Document:

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                                                                   Exhibit 10.76

                             SHAREHOLDERS AGREEMENT

                                      DATED

                                16 OCTOBER, 2000

                                     BETWEEN

                HUTCHISON TELECOMMUNICATIONS INVESTMENTS LIMITED

                             GMRP (THAILAND) LIMITED

                          TAWAN TELECOM COMPANY LIMITED

                              MR. PRAYONG BOONSOONG

                               MR. VIRAT OVARARINT

                                       AND

                        i-MOBILE HOLDINGS COMPANY LIMITED

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

                                  In respect of
                        i-MOBILE HOLDINGS COMPANY LIMITED

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                                      CONTENTS

1.   DEFINITIONS AND INTERPRETATION

     1.1  Definitions
     1.2  Interpretation

2.   EFFECTIVE DATE

3.   SHARE CAPITAL

     3.1  Issued Share Capital
     3.2  Shareholding Pattern
     3.3  Thai Shareholders' Entitlement

4.   DIRECTORS AND OFFICERS

     4.1  Directors of the Company
     4.2  Alternate Directors
     4.3  Place and Calling of Board Meetings
     4.4  Resolution by Circulation or by Telephone
     4.5  Chairman
     4.6  Executive Committee and Secretary
     4.7  Quorum for Directors Meetings
     4.8  Decisions by Majority Vote
     4.9  Auditors
     4.10 Accounting Year

5.   MANAGEMENT

6.   FUNDING AND CAPITAL

     6.1  Funding Requirements
     6.2  Hutchison's Funding Obligation
     6.3  Loans to GMRP
     6.4  Carried Liability
     6.5  Payment of Existing Liabilities
     6.6  Accrued Penalties and Clawback

7.   TRANSFER OF SHARES AND DEFAULT

     7.1  Restrictions on Thai Shareholders
     7.2  Default of Thai Shareholders
     7.3  Option to Purchase Pledged Shares on Default
     7.4  Rights of First Refusal - Thai Shareholders Shares
     7.5  Put and Call Option - GMRP Shares

8.   FURTHER OBLIGATIONS OF THE PARTIES

     8.1  Further Assurance
     8.2  Exchange of Information
     8.3  Cat Shares and Restructuring of the Group
     8.4  Agreement Terminates on Winding Up or IPO
     8.5  Obligations of the Company

9.   DISPUTE RESOLUTION

     9.1  Consultation
     9.2  Referral to Courts

10.  CONFIDENTIALITY

     10.1 Agreement Confidential
     10.2 Injunctive Relief
     10.3 Survival

11.  PRECEDENCE OF THIS AGREEMENT

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12.  NOTICES

13.  MISCELLANEOUS

     13.1 Legal and other costs
     13.2 Complete Agreement
     13.3 Unenforceable Provisions
     13.4 No Partnership
     13.5 Amendment in Writing
     13.6 No Assignment
     13.7 No Waiver
     13.8 Counterparts
     13.9 Governing Law

SCHEDULE A - FAIR VALUE

SCHEDULE B - THE AGREED PROPORTIONS

SCHEDULE C - THE RELATED PARTIES LIABILITIES

SCHEDULE D - FORM OF PLEDGE

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THIS SHAREHOLDERS AGREEMENT (this "Agreement") is made the 16th day of October
2000

BETWEEN:

A.   Hutchison Telecommunications Investments Limited, a company incorporated in
     Mauritius whose registered office is at Les Cascade Building, Edith Cavell
     Street, Port Louis, Mauritius ("Hutchison");

B.   GMRP (Thailand) Limited, a company incorporated in Thailand with its
     registered office at 22nd-25th Floor, 990 Rama IV Road, Silom, Bangrak,
     Bangkok, Thailand ("GMRP");

C.   Tawan Telecom Company Limited, a company incorporated in Thailand with its
     registered office at 947 Moo 12 Tossapol Land 3 Bldg., 19th FL.,
     Bangna-Trad Rd., Km. 3.5 Bangna, Bangkok 10260 Thailand represented by Mr.
     Tien Pativechvong also known as "Mr. Tiensin Pooiana", Mr. Anuwat
     Laikijrung and Mr. Sukhato Poummalee (the"TTC");

D.   Mr. Prayong Boonsoong holding an I.D. card no. 3 8399 00425 755 issued by
     Phuket Province residing at 8/1 Chengkiri Road, Tambol Taladyai, Amphur
     Muang, Phuket Province ("Mr. Prayong");

E.   Mr. Virat Ovararint holding an I.D. card no. 3 1009 04705 39 4 issued by
     residing at 40 Soi Pattanakam 14, Pattanakam Road, Khwaeng Suanluang,
     Khe_ Suanluang, Bangkok ("Mr. Virat"); and

F.   i-Mobile Holdings Company Limited, a company incorporated in Thailand whose
     registered office is at 25th Floor, Abdulrahim Place, 990 Rama IV Road,
     Silom, Bangrak, Bankok, Thailand (the "Company").

Each of the aforesaid shall be referred to collectively as the "Parties" and
each as a "Party"; and

TTC, Mr. Prayong and Mr. Virat shall be referred to collectively as the "Thai
Shareholders" and each as a "Thai Shareholder".

WHEREAS:

A.   The Company is a private company limited by shares, which has been
     established by Hutchison and GMRP to acquire the interest of certain of
     the Thai Shareholders in Tawan Mobile Telecom Co., Ltd ("TMT").

B.   The registered share capital of the Company as at the date hereof is Thai
     Baht Ten Million (10,000,000) divided into 1,000,000 shares of par value
     Baht 10 each 590,000 of which are designated as "A" Shares (as defined
     below) and 410,000 are designated as "B" Shares (as defined below).

C.   Each of the Parties, other than the Company, is or will be the registered
     owner of Shares (as defined below).

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D.   This Agreement sets forth the arrangement between the Parties with respect
     to the Company and the rights and obligations of the Shareholders (as
     defined below).

NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and for other good and valuable consideration, receipt and
sufficiency of which is hereby acknowledged, the Parties hereby agree as
follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  Definitions

     In this Agreement unless the context otherwise requires or expressly
     provides, the following words shall have the following meanings
     respectively:

     "Accrued penalties" means the penalties (including accrued interest) due
     and payable to CAT by TMT in respect of the failure to obtain a minimum
     number of subscribers under the Marketing Agreement;

     ""A" Share Advances" is defined in Clause 6.3 (b);

     ""A" Share Loan" means the aggregate of all "A" Share Advances made by
     Hutchison to GMRP under Clause 6.3;

     ""A" Shares" means the ordinary shares in the registered capital of the
     Company carrying the voting and other rights set forth in the Articles;

     "AGM" means an annual general meeting of the Company;

     "Alternate Director" means a Director appointed pursuant to Clause 5.3;

     "Agreed Proportions" means the proportions in which the Thai Shareholders
     share the Thai Shareholders' Entitlement, as set out in Schedule B or as
     may be otherwise agreed between the Thai Shareholders and notified in
     writing by the Thai Shareholders to the Company from time to time;

     "Articles" means the articles of association of the Company for the time
     being;

     ""B" Shares" means the preference shares in the registered capital of the
     Company carrying the voting and other rights set forth in the Articles;

     "Board" means the board of directors of the Company;

     "Business Day" means a day on which scheduled banks are open for business
     in Thailand;

     "CAT" means The Communications Authority of Thailand;

     "CGP" means CGP Investments (Holdings) Limited;

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     "Chairman" means the Chairman of the Board;

     "Change in Control" means in relation to TTC;

     (a)  the sale of any shares in the capital of TTC to a Third Party;
     (b)  the grant of any Encumbrance over the share capital of TTC to a Third
          Party;

     For the purposes of this definition, "Third Party" means any person (other
     than Hutchison or its designated person) who is not registered holder of
     shares in the capital of TTC as at the Effective Date;

     "Clawback Amount" is defined in Clause 6.6;

     "Clawback Proportion" is defined in Clause 6.6;

     "Credit Support" means shareholder guarantees, indemnities or other credit
     support satisfactory to third party lenders;

     "Deemed Amount" means the amount payable by Meadowcroft to TMT under Clause
     6.3 of the Services Agreement;

     "Determination Date" means the date on which CAT finally determines the
     amount of the Accrued Penalties in writing to TMT;

     "Director" means the director of the Company (including an Alternate
     Director) from time to time;

     "Effective Date" means the date on which Completion occurs under the Share
     Purchase Agreement;

     "EGM" means an extraordinary general meeting of the Company;

     "Encumbrance" means any lien, claim, restriction, encumbrance, security
     interest (including a pledge, mortgage, assignment in trust), option,
     warrant or any other kind of right affecting legal or beneficial ownership;

     "Fair Value" is defined in Schedule A;

     "General Meeting" means an AGM or an EGM;

     "GMRP Shares" means all Shares owned by GMRP from time to time (excluding
     any Shares that GMRP will transfer to the Thai Shareholders on the Second
     issue Date or any Shares acquired by GMRP under Clause 7.3);

     "Group" means the Company and its Subsidiaries from time to time;

     "Hutchison Loan" is defined in Clause 6.3 (d);

     "Initial Shares" means the Shares to be issued to the Thai Shareholders
     under Clause 3.1, representing 75% of the Thai Shareholders Entitlement;

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     "IPO" means the initial public offering of any member of the Group;

     "Lock-up Period" means, in relation to a Thai Shareholder, the period
     commencing on the Effective Date and ending on the later of (a) the third
     anniversary of this Agreement and (b) date on which that Thai
     Shareholder's Clawback Proportion has been fully extinguished;

     "Marketing Agreement" means the agreement between TMT and CAT dated 14
     August 1996, as amended on 1st April 1997 and on or about the date of this
     Agreement, for the marketing of the Network;

     "Network" means the CDMA 800 Band A mobile telecommunications network to be
     used in connection with TMT's marketing activities;

     "Pledge" means, with respect to any Thai Shareholder, the pledge granted by
     that Thai Shareholder to Hutchison in respect of its Shares in the form
     attached hereto as Schedule D;

     "Pledged Shares" means, with respect to a Thai Shareholder, all the Shares
     owned by that Thai Shareholders during the Lock-up Period;

     "Project" means the marketing by TMT of the Network on behalf of CAT under
     the terms of the Marketing Agreement;

     "Related Parties' Liabilities", means the liabilities of TMT to the Thai
     Shareholders and their respective related companies set forth in Schedule
     C;

     "Relevant Period" means the period commencing on the Effective Date and
     ending on the day before the date of the IPO;

     "Second Issue Date" means the date on which GMRP will transfer to the Thai
     Shareholders 25% of the Thai Shareholders' Entitlement which will be the
     earlier of (a) the second anniversary of the Effective Date and (b) the day
     before the date of the IPO;

     "Services Agreement" means the agreement between Meadowcroft International
     Limited, Mr. Prayong, Mr. Virat and CGP dated on or about the date of this
     Agreement for the provision of certain services by Meadowcroft
     International Limited, Mr. Prayong and Mr. Virat to CGP;

     "Shareholder" means any of Hutchison, GMRP, TTC, Mr. Prayong (or his
     designee) or Mr. Virat Ovararint;

     "Shareholder Loans" means loans advanced to a member of the Group by a
     Shareholder;

     "Share Purchase Agreement" means the agreement dated the date of this
     Agreement between the Thai Shareholders, JB Power International Group
     Limited, Telecom Connections Company Limited and the Company providing for
     the acquisition by the Company of 975,000 shares in TMT;

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     "Share" means a registered share (of any class) in the capital of the
     Company from time to time;

     "Subsidiaries" means TMT and any other company in which the Company holds
     more than a 30% interest from time to time;

     "Thai Shareholders' Entitlement" means (subject to Clause 3.2) an aggregate
     of ten per cent of the registered share capital of the Company from time to
     time during the Relevant Period, or any lesser percentage resulting from
     the provisions of this Agreement.

     "Valuers" is defined in Schedule A.

1.2  Interpretation

     (a)  Heading and bold typeface are only for convenience and shall be
          ignored for the purpose of interpretation;

     (b)  Unless the context of this Agreement otherwise requires;

          (i)  words using the singular number also include the plural or
               singular number, respectively;

          (ii) the terms "hereof, "hereto" and derivative or similar words refer
               to this entire Agreement or specified Clauses of this Agreement,
               as the case may be;

          (iii) the term "Clause" refers to the specified clause of this
               Agreement;

          (iv) reference to any legislation or law or to any provision thereof
               shall include references to any such law as it may, after the
               date hereof, from time to time, be amended, supplemented or
               re-enacted, and any reference to statutory provision shall
               include any subordinate legislation made from time to time under
               that provision;

          (v)  reference to a Party shall include such Party's successor,
               permitted assign and any person deriving title under it;

          (vi) reference to the word "include" shall be construed without
               limitation; and

          (vii) the Schedules hereto shall constitute an integral part of this
               Agreement.

2.   EFFECTIVE DATE

     This Agreement shall take effect on the Effective Date.

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3.   SHARE CAPITAL

3.1  Issued Share Capital

     On the Effective Date, the registered share capital of the Company shall be
     Thai Baht Ten Million(10,000,000) divided into 1,000,000 Shares of par
     value Baht 10 each.

     Hutchison shall procure that within two business days after the date on
     which the shareholders of TMT approve the appointment of the Company's
     nominated persons to the board of directors of TMT and the designation of
     each such director as an authorized director (the "Final Completion Date")
     that, subject to there being no material adverse change in TMT between the
     Effective Date and the Final Completion Date other than on account of any
     action on the part of the Company or Hutchison, Shares shall be issued or
     transferred to the Thai Shareholders and the registered share capital of
     the Company shall be held as follows:

     Shareholder                                         No of Shares   Class
     -----------                                         ------------   -----
     Hutchison and Individual Members                       490,000      "A"
     GMRP                                                   410,000      "B"
     The Thai Shareholders (in the Agreed Proportions)       75,000      "A"
     GMRP                                                    25,000      "A"

     "Individual Members" means the persons specified in the register of
     shareholders of the Company.

3.2  Shareholding Pattern

     Subject to the provisions of this Agreement (including Clause 8.3):

     (a)  until the Second Issue Date, the Shareholders shall maintain the
          shareholding ratio specified in Clause 3.1; and

     (b)  after the Second Issue Date until the expiry of the Relevant Period,
          the registered share capital of the Company shall be held as follows:

     Shareholder                                          %   Class
     -----------                                         --   -----
     Hutchison and Individual Members                    49%   "A" Ord.
     GMRP                                                41%   "B" Pref.
     The Thai Shareholders (in the Agreed Proportions)   10%   "A"

3.3  Thai Shareholders' Entitlement

     Subject to the provisions of Clause 7, until the Second Issue Date, the
     Thai Shareholders shall hold the Initial Shares in the Agreed Proportions
     and GMRP shall hold the balance of the Thai Shareholders' Entitlement (the
     "Balance"). On the Second Issue Date, GMRP or any person to whom the
     Balance has been transferred under Clause 7.5 (f), shall transfer the full
     legal and beneficial ownership of the

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     Balance to the Thai Shareholders, in the Agreed Proportions in
     consideration for an amount equal to the "A" Share Loan as at the Second
     Issue Date (the "Transfer Price"). The cost of such transfer (including the
     obligation to pay the Transfer Price and stamp duty if any payable in
     respect thereof) shall be borne by the Vendors in the Agreed Proportions.
     The Transfer Price shall be paid by the deemed repayment of the "A" Share
     Loan, as provided in Clause 6.3 (e) or by Hutchison if GMRP has transferred
     the Balance under Clause 7.5 (f).

4.   DIRECTORS AND OFFICERS

4.1  Directors of the Company

     The Board shall comprise five (5) Directors, four (4) of whom shall be
     nominated by Hutchison and one (1) of whom shall be nominated by GMRP.

4.2  Alternate Directors

     A Director (an "Original Director") may appoint another person (an
     "Alternate Director") for and in place of the Original Director to attend
     and vote at Board meetings on his behalf. The Alternate Director shall be
     entitled to attend and vote at such meetings in place of the Original
     Director.

4.3  Place and Calling of Board Meetings

     Board meetings shall be held in Thailand or such other place as the Board
     may determine. Fourteen days written notice (or such shorter period as the
     majority of Directors may agree) of Board meetings shall be given to all
     Directors.

     Each notice of a meeting of the Board shall contain an agenda specifying in
     reasonable detail the matters to be discussed at the relevant meeting and
     shall be accompanied by all necessary written information. Where a Board
     meeting is adjourned, it shall be reconvened on a day seven days from the
     original date at the same place and time unless the Board decides
     otherwise.

4.4  Resolution by Circulation or by Telephone

     Resolutions of the Board may be passed by circulation signed by a majority
     of the Directors. Such resolutions may be signed in counterparts.

     Any Director shall be entitled to participate in any Board meeting by
     telephone or video-conference and a Director participating in such manner
     shall be counted in the quorum provided that he can hear and be heard by
     the other Directors in the meeting.

4.5  Chairman

     The Board shall nominate the Chairman. The Chairman shall preside as
     chairman of each meeting of the Board at which he is present and in his
     absence the Directors attending the meeting shall elect a Director from
     amongst themselves to chair the meeting. The Chairman shall not have a
     casting vote.

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4.6  Executive Committee and Secretary

     The Board shall have the power to appoint an Executive Committee and
     delegate the powers to such Committee for the day to day management of the
     Company. The exercise of powers of management by the Committee shall be
     subject to the overall supervision of the Board.

     The secretary of the Company shall be such person as shall from time to
     time be determined by the Board.

4.7  Quorum for Directors Meetings

     The quorum for meetings of the Board shall be 3 (three) Directors. If a
     quorum is not present, the meeting shall be adjourned for seven days at the
     same place and time and if no quorum is then present the Directors present
     shall form a quorum.

4.8  Decisions by Majority Vote

     All decisions of the Board shall be taken by a majority of the Directors
     present and voting at a meeting of the Board, or as the case may be, the
     directors voting by way of a circular resolution.

4.9  Auditors

     The auditors of the Company shall be PriceWaterhouseCoopers or such
     international and reputable firm of accountants as shall from time to time
     be recommended by the Board and approved by the Shareholders in General
     Meeting.

4.10 Accounting Year

     The accounting year of the Company shall end on 31st December each year or
     such other date as the Company in general meeting shall resolve.

5.   MANAGEMENT

     The Board shall be responsible for the management of the business of the
     Company and determining the overall policies and objectives of the Company.
     The Board shall delegate responsibility for managing the day to day
     operations of the Company to the Executive Committee on such terms as the
     Board deems desirable and subject always to the terms of this Agreement.

6.   FUNDING AND CAPITAL

6.1  Funding Requirements

     Funds for the Company shall be provided by share capital, Shareholder Loans
     and/or external borrowings, as determined by the Board.

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     Except as provided in Clause 6.2 or as otherwise agreed in writing by the
     Parties, Shareholder Loans, Credit Support and equity contributions for
     the Company shall be provided by the Shareholders pro rata to their
     respective interests in the capital of the Company. If any Shareholder (a
     "Non-Subscribing Shareholder") does not provide its share of Shareholder
     Loans, Credit Support or equity contributions:

     (a)  in the case of Shareholder Loans or Credit Support: the Shareholders
          who have agreed to provide their share of Shareholder Loans or Credit
          Support (the "Participating Shareholders") shall be entitled to
          require the calling of a Shareholders' meeting to approve a share
          capital increase and the allotment and issue of new Shares, at par,
          among the Participating Shareholders in an aggregate amount equal to
          the Shareholder Loan or Credit Support that the Non-Participating
          Shareholder, failed to provide (the "Capital Increase"). The new
          Shares created pursuant to the Capital Increase shall be allotted
          among the Participating Shareholders, thus diluting the shareholding
          of the Non-Participating Shareholder. If there is more than one
          Participating Shareholder, the Capital Increase shall be allotted
          among the Participating Shareholders in proportion to their
          respective shareholding in the Company (excluding the Shares held by
          the Non-Participating Shareholder); or

     (b)  in the case of equity contributions: the Shareholders who have agreed
          to subscribe for the equity contribution (the "Subscribers") shall be
          entitled to subscribe for the Shares which the Non-Participating
          Shareholder failed to take up, thus diluting the shareholding of the
          Non-Participating Shareholder. The subscription price shall be the
          price specified in the notice from the Company calling for the equity
          contributions. If there is more than one Subscriber, the
          Non-Participating Shareholder's equity contribution shall be
          allocated among the Subscribers in proportion to their respective
          shareholding in the Company (excluding the Shares held by the
          Non-Participating Shareholder).

6.2  Hutchison's funding obligation

     Hutchison agrees that, during the Relevant Period, it will fund or procure
     the funding of all the operating expenses, capital expenditure and any
     other expenditure of the Company (including interest expenses) insofar as
     such expenses and expenditure relate to the Project. In this regard,
     Hutchison shall

     (a)  provide or procure all the Company's debt funding, including
          Shareholder Loans and Credit Support; and

     (b)  make funds available to GMRP and the Thai Shareholders for their
          capital contributions and future capital increases of the Company in
          the manner described in Clause 6.3 and 6.4.

6.3  Loans to GMRP

     (a)  Hutchison agrees to make advances to GMRP to subscribe for its Shares,
          as specified in Clause 3.1 and to maintain (and subject to Clause 8.3)
          an aggregate 41% interest in the registered capital of the Company set
          forth in

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          Clause 3.2, if a call is made on the Shareholders for additional
          Shares. In consideration of the foregoing, GMRP will pledge its
          Shares (including the "A" Shares referred to in paragraph (b) of this
          Clause) to Hutchison (or a person designated by Hutchison).

     (b)  Hutchison shall also advance to GMRP amounts required for the
          subscription of the "A" Shares to be held by GMRP and to be
          transferred to the Thai Shareholders on the Second Issue Date, as
          provided in Clause 3.3 (""A" Share Advances").

     (c)  Each advance made by Hutchison under paragraphs (a) and (b) of this
          Clause shall be made on an interest-free basis.

     (d)  The aggregate of all advances made to GMRP under paragraph (a) of this
          Clause (the "Hutchison Loan") shall be repayable on the transfer of
          the GMRP Shares to Hutchison (or its designated person) under Clause
          7.5.

     (e)  The "A" Share Loan shall be repayable on the transfer of the Balance
          (as defined in Clause 3.3) of the "A" Shares to the Thai Shareholders
          under Clause 3.3 or, if earlier, on the transfer of such Shares to
          Hutchison (or its designated person) under Clause 7.5. Hutchison
          agrees that, if the Balance is transferred to the Thai Shareholders as
          provided in Clause 3.3, the "A" Share Loan will be deemed to have been
          repaid in full upon the completion of such transfer.

     (f)  Hutchison shall keep complete records of each advance made by it under
          this Clause, such records to be conclusive and binding on GMRP in the
          absence of manifest error. Hutchison shall provide GMRP with a copy of
          such records on GMRP's written request.

6.4  Carried Liability

     Subject to the provisions of this Agreement, Hutchison shall provide on
     behalf of the Thai Shareholders of all funds required for the Thai
     Shareholders to maintain shareholding percentage of 7.5% in the Company or
     10% in the Company at the Second Issue Date, in the Agreed Proportions
     (including the Transfer Price referred to in Clause 3.3, which shall be
     provided in accordance with the provisions of that Clause), until the
     expiry of the Relevant Period. In consideration of the foregoing, the Thai
     Shareholders shall enter into the Pledge.

     If any Thai Shareholder breaches its obligations under this Agreement or
     the Pledge, Hutchison's obligations to provide such funding on behalf of
     the defaulting Thai Shareholder shall terminate and the Thai Shareholders'
     Entitlement shall be reduced proportionately.

6.5  Payment of Related Parties' Liabilities

     The Company agrees to procure that TMT will repay the Related Parties'
     Liabilities to the Thai Shareholders and other creditors identified in
     Schedule C, in the amounts identified as due to them in Schedule C (or as
     may be otherwise notified to TMT in

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     writing), within 15 Business Days of the Effective Date. The Related
     Parties' Liabilities shall not accrue interest from the Effective Date.
     Each of the Thai Shareholders shall not, and shall procure that their
     respective related parties (as identified in Schedule C) shall not, make
     any demands nor otherwise compel TMT to repay the Related Parties'
     Liabilities prior to 15 Business Days after the Effective Date.

6.6  Accrued Penalties and Clawback

     (a)  The Thai Shareholders undertake to use their respective best efforts
          to achieve a reduction of the Accrued Penalties to Baht 450 million or
          less.

          In consideration of such efforts, provided that the Accrued Penalties
          are reduced to Baht 450 million or less, the Company agrees to pay the
          Thai Shareholders an aggregate commission of Baht 20.897 million (the
          "Commission"). The Commission shall be apportioned among the Thai
          Shareholders as follows:

          Virat Ovararint      Baht  7,080,600
          TTC                  Baht 13,816,400

          The Commission will be paid within 5 Business Days of the
          Determination Date.

     (b)  Each of the Thai Shareholders agrees that the difference between the
          final determination of the Accrued Penalties as at the Determination
          Date and Baht 300 million (the "Delta") less any amount paid after the
          Effective Date to TMT under Clause 6.3 of the Services Agreement (the
          "Clawback Amount") shall be a debt owed by them to the Company which
          shall be paid in accordance with the provisions of this Clause.

          (1)  Subject to paragraph (2), the Clawback Amount shall be
               apportioned among the Thai Shareholders as to 50% to TTC; 25% to
               Mr. Prayong and 25% to Mr. Virat. Each Thai Shareholder's
               proportion of the Clawback Amount shall be referred to in this
               Agreement as a "Clawback Proportion".

          (2)  If, by virtue of a breach of the Services Agreement, TMT does not
               receive the amount payable to it under Clause 6.3 of the Services
               Agreement within 15 Business Days (as that term is defined in the
               Share Purchase Agreement) of the Determination Date, the Clawback
               Proportions shall be calculated as follows:

               Mr. Prayong and Mr. Virat: 50% in aggregate of the Delta less the
                                          Deemed Amount;

               TTC:                       50% of the Delta plus the Deemed
                                          Amount.

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          (3)  Hutchison shall not have any responsibility in connection with
               the calculation or determination of the Deemed Amount.

          (4)  Each Thai Shareholder shall repay its Clawback Proportion to the
               Company in one or more of the following ways until its Clawback
               Proportion is repaid in full:

               (i)  on each occasion that dividends are declared by the Company,
                    by setting off the amount of such dividend payable to the
                    Thai Shareholders against an equivalent amount of the
                    Clawback Proportion (which amount will be deemed to have
                    been repaid by the Thai Shareholder). For the purpose of
                    this Clause, dividends attributable to Shares to be
                    transferred to the Thai Shareholder on the Second Issue Date
                    under Clause 3.3 shall be applied towards the reduction of
                    each Clawback Proportion; and/or

               (ii) by the payment of all the outstanding Clawback Proportion
                    from the proceeds of sale of the Thai Shareholder's Shares
                    (other than a sale to Hutchison under the terms of the
                    share pledge agreement and share purchase option agreement
                    executed between the relevant Thai Shareholders and
                    Hutchison); and/or

               (iii) by the payment of all the outstanding Clawback Proportion
                    from the Thai Shareholder's proceeds from the sale of its
                    Shares (or the Shares resulting from a restructuring of the
                    Company, referred to in Clause 8 (b)) on the IPO;

               (iv) by any payment by a Thai Shareholder of all or part of its
                    outstanding Clawback Proportion.

               On, each occasion that any part of the Clawback Proportion is
               repaid or deemed to have been repaid (or partially repaid) the
               Company shall send the relevant Thai Shareholder a receipt
               evidencing the repayment of the amount of the Clawback Proportion
               in question.

7.   TRANSFER OF SHARES AND DEFAULT

7.1  Restrictions on Thai Shareholders

     During the Lock-up Period, no Thai Shareholder may, without obtaining
     written prior approval from the Board, transfer any of its Pledged Shares
     or create any Encumbrance over any or the Pledged Shares other than
     pursuant to the provisions of this Agreement and the Pledge.

     Any transfer or Encumbrance (or purported transfer or Encumbrance) of or
     over the Pledged Shares not made in accordance with the provisions of this
     Agreement or the Pledge shall be null and void and shall entitle Hutchison
     to enforce the relevant Pledge.

                                       12

<PAGE>

7.2  Default of Thai Shareholders.

     A Thai Shareholder shall be in default for the purposes of this Agreement
     if:

     (a)  in relation to TTC, a Change in Control occurs in relation to TTC
          without the prior written consent of Hutchison which shall not be
          unreasonably withheld;

     (b)  it breaches Clause 7.1;

     (c)  pursuant to Clause 3.02 of the Share Purchase Agreement, within 180
          days after the Effective Date, (a) PriceWaterhouseCoopers Limited,
          Thailand certify that the Liabilities (as defined in the Share
          Purchase Agreement) of TMT as at Completion exceed the Liabilities as
          shown in the Audited Accounts and the Management Accounts provided
          under the Share Purchase Agreement and Schedule 2 and the Attachment
          to the Share Purchase Agreement as at Completion on account of the
          failure by the Thai Shareholders (or any of them) to extinguish or
          limit any Liability as required under the terms of the Share Purchase
          Agreement or (b) the Company determines that any of the Assumed
          Liabilities referred to in paragraphs (a) and (b) of Schedule 2 of the
          Share Purchase Agreement are not supported by valid evidences of debt
          satisfactory to the Company unless in either case the Thai
          Shareholders or any of them extinguish such the liability in full
          within 60 days of the date on which the liability is discovered and
          notified to the Thai Shareholders;

     (d)  it deliberately takes any action, or deliberately refrains from taking
          any action, which causes harm to the Project;

     (e)  it commits a breach of any provision of this Agreement, Share Purchase
          Agreement or Pledge applicable to it and fails to remedy such breach
          within 60 days (or such shorter period as is reasonable in the
          circumstances) of being required in writing to do so by Hutchison;

     (f)  any party (other than CGP) defaults in its obligations under the
          Services Agreement;

     (g)  it or a majority shareholder in it (each a "Relevant Party") becomes
          bankrupt or insolvent or stops payment to or makes an arrangement with
          its creditors generally, or any resolution is passed for the winding
          up or bankruptcy (other than a winding up for the purpose of
          reconstruction or amalgamation) of a Relevant Party or any petition
          or proceedings to wind up that Relevant Party has been admitted by a
          competent court of law or it ceases to exist or there is an attachment
          of or the levy of execution on a substantial part of the assets or
          business of that Relevant Party, or an encumbrancer takes possession
          of or a receiver, trustee, administrator or similar officer is
          appointed over all or substantial part of its assets or business;

     (h)  it directly or indirectly enters into an arrangement that competes
          with the business carried on by TMT.

                                       13

<PAGE>

7.3  Option to Purchase Shares on Default

     If any Thai Shareholder is in default within the meaning of Clause 7.2 (the
     "Defaulting Party") Hutchison may, at any time after becoming aware of such
     default purchase or designate a person to purchase, or call on GMRP to
     purchase, the Defaulting Party's Pledged Shares at a price of Baht 1 per
     Share. If GMRP purchases such Shares, Hutchison will provide to GMRP the
     purchase price (in Baht). Upon completion of such acquisition GMRP shall
     hold the defaulting Thai Shareholder's Shares and shall transfer such
     Shares to Hutchison __ Hutchison's designated person (as notified by
     Hutchison to GMRP in writing) and shall otherwise deal with such Shares in
     the manner specified by Hutchison (or its designated person) in a written
     notice to GMRP.

     The rights of Hutchison under this Clause shall be in addition to and
     without prejudice to their rights to claim damages and other remedies
     against the Defaulting Party.

     For the avoidance of doubt a default by one Thai Shareholder shall not be
     deemed to be a default by the others.

7.4  Rights of First Refusal - Thai Shareholders Shares

     (a)  If, at any time after the Lock-up Period a Thai Shareholder wishes to
          transfer any Shares, it shall offer them to Hutchison or its
          designee, by serving a transfer notice ("Transfer Notice") on
          Hutchison stating the number of Shares ("Offer Shares") which it
          proposes to sell and:

          (i)  the price and other terms, if any, at which it is willing to sell
               the Offer Shares, such price not being higher or on terms more
               onerous than those to any bona fide third person offering to buy
               the Offer Shares (the "Prospective Purchaser");

          (ii) details of the terms of any bona fide offer it has received from
               the Prospective Purchaser;

          (iii) the identity of the Prospective Purchaser and of its ultimate
               parent company and beneficial owner and/or the true buyer (if
               known to be different).

     (b)  Within 21 days after the Transfer Notice is given:

          (i)  if the Transfer Notice is accompanied by details of a bona fide
               offer, Hutchison may require the Thai Shareholder to produce to
               it such further evidence as it may reasonably require to enable
               it to establish the good faith of the offer by the Prospective
               Purchaser;

          (ii) if the Transfer Notice is not accompanied by details of a bona
               fide offer, Hutchison and the Thai Shareholder shall negotiate a
               value for the Offer Shares in good faith. Failing agreement on
               such value within 60 days of the date of the Transfer Notice,
               Hutchison may serve on the Thai Shareholder and the Company a
               notice requiring the Fair Value of the Offer Shares to be
               determined ("Valuation Notice").

                                       14

<PAGE>

     (c)  Within a period of 21 days after any Transfer Notice is given or
          within a period of 7 days after the date of provision of such further
          evidence or information as may be requested under Clause 7.4(b)(i)
          (whichever is the later), Hutchison shall be entitled to serve a
          purchase notice ("Purchase Notice") on the Thai Shareholder stating:

          (i)  that it wishes to purchase the Offer Shares on the terms stated
               in the Transfer Notice; or

          (ii) that it declines the Offer Shares.

     (d)  If a Thai Shareholder has not received a Purchase Notice in respect of
          the total number of Offer Shares, it may sell all (but not less than
          all) of the Offer Shares not so purchased to the Prospective Purchaser
          at not less than the price and on the terms no less onerous than those
          set out in the Transfer Notice provided that such right shall lapse on
          the 120th day after the date of the Transfer Notice.

     (e)  In the event that a Valuation Notice is served under the provisions of
          Clause 7.4(b) (ii) then, the provisions of Schedule A shall apply. The
          Company shall within 5 Business Days of receipt of the Valuers'
          determination notify the Thai Shareholder and Hutchison of the Fair
          Value. Hutchison shall have the option, exercisable within 14 days of
          the Company's notice under this Clause, to serve a purchase notice on
          the Thai Shareholder stating that it wishes to buy the Offer Shares.

7.5  Transfer of Free Shares by Mr. Prayong

     Notwithstanding any provision of this Agreement, Mr. Prayong may transfer
     all his Shares or rights to receive all such Shares to Mr. Virat, upon
     giving 7 Business Day's written notice to Hutchison (with a copy to the
     Company and TTC). Upon such transfer Mr. Virat shall assume all of Mr.
     Prayong's obligations under this Agreement and shall enter into a pledge in
     respect of such Shares.

7.6  Put and Call Option - GMRP Shares

     (a)  GMRP shall have the right to require Hutchison to purchase, or procure
          the purchase, of all or some of the GMRP Shares ("Put Option") at a
          price determined in accordance with Clause 7.6(e).

     (b)  Hutchison (or its designated person) shall have the right to purchase
          all or some of the GMRP Shares ("Call Option") at a price determined
          in accordance with Clause 7.6(e).

     (c)  The Put Option or the Call Option may be exercised at any time by a
          written notice ("Option Notice") from the party exercising such option
          to the other Party. The effective date of either such exercise shall
          be the date of the Option Notice.

                                       15

<PAGE>

     (d)  Any transfer of the GMRP Shares pursuant to the exercise of an
          option under this Clause shall, subject to any agreement between the
          Parties to the contrary, be completed within a period of 30 days from
          the date of the Option Notice.

     (e)  If the Put Option or Call Option is exercised then Hutchison shall pay
          GMRP an amount equivalent to the cost to GMRP of acquiring the GMRP
          Shares which are the subject of an Option Notice. Such payment shall
          be deemed to have been made by the cancellation of a proportionate
          amount the Hutchison Loan.

     (f)  If the Put or Call Option is exercised in respect of all of the GMRP
          Shares, GMRP shall transfer to Hutchison, or its designated person,
          any Shares that it is obliged to transfer to the Thai Shareholders on
          the Second Issue Date, as specified in Clause 3. The consideration for
          such transfer shall be the cancellation in full of the "A" Share Loan.
          Hutchison shall bear the reasonable legal costs of GMRP in effecting
          such transfer. GMRP shall not have any right to transfer any of such
          Shares other than in accordance with the provisions of this Agreement.

     (g)  GMRP shall not have any right to transfer any of the GMRP Shares
          other than pursuant to the Put Option or the Call Option.

8.   FURTHER OBLIGATIONS OF THE PARTIES

8.1  Further Assurance

     The Parties shall do and execute or procure to be done and execute all such
     further acts, deeds, things and documents as may be necessary to give full
     effect to the terms of this Agreement.

8.2  Exchange of Information

     The Thai Shareholders shall promptly notify all Hutchison and the Company
     of any matters coming to its notice relating to the Project including any
     threat to a member of the Group's title to or enjoyment of licences,
     authorisations, assets or property or the conduct of its business.

8.3  CAT Shares and Restructuring of the Group

(a)  The Parties acknowledge that CAT may require a legally binding arrangement
     (the "CAT Option") under which CAT may, at any time during the Relevant
     Period, exchange all or some of its shares in the capital of TMT for Shares
     (the "Share Swap"). Each of the Parties recognizes that the CAT Option is
     in the best interests of the Company and the Project, notwithstanding that
     the Share Swap may dilute its legal or economic interest in the Company.

     Accordingly, each Party agrees that, notwithstanding any other provision
     of this Agreement, it accepts the terms of the CAT Option and that it will,
     without raising any objection or challenge, take all action required to be
     taken by the Shareholders to execute and perfect the Share Swap, when CAT
     exercises the CAT Option.

                                       16

<PAGE>

(b)  Each Party agrees to a restructuring of the Group or the acquisition by the
     Group of an interest in another company or group of companies, provided
     that such Party's interest in the restructured or enlarged entity is of at
     least equivalent economic value as that Party's interest in the Company
     immediately prior to such restructuring or acquisition. Hutchison's funding
     obligation under Clause 6.2 shall apply to the Thai Shareholders' interest
     in the restructured or enlarged entity, subject to the provisions of this
     Agreement.

8.4  Agreement Terminates on Winding Up or IPO

     (a)  This Agreement shall terminate on the winding up or IPO of the Company
          (the "Termination Date").

     (b)  This Agreement shall terminate with respect to a Party if that Party
          ceases to have any legal and beneficial interest in any Shares (except
          the provisions of Clause 10, which shall continue to bind such Party).

     The provisions of this Clause shall be without prejudice to the rights of
     the other Parties in respect of any breach of this Agreement prior to
     termination or the withdrawal by a Party under paragraph (b).

8.5  Obligations of the Company

     The Company undertakes that it will not register any person as a member of
     the Company unless Shares have been issued or transferred to that person
     in accordance with the provisions of this Agreement.

9.   DISPUTE RESOLUTION

9.1  Consultation

     In the case of any dispute or difference arising out of or in connection
     with this Agreement or its performance, including any question regarding
     its existence, validity or termination (a "Dispute"), the Parties shall
     first endeavour to reach an amicable settlement through mutual
     consultations and negotiations. If the Parties cannot reach an amicable
     settlement within 45 Business Days from the date on which the Dispute arose
     (except as to any matter for which express provisions are made in this
     Agreement), any of the Parties may refer the Dispute to in accordance with
     Clause 9.2.

9.2  Referral to courts

     (a)  Any Disputes that cannot be settled under Clause 9.1 shall be
          submitted to arbitration at the request of a Party upon written notice
          to that effect to the other Party/Parties. Such arbitration shall be
          conducted in accordance with the Rules of the International Chamber
          of Commerce (the "ICC Rules").

                                       17

<PAGE>

     (b)  The Party submitting the Dispute to arbitration shall specify in its
          notice to the other Parties the name of one arbitrator appointed by
          it. Within 30 days of the receipt of notice, the other Parties shall
          jointly appoint a second arbitrator. If those Parties are unable to
          agree on the second arbitrator, the within such 30 day period, the
          second arbitrator shall be appointed in accordance with the ICC
          rules. The third arbitrator (who will act as the chairman) shall be
          nominated by the arbitrators appointed as aforesaid or, failing such
          nomination within 30 days of the appointment of the last arbitrator,
          shall be appointed in accordance with the ICC Rules.

     (c)  The language of the arbitration shall be English. The venue of the
          arbitration shall be London.

     (d)  The Parties agree that:

          (i)  the award of the arbitrators shall be final and binding upon
               them; and

          (ii) none of the Parties shall be entitled to commence or maintain any
               action in a court of law upon any matter in dispute arising from
               or in relation to this Agreement, except for the enforcement of
               an arbitral award granted pursuant to this Clause if required or
               as permitted under Clause 10.2.

10.  CONFIDENTIALITY

10.1 Agreement Confidential

     The Thai Shareholders and GMRP agree to keep secret and confidential and
     not to disclose to any third party without the prior written consent of
     Hutchison any information (including the information as to the execution of
     this Agreement) or documents (including this Agreement and other related
     agreements, documents, material or correspondence that the Parties or any
     of them may execute) relating to the operation of the business of the Group
     or the Project.

     Hutchison shall be responsible for any press release or other public
     announcement, written or oral, relating to this Agreement or the Project.

10.2 Injunctive Relief

     The Thai Shareholders and GMRP acknowledge that no adequate monetary
     compensation may be available in respect of a breach of this Clause.
     Accordingly Hutchison shall be entitled, in addition to any other right or
     remedy available to it under this Agreement or at law, to injunctive relief
     from appropriate legal bodies in the event of a breach or threatened breach
     by the Thai Shareholders or GMRP of this Clause.

10.3 Survival

     The rights, duties and obligations contained in this Clause shall survive
     termination of this Agreement and shall continue to bind any Party who
     withdraws from this Agreement under Clause 8.4 (b).

                                       18

<PAGE>

11.  PRECEDENCE OF THIS AGREEMENT

     If any provision of the Memorandum of Association of the Company or the
     Articles at any time conflicts with any provision of this Agreement then,
     to the extent permitted by law, as between the Parties the provisions of
     this Agreement shall prevail.

12.  NOTICES

     Any notice to be given by any Party to this Agreement should be in writing
     and shall be deemed duly served if delivered personally or sent by fax or
     by prepaid registered post (airmail in the case of international mail) to
     the addressee at the address or fax number set opposite its name below or
     at such other address or fax number as the Party to be served may have
     notified as its address or fax number for service:

     Hutchison

     To:      Hutchison Telecommunications Investments Limited
              18/F Two Harbourfront
              22 Tak Fung Street,
              Hunghom, Kowloon,

              Fax: (852)2827 1382
     Attn.:   The Group Managing Director

     And
              Hutchison Whampoa Agency Limited
              22nd Floor, Hutchison House
              10 Harcourt Road
              Central, Hong Kong

              Fax: (852)2128 1778
     Attn.:   The Company Secretary

     GMRP:

     To  :    22nd-25th Floor, 990 Rama IV Road,
              Silom, Bangrak, Bangkok

     Attn:    Mr. Wisit Kanjanopas

     Tawan Telecom Company Limited

     To:      Tawan Telecom Company Limited
              947 Moo 12 Tossapol Land 3 Bldg.,
              19th Fl., Bangna-Trad Rd., Km. 3.5 Bangna,
              Bangkok 10260 Thailand

     Attn:    Mr. Anuwat Laikijrung

                                       19

<PAGE>

     Mr. Virat Ovararint

     To:      189 J.B. Place Sukhumvit 21 Road,
              Klongtoeynua, Wattana,
              Bangkok

     Mr. Prayong Boonsoong

     To:      189 J.B. Place Sukhumvit 21 Road,
              Klongtoeynua, Wattana,
              Bangkok

     The Company

     To:      22nd-25th Floor, 990 Rama IV Road,
              Silom, Bangrak, Bangkok

     Attn:    Mr. Wisit Kanjanopas

     With a copy to

     To:      Hutchison Telecommunications International Limited
              18/F Two Harbourfront
              22 Tak Fung Street,
              Hunghom, Kowloon,

              Fax: (852)2827 1382

     Attn.:   The Group Managing Director

     And
              Hutchison Whampoa Agency Limited
              22nd Floor, Hutchison House
              10 Harcourt Road
              Central, Hong Kong

              Fax: (852)2128 1778

     Attn:    The Company Secretary

     Any notice sent by fax shall be deemed served on confirmation of successful
     transmission in the case of a fax, and any notice served by registered post
     shall be deemed served 10 days after posting airmail. In proving the
     service of any notice it will be sufficient to prove, in the case of
     service by registered post, that such letter was properly stamped,
     registered, addressed and placed in the post.

                                       20

<PAGE>

13.  MISCELLANEOUS

13.1 Legal and other costs

     Each Party shall be responsible for the legal fees, costs and expenses
     incurred by it in the preparation, negotiation and execution of this
     Agreement.

13.2 Complete Agreement

     This Agreement and any agreements to be entered into pursuant hereto (the
     "Relevant Agreements"), embody all the terms and conditions agreed upon
     between the Parties. As from the Effective Date this Agreement and the
     Relevant Agreements supersede and cancel in all respects all previous
     correspondence, understandings and agreements between the Parties with
     respect to the subject matter hereof, whether such be written or oral.

13.3 Unenforceable Provisions

     In the event that any provision contained in this Agreement or any part
     thereof shall for any reason be held to be invalid or unenforceable in
     any respect under the laws of Thailand, such invalidity or unenforceability
     shall not affect any other provisions of this Agreement or the remaining
     parts thereof which shall then be construed as if such  unenforceable
     provision or part thereof had never been contained herein.

13.4 No Partnership

     Nothing herein shall be taken to constitute or create a partnership among
     any of the Parties. No Party shall be deemed to be the agent of the other
     and none of the Parties shall have any authority to bind the other Party in
     any way except as provided in this Agreement.

13.5 Amendment in Writing

     This Agreement shall not be varied amended or supplemented, except by a
     written instrument-signed by or on behalf of all the Parties to be bound.

13.6 No Assignment

     No Party other than Hutchison may transfer any of its rights or obligations
     under this Agreement, except pursuant to a transfer of Shares permitted
     under Clauses 3.3 and 7.

13.7 No Waiver

     Failure of any Party at any time to require performance by any other Party
     of any provision of this Agreement shall in no way affect the right of such
     Party to require performance of that or any other provision. Any waiver by
     a Party of any breach of this Agreement shall not be construed as a waiver
     by such Party of any continuing or succeeding breach of such provision or a
     waiver of the provision itself or of any other right under this Agreement.

                                       21

<PAGE>

13.8 Counterparts

     This Agreement may be executed in several counterparts, and any single
     counterpart or set of counterparts, signed in either case by all of the
     Parties shall be deemed to be an original, and all taken together shall
     constitute one and the same instrument.

13.9 Governing Law

     This Agreement shall be governed by and construed in accordance with the
     laws of Thailand.

IN WITNESS WHEREOF this Agreement was executed by the Parties on the day and
year first above written.

Signed by
                                   )   [Signature]
                                   )   --------------------------
For and on behalf of               )
Hutchison Telecommunications       )
Investments Limited in the         )
presence of:                       )

[Signature]
---------------------

Signed by                          )   [Signature]
                                   )   --------------------------
                                   )
For and on behalf of               )
GMRP (Thailand) Limited            )
in presence of:                    )

[Signature]
---------------------

Signed by                                                               [SEAL]
                                   )   [Signature]
                                   )   --------------------------
                                   )
For and on behalf of               )
Tawan Telecom Company Limited      )
in the presence of:                )

[Signature]
---------------------

Signed by                          )   [Signature]
/s/ Prayong Boonsoong              )   --------------------------
---------------------              )
Mr. Prayong Boonsoong              )

Signed by                          )   [Signature]
/s/ Virat Ovararint                )   --------------------------
---------------------              )
Mr.Virat Ovararint                 )

Signed by                          )   [Signature]
                                   )   --------------------------
                                   )
For and on behalf of               )
i-Mobile Holdings Company Limited  )
in the presence of:                )

[Signature]
---------------------

                                       22

<PAGE>

                             SCHEDULE A - FAIR VALUE

Where Fair Value falls to be determined under this Agreement in relation to any
Shares, it shall be the average of the two valuations provided by the London or
New York offices of Goldman Sachs and Morgan Stanley. The valuation by Goldman
Sachs and Morgan Stanley ("the Valuers") shall be done in accordance with the
following provisions of this Schedule:

1.   The Valuers shall be jointly instructed by the Shareholder whose Shares are
     to be transferred ("Transferor") and Hutchison to value the Shares on the
     basis of an arm's length sale between a willing buyer with the funds to buy
     and a willing seller.

2.   The Valuers shall be directed to advise the Company, the Transferor and
     Hutchison of their determination of the fair value of the Shares within 45
     days or as soon as practicable thereafter.

3.   The decision of the Valuers shall be final and binding on the Transferor
     and Hutchison and they shall be deemed to act as experts and not as
     arbitrators.

4.   The costs of the Valuers shall be borne equally by the Tranferor and
     Hutchison.

5.   The Transferor and Hutchison shall each be entitled to make such written
     submissions as the Valuers may accept and each of them and the Valuers
     shall have such access to the books and records of the Company as shall be
     reasonably required in connection with such determination.

                                       23

<PAGE>

                       Schedule B - The Agreed Proportions

1.   The Initial Shares

     Tawan Telecom Company Limited    3.75%
     Mr. Virat                       1.875%
     Mr. Prayong                     1.875%

     Total:                            7.5%

2.   After the Second Issue Date

     Tawan Telecom Company Limited       5%
     Mr. Virat                         2.5%
     Mr. Prayong                       2.5%

     Total:                             10%

                                       24

<PAGE>

                  Schedule C - The Related Parties Liabilities.

                                                       Amount
                 Related Party                        THB'000
                 -------------                       ---------
Tawan Far-East Telecom Co., Ltd.                      26,231.7
Tawan Telecom Company Limited                         99,595.9
Inter-Far East Co., Ltd.                               9,913.9
MVO Iner-holding Co., Ltd. and Mr. Virat Ovararint    14,471.9

Total                                                150,213.4
                                                     =========

Less any amount repaid by TMT between 30 September 2000 and the Effective Date.

                                       25

<PAGE>

                          Schedule D - Form of Pledge

                                       26

<PAGE>

THIS SHARE PLEDGE AGREEMENT is made as of (date), 2000.

BETWEEN

(1)  Tawan Telecom Company Limited, a company incorporated in Thailand with its
     registered office at 947 Moo 12 Tossapol Land 3 Building, 19th Floor,
     Bangna-Trad Road Km. 3.5, Bangna, Prakanong, Bangkok represented by Mr.
     Tien Pativechvong also known as "Mr. Tiensin Pootana", Mr. Sukhato
     Poummalee and Mr. Anuwat Laikijrung (hereinafter called "Pledgor") and

(2)  Hutchison Telecommunications Investments Limited, a company incorporated in
     Mauritius whose registered office is at Les Cascades Building, Edith Cavell
     Street, Port Louis, Mauritius (hereinafter called the "Pledgee").

WHEREAS:

A.   The Pledgor has or will have obligations to the Pledgee or its affiliates
     and liabilities stipulated under the Shareholders Agreement,

B.   On the date hereof the Pledgor holds the Initial Shares, and

C.   The Pledgor has agreed to furnish the Pledgee with a security for the due
     performance of the Obligations by way of a pledge of the Initial Shares,
     Second Issue Shares and Further Shares.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and for other good and valuable consideration, receipt and
sufficiency of which is hereby acknowledged, the Parties hereby agree as
follows:

1.   Definitions and Interpretation

(1)  In this Agreement, including the Recitals, (unless the context otherwise
     requires) the following words and expressions shall have the following
     meanings.

     "Company" means i-Mobile Holdings Co., Ltd.;

     "Event of Default" means any one of the events specified in clause 7.2 of
     the Shareholders Agreement and includes a breach of this Agreement;

     "Further Shares" means any shares, stock and/or debentures and/or cash
     issued to the Pledgor, as described in Clause 2(3); during the term of this
     Agreement;

     "Initial Shares" means 37,500 shares in the Company, numbered from 490001
     to 527500, held by the Pledgor on the date hereof, of which a copy of share
     certificates is attached hereto as Schedule 1;

     "Obligations" means the obligations and liabilities of the Pledgor under or
     pursuant to the terms of the Shareholders Agreement during the Lock-up
     Period;

                                      -1-

<PAGE>

     "Second Issue Shares" means all the shares in the Company held by the
     Pledgor from the Second Issue Date;

     "Shareholders Agreement" means the shareholders agreement in respect of the
     Company dated 16 October 2000 entered into among the Pledgee, GMRP
     (Thailand) Ltd., Mr. Prayong Boonsoong and Mr. Virat Ovararint, the Company
     and the Pledgor;

     "TMT" means Tawan Mobile Telecom Co., Ltd.

(2)  Unless the context otherwise requires or unless otherwise defined herein,
     words and expressions defined in the Shareholders Agreement and used in
     this Agreement shall bear the same meaning herein as that given to them in
     the Shareholders Agreement.

(3)  The headings used in this Agreement are inserted for convenience only and
     shall not affect its construction or interpretation.

2.   Pledge of the Shares

(1)  As security for the Obligations, the Pledgor hereby pledges to the Pledgee
     the Initial Shares and all rights and benefits attached thereto, and shall
     on the Second Issue Date, and on any other date on which Further Shares are
     issued to the Pledgor, pledge to the Pledgee the Second Issue Shares or
     Further Shares (as the case may be) and all rights and benefits attached
     thereto.

(2)  The Pledgor undertakes to:

     (a)  immediately deliver to the Pledgee the share certificate(s) evidencing
          the shareholding and ownership of the Initial Shares; and immediately
          upon receiving the share certificates evidencing the shareholding and
          ownership of the Second Issue Shares or Further Shares deliver the
          same to the Pledgee;

     (b)  submit notices of the pledge of the Initial Shares, the Second Issue
          Shares and the Further Shares to the Company in the form as set forth
          in Schedule 2 forthwith upon the issue thereof to the Pledgor and
          procure that the pledges of the Initial Shares, the Second Issue
          Shares and the Further Shares are entered into the share register of
          the Company forthwith upon the issue thereof to the Pledgor; and upon
          demand by the Pledgee, and at the entire cost and expense of the
          Pledgor, immediately make, execute, do and perform all such acts,
          deeds, documents, instruments of transfer, matters and things that the
          Pledgee or its legal advisers shall consider necessary, proper or
          desirable to ensure that the Pledgee is duly registered as the pledgee
          to the Initial Shares, the Second Issue Shares and the Further Shares;
          and

     (c)  take all steps necessary at its own cost and expense, to execute and
          deliver such further instruments and documents as the Pledgee may
          require for the purpose of obtaining the full benefit of the security
          intended to be conferred under this Agreement.

(3)  If at any time by reason of amalgamation, takeover, bonus or rights issue
     or for any other reasons whatsoever, the Initial Shares or the Second Issue
     Shares are represented by additional or replacement share certificate(s),
     shares or stocks, or any form of debentures and/or cash, or other shares
     are to accrue to or be declared in

                                      -2-

<PAGE>

     respect of the Initial Shares or the Second Issue Shares, ("Further
     Shares"), such additional or replacement share certificate(s), shares and
     stocks or debentures shall forthwith upon receipt by the Pledgor be
     deposited with and pledged to the Pledgee.

3.   Continuing Security

(1)  The pledge under this Agreement shall be a continuing security and shall
     remain in full force and effect until the later of (i) the date on which
     the Obligations have been fully complied with or discharged to the
     reasonable satisfaction of the Pledgee and (ii) the expiry of the Lock-up
     Period, notwithstanding the insolvency, dissolution, liquidation or any
     incapacity or change in the constitution or status of the Pledgor.

4.   Representations, Warranties and Undertakings

The Pledgor expressly agrees, represents and warrants to and undertakes with
the Pledgee that during the term of this Agreement:-

(a)  the Initial Shares, the Second Issue Shares and the Further Shares are or
     will be owned by the Pledgor;

(b)  the Initial Shares, the Second Issue Shares and the Further Shares are and
     will be free from and clear of any pledge, charge or encumbrance whatsoever
     other than the pledge as contemplated under this Agreement;

(c)  the Pledgor has the full power and authority to pledge the Initial Shares,
     the Second Issue Shares and the Further Shares to the Pledgee and to
     execute this Agreement;

(d)  all necessary authorisations, approvals and consents for the Pledgor to
     pledge the Initial Shares, the Second Issue Shares and the Further Shares
     and to execute this Agreement have been obtained; and

(e)  the Pledgor shall not, without obtaining prior written approval from the
     Pledgee, sell, transfer or otherwise dispose of the Initial Shares, the
     Second Issue Shares and the Further Shares or any portion thereof other
     than the transfer as contemplated under this Agreement.

5.   Discharge of the Pledge

Upon the later of (i) the Expiry of the Lock-up Period and (ii) the date on
which the Obligations are fully satisfied (in the reasonable opinion of the
Pledgee), the Pledgee shall, at the cost and expense of the Pledgor, release the
pledge created hereunder.

6.   Event of Default

(1)  Upon an occurrence of an Event of Default and at any time thereafter the
     Pledgee is entitled to take all necessary actions to enforce the pledge by
     realizing the Initial Shares, the Second Issue Shares and the Further
     Shares by public auction in accordance with the law. In the event that the
     proceeds of the realization of such shares are insufficient to cover all
     the Obligations owing to the Plegee, the Pledgor shall remain liable to
     the Pledgee for any such insufficiency.

                                      -3-

<PAGE>

(3)  The Pledgor shall provide to the Pledgee all documents required for the
     transfer of the Initial Shares, the Second Issue Shares and the Further
     Shares and the registration of the share transfer in the share register of
     the Company, in order to ensure that the Initial Shares, the Second Issue
     Shares and the Further Shares will be transferred to the person designated
     by the Pledgee after enforcement of the pledge and in accordance with the
     law and subject to the terms and conditions of this Agreement. In addition,
     on the date hereof the Pledgor also provides the Pledgee with the
     irrevocable share transfer document executed by the Pledgor, a copy of
     which is attachment in Schedule 3 which shall be used by the Pledgee upon
     the enforcement of the pledge hereunder. On the Second Issue Date and each
     date on which Further Shares are issued to the Pledgor, the Pledgor shall
     provide the Pledgee with an irrevocable share transfer document, executed
     by the Pledgor, in respect of the Second Issue Shares and Further Shares.

7.   Indemnity

The Pledgor shall indemnify the Pledgee in full on demand against all actions,
suits, claims, demands, losses, liabilities, damages, costs and expenses
whatsoever which the Pledgee may sustain or incur for or in connection with the
enforcement of the pledge created under this Agreement.

8.   General

(1)  No failure or delay by the Pledgee to exercise any right, power or
     privilege under this Agreement, or any other document contemplated under
     this Agreement shall operate as a waiver thereof nor shall any single or
     partial exercise or such right, power or privilege preclude any further
     exercise thereof.

(2)  The illegality, invalidity or unenforceability of any provision of this
     Agreement under the law of any jurisdiction shall not affect its legality,
     validity or enforceability under the law of any other jurisdiction nor the
     legality, validity or enforceability of any other provision of this
     Agreement.

9.   Governing Law

This Agreement and the rights and obligations of the parties hereunder shall be
governed by and interpreted and construed in all respects in accordance with the
laws of the Kingdom of Thailand.

10.  Stamp Duty and Expenses

All stamp duties, fees and expenses incurred in connection with this Agreement
shall be for the account of the Pledgor and the Pledgor shall promptly upon
demand reimburse the Pledgee in full for costs expended or the same.

                                      -4-

<PAGE>

IN WITNESS WHEREOF this Agreement was executed by the Parties on the day and
year first above written.

Signed by                                          )
                                                   )
                                                   )
For and on behalf of                               )
Tawan Telecom Company Limited                      )
in the presence of:                                )

Signed by                                          )
                                                   )
                                                   )
For and on behalf of                               )
Hutchison Telecommunications Investments Limited   )
in the presence of:                                )

                                      -5-

<PAGE>

                                   Schedule 1

                  COPY OF SHARE CERTIFICATES OF INITIAL SHARES

                                      -6-

<PAGE>

                                                           Class A Shares

Certificate Number 9                                               Shares 37,500

                           i-Mobile Holding Co., Ltd.                     [SEAL]

            (Incorporated under the Laws of the Kingdom of Thailand)

Registered Capital : 10,000,000 Baht in 590,000 Ordinary Shares of 10 Baht each
                                        410,000 Preference Shares

     This is to Certify that Tawan Telecom Co., Ltd 947 Moo 12, Tossapol Land 3
Building, 19th Floor, Bangna-Trad Road, Khwaeng Bangna, Khet Bangna, Bankok
Metropolis is the registered holder of 37,500 Shares numbered from 490001 to
527500 both inclusive) of Baht 10 each in the above Company, subject to the
Memorandum and Articles of Association, and that the sum of Baht 10 has been
paid on each of the said Shares.

     GIVEN under the seal of the Company this 16 day of October __, 2000

                                  Transfer or sale of shares represented by this
                                  share certificate is subject to the
                                  restrictions contained in the Articles of
                                  Association of the company

The seal of the Company was hereunto affixed in presence of

[Signature]                   DIRECTOR    [SEAL]
-----------------------------

<PAGE>

                                   Schedule 2

                           NOTICE OF PLEDGE OF SHARES

       October 2000
------

To:  i-Mobile Holdings Co., Ltd.("Company")

We, Tawan Telecom Company Limited a limited company incorporated under the laws
of Thailand, with its registered office at 947 Moo 12 Tossapol Land 3 Building,
19th Floor, Bangna-Trad Road Km. 3.5, Bangna, Prakanong, Bangkok (hereinafter
called "Pledgor"), agrees to pledge the shares of the Company, described below,
to Hutchison Telecommunications Investments Limited, a company incorporated in
Mauritius whose registered office is at Les Cascades Building, Edith Cavell
Street, Port Loius, Mauritius, (hereinafter called "Pledgee") to secure the
Pledgor's obligations to the Pledgee under the Share Purchase Agreement dated 16
October 2000 and the Shareholders Agreement in respect of the Company dated 16
October 2000.

                             List of pledged shares

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
                                                           Par Value     Money paid on
Share certificate No.   Number of shares   Serial Number     (Baht)    each share (Baht)
----------------------------------------------------------------------------------------
<S>                          <C>           <C>                <C>              <C>
          9                  37,500        490001-527500      10               10
----------------------------------------------------------------------------------------
</TABLE>

By this Notice, we, the Pledgor, inform the Company of the pledge of the
abovementioned shares and request that it be entered in the Company's Share
Register. The pledge will stand until the Pledgee informs the Company that the
obligations have been fulfilled, the Pledgors have been released from the
obligations, or the obligations are cancelled and the Pledgee wants the Company
to nullify the entry in the Company's Share Register.

If the Pledgee surrenders the share certificate and shows satisfactory evidence
of enforcement of the pledge to the Company, we ask that the Company enter the
name of the person who is entitled to hold the shares by the said enforcement in
the Company's Share Register.

Yours faithfully,
For and on behalf of
Tawan Telecom Company Limited

----------------------------------------
(Mr. Tien Pativechvong also known as "Mr. Tiensin Pooiana")

----------------------------------------
        (Mr. Sukhato Poummalee)

----------------------------------------
         (Mr. Anuwat Laikijrung)

                                       -7-

<PAGE>

                                   Schedule 3

                        COPY OF SHARE TRANSFER DOCUMENT

                                       -8-

<PAGE>

                            SHARE TRANSFER DOCUMENT

I/We  Tawan Telecom Company Limited

of 947 Moo 12 Tossapol Land 3 Building, 19th Floor, Bangna-Trad Road Km. 3.5,

Bangna, Prakanong, Bangkok

("transferor") holder of share(s) in i-Mobile Holdings Co., Ltd.

hereby transfer to
                  --------------------------------------------------------------

of
  ------------------------------------------------------------------------------

("transferee") a total of 37,500 share(s),

Nos. 490001  to 527500, par value per share

Baht 10,  paid up 100%.

IN WITNESS WHEREOF each undersigned party sets its signature hereto in the
presence of witnesses.

               TRANSFEROR                              TRANSFEREE

Signed on                               Signed on
         ----------------------------            -------------------------------

At               Bangkok                  At
                                            ------------------------------------
      Tawan Telecom Company Limited

-------------------------------------   ----------------------------------------
(Mr. Tien Pativechvong also known as       (                                )
 "Mr. Tiensin Pootana")

-------------------------------------   ----------------------------------------
      (Mr. Sukhato Poummalee)              (                                )

-------------------------------------   ----------------------------------------
      (Mr. Anuwal Laikijrung)              (                                )

Witness                                 Witness
       ------------------------------          ---------------------------------

                                                                             PTO

                                       -9-

<PAGE>

THIS SHARE PLEDGE AGREEMENT is made as of (date) October 2000.

BETWEEN

(1)  Mr. Prayong Boonsoong holding an I.D. card no. 3 8399 00425 755 issued by
     Phuket Province residing at 8/1 Chengkiri Road, Tambol Taladyal, Amphur
     Muang, Phuket Province ("Mr. Prayong") and Mr. Virat Ovararint holding an
     I.D. card no. 3 1009 04705 38 4 issued by Khet Suanluang residing at 40 Soi
     Pattanakam 14, Pattanakam Road, Khwaeng Suanluang, Khet Suanluang, Bangkok
     ("Mr. Virat")(Mr. Prayong and Mr. Virat hereinafter collectively called the
     "Pledgor"), and

(2)  Hutchison Telecommunications Investments Limited, a company incorporated in
     Mauritius whose registered office is at Les Cascades Building, Edith Cavell
     Street, Port Louis, Mauritius (hereinafter called the "Pledgee").

WHEREAS:

A.   The Pledgor has or will have obligations to the Pledgee or its affiliates
     and liabilities stipulated under the Shareholders Agreement,

B.   On the date hereof the Pledgor holds the Initial Shares, and

C.   The Pledgor has agreed to furnish the Pledgee with a security for the due
     performance of the Obligations by way of a pledge of the Initial Shares,
     Second Issue Shares and Further Shares.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and for other good and valuable consideration, receipt and
sufficiency of which is hereby acknowledged, the Parties hereby agree as
follows:

1.   Definitions and Interpretation

(1)  In this Agreement, including the Recitals, (unless the context otherwise
     requires) the following words and expressions shall have the following
     meanings -

     "Company" means i-Mobile Holdings Co., Ltd.;

     "Event of Default" means any one of the events specified in clause 7.2 of
     the Shareholders Agreement and includes a breach of this Agreement;

     "Further Shares" means any shares, stock and/or debentures and/or cash
     issued to the Pledgor, as described in Clause 2(3), during the term of this
     Agreement;

     "Initial Shares" means 37,500 shares in the Company, numbered from 527501
     to 546250 and from 546251 to 565000, held by the Pledgor on the date
     hereof, of which a copy of share certificates is attached hereto as
     Schedule);

     "Obligations" means the obligations and liabilities of the Pledgor under or
     pursuant to the terms of the Shareholders Agreement during the Lock-up
     Period;

<PAGE>

     "Second Issue Shares" means all the shares in the Company held by the
     Pledgor from the Second Issue Date;

     "Shareholders Agreement" means the shareholders agreement in respect of the
     Company dated 16 October 2000 entered into among the Pledgee, GMRP
     (Thailand) Ltd., Tawan Telecom Company Limited, the Company and the
     Pledgor;

     "TMT" means Tawan Mobile Telecom Co., Ltd.

(2)  Unless the context otherwise requires or unless otherwise defined herein,
     words and expressions defined in the Shareholders Agreement and used in
     this Agreement shall bear the same meaning herein as that given to them in
     the Shareholders Agreement.

(3)  The headings used in this Agreement are inserted for convenience only and
     shall not affect its construction or interpretation.

2.   Pledge of the Shares

(1)  As security for the Obligations, the Pledgor hereby pledges to the Pledgee
     the Initial Shares and all rights and benefits attached thereto, and shall
     on the Second Issue Date, and on any other date on which Further Shares are
     issued to the Pledgor, pledge to the Pledgee the Second Issue Shares or
     Further Shares (as the case may be) and all rights and benefits attached
     thereto.

(2)  The Pledgor undertakes to:

     (a)  immediately deliver to the Pledgee the share certificate(s) evidencing
          the shareholding and ownership of the Initial Shares; and immediately
          upon receiving the share certificates evidencing the shareholding and
          ownership of the Second Issue Shares or Further Shares deliver the
          same to the Pledgee;

     (b)  submit notices of the pledge of the Initial Shares, the Second Issue
          Shares and the Further Shares to the Company in the form as set forth
          in Schedule 2 forthwith upon the issue thereof to the Pledgor and
          procure that the pledges of the Initial Shares, the Second Issue
          Shares and the Further Shares are entered into the share register of
          the Company forthwith upon the issue thereof to the Pledgor; and upon
          demand by the Pledgee, and at the entire cost and expense of the
          Pledgor, immediately make, execute, do and perform all such acts,
          deeds, documents, instruments of transfer, matters and things that the
          Pledgee or its legal advisers shall consider necessary, proper or
          desirable to ensure that the Pledgee is duly registered as the pledgee
          to the Initial Shares, the Second Issue Shares and the Further Shares;
          and

     (c)  take all steps necessary at its own cost and expense, to execute and
          deliver such further instruments and documents as the Pledgee may
          require for the purpose of obtaining the full benefit of the security
          intended to be conferred under this Agreement.

(3)  If at any time by reason of amalgamation, takeover, bonus or rights issue
     or for any other reasons whatsoever, the Initial Shares or the Second Issue
     Shares are represented by additional or replacement share certificate(s),
     shares or stocks, or any form of debentures and/or cash, or other shares
     are to accrue to or be declared in

                                      -2-

<PAGE>

     respect of the Initial Shares or the Second Issue Shares ("Further
     Shares"), such additional or replacement share certificate(s), shares and
     stocks or debentures shall forthwith upon receipt by the Pledgor be
     deposited with and pledged to the Pledgee.

3.   Continuing Security

(1)  The pledge under this Agreement shall be a continuing security and shall
     remain in full force and effect until the later of (i) the date on which
     the Obligations have been fully complied with or discharged to the
     reasonable satisfaction of the Pledgee and (ii) the expiry of the Lock-up
     Period, notwithstanding the insolvency, dissolution, liquidation or any
     incapacity or change in the constitution or status of the Pledgor.

4.   Representations, Warranties and Undertakings

The Pledgor expressly agrees, represents and warrants to and undertakes with
the Pledgee that during the term of this Agreement:-

(a)  the Initial Shares, the Second Issue Shares and the Further Shares are or
     will be owned by the Pledgor;

(b)  the Initial Shares, the Second Issue Shares and the Further Shares are and
     will be free from and clear of any pledge, charge or encumbrance whatsoever
     other than the pledge as contemplated under this Agreement;

(c)  the Pledgor has the full power and authority to pledge the Initial Shares,
     the Second Issue Shares and the Further Shares to the Pledgee and to
     execute this Agreement;

(d)  all necessary authorisations, approvals and consents for the Pledgor to
     pledge the Initial Shares, the Second Issue Shares and the Further Shares
     and to execute this Agreement have been obtained; and

(e)  the Pledgor shall not, without obtaining prior written approval from the
     Pledgee, sell, transfer or otherwise dispose of the Initial Shares, the
     Second Issue Shares and the Further Shares or any portion thereof other
     than the transfer as contemplated under this Agreement.

5.   Discharge of the Pledge

Upon the later of (i) the Expiry of the Lock-up Period and (ii) the date on
which the Obligations are fully satisfied (in the reasonable opinion of the
Pledgee), the Pledgee shall, at the cost and expense of the Pledgor, release the
pledge created hereunder.

6.   Event of Default

(1)  Upon an occurrence of an Event of Default and at any time thereafter the
     Pledgee is entitled to take all necessary actions to enforce the pledge by
     realizing the Initial Shares, the Second Issue Shares and the Further
     Shares by public auction in accordance with the law. In the event that the
     proceeds of the realization of such shares are insufficient to cover all
     the Obligations owing to the Plegee, the Pledgor shall remain liable to
     the Pledgee for any such insufficiency.

                                      -3-

<PAGE>

(2)  The Pledgor shall provide to the Pledgee all documents required for the
     transfer of the Initial Shares, the Second Issue Shares and the Further
     Shares and the registration of the share transfer in the share register of
     the Company, in order to ensure that the Initial Shares, the Second Issue
     Shares and the Further Shares will be transferred to the person designated
     by the Pledgee after enforcement of the pledge and in accordance with the
     law and subject to the terms and conditions of this Agreement. In addition,
     on the date hereof the Pledgor also provides the Pledgee with the
     irrevocable share transfer document executed by the Pledgor, a copy of
     which is attachment in Schedule 3 which Shall be used by the Pledgee upon
     the enforcement of the pledge hereunder. On the Second Issue Date and each
     date on which Further Shares are issued to the Pledgor, the Pledgor shall
     provide the Pledgee with an irrevocable share transfer document, executed
     by the Pledgor, in respect of the Second Issue Shares and Further Shares.

7.   Indemnity

The Pledgor shall indemnify the Pledgee in full on demand against all actions,
suits, claims, demands, losses, liabilities, damages, costs and expenses
whatsoever which the Pledgee may sustain or incur for or in connection with the
enforcement of the pledge created under this Agreement.

8.   General

(1)  No failure or delay by the Pledgee to exercise any right, power or
     privilege under this Agreement, or any other document contemplated under
     this Agreement shall operate as a waiver thereof nor shall any single or
     partial exercise or such right, power or privilege preclude any further
     exercise thereof.

(2)  The illegality, invalidity or unforceability of any provision of this
     Agreement under the law of any jurisdiction shall not affect its legality,
     validity or enforceability under the law of any other jurisdiction nor the
     legality, validity or enforceability of any other provision of this
     Agreement.

(3)  The obligations of Mr. Prayong and Mr. Virat under this Agreement are joint
     and several.

9.   Governing Law

This Agreement and the rights and obligations of the parties hereunder shall be
governed by and interpreted and construed in all respects in accordance with the
laws of the Kingdom of Thailand.

10.  Stamp Duty and Expenses

All stamp duties, fees and expenses incurred in connection with this Agreement
shall be for the account of the Pledgor and the Pledgor shall promptly upon
demand reimburse the Pledgee in full for costs expended or the same.

                                      -4-

<PAGE>

IN WITNESS WHEREOF this Agreement was executed by the Parties on the day and
year first above written.

Signed by                                          )
                                                   )
                                                   )
Mr. Prayong Boonsoong                              )
in the presence of:                                )

Signed by                                          )
                                                   )
                                                   )
Mr. Virat Ovararint                                )
in the presence of:                                )

Signed by
                                                   )
                                                   )
For and on behalf of                               )
Hutchison Telecommunications Investments Limited   )
in the presence of:                                )

                                      -5-

<PAGE>

                                   Schedule 1

                  COPY OF SHARE CERTIFICATES OF INITIAL SHARES

                                      -6-

<PAGE>

                                                                  Class A Shares

Certificate Number 10                                              Shares 18,750

                           i-Mobile Holding Co., Ltd.                     [SEAL]

             (Incorporated under the Laws of the Kingdom of Thailand)

Registered Capital : 10,000,000 Baht in 590,000 Ordinary Shares of 10 Baht each
                                        410,000 Preference Shares

     This is to Certify that Mr. Virat Ovararint 40 Soi Pattanakarn 14, Kwaeng
Suanluang, Khot Suanluang, Bangkok Metropolis is the registered holder 18,750
shares numbered from 527501 to 546250 (both inclusive) of Baht 10 each in the
above Company, subject to the Memorandum and Articles of Association, and that
the sum of Baht 10 has been paid on each of the said shares

     GIVEN under the seal of the Company this 16 day of October  __, 2000

                                     Transfer or sale of shares represented by
                                     this share certificate is subject to the
                                     restrictions contained in the Articles of
                                     Association of the Company

The seal of the Company was hereunto affixed in presence of

[Signature]                   DIRECTOR    [SEAL]
-----------------------------

<PAGE>

                                                                  Class A Shares

Certificate Number 11                                              Shares 18,750

                           i-Mobile Holding Co., Ltd.                     [SEAL]

             (Incorporated under the Laws of the Kingdom of Thailand)

Registered Capital : 10,000,000 Baht in 590,000 Ordinary Shares of 10 Baht each
                                        410,000 Preference Shares

     This is to Certify that Mr. Prayong Boonsoong 8/1 ____________ Road, Tambon
Taladyai, Amphoe Muang, Phuket Province is the registered holder 18,750 shares
numbered from 546251 to 565000 (both inclusive) of Baht 10 each in the above
Company, subject to the Memorandum and Articles of Association, and that the sum
of Baht 10 has been paid on each of the said shares

     GIVEN under the seal of the Company this 16 day of October __, 2000

                                       Transfer or sale of shares represented by
                                       this share certificate is subject to the
                                       restrictions contained in the Articles of
                                       Association of the Company

The seal of the Company was hereunto affixed in presence of

[Signature]                   DIRECTOR    [SEAL]
-----------------------------

<PAGE>

                                   Schedule 2

                           NOTICE OF PLEDGE OF SHARES

16 October 2000

To: i-Mobile Holdings Co., Ltd. ("Company")

We, Mr. Prayong Boonsoong holding an I.D. card no. 3 8399 00425-755 issued by
Phuket Province residing at 8/1 Cheogkiri Road, Tambol Taladyai, Amphur Muang,
Phuket Province ("Mr. Prayong") and Mr. Virat Ovararint holding an I.D. card no.
3 1009 04705 39 4 issued by Khet Suanluang residing at 40 Soi Pattanakarn 14,
Pattanakarn Road, Khwaeng Suanluang, Khet Suanluang, Bangkok ("Mr.Virat") (Mr.
Prayong and Mr. Virat hereinafter collectively called "Pledgors"), agree to
pledge the shares of the Company, described below, to Hutchison
Telecommunications Investments Limited, a company incorporated in Mauritius
whose registered office is at Les Cascades Building, Edith Cavell Street, Port
Louis, Mauritius (hereinafter called "Pledgee") to secure the Pledgors'
obligations to the Pledgee under the Share Purchase Agreement dated 16 October
2000 and the Shareholders Agreement in respect of the Company dated 16 October
2000.

                             List of pledged shares

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Share certificate                                      Par Value     Money paid on
       No.          Number of shares   Serial Number     (Baht)    each share (Baht)
------------------------------------------------------------------------------------
<S>                      <C>           <C>                 <C>             <C>
        10               18,750        527501-546250       10              10
        11               18,750        546251-565000       10              10
------------------------------------------------------------------------------------
</TABLE>

By this Notice, we, the Pledgors, inform the Company of the pledge of the
abovementioned shares and request that it be entered in the Company's Share
Register. The pledge will stand until the Pledgee informs the Company that the
obligations have been fulfilled, the Pledgors have been released from the
obligations, or the obligations are cancelled and the Pledgee wants the Company
to nullify the entry in the Company's Share Register.

If the Pledgee surrenders the share certificate and shows satisfactory evidence
of enforcement of the pledge to the Company, we ask that the Company enter the
name of the person who is entitled to hold the shares by the said enforcement in
the Company's Share Register.

Yours faithfully,
PLEDGORS

------------------------
(Mr. Prayong Boonsoong)

------------------------
(Mr. Virat Ovararint)

<PAGE>

                                   Schedule 3

                         COPY OF SHARE TRANSFER DOCUMENT

                                       -8-

<PAGE>

                             SHARE TRANSFER DOCUMENT

I/We Mr. Virat Ovararint of 40 Soi Pattanakam 14, Pattanakam Road, Khwaeng
Suanluang, Khet Suanluang, Bangkok ("transferor") holder of share(s) in i-Mobile
Holdings Co., Ltd. hereby transfer to
                                      ------------------------------------------
of
   -----------------------------------------------------------------------------
("transferee") a total of 18,750 share(s), Nos. 527501 to 546250, par value per
share Baht 10, paid up 100% The total of agreed transfer price is Baht         .
                                                                       --------

IN WITNESS WHEREOF each undersigned party sets its signature hereto in the
presence of witnesses.

               TRANSFEROR                                TRANSFEREE

Signed on                                  Signed on
          ------------------------------             ---------------------------

At Bangkok                                 At
                                              ----------------------------------

   -------------------------------------      ----------------------------------
           (Mr. Virat Ovararint)                    (                    )

   -------------------------------------      ----------------------------------
          (                     )                   (                    )

Witness                                    Witness
        --------------------------------           -----------------------------

                                                                             PTO

                                       -9-

<PAGE>

                             SHARE TRANSFER DOCUMENT

I/We Mr. Prayong Boonsoong of 8/1 Chengkiri Road, Tambol Taladyai, Amphur Muang,
Phuket Province ("transferor") holder of share(s) in i-Mobile Holdings Co., Ltd.
hereby transfer to
                   -------------------------------------------------------------
of
   -----------------------------------------------------------------------------
("transferee") a total of 18,750 share(s), Nos. 546251 to 565000, par value per
share Baht 10, paid up 100% The total of agreed transfer price is Baht         .
                                                                       --------

IN WITNESS WHEREOF each undersigned party sets its signature hereto in the
presence of witnesses.

               TRANSFEROR                                TRANSFEREE

Signed on                                  Signed on
          ------------------------------             ---------------------------

At Bangkok                                 At
                                              ----------------------------------

   -------------------------------------      ----------------------------------
         (Mr. Prayong Boonsoong)                    (                    )

   -------------------------------------      ----------------------------------
         (                     )                    (                    )

Witness                                    Witness
        --------------------------------           -----------------------------

                                                                             PTO

                                      -10-

<PAGE>

                                  Release Form

                                                                 7 November 2000

Tawan Mobile Telecom Company Limited ("TMT")
947 Moo 12 Tossapol Land 3 Bldg.,
19th Floor, Bangna-Trad Road,
Bangna, Bangkok

i-Mobile Holdings Company Limited
22-25 Floor, 990 Rama IV Road,
Silom, Bangrak, Bangkok

Dear Sirs,

On the date hereof, we, Tawan Telecom Co., Ltd. received the amount of Baht
97,096,214.15 from TMT and agree that such amount be paid by way of check issued
by TMT to (1) Mr. Virat Ovararint in the amount of Baht 34,367,464.24; (2)
United Fareast International Co., Ltd. in the amount of Baht 2,500,000 and (3)
Tawan Telecom Co., Ltd. in the amount of Baht 58,079,180.35 (Baht 60,228,749.91
less the withholding tax of Baht 2,149,569.56).

We, Tawan Telecom Co., Ltd. hereby agree that TMT's payment under the first
paragraph are (i) the full repayment and discharge of TMT's loan obligation and
trade debt including interest, penalty or otherwise thereon ("Related Parties
Liabilities") owed by TMT to Tawan Telecom Co., Ltd. and (ii) the compliance of
i-Mobile Holdings Company Limited with Clause 6.5 of the Shareholders Agreement
in respect of i-Mobile Holdings Company Limited dated 16 October 2000.

The undersigned hereby release and discharge TMT and i-Mobile Holdings Company
Limited from any liabilities, obligations, duties, actions, lawsuits, causes of
action, interests, penalties, expenses, claims or demands in connection with
such Related Parties' Liability and also waive all rights and benefits related
to such Related Parties Liabilities.

Yours sincerely,
For and on behalf of Tawan Telecom Co., Ltd.

/s/ Tiensin Pootana
----------------------------
Tiensin Pootana

                                                            [SEAL] TAWAN TELECOM

/s/ Sukhato Poummalee
----------------------------
Sukhato Poummalee

/s/ Anuwat Laikijrung
----------------------------
Anuwat Laikijrung

<PAGE>

                                  Release Form

                                                                 7 November 2000

Tawan Mobile Telecom Company Limited ("TMT")
947 Moo 12 Tossapol Land 3 Bldg.,
19th Floor, Bangna-Trad Road,
Bangna, Bangkok

i-Mobile Holdings Company Limited
22-25 Floor, 990 Rama IV Road,
Silom, Bangrak, Bangkok

Dear Sirs,

On the date hereof, we, Tawan Far East Telecom Co., Ltd. received the amount of
Baht 26,131,689.64 from TMT and agree that such amount be paid by way of check
issued by TMT to (1) Tawan Far East Telecom Co., Ltd. in the amount of Baht
11,400,425.98 and (2) FMA Group Co., Ltd. in the amount of Baht 14,731,263.66.

We, Tawan Telecom Co., Ltd. and Tawan Far East Telecom Co., Ltd. hereby agree
that TMT's payment under the first paragraph are (i) the full repayment and
discharge of TMT's loan obligation and trade debt including interest, penalty or
otherwise thereon ("Related Parties Liabilities") owed by TMT to Tawan Far East
Telecom Co., Ltd. and (ii) the compliance of i-Mobile Holdings Company Limited
with Clause 6.5 of the Shareholders Agreement in respect of i-Mobile Holdings
Company Limited dated 16 October 2000.

The undersigned hereby release and discharge TMT and i-Mobile Holdings Company
Limited from any liabilities, obligations, duties, actions, lawsuits, causes of
action, interests, penalties, expenses, claims or demands in connection with
such Related Parties' Liability and also waive all rights and benefits related
to such Related Parties Liabilities.

Yours sincerely,
For and on behalf of Tawan Far East Telecom Co., Ltd.

/s/ Worrawit Patiwejwong
-----------------------------
(Mr. Worrawit Patiwejwong)

                                       [SEAL OF TAWAN FAREAST TELECOM CO., LTD.]

For and on behalf of Tawan Telecom Co., Ltd.

                                                         [SEAL OF TAWAN TELECOM]

  /s/ Sukhato Poummalee       /s/ Tiensin Pootana       /s/ Anuwat Laikijrung
-------------------------   -----------------------   -------------------------
 (Mr. Sukhato Poummalee)     (Mr. Tiensin Pootana)     (Mr. Anuwat Laikijrung)

<PAGE>

                                  Release Form

                                                                 7 November 2000

Tawan Mobile Telecom Company Limited ("TMT")
947 Moo 12 Tossapol Land 3 Bldg.,
19th Floor, Bangna-Trad Road,
Bangna, Bangkok

i-Mobile Holdings Company Limited
22-25 Floor, 990 Rama IV Road,
Silom, Bangrak, Bangkok

Dear Sirs,

On the date hereof, we, Inter Fareast Engineering Public Company Limited
received the amount of Baht 9,913,902.69 from TMT and agree that such amount be
paid by way of check issued by TMT to Inter Fareast Engineering Public Company
Limited in the amount of Baht ________________ (Baht 9,913,902.69 less the
withholding tax of Baht 1,450).

We, Tawan Telecom Co., Ltd. and Inter Fareast Engineering Public Company Limited
hereby agree that TMT's payment under the first paragraph are (i) the full
repayment and discharge of TMT's loan obligation and trade debt including
interest, penalty or otherwise thereon ("Related Parties Liabilities") owed by
TMT to Inter Fareast Engineering Public Company Limited and (ii) the compliance
of i-Mobile Holdings Company Limited with Clause 6.5 of the Shareholders
Agreement in respect of i-Mobile Holdings Company Limited dated 16 October 2000.

The undersigned hereby release and discharge TMT and i-Mobile Holdings Company
Limited from any liabilities, obligations, duties, actions, lawsuits, causes of
action, interests, penalties, expenses, claims or demands in connection with
such Related Parties' Liability and also waive all rights and benefits related
to such Related Parties Liabilities.

Yours sincerely,
For and on behalf of Inter Fareast Engineering Public Company Limited

/s/ NARONG TAYCHACHAI WING           [SEAL]                /s/ SUKHATO POUMMALEE
--------------------------                                 ---------------------
NARONG TAYCHACHAI WING                                     SUKHATO POUMMALEE

For and on behalf of Tawan Telecom Co., Ltd.

[Signature]                     [Signature]                [Signature]
--------------------------      --------------------       ---------------------

                                     [SEAL]

<PAGE>

                                  Release Form

                                                                 7 November 2000

Tawan Mobile Telecom Company Limited ("TMT")
947 Moo 12 Tossapol Land 3 Bldg.,
19th Floor, Bangna-Trad Road,
Bangna, Bangkok

i-Mobile Holdings Company Limited
22-25 Floor, 990 Rama IV Road,
Silom, Bangrak, Bangkok

Dear Sirs,

On the date hereof, we, MVO Inter-holding Co., Ltd. received the amount of Baht
14,471,995.44 from TMT and agree that such amount be paid by way of check issued
by TMT to (1) MVO Inter-holding Co., Ltd. in the amount of Baht 12,971,995.44
and (2) Mr. Virat Ovararint in the amount of Baht 1,500,000.

We, MVO Inter-holding Co., Ltd., Telecom Connections Co., Ltd. and Mr. Virat
Ovararint hereby agree that TMT's payment under the first paragraph are (i) the
full repayment and discharge of TMT's loan obligation and trade debt including
interest, penalty or otherwise thereon ("Related Parties Liabilities") owed by
TMT to MVO Inter-holding Co., Ltd. and (ii) the compliance of i-Mobile Holdings
Company Limited with Clause 6.5 of the Shareholders Agreement in respect of
i-Mobile Holdings Company Limited dated 16 October 2000.

The undersigned hereby release and discharge TMT and i-Mobile Holdings Company
Limited from any liabilities, obligations, duties, actions, lawsuits, causes of
action, interests, penalties, expenses, claims or demands in connection with
such Related Parties' Liability and also waive all rights and benefits related
to such Related Parties Liabilities.

Yours sincerely,
For and on behalf of MVO Inter-holding Co., Ltd.

[Signature]                                                [SEAL]
---------------------

For and on behalf of Telecom Connections Co., Ltd.

[Signature]
---------------------

For and on behalf of Mr. Virat Ovararint

[Signature]                                                [SEAL]
---------------------<PAGE>

                                                                   EXHIBIT 10.77

                        (Translation from Thai Original)

                             SHAREHOLDERS AGREEMENT
                                       OF
                      TAWAN MOBILE TELECOM COMPANY LIMITED

                                   ----------

     THIS AGREEMENT is made at the Communications Authority of Thailand No. 99
Mu 3, Chaeng Watthana Road, Kwaeng Thung Song Hong, Khet Laksi, Bangkok
Metropolis 10002 on 16 October 2000 between THE COMMUNICATIONS AUTHORITY OF
THAILAND, by Mr. Thirapong Suttinon, Governor of the Communications Authority of
Thailand, hereinafter referred to as "CAT", on the one part, and i-MOBILE
HOLDINGS COMPANY LIMITED, a limited company incorporated under the law of
Thailand, by Mr. Stephen Wing Fai Sun, the Director authorized to sign to bind
i-MOBILE HOLDINGS COMPANY LIMITED as evidenced by the Certification Document of
the Partnerships and Companies Registration Office, Bangkok Metropolis No. Mor.
Ror. 0026485 dated 10 October 2000, which is attached hereto and referred to in
Clause 19.1, and having its head office located at 990 22nd-25th Floor, Rama IV
Road, Kwaeng Silom, Khet Bangrak Bangkok Metropolis 10500, hereinafter referred
to as "i-Mobile", on the other part.

     WHEREAS CAT has entered into the Shareholders Agreement of Tawan Mobile
Telecom Company Limited dated October 14, 1999 with Tawan Telecom Company
Limited in order to jointly invest in Tawan Mobile Telecom Company Limited,
hereinafter referred to as "the Company" with the main objective to undertake
the Marketing Service of the Mobile Telephone Under the Cellular Digital AMPS
800 Band A System of CAT; and

     WHEREAS CAT has agreed to let Tawan Telecom Company Limited, hereinafter
referred to as "Tawan" transfer all of its shares in the Company to i-Mobile,
subject to condition that i-Mobile shall enter into an agreement with CAT under
the terms of the aforesaid Shareholders Agreement of Tawan Mobile Telecom
Company Limited.

     Both parties which, unless specifically referred to, shall be hereinafter
collectively referred to as "the Parties", are desirous to enter into a joint
investment and be further bound by the Shareholders Agreement of Tawan Mobile
Telecom Company Limited, and therefore agree to execute this Shareholders
Agreement of Tawan Mobile Telecom Company Limited according to the terms as
follows:

Clause 1. Formation of the Company, Acceptance of Share Transfer and Proportion
          of Shareholdings

     The registration of the Company shall be in accordance with details
stipulated in the Memorandum and Articles of Association of the Company as
prescribed herein.

     1.1 The Thai name of the Company shall be "BORISAD TAWAN MOBILE TELECOM
JAMKAD". The English name of the Company shall be "TAWAN MOBILE TELECOM COMPANY
LIMITED".

<PAGE>

     1.2 The head office of the Company shall be located at No. 947 Mu 12,
Bangna-Trad Road, Kwaeng Bangna, Khet Bangna, Bangkok Metropolis 10260. If there
will be any change in the address of the head office of the Company, a written
notice thereof shall be given to CAT not less than 30 (Thirty) days in advance.

     1.3 The main objective of the Company shall be for the Marketing Service of
the Mobile Telephone Under the Cellular Digital AMPS 800 Band A System of CAT
including other objectives as listed in the Memorandum of Association of the
Company.

          In this Agreement, the term "Marketing Service of the Mobile Telephone
Under the Cellular Digital AMPS 800 Band A System of CAT" means the provision of
means for the distribution of cellular mobile telephones, the provision of means
for sale of services of the Mobile Telephone Under the Cellular Digital AMPS 800
Band A System of CAT including the provision of value added services relating
thereto as well as after sale services and supplementary services relating to
the sale and marketing promotion.

          In carrying out the business under the objective mentioned in
paragraph one hereinabove, the Company shall comply with all related laws and
resolutions of the Cabinet.

     1.4 Subject to Clause 2 hereof, the registered capital of the Company shall
be Baht 15,000,000 (Fifteen million Baht) divided into 1,500,000 (one million
five hundred thousand) ordinary shares entered in a name certificate with the
par value of Baht 10 (Ten Baht) each.

     1.5 i-Mobile holds shares in the Company at 65 per cent of the total number
of shares in the Company. i-Mobile has accepted the transfer of ordinary shares
from the shareholders who are promoters and Tawan in the amount of 65 per cent
of the total number of shares, i.e. shares numbered 0000001- 0000070 and
numbered 0045071-1020000 being a total of 975,000 (nine hundred seventy five
thousand) shares.

     1.6 i-Mobile agrees to become a shareholder in the Company and to accept
the assignment of rights, duties and liabilities which Tawan has towards CAT and
the Company under the Shareholders Agreement of Tawan Mobile Telecom Company
Limited dated 14 October 1999 in all respects, pursuant to the Agreement for
Assignment of Rights, Duties and Liabilities under the Shareholders Agreement of
Tawan Mobile Telecom Company Limited between CAT, Tawan and i-Mobile dated 16
October 2000.

     1.7 CAT holds shares at 32 per cent of the total number of shares, i.e.
shares numbered 1020001-1500000 being the total of 480,000 (four hundred eighty
thousand) shares. The initial payment was made at 85 per cent of the value of
those shares. i-Mobile agrees to make payment for the remaining value of those
shares to the Company in place of CAT in cash within 5 days from the date on
which i-Mobile accepts the transfer of shares from Tawan according to Clause
1.5. Hence, CAT needs not make payment for the value of those shares.

Clause 2. Increase of Capital

     Subject to the stipulations of Clause 5.8, the increase of capital of the
Company shall be made in accordance with the following:

                                       -2-

<PAGE>

     2.1 The registration of increase of capital of the Company both before and
after the increase of capital under Clause 2.3 shall be made as the Parties deem
it appropriate.

     2.2 In the capital increase before the increase of capital under Clause
2.3, the Parties agree to hold the shares newly issued as per the following
proportions:

          2.2.1 CAT shall hold the aggregate of 32 per cent of the total shares
of the Company;

          2.2.2 i-Mobile shall hold the aggregate of 65 per cent of the total
shares of the Company.

          In the capital increase after the increase of capital under Clause
2.3, the Parties agree to hold the newly issued shares according to their
existing shareholding proportions.

     2.3 CAT and i-Mobile agree that the Company shall increase its registered
capital by 935,000,000 Baht (Nine hundred thirty-five million Baht) thus
resulting in the total registered capital of 950,000,000 Baht (Nine hundred
fifty million Baht) subject to the following conditions:

          2.3.1 In case that CAT is transformed or converted into a new juristic
entity under the State Enterprise Capital Act B.E. 2542 or other law within
September 30, 2001, CAT and i-Mobile agree that the Company shall increase its
registered capital to 950,000,000 Baht (Nine hundred and fifty million Baht)
within 60 (Sixty) days from the day following the date on which the new juristic
entity is transformed or converted from CAT as stated above and the Parties
shall hold the newly issued in accordance with the following proportions:

               2.3.1.1 CAT: 26% of the total shares of the Company.

               2.3.1.2 i-Mobile: 71% of the total shares of the Company.

          2.3.2 In case that CAT is not yet transformed or converted into a new
juristic entity within September 30, 2001 as stipulated in Clause 2.3.1, CAT and
i-Mobile agree that the Company shall increase its registered capital to
950,000,000 Baht (Nine hundred and fifty million Baht) within 60 (Sixty) days as
from October 1, 2001 and the Parties agree to hold the new shares in accordance
with the proportions stipulated in Clauses 2.3.1.1 and 2.3.1.2

     2.4 In case that CAT is not ready to hold shares issued by virtue of the
increase of capital according to its proportion under Clause 2.3, i-Mobile
agrees to buy the newly issued shares under Clause 2.3 in order to maintain its
proportion of 71% of the total shares of the Company and to purchase the whole
proportion of newly issued shares of CAT which equals to 26% of the total shares
of the Company. i-Mobile agrees to completely transfer the whole proportion of
newly issued shares of CAT which equals to 26% of the total shares of the
Company to CAT at the par value of Baht 10 (Ten Baht) per share within 15
(Fifteen) days from the date on which i-Mobile receives a notice in writing from
CAT, provided CAT needs not make payment for those newly issued shares.

     2.5 CAT and i-Mobile agree to exercise their voting right as the
shareholders for the increase of the Company's registered capital according to
Clause 2.3, and to take action according to Clause 2.4.

                                       -3-

<PAGE>

     2.6 When i-Mobile has purchased the shares issued by virtue of the increase
of capital according to Clause 2.4, i-Mobile agrees that both before and after
the date on which i-Mobile transfers the newly issued shares to CAT according to
Clause 2.4, CAT still has rights and duties stipulated under this Agreement and
i-Mobile agrees to cause CAT to receive the dividends stipulated under Clause 9
according to CAT's shareholding proportion of 26% of the total shares in the
Company in all respects.

     2.7 All shareholders, except CAT, shall make payment for such newly issued
shares in cash within 60 (Sixty) days from the date of receipt of a notice in
writing from the Company.

     2.8 i-Mobile agrees to make full payment for CAT's newly issued shares
before the increase of capital under Clause 2.3 as well as for CAT's newly
issued shares under Clauses 2.3 and 2.4 in place of CAT in cash within the
period of time for payment thereof as required by the Company. Thus, CAT needs
not make payment for those shares.

          The first paragraph shall apply only in the case of the increase of
capital for the purpose of the Marketing Service of the Mobile Telephone Under
the Cellular Digital AMPS 800 Band A System of CAT. The increase of capital for
other purpose shall require prior approval of CAT, and CAT must pay for the
shares newly issued that CAT must pay by itself as follows:

          a. Payment equal to 50% of the amount of each call shall be made
within 60 (Sixty) days of the date of receipt of notice in writing from the
Company.

          b. Payment of the balance equal to 50% shall be made within 60 (Sixty)
days of the due date of payment under Clause 2.8 a without any interest thereon.

     2.9 If i-Mobile does not make payment for the new share issued as a result
of the increase of capital as stipulated in Clause 2.8 in place of CAT within
the period of time for payment thereof required by the Company, i-Mobile shall
make payment therefor and shall pay the interest thereon to CAT at the rate of
1.25 (One point two five) per cent per month commencing from the due date of
payment until the date on which such payment is made in full. A fraction of a
month shall be treated as one month.

Clause 3. Transfer of Shares

     3.1 The transfer of shares of i-Mobile under this Agreement must receive
prior consent in writing from CAT and the transferee shall enter into an
agreement with the other party under the terms as stipulated in this Agreement.

          If any of the Parties would like to sell all or part of its shares,
such party shall first offer those shares to the other party by sending written
notice to the other party specifying the offering price. If the offeree fails to
exercise its right to purchase those shares within 60 (Sixty) days from the date
of receipt of such written notice, the offeror may, offer its shares to a third
party who is not a business competitor of the Company or CAT or CAT Group that
provides the service of mobile telephone under the cellular system, or of the
juristic entity receiving the rights and duties hereunder from CAT or a new
juristic entity transformed or converted from CAT or of a group of the juristic
entity receiving rights and duties hereunder from CAT pursuant to Clause 13.10
or of a group of juristic entity transformed or converted from CAT that provide
the service of mobile telephone under the cellular system, or of Hutchison Group
which provides the service of mobile telephone under the cellular system,
subject to the following conditions:

                                       -4-

<PAGE>

          (a) the number of shares sold equals to the number of shares offered
to the offeree;

          (b) the price per share is not less than the price offered to the
offeree;

          (c) the terms and conditions of the offer are not better than those
offered to the offeree.

          The restriction on share transfer under the second paragraph shall not
apply to the disposal of shares by either party to its subsidiary or affiliated
company which is not a business competitor of the Company, or the disposal of
shares of CAT to a juristic entity receiving the assignment of rights and/or
duties hereunder from CAT pursuant to Clause 13.10, paragraph one, and/or a
juristic entity transformed or converted from CAT pursuant to Clause 13.10,
paragraph two, or a subsidiary company or affiliated company of CAT or a
subsidiary company or affiliate company of the juristic entity receiving the
assignment of rights and/or duties hereunder from CAT pursuant to Clause 13.10,
paragraph one and/or the juristic entity transformed or converted from CAT
pursuant to Clause 13.10 paragraph two, or a foreign company which is a
strategic partner of CAT which is not a business competitor of the Company or a
business competitor of Hutchison Group that provides the telecommunication
service under the cellular system.

     The transfer of shares by i-Mobile under the second and third paragraph
does not require the prior consent of CAT, provided that the transferee must
enter into an agreement with other parties under the same terms and conditions
as stipulated herein.

     The term "business competitor of the Company" means a person or juristic
person providing telecommunications service under the cellular system in
Thailand and a person undertaking marketing service of the mobile telephone
under the cellular system in Thailand including an affiliated company of such
person or juristic person, and a foreign company which is a strategic partner of
CAT in the telecommunications business that is the business of mobile telephone
service under the cellular system in Thailand.

     The term "subsidiary company" means

     (1) A company in which CAT or the juristic entity receiving the transfer of
rights and/or duties hereunder from CAT according to Clause 13.10, paragraph
one, or the juristic entity transformed or converted from CAT according to
Clause 13.10, paragraph two or i-Mobile holds shares in excess of 50 per cent of
its total shares.

     (2) A company in which the company under (1) holds shares in excess of 50
per cent of its total shares.

     (3) A company of which the shares are held in respective order beginning
from the shareholding by the company under (2) in the company of which the
shares are being held by it, provided that the shareholding in such company in
each order is in excess of 50 per cent of the total shares of the company of
which shares are so held.

                                       -5-

<PAGE>

     (4) The company of which the shares are held by either CAT or the juristic
entity receiving the transfer of rights and/or duties hereunder from CAT
according to Clause 13.10, paragraph one or i-Mobile, or the juristic entity
transformed or converted from CAT according to Clause 13.10, paragraph two, or
the company under (1) (2) or (3) in the aggregate more than 50 per cent of the
total shares of the company of which the shares are so held.

     The term "affiliated company" means a company that has absolute power to
control or direct the policies of related companies, or a company in which the
related company has absolute power to control or direct its policies, in either
case whether by the holding of voting securities, by contract or otherwise.

     The rights and duties of CAT which are not the same as those of other
shareholders under the conditions of this Agreement shall not be transferred to
the transferee of CAT's shares, except for the transfer of shares to the
juristic entity receiving the transfer of rights and/or duties hereunder from
CAT according to Clause 13.10, paragraph one and/or to the juristic entity
transformed or converted from CAT according to Clause 13.10, paragraph two, or
to a subsidiary or affiliated company of CAT, or the juristic entity receiving
the transfer of rights and/or duties hereunder from CAT, or the juristic entity
transformed or converted from CAT as stated above.

     3.2 i-Mobile agrees to give right to CAT to swap the shares which CAT holds
in the Company with the shares of i-Mobile or BFKT (Thailand) Ltd., provided
that those shares of i-Mobile or BFKT (Thailand) Ltd. shall have the value
equivalent to the value of the shares which CAT holds in the Company.

     3.3 i-Mobile agrees to cause the Hutchison Telecommunications Investment
Limited to maintain its shareholding proportion of at least 49% of the total
number of shares in i-Mobile for a period of 3 (Three) years from the date on
which i-Mobile accepts the transfer of 65% of the total number of shares in the
Company or until the date on which the Company is listed on the Stock Exchange
in case that the Company is listed on the Stock Exchange prior to the expiry of
the aforesaid 3-year period, and of at least 35% of the total number of shares
in i-Mobile for a period of 2 (Two) years following the expiry of such 3-year
period as from the date on which i-Mobile accepts the transfer of 65% of the
total number of shares in the Company or until the date on which the Company is
listed on the Stock Exchange in case that the Company is listed on the Stock
Exchange prior to the expiry of such 2-year period.

Clause 4. Listing of the Company on the Stock Exchange

     The Parties agree that if any company is to be listed on the Stock
Exchange, the Parties shall cause the Company to be listed on the Stock
Exchange. In case that other company is to be listed on the Stock Exchange, the
Parties shall cause the Company to be part of the business listed on the Stock
Exchange.

     When the Company is listed on the Stock Exchange, i-Mobile must maintain
its shareholding proportion in the Company at not less than 20% of the total
number of shares in the Company and CAT must maintain its shareholding
proportion in the Company at not less than 7.32% of the total number of shares
in the Company for a period of 2 years from the date on which the Company is
listed on the Stock Exchange.

                                       -6-

<PAGE>

     If i-Mobile wishes to decrease its shareholding proportion to less than
20%, or CAT wishes to decrease its shareholding proportion to less than 7.32% as
stated above, i-Mobile or CAT must first offer those shares together with the
offering price to the other party (right of first refusal) by giving written
notice thereof to the other party as stipulated in Clause 3.1.

Clause 5. Meeting of Shareholders

     5.1 The Company's Board of Directors shall hold an Ordinary Shareholders'
Meeting within 4 (Four) months from the fiscal year end of the Company. The
agenda shall at lease include the following:

          5.1.1 The appointment of the Board of Directors of the Company
pursuant to Clause 6;

          5.1.2 The appointment of an auditor; and

          5.1.3 Approval of the audited balance sheet and profit and loss
accounts of the Company.

     5.2 Each shareholder shall have 1 (One) vote for each of the shares he
holds. The shareholders may present at the General Meeting of Shareholders
either in person or by proxy. The instrument appointing such proxy shall be made
in writing.

     5.3 Notices for every General Meeting of Shareholders shall be made in
writing and sent to each of the shareholders, listed in the Shareholders
Register, by registered mail with return receipt requested, at least 14
(Fourteen) days in advance. Such notice shall specify the place, date, time,
agenda and the status of the Company at such time.

          In case of necessity or emergency, the Company may send such notices
to shareholders, as mentioned in the preceding paragraph by registered mail with
return receipt requested, at least 7 (Seven) days in advance.

     5.4 The quorum of the General Meeting of Shareholders shall consist of
shareholders or proxies holding not less than one-half of the total shares of
the Company present in such meeting.

     5.5 The Chairman of the Board of Directors of the Company shall preside at
every General Meeting of Shareholders. If the Chairman of the Board of Directors
is not present, the Vice Chairman of the Board of Directors shall preside at
that meeting. If the Chairman and the Vice Chairman are not present, the
shareholders present in that meeting will elect a Director to be the chairman of
the meeting.

     5.6 Ordinary resolutions of the General Meeting of Shareholders shall
require the votes not less than one-half of the total number of shares of all
shareholders present at the meeting, except for the following matters which
shall require the votes not less than three-fourths of the total shares of the
Company:

          5.6.1 Subject to Clause 9, the approval for the distribution of
dividends or appropriation to a reserve fund.

                                       -7-

<PAGE>

          5.6.2 The engagement in any business not related or incidental to the
provision of telecommunications services.

     5.7 The Board of Directors of the Company may hold an Extraordinary
Shareholders' Meeting whenever the Board of Directors finds it necessary or upon
request made by any party/parties or shareholder/shareholders who singly or
collectively hold(s) not less than one-fifth of the total shares.

     5.8 The undertaking of the following matters shall be made only by special
resolution of the General Meeting of Shareholders and shall first be approved by
CAT:

          5.8.1 Amendment of the Memorandum or Articles of Association other
than the amendment pursuant to the resolution of the Cabinet;

          5.8.2 Change in the shareholding proportion of i-Mobile in the Company
except for the cases under Clause 3.1, paragraph two and paragraph three;

          5.8.3 Transfer of all or part of the shares of i-Mobile in the Company
except for the case under Clause 3.1, paragraph two and paragraph three;

          5.8.4 Increase or reduction of the registered capital of the Company;

          5.8.5 Dissolution of the Company;

          5.8.6 Amalgamation;

          5.8.7 Change of the Company's status to be a public company; and

Clause 6. The Board of Directors

     6.1 The Board of Directors of the Company shall consist of the Directors
nominated by the respective Parties as follows:

          6.1.1 CAT to nominate:
               1 Vice Chairman of the Board
               2 Directors

          6.1.2 i-Mobile to nominate:
               1 Chairman of the Board
               4 Directors
               1 Managing Director

          Total 9 Directors

          Except as provided for in Clauses 2.3, 2.4, 2.5 and 2.6, if CAT or
i-Mobile sells or disposes of or transfers its shares in the Company to the
other party or a third person or otherwise which causes the shareholding
proportion of CAT or i-Mobile in the Company to decrease, or if CAT or i-Mobile
purchases or accepts the disposal or transfer of shares held by the other party
in the Company from the other party, or if CAT or i-Mobile purchases or accepts
the disposal or transfer of shares held by a third person in the Company from
such

                                       -8-

<PAGE>

third person which causes the shareholding proportion of CAT or i-Mobile to
increase, the right to nominate persons for the appointment as directors of the
Company of the party whose shareholding proportion in the Company is increased
or decreased shall be amended such that the said party shall have the right to
nominate 1 director of the Company for each shareholding proportion of 10 per
cent of the total shares in the Company. For the purpose of this Clause, the
shareholding between 5 per cent and 10 per cent of the total shares of the
Company shall be treated as each shareholding proportion of 10 per cent of the
total shares in the Company.

          Irrespective of the shareholding proportion of CAT in the Company, CAT
shall always have the right to nominate at least 1 director of the Company.

          In case of vacancy in any position in the Board of Directors of the
Company, a new Director shall be appointed through the nomination of the party
being entitled to nominate the Director in such vacant position.

          Each Party shall always vote at the shareholders meeting in support of
the resolution for the appointment or change of the directors nominated by the
other Party as mentioned in the first paragraph

          The Parties shall ensure that the Directors nominated by each of them
shall vote or act in accordance with the terms and conditions of this Agreement
including the resolutions of the Board of Directors or the resolutions of the
general meeting of shareholders which have been duly adopted according to the
terms and conditions hereof.

     6.2  The Board of Directors of the Company shall have the following duties:

          6.2.1 Determining the business direction and strategy of the Company;

          6.2.2 Approving the business plan of the Company;

          6.2.3 Determining the financial and investment plans;

          6.2.4 Controlling the operation of the Company in order to be in
compliance with the business plan and the budgets;

          6.2.5 Issuing regulations and fixing the duties, authority and
remuneration package of the Managing Director of the Company and other executive
officers;

          6.2.6 Approving the audited balance sheet and profit and loss accounts
of the Company and proposing the same to the meeting of shareholders for
approval;

          6.2.7 Supervising the management and administration of business of the
Company for the best interests of the Company in accordance with the Articles of
Association of the Company and the resolution(s) of the General Meeting of
Shareholders;

          6.2.8 Entrusting the Managing Director with duties and
responsibilities as it deems appropriate;

                                       -9-

<PAGE>

          6.2.9 Approving the guidelines for determining the remuneration
package of staff (other than the executive officers referred to in Clause 6.2.5)
and approving the bonus of all staff (including executive officers);

          6.2.10 Fixing the policy and rate(s) of service fee to make it
consistent with the market condition.

          The Parties agree that the Directors appointed through the nomination
of each respective Parties shall be entitled to engage in any business of the
same nature as of the business of the Company, and subsequent to the statutory
meeting, the General Meeting of Shareholders shall resolve to consent to such
engagement pursuant to Section 1168 of the Civil and Commercial Code, provided
always that all the Directors still have the duties to act for the best
interests of the Company.

     6.3 The Vice Chairman of the Board and Directors appointed through the
nomination of CAT under Clause 6.1.1, shall be CAT personnel.

     6.4 A Director need not be shareholder of the Company.

     6.5 One of the Directors nominated by CAT and one of the Directors
nominated by i-Mobile whom are assigned by the Company's Board of Directors
shall be authorized to enter into any juristic act and to sign any document to
bind the Company.

     6.6 At the first Ordinary Shareholders' Meeting in each year, one-third of
the Directors, or, if their number is not a multiple of three, then the number
nearest to one-third must retire from office.

          The Directors to retire during the first and second years subsequent
to the execution of this Agreement shall be drawn by lots. In every subsequent
year, the Directors who have been longest in office shall retire.

          The retiring Directors are eligible for re-election.

     6.7 Quorum of the Meeting of the Board of Directors of the Company shall be
the presence, whether in person or by proxy, of more than one-half of the total
number of directors. The Chairman of the Board shall be the Chairman of the
meeting, or if the Chairman of the Board is not present, the Vice Chairman of
the Board shall then be the Chairman of the meeting. If the Chairman of the
Board and the Vice Chairman of the Board are not present, the Directors present
may choose one of their members to be chairman of such meeting.

     6.8 Notwithstanding the number of Directors or their proxies who are
present at any Meeting of the Board of Directors and thereby constitute a
quorum, resolutions of the Meeting of the Board of Directors in the following
matters shall require the votes not less than one-half of the total number of
directors present at the meeting and one of which shall always be the vote of
the Director nominated by CAT:

          6.8.1 Any policy other than the principal objective(s) of the Company
which bears a risk;

                                      -10-

<PAGE>

          6.8.2 Change of any major policy which has generally been implemented
in the operations of the Company;

          6.8.3 Subject to Clause 9, payment of interim dividends;

          6.8.4 Amendment of the Memorandum or Articles of Association of the
Company;

          6.8.5 Increase or decrease in registered capital;

          6.8.6 Dissolution or amalgamation of the Company;

          6.8.7 Sale, mortgage, creation of any encumbrance or disposal of any
asset of the Company with a value in excess of Baht 500 million (Five hundred
million Baht);

          6.8.8 The entering into any commitment for a period of more than 10
(Ten) years;

          6.8.9 Change of the Company's status to be a public company;

          6.8.10 Planning of annual administrative plan;

          6.8.11 The entering into a borrowing agreement or lending of fund to
any person or giving guarantee in excess of Baht 500 million (Five hundred
million Baht);

          6.8.12 The institution of composition process by arbitration or
judicial proceedings;

          6.8.13 The creation of encumbrances over the Company's rights and
assets to a third party except as permitted according to the agreement made with
CAT;

          6.8.14 Transfer of the Company's assets to a third party other than in
the normal course of business of the Company; and

          6.8.15 Operation of the Company's business outside the main objectives
of this Agreement.

          In the case that the Annual Budget for any year is not approved by the
Board of Directors, then the Annual Budget of the previous year shall apply for
such year until the Board of Directors approves the Annual Budget for such year.

     6.9 Any resolution of the Meeting of the Board of Directors of the Company
other than those stipulated in Clause 6.8 shall require the votes not less than
one-half of the total number of directors present at the meeting.

     6.10 At any of such meeting, the Chairman of the Board and each Director
shall have 1 vote each.

                                      -11-

<PAGE>

     6.11 Each Director is entitled to appoint a proxy to attend and vote on his
behalf, at any meeting, provided each appointment shall be made in writing and
shall be presented to the chairman of any of the Meeting of the Board of
Directors at or before the beginning of such meeting.

     6.12 The Meeting of the Board of Directors shall be held at least once
every 3 (Three) months.

     6.13 Notices to the Meeting of the Board of Directors shall be given to the
Directors not less than 7 (Seven) days in advance. The notice requirement may be
waived if all the Directors agree.

     6.14 Any action required or permitted to be taken at any Board of Directors
meeting may be taken without convening a meeting if a resolution in writing,
setting forth the action to be so taken, is signed by all the Directors and
shall take effect as of the date of the signature of the last Director who
signs. Any such resolution may consist of several documents in like form, each
signed by one or more Directors. The duly signed resolution shall be delivered
to the Chairman and placed in the minutes book of the Company.

     6.15 A Director may attend the meeting by way of telephone or video
conference. In such case, no proxy is allowed. The quorum and passing of
resolution of the meeting in which one or more Director(s) participate(s) by way
of telephone conference shall be the same as those specified in Clauses 6.7, 6.8
and 6.9.

Clause 7. Managing Director

     7.1 The Managing Director is authorized to manage the Company businesses,
in accordance with the policy laid down by the Board of Directors of the
Company, in order to achieve the maximum benefit to the Company. The Managing
Director shall be responsible to report the result of the operation to the Board
of Directors of the Company including to suggest matters which will be
beneficial to the Company and to supervise the performance of the Company's
employees as he deems it appropriate.

     7.2 The appointment, transfer and change of the Managing Director or the
appointment of a substitute to replace the Managing Director who has resigned,
been disqualified or died, shall be in accordance with the approval given by the
General Meeting of Shareholders.

     7.3 The Managing Director is required to propose, to the consideration of
the Board of Directors, any matters which are beyond the powers and duties
entrusted to him by the Board of Directors.

Clause 8. Recruitment and Appointment of the Management

     8.1 The Board of Directors shall recruit and appoint, from persons
suggested by the Managing Director, members of the Management to operate the
businesses of the Company in accordance with the policy of the Board of
Directors.

     8.2 The Management shall at least report the following matters to the Board
of Directors:

                                      -12-

<PAGE>

          8.2.1 Matters to be reported monthly:

               8.2.1.1 Result of the monthly operations;

               8.2.1.2 Report on financial status;

               8.2.1.3 Report on other matters as required by the Board of
Directors.

          8.2.2 Matters to be reported annually:

               8.2.2.1 Annual Budget;

               8.2.2.2 Annual Operational Plan;

               8.2.2.3 3 (Three) years and 5 (Five) years Business Plan;

               8.2.2.4 Report on other matters as required by the Board of
Directors.

Clause 9. Payment of Dividend

     The Company shall, in accordance with the resolutions of the Board of
Directors and the General Meeting of Shareholders, pay dividend from the net
profit derived in that fiscal year or of the then accumulated profit available
for distribution, subject to the appropriation of prudent reserves for the
forthcoming year as the Board shall think necessary.

Clause 10. Accounts and Auditor

     10.1 The Company shall adopt the generally accepted accounting principles
in Thailand.

     10.2 The fiscal year of the Company shall commence on January 1 and end on
December 31 of the same year.

     10.3 The auditors shall be appointed from the persons in
PricewaterhouseCoopers or other international auditing office as shall be
approved by the shareholders meeting.

Clause 11. Amendment

     11.1 Any addition to, modification, adjustment or amendment of this
Agreement, other than those made by virtue of the Cabinet resolution, shall, by
an unanimous resolution of the Parties hereto, be made in writing and signed by
the Parties in the same manner as required in the signing of this Agreement.

          In case where there is a Cabinet resolution during the term of this
Agreement which makes it necessary to effect any addition to, modification,
adjustment or amendment of this Agreement, the Parties agree to effect the same
to make this Agreement consistent with such Cabinet resolution.

                                      -13-

<PAGE>

     11.2 If it appears at any time that any provision of this Agreement is held
to be invalid, illegal or unenforceable in any respect, such provision shall be
fully several and this Agreement shall be construed and enforced as if such
invalid, illegal or unenforceable provision never comprised a part hereof. The
Parties agree to effect any of the acts as stipulated in Clause 11.1 to reach a
provision(s) which is/are valid, legal and enforceable in lieu of such invalid,
illegal or unenforceable provisions and which is attainable to the business
objective or objective as much as possible.

Clause 12. Operations of the Company

     To enable CAT to participate in the operation and to orientate itself to
the business management of a private company, the Parties agree that, CAT may
designate its personal to join in the administrative, managerial and service
operational levels of the Company, and the Company shall, throughout the term of
this Agreement bear all costs relating to expenses, salary, wage, overtime
payment, bonus and other welfare and other monies for such CAT personnel. CAT
and the Company shall jointly fix the direction and duration of service,
position, number of staffs and other conditions as CAT and the Company deem it
appropriate.

Clause 13. Miscellaneous

     13.1 In the event of a conflict or inconsistency between the terms of this
Agreement and the Articles of Association of the Company, the terms of this
Agreement shall prevail, and the Company shall amend the stipulations of the
Articles of Association to make them consistent with the stipulations of this
Agreement.

     13.2 Force majeure shall be interpreted in accordance with the Civil and
Commercial Code.

     13.3 All agreements, stipulations or writings made or entered into prior to
the execution of this Agreement and which are contradictory to this Agreement,
shall have no binding effect upon the Parties. The Parties shall be bound by
this Agreement and any agreement to be subsequently entered into after the date
hereof.

     13.4 The Parties shall conclude the Memorandum and Articles of Association
of the Company in line with the stipulations of this Agreement.

     13.5 Subject to Clause 6.8, i-Mobile shall be responsible to arrange loans,
guarantee such loans and/or provide the guarantor thereof to enable the Company
to operate under its objectives and in accordance with the obligations under
this Agreement, so as to achieve the maximum benefit to the Company.

     13.6 i-Mobile shall not assign its rights and obligations under this
Agreement to any third party unless with prior written consent of CAT.

     13.7 The operation of business under this Agreement shall not render any
parties holding shares alongside with CAT or any employees of such parties to
become CAT personnel.

                                      -14-

<PAGE>

     13.8 This Agreement shall be construed in accordance with the law of
Thailand. The interpretation of any question arisen out of this Agreement or any
documents relating to the same, shall be made in accordance with the law of
Thailand.

     13.9 In case of any dispute, conflict or claim arising out of or in
connection with this Agreement including the breach, termination or validity of
this Agreement, the Parties wish to have the same settled by arbitration in
accordance with the UNCITRAL Arbitration Rules applicable at the time of
submission of the dispute to arbitration or other arbitration rules as may be
agreed by both parties.

          The arbitral tribunal shall consist of three arbitrators, one of whom
appointed by CAT and one by i-Mobile. The two arbitrators shall then jointly
appoint the third arbitrator to be the chairman of the arbitral tribunal. If the
two arbitrators cannot reach an agreement, the Director of the Arbitration
Office, Ministry of Justice shall then appoint the third arbitrator. The
arbitration shall be conducted in Bangkok Metropolis, Thailand in the Thai
language.

     13.10 CAT reserves the right to assign its rights and/or duties hereunder
to other juristic entity established under the Act in order to take over the
telecommunication business of CAT, whereupon it shall be deemed that i-Mobile
has unconditionally agreed and consented to such assignment. CAT shall give a
notice of such assignment of rights and/or duties to i-Mobile in writing.

          In case of the change of status or conversion of CAT into a new
juristic entity, i-Mobile shall agree and consent to the assignment of CAT's
rights and/or duties hereunder to such new juristic entity for the purpose of
the continuation of relevant businesses hereunder.

          i-Mobile agrees and consents to waive its right to make any objection,
protest or claim as a result of the assignment of rights and/or duties under the
first and second paragraph, and agrees to give its consent to the assignment of
rights and/or duties hereunder to the new juristic entity under the first and
second paragraph in all respects.

Clause 14. Notices to Shareholders

     14.1 All notices relating to this Agreement shall be made in writing and
sent to each respective Parties by registered mail with return receipt
requested, at the addresses stipulated in Clause 14.2.

     14.2 Addresses of each of the Parties on the date hereof are:

          14.2.1 CAT with its head office located at No. 99 Mu 3, Chaeng
Watthana Road, Kwaeng Thung Song Hong, Khet Laksi, Bangkok Metropolis 10002.

          14.2.2 i-Mobile with its head office located at No. 990 22nd-25th
Floors, Rama IV Road, Khwaeng Silom, Khet Bangrak, Bangkok Metropolis 10500.

     14.3 Any party intending to change its address from that stipulated in
Clause 14.2, shall be required to notify the other party not less than 3 (Three)
days prior to such change.

                                      -15-

<PAGE>

Clause 15. Performance Security

     15.1 Within 7 days after the date on which i-Mobile has duly accepted the
transfer of shares and the share certificates of the Company as provided in
Clause 16, to guarantee the performance under this Agreement, i-Mobile shall
provide a Letter of Guarantee in the amount of Baht 487,500 (Four hundred eighty
seven thousand five hundred Baht) to CAT as the performance security under this
Agreement.

     15.2 If i-Mobile is in breach of any stipulation of this Agreement and
fails to rectify the same within 60 (Sixty) days from the date of being notified
by CAT, i-Mobile consents for CAT to confiscate the security or to immediately
claim the bank issuing the Letter of Guarantee for payment of such amount
guaranteed.

     15.3 i-Mobile shall be able to recover the security provided under this
Agreement upon the release of its obligations hereunder.

Clause 16. Effective Date

     This Agreement shall be effective as from the date on which i-Mobile has
duly accepted the transfer of shares from Tawan in accordance with the Agreement
for Assignment of Rights, Duties and Liabilities under the Shareholders
Agreement of Tawan Mobile Telecom Company Limited between CAT, Tawan and
i-Mobile dated
               --------------------

Clause 17. Termination Right

     i-Mobile agrees to cause Tawan to duly and completely transfer its shares
of approximately 65% to i-Mobile within 45 (forty-five) days from the day
following the execution date hereof. If Tawan fails to transfer those shares to
i-Mobile and/or i-Mobile refuses to accept the transfer of those shares from
Tawan in full and complete order with the prescribed time, i-Mobile agrees that
CAT may immediately terminate this Agreement without prior notice.

Clause 18. Termination of the Agreement

     If any party is no longer a shareholder of the Company, this Agreement
shall become unenforceable only in respect of such party but shall remain
enforceable to the party that still holds shares in the Company; except that in
case of the transfer of shares of CAT to a juristic entity receiving the rights
and/or duties hereunder from CAT according to Clause 13.10, paragraph one,
and/or the juristic entity transformed or converted from CAT according to Clause
13.10, paragraph two, or a subsidiary company or affiliated company of CAT or of
the juristic entity receiving the transfer of rights and/or duties hereunder
from CAT according to Clause 13.10, paragraph one and/or of the juristic entity
transformed or converted from CAT according to Clause 13.10, paragraph two, the
Parties agree that this Agreement shall remain enforceable in respect of the
transferee of shares from CAT.

     The terms "subsidiary company" and "affiliated company" under the first
paragraph shall have the meanings as ascribed in Clause 3.1.

                                      -16-

<PAGE>

Clause 19. Attachments

     The following documents are attached hereto and shall be deemed as part
hereof:

     19.1 The Certification Document (Affidavit) of i-Mobile Holdings Co., Ltd.
issued by the Bangkok Metropolis Partnerships and Companies Registration Office.

     Any terms in the attachments conflicts to this agreement, the term in this
agreement shall be prevail.

     This Agreement is made in duplicate with identical content. The Parties
have thoroughly read and understood the same and, therefore, set their hands
together with their seal (if any) affixed in presence of witnesses, each holding
one copy.

The Communications Authority of Thailand   i-Mobile Holdings Company Limited

Signed                                     Signed
       ---------------------------------          ------------------------------
       (Mr. Thirapong Suttinon)                   (Mr. Stephen Wing Fai Sun)

Signed                           Witness   Signed                        Witness
       -------------------------                  ----------------------
       (Mr. Ormsin Chevapruk)                     (Mr. Tim Tak Timothy Wong)

Signed                           Witness   Signed                        Witness
       -------------------------                  ----------------------
       (Mr. Wattanachai Wattanasonthi)            (Mr. Wisit Kanjanopas)

                                      -17-

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