Document:

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                                                                   Exhibit 10.7

                             SHAREHOLDERS AGREEMENT

THIS AGREEMENT is made in Madrid on this 16th day of November, 2000

BETWEEN

(1)   SONERA CORPORATION, duly represented in this act by Ms. Pirjo
      Kekalainen-Torvinen, holding Finnish passport number 1444320, by virtue of
      special authorization from the Board of Directors of said company dated
      November 3, 2000 (hereinafter referred to as "SONERA");

(2)   SONERA HOLDING B.V., duly represented in this act by Ms. Pirjo
      Kekalainen-Torvinen, holding Finnish passport number 1444320,
      by virtue of special authorization from the Board of Directors
      of SONERA dated November 3, 2000 (hereinafter referred to as
      "SONERA HOLDING").

(3)   ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A., duly represented in
      this act by Mr. Angel Garcia Altozano, with identity card number 139328-V,
      by virtue of powers of attorney granted in his favour and formalized in a
      notarial deed granted before, the Notary Public of Madrid, Ms. Pilar
      Lopez-Contreras Conde, on April 20, 1998 under number 1.280 of her
      notarial files (hereinafter referred to as "ACS"); and

(4)   ACS, TELEFONIA MOVIL, S.A., duly represented in this act by Mr. Angel
Garcia Altozano, with identity card number 139328-V, in his capacity as
representative of the Sole Director, by virtue of notarial deed authorised by
the Notary Public of Madrid, Mr. Jose Luis Alvarez Alvarez, on 4 February, 2000,
under number 298 of his notarial files(hereinafter referred to as "ACSTM");

SONERA, SONERA HOLDING, ACS, and ACSTM are hereinafter jointly referred to as
the "Parties" or, individually, referred to as the "Party".

WHEREAS:

I.    SONERA and ACS wish to confirm their agreement with respect to,
      inter alia, the incorporation of a Spanish or otherwise
      mutually-convenient vehicle, to be jointly-owned between SONERA (75%)
      and ACS (25%), ("NewCo") and to serve as the holding entity of the
      shares heretofore held by SONERA in MOBI JAZZ-Servicos de
      Telecomunicacoes, S.A. ("MOBI JAZZ"), the company through which SONERA
      and certain other entities are jointly participating in the ongoing
      public tender called by the Portuguese Ministry of EQUIPAMENTO SOCIAL
      for the award of four individual licenses (each, a "Licence") to
      establish and operate third-generation mobile telephony communications
      in Portugal, and with respect to certain matters involving SONERA's and
      ACS' respective participations in NewCo, including the terms and
      conditions under which SONERA shall have the right to put its stake in
      NewCo to ACS in the event that a License is awarded to MOBI JAZZ;

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II.   SONERA HOLDING, ACS and ACSTM wish to confirm their agreement
      with respect to, inter alia, the conversion of ACSTM into a
      limited liability company (SOCIEDAD LIMITADA) to be
      incorporated on or after the date hereof under the terms of the
      Spanish Limited Liabilities Companies Act ("Ley de Sociedades
      Limitadas") and that shall bear the name "ACS-SONERA, Telefonia
      Movil, S.L." ("ACSTMSL") and the subsequent contribution to
      ACSTMSL by SONERA HOLDING of its 14.2215% shareholding stake in
      XFERA MOVILES, S.A. ("XFERA"), holder of one of the licenses
      awarded by the Spanish MINISTERIO DE FOMENTO in March 10, 2000
      for the establishment and exploitation of third generation
      mobile telecommunications services in Spain, with SONERA
      HOLDING's stake in ACSTMSL to be 41.6058395% and ACS' stake to
      be 58.3941605%, and with respect to certain matters involving
      SONERA HOLDING's and ACS' respective participations in ACSTMSL,
      including the terms and conditions under which ACS shall have a
      call option over SONERA HOLDING's stake in ACSTMSL on the
      occurrence of certain events involving SONERA;

NOW, THEREFORE, in consideration of the mutual undertakings and representations
and warranties herein contained, the Parties, intending to be legally bound,
hereby agree as follows:

                                  CLAUSES

1.    DEFINITIONS AND INTERPRETATION.

1.1.  DEFINITIONS. In this Agreement, the following words and expressions
      shall have the following meanings:

      (i)     "THIS AGREEMENT"             means this Agreement together with
                                           the Exhibits attached hereto.

      (ii)    "ARTICLES OF ASSOCIATION"    means the By-Laws of each of NewCo
                                           and ACSTMSL without prejudice to
                                           their registration at the respective
                                           Mercantile Registry.

      (iii)   "BOARD OF DIRECTORS"         means the Board of Directors of each
                                           of NewCo and ACSTMSL.

      (iv)    "CLOSING"                    means the consummation of the actions
                                           contemplated herein, in particular,
                                           the contribution by SONERA of its
                                           stake in MOBI JAZZ to NewCo and the
                                           contribution by SONERA HOLDING of its
                                           stake in XFERA to ACSTMSL.

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      (v)     "CLOSING DATE"               means the date on which the Closing
                                           takes place.

      (vi)    "DIRECTORS"                  means any of the directors of NewCo
                                           or ACSTMSL that may be appointed to
                                           such office from time to time.

      (vii)   "SHARE CAPITAL"              means the share capital of NewCo or
                                           ACSTMSL from time to time.

      (viii)  "SHARE"                      means each and every one of the
                                           shares in which the share capital of
                                           each of NewCo and ACSTMSL is divided
                                           and "SHARES" shall be construed
                                           accordingly.

      (ix)    "SHAREHOLDERS"               shall mean, with respect to NewCo,
                                           SONERA and, with respect to ACSTMSL,
                                           SONERA HOLDING and ACS.

1.2   INTERPRETATION.

      (i)   References in this Agreement to any statutory provision
            shall be deemed to include reference to any statutory
            provision which updates, consolidates or replaces the
            same, provided that such updating, consolidating or
            replacing legislation does not alter the substance of the
            existing provision and shall be deemed to refer to any
            other regulation, instrument or other subordinate
            legislation made under such updating provision.

      (ii)  Reference to a clause or sub-clause shall be a reference to a clause
            or sub-clause of this Agreement.

      (iii) The clause or sub-clause headings in this Agreement are inserted for
            convenience only and shall not be deemed to affect the construction
            or interpretation hereof.

      (iv)  Where the context so admits words importing the singular shall
            include the plural (and vice versa), words importing masculine shall
            include the feminine and neuter (and vice versa) and words importing
            persons shall include corporate bodies, partnerships, companies and
            other business or governmental entities or instrumentalities,
            whether registered or not, as well as individuals.

2.    CAPITALIZATION AND FUNDING OF NEWCO.

2.1   SONERA and ACS hereby agree to form NewCo on or before the Closing Date
      for the purposes set forth herein. Its Articles of Association shall be
      substantially in the form attached as Exhibit A hereto.

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2.2   SONERA and ACS agree that they shall make the contributions described
      below to the capitalization of NewCo. Consequently, they shall subscribe
      and pay-up the Shares in the following manner:

<Table>
<Caption>
      ---------------------------------------------------------------------
            SHAREHOLDER        % PARTICIPATION        CONSIDERATION
      ---------------------------------------------------------------------
      <S>                      <C>              <C>
      SONERA                         75%        31.7% of MOBI JAZZ at its
                                                      nominal value
      ---------------------------------------------------------------------
      ACS                            25%         The proportional nominal
                                                    amount in pesetas
      ---------------------------------------------------------------------
      TOTAL                         100%
      ---------------------------------------------------------------------
</Table>

3     DIRECTORS, OFFICERS AND MANAGEMENT OF NEWCO.

3.1   The Board of Directors will be at all times composed of five (5) members.
      Upon incorporation of NewCo, SONERA will name three (3) Directors of the
      Board of Directors and ACS will name two (2) Directors of such Board of
      Directors.

3.2   There will be no Board compensation for Board of Directors members other
      than reimbursement for actual costs incurred in attending Board meetings.
      Each of the Directors shall be properly covered in their capacity by a
      responsibility insurance policy paid by NewCo.

3.3   SONERA as long as it owns Shares representing more than fifty per cent
      (50%) of NewCo's Shares will have the right to name the following
      officers positions on the Board of Directors of NewCo and ACS will vote in
      favor of those nominated by SONERA.

      -  Chairman, (PRESIDENTE);
      -  Secretary of the Board, (SECRETARIO).

3.4   In the event of death, resignation or inability to act of any Director,
      such Director shall be replaced on the Board of Directors with a nominee
      of the Shareholder which nominated such nominee's predecessor.

4     ARTICLES OF ASSOCIATION OF NEWCO.

      The Parties undertake to take such steps as may be necessary in order to
      adopt as by-laws of NewCo those attached as Exhibit A hereto. They further
      undertake that they will not vote their shares as shareholders or
      otherwise make any decision or take any action in any manner or capacity
      whatsoever for the purpose of amending or repealing the Articles of
      Association, unless they do so by majority of eighty (80) percent of the
      paid in capital of NewCo.

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      In the event that the Mercantile Registry in which NewCo is to be
      registered considers that any part of the Articles of Association should
      be changed from the form contained in Exhibit A, the parties will amend
      them in such a way that the change is in accord with the letter and the
      spirit of this Agreement.

      In the event of any difference between the terms of this Agreement and the
      Articles of Association, except with respect to the enforceability of the
      agreements contained herein as to third parties, the terms hereof shall
      prevail.

5     FINANCIAL INFORMATION OF NEWCO.

      NewCo will have its yearly financial accounts audited by an
      internationally recognised accounting firm. The audits must be made
      available to the Board of Directors no later than five (5) months after
      the end of the fiscal year of each company.

6     BOARD OF DIRECTORS AND GENERAL SHAREHOLDERS MEETINGS OF NEWCO.

6.1   Board of Directors Meetings shall be held no less than two times in every
      year and at no more than quarterly intervals unless a special meeting is
      requested by at least two (2) Directors or by the Chairman to address
      matters where expediency, in the opinion of such Directors, is necessary.
      Unless otherwise agreed by all the Directors unanimously, fifteen (15)
      calendar days' written notice shall be given to each of the Directors of
      all meetings of the Board of Directors at the address notified from time
      to time by each Director to the Secretary of NewCo. The meetings shall be
      called by the Chairman. Each such notice shall contain, inter alia, an
      agenda specifying in reasonable detail the matters to be discussed at the
      relevant meeting, shall be accompanied by any relevant information for
      discussion at such meeting and, if sent to an address outside Spain, shall
      be sent by courier or by telefax.

6.2   All matters voted upon at General Shareholders Meetings of NewCo shall be
      validly adopted by a simple majority vote except those referred to the
      amendments of the by-laws of NewCo which shall be adopted by majority of
      not less than eighty (80) percent of the paid in capital of NewCo.

6.3   All matters voted upon at a Board of Directors Meeting shall be validly
      adopted by simple majority vote.

7     DISTRIBUTION POLICY AND DETERMINATION OF NET PROFIT OF NEWCO.

7.1   The Board of Directors will, at the Annual Shareholders Meeting of NewCo,
      submit to the Shareholders audited accounts or consolidated audited
      accounts (as the case may be) in respect of the preceding financial year;
      such Shareholders Meeting will be held not later than six months after the
      end of the relevant financial year.

7.2   The Board of Directors will request the auditors of NewCo to report as to
      the amount of the net profits for each accounting reference period which
      are available for

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      distribution by NewCo at the same time as they sign their report on the
      audited accounts for the accounting reference period in question.

7.3   The Shareholders will distribute at least seventy five per cent (75%) of
      its profits lawfully available for distribution in each financial year as
      the Board of Directors shall from time to time resolve, subject to the
      legal reserve, when appropriate, and/or such reasonable and proper
      reserves for working capital or otherwise as the Board of Directors may,
      in its sole discretion, deem appropriate.

8     TRANSFER OF SHARES OF NEWCO.

8.1   Each Shareholder shall have a right of first refusal should the other
      Shareholder decides to transfer all or part of its shares, such right to
      be regulated in the by-laws of NewCo attached as Exhibit A; provided,
      however, that each Shareholder shall have the right to sell, assign,
      transfer or dispose any portion of its Shares to one or more affiliates of
      such Shareholder without prior written consent of the other Shareholder.

8.2   SONERA'S PUT OPTION.

      ACS irrevocably grants to SONERA, which accepts, an option to sell to ACS
      all but not less all of SONERA's Shares in NewCo, free and clear from any
      lien or encumbrance, under the terms and conditions specified below (the
      "SONERA's Put Option"), and ACS irrevocably agrees to purchase the
      same, under the terms and conditions specified below.

      The SONERA's Put Option may only be exercised if a License is awarded
      to MOBI JAZZ.

      The exercise period for the SONERA's Put Option will be of three (3)
      months commencing on the date on which a License is awarded to MOBI JAZZ.

      The exercise of the SONERA's Put Option shall be notified to ACS by
      SONERA in writing within the foregoing exercise period and shall indicate
      (i) the date for the completion of the transfer of the Share, which shall
      not be less than fifteen (15) days from the date of the exercise notice,
      (ii) the Notary Public before whom the deed of transfer must be executed,
      where appropriate and (iii) the exercise price provided below.

      The exercise price for the Shares shall be equal to all amounts disbursed
      by SONERA through the date of completion of the SONERA's Put Option in
      connection with its investment in MOBI JAZZ and participation in the
      tender process aimed at obtaining a License.

      Payment of the exercise price for the Shares shall be made in Euros in
      cleared funds by bank transfer to the bank account specified by SONERA or
      by banking cheque, unless agreed otherwise in writing.

      The price shall be paid on the date of completion of the transfer of the
      Shares.

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8.3    RECIPROCAL OPTIONS.

      Once expired the exercise period for the SONERA's Put Option without
      SONERA having exercised it, ACS will have an option to sell to SONERA all,
      but not less than all, of the Shares of NewCo owned by ACS free and clear
      from any lien or encumbrance. ACS shall send to SONERA within two (2)
      months from the date of expiration of the SONERA's Put Option an
      option notice (the "Option Notice"). The Option Notice will indicate (i)
      the date for the completion of the transfer of the Shares, which shall not
      be less than forty-five (45) calendar days from the date of the Option
      Notice; (ii) the proposed sale price per Share of its Shares in NewCo and
      (iii) the Notary Public before whom the deed of transfer must be executed,
      where appropriate. Within thirty (30) calendar days from receipt by SONERA
      of the Option Notice:

      (i)   SONERA will be entitled to notify ACS of its intention to sell to
            ACS, in which case ACS will be bound to buy from SONERA, all but not
            less than all of the Shares of NewCo owned by SONERA, free and clear
            from any lien or encumbrance, at the same price per share notified
            by ACS in the Option Notice; or

      (ii)  If SONERA accepts the offer made by ACS or fails to reply to such
            offer in the above thirty days term, SONERA will be bound to buy,
            and ACS will be bound to sell, all the Shares of NewCo owned by ACS
            at the price offered by ACS in the Option Notice.

      Payment of the exercise price for the Shares shall be made in Euro in
      cleared funds by bank transfer to the bank account specified by ACS or
      SONERA, as appropriate, or by banking cheque, unless agreed otherwise in
      writing.

      The price shall be paid on the date of completion of the transfer of the
      relevant Shares.

9     MAJORITY SHAREHOLDER OF MOBI JAZZ.

      SONERA and ACS confirm that it is their intention and understanding that
      NewCo will be a "Majority Shareholder" (in lieu of SONERA) for purposes of
      the shareholders agreement among the shareholders of MOBI JAZZ.

10    CAPITALIZATION AND FUNDING OF ACSTMSL.

      SONERA HOLDING, ACS and ACSTMSL hereby agree that ACMSTM shall be
      transformed into a limited liability company (Sociedad Limitada) on or
      before the

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      Closing Date for the purposes set forth herein. Its revised Articles of
      Association shall be substantially in the form attached as Exhibit B
      hereto.

      SONERA HOLDING agrees that on the Closing Date shall contribute its
      14.2215% shareholding stake in XFERA to ACSTMSL in consideration of a
      41.6058395% shareholding stake in the latter company. Consequently, the
      shareholdings of ACSTMSL shall be as follows:

<Table>
<Caption>
              -----------------------------------------------------
                        SHAREHOLDER             % PARTICIPATION
              -----------------------------------------------------
              <S>                               <C>
              ACS                                  58.3941605
              -----------------------------------------------------
              SONERA HOLDING                       41.6058395
              -----------------------------------------------------
              TOTAL                                   100%
              -----------------------------------------------------
</Table>

      ACS represents and guarantees to SONERA HOLDING that, as of the date of
      contribution of SONERA HOLDING's shares of Xfera to ACSTMSL, there
      will be no hidden nor contingent liability in ACSTMSL and ACS will
      indemnified and hold harmless SONERA HOLDING of whatever liability that
      may arise in ACSTMSL should such liability be a consequence of acts or
      omissions prior to the date of such contribution of shares. Further, ACS
      represents and guarantees to SONERA HOLDING that ACSTMSL was incorporated
      as a special purpose vehicle to hold ACS's shares in Xfera and that
      ACSTMSL only asset is and has been since incorporation ACS's shares in
      Xfera.

11    DIRECTORS, OFFICERS AND MANAGEMENT OF ACSTMSL.

11.1  The Board of Directors will be at all times composed of five (5) members.
      Upon the Closing Date, ACS will name three (3) Directors of the Board of
      Directors and SONERA HOLDING will name two (2) Directors of such Board of
      Directors.

11.2  There will be no Board compensation for Board of Directors members other
      than reimbursement for actual costs incurred in attending Board meetings.
      Each of the Directors shall be properly covered in their capacity by a
      responsibility insurance policy paid by ACSTMSL.

11.3  The Board of Directors will only have the positions of Chairman
      (PRESIDENTE) and Secretary (SECRETARIO), there will be no Vice-Chairman or
      Vice-Secretary positions. ACSTMSL will not have a CEO (CONSEJERO
      DELEGADO).

      ACS will have the right to name the Chairman (PRESIDENTE) AND SONERA
      HOLDING will vote in favor of the person nominated by ACS. SONERA HOLDING
      will have the right to name the Secretary of the Board (SECRETARIO) and
      ACS will vote in favour of the person nominated by SONERA.

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11.4  In the event of death, resignation or inability to act of any Director,
      such Director shall be replaced on the Board of Directors with a nominee
      of the Shareholder which nominated such nominee's predecessor.

12    ARTICLES OF ASSOCIATION OF ACSTMSL.

      ACS undertakes to take such steps as may be necessary in order to adopt as
      by-laws of ACSTMSL before the Closing Date those attached as Exhibit B
      hereto. Each of ACS and SONERA HOLDING undertake that they will not vote
      their shares as shareholders or otherwise make any decision or take any
      action in any manner or capacity whatsoever for the purpose of amending or
      repealing the Articles of Association, unless they do so by majority of
      seventy five (75) percent of the paid in capital of ACSTMSL.

      In the event that the Mercantile Registry in which ACSTMSL is to be
      registered considers that any part of the Articles of Association should
      be changed from the form contained in Exhibit A, the parties will amend
      them in such a way that the change is in accord with the letter and the
      spirit of this Agreement.

      In the event of any difference between the terms of this Agreement and the
      Articles of Association, except with respect to the enforceability of the
      agreements contained herein as to third parties, the terms hereof shall
      prevail.

13    FINANCIAL INFORMATION OF ACSTMSL.

      ACSTMSL will have its yearly financial accounts audited by an
      internationally recognised accounting firm. The audits must be made
      available to the Board of Directors no later than five (5) months after
      the end of the fiscal year of each company.

14    BOARD OF DIRECTORS AND GENERAL SHAREHOLDERS MEETINGS OF ACSTMSL.

14.1  Board of Directors Meetings shall be held no less than two times in every
      year and at no more than quarterly intervals unless a special meeting is
      requested by at least two (2) Directors or by the Chairman to address
      matters where expediency, in the opinion of such Directors, is necessary.
      Unless otherwise agreed by all the Directors unanimously, fifteen (15)
      calendar days' written notice shall be given to each of the Directors of
      all meetings of the Board of Directors at the address notified from time
      to time by each Director to the Secretary of ACSTMSL. The meetings shall
      be called by the Chairman. Each such notice shall contain, inter alia, an
      agenda specifying in reasonable detail the matters to be discussed at the
      relevant meeting, shall be accompanied by any relevant information for
      discussion at such meeting and, if sent to an address outside Spain, shall
      be sent by courier or by telefax.

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14.2  All matters voted upon at General Shareholders Meetings of ACSTMSL shall
      be validly adopted by a reinforced majority vote of sixty percent (60%).

14.3  All matters voted upon at a Board of Directors Meeting shall be validly
      adopted by a reinforced majority vote consisting of no less than four
      Directors voting in favour.

15    DISTRIBUTION POLICY AND DETERMINATION OF NET PROFIT OF ACSTMSL.

15.1  The Board of Directors will, at the Annual Shareholders Meeting of
      ACSTMSL, submit to the Shareholders audited accounts or consolidated
      audited accounts (as the case may be) in respect of the preceding
      financial year; such Shareholders Meeting will be held not later than six
      months after the end of the relevant financial year.

15.2  The Board of Directors will request the auditors of ACSTMSL to report as
      to the amount of the net profits for each accounting reference period
      which are available for distribution by ACSTMSL at the same time as they
      sign their report on the audited accounts for the accounting reference
      period in question.

15.3  The Shareholders will distribute at least seventy five per cent (75%) of
      its profits lawfully available for distribution in each financial year as
      the Board of Directors shall from time to time resolve, subject to the
      legal reserve, when appropriate, and/or such reasonable and proper
      reserves for working capital or otherwise as the Board of Directors may,
      in its sole discretion, deem appropriate.

16    TRANSFER OF SHARES OF ACSTMSL.

16.1  Each Shareholder will have a preferential right to acquire the shares to
      be transferred by the other Shareholder as regulated in the by-laws of
      ACSTMSL attached as Exhibit B; provided, however, that each Shareholder
      shall have the right to sell, assign, transfer or dispose any portion of
      its Shares to one or more affiliates of such Shareholder without prior
      written consent of the other Shareholder.

16.2  ACS'S CALL OPTION

      SONERA HOLDING irrevocably grants to ACS, which accepts, an option to
      purchase from SONERA HOLDING all but not less than all of SONERA HOLDING's
      Shares in ACSTMSL free and clear from any lien or encumbrance, under the
      terms and conditions specified below (the "Call Option").

      The Call Option may only be exercised if either of the following
      circumstances occurs:

      (a)   any change of control in SONERA shall have occurred that will
            require, by reason of Spanish regulation, SONERA to sell its
            indirect participation in XFERA; or

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      (b)   SONERA shall have been acquired by Vivendi/FCC or an affiliate or
            group member of either thereof.

      The exercise period for the Call Option will be of three (3) months,
      commencing on the date on which either of the triggering events referred
      to above occurs.

      The exercise of the Call Option shall be notified by ACS to SONERA
      HOLDING, within the foregoing exercise period, indicating (i) the date for
      the completion of the transfer of the Shares, which shall not be less than
      fifteen (15) days from the later of the date of the exercise notice or the
      date as of which the price shall have been determined as provided below
      and (ii) the Notary Public before whom the deed of transfer must be
      executed, where appropriate.

      The exercise price for the Shares will be the "fair market value" as
      defined in and as determined by the procedure set forth in Clause 10.2 of
      the shareholders agreement among the shareholders of XFERA.

      Payment of the exercise price for the Shares shall be made in Euros in
      cleared funds by bank transfer to the bank account specified by SONERA
      HOLDING or by banking cheque, unless agreed otherwise in writing.

      The exercise price shall be paid on the date of completion of the transfer
      of the relevant Shares.

17    OPTIMIZATION.

      Notwithstanding the foregoing clauses 10 to 16, SONERA HOLDING and ACS
      agree that at any time either of them as Shareholders of ACSTMSL shall be
      entitled to require ACSTMSL to deliver to them directly their respective
      indirect shareholding in XFERA in the form which such Shareholder deems
      most tax-efficient, whether by split-off, liquidation or otherwise.

18    FOUNDING SHAREHOLDERS OF XFERA.

      SONERA HOLDING wishes to enter into this agreement in the understanding
      that its rights and privileges as "Founding Shareholder" of XFERA (as such
      term is defined in Recital V of the aforementioned shareholders agreement)
      are not going to be lost, diminished or affected in any manner. In order
      to ensure that SONERA HOLDING continues to enjoy the rights and privileges
      of Founding Shareholder of XFERA, SONERA, SONERA HOLDING, ACS and ACSTMSL
      shall procure that, before December 15, 2000, all the Shareholders and
      Guarantors of Xfera (as such terms are defined in the aforementioned
      shareholders agreement) enter into a new Supplemental Agreement in order
      to acknowledge and expressly accept the contribution of SONERA
      HOLDING's shares of Xfera to ACSTMSL (as per clause 10 above) and to
      expressly recognize SONERA HOLDING's rights as Founding Shareholder
      under the new structure. The execution of the Supplemental Agreement shall
      be condition precedent for SONERA HOLDING's obligation to contribute
      its shares in Xfera to ACSTMSL

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      Should the above mentioned Supplemental Agreement not be entered into by
      all the Shareholders and Guarantors of Xfera before December 15, 2000 and
      should SONERA HOLDING freely decide to wave such condition precedent and
      to contribute its shares in Xfera to ACSTMSL as per clause 10 above, and
      notwithstanding the foregoing clauses 10 to 16, ACS and ACSTMSL shall
      ensure that SONERA HOLDING shall continue to enjoy the rights and
      privileges of "Founding Shareholders" of XFERA as such term is defined in
      Recital V of the aforementioned shareholders agreement. For this purpose,
      ACS shall vote in the Shareholders Meetings (and its representatives shall
      vote in the Board of Directors Meetings) of ACSTMSL, and ACSTMSL shall
      vote in the Shareholders Meetings (and its representatives shall vote in
      the Board of Directors Meetings) of XFERA so as to defend and protect the
      rights of SONERA HOLDING as Founding Shareholder and/or to procure for its
      equivalent rights and privileges as those it currently enjoys.

      Any breach by ACS and/or ACSTMSL of the obligations contained in this
      clause shall constitute a substantial breach of this agreement.

19    DURATION OF AGREEMENT.

      The rights and obligations of a Shareholder under this Agreement shall
      terminate at such time as such Shareholder no longer is the owner
      (beneficial or otherwise) of any Shares.

20    REPRESENTATIONS AND WARRANTIES.

20.1  Each of the Parties hereby represents and warrants to the other
      Parties that it:

      20.1.1   has full power and authority to execute and enter into this
               Agreement and to perform the transactions contemplated therein;

      20.1.2   all corporate acts and other proceedings required to be taken by
               or on behalf of such Party to authorize it or execute and carry
               out this Agreement and the transactions contemplated herein have
               been properly taken;

      20.1.3   this Agreement constitutes a legal, valid and binding agreement,
               enforceable against such Party in accordance with its terms;

      20.1.4   the execution and delivery of, and the performance by said Party
               of its obligations under this Agreement, and the transactions
               contemplated herein do not and will not:

      a)       result in a breach of any provision of law, statute, rule or
               regulation or any, writ, injunction, order, judgment or decree of
               any court or governmental authority;

                                      12
<Page>

      b)       result in a breach of any deed, indenture, mortgage, lease or
               other agreement, contract or instrument to which such Party is
               a party or by which any of the Shares are or may be bound or
               affected; and

      c)       require the consent or approval by, notice to or registration
               with any public or private person or governmental authority.

20.2     Each of the Parties shall indemnify and hold harmless the other Parties
         from and against any and all "damages" arising out of any breach by
         such Party of any of its representations and/or warranties and/or
         undertakings made and contained in this Agreement.

21       NOTICES.

         Any and all notices, claims, demands or other communications required
         or permitted to be served pursuant to or in connection with any of the
         provisions of this Agreement shall be in writing and delivered
         personally, by facsimile or by certified notarial mail.

         If to SONERA to:
         Teollisuuskatu 15
         Helsinki
         Finland

         Fax: 00 358 20 40 63 570

         Attn: Ms. Pirjo Kekalainen-Torvinen

         If to SONERA HOLDING to:
         Rivium Quadrant 58
         (NL-2909 LC) Capelle aan den Ijssel
         The Netherlands

         Fax: 00 358 20 40 63 570

         Attn: Ms. Pirjo Kekalainen-Torvinen

         If to ACS to:
         ACS, Actividades de Cosntruccion y Servicios, S.A.
         Avda. de Pio XII, 102
         28036 Madrid
         Spain

         Fax: 34-91-343 92 22

         Attn: Mr. Angel Garcia Altozano

                                      13
<Page>

         If to ACSTMSL to:
         ACS, Telefonia Movil, S.A.
         Avda. Pio XII, 102
         28036 Madrid
         Spain
         Fax: 34-91-343 92 22
         Attn: Mr. Angel Garcia Altozano

         Or at such other address as the Parties may specify by written notice
         to the other. Any notice which is delivered in the manner provided
         herein shall be deemed to have been duly given to the Party to whom it
         is directed upon actual receipt at such address (evidenced, in the case
         of facsimile, by the receipt of the correct answer back).

22       CONFIDENTIALITY.

         The contents of this Agreement shall not be disclosed to any third
         party without the previous consent of the Parties to this Agreement
         except as may be required by law or by obligations pursuant to any
         listing agreement with, or the regulations imposed by, any securities
         exchange.

23       COSTS AND EXPENSES.

         Except as otherwise provided in this Agreement, each of the Parties
         hereto shall pay all costs and expenses incurred by such Party or on
         its behalf in connection with the negotiation, preparation, execution
         and performance of this Agreement and the transactions contemplated
         hereby, including, without limitation, fees and expenses of accountants
         and legal counsel.

24       COUNTERPARTS.

         This Agreement may be executed in four or more counterparts each of
         which shall be deemed as an original, but all the counterparts shall
         together constitute one and the same instrument.

25       ENTIRE AGREEMENT.

         This Agreement and the Exhibits attached hereto constitute the whole
         agreement between the Parties on the subject matter hereof and
         supersedes any prior agreement or understandings, whether oral or
         written, relating thereto, and this Agreement shall not be modified
         unless in writing and signed by the Parties hereto.

26       INVALIDITY.

                                      14

<Page>

         If any term or provision in this Agreement shall be held to be illegal
         or unenforceable, in whole or in part, such term or provision or part
         shall to the extent be deemed not to form part of this Agreement but
         the enforceability of the remainder shall continue in full force and
         effect.

27       ASSIGNMENT.

          This Agreement may not be assigned without the approval of the other
          Parties provided, however, that a Party may assign its rights under
          this Agreement to any of its affiliates.

28       GOVERNING LAW AND SUBMISSION TO JURISDICTION.

         This Agreement and the documents to be entered into pursuant to it
         shall be governed by and construed in accordance with Spanish law and
         the Parties hereto irrevocably agree that all disputes and claims
         arising from or relating to this Agreement, including failure to
         comply, its termination or nullification, shall be finally settled by
         the International Chamber of Commerce and according to its Rules, and
         the Parties agree to voluntarily comply (in Spanish, "estar y pasar")
         with the arbitration award as soon as they have been duly notified
         thereof. The arbitration proceedings shall be held in the city of
         Geneva. The arbitration proceedings shall be conducted in English.

As an expression of their consent the Parties sign below:

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

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

SONERA HOLDING B.V.                          ACS, TELEFONIA MOVIL, S.A.

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

                                      15
<Page>

This exhibit represents a "fair and accurate" English translation of the
Spanish-language exhibit to this agreement within the meaning of Rule 306 under
S-T under the Securities Act of 1933.

                                        /s/ Maire Laitinen
                                        ------------------
                                        Maire Laitinen
                                        General Councel
                                        Sonera Corporation

                                    EXHIBIT A

                                     BY-LAWS

TITLE I - GENERAL PROVISIONS

ARTICLE 1. NAME AND GOVERNING REGULATIONS. The name of the Company will be
"SONERA-ACS, TELEFONIA MOVIL, S.L." and will be governed by the following
by-laws, the Limited Liability Companies Law and all other applicable legal
regulations.

ARTICLE 2. PURPOSE. The purpose of the Company is the holding of stock or the
holding of share participation in the companies dedicated to the mobile
telephone business.

           If there is a requirement by law to obtain either an administrative
license for this activity, registration in the public registrar, or any other
requisite, the Company will not be able to start the specific activity until
such legal requirement has been fulfilled.

           All activities for which the law establishes special requisites and
are not fulfilled by the Company are expressly excluded.

ARTICLE 3. DURATION. The duration of the Company will be indefinite and will
begin on the date of execution of the articles of incorporation of the
Company.

ARTICLE 4. DOMICILE. The Company will be domiciled in Madrid, at Avenida de
Pio XII No. 102.

           Corresponds to the Administration of the Company the duty to create,
eliminate or translate branch offices or agencies, both in the national
territory as well as internationally, according to the applicable valid
legislation.

           The sole approval of the Company's administration will suffice to
transfer the corporate domicile among the same municipal territory. For
transferring the domicile out of the municipal territory the approval of the
General Partners Board is required.

TITLE II   CAPITAL AND SHARE PARTICIPATION

ARTICLE 5. CAPITAL. The capital stock of the Company is set in the amount of
[( )] EUROS, fully paid, and divided in [( )] share participations of [( )] EURO
nominal value each, numerated from one (1) to [( )], both inclusive, which
shall not be represented by means of titles or account annotations nor be
denominated shares.

<Page>

ARTICLE 6. REGISTER BOOK. The Company will have a register book for partners, in
which all voluntary and involuntary, original and subsequent, transfers of the
Company's share participations will be recorded, as well as any encumbrances on
them. On each annotation the identity and domicile of the holder of such
participation will be indicated as well as the encumbrances established. All
partners are authorized to review this book which is the responsibility of the
administration to manage and care. The partners and the holders of such
encumbrances and rights over the share participations will only have the right
to obtain certificates of the share participations or encumbrances registered in
their name.

            The personal information of the partners can be modified without
causing effects on the Company.

ARTICLE 7. TRANSFER OF PARTICIPATIONS

I.  VOLUNTARY TRANSFER INTER VIVOS

1.   The transfer of share participations by the partners is authorized, in
favor of their spouse, the ascendants and descendants of the partner or the
companies that belong to the same group (art. 42, 1 Commercial Code) from the
transferor.

2.   For all other remaining situations, the partner that intends to transfer
share participations must inform the administration of the Company in writing,
which in turn will notify such intention to the partners in a term of seven (7)
days. The partners can decide to purchase during the seven days after being
notified; if various partners opt to enter into this purchase, the
participations will be distributed pro-rata according to their existing share
participation in the Company.

     If no partner decides to exercise this right of first refusal, the
Company, through its administration, can present during the following 15 days
one or more third parties interested in acquiring the share participations
offered. If such term expires and the offering partner has not received by means
of a notarized communication the acceptance to his offer, he will be free to
transfer such participations under the same terms initially offered and during
the next two months after expiration of the last term indicated. The purchase
price or consideration that the transferring partner must receive in the event
of donation or transfer under a different title than that of a sale, will be the
one that the parties agree, and in case they do not reach an agreement, will be
that determined by a certified technician selected by the parties, by means of
review and update of the last balance sheet approved.

II. INVOLUNTARY TRANSFER

     In case of auction or transfer of share participations as a consequence of
any legal proceeding, the partners or in defect the Company, will be allowed to
substitute themselves for the auctioneer or the creditor, while the auction is
not yet in force, according to article 31 of the L.S.R.L; if the Company is the
subrogated party it shall amortize the participations acquired in the form and
under the terms provided in article 40 of the cited law.

                                       2
<Page>

III. MORTIS CAUSA TRANSFER

      In the event of a mortis causa transfer of share participation, if the
heir or beneficiary entitled to them where not the spouse or descendants of the
deceased, the remaining partners will be allowed to acquire them during a term
of thirty (30) days from the communication to the Company of such hereditary
acquisition, paying to the holders the amount agreed or in case of disagreement
the real value at the day of death, this is the one established by the auditor
according to article 32 of the law.

IV.  GENERAL PROVISIONS

1.    If share participations are issued with accessory obligations, the special
rules for this kind of participations shall be applied.

2.    The rules transcribed here will also apply, although with the necessary
adjustments and under the terms established in article 75 of the law, to the
transmissions of preferential rights in case of the creation of new share
participations.

3.    The transfer of share participations will be formalized according to
the law; their acquisition under any title shall be notified in writing to
the Company for its registration in the partners' registrar book. Without
fulfillment of this requirement the partner will not be able to exercise the
rights to which he is entitled to in the Company.

4.    The transfer of share participations that do not follow this rules will
have no effect whatsoever with respect to the Company.

5.    The Company shall not acquire its own share participations with the
exception of the events described on article 40 of the law.

ARTICLE 8. CO-OWNERSHIP. In case of co-ownership over the share participations
or the rights over them, the co-owners must notify the Company their designated
representative for the exercise of their rights; the co-owners will remain
jointly and severally liable with respect to their obligations before the
Company.

ARTICLE 9. RIGHT OF ENJOYMENT AND LIEN. In the event of right of enjoyment or
lien over the share participations, the right to vote will correspond to the
title-holder of the share participations.

TITLE III  SOCIAL STRUCTURE

Section 1.

ARTICLE 10. BODIES. The Company will be governed by the General Partner Board
while the administration and representation will be held by the Administrative
Body designated by the Board.

ARTICLE 11. MAJORITIES. The partners will, represented by the majority, govern
the operations of the Company.

                                       3
<Page>

      All partners, including the dissidents and the absent, will remain
subject to the agreement of the Board, bearing in mind the right of
partnership separation which will remain valid whenever applicable.

      Majority will occur when a number of partners representing 55% of the
capital stock vote in favor of the agreement, with the exception of the events
mentioned in the following paragraph and the applicable legislation.

      Notwithstanding the above, in order to increase or decrease the capital
stock of the Company, extend, merge, transform, break-up or liquidate the
Company, waive the first refusal right for cases of increase in the capital
stock, partner exclusion, waiver of non-compete prohibitions for the
administrators, by-laws' modifications and in any other instances as required by
law, a vote representing at least 80% of the capital stock will be required.

      A majority of valid votes representing at least a third of the capital
stock of the Company will suffice to determine the enforcement of a
responsibility action against the administrators of the Company.

ARTICLE 12. NOTICE OF MEETING. A majority shall be formed necessarily for a
General Board Meeting, notified for such purpose by the Administration body (or
liquidation body as applicable).

      The notice of meeting for the Board will be done by certified mail to all
the partners at their registered domiciles in the registrar book. Between the
delivery of the last notice and the date provided for the Board's meeting there
shall be a term of at least (15) days, with the exception of merger or corporate
break-ups where the term should be of at least one month and in those instances
where the law determines otherwise. The notice will mention the name of the
Company, the date, time and place of the meeting, the person sending such
notice, as well as the topics to be discussed in detail as well as any
additional required issues to be mentioned according to the law. If the place of
the meeting is not mentioned, it shall be understood that the place of the
meeting will be the Company's corporate domicile. For the partners who reside
outside Spain, the notice of the meeting must be delivered to their domicile in
Spain which they must have registered in the registrar book.

      The administration body is under the obligation to call the General Board
meeting during the first six (6) months of each exercise period in order to
guarantee the review of the Company's management, the approval of the semester's
balances and decide with respect to the distribution of revenues; if such task
is not done, any partner is entitled to request the General Board meeting to be
called by the First Instance Judge of the Company's corporate domicile.

      The General Board will also be called by the administration whenever it
considers it necessary or convenient, and in any case when the partners
representing at least five (5) percent of the capital stock demand it; in this
case the General Board meeting shall be called to be held during the month
following the date it was called by notarial notice, and if it is not called it
can also be requested to be called by the First Instance Judge of the Company's
corporate domicile.

                                       4
<Page>

ARTICLE 13. UNIVERSAL BOARD. Notwithstanding the above, the Board will be
validly conformed to deal with any matter, without the requirement of previous
notice, whenever the total capital stock of the Company is represented and the
attendees accept unanimously the meeting's celebration and the points to be
discussed in the meeting. The Universal Board can meet anywhere in the national
or international territory.

ARTICLE 14. RIGHT OF ATTENDANCE. Every partner is entitled to attend the General
Board meeting. Partners can be represented by other partners, their spouses,
ascendants, descendants or person holding a power of attorney, in publicly
executed form, to administer all the partner's patrimony in the national
territory. If such representation is not in publicly executed form, it shall be
specific for each Board meeting and it shall always be in writing.

ARTICLE 15. The members of the Administration Council, if any, will act as
President and Secretary of the General Board Meeting, and if not the partners
designated at the beginning of the session by the attending partners.
Deliberations will be led by the President and each issue will be voted upon
separately.

      The agreements among the partners shall be contained in minutes that must
include necessarily the list of attendees and must be approved by the Board at
the end of the session, or during the following 15 days, by the President of the
General Board and to intervening partners, one representing the majority and the
other one representing the minority.

Section 2.  Administrative Body

ARTICLE 16. The Company will be administered and represented by an
Administration Council of five members all of which can be partners or not, as
well as natural or legal persons.

      It is expressly stated the prohibition that incompatible persons will ever
occupy any positions in the Company according to the valid State dispositions.

ARTICLE 17. The Administration Council shall meet, at the President's request or
his replacement, whenever the social interest requests it or any of its members;
the notice for the meeting shall be in written form (letter, telegram or fax) to
all the counselors; it shall be understood as validly constituted when at least
four of its members attend the meeting, being any of the counselors authorized
to grant another counselor its representation in such meeting; the deliberations
will be held separately for each issue and will be moderated by the President;
in order to adopt any resolutions which require a separate vote for each issue,
the vote of at least four of the counselors is required unless determined
otherwise by applicable law.

      If not elected by the Board, the Council can elect its own President and
Secretary without the requirement of being a member of the council, and to one
or various delegated counselors among the Council members. The discussions and
resolutions of the Council will be included in minutes which shall be signed by
the President and Secretary or by their replacements. The certifications of the
resolutions will be issued by the individuals designated to do so according to
article 109 of R.R.M.

                                       5
<Page>

      The formalization in public document can be done by the persons mentioned
in article 108 of the mentioned regulation and also by any member of the
Council, if any, with a valid position, without any express delegation.

ARTICLE 18. The meetings of the Administrative Council will be called twenty
four (24) hours in advance, but if the person calling the meeting considers the
topics to be discussed urgent, such notice can be of only six (6) hours.

ARTICLE 19. DURATION. The members of the Council will remain in their duties for
an indefinite period of time, but can be replaced at any time even if their
replacement is not contained as an issue to be discussed in the meetings.

ARTICLE 20. REPRESENTATION. The Administrative Council will have the
representation of the Company both for judicial and any other instances,
according to the guidelines established in article 63 of the Limited Liability
Companies Law.

ARTICLE 21. RETRIBUTION. The position of Administrator is gratuitous.

      However, if any of the Administrators renders to the Company services for
any professional work or any other kind of work, the consideration paid by the
Company will be with respect to such services only according to the ordinary
mercantile and labor existing legislation.

ARTICLE 22. NON-COMPETITION. The Administrators shall not, directly
or indirectly, dedicate to any activity analogous or complimentary to
that of the Company's purpose unless expressly authorized to do so by
the General Board.

ARTICLE 23. MINUTES BOOK. The Company will keep a book or books with the minutes
containing, at least, all the agreements entered into by the bodies of the
Company, with mention of the relative information related to the notice for the
meetings and the establishment of the various bodies, a summary of the topics
discussed, the interventions from which certification has been requested, the
adopted agreements and the voting results.

      Any partner or individuals that attended a General Board meeting in
representation of the absent partners can obtain at any time certification of
the agreements and the minutes of the General Board meetings.

ARTICLE 24. FINANCIAL TERM. The annual close of business for purposes
of determining the Fiscal Exercise of the Company will be December 31
of each year.

ARTICLE 25. ANNUAL BALANCES. During a maximum term of three (3) months starting
from the close of each yearly financial term, the Administrative Council shall
formulated a balance with the gains and losses, and the proposal for the
distribution of revenues.

      From the moment of the call for the General Board's meeting to be held
before June 30 of each year and to which they must be submitted for approval,
any partner can obtain

                                       6
<Page>

gratuitously from the Company this documents and the report from the
auditors; in the Board's meeting call this right will be reminded. The
partners who represent at least five (5) percent of the Company's capital
stock can also review, with an accounting expert, the Company's accounting in
the corporate domicile.

ARTICLE 26. DISTRIBUTION OF REVENUES. The Board will decide the distribution of
revenues with strict observance of the legal dispositions with respect to
reserves, previsions and amortizations. The liquid benefits will be distributed
among the partners proportionally according to their participation in the
capital stock of the Company.

TITLE V- DISSOLUTION AND LIQUIDATION

ARTICLE 27. DISSOLUTION. The Company will dissolve by any of the causes
enumerated in the law, and once agreed upon, the liquidation period will be
opened, procedure that will be held by the Administrative Body if the General
Board does not designate other liquidator.

ARTICLE 28. INVENTORY AND INITIAL BALANCE. The initial liquidators will prepare
an inventory and a balance of the Company with reference to the date established
for dissolution of the Company, during a term no longer than 3 months from the
opening of the liquidation process.

ARTICLE 29. FINAL BALANCE. Once all liquidatory operations are finalized, the
liquidators will submit for the General Board's approval a final balance, a
report from such operations and a distribution proposal among the partners of
the remaining assets.

      The liquidation quota shall be proportional to each partner's
participation in the capital stock of the Company and can not by satisfied
without the previous payment to the creditors of their credits or a deposit for
an amount equal to such credits if the creditors are not available, in a
financial entity from the municipal corporate domicile.

ARTICLE 30. The final balance of the liquidation and relation of the partners,
where their identity and the value of their corresponding liquidation quota must
be determined, shall be incorporated to the public deed of the Company's
extinction.

                                       7

<Page>

This exhibit represents a "fair and accurate" English translation of the
Spanish-language exhibit to this agreement within the meaning of Rule 306 under
S-T under the Securities Act of 1933.

                                        /s/ Maire Laitinen
                                        ------------------
                                        Maire Laitinen
                                        General Councel
                                        Sonera Corporation

                                    EXHIBIT B

                                     BY-LAWS

TITLE I - GENERAL PROVISIONS

ARTICLE 1. NAME AND GOVERNING REGULATIONS. The name of the Company will be
"ACS-SONERA, TELEFONIA MOVIL, S.L." and will be governed by the following
by-laws, the Limited Liability Companies Law and all other applicable legal
regulations.

ARTICLE 2. PURPOSE. The purpose of the Company is the holding of stock or the
holding of share participation in the companies dedicated to the mobile
telephone business.

      If there is a requirement by law to obtain either an administrative
license for this activity, registration in the public registrar, or any other
requisite, the Company will not be able to start the specific activity until
such legal requirement has been fulfilled.

      All activities for which the law establishes special requisites and are
not fulfilled by the Company are expressly excluded.

ARTICLE 3. DURATION. The duration of the Company will be indefinite and will
begin on the date of execution of the articles of incorporation of the
Company.

ARTICLE 4. DOMICILE. The Company will be domiciled in Madrid, at Avenida de
Pio XII No. 102.

      Corresponds to the Administration of the Company the duty to create,
eliminate or translate branch offices or agencies, both in the national
territory as well as internationally, according to the applicable valid
legislation.

      The sole approval of the Company's administration will suffice to
transfer the corporate domicile among the same municipal territory. For
transferring the domicile out of the municipal territory the approval of the
General Partners Board is required.

TITLE II CAPITAL AND SHARE PARTICIPATION

ARTICLE 5. CAPITAL. The capital stock of the Company is set in the amount of
[ ( )] EUROS, fully paid, and divided in [ ( )] share participations of [ ( )]
EURO nominal value each, numerated from one (1) to [ ( )], both inclusive,
which shall not be represented by means of titles or account annotations nor
be denominated shares.

<Page>

ARTICLE 6. REGISTER BOOK. The Company will have a register book for partners,
in which all voluntary and involuntary, original and subsequent, transfers of
the Company's share participations will be recorded, as well as any
encumbrances on them. On each annotation the identity and domicile of the
holder of such participation will be indicated as well as the encumbrances
established. All partners are authorized to review this book which is the
responsibility of the administration to manage and care. The partners and the
holders of such encumbrances and rights over the share participations will
only have the right to obtain certificates of the share participations or
encumbrances registered in their name.

      The personal information of the partners can be modified without
causing effects on the Company.

ARTICLE 7. TRANSFER OF PARTICIPATIONS

I. VOLUNTARY TRANSFER INTER VIVOS

1. The transfer of share participations by the partners is authorized, in
favor of their spouse, the ascendants and descendants of the partner or the
companies that belong to the same group (art. 42, 1 Commercial Code) from the
transferor.

2. For all other remaining situations, the partner that intends to transfer
share participations must inform the administration of the Company in
writing, which in turn will notify such intention to the partners in a term
of seven (7) days. The partners can decide to purchase during the seven days
after being notified; if various partners opt to enter into this purchase,
the participations will be distributed pro-rata according to their existing
share participation in the Company.

      If no partner decides to exercise this right of first refusal, the
Company, through its administration, can present during the following 15 days
one or more third parties interested in acquiring the share participations
offered. If such term expires and the offering partner has not received by
means of a notarized communication the acceptance to his offer, he will be
free to transfer such participations under the same terms initially offered
and during the next two months after expiration of the last term indicated.
The purchase price or consideration that the transferring partner must
receive in the event of donation or transfer under a different title than
that of a sale, will be the one that the parties agree, and in case they do
not reach an agreement, will be that determined by a certified technician
selected by the parties, by means of review and update of the last balance
sheet approved.

II. INVOLUNTARY TRANSFER

      In case of auction or transfer of share participations as a consequence
of any legal proceeding, the partners or in defect the Company, will be
allowed to substitute themselves for the auctioneer or the creditor, while
the auction is not yet in force, according to article 31 of the L.S.R.L; if
the Company is the subrogated party it shall amortize the participations
acquired in the form and under the terms provided in article 40 of the cited
law.

                                      2
<Page>

III. MORTIS CAUSA TRANSFER

      In the event of a mortis causa transfer of share participation, if the
heir or beneficiary entitled to them where not the spouse or descendants of
the deceased, the remaining partners will be allowed to acquire them during a
term of thirty (30) days from the communication to the Company of such
hereditary acquisition, paying to the holders the amount agreed or in case of
disagreement the real value at the day of death, this is the one established
by the auditor according to article 32 of the law.

IV. GENERAL PROVISIONS

1. If share participations are issued with accessory obligations, the special
rules for this kind of participations shall be applied.

2. The rules transcribed here will also apply, although with the necessary
adjustments and under the terms established in article 75 of the law, to the
transmissions of preferential rights in case of the creation of new share
participations.

3. The transfer of share participations will be formalized according to the
law; their acquisition under any title shall be notified in writing to the
Company for its registration in the partners' registrar book. Without
fulfillment of this requirement the partner will not be able to exercise the
rights to which he is entitled to in the Company.

4. The transfer of share participations that do not follow this rules will
have no effect whatsoever with respect to the Company.

5. The Company shall not acquire its own share participations with the
exception of the events described on article 40 of the law.

ARTICLE 8. CO-OWNERSHIP. In case of co-ownership over the share
participations or the rights over them, the co-owners must notify the Company
their designated representative for the exercise of their rights; the
co-owners will remain jointly and severally liable with respect to their
obligations before the Company.

ARTICLE 9. RIGHT OF ENJOYMENT AND LIEN. In the event of right of enjoyment or
lien over the share participations, the right to vote will correspond to the
title-holder of the share participations.

TITLE III SOCIAL STRUCTURE

Section 1.

ARTICLE 10. BODIES. The Company will be governed by the General Partner Board
while the administration and representation will be held by the Administrative
Body designated by the Board.

ARTICLE 11. MAJORITIES. The partners will, represented by the majority, will
govern the operations of the Company.

                                       3

<Page>

      All partners, including the dissidents and the absent, will remain
subject to the agreement of the Board, bearing in mind the right of
partnership separation which will remain valid whenever applicable.

      Majority will occur when a number of partners representing 60% of the
capital stock vote in favor of the agreement, with the exception of the
events mentioned in the following paragraph and the applicable legislation.

      Notwithstanding the above, in order to increase or decrease the capital
stock of the Company, extend, merge, transform, break-up or liquidate the
Company, waive the first refusal right for cases of increase in the capital
stock, partner exclusion, waiver of non-compete prohibitions for the
administrators, by-laws' modifications and in any other instances as required
by law, a vote representing at least 75% of the capital stock will be
required.

      A majority of valid votes representing at least a third of the capital
stock of the Company will suffice to determine the enforcement of a
responsibility action against the administrators of the Company.

ARTICLE 12. NOTICE OF MEETING. A majority shall be formed necessarily for a
General Board Meeting, notified for such purpose by the Administration body
(or liquidation body as applicable).

      The notice of meeting for the Board will be done by certified mail to
all the partners at their registered domiciles in the registrar book. Between
the delivery of the last notice and the date provided for the Board's meeting
there shall be a term of at least (15) days, with the exception of merger or
corporate break-ups where the term should be of at least one month and in
those instances where the law determines otherwise. The notice will mention
the name of the Company, the date, time and place of the meeting, the person
sending such notice, as well as the topics to be discussed in detail as well
as any additional required issues to be mentioned according to the law. If
the place of the meeting is not mentioned, it shall be understood that the
place of the meeting will be the Company's corporate domicile. For the
partners who reside outside Spain, the notice of the meeting must be
delivered to their domicile in Spain which they must have registered in the
registrar book.

      The administration body is under the obligation to call the General
Board meeting during the first six (6) months of each exercise period in
order to guarantee the review of the Company's management, the approval of
the semester's balances and decide with respect to the distribution of
revenues; if such task is not done, any partner is entitled to request the
General Board meeting to be called by the First Instance Judge of the
Company's corporate domicile.

      The General Board will also be called by the administration whenever it
considers it necessary or convenient, and in any case when the partners
representing at least five (5) percent of the capital stock demand it; in
this case the General Board meeting shall be called to be held during the
month following the date it was called by notarial notice, and if it is not
called it can also be requested to be called by the First Instance Judge of
the Company's corporate domicile.

                                       4

<Page>

ARTICLE 13. UNIVERSAL BOARD. Notwithstanding the above, the Board will be
validly conformed to deal with any matter, without the requirement of
previous notice, whenever the total capital stock of the Company is
represented and the attendees accept unanimously the meeting's celebration
and the points to be discussed in the meeting. The Universal Board can meet
anywhere in the national or international territory.

ARTICLE 14. RIGHT OF ATTENDANCE. Every partner is entitled to attend the
General Board meeting. Partners can be represented by other partners, their
spouses, ascendants, descendants or person holding a power of attorney, in
publicly executed form, to administer all the partner's patrimony in the
national territory. If such representation is not in publicly executed form,
it shall be specific for each Board meeting and it shall always be in writing.

ARTICLE 15. The members of the Administration Council, if any, will act as
President and Secretary of the General Board Meeting, and if not the partners
designated at the beginning of the session by the attending partners.
Deliberations will be led by the President and each issue will be voted upon
separately.

      The agreements among the partners shall be contained in minutes that
must include necessarily the list of attendees and must be approved by the
Board at the end of the session, or during the following 15 days, by the
President of the General Board and to intervening partners, one representing
the majority and the other one representing the minority.

Section 2.- Administrative Body

ARTICLE 16. The Company will be administered and represented by an
Administration Council of five members all of which can be partners or not,
as well as natural or legal persons.

      It is expressly stated the prohibition that incompatible persons will
ever occupy any positions in the Company according to the valid State
dispositions.

ARTICLE 17. The Administration Council shall meet, at the President's request
or his replacement, whenever the social interest requests it or any of its
members; the notice for the meeting shall be in written form (letter,
telegram or fax) to all the counselors; it shall be understood as validly
constituted when at least four of its members attend the meeting, being any
of the counselors authorized to grant another counselor its representation in
such meeting; the deliberations will be held separately for each issue and
will be moderated by the President; in order to adopt any resolutions which
require a separate vote for each issue, the vote of at least four of the
counselors is required unless determined otherwise by applicable law.

      If not elected by the Board, the Council can elect its own President
and Secretary without the requirement of being a member of the council, and
to one or various delegated counselors among the Council members. There will
be no permanent delegation of functions in favor of one or various
Counselors. The discussions and resolutions of the Council will be included
in minutes which shall be signed by the President and Secretary or by their
replacements. The certifications of the resolutions will be issued by the
individuals designated to do so according to article 109 of R.R.M.

                                       5

<Page>

      The formalization in public document can be done by the persons
mentioned in article 108 of the mentioned regulation and also by any member
of the Council, if any, with a valid position, without any express delegation.

ARTICLE 18. The meetings of the Administrative Council will be called twenty
four (24) hours in advance, but if the person calling the meeting considers
the topics to be discussed urgent, such notice can be of only six (6) hours.

ARTICLE 19. DURATION. The members of the Council will remain in their duties
for an indefinite period of time, but can be replaced at any time even if
there replacement is not contained as an issue to be discussed in the
meetings.

ARTICLE 20. REPRESENTATION. The Administrative Council will have the
representation of the Company both for judicial and any other instances,
according to the guidelines established in article 63 of the Limited
Liability Companies Law.

ARTICLE 21. RETRIBUTION.  The position of Administrator is gratuitous.

      However, if any of the Administrators renders to the Company services
for any professional work or any other kind of work, the consideration paid
by the Company will be with respect to such services only according to the
ordinary mercantile and labor existing legislation.

ARTICLE 22. NON-COMPETITION. The Administrators shall not, directly or
indirectly, dedicate to any activity analogous or complimentary to that of
the Company's purpose unless expressly authorized to do so by the General
Board.

ARTICLE 23. MINUTES BOOK. The Company will keep a book or books with the
minutes containing, at least, all the agreements entered into by the bodies
of the Company, with mention of the relative information related to the
notice for the meetings and the establishment of the various bodies, a
summary of the topics discussed, the interventions from which certification
has been requested, the adopted agreements and the voting results.

      Any partner or individuals that attended a General Board meeting in
representation of the absent partners can obtain at any time certification of
the agreements and the minutes of the General Board meetings.

ARTICLE 24. FINANCIAL TERM. The annual close of business for purposes of
determining the Fiscal Exercise of the Company will be December 31 of each
year.

ARTICLE 25. ANNUAL BALANCES. During a maximum term of three (3) months
starting from the close of each yearly financial term, the Administrative
Council shall formulated a balance with the gains and losses, and the
proposal for the distribution of revenues.

      From the moment of the call for the General Board's meeting to be held
before June 30 of each year and to which they must be submitted for approval,
any partner can obtain

                                        6

<Page>

gratuitously from the Company this documents and the report from the
auditors; in the Board's meeting call this right will be reminded. The
partners who represent at least five (5) percent of the Company's capital
stock can also review, with an accounting expert, the Company's accounting in
the corporate domicile.

ARTICLE 26. DISTRIBUTION OF REVENUES. The Board will decide the distribution
of revenues with strict observance of the legal dispositions with respect to
reserves, previsions and amortizations. The liquid benefits will be
distributed among the partners proportionally according to their
participation in the capital stock of the Company.

TITLE V- DISSOLUTION AND LIQUIDATION

ARTICLE 27. DISSOLUTION. The Company will dissolve by any of the causes
enumerated in the law, and once agreed upon, the liquidation period will be
opened, procedure that will be held by the Administrative Body if the General
Board does not designate other liquidator.

ARTICLE 28. INVENTORY AND INITIAL BALANCE. The initial liquidators will
prepare an inventory and a balance of the Company with reference to the date
established for dissolution of the Company, during a term no longer than 3
months from the opening of the liquidation process.

ARTICLE 29. FINAL BALANCE. Once all liquidatory operations are finalized, the
liquidators will submit for the General Board's approval a final balance, a
report from such operations and a distribution proposal among the partners of
the remaining assets.

      The liquidation quota shall be proportional to each partner's
participation in the capital stock of the Company and can not by satisfied
without the previous payment to the creditors of their credits or a deposit
for an amount equal to such credits if the creditors are not available, in a
financial entity from the municipal corporate domicile.

      ARTICLE 30. The final balance of the liquidation and relation of the
partners, where their identity and the value of their corresponding
liquidation quota must be determined, shall be incorporated to the public
deed of the Company's extinction.

                                        7<Page>

                                                                    EXHIBIT 10.8

                              ASSOCIATION AGREEMENT

This Association Agreement (hereinafter also the "Agreement") is entered into
this August 22, 2000.

                                      AMONG

TELEFONICA INTERCONTINENTAL S.A. (Sociedad Unipersonal), hereinafter referred to
as "Telefonica", a corporation organised under the laws of Spain, having its
principal office at Gran Via, 28, Madrid 28013, Spain, and SONERA CORPORATION
LTD., hereinafter referred to as "Sonera", a corporation organised under the
laws of Finland, having its principal office at Teollisuuskatu 15, Helsinki,
both companies represented by its duly empowered representatives;

                                       AND

ACEA TELEFONICA S.P.A., hereinafter referred to as "Acea-Tel", a corporation
organised under the laws of Italy, having its principal office at Rome, Largo
Virgilio Testa, 23, Italy, represented by its duly empowered representative and
MIXERSEI S.P.A. hereinafter referred to as "Mixersei", a corporation organised
under the laws of Italy, having its principal office at Turin, Corso Ferrucci
112/a, Italy, represented by its duly empowered representative;

                                       AND

BANCA DI ROMA S.P.A., hereinafter referred to as "Banca di Roma", a
corporation organised under the laws of Italy, having its principal office at
Rome, Via M. Minghetti, 17, represented by its duly empowered representative;

                                       AND

E.PLANET S.P.A., hereinafter referred to as "e.Planet", a corporation organised
under the laws of Italy, having its principal office at Milan, Via Rombon, 11,
represented by its duly empowered representative;

                                       AND

GOLDENEGG VENTURES S.A., hereinafter referred to as "Goldenegg", a corporation
organised under the laws of Luxemburg, having its principal office at
Luxemburg, 4 Boulevard Royal, l-2449, represented by its duly empowered
representative;

                                       AND

                                        1

<Page>

XERA, hereinafter referred to as "Xera", a corporation organised under the laws
of Italy, having its principal office at Bolzano, Via Pacher, 16, represented by
its duly empowered representative;

           hereinafter, each of them referred to as a "Party"
                and jointly referred to as the "Parties"

<Table>
<Caption>

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

                                SCHEDULE

--------------------------------------------------------------------------------
 SECTION                         OBJECT                         PAGE
--------------------------------------------------------------------------------
<S>          <C>                                                <C>
    -        o  Whereas
--------------------------------------------------------------------------------
    1        o  Term and Scope of the Agreement
--------------------------------------------------------------------------------
    2        o  Shareholders' Agreement
--------------------------------------------------------------------------------
    3        o  Designation of the Company
--------------------------------------------------------------------------------
    4        o  By-Laws of the Company
--------------------------------------------------------------------------------
    5        o  Structure of the corporate capital of the
                Company
--------------------------------------------------------------------------------
    6        o  Initial Capital contribution of the Operating
                Company
--------------------------------------------------------------------------------
    7        o  Structure of the relationship and conduct of
                the bid
--------------------------------------------------------------------------------
    8        o  Funding of the bid
--------------------------------------------------------------------------------
    9        o  Corporate Governance of the Company
--------------------------------------------------------------------------------
   10        o  Senior Management
--------------------------------------------------------------------------------
   11        o  Transfer of Shares
--------------------------------------------------------------------------------
   12        o  Change of Control
--------------------------------------------------------------------------------
   13        o  Business of the Operating Company
--------------------------------------------------------------------------------
   14        o  Non-compete provision
--------------------------------------------------------------------------------
   15        o  Listing of the Company
--------------------------------------------------------------------------------
   16        o  Confidentiality
--------------------------------------------------------------------------------
   17        o  Miscellaneous
--------------------------------------------------------------------------------
   18        o  Notice
--------------------------------------------------------------------------------
   19        o  Term and Termination
--------------------------------------------------------------------------------
   20        o  Governing Law and Dispute
--------------------------------------------------------------------------------
   21        o  Counterparts
--------------------------------------------------------------------------------

</Table>

                                     WHEREAS

                                       2

<Page>

I.       Telefonica is a wholly owned subsidiary of Telefonica S.A., which is
         the major telecommunications operator in Spain and Latin-America,
         active, directly or indirectly, in the provision, inter alia, of
         fixed and mobile telecommunication and multimedia services, including
         TV, CATV, Internet access. Telefonica S.A. already holds a third
         generation mobile telecommunications licence in Spain;

II.      Sonera is the major telecommunications operator in Finland, active,
         directly or indirectly, in the provision of fixed and mobile
         telecommunications services, including Internet access. Sonera
         already holds a third generation mobile telecommunications licence in
         Finland;

III.     Acea-Tel is a joint-venture company participated by Acea S.p.A. and
         Telefonica Data S.A., which is currently launching its operations in
         the telecommunication field in Italy;

IV.      Mixersei is a company wholly controlled by Fiat S.p.A. which will be a
         successor of Telexis s.p.a. business. Telexis s.p.a. is a
         telecommunication operator and provides telecommunication services to
         the companies of the Fiat and Ifil groups, as well as to third
         parties;

V.       Acea-Tel's and Mixersei's shareholders have agreed that, subject to the
         applicable regulatory approvals, Acea-Tel and Mixersei will be
         integrated into a joint venture company ("Atlanet"), which will carry
         out telecommunication services in Italy. Atlanet will have the
         following shareholders: Acea S.p.A. with a 33% stake, Fiat S.p.A.
         with a 28% stake, Ifil S.p.A. with a 5% stake, Telefonica Data S.A.
         with a 34% stake;

VI.      Banca di Roma is one of Italy's major bank and the holding company of
         the "GRUPPO BANCA DI ROMA", operating in Italy and abroad;

VII.     e.Planet is a telecommunications operator that offers multimedia
         services (voice, data, internet, video), high value-added services and
         applications (ASP) over broad band local access network to small and
         medium enterprises and residentials;

VIII.    Goldenegg is a financial company, active in the telecommunication
         field;

IX.      Xera is a company formed by Sequenza s.p.a. -- a company active in
         Telecommunications, Internet and IT Consultancy -- and wholly
         controlled by it for the prupose of investing in the field of mobile
         telecommunications services;

                                       3

<Page>

X.       Banca di Roma, e.Planet, and Ifil S.p.a. together with Securfin S.p.a.,
         E-Biscom s.p.a., Aem s.p.a. and Pirelli S.a.p.a., have incorporated
         (on December 22, 1999), a consortium named Dix.it, with the purpose
         of taking part to the tender procedure for the provision of third
         generation mobile telecommunications services;

XI.      E-Biscom s.p.a., Aem s.p.a. and Pirelli S.a.p.a. have expressly
         declared their intention not to compete any more in the tender
         procedure relating to the UMTS (Universal Mobile Telecommunications
         Systems);

XII.     All the members of Dix.it have further agreed to liquidate their
         consortium after execution of this Association Agreement; to this
         purpose the members of Dix.it declare that Dix.it (and/or its members
         except as provided herein) will not take part, other than through
         this Association Agreement, to the UMTS (Universal Mobile
         Telecommunications Systems) public tender procedure announced by the
         Italian government;

XIII.    The Italian government has announced to shortly grant various UMTS
         (Universal Mobile Telecommunications Systems) licences by means of a
         two-stage public tender procedure (the "Tender"), whose relevant
         terms and conditions have been issued on July 31, 2000 (the "Tender
         Regulations"); for this purpose Tender Regulations will also include
         any other relevant rule or regulations to be issued by the relevant
         Italian Authority in relation to the Tender;

XIV.     The Parties have declared to be fully informed of the contents of the
         Tender Regulations as published in the in Italian Official Gazette no.
         177 dated July 31, 2000;

XV.      The Parties have agreed to set up a partnership, with the aim of
         jointly submitting an offer (the "Bid") and obtaining one of the UMTS
         mobile telephone licenses in Italy ("the License") and of developing
         the business consisting of the operation of the License and all
         connected activities (the "Project") through a jointly-owned company
         (the "Operating Company" or the "Company");

XVI.     Banca di Roma and Acea have already incorporate on August 2, 2000 a
         company (named Ipse 2000 s.p.a.) with the purpose to designate such
         company as the Operating Company;

XVII.    On the basis of the foregoing, the Parties have jointly decided to
         negotiate in good faith in order to reach the aforesaid targets and
         to formalize in this Agreement the guidelines and the key terms and
         conditions of their relationship

                                       4

<Page>

         which will be defined in one or more specific agreements to be
         executed during such relationship in accordance with the timing and
         procedures set forth in this Association Agreement;

XVIII.   In particular, the Parties wish in this Association Agreement to
         initially set out (a) the designation of the Operating Company and
         the relevant capital structure; (b) the means by which the Parties
         will jointly bid for the Licence; and (c) should the Tender be
         successful, how they will carry out the Project.

                               That being stated,
                        the Parties agree as follows:

                 SECTION 1 - TERM AND SCOPE OF THE AGREEMENT

1.1      This Agreement will become effective upon its execution and will expire
         as provided by section 19 below, unless otherwise provided by the
         Shareholders' Agreement.

1.2      The scope of this Agreement is to regulate the mutual relationship
         between the Parties related to: (i) the investments of the Parties in
         the Operating Company's capital; (ii) the conduct of the Bid; and
         (iii) the operating of the License (should the Bid be successful)
         through the Operating Company.

                       SECTION 2 - SHAREHOLDERS' AGREEMENT

2.1      The Parties shall negotiate in good faith a full-form agreement ("the
         Shareholders' Agreement") reflecting, in more detail, all terms and
         conditions governing their relationship.

         The Shareholders' Agreement shall remain as the definitive agreement of
         the Operating Company and will supersede all previous agreements
         between the Parties with respect to the Project.

         The Shareholders' Agreement will be drafted in accordance with this
         Agreement and therefore it will repeat and/or develop the guidelines
         and the key terms and conditions set forth in this Agreement.

         To this end, each of the Parties commits itself to negotiate in good
         faith and pursuant to the principles already agreed hereby in order
         to execute the Shareholders' Agreement within the term of section 2.2.

                                       5

<Page>

2.2  The Parties shall make their best efforts in order to enter into the
     Shareholders' Agreement as soon as reasonably practicable following
     signature of this Association Agreement and, in any event, at least one
     week before the start of the Auction as provided for by the Tender
     Regulations.

     For the purpose of this Agreement "Auction" means the phase of the
     "MIGLIORAMENTI COMPETITIVI" provided by the Tender Regulations.

2.3  However, the Parties agree that this Agreement shall continue to be legally
     binding notwithstanding any failure to agree upon the terms of the
     Shareholders' Agreements.

            SECTION 3 - DESIGNATION OF THE OPERATING COMPANY

3.1  The Parties have designated the existing company Ipse 2000 s.p.a.
     (incorporated under Italian Law, with registered offices in Roma, Piazza
     dei Caprettari, 70, registered in the Business Register of Roma under no.
     177658/2000) as the Operating Company for the purpose of jointly conducting
     the Bid.

3.2  In light of the above, the Parties acknowledge and agree - as irrevocable
     obligation for each of them - to take part to the Tender exclusively
     through the mentioned Operating Company.

     Therefore, should the Bid be successful, the Operating Company shall be the
     sole vehicle to hold the License and operate all the connected activities
     as described in sections 13 and 14 below.

3.3  On the August 22, 2000, Banca di Roma and Acea shall sell and transfer to
     the other Founding Parties (which shall purchase) the necessary shares to
     reach the initial capital structure set forth in section 5 below.

     The price payable by each Party to Banca di Roma or Acea for each share
     shall be the nominal value of such share, which amounts to one Euro.

     It is understood and agreed among the Parties that such transfer shall be
     completed prior to any Operating Company's capital increases provided for
     by this Agreement.

                       SECTION 4 - BY-LAWS OF THE COMPANY

                                       6
<Page>

4.1  The Parties shall agree upon the amendments to the By-Laws of the Operating
     Company consistently with this Agreement (hereinafter referred to as the
     "Amended By-Laws").

     The Parties shall use their best efforts so that the Extraordinary
     Shareholders' Meeting of the Operating Company will adopt the Amended
     By-Laws as soon as practicable. In any case, the resolution of the
     Shareholders Meeting shall be taken on or before September 10, 2000.

4.2  Should any section of the Amended By-Laws not be approved by the Court of
     Rome, the Parties shall in good faith agree to those amendments which will
     be required in order to obtain such approval.

4.3  Without prejudice of the following section 6.1, the Parties further agree
     that the governing body of the Operating Company will adopt an increase of
     capital of the Operating Company to Euro 450.000.000 in accordance with the
     section 5.2 of the current By-Laws of the Company. Such increase of capital
     shall be adopted on or before September 10, 2000 (or on or before August
     24, 2000 according to the agreement of the Founding Parties) and each Party
     shall be committed to subscribe its respective Percentage Interest and to
     contribute within the date required by the Tender Regulations.

4.4  It is understood between the Parties that the Operating Company's
     registered office shall be established in Rome, while having operating
     offices in both Rome and Milan and other Italian cities as resolved by the
     competent management bodies of the Operating Company.

          SECTION 5 - STRUCTURE OF THE CORPORATE CAPITAL OF THE COMPANY

5.1  The Parties agree and acknowledge that, after execution of the share
     purchase provided under section 3.3 above, the initial capital structure of
     the Operating Company, as well as the Percentage Interest of the Parties
     original signatories of this Agreement (the "Founding Parties"), shall be
     as follows:

     Telefonica/Sonera                  49%
     Acea-Tel - Mixersei                19%
     Banca di Roma                      19%
     Goldenegg                           7%
     Xera                              5,5%
     e.Planet                          0,5%

                                       7
<Page>

     The Percentage Interest of Telefonica - Sonera will be split as
     follows: Telefonica 30% and Sonera 19%

     The Percentage Interest of Acea-Tel - Mixersei will be split as
     follows: Acea-Tel 10,0377% and Mixersei 8,9623%

5.2  The Parties further acknowledge and agree that additional partners
     (Additional Partners) may participate to the Operating Company. Such
     Additional Partners are, in particular, the following:

     (a)  Ferrovie dello Stato s.p.a. (hereinafter Ferrovie dello Stato),
          with a maximum quota of 7%;

     (b)  Falck s.p.a. (hereinafter Falck), with a maximum quota of 2,5%;

     (c)  Edisontel s.p.a. (hereinafter Edisontel), with a maximum quota of 4%;

     (d)  Banca Popolare di Milano s.p.a. (hereinafter Banca Popolare di
          Milano), with a maximum quota of 1%;

     (e)  the other companies and municipal entities listed in Exhibit A,
          jointly through a special purpose vehicle (hereinafter the "Other
          Vehicle"), with a maximum quota of 10%.

     It is understood that the participation of the above mentioned Additional
     Partners shall be acquired as follows:

     (i)     should Ferrovie dello Stato declare its final intention to
             participate to the Operating Company, each of the Founding
             Parties holding Remaining Equity shall be committed to transfer
             to Ferrovie dello Stato a pro rata of such Remaining Equity to
             reach the above mentioned (maximum of) 7% of the capital of the
             Operating Company;

     (ii)    should Falck declare its final intention to participate to the
             Company, each of the Founding Parties holding Remaining Equity
             shall be committed to transfer to Falck a pro rata of such
             Remaining Equity to reach the above mentioned (maximum of) 2,5%
             of the capital of the Operating Company;

     (iii)   should Edisontel declare its final intention to participate to the
             Company, each of the Founding Parties holding Remaining Equity
             shall be committed to transfer to Edisontel a pro rata of such
             Remaining Equity to

                                       8
<Page>

             reach the above mentioned (maximum of) 4% of the capital of the
             Operating Company;

     (iv)    should Banca Popolare di Milano declare its final intention to
             participate to the Company, each of the Founding Parties holding
             Remaining Equity shall be committed to transfer to Banca
             Popolare di Milano a pro rata of such Remaining Equity to reach
             the above mentioned (maximum of) 1% of the capital of the
             Operating Company;

     (v)     should Other Vehicle declare its final intention to participate
             to the Company, each of the Founding Parties holding Remaining
             Equity shall be committed to transfer to Other Vehicle a pro
             rata of such Remaining Equity to reach the above mentioned
             (maximum of) 10% of the capital of the Operating Company.

     Should Falck and Edisontel participate to the Operating Company, any
     transfer of shares between them shall be considered as a Permitted Transfer
     for the purpose of this Agreement (provided that such transfers shall not
     be made in violation of any ownership conditions of the Tender Regulations
     and/or of the License).

     It is also understood that the participation of any Additional Partners
     shall remain subject to the fulfilment of the following procedure and
     conditions:

     (i)     any such participation of any Additional Partners shall not be
             contrary to the Tender Regulations;

     (ii)    the prior written approval of all the Founding Parties is
             expressed with respect to the identity and equity participation
             of any Additional Partner, it being however agreed and
             understood that with respect to the identities and equity
             participation of the Additional Partners mentioned above under
             paragraph (a), (b), (c), (d) and (e) of this section, such
             approval is automatically expressed through the execution of
             this Association Agreement;

     (iii)   the execution by each Additional Partner of this Association
             Agreement and of any other agreement existing between the
             Parties to this Association Agreement in relation to the Project.

     The shares transferred pursuant this section 5 shall be free and clear of
     any lien, pledge and encumbrance of any nature (except for any possible
     obligation related to increases of capital and/or for any other obligation
     agreed in this Agreement). Furthermore any transfer to the Additional
     Partners shall be

                                       9
<Page>

     executed on or before September 7, 2000 and the price shall be equal to
     the nominal value of the share capital of the Operating Company actually
     paid-up by the Founding Parties.

5.3  It is however agreed and understood between the Parties that in no case the
     Founding Parties may initially hold, following the transfer(s) under
     section 5.2 above, an initial Percentage Interest of less than the
     followings:

     Telefonica/Sonera                 44,8%
     Acea-Tel - Mixersei                 12%
     Banca di Roma                       11%
     Goldenegg                          3,2%
     Xera                                 4%
     e.Planet                           0,5%

     The Percentage Interest of Telefonica - Sonera will be hold in accordance
     with section 5.5 below.

     The above Percentage Interest of Acea-Tel - Mixersei will be split in
     accordance with section 5.6 below (1/2,12 Mixersei and 1,12/2,12 Acea-Tel).

     Should any Additional Partner decide not to participate the Operating
     Company, Acea-Tel/Mixersei, Banca di Roma and Goldenegg will be entitled to
     sell not later than September 8, 2000 to Telefonica/Sonera (who shall
     purchase) all or part of its remaining equity ("Remaining Equity" meaning
     the quota held by each of Acea-Tel/Mixersei, Banca di Roma, and Goldenegg
     in excess of the above percentages).

     The price shall be equal to the nominal value of the share capital of the
     Operating Company actually paid-up by the Founding Parties.

     The transfer of the applicable Remaining Equity to Telefonica/Sonera will
     immediately occur upon delivery of a notice of exercise of the above put
     option. The transfer of shares shall be implemented according to Italian
     Law. The Operating Company will provide the Parties with the appropriate
     share certificates for the convenient exercise of the put option.

     It is understood that should Sonera hold more than 20% of the capital of
     the Operating Company, Sonera will be entitled to sell to Telefonica as a
     Permitted Transfer the shares held by Sonera in excess of the above
     percentage.

                                      10

<Page>

     It is understood that the exercise of the put option by any of Acea-Tel and
     Mixersei shall be considered as exercise of the put option by both of them
     in the same proportion of the rate fixed for the merger pursuant to section
     5.6 below. At this purpose Acea-Tel and Mixersei grant each other with this
     Agreement the necessary power of attorney.

5.4  From the date of incorporation of the Operating Company up to September 11,
     2000, the addition of any new partner (the "New Partner") shall be subject
     to the fulfillment of the following conditions:

     (i)     unanimous approval by the Founding Parties;

     (ii)    such participation shall not be contrary to the Tender Regulations
             and the terms and conditions of the Licence;

     (iii)   such New Partner becoming a shareholder of the Operating Company;

     (iv)    the execution by such New Partner of this Association Agreement,
             being understood that with the execution of this Agreement each
             additional partner shall become a Party to: (a) this Association
             Agreement or the Shareholders' Agreement; (b) any other agreement
             existing among the Parties to this Association Agreement in
             relation to the Project.

5.5  It is expressely agreed that Telefonica and Sonera shall exercise their
     voting rights as whole block, under the control of Telefonica.

     It is further expressely agreed that Telefonica and Sonera shall make their
     best efforts to hold their Percentage Interest in the Operating Company
     through a special Shareholding Company jointly owned by Telefonica and
     Sonera at least on a 60:40 basis respectively ("Telefonica/Sonera"), being
     understood that: (i) Telefonica and Sonera shall remain fully and solely
     responsible for the obligations of such special purpose vehicle under or in
     connection with this Association Agreement; (ii) such indirect ownership of
     the shares in the Operating Company is not in violation with any ownership
     conditions of the Tender Regulations, of the License and of any laws and/or
     any rules provided by any competent authorities.

     For the avoidance of doubt the commitment of Telefonica and Sonera to act
     as a whole block will be maintained also if the above special Shareholding
     Company will not be incorporated.

     Any alternative solution to the mentioned special Shareholding Company,
     jointly owned by Telefonica and Sonera at least on a 60:40 basis
     respectively,

                                      11
<Page>

     shall be subject to the approval by the other Founding Parties, which
     approval will not be unreasonably withheld or delayed.

     It is further acknowledged and agreed that any transfer of shares from
     Sonera to Telefonica (even in the special Shareholding Company) shall be
     considered as a Permitted Transfer for the purpose of this Agreement
     (provided that such transfers shall not be made in violation of any
     ownership conditions of the Tender Regulations and/or of the License and of
     any laws and/or any rules provided by any competent authorities).

     Sonera grants a call option to Telefonica whereby (a) Telefonica is obliged
     to buy and Sonera is obliged to sell its shares in the Operating Company;
     or (b) Telefonica shall cause that the participation of Sonera in the
     Operating Company be purchased by a third party, if any of the following
     events shall occur:

     (i)     Sonera will be taken over by a Telefonica's competitor between
             the date hereof and the 12th of September 2000, or

     (ii)    Sonera will be taken over by a Telefonica's competitor
             (including any party who is taking part to the Tender with other
             participants) during the period comprised between the 12th of
             September and the granting of the License,

     provided however that, if any take over is threatened over Sonera as a
     consequence of which the Authority may potentially require Sonera to exit
     from the Operating Company (should the change of control over Sonera
     prejudice the granting of the License), then from the date hereof, Sonera
     undertakes with Telefonica and the other Parties to adopt all such measures
     which will be deemed necessary to secure that its voting right in the
     Operating Company will be exercised by Telefonica until this situation has
     been duly solved.

     If after the granting of the License, a change of control over a
     participation controlled by Sonera occurs, as a consequence of which the
     Authority requires Sonera to exit from the Operating Company (comunicating
     that the change of control over Sonera will prejudice the maintainance of
     the License) Telefonica will have a call option and Sonera will have a put
     option over Sonera's participation.

     The further transfer of any share acquired by Telefonica through the
     application of the put option above will be considered as a Permitted
     Transfer.

                                      12
<Page>

     The price, terms, conditions and procedures to exercise the put and call
     option set out in the above paragraphs (i) will be agreed upon Telefonica
     and Sonera and (ii) shall be not in violation of any ownership conditions
     of the Tender Regulations and/or of the License.

5.6  The initial investment in the Operating Company on behalf of Atlanet will
     be made by the two merging companies, Mixersei and Acea-Tel, in the same
     proportion of the rate fixed for the merger (1/2,12 Mixersei and 1,12/2,12
     Acea-Tel).

     The Parties further acknowledge and agree that, as of its incorporation,
     either (i) Atlanet, (ii) or a wholly owned Subsidiary of this company or
     (iii) if so decided among them, directly the two existing shareholders of
     Acea-Tel and those of Mixersei, shall succeed to Acea-Tel and Mixersei
     under this Association Agreement, thereby becoming a Party hereto as if it
     had been an initial signatory hereof. The Parties also acknowledge and
     agree that in the event that Atlanet is not incorporated on or before
     September 30, 2001, then Acea-Tel and Mixersei shall remain Parties to this
     Association Agreement with their respective shareholdings.

     It is understood that the merger between Acea-Tel and Mixersei and the
     consequent incorporation of Atlanet shall be considered, as well as any
     transfer of shares between them, as a Permitted Transfer for the purpose of
     this Agreement, provided that such transfers shall not be made in violation
     of any ownership conditions of the Tender Regulations and/or of the
     License.

     It is further agreed and understood that Acea-Tel and Mixersei shall be
     severally and not jointly liable under the Agreement.

     It is agreed and understood that under the Agreement Acea, Telefonica Data,
     Fiat and Ifil are not prevented nor limited to transfer their participation
     in Acea-Tel, Mixersei and/or Atlanet. It is understood that in the case of
     this section 5.6 (iii) Acea, Telefonica Data, Fiat and Ifil will be
     entitled to transfer their participation to another company of their
     respective groups as a Permitted Transfer.

5.7  It is also agreed and understood that any transfer of shares between
     Goldenegg and its associated company Discount Investment Corporation Ltd (a
     company organized under the Law of Israel and with registered office in
     Tel-Aviv) and/or their Affiliate and Subsidiary, shall be considered as a
     Permitted Transfer for the purpose of this Agreement (provided that such
     transfers shall not be made in violation of any ownership conditions of the
     Tender Regulations and/or of the License).

                                      13
<Page>

5.8  It is further agreed and understood that to any of the purposes expressed
     in this section 5, each of the Parties undertakes: (i) to comply with all
     the terms and conditions required under the applicable laws and/or any
     rules provided by any competent authorities; (ii) to obtain all necessary
     consents and approvals from the competent authorities.

5.9  For the purpose of this Agreement "Percentage Interest" means the aggregate
     number of shares of the Operating Company from time to time held by the
     shareholders of the Operating Company.

        SECTION 6 - INITIAL CAPITAL CONTRIBUTION OF THE OPERATING COMPANY

6.1  The Parties agree on a contribution of the Operating Company in the amount
     of 2.500 millions Euro (the "Initial Amount"), to be contributed in capital
     and premium ("SOVRAPREZZO") in the form agreed between them.

     Should the Bid be successful, the Parties shall be committed to fund such
     contribution of the Operating Company on a pro-rata basis, according to
     their respective Percentage Interest in the Operating Company as resulting
     in light of sections 5.2 and 5.3 and pursuant to the provisions under
     section 8.

     Without limiting such commitment and without prejudice to the provisions
     under section 8 below, the Parties will mutually decide whether to fund the
     activities of the Operating Company through one or more capital increases,
     debt financing, other means, or some combination thereof.

     To any of the above purposes, each of the Parties undertakes to comply
     with: (i) any applicable laws and regulations; (ii) all the terms and
     conditions required under the applicable laws and/or required under the
     applicable rules provided by any competent authorities; and (iii) to obtain
     all necessary consents and approvals of their respective board(s) and
     shareholders.

6.2  The Parties will support the guarantees required for the Bid in accordance
     with their respective Percentage Interests so that such guarantees will be
     available in accordance with the Tender Regulations.

     Should it be necessary, the Parties will provide the Bid deposit in
     accordance with their respective Percentage Interests so that such deposit
     will be available in accordance with the Tender Regulations.

                                      14
<Page>

     If there are any changes to the Parties respective Percentage Interests
     pursuant to sections 8.2 and 8.3 herein, their percentage amount of the
     guarantees and deposit will be adjusted accordingly after completion of the
     Auction (either by: repayment, if a Party has ceased to have a Percentage
     Interest, or by a variation to the extra funding obligations of that Party
     in respect of the balance of the License Price).

         SECTION 7 - STRUCTURE OF THE RELATIONSHIP AND CONDUCT OF THE BID

7.1  The preparation of the Bid shall be directed by a committee (the "Steering
     Committee"), which shall consist of four effective members, two members
     appointed by Telefonica/Sonera and one member appointed by each one of
     Acea-Tel-Mixersei, Banca di Roma.

     Notwithstanding the above, and exclusively for the purposes of deciding the
     Price to be offered by the Operating Company in the Auction, all the other
     Founding Parties and Additional Partners will be represented by one
     additional member of the Steering Committee jointly appointed by Xera,
     Goldenegg and e.Planet.

     Such additional members of the Steering Committee shall be granted by all
     the necessary previous instructions and written powers.

7.2  The Chairman of the Steering Committee shall be a member appointed by
     Telefonica/Sonera, which will consult with the other Parties prior to
     proposing any candidate for such position.

7.3  The Steering Committee shall manage the Parties' effort to obtain the
     License by considering any matter of concern to the Parties, including (i)
     the final approval of the business plans, budgets and network plans for the
     execution of the Project, (ii) the final approval of any of the Bid
     documents and offers to be submitted, (iii) the final approval of the
     Starting Expenses and any other Bid expenses to be assumed by the Operating
     Company, and (iv) any other decision and/or final approval related to the
     Bid.

     At its first meeting, the Steering Committee: (i) shall appoint among its
     members the three representatives of the Parties (the "Representatives")
     requested by the Tender Regulations for the Auction and (ii) shall agree a
     list of three independent professionals of recognized standing and
     reputation to be appointed and to act as arbitrators, pursuant to art. 1349
     of the Italian Civil Code in any of the instances referred to in section
     7.6 below (the "Arbitrators").

                                      15

<Page>

7.4  The Representatives shall have the power of attorney for the Operating
     Company as requested by the Tender Regulations. To this purpose the Parties
     shall agree the draft of the power of attorney as soon as reasonably
     practicable following signature of this Association Agreement.

7.5  The Steering Committee shall appoint the project director of the Operating
     Company (the "Project Director"), upon the proposal of Telefonica/Sonera.

     The Project Director (i) shall have full authority for the development and
     submission of the Bid documents (the "Bid Offer") and (ii) shall organize
     and direct the activities of appropriate working groups (the "Working
     Groups") to complete the tasks delegated by the Steering Committee for the
     preparation of the Bid Offer. The Project Director shall be responsible for
     promptly keeping the Steering Committee informed of all important matters.

     For the purpose of this Agreement, "Bid Offer" shall mean the document(s)
     to be submitted on the second stage of the Tender, according to the Tender
     Regulations.

7.6  Each member of the Steering Committee shall have one vote.

     Save as provided in section 7.7 herein, the Steering Committee shall
     endeavour to make decisions by consensus.

     However, in the event of lack of consensus, decisions shall be taken on a
     majority basis, which majority shall include the positive vote of
     Telefonica/Sonera representatives as long as Telefonica/Sonera hold no less
     than 30% of the non-listed share capital of the Operating Company.

     It is further understood that:

     (i)   in the event that the Steering Committee is not able to adopt a
           decision according to the principle contained in the precedent
           paragraph at any meeting, the Chairman will make every effort to
           resolve the difference between the Parties;

     (ii)  in the event that the Steering Committee still cannot agree on such
           matter, the Parties will make every effort to resolve their
           differences as promptly as possible and without prejudice to the
           activities of the Working Groups, which shall continue as directed by
           the Project Director;

     (iii) in the event that a final decision has not been reached by the
           Steering Committee on any matter after votes at any two consecutive
           meetings, any

                                      16

<Page>

           Party may request the Chairman to call a meeting of the Steering
           Committee, which shall occur on a mutually agreed date within two
           days of such request (whose notice may be made by telefax or
           e-mail), in order to have a final vote on the matter (the "Final
           Vote");

     (iv)  if the Steering Committee is not able to reach the decision through
           the Final Vote according to the special majority referred to herein,
           then the matter shall be submitted by any of the Parties to the
           Arbitrators who will promptly (and in any case not later then three
           working days upon their appointment) provide the Steering Committee
           with their decision.

           In order to permit the Arbitrators to decide promptly upon any
           question submitted to them by the Parties, they shall be provided by
           the Chairman of the Operating Company of any information requested
           and, in any case, of all relevant information in the hand of the
           members of the Steering Committee.

           Any decision of the Arbitrators shall be final and binding for the
           Parties, who irrevocably accept it and guarantee its application by
           the members of the Steering Committee, also pursuant to article 1381
           of the Italian Civil Code.

7.7  Notwithstanding the foregoing, and in accordance with the provisions under
     section 8, the resolutions relating to the Price including the re-launches
     to be offered within the Auction and any resolution involving the payment
     of the Additional Funds shall be taken with the positive vote of the member
     of the Steering Committee proposing to offer the highest Price including
     the following re-launches.

     In the adoption of any such decision, each member of the Steering Committee
     shall clearly state the identity of the Bidding Parties (as defined below)
     proposing such highest Price and shall clearly indicate their respective
     Parties' positions in relation to the rights of dilution and/or put option
     conferred upon them pursuant to section 8.

7.8  It is understood that during the Auction, and unless otherwise provided by
     the Tender procedure, any decision of the Steering Committee upon the Price
     and any re-launches to be offered within the Auction shall be communicated
     to the Representatives in writing.

7.9  The Steering Committee and the Representatives shall function up and until
     the Tender process is completed, unless otherwise agreed by the Board of
     Directors of the Operating Company.

                                      17

<Page>

7.10 On or before the submission of the Bid Offer, the Parties shall submit to
     the Steering Committee for its approval all the expenses incurred by them
     to such date in relation to the Project. The expenses approved by the
     Steering Committee will be considered for the purposes of the Association
     Agreement as "Starting Expenses".

     The Steering Committee will consider, for this purpose, the investments,
     expenses borne by - and the existing contracts of - Dix.it, Acea-Tel and
     Telefonica. The Steering Committee will not include in good faith those
     Starting Expenses and existing contracts which are not connected to the
     development of the Project.

7.11 To conduct the Bid, the Parties shall maintain one office established in
     Rome.

7.12 Each Party undertakes at all times to comply (and ensure compliance by all
     relevant persons related to it for such purposes) with the Tender
     Regulations and to use its best efforts (through co-operation with the
     other Parties and otherwise) to ensure that the Bid is successful.

                         SECTION 8 - FUNDING OF THE BID

8.1  The Parties, through their respective representatives at the Steering
     Committee, will determine the amount to be offered by the Operating Company
     for the award of the License ("the Price").

     The Parties are committed to provide, on a pro-rata basis according to
     their respective percentage in the Operating Company, any necessary funds
     for the Operating Company: (i) to comply with the Tender Regulations and
     the License; (ii) to bear the Price, provided however that, where such
     funds are in excess of the Initial Amount, the procedure referred to in
     section 8.2 below shall apply.

8.2  Should any of the Parties decide (through their respective representatives
     at the Steering Committee) to offer, pursuant to the mechanism established
     in section 7.7 above, an amount higher than the Initial Amount:

     (a)   the Parties will be entitled, jointly or severally, to provide any
           necessary additional funds (the "Additional Funds") for the Operating
           Company to bear such new price ("New Price"); in such case, each of
           the Parties who has agreed in writing to provide the Additional Funds
           ("Bidding Parties"),

                                      18

<Page>

           shall be committed to fund the Operating Company on a pro-rata basis,
           according to its respective Percentage Interests;

     (b)   notwithstanding the provision under paragraph (a) above, if the New
           Price offered leads to an increase representing more than a
           percentage equal to 25% of the Initial Amount, any such Party
           ("Releasing Party") shall have the right either:

           (i)  to release its quota of the Additional Funds, being the
                corresponding Percentage Interest of such Party diluted
                accordingly and proportionally; and/or

           (ii) to exit the Operating Company, in accordance with the provisions
                under section 8.3 below;

     (c)   the same mechanism under paragraph (b) above shall apply, in every
           subsequent round (once the Initial Amount, plus the above 25%, has
           been exceeded) if the highest Price determined within the Steering
           Committee, pursuant to the mechanism established in section 7.7
           herein, leads to an increase representing more than a percentage
           equal to 10% of the last Price accepted by any relevant Party in
           the previous round without dilution and/or exit. It is agreed and
           understood that the commitment of the Parties to provide any
           Additional Funds within the above percentage equal to 10% of the
           last Price accepted by each of them shall not be considered as an
           accepted Price for the application of a further 10% margin.

8.3  In the cases under section 8.2, paragraph (b) and (c), above, the following
     procedure shall apply:

     (i)   The Releasing Party shall declare in writing (before the offering of
           each Price and/or re-launches by the Representatives) its intention
           to release its Additional Funds or its intention to release all its
           Percentage Interest;

     (ii)  Any such dilution or withdrawal shall take place with effect from a
           date ("the Effective Date") within 45 business days following the
           termination of the Auction as allowed and permitted by the Tender
           Regulations and in any case in compliance with any relevant procedure
           or requirement which may be established by the Italian telecom
           regulator.

           With effect from the Effective Date and in order to achieve the
           equity structure resulting from the Auction, the Bidding Parties
           shall automatically, as the case may be: (a) purchase all or part
           of the shares in the Operating Company held by the Releasing
           Parties (which shall have the

                                      19

<Page>

           irrevocable obligation to sell) and which would be so diluted;
           and/or (b) should the funds be committed by way of subscription for
           additional equity, subscribe the required additional equity in
           order to dilute the Percentage Interest of the relevant Releasing
           Party or Parties as determined in the Auction.

           For the purpose of this paragraph the purchasing price to be paid for
           the shares in the Operating Company of the Releasing Parties, will be
           equal to the nominal value of the shares plus: (i) any premium
           paid-up by the Releasing Parties; and (ii) any cost suffered by the
           Releasing Parties with relation to provision of guarantees
           (required by the Tender Regulation or agreed between the Parties)
           or to commitment of such nature.

           It is hereby agreed and understood among the Parties that should the
           Operating Company decide to withdraw from the Auction at any given
           moment, the Operating Company will be liquidated, unless otherwise
           agreed among the Parties, according to the equity structure existing
           at the start of the Auction.

     (iii) It is understood that the transfer of any share shall be not in
           violation with any ownership conditions in the Tender Regulations and
           in the License and shall be compliant to any applicable law and
           regulation, being also obtained all the necessary approvals of the
           competent authorities.

                SECTION 9 - CORPORATE GOVERNANCE OF THE COMPANY

9.1  Unless otherwise required by the applicable legislation, the Shareholders'
     Meeting shall take its resolutions by simple majority of the shares present
     or represented at such meeting.

     However, a number of major decisions, including all the decisions to be
     adopted by the Extraordinary Shareholders' Meeting, will require a
     reinforced majority of 75% for approval, as it will be further detailed in
     the Shareholders' Agreement.

9.2  The Operating Company's affairs shall be managed by a Board of Directors
     (the "BoD") composed of a maximum of ten directors (the "Directors")
     appointed by the shareholders' meeting.

     The Parties will cause that the right to nominate a member to the Board of
     Directors shall be conferred to any Party holding individually or jointly a
     minimum Percentage Interest of 10% in the Operating Company.

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<Page>

     As a consequence hereof, each of the Parties ceasing to hold individually
     or jointly a minimum Percentage Interest of 10% in the Operating Company
     shall cause one of its appointed nominee within the BoD to resign in order
     to permit the appointment of a BoD member by the other Party entitled
     thereto.

     In any case, the Parties will cause the Operating Company's by-laws to
     contain suitable provisions to give effect to the foregoing arrangements by
     providing that directors will be elected by a system of lists presented by
     the shareholders (as specified in more detail in the Shareholders'
     Agreement).

9.4  The BoD will take its resolution with the simple majority of such present
     members of the BoD having voting rights. However, a number of key decisions
     shall require a reinforced majority of seven members for approval as stated
     in Exhibit B attached herein.

     Without prejudice to the above, it is understood and agreed by the Parties
     that, as a general principle, any matter related to the management of the
     Operating Company, apart from those matters delegated to the Chairman and
     the Chief Executive Officer in accordance with section 10 below, shall be
     submitted to the BoD's approval, or to the approval of the shareholders'
     meeting if so required by any applicable laws.

9.5  The Parties shall use their best efforts so that the first Board of
     Auditors of the Company shall be composed as follows: one effective member
     and one substitute appointed by Telefonica/Sonera and the remaining two
     effective members, including the President, plus one substitute, jointly
     appointed by the other Founding Parties.

9.6  The Board of Directors and the Shareholder's Meeting shall make every
     reasonable effort to reach agreement on any relevant decision as
     expeditiously as possible.

     In the event where a common position cannot be determined ("Deadlock")
     among the members either in the Board of Directors or in the Shareholder's
     Meeting a second meeting will be held within seven days.

     In case of persisting disagreement at the BoD and/or the Shareholder's
     Meeting, the Directors shall refer the dispute to the CEO or other
     appropriate Principal Executive Officer of the Parties, being the highest
     representatives of its respective nominating corporations (the "Designated
     Officers").

                                      21
<Page>

     The Designated Officers shall within a period of 3 (three) weeks from the
     Directors' failing to agree on any issue meet to discuss the matter so
     referred with the intention of reaching an amicable solution.

     If agreement is not reached among the Designated Officers, or at any given
     meeting of the Shareholders' General Assembly, the dispute shall be then
     referred to the CEO or other appropriate Principal Executive Officer, being
     the highest representatives of the ultimate parent corporation of each one
     of the relevant Parties (the "Highest Representatives").

     The Highest Representatives shall, within a period of 4 (four) weeks from
     the Designated Officers' or the General Assembly's failing to agree on any
     issue, meet to discuss the matter so referred to them with the intention of
     reaching an amicable solution.

     The final decision (whether common or not) shall be adopted in any case by
     the Shareholder's Meeting.

9.7  If no solution is reached in relation to a material decision after
     following the procedure mentioned above the following principle shall apply
     (as long as Telefonica/Sonera hold a Percentage Interest of no less than
     30% of the non-listed share capital of the Operating Company):

     (a)   the Parties causing the deadlock, being, for the avoidance of doubt,
           those Parties objecting Telefonica/Sonera's position, shall either
           (i) sell its Percentage Interest to the Telefonica/Sonera, which
           shall be obliged to buy or to sell it to a third Party; or (ii)
           reconsider the vote that caused the disagreement;

     (b)   the Price per share shall be previously defined by one of the
           independent experts listed in Exhibit C jointly appointed by
           Telefonica/Sonera and the Parties causing the deadlock.

9.8  If no solution is reached in relation to a non-material decision after
     following the procedure mentioned above, the Highest Representatives may,
     at their discretion, collectively agree to refer the dispute to arbitration
     in accordance with clause 20.2 herein.

                         SECTION 10 - SENIOR MANAGEMENT

10.1 The Operating Company shall have one Chairman and a Chief Executive Officer
     ("CEO").

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10.2 The Parties agree that the chairman of the BoD (the "Chairman") shall be
     proposed by unanimous agreement of the local Founding Parties (as long as
     they hold jointly more than 30% of the non-listed equity capital of the
     Operating Company) for approval by the BoD, which approval will not be
     unreasonably withheld or delayed.

     The Chairman shall chair the BoD's meetings and shall be responsible for
     all institutional affairs, external relations and press office, and
     auditing matters relating to the activities of the Operating Company and
     shall be vested with all necessary powers in order to represent the
     Operating Company vis-a-vis third parties, along the relevant delegation of
     powers by the BoD.

10.3 The Parties agree that the chief executive officer (the "CEO") shall be
     proposed by Telefonica/Sonera, and approved by BoD, which approval will not
     be unreasonably withheld or delayed

     The CEO shall have the competence to carry out the day to day management
     of the Operating Company pursuant to the BoD decisions and shall be vested
     with all necessary powers in order to represent the Operating Company
     vis-a-vis third parties.

10.4 The CEO will submit candidates, from those proposed by any shareholder, for
     all the executive positions within the Operating Company. The five top
     management positions will be submitted for approval to the Human Resources
     Committee.

10.5 The BoD will delegate certain specific matters to specialised committees,
     without limiting or reducing the competences of the CEO, which will be
     further detailed in the Shareholders' Agreement. All the relevant matters
     to be submitted to any specialised committees will be presented by the
     management of the Operating Company.

     Such committees will submit the decisions on the issues of their respective
     competences to the consideration and possible approval of the BoD.

     The specialised committees will be:

     (i)   the Planning Committee, which will be in charge of reviewing the
           annual budget, the business and strategic plan of the Operating
           Company, and to submit any such documents for their approval by the
           BoD;

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<Page>

     (ii)  the Procurement Committee, which will be in charge of reviewing the
           offers of any relevant supplier and/or vendor to the approval by the
           BoD;

     (iii) the Human Resources Committee, which will be in charge of evaluating
           by the proposed candidates for the top management positions and their
           compensation to the BoD for final approval.

     Each of the Planning Committee, the Procurement Committee, and the Human
     Resources Committee shall consist of three members among the Directors of
     the Operating Company and shall be appointed by the BoD.

     The specialised committees will take their resolutions by simple majority.

                         SECTION 11 - TRANSFER OF SHARES

11.1 With reference to any transfer of shares, the Parties agree to the
     following principles:

     (a)   FIRST PHASE (between September 10, 2000 until the expiration of one
           year from the date of award of the Licence): unless otherwise
           provided by the Tender Regulations or by the License, and without
           prejudice to the provisions under sections 5, 8 and 9.6 above
           ("Permitted Transfer"), no voluntary share transfers shall be
           allowed during a period of one year from the date of award of the
           Licence (the "Lock-up Period").

     (b)   SECOND PHASE: except in case of bona fide public offering through any
           Stock Exchange or in the case of a permitted transfer according to
           clause 11.2 herein, following the expiration of the Lock-Up Period,
           each Party ("Offeror Party") will be entitled to dispose, directly or
           indirectly (through special purpose vehicle), of all or part of its
           equity participation in the Operating Company (the "Available
           Interest") provided that the other Parties shall be granted with a
           right of first offer, according to the following terms:

          -    The Price per Share shall be defined by an independent expert
               appointed by the Offeror Party from the firms listed in Exhibit
               C;

          -    Any Offeree Party shall have the right, on an offer-round basis,
               exercisable by giving notice in writing to the Offeror Party
               within ten days ("Acceptance Period") to declare its irrevocable
               intention to purchase the Available Interest;

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          -    The Offeror Party shall transfer the Available Interest to the
               any Offeree Parties, if relevant acceptance notice is received in
               the Acceptance Period;

          -    In the event no acceptance notice is received in the Acceptance
               Period from any of the Offeree Parties, the Offeror Party will
               have the right to sell the Available Interest to any third party
               at a price per share equal or higher to the price determined in
               the Sale Notice and on analogous terms and conditions to those
               established in the Sale Notice;

          -    If no such sale is completed by the Offeror Party within 90 days
               following the expiration of the Acceptance Period, the Offeror
               Party shall be required, before transferring any of its Available
               Interest, again to offer such Available Interest to the Offeree
               Party following the same procedure and conditions established
               herein, and such process shall be repeated so often as any party
               desires to transfer any Available Interest in the Operating
               Company.

11.2 It is nevertheless understood that each Party may always transfer its
     percentage in the Operating Company (and/or the right to acquire such
     initial percentage) to one of its Affiliates or Subsidiaries without
     compliance with the right of first offer contained in section 11.1 above,
     paragraph (b), provided in any case that:

     (i)   such transfer will not violate the terms of the Tender Regulations
           and the License or other applicable laws and regulations;

     (ii)  each transferee shall promptly execute this Association Agreement;

     (iii) the transferring Party shall procure that any transferred initial
           percentage are transferred back if the transferee ceases to be an
           Affiliate or a Subsidiary; and

     (iv)  any such transfer (other than a transfer to a 80%-owned - calculated
           on the ordinary share capital - Subsidiary or Affiliate) shall be
           subject to the consent of the other Parties (such consent not to be
           unreasonably withheld or delayed).

     For the purpose of this Agreement: (i) "Affiliate" means, in respect of any
     Party, the ultimate holding company of that Party, and any subsidiary of
     that Party or that Party's ultimate holding company (save that no Party
     shall be considered to be an Affiliate of any other Party); (ii)
     "Subsidiary" of any Party means a company in which that Party holds the
     majority of the shares or voting

                                      25

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     rights or it falls within the condition for the preparation of the
     consolidated accounts pursuant article 1 of Directive 83/349/EEC.

11.3 It is understood between the Parties that no Party shall create, incur,
     assume or permit to exist any lien on all or any part of its Percentage
     Interest: (i) except with the consent of all and no less than all of the
     other Parties, and (ii) except for the purpose of guarantying any loans
     necessary to finance the payment of the license price, unless otherwise
     established by the Tender or License Regulations.

11.4 For the purpose of this section 11 the terms "transfer" shall mean any
     transaction, also without valuable consideration - including sale, gift,
     exchange, contribution to a company, succession by merger - which results
     in the transfer to any third party of the ownership or ownership rights or
     real rights to shares of the Operating Company or to the attribution to any
     third party of any right to purchase shares of the Operating Company.

                         SECTION 12 - CHANGE OF CONTROL

12.1 Should at any time during this Agreement a material change to the structure
     of the capital of the Operating Company occur, all the Parties shall
     mutually negotiate in good faith the appropriate changes to any corporate
     governance of the Company expressed in the sections above, with the aim to
     guarantee in any case: (i) to the majority shareholders the conduction of
     the Company; and (ii) to the minority shareholders a fair and suitable
     involvement in the board representation and management.

     For the purposes of this section "material change" means either: (i)
     Telefonica/Sonera holding less than 30% of the non-listed capital of the
     Operating Company; or (ii) one shareholder controls 55% or more of the
     capital of the Operating Company.

12.2 Should Telefonica/Sonera decide to sell all or a substantial part of its
     Percentage Interest in the Operating Company, then it shall have the
     obligation (without prejudice of section 11 above and being understood that
     any transfer is not in violation with any ownership conditions of the
     Tender Regulations, of the License and of any laws and/or any rules
     provided by any competent authorities, being also obtained all the
     necessary approvals of the competent authorities) to sell such Percentage
     Interest to another telecommunications operator in order to ensure that the
     Operating Company will continue to have the necessary support in order to
     comply with the terms and conditions of the Licence.

                                      26

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     For the purpose of this section "substantial part of the Percentage
     Interest" will mean a participation which bears by itself the possibility
     to control the rights linked to such Percentage Interest.

             SECTION 13 - BUSINESS OF THE OPERATING COMPANY

13.1 The business of the Company shall be: (i) the operation of the UMTS
     License and particularly (ii) the creation, development, operation and
     provision of UMTS networks and services.

     The Parties shall procure that the Company carries on its business in
     accordance with the terms of this Agreement. It is in any case understood
     that new business of the Company and/or any change in nature of the
     business of the Company shall be approved in accordance with the reinforced
     majority provided under sections 9.1 and 9.4 above.

13.2 Any commercial relationship between the Operating Company and either a
     Party or its respective Affiliates and/or Subsidiaries shall be concluded
     at arm's length conditions.

     If the Operating Company requires goods and/or services (including
     financial) and either Party (or any of its Affiliates) is willing and able
     to provide such goods and/or services, the Operating Company shall offer
     such Party first option to provide such goods and/or services (including
     financial) to the Operating Company. In the event that more than one Party
     is willing and able to supply such goods and/or services (including
     financial), the Operating Company shall analyse and decide, on a
     case-by-case basis, the most favourable proposal among the Parties.

13.3 It is nevertheless understood that the Parties shall make their best
     efforts in order to make available to the Operating Company, whatever
     assets, products, or services of value for the Operating Company, in
     particular sites, and sales and distribution outlets they might be able to
     provide, receiving the appropriate consideration on arm's length
     competitive terms and prices. Such provision shall be made on terms of the
     maximum priority, to the extent that arm's length competitive terms and
     prices are satisfied and such priority shall not contravene any Party's
     existing undertakings or commitments vis-a-vis any third party, including
     Italian regulatory authorities, or/and does not violate any applicable
     regulation.

                                      27

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13.4 The Operating Company will consider the opportunity to utilise synergies
     deriving from the participation of any of the shareholders in other
     European UMTS Companies.

     In particular, management will consider with priority the opportunity to
     adopt technical platforms and systems recommended by Telefonica's
     representative(s) in the BoD.

13.5 The Parties further acknowledge that it is in the Operating Company's best
     interest that all the products and services developed and provided by it be
     marketed and sold under the brands and trade names most suitable to the
     Italian market.

                       SECTION 14 - NON-COMPETE PROVISION

14.1 The Parties and any of their Affiliates and/or Subsidiaries, for so long as
     they hold any shares of the Operating Company and for an additional period
     of one year thereafter, shall treat the Operating Company as their sole
     vehicle in Italy for the installation and exercise of telecommunication
     mobile system as permitted by the Licence. For the avoidance of doubt, no
     Party shall be entitled to apply for a mobile telecommunications services
     license in Italy without the previous consent of the Operating Company's
     Board of Directors by the reinforced majority of section 9.4.

     The restriction contained herein shall not affect or prohibit the
     acquisition or holding by any Party of any participation in a public-traded
     company (operating an Mobile Telecommunications License and/or Mobile
     Telecommunications Network and/or Mobile Telecommunication Services),
     provided that such participation shall not imply any right of control or
     the direct involvement of such Party in the board representation and
     management of such public-traded company.

     No provision of this agreement shall be construed to prevent: (i) the
     operation by any Party of fixed telecommunications networks and the
     provision of fixed telecommunications services; (ii) the operation by any
     Party of satellite telecommunications networks including mobile-satellite
     telecommunication networks, and the provision of satellite
     telecommunications services including mobile-satellite telecommunication
     services; (iii) the development and provision by any Party of technologies
     and/or applications connected with the provision of Mobile
     Telecommunications Services or the operation of Mobile Telecommunications
     Network; (iv) the development and provision by any Party of any sort of
     contents and/or internet portals, even if accessible through the

                                      28
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     Mobile Telecommunications Network; (v) the development and provision,
     directly or through any third parties, even through commercial
     relationship, of any vehicle infomobility system and services (accessible
     also through any third party's telecommunication networks) by companies of
     the Fiat group; (vi) the development and provision, directly or through
     any third parties, even through commercial relationship, of any virtual
     banking service (accessible also through any third party's
     telecommunication networks) by companies of the Banca di Roma group and
     Banca Popolare di Milano group.

     Nothwithstanding the above:

     -   any Party shall be entitled to distribute and market the Operating
         Company's services on arm's length competitive terms and conditions.
         Any Party interested in distributing the Operating Company's mobile
         services will need to execute the relevant Distribution Agreement with
         the Operating Company, which will regulate all the required commercial
         factors, including invoicing, endorsement of the brand and customer
         care;

     -   should the Operating Company reach or wish to reach an agreement with
         an enhanced service provider, then any of the Parties will be entitled
         to negotiate and reach similar agreements according to market
         conditions in accordance with the above section 13.3;

     -   should any Party wishes to develop a new specific UMTS service, it
         shall with priority develop it jointly with the Operating Company; in
         case of failure to do so the relevant Party will be free to develop it
         by itself.

     It is understood that any of the above provisions and/or restrictions shall
     not be construed in prejudice to any pre-existing and undertakings and/or
     commitments of the Parties in relation to third parties. Such undertakings
     and/or commitments will be declared within ten days from the signature of
     this Agreement.

                       SECTION 15 - LISTING OF THE COMPANY

15.1 The Parties intend, at the earliest possible date following the commercial
     launch of the UMTS telephony services and in any event within two years
     after the date of launch of such services, to list the shares of the
     Operating Company on one or more appropriate stock exchange (the "Initial
     Listing"), depending upon market conditions and technical and commercial
     viability.

                                      29
<Page>

     It is understood that the Initial Listing: (i) shall be made on the terms
     and conditions set forth herein and on further terms and conditions to be
     mutually agreed by the Parties; (ii) shall be not in violation whit the
     Tender Regulation and the License.

                          SECTION 16 - CONFIDENTIALITY

16.1 Each party shall treat as confidential all information obtained as a result
     of negotiating and entering into this Association Agreement or, in the case
     of a shareholder, through its interest in the Operating Company, and which
     relates to:

     (i)     the provisions of this Association Agreement;

     (ii)    the negotiations relating to this Association Agreement;

     (iii)   the Operating Company or its business or assets including, without
           limitation, its conduct of the Bid and information relating to the
           terms of the proposed exploitation of any Licence granted to it.

     Each Party shall not disclose any such confidential information to any
     person other than members of its group, its directors, employees, advisors
     and agents for the purpose of evaluating the transaction contemplated
     hereby, provided that each Representative is informed of the confidential
     nature of such information and agrees to treat such information
     confidentially on the basis set forth herein.

     Notwithstanding the foregoing, any Party may disclose such confidential
     information:

     (i)    if and to the extent required by law or for the purpose of
          any judicial proceedings;

     (ii)   if and to the extent required by any securities exchange or
          regulatory or governmental body to which that Party or any member of
          its group is subject, wherever situated whether or not the
          requirement for information has the force of law;

     The above restrictions contained shall continue to apply to each Party for
     an additional period of two years after termination of this Association
     Agreement.

16.2 The Parties shall mutually agree on the form and content of any public
     announcement which shall be made concerning the subject matter of this

                                      30
<Page>

     Agreement and no Party shall make any such public announcement without the
     consent of the other, provided that nothing herein shall prohibit any Party
     from making any public announcement or disclosure required by law or the
     policy of any stock exchange on which their respective securities are
     listed and that the Party obligated to make such announcement or disclosure
     shall first agree on the form and content thereof prior thereto.

                           SECTION 17 - MISCELLANEOUS

17.1 Each Party agrees to supply all national and/or EU authorities with
     information necessary to obtain any necessary approvals and use all
     reasonable efforts to comply with any requests of national and/or EU
     authorities as conditions to receipt of any necessary approvals.

17.2 Save as provided in section 11.2 herein, this Association Agreement is
     personal to the Parties and may not be assigned or transferred in whole or
     in part by one Party (not even in the framework of the assignment of a
     company or company branch) without the consent of the other Parties.

17.3 If one of the provisions of this Association Agreement (or of the
     Shareholders' Agreement) is declared invalid, the Parties will be exempted
     from the obligations deriving from such provision, but only limited to the
     part of the clause that has been declared invalid. In such event however
     the Parties undertake to negotiate in good faith a new clause which has
     economic and legal effects as close as possible to the provision that has
     been declared invalid.

17.4 No failure or delay in exercising any right under this Association
     Agreement shall operate as a waiver hereof and no variation shall be
     effective unless in writing and signed by all of the Parties.

17.5 If according to the provisions of this Agreement or the Services
     Agreements, either parties is required to give its consent, approval,
     acceptance or similar action, such action will not be unreasonably refused
     or delayed. Regardless of the above, whatever consent, approval, acceptance
     or similar action of one of the parties will not imply a waiver to that
     party's rights pursuant this Agreement nor will it free the other party
     from its liability under this Agreement.

17.6 Neither of the Parties undertakes, as a consequence of this Association
     Agreement or otherwise, to bear legal or contractual obligations of the
     other party or to assume liability for the other Party's business.

                                      31
<Page>

17.7 This Association Agreement cancels and supersedes all prior oral or written
     agreements or understandings between or among any of the Parties concerning
     the subject matter hereof. Without prejudice to section 7.10 above, the
     Parties hereby agree that all prior existing agreements in respect of the
     carrying out of the Project will be promptly terminated after the execution
     of this Association Agreement.

17.8 The Parties mutually agree that (unless otherwise agreed between themselves
     in writing) they shall be responsible, respectively, for all of their own
     costs incurred in the negotiation of this Agreement. Any possible
     notarisation fees shall be borne among the Parties on an equal basis.

17.9 Subject to compliance with Italian law regarding capitalization
     requirements, and with the Tender Terms and conditions and the License, the
     Parties intend that, unless otherwise agreed, funding will provided on the
     basis of a debt to equity ratio of 60:40.

                              SECTION 18 - NOTICES

18.1 Notices and other communications from one Party to another Party shall be
     in writing in the English language and shall be delivered at least by
     telefax to the address to be communicated in writing.

                        SECTION 19 - TERM AND TERMINATION

19.1 This Association Agreement shall enter into force once it has been executed
     by all Parties and shall automatically terminate upon execution by the
     Parties of the Shareholders' Agreement.

19.2 The Parties may terminate this Association Agreement by unanimous
     agreement.

19.3 Should the Licence not be awarded to the Operating Company, any Party
     should have the possibility to terminate this Association Agreement (and/or
     the Shareholders' Agreement). In such case, the Parties shall also cause
     the liquidation of the Operating Company as soon as practicable.

                 SECTION 20 - GOVERNING LAW AND DISPUTE

                                      32
<Page>

20.1 This Association Agreement, the subsequent Shareholders' Agreements and the
     rights and obligations of the Parties will be governed by, construed with
     and enforced in accordance with Italian law.

20.2 Any possible dispute relating to the interpretation, performance and
     termination of this Association Agreement (or of the Shareholders'
     Agreement), shall be finally settled under the Rules of Conciliation and
     Arbitration of the International Chamber of Commerce by one or more
     arbitrators appointed in accordance with the said Rules.

     The place of arbitration shall be London, the language of arbitration shall
     be English. However, Italian law shall apply also with respect to
     procedural rules of the arbitration.

     In case of any dispute, it is understood and agreed that provided that
     their positions are not conflicting: (i) Telefonica and Sonera are to be
     considered as one party; (ii) equally Acea-Tel and Mixersei are to be
     considered as one party.

                            SECTION 21 - COUNTERPARTS

21.1 This Agreement may be executed through exchange of signed faxes, all of
     which, taken together, shall constitute one and the same Agreement,

        in withness whereof each Party as caused this Association Agreement
             to be executed by its duly authorized representative

Date:                                         Date:
       ---------------------------                   ---------------------------
Signature:                                    Signature:
           -----------------------                       -----------------------
Company:                                      Company:
         -------------------------                     -------------------------

Date:                                         Date:
       ---------------------------                   ---------------------------
Signature:                                    Signature:
           -----------------------                       -----------------------
Company:                                      Company:
         -------------------------                     -------------------------

                                      33

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Date:                                         Date:
       ---------------------------                   ---------------------------
Signature:                                    Signature:
           -----------------------                       -----------------------
Company:                                      Company:
         -------------------------                     -------------------------

Date:                                         Date:
       ---------------------------                   ---------------------------
Signature:                                    Signature:
           -----------------------                       -----------------------
Company:                                      Company:
         -------------------------                     -------------------------

                                      34

<Page>

                                    EXHIBIT A

                           LIST OF ADDITIONAL PARTNERS

                                      35

<Page>

                                    EXHIBIT B

     (i)    any proposal to be submitted by the Board of Directors to the
            extraordinary Shareholders' meeting of the Company;

     (ii)   any decision relating to a change in nature of the Business;

     (iii)  any decision relating to a proposed merger, spin off, partial
            contribution of assets by the Company, dissolution and/or
            liquidation of the Company;

     (iv)   approval of the long term Business Plan, annual Budgets,
            Strategic Plan of the Company and any amendments thereto;

     (v)    any decision relating to a distribution of dividends;

     (vi)   any establishment, transfer or dissolution of subsidiaries of
            the Company;

     (vii)  any contract to be entered into with the Parties and/or their
            Affiliates and/or Subsidiaries;

     (viii) any proposal regarding commercial agreements with service
            providers and mobile virtual operators;

     (ix)   appointment of statutory auditors of the Company;

     (x)    approval of any expenditure or investments in an amount
            exceeding what have been established in the then-effective
            budget;

     (xi)   approval of incurrence of debt or guarantees in an amount which
            exceeds what have been established in the then-effective budget.

                                      36

<Page>

                                    EXHIBIT C

                           LIST OF INDEPENDENT EXPERTS

(a)  Mediobanca s.p.a.

(b)  Lehman Brothers Inc.

(c)  Goldman Sachs

(d)  Donaldson Lufkin & Jenrette

(e)  Deutsche Bank

(f)  UBS Warburg

(g)  JP Morgan

                                      37

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