated the Prospectus Date issued by the Property Valuer, the text of
which is contained in Appendix VII to the Hong Kong Prospectus.

2.8     Two certified copies of the letter from Conyers Dill & Pearman, Cayman
referred to in Appendix VIII to the Hong Kong Prospectus.

2.9     A certified copy of each of the letters referred to in paragraphs 6(K)
and 6(N) of Appendix X to the Hong Kong Prospectus (other than the letter to be
issued by Goldman Sachs) containing consents to the issue of the Hong Kong
Prospectus with the inclusion of references to the respective parties' names,
and where relevant their reports, letters and valuation certificates in the form
and context in which they are included.

                                                                         Page 45

<PAGE>

2.10    One certified copy of a letter from the Registrar of Companies Hong Kong
confirming that the Hong Kong Prospectus has been registered pursuant to section
342C of the Companies Ordinance.

2.11    A letter or facsimile to Goldman Sachs (for itself and on behalf of the
Hong Kong Underwriters) from Linklaters confirming that the documents referred
to in the paragraph headed "Documents Delivered to the Registrar of Companies"
in Appendix XI to the Hong Kong Prospectus have been delivered to the Registrar
of Companies in Hong Kong as required by section 342C of the Companies
Ordinance.

2.12    A copy of each of the material contracts referred to in paragraph 4(A)
of Appendix X to the Hong Kong Prospectus (other than this Agreement).

2.13    A certified copy of the certificate as to the accuracy of the Chinese
translation of the Hong Kong Prospectus given by the relevant translator
thereof.

2.14    One certified copy of the undertaking from the Selling Shareholder to
the Company and the Hong Kong Stock Exchange pursuant to Note 3 to Listing Rule
10.07.

3.      PRC LEGAL OPINIONS

Two signed original copies of the legal opinion from Commerce & Finance Law
Offices in respect of properties leased by the Group and of the legal opinion
from Commerce & Finance Law Offices in respect of the PRC regulatory approvals
required for the Company's proposed listing, compliance with tax laws, due
incorporation of PRC entities, non-violation of PRC laws and compliance with
licensing and other applicable PRC legal requirements relevant to the Company's
business in forms satisfactory to Goldman Sachs.

4.      OTHER DOCUMENTS

4.1     A copy of the confirmation letter from each Director to Goldman Sachs
confirming that he has, and an original confirmation letter from the Company to
Goldman Sachs confirming that the Directors have, read and understood the
memorandum entitled "Memorandum on the Duties and Responsibilities of Directors
of Listed Companies" prepared by Linklaters and that Linklaters had provided a
voice-file explaining the contents of the relevant memorandum to him.

4.2     Two certified copies of the letter of responsibility and authority and
two certified copies of the statements of interests signed by each Director in
the agreed form addressed to the Company and Goldman Sachs (for itself and on
behalf of each of the Hong Kong Underwriters).

4.3     A certified copy of each of the following the Memorandum and Articles of
Association of the Company adopted by the sole shareholder of the Company on 3
September 2004.

                                                                         Page 46

<PAGE>

                    PART B : TO BE DELIVERED TO GOLDMAN SACHS
          NOT LATER THAN 5:00 P.M. ON THE BUSINESS DAY PRIOR TO CLOSING

1.      Two signed originals of a closing certificate, in a form approved by or
on behalf of Goldman Sachs, dated the date of Closing from each of the Company
and the Selling Shareholder, certifying the accuracy of the representations and
warranties given pursuant to clause 10 of this Agreement as at Closing by
reference to the facts and circumstances then subsisting and the performance of
all of its obligations under this Agreement falling due for performance prior to
Closing.

2.      A signed original letter agreement between HWL to Goldman Sachs (in the
agreed form) in respect of certain representations and warranties and
undertakings in respect of the Restructuring and the Global Offering.

3.      Two signed original bring-down comfort letters addressed to the Hong
Kong Underwriters from the Reporting Accountants dated as of the date of Closing
in form and substance satisfactory to Goldman Sachs (acting reasonably).

4.      Two signed originals of the legal opinion addressed to the Hong Kong
Underwriters and dated as of the date of Closing from each of:

(a)     Linklaters, as Hong Kong counsel to the Company;

(b)     Freshfields Bruckhaus Deringer, as Hong Kong counsel to the Hong Kong
        Underwriters;

(c)     Conyers Dill & Pearman, Cayman, as Cayman Islands counsel to the
        Company;

(d)     Conyers Dill & Pearman, British Virgin Islands, as British Virgin
        Islands counsel to the Selling Shareholder;

(e)     P& A Law Offices, as Indian counsel to the Company;

(f)     Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co., as Israeli counsel
        to the Company; and

(g)     Baker & McKenzie Limited, as Thai counsel to the Company,

in each case concerning such matters as Goldman Sachs may reasonably require.

                                                                         Page 47

<PAGE>

                                   SCHEDULE 3

                            SIGNIFICANT SUBSIDIARIES

Hutchison Global Communications Holdings Limited
Hutchison Global Communications Limited

Hutchison 3G HK Limited
Hutchison 3G Services (HK) Limited
Hutchison Telephone Company Limited

Partner Communications Company Ltd.

Hutchison Max Telecom Private Limited
Hutchison Telecom East Ltd.
Aircel Digilink India Limited
Fascel Limited
Hutchison Essar Telecom Limited
Hutchison Essar South Limited

Hutchison CAT Wireless Multimedia Limited
BFKT (Thailand) Limited

                                                                         Page 48

<PAGE>

                                   SCHEDULE 4

                         REPRESENTATIONS AND WARRANTIES

For the purposes of this Schedule 4:

(a)     any references in any Warranty to:

        associated companies shall have the same meaning as when used in the
        Company Accounts; and

        subsidiaries shall have the same meaning as when used in the Company
        Accounts;

(b)     any references in any Warranty to either the International Underwriting
        Agreement or the Deposit Agreement shall be deemed to be subject to the
        proviso that such Warranty is only applicable to or in respect of such
        agreement (and any actions contemplated thereunder) as and when it has
        been entered into by the relevant parties thereto; and

(c)     any Warranty concerning Significant Subsidiaries or Company
        Restructuring Subsidiaries shall, with respect to Partner Communications
        Company Ltd., be construed as modified by the qualifier "to the best
        knowledge of the Company after due inquiry".

                                     PART A

1.      ACCURACY AND ADEQUACY OF INFORMATION

1.1     All material information supplied or disclosed in writing or orally and
used as the basis of information contained in the Hong Kong Offering Documents,
including without limitation, the Verification Notes and the answers and
documents referred to therein (and any new or additional information serving to
update or amend the Verification Notes supplied or disclosed in writing prior to
the date of this Agreement) by the Company or any other member of the Group or
their respective directors or employees, the Reporting Accountants, the Aircel
Reporting Accountants or the legal and other professional advisers to the Hong
Kong Underwriters for the purposes of the Hong Kong Public Offering is true and
accurate in all material respects and not misleading in any material respect and
all forecasts and estimates so supplied or disclosed have been made after due
and careful consideration, are based on assumptions referred to in the Hong Kong
Offering Documents (to the extent there are any) and represent reasonable and
fair expectations honestly held based on facts known to such persons (or any of
them).

1.2     All statements of material fact contained in the Hong Kong Offering
Documents and the Preferential Offering Documents are and will (at the
Prospectus Date and the other times when the Warranties are repeated pursuant to
this Agreement) be true and accurate in all material respects and not misleading
in any material respect (in light of the circumstances under which they are
made) and there

                                                                         Page 49

<PAGE>

are no facts known or which on reasonable enquiry could have been known to the
Company, any other member of the Group and/or the Directors of them which are
not disclosed in the Hong Kong Offering Documents and the Preferential Offering
Documents the omission of which would make any statement therein misleading in
any material respect or which in the circumstances of the Hong Kong Public
Offering are material for disclosure therein provided, however, that this
representation and warranty shall not apply to any statements or omissions made
in reliance upon and in conformity with information furnished in writing to the
Company by or on behalf of a Hong Kong Underwriter expressly for use therein.
All expressions of opinion or intention therein are and will (at the Prospectus
Date and the other times when the Warranties are repeated pursuant to this
Agreement) be made on reasonable grounds and are and will be truly and honestly
held by the Directors and are and will be fairly based and there are and will be
no other facts known or which could on reasonable inquiry have been known to the
Directors the omission of which would make any such statement or expression
misleading in any material respect or which will or would likely be material in
the context of the Hong Kong Public Offering. The Hong Kong Offering Documents
and the Preferential Offering Documents conform to the requirements of the
Companies Ordinance and the Listing Rules so far as applicable.

1.3     All forecasts and estimates contained in the Hong Kong Offering
Documents and the Preferential Offering Documents are and will (at the
Prospectus Date and the other times when the Warranties are repeated pursuant to
this Agreement) be made after due and proper consideration, are and will be
based on assumptions referred to in the Hong Kong Offering Documents and the
Preferential Offering Documents in which such forecasts and estimates are
contained, and represent reasonable and fair expectations honestly held based on
facts known to the Company, any other member of the Group and/or the Directors
and there are and will be no other material assumptions on which such forecasts
or estimates are based other than the assumptions referred to in the Hong Kong
Offering Documents and the Preferential Offering Documents in which such
forecasts or estimates are contained or on which such forecasts or estimates
ought reasonably to have been based which have not been made. In particular (but
without limitation):

(a)     the statements relating to working capital contained in the Hong Kong
        Prospectus under the heading "Financial Information" represent the true
        and honest belief of the Directors arrived at after due and careful
        consideration and enquiry;

(b)     the material statements relating to the dividend policy contained in the
        Hong Kong Prospectus under the heading "Financial Information - Dividend
        Policy" represent the true and honest belief of the Directors arrived at
        after due and careful consideration and enquiry and there are currently
        no material capital commitments of the Company which have not been
        disclosed in the Hong Kong Prospectus;

(c)     the statements contained in the Hong Kong Prospectus under the heading
        "Future Plans and Prospects" represent the true and honest belief of the
        Directors arrived at after due and careful consideration and enquiry;

(d)     the statements contained in the Hong Kong Prospectus relating to the
        Group's indebtedness as at close of business on 31 August 2004 are true
        and accurate

                                                                         Page 50

<PAGE>

        in all material respects and all material developments in relation to
        the Company's indebtedness have been disclosed;

(e)     the statements relating to the Group's liquidity and capital resources
        contained in the Hong Kong Prospectus under the heading "Financial
        Information" are true and accurate in all material respects;

(f)     the interests of the Directors in the share capital of the Company and
        in contracts with the Company and other members of the Group are fairly
        and accurately disclosed in the Hong Kong Prospectus;

(g)     the statements contained in the Hong Kong Prospectus under the headings
        "Risk Factors" are accurate and represent the true and honest belief of
        the Directors arrived at after due and careful consideration; and

(h)     the statements set forth in the Hong Kong Prospectus under the heading
        "Share Capital" and "Summary of the Constitution of the Company and
        Cayman Islands Companies Laws", insofar as they purport to constitute a
        summary of the terms of the Shares, and under the heading "Regulation",
        insofar as they purport to describe the provisions of the laws and
        documents referred to therein, are true and accurate in all material
        respects.

1.4     All the interests of each of the Directors in the securities of the
Company or any associated corporation (within the meaning of the SFO) which will
be required to be notified to the Company and the Hong Kong Stock Exchange
pursuant to Part XV of the SFO, or which will be required pursuant to Part XV of
the SFO to be entered in the register referred to therein, or which will be
required to be notified to the Company and the Hong Kong Stock Exchange pursuant
to the Model Code for Securities Transactions by Directors of Listed Companies
in the Listing Rules, in each case once the Shares are listed, are fully and
accurately disclosed in the Hong Kong Prospectus.

1.5     All material contracts or documents to which any member of the Group is
a party which are required to be described in the Hong Kong Prospectus or filed
with the Hong Kong Prospectus with the Hong Kong Registrar of Companies will be
so described and filed.

1.6     No material information was withheld from the Reporting Accountants for
the purposes of their preparation of their reports contained in Appendix I to
the Hong Kong Prospectus and all information given to the Reporting Accountants
for such purposes was given in good faith and, to the best of the knowledge,
information and belief of the Directors after due and careful consideration, the
factual contents of such report are true and accurate in all material respects
and no material fact or matter has been omitted.

1.7     No material information was withheld from the Aircel Reporting
Accountants for the purposes of their preparation of their reports contained in
Appendix IV to the Hong Kong Prospectus and all information given to the Aircel
Reporting Accountants for such purposes was given in good faith and, to the best
of the knowledge, information and belief of the Directors after due and careful
consideration, the factual

                                                                         Page 51

<PAGE>

        contents of such report are true and accurate in all material respects
        and no material fact or matter has been omitted.

1.8     In respect of the connected transactions (as defined under the Listing
Rules) of the Group (the Connected Transactions):

(a)     the statements of fact contained in the Hong Kong Prospectus relating to
        the Connected Transactions are true and accurate in all material
        respects and there are no other facts known the omission of which would
        make any such statements misleading in any material respect, and there
        are no other Connected Transactions which have not been disclosed in the
        Hong Kong Prospectus which are or were required to be so disclosed;

(b)     all information (including but not limited to historical figures) and
        documentation provided by the Company to Goldman Sachs are true and
        accurate and complete in all material respects and there is no other
        information or document which have not been provided the result of which
        would make the information and documents so received misleading in any
        material respect;

(c)     the transactions mentioned in the section "Connected Transactions -
        Option Arrangements - Options exercisable at the discretion of third
        parties", "Connected Transactions - Connected Transactions Exempt From
        Independent Shareholders' Approval Requirements" and "Connected
        Transactions - Connected Transactions Requiring Independent
        Shareholders' Approval" in the Hong Kong Prospectus have been entered
        into and will be carried out in the ordinary course of business, on
        normal commercial terms and are fair and reasonable so far as the
        shareholders of the Company are concerned and the Directors, including
        the independent non-executive Directors, in coming to their view have
        made, as they reasonably consider, due and careful inquiries and
        investigations of such transactions;

(d)     the Company has complied with and undertakes to continue to comply with
        the terms of the Connected Transactions disclosed in the Hong Kong
        Prospectus so long as the agreement relating thereto is in effect and
        shall inform the Global Co-ordinator should there by any breach of any
        such terms before the Listing Date; and

(e)     each of the Connected Transactions as disclosed in the Hong Kong
        Prospectus constitutes a legal, valid and binding agreement for the
        relevant member of the Group.

2.      HONG KONG PUBLIC OFFERING

2.1     All necessary authorities have been obtained from the holders of
existing issued Shares in the capital of the Company and others in Hong Kong,
Cayman Islands and the PRC to enable the Hong Kong Offer Shares to be offered
and sold to the applicants and/or placees therefor under the Hong Kong Public
Offering and the Company has or will at the relevant time have power under the
Articles of Association to register the transfers of the Hong Kong Offer Shares
pursuant to the Hong Kong Public Offering without any further sanction.

                                                                         Page 52

<PAGE>

2.2     Save as contemplated in the provisions of this Agreement and the
proposed granting of the Over-Allocation Option, neither the Company, the
Selling Shareholder nor any of their respective officers or Directors has taken,
or will take, directly or indirectly, any action designed to stabilize or
manipulate, in violation of applicable Laws, the price of the Hong Kong Offer
Shares or which has constituted or which would reasonably be expected to cause
or result in stabilization or manipulation, in violation of applicable Laws, of
the price of any of the Shares.

2.3     Save as disclosed in the Hong Kong Prospectus, all taxes, duties,
levies, fees or other charges or expenses which may be payable to any
Governmental Authority in Hong Kong in connection with the allocation, offer,
sale and purchase of the Hong Kong Offer Shares, the Hong Kong Public Offering,
the execution and delivery of, or the performance of this Agreement have been
paid.

3.      PREFERENTIAL OFFERING DOCUMENTS

3.1     The electronic format Hong Kong Prospectus and specimen Preferential
Offering Application Form which are to be issued by the Company to Qualifying
HWL Shareholders on CD ROM in connection with the Preferential Offering are
identical with the contents of the Hong Kong Prospectus and the Preferential
Offering Application Form in printed form, respectively, which are to be
registered by the Registrar of Companies in Hong Kong on the date of this
Agreement and such CD ROM (and the contents thereof) complies with the
requirements of Listing Rule 12.11.

3.2     The publication and distribution of the electronic format Hong Kong
Prospectus and specimen Preferential Offering Application Form on CD ROM
(together with any covering letter from the Company) to Qualifying HWL
Shareholders is in compliance with all applicable laws and regulations and the
Articles of Association.

4.      GENERAL WARRANTIES

4.1     The Hong Kong Public Offering Documents contain all information required
by the applicable requirements of the Companies Ordinance, the SFO, the Listing
Rules (together with other rules and regulations of the Hong Kong Stock
Exchange) and the Company Law (2003 Revision) of the Cayman Islands.

4.2     Neither the Company nor any of its subsidiaries or associated companies
has sustained since the date of the latest audited financial statements included
in the Hong Kong Prospectus any loss or interference with its business from
fire, explosion, flood or other calamity, whether or not covered by insurance,
or from any labour dispute or court or governmental action, order or decree,
which would, individually or in the aggregate, have a material adverse effect on
the business, prospects, operations, condition (financial or otherwise),
shareholders' equity or results of operations of the Company or any of its
subsidiaries or associated companies, taken as a whole (a Material Adverse
Effect), otherwise than as set forth or contemplated in the Hong Kong
Prospectus; and, since the respective dates as of which information is given in
the Hong Kong Prospectus, there has not been any change in the capital stock,
short-term debt or long-term debt of the Company or any of its subsidiaries or
associated companies or any change, or any development involving a prospective
change, which

                                                                         Page 53

<PAGE>

would, individually or in the aggregate, have a Material Adverse Effect,
otherwise than as set forth or contemplated in the Hong Kong Prospectus.

4.3     Except as set forth in the Hong Kong Prospectus, each of the Company and
its Significant Subsidiaries owns, leases or licences all such property as is
necessary to the conduct of its operations as presently conducted, and to the
Company's best knowledge, there are no liens, encumbrances or defects upon or in
any such real or personal property except such as are described in the Hong Kong
Prospectus or such as do not, individually or in the aggregate, have a Material
Adverse Effect; and any real property and buildings held under lease or licence
by the Company and the Significant Subsidiaries are held by them under valid,
subsisting and enforceable leases or licences with such exceptions which would
not, individually or in the aggregate, have a Material Adverse Effect.

4.4     The Company has been duly incorporated and is validly existing as a
company with limited liability in good standing under the laws of the Cayman
Islands, with power and authority (corporate and other) to own its properties
and conduct its business as described in the Hong Kong Prospectus, and has been
duly qualified as a foreign corporation for the transaction of business and is
in good standing under the laws of each other jurisdiction in which it owns or
leases properties or conducts any business so as to require such qualification,
or is subject to no material liability or disability by reason of the failure to
be so qualified in any such jurisdiction; and each Significant Subsidiary has
been duly incorporated and is validly existing as a corporation in good standing
under the laws of its jurisdiction of incorporation.

4.5     The Articles of Association comply with the requirements of the Listing
Rules and have been validly approved by the Company in accordance with the
requirements of the laws and regulations of the Cayman Islands.

4.6     The Company has an authorized capitalization as set forth in the Hong
Kong Prospectus, and all of the issued shares of the Company have been duly and
validly authorized and issued, are fully (or credited as fully) paid and non
assessable and conform to the description contained in the Hong Kong Prospectus;
and all of the issued shares of each Significant Subsidiary have been duly and
validly authorized and issued, are fully paid and non assessable and (except for
directors' qualifying shares and except as set forth in the Hong Kong
Prospectus) are owned directly or indirectly by the Company, free and clear of
all liens, encumbrances, equities or claims; the holders of outstanding shares
of the Company or any of the Significant Subsidiaries are not entitled to
pre-emptive or other rights to acquire the Shares; there are no outstanding
securities convertible into or exchangeable for, or warrants, rights or options
to purchase from the Company, or obligations of the Company to issue, the Shares
or any other class of security of the Company; the Shares are freely
transferable by the Selling Shareholder to or for the account of the Hong Kong
Underwriters and (to the extent described in the Hong Kong Prospectus) the
applicants therefor; and there are no restrictions on subsequent transfers of
the Shares under the laws of Hong Kong and the Cayman Islands except as
described in the Hong Kong Prospectus under "Share Capital" and in Appendix VIII
("Summary of the Constitution of the Company and Cayman Islands Companies
Laws").

4.7     The Shares have been duly and validly authorized and are duly and
validly issued and fully (or credited as fully) paid and non-assessable and
conform in all

                                                                         Page 54

<PAGE>

material respects to the description of the Shares contained in the Hong Kong
Prospectus.

4.8     Each of this Agreement, the Principal Registrar's Agreement, the Branch
Registrar's Agreement, the Receiving Bankers' Agreement, the Deposit Agreement
and the International Underwriting Agreement has been or will be duly
authorized, executed, and delivered by the Company and constitutes (or will when
executed constitute) a valid and legally binding agreement of the Company,
enforceable in accordance with its terms, subject, as to enforceability, to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors' rights
and to general equity principles.

4.9     No Governmental Authorization of any Governmental Authority having
jurisdiction over the Company or any of the Significant Subsidiaries or any of
their properties is required for the performance by the Company of its
obligations under this Agreement, the International Underwriting Agreement, the
Deposit Agreement, the Receiving Bankers' Agreement, the Principal Registrar's
Agreement or the Branch Registrar's Agreement.

4.10    All dividends and other distributions declared and payable on the shares
of the Company may under the current laws and regulations of the Cayman Islands
be paid to the registered holders thereof including the Depositary, and all such
dividends and other distributions will not be subject to withholding or other
taxes under the laws and regulations of the Cayman Islands and are otherwise
free and clear of any other tax, withholding or deduction in the Cayman Islands
and without the necessity of obtaining any Governmental Authorization in the
Cayman Islands.

4.11    The deposit of the Shares being deposited with the Depositary against
issuance of the ADRs evidencing the ADSs and the compliance by the Company with
all of the provisions of this Agreement, the International Underwriting
Agreement and the Deposit Agreement and the consummation of the transactions
herein and therein contemplated will not conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under,
(A) any indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any of the Significant Subsidiaries is a
party or by which the Company or any of the Significant Subsidiaries is bound or
to which any of the property or assets of the Company or any of the Significant
Subsidiaries is subject, (B) the respective constituent documents of the Company
and the Significant Subsidiaries or (C) any statute or any order, rule or
regulation of any Governmental Authority having jurisdiction over the Company or
any of the Significant Subsidiaries or any of their respective properties.

4.12    Neither the Company nor any of the Significant Subsidiaries is in
violation of its respective constituent documents; and neither the Company nor
any of its subsidiaries or associated companies is:

(a)     in default in the performance or observance of any material obligation,
        agreement, covenant or condition contained in any indenture, mortgage,
        deed of trust, loan agreement lease or other agreement or instrument to
        which it is a party or by which it or any of its properties may be
        bound; or

                                                                         Page 55

<PAGE>

(b)     in violation or contravention of any law or statute or any order, rule
        or regulation of any Governmental Authority having jurisdiction over the
        Company, any of its subsidiaries or associated companies or any of their
        respective properties,

except, with respect to (a) and (b) above, any such default, violation or
contravention which would not, individually or in the aggregate, have a Material
Adverse Effect.

4.13    Other than as set forth in the Hong Kong Prospectus, no stamp or other
issuance or transfer taxes or duties and no capital gains, income, withholding
or other taxes are payable in Hong Kong, the Cayman Islands or any political
subdivision or taxing authority thereof or therein by or on behalf of the Hong
Kong Underwriters or any applicants procured by the Hong Kong Underwriters,
other than on the income, profits or gains of any Hong Kong Underwriters where
such Hong Kong Underwriters are otherwise subject to income taxation on a net
basis in such jurisdiction in connection with:

(a)     the sale and delivery by the Selling Shareholder of the Shares to or for
        the respective accounts of the Underwriters or purchasers procured by
        the Underwriters in the manner contemplated herein;

(b)     the sale and delivery by the Selling Shareholder of the Shares to the
        initial purchasers thereof in the manner contemplated herein; or

(c)     the execution, delivery and performance of this Agreement.

4.14    Other than as set forth in the Hong Kong Prospectus, there are no (or,
in the case of Israel, to the best knowledge of the Company after due enquiry
there are no) legal or governmental proceedings pending and, to the best
knowledge of the Company after due inquiry, no such proceedings are threatened
or contemplated by any Governmental Authority or threatened by others to which
the Company or any of its subsidiaries or associated companies is a party or of
which any property of the Company or any of its subsidiaries or associated
companies is the subject which, if determined adversely to the Company or any of
its subsidiaries or associated companies, would individually or in the aggregate
have a Material Adverse Effect.

4.15    (A) Except as set forth in the Hong Kong Prospectus, the Company and
each of its subsidiaries and associated companies have all licenses, consents,
franchises, permits, authorizations, approvals, certificates and orders and
other concessions of and from all Governmental Authorities that are necessary to
own, lease, license and use their respective properties and conduct their
respective businesses in the manner as set forth in the Hong Kong Prospectus;
(B) neither the Company nor any Significant Subsidiary has received, nor does
the Company have any reason to believe that it or any Significant Subsidiary
will receive, any notice relating to any actual or proposed modification,
suspension or revocation of any such licenses, consents, franchises, permits,
authorizations, approvals, certificates, orders or concessions; and (C) the
Company and its subsidiaries and associated companies are in compliance with the
provisions of all such licenses, consents, franchises, permits, authorizations,
approvals, orders and concessions, except, with respect to (A), (B) and (C),
where the failure to have or maintain such licenses, consents, franchises,
permits, authorizations,

                                                                         Page 56

<PAGE>

approvals, certificates, orders or concessions or to comply with the provisions
thereof would not, individually or in the aggregate, have a Material Adverse
Effect.

4.16    The Reporting Accountants, who have certified certain financial
statements of the Company and its subsidiaries, are, to the best knowledge of
the Company after due inquiry, independent accountants as required by the
Listing Rules and the Company maintains a system of internal accounting controls
sufficient to provide reasonable assurance that (A) transactions are executed in
accordance with management's general or specific authorizations; (B) access to
assets is permitted only in accordance with management's general or specific
authorization; (C) the recorded accountability for assets is compared with
existing assets at reasonable intervals and appropriate actions taken with
respect to any differences; and (D) the Company has made and kept books, records
and accounts, in reasonable detail, which accurately and fairly reflect the
transactions and dispositions of assets of such entity and provide a sufficient
basis for the preparation of financial statements in conformity with generally
accepted accounting principles in Hong Kong (Hong Kong GAAP) as well as the
reconciliation of such financial statements in accordance with generally
accepted accounting principles in the United States (US GAAP).

4.17    The International Offering Documents (as and when executed or issued)
and (where relevant) the filing of such International Offering Documents with
the SEC or (in the case of the Japanese Registration Statement, with the KLFB)
have each been duly authorized by and on behalf of the Company, and the relevant
International Offering Documents have each been duly executed pursuant to such
authorization by and on behalf of the Company.

4.18    Each of the Company and its subsidiaries and associated companies owns
or has had licensed to it or otherwise has the benefit of use under the
authority of the owners or licensees thereof of all patents, patent licenses,
inventions, copyrights, trademarks, service marks, trade names, domain names,
technology and know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures),
information, proprietary rights and processes or other confidential information
(Intellectual Property) that are necessary to conduct its business as currently
conducted, except where the failure to so own or have the right to use or
acquire would not, individually or in the aggregate, have a Material Adverse
Effect; and except as set forth in the Hong Kong Prospectus, (A) none of the
Intellectual Property owned or, to the best knowledge of the Company having made
due enquiry, licensed by the Company or any of its subsidiaries and associated
companies is unenforceable or invalid; (B) neither the Company nor any of its
subsidiaries or associated companies has received any notice of violation or
conflict with rights of others with respect to the Intellectual Property; (C)
there are no pending or threatened actions, suits, proceedings or claims by
others that allege the Company or any of its subsidiaries or associated
companies is infringing any patent, trade secret, trademark, service mark,
copyright or other intellectual property or proprietary right; (D) the
discoveries, inventions, products or processes of the Company and its
subsidiaries and associated companies do not, to the Company's best knowledge
after due inquiry, violate or conflict with any intellectual property or
proprietary right of any third person; and (E) the Company and its subsidiaries
and associated companies are not in breach of any license or other agreement
relating to the Intellectual Property, in the case of any of (A) through (E)
which would, or in the case of (C), if determined adversely to the Company or
any of its subsidiaries or

                                                                         Page 57

<PAGE>

associated companies would, individually or in the aggregate have a Material
Adverse Effect.

4.19    Other than as set forth in the Hong Kong Prospectus, no labour dispute,
work stoppage, slow down or other conflict with the employees of the Company or
any of its subsidiaries or associated companies exists or, to the best knowledge
of the Company after due inquiry, is threatened which would individually or in
the aggregate have a Material Adverse Effect.

4.20    Each of this Agreement, the International Underwriting Agreement and the
Deposit Agreement is or will be in proper form to be enforceable against the
Company in the Cayman Islands or Hong Kong, as the case may be, in accordance
with its terms; and to ensure the legality, validity, enforceability or
admissibility into evidence in the Cayman Islands or Hong Kong of this
Agreement, the International Underwriting Agreement or the Deposit Agreement, as
the case may be, it is not necessary that this Agreement, the International
Underwriting Agreement or the Deposit Agreement, as the case may be, be filed or
recorded with any court or other authority in the Cayman Islands, Hong Kong or
Japan or that any stamp or similar tax in the Cayman Islands or Hong Kong be
paid on or in respect of this Agreement, the International Underwriting
Agreement, the Deposit Agreement or any other documents to be furnished
hereunder.

4.21    No holder of any of the Shares after the consummation of the
transactions contemplated by this Agreement is or will be subject to any
liability in respect of any liability of the Company by virtue only of its
holding of any such Shares; except as set forth in the Hong Kong Prospectus,
there are no limitations on the rights of holders of the Shares to hold, vote or
transfer their securities.

4.22    Except as disclosed in the Hong Kong Prospectus, since30 June 2004,
neither the Company nor any of the Significant Subsidiaries has (A) entered into
or assumed any material contract, (B) incurred or agreed to incur any material
liability (including contingent liability) or other obligation, (C) acquired or
disposed of or agreed to acquire or dispose of any business or asset material to
the Company or any of the Significant Subsidiaries, or (D) assumed or acquired
or agreed to assume or acquire any material liabilities (including contingent
liabilities).

4.23    The Company Accounts present a true and fair view of the financial
position of the Group as of the dates specified and the results of operations
and changes in financial position of the Group for the periods specified, and
such financial statements have been prepared in conformity with Hong Kong GAAP
applied on a consistent basis throughout the periods presented (other than as
described therein); and the summary and selected financial data included in the
Hong Kong Prospectus present fairly the information shown therein and have been
compiled on a basis consistent with that of the Company Accounts.

4.24    The unaudited pro forma financial information included in Appendix VI to
the Hong Kong Prospectus has been duly and carefully prepared in accordance with
Listing Rule 4.29 and on the bases set out in the Hong Kong Prospectus, is
presented therein on a basis consistent with the accounting policies normally
applied by the Company and is not misleading; all assumptions on which such
information is based are set out therein and are reasonable and, so far as the
Company is aware, there are

                                                                         Page 58

<PAGE>

no other material assumptions or sensitivities which should reasonably be taken
into account in the preparation of such information; and such pro forma
financial information takes into account (to the extent relevant) all matters of
which the Company is aware concerning the Company or the markets in which it
carries on business and has been compiled after due and careful enquiry.

4.25    All returns, reports or filings which ought to have been made by or in
respect of each of the Company and its subsidiaries and, to the best knowledge
of the Company after due inquiry, each of the Company's associated companies for
taxation purposes have been made, and are not the subject of any dispute with
the relevant revenue or other appropriate authorities that is not being
contested in good faith; the provisions included in the audited accounts as set
out in the Hong Kong Prospectus included appropriate provisions required under
Hong Kong GAAP for all taxation in respect of accounting periods ended on or
before the accounting reference date to which such audited accounts relate for
which the Company was then or might reasonably be expected thereafter to become
or have become liable; and neither the Company nor any of its subsidiaries nor,
to the best knowledge of the Company after due inquiry, any of its associated
companies has received notice of any tax deficiency that has been asserted by
the relevant regulatory authorities and is not being contested in good faith,
except, in each case, any failure to so file or provide or any such deficiency
that would not have a Material Adverse Effect.

4.26    The descriptions of the Restructuring in the Hong Kong Prospectus are
true and correct in all material respects.

4.27    Each of the significant documents or agreements executed in connection
with the Restructuring (collectively the Restructuring Documents) by any of the
Company, its subsidiaries or associated companies (collectively, the Company
Restructuring Subsidiaries) has been duly authorized, executed and delivered by
that party and constitutes a valid and legally binding agreement of that party,
enforceable in accordance with its terms, subject, as to enforceability, to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors' rights
and to general equity principles.

4.28    The Restructuring and the execution, delivery and performance of the
Restructuring Documents do not:

(a)     contravene any provision of applicable law or statute, rule or
        regulation of any Governmental Authority having jurisdiction over the
        Company, any of the Significant Subsidiaries or any of the Company
        Restructuring Subsidiaries or any of their respective properties;

(b)     contravene the respective constituent documents or business licenses of
        the Company, any of the Significant Subsidiaries or any of the Company
        Restructuring Subsidiaries; or

(c)     conflict with or result in a breach or violation of any of the terms or
        provisions of, or constitute a default under, any license, indenture,
        mortgage, deed of trust, loan agreement, note, lease or other agreement
        or instrument to which the Company, is a party or by which the Company,
        any of the Significant Subsidiaries or any of the Company Restructuring
        Subsidiaries is bound or to

                                                                         Page 59

<PAGE>

        which any of the property or assets of the Company, any of the
        Significant Subsidiaries or any of the Company Restructuring
        Subsidiaries is subject, and will not result in the creation or
        imposition of any lien, charge, encumbrance or other restriction upon
        any material assets of the Company, any of the Significant Subsidiaries
        or any of the Company Restructuring Subsidiaries,

except, with respect to (a) or (c), any such contravention, conflict, breach,
violation, default or restriction which would not, individually or in the
aggregate, have (i) a Material Adverse Effect or (ii) a material adverse effect
on the Company's ability to perform its obligations under this Agreement, the
International Underwriting Agreement or the Deposit Agreement.

4.29    Except as disclosed in the Hong Kong Prospectus, all consents,
approvals, authorizations, orders, registrations and qualifications required in
connection with the Restructuring and the execution, delivery and performance of
the Restructuring Documents have been made or unconditionally obtained in
writing, and no such consent, approval, authorization, order, registration or
qualification has been withdrawn or is subject to any condition precedent which
has not been fulfilled or performed.

4.30    There are no (or, in the case of Israel, to the best knowledge of the
Company after due enquiry there are no) legal or governmental proceedings that
challenge the effectiveness or validity of the events and transactions set forth
in the Hong Kong Prospectus under the caption "The Restructuring" and, to the
Company's best knowledge without having made any specific inquiry of any
Governmental Authority, no such proceedings are threatened or contemplated by
any Governmental Authorities.

4.31    Except as set forth in the Hong Kong Prospectus, the Company is not
engaged in any material transactions with its directors, officers, management,
shareholders, or any other person, including persons formerly holding such
positions, on terms that are not available to other parties on an arm's length
basis.

4.32    Except as disclosed in the Hong Kong Prospectus, there are no contracts,
agreements or understandings between the Company (or any other member of the
Group) and any person or entity that would give rise to any claim against the
Group or any of the Underwriters for brokerage commissions, finder's fees or
other payments in connection with the offer and sale of Shares.

4.33    There are no debt securities of the Company outstanding as of the date
of this Agreement.

4.34    The Company and each of its Significant Subsidiaries is validly insured
against such losses and risks in such amounts as are prudent and customary in
the businesses in which it is engaged and as may be required by law; the Company
and each of its Significant Subsidiaries has duly paid in full all premiums due
in respect of such policies and instruments; there are no claims by the Company
or any of its Significant Subsidiaries under any such policy or instrument as to
which any insurance company is denying any liability with respect thereto or is
defending under a reservations of rights clause that, if determined adversely to
the Company or any Significant Subsidiary, would have a Material Adverse Effect.

                                                                         Page 60

<PAGE>

                                     PART B

1.1     The Selling Shareholder has been duly organized and is validly existing
as a company in good standing in the British Virgin Islands.

1.2     All Governmental Authorizations required for the sale and delivery of
the Shares to be sold by the Selling Shareholder hereunder and under the
International Underwriting Agreement and for the execution and delivery by the
Selling Shareholder of this Agreement and the International Underwriting
Agreement, have been obtained and are in full force and effect.

1.3     The sale of the Shares to be sold by the Selling Shareholder hereunder
and under the International Underwriting Agreement, the deposit of the Shares
with the Depositary against issuance of the ADRs evidencing the ADSs to be
delivered at the relevant time of delivery as is to be set out in the
International Underwriting Agreement, the compliance by the Selling Shareholder
with all of the provisions of this Agreement and the International Underwriting
Agreement and the consummation of the transactions herein and therein
contemplated will not conflict with or result in a breach or violation of any of
the terms or provisions of, or constitute a default under, (A) any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to
which the Selling Shareholder is a party or by which the Selling Shareholder is
bound, or to which any of the property or assets of the Selling Shareholder is
subject (B) the constituent documents of the Selling Shareholder or (C) any
statute or any order, rule or regulation of any Governmental Authority having
jurisdiction over the Selling Shareholder or its properties or assets.

1.4     The Selling Shareholder has good and valid title to the Shares to be
sold hereunder and under the International Underwriting Agreement, free and
clear of all liens, encumbrances, equities or claims; and upon delivery of the
Shares to be sold hereunder and under the International Underwriting Agreement
and payment therefor pursuant to this Agreement and the International
Underwriting Agreement, good and valid title to such Shares, free and clear of
all liens, encumbrances, equities or claims, will pass to the Hong Kong
Underwriters and/or the International Underwriters and/or the initial
applicants/purchasers, as the case may be.

1.5     Each of this Agreement and the International Underwriting Agreement has
been or will be duly authorized, executed and delivered by the Selling
Shareholder and constitutes (or will when executed constitute) a valid and
legally binding agreement of the Selling Shareholder, enforceable in accordance
with its terms, subject, as to enforceability, to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors' rights and to general equity
principles, and is in proper form to be enforceable against the Selling
Shareholder in accordance with its terms; and to ensure the legality, validity,
enforceability or admissibility into evidence in the British Virgin Islands or
Hong Kong, as the case may be, of this Agreement or the International
Underwriting Agreement, as the case may be, it is not necessary that this
Agreement or the International Underwriting Agreement, as the case may be, be
filed or recorded with any court or other authority in the British Virgin
Islands or Hong Kong, as the case may be, or that any stamp or similar tax in
the British Virgin

                                                                         Page 61

<PAGE>

Islands or Hong Kong, as the case may be, be paid on or in respect of this
Agreement, the International Underwriting Agreement or any other documents to be
furnished hereunder.

1.6     There are no contracts, agreements or understandings between the Selling
Shareholder and any person that would give rise to a valid claim against the
Selling Shareholder or any Hong Kong Underwriter for a brokerage commission,
finder's fee or other like payment in connection with the offer and sale of the
Shares.

1.7     Each Restructuring Document executed by the Selling Shareholder has been
duly authorized, executed and delivered by or on behalf of the Selling
Shareholder and constitutes a valid and legally binding agreement of the Selling
Shareholder, enforceable in accordance with its terms, subject, as to
enforceability, to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting
creditors' rights and to general equity principles.

1.8     The Restructuring and the execution, delivery and performance of the
Restructuring Documents do not (A) contravene any provision of applicable law or
statute, rule or regulation of any Governmental Authority having jurisdiction
over the Selling Shareholder or any of its properties, (B) contravene the
respective constituent documents or business licenses of the Selling Shareholder
or (C) conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, any license, indenture, mortgage,
deed of trust, loan agreement, note, lease or other agreement or instrument to
which the Selling Shareholder is a party or by which the Selling Shareholder is
bound or to which any of the property or assets of the Selling Shareholder is
subject, and will not result in the creation or imposition of any lien, charge,
encumbrance or other restriction upon any material assets of the Selling
Shareholder, except, with respect to (A) or (C), any such contravention,
conflict, breach, violation, default or restriction which would not,
individually or in the aggregate, have (i) a Material Adverse Effect or (ii) a
material adverse effect on the Selling Shareholder's ability to perform its
obligations under this Agreement.

                                                                         Page 62

<PAGE>

                                   SCHEDULE 5

                      FORM OF PRICE DETERMINATION AGREEMENT

                      [On the letterhead of Goldman Sachs]

                                                                [.] October 2004

Hutchison Telecommunications Investment Holdings Limited
18/F, Two Harbourfront
22 Tak Fung Street
Hunghom
Kowloon
Hong Kong

Dear Sirs

HONG KONG PUBLIC OFFERING:  PRICE DETERMINATION AGREEMENT

We refer to the Hong Kong offer underwriting agreement dated 27 September 2004
entered into between Hutchison Telecommunications International Limited,
Hutchison Telecommunications Investment Holdings Limited, ourselves and the
other Hong Kong Underwriters named therein in respect of the public offer of
initially 115,500,000 shares (subject to adjustment) of par value HK$0.25 each
(the Shares) in the Company (the Hong Kong Underwriting Agreement).

Terms defined in the Hong Kong Underwriting Agreement shall have the same
meanings when used in this letter.

This letter is written in our capacity as global coordinator and sole bookrunner
of the Global Offering and on behalf of the other Hong Kong Underwriters under
the Hong Kong Underwriting Agreement.

Based on the book-building exercise and the level of market demand for the
International Offering and following our discussions, pursuant to clause 3.6 of
the Hong Kong Underwriting Agreement, the Offer Price (before Brokerage at the
rate of 1 per cent., SFC Transaction Levy at the rate of 0.005 per cent.,
Investor Compensation Levy at the rate of 0.002 per cent. and Trading Fee at the
rate of 0.005 per cent.) has been determined as HK$[.].

This letter agreement shall be governed by and construed in accordance with the
laws of the Hong Kong Special Administrative Region of the People's Republic of
China.

Please sign below to confirm your agreement with the terms recorded herein.

                                                                         Page 63

<PAGE>

Yours faithfully
For and on behalf of
GOLDMAN SACHS (Asia) L.L.C.

---------------------------
[Name]
[Title]

We hereby agree to the terms of the above letter.

For and on behalf of
HUTCHISON TELECOMMUNICATIONS INVESTMENT HOLDINGS LIMITED

--------------------------
[Name]
[Title]

                                                                         Page 64

<PAGE>

                                   SCHEDULE 6

                  HONG KONG UNDERWRITERS' SET OFF ARRANGEMENTS

1.      This Schedule sets out the arrangements and terms pursuant to which the
obligations of each Hong Kong Underwriter under clause 6.1 of this Agreement
will be reduced to the extent that it makes (or procures to be made) one or more
Valid Applications which is or are accepted (hereafter referred to as
Underwriters' Applications). These arrangements mean that in no circumstances
will any Hong Kong Underwriter have any further liability as a Hong Kong
Underwriter if one or more Underwriters' Applications, duly made by it or
procured by it to be made, are validly made and accepted for not less than the
number of the Hong Kong Offer Shares noted against its name in Schedule 1, save
as provided in the Agreement Among Hong Kong Underwriters.

2.      In order to qualify as Underwriters' Applications, such applications
must be made on one or more Hong Kong Application Forms and delivered, together
with a cheque or cheques or banker's cashier order or orders for the amounts
payable on application (including Brokerage, Trading Fee, SFC Transaction Levy
and Investor Compensation Levy), to Goldman Sachs by not later than 10:00 a.m.
on the Acceptance Date. Each such application must bear the stamp of the Hong
Kong Underwriter or the Hong Kong Underwriter's broker or nominee by whom or on
whose behalf the application is made or, if made by the Hong Kong Underwriter's
sub-underwriter, marked to identify the relevant Hong Kong Underwriter and there
must be clearly marked on the Hong Kong Application Form(s) "Hutchison
Telecommunications - Underwriter's Application". These applications will
subsequently be notified and delivered by Goldman Sachs to any of the Receiving
Bankers by 12:00 noon on the Acceptance Date.

3.      If all of the Hong Kong Offer Shares shall not have been validly both
applied and paid for in the manner referred to in this Agreement, each Hong Kong
Underwriter will, subject to the provisions of this Agreement, be obliged to
take up the proportion of the shortfall that (a) its net underwriting
participation (that is its underwriting participation pursuant to clause 6.1
less the aggregate number of Hong Kong Offer Shares for which Underwriters'
Applications have been made by it or procured to be made by it to the extent
that they have been accepted and up to the limit of its underwriting
participation), bears to (b) the aggregate of the underwriting participation of
all the Hong Kong Underwriters including itself less the aggregate number of
Hong Kong Offer Shares for which Underwriters' Applications have been made
(including by itself). This paragraph 3 is subject to the Agreement Among Hong
Kong Underwriters.

4.      The obligations of Hong Kong Underwriters determined pursuant to
paragraph 3 above may be rounded, as determined by Goldman Sachs in its sole
discretion, to avoid fractions. The determination of Goldman Sachs shall be
final and conclusive and without recourse.

5.      No preferential consideration will be given in respect of Underwriters'
Applications.

                                                                         Page 65

<PAGE>

                                   SCHEDULE 7

                            ADVERTISING ARRANGEMENTS

DATES                    NEWSPAPERS

Thursday, 30 September   The South China Morning Post (in English)

                         Hong Kong Economic Journal (in Chinese)

                         Hong Kong Economic Times (in Chinese)

                         Oriental Daily (in Chinese)

Monday, 4 October        The South China Morning Post (in English)

                         Hong Kong Economic Journal (in Chinese)

                         Hong Kong Economic Times (in Chinese)

                         Oriental Daily (in Chinese)

                         Ming Pao (in Chinese)

                         Sing Tao Daily (in Chinese)

Tuesday, 5 October       The Standard (in English)

                         Hong Kong Economic Times (in Chinese)

                         Oriental Daily (in Chinese)

                         Wen Wei Po (in Chinese)

Wednesday, 6 October     The South China Morning Post (in English)

                         Hong Kong Economic Journal (in Chinese)

                         Hong Kong Economic Times (in Chinese)

                         Ming Pao (in Chinese)

                         Sing Tao Daily (in Chinese)

                                                                         Page 66

<PAGE>

THE COMPANY

SIGNED by                                 )
for and on behalf of                      )
HUTCHISON                                 )
TELECOMMUNICATIONS                        )
INTERNATIONAL LIMITED                     ) /s/ Susan Chow
in the presence of:                       )
/s/ Vanessa Poon, Linklaters

THE SELLING SHAREHOLDER

SIGNED by                                 )
for and on behalf of                      )
HUTCHISON                                 )
TELECOMMUNICATIONS                        )
INVESTMENT HOLDINGS LIMITED               ) /s/ Susan Chow
in the presence of:                       )
/s/ Vanessa Poon, Linklaters

THE GLOBAL COORDINATOR AND SOLE SPONSOR

SIGNED by                                 )
for and on behalf of                      )
GOLDMAN SACHS (ASIA) L.L.C.               ) /s/ Rajiv Ghatalia
in the presence of:                       )
/s/ Robert Ashworth, Freshfields Bruckhaus Deringer

                                                                         Page 67

<PAGE>

THE HONG KONG UNDERWRITERS

SIGNED by                                 )
for and on behalf of                      )
GOLDMAN SACHS (ASIA) L.L.C.               ) /s/ Rajiv Ghatalia
in the presence of:                       )
/s/ Robert Ashworth, Freshfields Bruckhaus Deringer

SIGNED by                                 )
for and on behalf of                      )
GOLDMAN SACHS (ASIA) L.L.C.               )
as duly authorised attorney for           )
ABN AMRO BANK N.V. HONG KONG              )
 BRANCH and NM ROTHSCHILD                 )
 & SONS (HONG KONG) LIMITED               )
 (each trading as ABN AMRO                )
 ROTHSCHILD),                             ) /s/ Rajiv Ghatalia
BNP PARIBAS PEREGRINE CAPITAL             )
 LIMITED,                                 )
CELESTIAL CAPITAL LIMITED,                )
CORE PACIFIC - YAMAICHI                   )
 INTERNATIONAL (H.K.)                     )
 LIMITED,                                 )
DAO HENG SECURITIES LIMITED,              )
DBS ASIA CAPITAL LIMITED,                 )
FIRST SHANGHAI SECURITIES                 )
 LIMITED,                                 )
GUOTAI JUNAN SECURITIES                   )
 (HONG KONG) LIMITED,                     )
THE HONGKONG AND SHANGHAI                 )
 BANKING CORPORATION                      )
 LIMITED,                                 )
KGI CAPITAL ASIA LIMITED,                 )
KIM ENG SECURITIES (HONG                  )
 KONG) LIMITED,                           )
SBI E2-CAPITAL SECURITIES                 )
 LIMITED,                                 )
SOUTH CHINA SECURITIES                    )
 LIMITED,                                 )
SUN HUNG KAI INTERNATIONAL                )
 LIMITED and                              )
TAI FOOK SECURITIES COMPANY               )
 LIMITED                                  )
in the presence of:                       )
/s/ Robert Ashworth, Freshfields Bruckhaus Deringer

                                                                         Page 68

<PAGE>

                                    CONTENTS

CLAUSE                                                                      PAGE

1.    INTERPRETATION...........................................................2

2.    CONDITIONS..............................................................11

3.    THE HONG KONG PUBLIC OFFERING...........................................12

4.    THE HONG KONG OFFERING DOCUMENTS AND THE PREFERENTIAL
       OFFERING DOCUMENTS........................ ............................17

5.    ALLOCATION OF HONG KONG OFFER SHARES....................................18

6.    UNDERWRITING............................................................19

7.    PAYMENT UNDER THE HONG KONG PUBLIC OFFERING.............................21

8.    COMMISSION AND EXPENSES.................................................22

9.    STABILIZATION AND LIABILITY.............................................23

10.   REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS............................24

11.   FURTHER UNDERTAKINGS....................................................26

12.   TERMINATION.............................................................30

13.   INDEMNITY...............................................................32

14.   REMEDIES, WAIVERS AND RELEASE...........................................35

15.   ASSIGNMENT..............................................................36

16.   FURTHER ASSURANCE.......................................................36

17.   ENTIRE AGREEMENT........................................................36

18.   AMENDMENT OR VARIATION..................................................36

19.   NOTICES.................................................................37

20.   ANNOUNCEMENTS...........................................................38

21.   TIME OF ESSENCE.........................................................38

22.   INVALIDITY..............................................................39

23.   GOVERNING LAW...........................................................39

24.   DISPUTE RESOLUTION......................................................39

25.   IMMUNITY................................................................40

26.   CURRENCY INDEMNITY......................................................40

27.   COUNTERPARTS............................................................41

SCHEDULE 1  HONG KONG UNDERWRITERS............................................42

SCHEDULE 2  THE CONDITIONS PRECEDENT DOCUMENTS................................44

                                                                         Page 69

<PAGE>

     PART A  : TO BE DELIVERED TO GOLDMAN SACHS NOT LATER THAN 5:00
       P.M. ON THE BUSINESS DAY PRIOR TO THE PROSPECTUS DATE .................44
       1.     Legal Documents.................................................44
       2.     Documents relating to the Hong Kong Public Offering.............45
       3.     PRC Legal Opinions..............................................46
       4.     Other Documents.................................................46

     PART B  : TO BE DELIVERED TO GOLDMAN SACHS NOT LATER THAN 5:00
       P.M. ON THE BUSINESS DAY PRIOR TO CLOSING .............................47

SCHEDULE 3  SIGNIFICANT SUBSIDIARIES..........................................48

SCHEDULE 4  REPRESENTATIONS AND WARRANTIES....................................49

     PART A ..................................................................49
       1.     Accuracy and Adequacy of Information............................49
       2.     Hong Kong Public Offering.......................................52
       3.     Preferential Offering Documents.................................53
       4.     General Warranties..............................................53

     PART B ..................................................................61

SCHEDULE 5  FORM OF PRICE DETERMINATION AGREEMENT.............................63

SCHEDULE 6  HONG KONG UNDERWRITERS' SET OFF ARRANGEMENTS......................65

SCHEDULE 7  ADVERTISING ARRANGEMENTS..........................................66
     The Company..............................................................67
     The Selling Shareholder..................................................67
     The Global Coordinator and Sole Sponsor..................................67
     The Hong Kong Underwriters...............................................68

                                                                         Page 70

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