Document:

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                                                                   Exhibit 10.78

                        SHAREHOLDERS AND OPTION AGREEMENT

                                      DATED

                                16 OCTOBER, 2000

                     Light Power Telecommunications Limited

                                       and

                            DPBB (Thailand) Limited

                                       and

                            PKNS (Thailand) Limited

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

                                  in respect of
                             PKNS (Thailand) Limited

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

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

BETWEEN:

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

B.   DPBB (Thailand) Limited, a company incorporated in Thailand whose
     registered office is at 22nd-25th Floor, 990 Rama IV Road, Silom, Bangrak,
     Bangkok 10500, Thailand ("DPBB"); and

C.   PKNS (Thailand) Limited, a company incorporated in Thailand whose
     registered office is at 22nd-25th Floor, 990 Rama IV Road, Silom, Bangrak,
     Bangkok 10500, Thailand (the "Company").

     (Each of the aforesaid shall be referred to as "Party" and collectively
     as "Parties")

WHEREAS:

A.   The Company has been incorporated with the main object of investing in
     Thai companies that carry out activities relating to the telecommunications
     sector.

B.   On or before the Effective Date, the registered share capital of the
     Company will be one million Baht (Baht 1,000,000) divided into 49,000
     ordinary shares of par value Baht 10 each (the ""A" Shares") and 51,000
     preference shares of par value Baht 10 each (the "B" Shares").

C.   On or before the Effective Date, Light Power will hold all of the "A"
     Shares, being 49% of the share capital of the Company and DPBB will hold
     all of the "B" Shares (other than 5 "B" Shares which will be held by the
     persons named in the register of members of the Company), being the balance
     of 51% of the share capital of the Company.

D.   The Parties have entered into this Agreement to confirm their understanding
     regarding the regulation of the affairs and management of the Company, and
     the relationship between its shareholders, and to provide for Light Power's
     option to acquire an additional interest in the Company.

NOW THEREFORE, in consideration of the mutual covenants and obligations herein
contained, the Parties hereby agree as follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  Definitions

     In this Agreement, the following words and expressions shall, except where
     the context otherwise requires, have the following meanings:

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     ""A" Shares" means ordinary shares of par value Baht 10 each in the capital
     of the Company, giving the voting and other rights set forth in the
     Articles;

     "Affiliate" when used with reference to any corporate entity shall mean
     another company controlled by, controlling or under common control with
     that entity. For the purposes of this definition, "control" means either
     (i) the ownership (directly or indirectly) of more than twenty percent
     (20%) of the voting shares or comparable interests in such entity or other
     company, as the case may be; or (ii) the right to elect the majority of the
     directors of such entity or other company, as the case may be.

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

     "Alternate Director" is defined in Clause 6.6;

     "Articles" means the Articles of Association of the Company from time to
     time;

     ""B" Shares" means preference shares of par value Baht 10 each in the
     capital of the Company, giving the voting and other rights set forth in the
     Articles;

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

     "Business" means the business of the Company, being investments relating to
     the telecommunications sector in Thailand and matters incidental thereto;

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

     "Chairman" is defined in Clause 6.4;

     "Director" means a director of the Company from time to time and includes
     an Alternate Director;

     "DPBB Shares" means all the Shares to be held by DPBB 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;

     "Equity Contribution" is defined in Clause 3.2;

     "Event of Default" is defined in Clause 8.2(a);

     "Light Power Advance" means any sum advanced by Light Power to DPBB to
     enable DPBB to subscribe for "B" Shares, and includes any advance made
     prior to the Effective Date;

     "Light Power Loan" means the aggregate of all Light Power Advances from
     time to time;

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     "Light Power Shares" means the "A" Shares to be held by Light Power,
     constituting 49% of the registered share capital of the Company on or
     before the Effective Date, and includes any further Shares issued or
     Transferred to Light Power from time to time;

     "Offeror" is defined in Clause 4.3(a);

     "Offeree" is defined in Clause 4.3(a);

     "Person" shall mean any natural person, limited or unlimited liability
     company, corporation, general partnership, limited partnership,
     governmental, regulatory or legal body or any other entity, business
     organisation or authority;

     "Pledge" means the pledge dated the date of this Agreement providing for
     the pledge by DPBB to Light Power of all the DPBB Shares;

     "Sectoral Cap" shall mean the maximum prescribed limits of foreign
     investment imposed by the Government of Thailand from time to time in the
     sector(s) in which the Company is carrying on business;

     "Share" or "Shares" means, as applicable, "A" Share(s) and/or "B" Share(s);

     "Shareholder" means a holder of Shares in the Company;

     "Share Purchase Agreement" means the Share Purchase Agreement of even date
     between i-Mobile Holdings Co. Limited, Tawan Telecom Co., Ltd, Telecom
     Connections Limited, JB Power International Group Limited and others
     providing for the purchase by i-Mobile Holdings Co. Limited of 975,000
     shares in the capital of Tawan Mobile Telecom Co., Limited;

     "Termination Notice" is defined in Clause 8.2;

     "Transfer" means to transfer, sell, grant an option or warrant, assign,
     pledge, hypothecate, create a security interest in or lien on, place
     in trust (voting or otherwise), transfer by operation of law or in any
     other way subject to any encumbrance or dispose of, whether or not
     voluntarily. "Transferred" shall be construed accordingly;

     "Transfer Notice" is defined in Clause 4.3; and

     "Transfer Price" means the price specified in Clause 4.4.

1.2  Interpretation

     In this Agreement, unless the context otherwise requires:

     (a)  words denoting the singular number shall include the plural and vice
          versa;

     (b)  words denoting a person shall include an individual, corporation,
          company, partnership, trust or other entity;

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     (c)  headings and bold typeface are only for convenience and shall be
          ignored for the purposes of interpretation;

     (d)  references to the word "include" or "including" shall be construed
          without limitation;

     (e)  references to this Agreement or to any other agreement, deed or other
          instrument shall be construed as a reference to such agreement, deed
          or other instrument as the same may from time to time be amended,
          varied, supplemented or noted;

     (f)  reference to any party to this Agreement or any other agreement or
          deed or other instrument shall include its successors or permitted
          assigns;

     (g)  a reference to an article, clause, paragraph or schedule is, unless
          indicated to the contrary, a reference to an article, clause,
          paragraph or schedule of this Agreement;

     (h)  the schedule to this Agreement forms an integral part of this
          Agreement.

2.   CONDITIONS PRECEDENT

     This Agreement shall come into effect on the Effective Date but is
     conditional upon receipt of certified true copies of all and any
     resolutions authorising each Party respectively to enter into this
     Agreement and sign and do all necessary acts incidental thereto.

3.   SHARE CAPITAL OF THE COMPANY

3.1  Issued Share Capital

     On or before the Effective Date the registered share capital of the Company
     shall be held in the proportion of 49% by Light Power (represented by "A"
     Shares) and 51% by DPBB (represented by "B" Shares) (less 5 "B" Shares
     which are held by the persons named in the register of members of the
     Company from time to time).

3.2  Additional Capital Contributions

     The Board may from time to time call for and issue additional capital
     contributions for funding the Business or the operations or growth of the
     Company. Any such call shall not be in breach of the Sectoral Caps. Such
     additional capital shall be provided by way of shareholder loans or
     subscriptions for additional shares ("Equity Contributions") or any other
     manner which the Board determines to be appropriate. If the Board calls for
     additional capital by way of Equity Contributions, the Parties shall
     subscribe for Shares in proportion to their respective shareholding in the
     Company and to maintain the shareholding pattern referred to in Clause 3.3.

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3.3  Shareholding Pattern

     Unless otherwise agreed between the Parties, they shall maintain a ratio
     in the registered share capital of the Company of 49:51 between Light Power
     and DPBB respectively.

3.4  Light Power Advances

     If the Board makes a call for Equity Contributions, Light Power shall make
     an advance to DPBB of the sum required for DPBB to subscribe for additional
     "B" Shares and to maintain the shareholding pattern referred to in Clause
     3.3. DPBB shall sign a receipt evidencing such advance and deliver such
     document to Light Power for record.

     On or before the Effective Date, Light Power has made Light Power Advances
     in an aggregate amount of Baht 127,500.

3.5  Terms of Light Power Loan

     (a)  The Light Power Loan shall be interest-free and shall be repaid in
          the manner described in Clause 4.4.

     (b)  Light Power shall keep a record of all Light Power Advances made under
          this Agreement (and accordingly the principal amount of the Light
          Power Loan). In the absence of manifest error, Light Power's records
          shall be conclusive and binding. Light Power shall send DPBB an
          updated copy of such records on each occasion that a Light Power
          Advance is made and at any other time that DPBB shall request. DPBB
          shall sign such copy to acknowledge the receipt of the Advances and in
          acknowledgement of the accuracy of the records and deliver the same to
          Light Power as soon as practicable.

3.6  Pledge

     On the date hereof, DPBB shall duly execute the Pledge and all other
     ancillary documents requested by Light Power as security for the Light
     Power Loans.

4.   TRANSFERS OF SHARES IN THE COMPANY

4.1  Restrictions on Transfer

     Except as otherwise provided in this Agreement, or as otherwise agreed
     between the Parties;

     (a)  any Transfer of Shares shall be subject to the provisions of this
          Clause 4.

     (b)  no Transfer of any Shares shall be made which would result in any
          breach of the Sectoral Cap.

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4.2  Put Option and Call Options

     (a)  DPBB shall have the right to require Light Power to purchase the DPBB
          Shares in accordance with the procedure laid down in Clause 4.3 at the
          Transfer Price specified in Clause 4.4.

     (b)  Light Power shall have the right at any time to purchase the DPBB
          Shares in accordance with the procedure laid down in Clause 4.3 at the
          Transfer Price specified in Clause 4.4.

     (c)  Light Power may designate a third party as purchaser of the DPBB
          Shares which, to the extent required by the Sectoral Cap, shall be a
          Thai Person.

4.3  Transfer Procedure

     (a)  The exercise of any option specified in Sections 4.2, shall be by a
          written notice ("Transfer Notice") from the party exercising such
          option ("Offeror") to the other Party ("Offeree"). The effective
          date of exercise of the relevant option shall be the date of the
          Transfer Notice. Any sale or acquisition pursuant to a Transfer Notice
          shall be completed within the periods stipulated by Clause 4.3(c) or
          such other extended time which may be required to comply with
          applicable laws (including the obtaining of requisite approvals).

     (b)  Any notice given by Light Power (or response to any notice from DPBB)
          shall stipulate the name of any third party designated to purchase or
          take a transfer of the DPBB Shares in question.

     (c)  Any Transfer of the Shares shall, subject to any agreement between the
          Parties to the contrary and Clause 4.3(a), be completed within a
          period of 14 days from the Transfer Notice in question.

     (d)  If, in relation to the DPBB Shares, the Offeree fails to comply with
          the provisions of this Clause 4 within the specified time limits, the
          Offeree shall be deemed to have irrevocably appointed the Company as
          its attorney to deal with the matter in accordance with the directions
          of the Offeror. The Offeree hereby agrees to abide by the directions
          of the Offeror and undertakes to do or procure all necessary things
          and execute all necessary forms, documents and agreements to implement
          such directions.

4.4  Transfer Price

     The Transfer Price on any Transfer of the DPBB Shares pursuant to this
     Agreement shall be the cost incurred by DPBB in acquiring the DPBB Shares
     to be Transferred pursuant to the Transfer Notice. The Transfer Price for
     the DPBB Shares shall be paid by the cancellation of that part of DPBB's
     indebtedness under the Light Power Loans which was incurred for the
     acquisition of the DPBB Shares to be Transferred.

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4.5  Repayment of Loans etc.

     Upon a Transfer of all the Shares held by DPBB in accordance with the terms
     of this Agreement:

     (a)  DPBB shall repay all loans, loan capital, borrowing and indebtedness
          in the nature of borrowing owed by it to the Company (together with
          any accrued interest);

     (b)  the Company shall repay all loans, loan capital, borrowing and
          indebtedness in the nature of borrowing outstanding to the Company
          from DPBB (together with any accrued interest) ("Indebtedness"), to
          the extent that any such Indebtedness is not transferred to any
          purchaser or transferee of Shares in question. The Company may set off
          any Indebtedness owed by it to DPBB against any amounts owed to it by
          DPBB at the time of Transfer.

4.6  Other Transfers

     (a)  DPBB may not Transfer any of the DPBB Shares, other than pursuant to
          Clause 4.2 or the Pledge.

     (b)  Light Power may Transfer any of the Light Power Shares to any person,
          provided that prior to any such Transfer:

          (i)  Light Power shall provide written notice of such Transfer to
               DPBB (with a copy to the Company), such notice to specify the
               name of the to whom the Light Power Shares are to be transferred;
               and

          (ii) the purchaser shall have unconditionally undertaken to be bound
               by the terms of this Agreement and shall have executed a deed of
               adherence to the terms of this Agreement (including the
               assumption of obligation to make a proportionate amount of Light
               Power Advances).

     If Light Power Transfers any of the Light Power Shares as provided above,
     it may in its discretion, simultaneously transfer to the purchaser (a) the
     right to receive repayment of a proportionate part of the Light Power Loan;
     and (b) a proportionate part of the rights and obligations in respect of
     the put and call options granted under Clause 4.2 (to the extent such
     rights and obligations remain outstanding at the time of Transfer).

     Each Party agrees to take all action reasonably necessary to be taken on
     its part to effect the Transfer by Light Power of its Shares and its rights
     and obligations under this Agreement as provided above.

4.7  Stamp Duty

     Save as provided in Clause 8.3, Light Power or its designated person shall
     be liable to bear and pay the stamp duty for the transfer/purchase of the
     DPBB Shares.

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5.   SHAREHOLDER MATTERS

5.1  Meetings of Shareholders

     (a)  An AGM of the Company shall be held each calendar year, provided that
          not more than fifteen months shall have elapsed between one AGM and
          the next. Any meeting of the Shareholders other than an AGM shall be
          an EGM. The requirements for notices of AGMs or EGMs are contained in
          the Articles.

     (b)  The quorum for an AGM or EGM shall be at least two (2) Shareholders
          present in person or by proxy representing at least 49% of the total
          Shares of the Company provided that Light Power or its proxy is
          present in such meeting. If a proposed AGM or EGM is not validly
          constituted as required by this sub-clause, or if a quorum is not
          maintained throughout such meeting, the meeting shall be adjourned to
          a subsequent day which shall be no later than seven (7) days after the
          previous adjourned meeting. In the event that no quorum is present at
          the adjourned meeting, the Shareholder(s) present shall constitute a
          quorum and proceed with the meeting.

     (c)  The Chairman shall be chairman of each AGM or EGM. If the Chairman is
          not present, the Shareholders present may elect any other Director
          present as the chairman of the said AGM or EGM. The chairman of the
          AGM or EGM shall not have a casting vote.

     (d)  All resolutions shall, unless otherwise required by Thai laws, be
          passed by 60% of the total votes represented by the Shares of all the
          Shareholders present and voting at the AGM or EGM, as the case may be.

6.   BOARD OF DIRECTORS.

6.1  Constitution of the Board

     (a)  The Board shall consist of two Directors. The Board shall have the
          overall responsibility for management at the Company and may appoint
          and delegate such day to day functions to the Chairman, the Managing
          Director, or other executive officers of a committee, as it deems fit.

     (b)  The appointment or removal of any Director shall be subject to
          majority approval of the Board.

6.2  Meetings of the Board

     (a)  Any meeting of the Board shall be held in accordance with the
          Articles. The Chairman shall, at the request of any Director, convene
          a Board meeting by giving at least fourteen (14) Business Days' prior
          written notice of the meeting (or such shorter period as a majority of
          the Directors may agree) specifying the place, date and time thereof
          to the other Directors together with the agenda and details pertaining
          to the meeting including the nature of the business to be transacted.
          Notice of the Board meetings shall be given to each Director at the
          address of the Director provided to the Company for this purpose. The
          meetings of the Board shall be held in Thailand or any other place as
          the Board shall decide.

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     (b)  The quorum for any Board meeting shall be two Directors. If the quorum
          is not present throughout the meeting, then the meeting may be
          adjourned to a Business Day not less than seven (7) days from the date
          of the original meeting, on the same day of the week, time and place,
          unless otherwise notified.

     (c)  All decisions of the Board shall be taken by a unanimous vote of the
          Directors present or represented and voting at a Board meeting.

6.3  Resolutions by circulation or by telephone

     Resolutions of the Board may be passed by circulation, if the resolution
     has been circulated in draft, together with necessary papers, if any, to
     all the Directors, and has been approved and signed by all Directors.

     Any Director shall be entitled to participate in a Board meeting by
     telephone or teleconference (provided that such Director can hear, and be
     heard by, the other Directors). A Director participating in such manner
     shall be count towards the quorum of the relevant Board meeting.

6.4  Chairman

     The Chairman shall be appointed by the Board. The Chairman shall chair each
     Board meeting. The Chairman shall not have a casting vote.

6.5  Managing Director/Manager/Committees

     The Board shall have the power to nominate any Managing Director and other
     executive officers of the Company, or any committee of the Board, who shall
     each have such powers as may be decided by the Board from time to time.

6.6  Alternate Director

     Any Director (an "Original Director") may appoint an another Director (an
     "Alternate Director") to attend and vote at Board meetings for and in place
     of the Original Director. The Original Director shall notify the Company in
     writing of the appointment of any Alternate Director, and the revocation of
     such appointment.

7.   REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

7.1  General

     Each of the Parties severally represents and warrants to the others that as
     of the date hereof and as of the Effective Date that:

     (a)  it has full power and authority to enter into this Agreement and to
          perform its obligations under this Agreement;

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     (b)  the execution and delivery of this Agreement by it and the performance
          by such Party of its obligations under this Agreement have been duly
          and validly authorized by all necessary corporate action on the part
          of such Party;

     (c)  this Agreement constitutes a legal, valid, and binding obligation of
          that Party and is enforceable against such Party in accordance with
          its terms;

     (d)  the Party is not precluded by the terms of any contract, agreement or
          other instrument by which it is bound from entering into this
          Agreement, and the documents and agreements provided for, under this
          Agreement or the consummation by such Party of the transactions
          contemplated under this Agreement.

7.2  Corporate Status

     Save as disclosed, each of the Parties severally represents and warrants to
     the other Party that, as of the date hereof and as of the Effective Date:

     (a)  it is duly incorporated and organized and validly existing under the
          laws of the country of its incorporation; and

     (b)  the execution, delivery and performance by it of this Agreement and
          the compliance by it with the terms and provisions hereof and thereof,
          will not violate its certificate of incorporation or memorandum or
          articles of association.

8.   TERM AND TERMINATION

8.1  Term

     This Agreement shall become effective in accordance with Clause 2.1 and
     shall remain in full force and effect:

     (a)  until terminated by mutual consent of the Parties; or

     (b)  until Light Power or DPBB cease to be Shareholders of the Company
          (except by reason of any Transfer by Light Power to a purchaser as
          provided in Clause 4.6).

8.2  Termination

     (a)  Each of the following events shall constitute an Event of Default by a
          Party:

          (i)  that Party breaches or fails to perform any material term,
               covenant, agreement or undertaking contained in this Agreement
               and such breach or failure, if capable of remedy, is not remedied
               within thirty (30) days after written notice of such breach or
               failure is received from the other Party; or

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          (ii) any representation or warranty made by that Party in this
               Agreement is found to be false, inaccurate or misleading in any
               material respect; or

          (iii) that Party is adjudicated or declared bankrupt or insolvent,
               proposes or makes any arrangement or composition with, or any
               assignment for the benefit of its creditors or if an
               administrator or receiver is appointed over any part of the
               assets of undertaking of such Party.

     (b)  Upon the occurrence of an Event of Default, the Party not in default
          shall be entitled to give notice (a "Default Notice") on the other
          Party and the obligations of Light Power under Clauses 3.3 and 3.4
          shall be deemed to have been terminated with effect from the date of
          the Default Notice.

8.3  Consequences of Termination

     If the Company suffers any expenses, liabilities or losses as a result of
     an Event of Default, the defaulting Party shall indemnify the Company for
     all such expenses, liabilities or losses. The defaulting Party shall also
     bear all costs and expenses relating to the sale or acquisition of its
     Shares pursuant to such Event of Default, including registration, transfer
     and stamp duties.

9.   COVENANTS

     The Parties agree, covenant and undertake with each other:

     (a)  not to exercise or fail to exercise any of its voting or other rights
          in the Company available either under this Agreement or by law, in a
          manner which may have an adverse effect on the business and operations
          of the Company or the interests of the other Party;

     (b)  not to exercise or fail to exercise any of its voting or other rights
          in the Company available either under this Agreement or by law, in a
          manner which may be inconsistent with the terms of this Agreement.

10.  SURVIVAL OF PROVISIONS

10.1 Survival of Representations and Warranties

     The representations and warranties respectively made by the Parties in this
     Agreement will survive the Effective Date, and will remain in full force
     and effect until the termination of this Agreement.

10.2 Survival on Termination

     The provisions of Clauses 4, 8.3, 11, 12, and 13 shall survive termination
     of this Agreement.

11.  CONFIDENTIALITY

     (a)  Each Party shall;

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          (i)  refrain, and will cause its Affiliates and any respective
               officers, directors, employees, agents, consultants, advisers,
               and other representatives to refrain, from disclosing to any
               other Person any confidential documents or confidential
               information concerning the other Party hereto furnished to it in
               connection with this Agreement or the transactions contemplated
               hereby, and

          (ii) will refrain, and will cause its Affiliates and its or their
               respective officers, directors, employees, agents, and other
               representatives to refrain, from disclosing to any Person any
               confidential documents or confidential information concerning the
               Company unless:

               (A)  such disclosure is compelled by judicial or administrative
                    process or by other requirements of law and notice of such
                    disclosure is furnished to such other Party; or

               (B)  such confidential documents or information can be shown to
                    have been;

                    (i)  known by the Party hereto previous to it receiving such
                         documents or information;

                    (ii) in the public domain through no fault of such receiving
                         Party; or

                    (iii) later acquired by such receiving party from other
                         public sources.

     (b)  Each Party shall use its reasonable endeavors to ensure observance of
          the obligation of confidentiality under this Agreement by all its
          officers, advisors, employees, servants and agents who have access to
          the confidential information in the course of their duties. Each Party
          agrees and undertakes to be responsible to the other Parties, in the
          event of the breach of the obligation of confidentiality under this
          Agreement by any of its officers, advisors, employees, servants or
          agents.

12.  DISPUTE RESOLUTION

12.1 Consultation

     In the case of any dispute 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
     endeavor to reach an amicable settlement through mutual consultations and
     negotiations. If the Parties are unable to reach an amicable settlement
     within 30 days from the date on which the dispute arose (except as to any
     matter for which express provisions are made in this Agreement), any Party
     may submit the Dispute to the courts of Thailand for resolution.

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12.2 Referral to courts

     If a Dispute cannot be settled under the provisions of Clause 12.1 it shall
     be referred to the Thai courts for resolution. Each Party agrees to the
     jurisdiction of the Thai courts to hear and determine any Dispute.

13.  NOTICES

     (a)  All notices or other communication to be given under this Agreement
          shall be in writing and shall either be personally delivered or sent
          by registered post, courier, telex or facsimile transmission and shall
          be addressed for the attention of the persons addressed below:

          If to Light Power:

               Address:   Les Cascades Building,
                          Edith Cavell Street, Port Louis,
                          Mauritius

          With a copy to:

               Address:   Hutchison Telecommunciations International Limited
                          18/F1, Two Harbourfront
                          22 Tak Fung Street
                          Hunghom, Kowloon
                          Hong Kong

               Fax:       +852 2827 1371

               Attention: Group Managing Director

          And

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

               Fax:       +852 2128 1778

               Attention: Company Secretary

          If to DPBB:

               Address:   25th Floor, Abdulrahim Building
                          990 Rama IV Road
                          Silom, Bangrak
                          Bangkok, Thailand

               Fax:       +662 636 2222

               Attention: Mr. Wisit Kanjanopas

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          With a copy to:

               Address:   Hutchison Telecommunications International Limited
                          18/F1, Two Harbourfront
                          22 Tak Fung Street
                          Hunghom, Kowloon
                          Hong Kong

               Fax:       +852 2827 1371

               Attention: Group Managing Director

          And

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

               Fax:       +852 2128 1778

               Attention: Company Secretary

          If to the Company:

               Address:   25th Floor, Abdulrahim Building
                          990 Rama IV Road
                          Silom, Bangrak
                          Bangkok, Thailand

               Fax:       +662 636 2222

               Attention: Mr. Wisit Kanjanopas

          With a copy to:

               Address:   Hutchison Telecommunications International Limited
                          18/F1, Two Harbourfront
                          22 Tak Fung Street
                          Hunghom, Kowloon
                          Hong Kong

               Fax:       +852 2827-1371

               Attention: Group Managing Director

          And

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

               Fax:       +852 2128 1778

               Attention: Company Secretary

     (b)  Any Party may by notice change the address to which such notices and
          communication are to be delivered or transmitted.

     (c)  A notice shall be deemed to have been served as follows:

          (i)  if personally delivered, at the time of delivery;

          (ii) if sent by registered post or courier, at the time of delivery
               thereof to the person receiving the same; or

          (iii) if sent by facsimile transmission, at the time of production of
               a transmission report by the machine from which the facsimile was
               sent which indicates successful and complete transmission.

14.  MISCELLANEOUS PROVISIONS

14.1 No Waiver

     No waiver of any provision of this Agreement, nor consent to any departure
     from it by any Party, is effective unless it is in writing. A waiver or
     consent will be effective only for the purpose for which it was given. No
     default of delay on the part of any Party in exercising any rights,
     powers or privileges operates as a waiver of any right, nor does a single
     or partial exercise of a right preclude any exercise of other rights,
     powers or privileges. The remedies herein provided are cumulative and not
     exclusive of any remedies provided by law.

14.2 Amendment

     No amendment, variation, alteration or modification of this Agreement shall
     be effective unless made in writing and signed by all the Parties to this
     Agreement.

14.3 Assignment

     No Party shall assign or Transfer or purport to assign or Transfer any of
     its rights or obligations under this Agreement (except as provided in
     Clause 4 and pursuant to the Pledge) without the prior written consent of
     the other Parties.

14.4 Governing Law

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

                                       15

<PAGE>

14.5 Severability

     If any provision of this Agreement or any part thereof is declared or held
     to be invalid, illegal or unenforceable in any respect under applicable
     law, such invalidity, illegality or unenforceability shall not invalidate
     this entire Agreement. In that case, this Agreement shall be construed so
     as to limit any term or provision so as to make it enforceable or valid
     within the requirements of applicable law. In the event that such term or
     provision cannot be so limited, this Agreement shall be construed to omit
     such invalid, illegal or unenforceable provision.

14.6 Counterparts

     This Agreement is executed in counterparts by each of the Parties and each
     of the counterparts shall constitute an original but all of them shall
     constitute only one document.

14.7 Costs

     Each party to this Agreement shall bear and pay its own legal costs and
     other expenses in connection with the preparation, execution and completion
     of this Agreement.

14.8 No Agency or Partnership

     (a)  This Agreement shall not constitute the appointment of any Party as
          the legal representative or agent of any other. A Party shall not have
          right or authority, to assume, create or incur any liability or
          obligation (express or implied) against, in the name of, or on behalf
          of the other Party or the Company.

     (b)  Nothing in this Agreement creates or constitutes a partnership between
          the Parties.

     (c)  Each Party acknowledges that nothing in this Agreement gives it the
          right or authority to and undertakes not to represent or hold itself
          out as representing the other party to this Agreement, whether to bind
          it contractually or for any other purpose.

14.9 No Third Party Beneficiary

     Nothing expressed or mentioned in this Agreement is intended or will be
     construed to give any person other than the Parties and their permitted
     assigns and successors any legal or equitable right remedy or claim under
     or in respect of this Agreement or any provisions contained in it.

14.10 Set Off

     The Parties shall have the right at any time to set off their debts and/or
     financial obligations to one another in any manner as may be agreed between
     the Parties.

                                       16

<PAGE>

14.11 Change of Law

     In case of any change in law for the time being in force, the Parties shall
     discuss in good faith how best to amend this Agreement so as to make its
     terms consistent with the provisions of such changed law.

IN WITNESS WHEREOF the Parties hereto have entered into this Agreement the day
and year first above written.

Signed by
                                         )
                                         )
                                         ) [signature]
For and on behalf of                     ) -------------------------------------
Light Power Telecommunications Limited   )
in the presence of                       )

[signature]
--------------------------------------

Signed by                                )
                                         )
                                         )
For and on behalf of                     )
DPBB (Thailand) Limited                  )
in the presence of                       )

Signed by                                )
                                         )
                                         )
For and on behalf of                     )
PKNS (Thailand) Limited                  )
in the presence of                       )

                                       17<PAGE>

                                                                   Exhibit 10.81

                                     PLEDGE

               THIS PLEDGE is made on the 10th day of September 1998 between the
               following parties:

          (1)  ADVENT INVESTMENTS PTE. LTD., a company incorporated under the
               laws of Singapore (Company number: 199408473H), having its
               registered office at 1 King George's Avenue, #03-00 Rehau
               Building, Singapore ("Advent")

          (2)  BANK LEUMI LE-ISRAEL B.M., as trustee for the benefit of the
               Secured Creditors ("the Trustee")

WHEREAS:

(A)  the Banks are willing to make certain loan facilities available to Partner
     and other Borrowers (if any) on the terms and subject to the conditions set
     out in the Facility Agreement. One of those conditions is that Advent,
     being a shareholder of Partner, create this Pledge thereby granting to the
     Trustee for the benefit of the Secured Creditors (including the Trustee) a
     first-ranking pledge with respect to the Pledged Assets as security for the
     Secured Obligations, such pledge to be held by the Trustee on trust for the
     Secured Creditors; and

(B)  Advent is willing, as security for the Secured Obligations, to create in
     favour of the Trustee (as trustee for the benefit of the Secured Creditors
     (including the Trustee)), a first-ranking pledge over the Pledged Assets in
     accordance with the terms of this Pledge below; and

(C)  in accordance with the Equity Undertaking, Advent is willing, as security
     for its obligations under Section 2 of the Equity Undertaking, to create in
     favour of the Trustee (as trustee for the benefit of the Secured Creditors
     (including the Trustee)), a first-ranking fixed pledge and charge over the
     Advent Cash Collateral Account, in accordance with the terms of this Pledge
     below; and

<PAGE>

                                       -2-

(D)  the Trustee is holding the benefit of this Pledge on trust for the Secured
     Creditors in accordance with the terms of the Security Trust Deed; and

(E)  the Trustee acknowledges that realisation of the pledge under this Pledge
     is subject to the restrictions in relation to such realisation imposed
     under the Licence, namely, that the prior written consent of the Minister
     of Communications may be required prior to any such realisation.

1.   INTERPRETATION

1.1.      In this Pledge, the following terms have the meanings given to them in
          this clause 1.1:

1.1.1.         "Account Bank"              - means the Trustee or such other
                                             Israeli bank as the Trustee shall
                                             direct from time to time in
                                             accordance with clause 1.2.4 below;

1.1.2.         "Advent Cash Collateral     - means a bank account (in Israel) of
               Account"                      Advent with the Security Trustee
                                             denominated in either US Dollars or
                                             NIS into which moneys are to be
                                             paid pursuant to Sections 14
                                             (Events of Default) or 15 (Cash
                                             Collateral) of the Equity
                                             Undertaking;

1.1.3.         "Advent Unutilised          - means the Unutilised Cash Account
               Cash Account"                 (as defined in the Facility
                                             Agreement) in relation to Advent;

1.1.4.         "Business Day"              - means a day on which banks are
                                             generally open for business in
                                             Tel-Aviv;

1.1.5.         "Default Rate"              - means the default rate specified in
                                             clause 23.2 (Default Interest) of
                                             the Facility

<PAGE>

                                       -3-

                                             Agreement, save that where any
                                             default interest is payable in
                                             respect of a Secured Obligation not
                                             mentioned in the said clause 23.2,
                                             then, to the extent such Secured
                                             Obligation is payable or deemed
                                             payable under any Facility Document
                                             in: (i) US Dollars, then, for the
                                             purposes of ascertaining and
                                             calculating the applicable Default
                                             Rate thereon, such Secured
                                             Obligation shall be treated, for
                                             the purpose of this definition, as
                                             an International Advance; or (ii)
                                             NIS, then, for the purposes of
                                             ascertaining and calculating the
                                             applicable Default Rate thereon,
                                             such Secured Obligation shall be
                                             treated, for the purpose of this
                                             definition, as an Israeli Advance
                                             denominated in NIS;

1.1.6.         "Encumbrance"               - means: (a) a mortgage, charge,
                                             pledge, lien or other security
                                             interest securing any obligation of
                                             any person, (b) any arrangement
                                             under which money or claims to, or
                                             the benefit of, a bank or other
                                             account may be set-off or made
                                             subject to a combination of
                                             accounts so as to effect payment of
                                             sums owed or payable to any person,
                                             or (c) any other type of
                                             preferential arrangement (including
                                             title transfer and retention
                                             arrangements) having a similar
                                             effect:

1.1.7.         "Enforcement Event"         - means the occurrence of any Event
                                             of Default (as described in Section
                                             22 of the Facility Agreement, a
                                             copy of which clause is annexed
                                             hereto as Annexure A);

<PAGE>

                                       -4-

1.1.8.         "Existing Shares"           - means 25,500 Class A voting
                                             ordinary shares, nominal value NIS
                                             1.00 each in the share capital of
                                             Partner and 21,174 Class B
                                             non-voting ordinary shares, nominal
                                             value NIS 1.00 each, in the share
                                             capital of Partner, registered in
                                             the name of Advent;

1.1.9.         "Facility Agreement"        - means the Facility Agreement dated
                                             August 13, 1998 made between (1)
                                             Partner as the Borrower; (2) ABN
                                             AMRO Bank N.V., Bank Hapoalim B.M.,
                                             the Trustee, Chase Manhattan plc,
                                             and Citibank, N.A. as the
                                             Arrangers; (3) Chase Manhattan
                                             International Limited and Bank
                                             Hapoalim B.M., as the Facility
                                             Agents; (4) the Trustee as Security
                                             Trustee; (5) Chase Manhattan
                                             International Limited as
                                             Co-ordinating Agent; and (6) the
                                             Banks;

1.1.10.        "Obligor"                   - means all the Borrowers and
                                             Guarantors (as such terms are
                                             defined in the Facility Agreement);

1.1.11.        "Optional Israeli Banks"    - means Bank Hapoalim B.M., Israel
                                             Discount Bank Ltd., the First
                                             international Bank of Israel Ltd.
                                             and United Mizrahi Bank Ltd.;

1.1.12.        "Partner"                   - means Partner Communications
                                             Company Ltd., a company
                                             incorporated in Israel (registered
                                             number 51-253592-3);

1.1.13.        "Pledged Assets"            - means the Shares, Related Rights in
                                             respect thereof, and the
                                             Shareholders' Loans and the
                                             Realisation Account;

<PAGE>

                                       -5-

1.1.14.        "Realisation Account"       - means each account maintained from
                                             time to time by Advent for the
                                             purposes of clause 7 at the main
                                             branch of the Account Bank or such
                                             other branch of the Account Bank as
                                             the Trustee may from time to time
                                             approve;

1.1.15.        "Receiver"                  - means a receiver, receiver and
                                             administrator, an administrator or
                                             similar such officer (whether
                                             appointed provisionally,
                                             temporarily, or otherwise and
                                             whether appointed pursuant to this
                                             Pledge, pursuant to any law, by a
                                             court or otherwise);

1.1.16.        "Related Rights"            - means in relation to the Shares,
                                             all dividends or other moneys paid
                                             or payable in relation thereto and
                                             all shares, warrants, securities,
                                             rights, moneys or property accruing
                                             or offered at any time in relation
                                             to the Shares by way of redemption,
                                             substitution, exchange, bonus,
                                             pursuant to option rights or
                                             otherwise; excluding all dividends
                                             or other moneys received by Advent
                                             by way of Permitted Distributions;

1.1.17.        "Reservations"              - means the reservations listed in
                                             Annexure B hereto;

1.1.18.        "Secured Creditors"         - means the Security Trustee, the
                                             Coordinating Agent, the Facility
                                             Agents, the Arrangers, the Banks,
                                             the Secured Interest Rate Hedge
                                             Providers, Bank Leumi Le-lsrael
                                             B.M., in its capacity as issuer of
                                             the BLL Performance Bond and any
                                             other persons who shall have
                                             acceded to the Security Trust Deed
                                             (other than a party which has
                                             ceased to be a party thereto);

<PAGE>

                                       -6-

1.1.19.        "Secured Obligations"       - means all present and future
                                             obligations and liabilities
                                             (whether actual or contingent,
                                             whether owed jointly or severally,
                                             or in any other capacity
                                             whatsoever), of Partner and any
                                             other Obligor to the Secured
                                             Creditors (or any of them) under
                                             each of the Facility Documents as
                                             well as all amounts owed by Advent
                                             under this Pledge, together with
                                             all costs, charges and expenses
                                             (including legal fees) incurred by
                                             any Secured Creditor in connection
                                             with the protection, preservation
                                             or enforcement of its respective
                                             rights under the Facility
                                             Documents;

1.1.20.        "Security Period"           - means the period beginning on the
                                             date of this Pledge and ending on
                                             the date upon which the Trustee is
                                             reasonably satisfied that: (a) none
                                             of the Secured Creditors is under
                                             any commitment, obligation or
                                             liability (whether actual or
                                             contingent) to make advances or
                                             provide other financial
                                             accommodation to Partner or any
                                             other Borrower under the Facility
                                             Documents; and (b) all the Secured
                                             Obligations which have arisen have
                                             been unconditionally and
                                             irrevocably paid and discharged in
                                             full or the security hereby created
                                             has been unconditionally and
                                             irrevocably released and discharged
                                             by the Trustee;

1.1.21.        "Shareholders'
               Agreement"                  - means the agreement between the
                                             shareholders of Partner, confirmed
                                             and accepted by Partner, dated
                                             October 23,

<PAGE>

                                       -7-

                                           - 1997, as amended by Addenda dated
                                             October 26, 1997, February 18, 1998
                                             and Addendum No. 3 and No. 4 as
                                             delivered to the Co-ordinating
                                             Agent pursuant to paragraph 4(viii)
                                             of Schedule 4 of the Facility
                                             Agreement, as such agreement may
                                             further be amended from time to
                                             time;

1.1.22.        "Shareholders' Loans"       - means all rights of whatsoever
                                             nature of Advent under or in
                                             connection with any Shareholder
                                             Loan Agreement, excluding: (i)
                                             amounts of Shareholders' Loans
                                             given pursuant to any Person of
                                             Means Letter by way of a deposit in
                                             the Advent Unutilised Cash Account,
                                             so long as such amounts are so
                                             deposited in such account:, (ii)
                                             the right to receive, pursuant to
                                             clause 3.1(a)(ii) of the Equity
                                             Undertaking, payment of funds
                                             credited to the Charged Account;
                                             and (iii) all moneys received by
                                             Advent with respect to such
                                             Shareholders' Loans by way of
                                             Permitted Distributions;

1.1.23.        "Shares"                    - means the Existing Shares and all
                                             other shares or securities
                                             convertible into shares, in the
                                             capital of Partner held or to be
                                             held by Advent at any time during
                                             the Security Period.

1.2.1.         Unless otherwise defined in this Pledge, terms defined and
               references construed in the Facility Agreement shall have the
               same meaning and construction in this Pledge.

1.2.2.         Any payment made under any Facility Document which is capable of
               being avoided or otherwise set aside on liquidation of Partner or
               otherwise, shall, for as long as such payment is

<PAGE>

                                       -8-

               capable of being avoided or set aside, not be considered to have
               been irrevocably paid for the purposes of this Pledge.

1.2.3.         Unless otherwise stated, all references in this Pledge to this
               Pledge or to any other agreement or document shall be construed
               as a reference to this Pledge or such agreement or document as
               amended, varied, assigned, novated or supplemented from time to
               time and any reference to this Pledge or such other agreement or
               document shall, unless otherwise stated, include any agreement or
               document affecting such amendment, variation, assignment,
               novation or supplementation. References to this Pledge shall
               include any agreement or document entered into pursuant to or in
               accordance with the provisions hereof.

1.2.4.         The Trustee shall be entitled to direct that any bank or
               financial institution, other than itself, be the Account Bank;
               provided that, such bank or financial institution is: (i) one of
               the Optional Israeli Banks, or (ii) another Israeli bank or
               financial institution approved by Advent, which approval may not
               be unreasonably withheld, and further provided that there shall
               not be more than one Account Bank at any time. In the event of a
               direction by the Trustee as aforesaid, the amount (if any)
               standing to the credit of the Realisation Account maintained with
               the Trustee or, if applicable, a previous Realisation Account
               shall be transferred to the corresponding Realisation Account
               maintained with the new Account Bank forthwith upon such
               direction taking effect. Advent hereby irrevocably gives all
               authorisations and instructions necessary for any such transfer
               to be made and shall do all such things as the Trustee may
               reasonably request in order to facilitate any change of Account
               Bank as may be directed by the Trustee, from time to time, or any
               transfer of credit balances (including the execution of such
               bank's or financial institution's standard terms of operation of
               account forms, bank mandate forms and other standard forms
               necessary to open an account) and the Trustee is hereby
               irrevocably constituted Advent's attorney to do any such things
               should Advent fail to do so within 10 Business Days of being
               requested to do so by the Trustee.

<PAGE>

                                       -9-

1.2.5.         The recitals and Annexures hereto form an integral part hereof.

1.2.6.         Except as expressly provided, references to clauses, paragraphs
               and Annexures shall be construed as references to clauses and
               paragraphs of, and Annexures to, this Pledge.

1.2.7.         References to any statutory provision or regulation shall be
               deemed to include references to such statutory provision and/or
               regulation as re-enacted, amended, supplemented, extended or
               replaced from time to time (whether before or after the date of
               this Pledge) and are to include any order, regulation or other
               subordinate legislation made under or deriving validity from such
               statutory provision and/or regulation.

1.2.8.         Headings are inserted for convenience only and shall be ignored
               in construing this Pledge.

1.2.9.         References to "including" and "in particular" shall not be
               construed restrictively but shall mean, "including, without
               prejudice to the generality of the foregoing", "including,
               without limitation" and "in particular, but without prejudice to
               the generality of the foregoing", respectively.

1.2.10.        References to "writing" include facsimile transmission legibly
               received, except in relation to any certificate, notice,
               resolution or other document which is expressly required by this
               Pledge to be signed in the original, and "written" has
               corresponding meaning.

1.2.11.        Any consent, agreement or approval required from the Trustee
               under this Pledge must be obtained in writing and shall be of no
               effect if it is not in writing.

1.2.12.        References to "this Pledge" shall, unless the context otherwise
               requires, include also all other pledges and charges in favour of
               the Trustee made pursuant to this Pledge.

<PAGE>

                                      -10-

2.   PLEDGE

2.1.      Advent hereby grants to and settles upon the Security Trustee, to hold
          same on trust for the benefit of the Secured Creditors (including the
          Security Trustee), the terms of such trust being as specified in the
          Security Trust Deed (an agreement binding the Security Trustee and the
          Secured Creditors only), the security interests and rights, including
          the pledges, assignments by way of charge, other charges or other
          security interests or rights created or to be created pursuant to, and
          in accordance with, the provisions of this Pledge.

2.2.      Advent, as a continuing security for the full and punctual payment,
          discharge and performance of all the Secured Obligations in accordance
          with the Facility Documents and in accordance with Section 12 of the
          Pledges Law, 1967, hereby:

2.2.1.         pledges by way of a first-ranking fixed pledge (to the extent
               applicable to Shares) and pledges and assigns, by way of charge
               as a first-ranking fixed pledge and charge (to the extent
               applicable to all Related Rights other than the Shares), in
               favour of the Trustee (as trustee for the Secured Creditors): (i)
               the Existing Shares and all Related Rights in respect thereof and
               all right, title and interest of Advent in connection therewith,
               and (ii) all other Shares and Related Rights in respect thereof
               and all right, title and interest of Advent in connection
               therewith. For the removal of doubt, the Pledged Assets Include
               also all rights of Advent (as a shareholder of Partner), whether
               under law and/or under the Memorandum and Articles of Association
               of Partner, which derive from the Shares or any Related Rights in
               respect thereof; and

2.2.2.         pledges and assigns by way of charge as a first-ranking fixed
               pledge and charge, in favour of the Trustee (as trustee for the
               Secured Creditors), all right, title and interest of Advent in or
               arising in connection with the Shareholders' Loans.

          For the avoidance of any doubt, the Trustee and the Secured Creditors
          shall not be entitled to claim or receive payment from Advent in
          respect of the Secured Obligations, or to have recourse to

<PAGE>

                                      -11-

          any of its assets (save for its rights pursuant to clause 6.3
          hereunder in respect of the Advent Cash Collateral Account), pursuant
          to this Pledge, except, solely and exclusively, by way of realisation
          of the Pledged Assets pursuant to the Pledges Law, 1967 and to the
          extent only of the amounts, if any, received from such realisation;
          provided that the Trustee and the Secured Creditors shall be entitled
          to bring an application for realisation or other relief under Section
          21 of the Pledges Law, 1967, only if such claim is not based on: (i)
          an alleged reduction or loss in the value of the Shares or other
          Pledged Assets; or (ii) an allegation of the existence of
          circumstances which constitute an Enforcement Event (without reference
          to any cure period or notice period).

2.3.      In order to secure the rights of the Trustee in respect of the Pledged
          Assets, Advent hereby undertakes as follows:

2.3.1.         to deposit with the Trustee, upon the date of signature of this
               Pledge:

               (i)  original share certificates in the name of Advent in respect
                    of the Existing Shares;

               (ii) share transfer forms in respect of all the Existing Shares,
                    in the form required under the Articles of Association of
                    Partner, duly executed by Advent as transferor, and with the
                    transferee, the date and the consideration left blank; and

2.3.2.         to deposit with the Trustee on or prior to the date the first
               Drawdown Request is received by the International Facility Agent
               or the Israeli Facility Agent, as the case may be:

               (i)  an addendum to the Shareholders' Agreement, duly executed by
                    the parties thereto in the same form as delivered to the
                    Co-ordinating Agent pursuant to paragraph 4(viii) of
                    Schedule 4 of the Facility Agreement

<PAGE>

                                      -12-

                    and otherwise confirmed and accepted by Partner, amending
                    the Shareholders' Agreement such that:

                    (a)  any rights of first refusal, limitations on transfer of
                         shares in Partner or other provisions of the
                         Shareholders' Agreement which may restrict the pledge
                         of the Pledged Assets or any of them in accordance
                         with this Pledge or which may restrict the free
                         transfer of any Pledged Assets in the course of
                         realisation of any security under this Pledge, shall
                         not apply to this Pledge or to any other Share Pledge
                         or to any transfer made as part of any realisation
                         under this Pledge or under any other Share Pledge
                         (except as otherwise required under the Licence);

                    (b)  the Shareholders of Partner shall be obliged (as an
                         obligation also in favour of the Trustee (for the
                         benefit of the Secured Creditors) (including the
                         Trustee)) to procure that the provision of Partner's
                         Articles of Association to be inserted pursuant to
                         clause 2.3.2(ii)(c) below is at all times valid and
                         enforced; and

                    (c)  upon a sale or transfer of more than 50% of the issued
                         share capital and voting rights of Partner made as part
                         of the realisation of the Pledged Assets or any part
                         thereof, in accordance with this Pledge and/or any
                         other Share Pledge, the Shareholders' Agreement shall
                         terminate and no longer have any force or effect;

               (ii) a protocol of a special resolution of the shareholders of
                    Partner, in the same form as delivered to the Coordinating
                    Agent pursuant to paragraph 4(ix) of

<PAGE>

                                      -13-

                    Schedule 4 of the Facility Agreement, duly passed, amending
                    the Articles of Association of Partner, such that:

                    (a)  the provisions of Articles 22-27 (inclusive) of the
                         Articles of Association shall not apply to the pledges
                         being the subject of this Pledge or of any other Share
                         Pledge or to any transfer of any pledged assets made
                         within the framework of the realisation of any such
                         pledge and that any rights of first refusal,
                         limitations on transfer of shares in Partner and other
                         provisions of the Articles of Association which may in
                         any way restrict the pledging of the Pledged Assets as
                         contemplated under this Pledge or the pledging of any
                         other pledged assets as contemplated under any other
                         Share Pledge or the free transfer of any Pledged Assets
                         in the course of realisation under this Pledge or the
                         free transfer of any pledged assets in the course of
                         realisation of any other Share Pledge, shall not apply
                         to any such pledging or to any such transfer made
                         within the framework of realisation as aforesaid;

                    (b)  the Board of Directors of Partner shall approve any
                         transfer of shares of Partner (which is not prohibited
                         under the Licence or under any law) made in the course
                         of realisation of any Shares pursuant to this Pledge
                         and/or any other Share Pledge, which transfer is not
                         prohibited under the Licence or under any law, and
                         shall register any such transfer in the Register of
                         Members of Partner, promptly following receipt of the
                         relevant share certificates and duly executed share
                         transfer forms;

                    (c)  Partner shall not issue any shares or other securities
                         convertible into shares, including to Advent, unless
                         the Trustee is reasonably satisfied that such shares or
                         other securities convertible into shares and all
                         Related Rights in respect thereof shall immediately
                         upon the issue thereof be duly pledged by way of a

<PAGE>

                                       -14-

                         first-ranking fixed pledge in favour of the Trustee
                         (for the benefit of the Secured Creditors) pursuant to
                         a pledge in a form, mutatis mutandis, the same as this
                         Pledge which is duly registered and valid, all to the
                         reasonable satisfaction of the Trustee, and the
                         transferee is not an individual guarantor ("Arev
                         Yachid"), within the meaning of the Guarantee Law,
                         1967; and

                    (d)  upon a sale or transfer of more than 50% of the issued
                         share capital and voting rights of Partner made as part
                         of the realisation of the Pledged Assets or any part
                         thereof in accordance with any of the Share Pledges,
                         all provisions of the Articles of Association, to the
                         extent they refer to or reflect any provisions of the
                         Shareholders' Agreement (including the relevant parts
                         of Articles 12.1, 23.10, 46.1, 46.2, 69.3 and 69.4),
                         shall terminate and no longer have any force or effect;

2.3.3.         to sign and deliver to the Trustee on the date of signature
               hereof all documents as are necessary in the reasonable opinion
               of the Trustee, for the purposes of registering the pledges
               hereby created with the Registrar of Pledges and/or the Registrar
               of Companies and/or the Singapore Registrar of Companies, as
               applicable;

2.3.4          to procure that Partner sign on the date of signature hereof the
               acknowledgment of the pledge and pledge and assignment by way of
               charge (as the case may be) of the Pledged Assets pursuant to
               this Pledge, appearing on the signature page of this Pledge;

2.3.5          promptly following the first request of the Trustee, to take all
               steps as the Trustee may reasonably require so that the pledge or
               pledges created hereunder or pursuant hereto shall be valid and
               binding against other creditors of Advent and to execute and/or
               deliver to the Trustee any additional and/or new pledge or
               amendment of this Pledge and any other documents as the

<PAGE>

                                      -15-

               Trustee shall reasonably require for this purpose, including, to
               the extent reasonably required by the Trustee, pledge with
               respect to any Shares constituting Related Rights in respect of
               the Existing Shares, share certificates in respect of such shares
               or other securities and share transfer forms, mutatis mutandis as
               referred to in clauses 2.3.1(i) and (ii) in respect of such
               shares or other securities and notices of pledge and other
               documents required to be deposited with the Registrar of Pledges
               in order to register any such other pledges and to be lodged with
               the Registry of Companies in Singapore in order to register the
               charges created hereunder or thereunder.

2.4.      Without derogating from clause 2.3 above, Advent hereby undertakes:

2.4.1.         to execute promptly following the acquisition by it of any shares
               or other securities in Partner (other than the Existing Shares
               or Related Rights in respect thereof), or the making by it of
               any Shareholders' Loans (to the extent the Trustee reasonably
               believes that the same is not effectively pledged hereunder), a
               pledge in the same form, mutatis mutandis, as this Pledge, in
               respect of such shares or other securities or such Shareholders'
               Loans, as the case may be;

2.4.2.         immediately upon the acquisition by Advent of such other Shares
               or Related Rights in connection therewith, to deposit with the
               Trustee the original share (or, if applicable, other)
               certificates in respect thereof, together with duly executed
               share transfer deeds, mutatis mutandis, as referred to in clause
               2.3.1 (ii) above; and

2.4.3.         to take all the same steps, mutatis mutandis, to perfect the
               aforesaid pledges as set out in clause 2.3 above.

2.5.      Advent, as a continuing security for the full and punctual payment,
          discharge and performance of all the obligations of Advent pursuant to
          Section 2 of the Equity Undertaking hereby charges in favour of the
          Trustee (as trustee for the benefit of the Secured Creditors), by way
          of a first-ranking fixed pledge and charge, all moneys (including
          interest) from time to time standing to the credit of the Advent Cash

<PAGE>

                                      -16-

          Collateral Account and the debt to Advent represented thereby. For the
          removal of doubt, notwithstanding anything to the contrary in this
          Pledge, Advent shall be entitled to act in respect to the Advent Cash
          Collateral Account in the manner permitted to it under, and subject to
          the terms and conditions of, Section 15 of the Equity Undertaking.

2.6.      Advent shall not be entitled, and hereby waives any right pursuant to
          Section 13(b) of the Pledge Law, 1967 to redeem any pledge given
          hereunder, provided that Advent shall be entitled to redeem its
          pledges hereunder only: (i) in the event that all the Secured
          Obligations are paid and discharged in full in accordance with all the
          terms and conditions of the Facility Agreement which would be
          applicable were the Obligors to voluntarily prepay all the Secured
          Obligations in accordance with the applicable provisions of the
          Facility Agreement and otherwise in accordance with all the relevant
          Facility Documents, and (ii) if at such time none of the Banks is
          under any commitment, obligation or liability (whether actual or
          contingent) under any of the Facility Documents to make advances or
          provide other financial accommodation to Partner or any other
          Borrower.

2.7.      For the removal of doubt, nothing in this Pledge shall be construed as
          prohibiting any amendment of the terms of any Shareholder Loan,
          provided that following such amendment, the conditions of the
          Shareholder Loan comply with the Shareholders' Loan Agreement
          (Schedule 4 to the Equity Undertaking) and such Shareholder Loan
          otherwise complies with all applicable provisions of the Facility
          Documents.

3.   REPRESENTATIONS AND WARRANTIES

     Advent, as at the date of the entering into of this Pledge by all the
     parties hereto, makes the representations and warranties set out in clauses
     3.1 to 3.12 below and acknowledges that the Secured Creditors have entered
     into the Facility Documents in reliance on those representations and
     warranties (in addition to any other warranties and representations as set
     out in the Facility Documents):

3.1.      Advent is a company limited by shares, duly Incorporated under the
          laws of Singapore with power to enter into this Pledge and to

<PAGE>

                                      -17-

          exercise its rights and perform its obligations hereunder and all
          corporate and other action required to authorise its execution of this
          Pledge and the performance by it of its obligations hereunder have
          duly been taken.

3.2.      The obligations expressed to be assumed by Advent in this Pledge are
          legal and valid obligations binding on Advent and enforceable in
          accordance with the terms hereof, subject to the Reservations.

3.3.      All the Existing Shares are validly issued and fully paid-up.

3.4.      No Receiver, liquidator or similar officer has been appointed with
          respect to Advent or any material part of its assets nor is it aware
          of any petition or proceedings for such appointment pending.

3.5.      The entering into of this Pledge (after its execution by all the
          parties hereto) by Advent and the exercise of Advent's rights and
          performance of Advent's obligations hereunder do not and will not: (a)
          (in circumstances or to an extent which will have a material adverse
          effect on its ability to comply with its obligations under this
          Pledge) conflict with any agreement, charge or other instrument or
          document to which it is a party or which is binding upon it or any of
          its assets, (b) conflict with its documents of incorporation or
          constitutive documents, or (c) conflict with any applicable law,
          regulation or official judicial order:

3.6.      This Pledge creates those first-ranking pledges and charges as set
          forth herein.

3.7.      Under the laws of its jurisdiction of incorporation, it is not
          necessary for creation and perfection of this Pledge that this Pledge
          be filed, recorded or enrolled with any court or other authority or
          that any stamp, registration or similar tax be paid on or in relation
          to this Pledge, save as set out in Annexure C hereto.

3.8.      Advent is the legal and beneficial owner of the Existing Shares and
          any Related Rights in respect thereof, free and clear of any
          Encumbrance (save for the pledges created pursuant to this Pledge) or
          other rights of third parties of whatsoever nature (save for rights of

<PAGE>

                                      -18-

          Shareholders pursuant to the Shareholders' Agreement or the Articles
          of Association of Partner which do not derogate from the provisions
          referred to in clause 2.3.2(i) above). Advent is the legal and
          beneficial owner of the Shareholders' Loans, free and clear of any
          Encumbrance or other rights of third parties of whatsoever nature,
          save for the pledges created pursuant to this Pledge and save for the
          rights granted pursuant to the Subordination Agreement. Advent is the
          legal and beneficial owner of the Advent Cash Collateral Account and
          the debt to Advent represented thereby (if any), free and clear of any
          Encumbrance (save for the pledges created pursuant to this Pledge)
          subject to the provisions of the Equity Undertaking.

3.9.      No person has any right or option to purchase the Existing Shares or
          any of them or any Related Rights in respect thereof, the
          Shareholders' Loans or the Advent Cash Collateral Account, except and
          to the extent set forth in the Shareholders' Agreement.

3.10.     There is no restriction or limit (whether under the Shareholders'
          Agreement, Memorandum and Articles of Association of Partner or
          otherwise) on the transfer or pledge of the Shares, the Shareholders'
          Loans or the Advent Cash Collateral Account pursuant to this Pledge or
          upon realisation of the pledges and charges hereunder, except as may
          be applicable under the Licence or under applicable law.

3.11.     No consent, approval, authorisation or other action by any party is
          required to be obtained by or with respect to Advent which has not
          been obtained either: (i) for the pledges created pursuant to this
          Pledge or for the execution, delivery or performance of this Pledge by
          Advent, or (ii) for the realisation by the Trustee of the rights or
          remedies provided in this Pledge, save for consents which may be
          required under the Licence, save for the provisions of the Pledges
          Law, 1967 prescribing methods of realisation of pledges and save for
          payment of stamp duty and registration requirements.

3.12.     The copies of the Memorandum and Articles of Association of Partner
          and of the Shareholders' Agreement to be delivered to the
          Co-ordinating Agent pursuant to paragraphs 1 and 5 respectively of

<PAGE>

                                      -19-

          Schedule 4 of the Facility Agreement are, complete, accurate and
          updated in all respects.

3.13.     The representations and warranties set out in this clause 3 above are
          made only on the date hereof.

4.   CONTINUING SECURITY

4.1.      The security over the Pledged Assets constituted by, and the
          obligations of Advent contained in, this Pledge shall constitute and
          be continuing security and obligations notwithstanding any settlement
          of account or other matter or thing whatsoever and shall not be
          considered satisfied by any intermediate payment of all or any of the
          obligations of Partner or any other Obligor under the Facility
          Documents (or any of them) and shall continue in full force and effect
          until the end of the Security Period. The security over the Advent
          Cash Collateral Account constituted by, and the obligations of Advent
          insofar as relating to the Advent Cash Collateral Account contained
          in, this Pledge shall constitute continuing security and obligations
          and shall not be considered satisfied by an intermediate payment of
          the obligations of Advent under Section 2 of the Equity Undertaking,
          and shall continue in full force and effect until Advent shall have
          fulfilled all of its obligations under Section 2 of the Equity
          Undertaking.

4.2.      Where any discharge (whether in respect of the obligations of Partner
          or any other Obligor or of Advent with respect to any of its
          obligations under Section 2 of the Equity Undertaking or of any
          security for any of the aforegoing obligations or otherwise) is made
          in whole or in part or any arrangement is made on the faith of any
          payment, security or other disposition which is avoided, reduced or
          must be restored on insolvency, liquidation or otherwise, the
          liability of Advent under this Pledge shall continue as if the
          discharge or arrangement had not occurred.

4.3.1.         No concession or compromise of any claim that any payment,
               security or other disposition is liable to avoidance or
               restoration shall in any way affect the security granted
               hereunder or Advent's obligations hereunder.

<PAGE>

                                      -20-

4.3.2.         Neither the liability of Advent under this Pledge nor the rights,
               powers and remedies conferred on the Trustee in respect of Advent
               under this Pledge will be affected or waived by any of the acts,
               omissions, circumstances, matters or things listed below, whether
               or not known to Advent or the Secured Creditors or the Trustee
               (or any of them), which, but for this provision, would release or
               prejudice any of such liability, rights, powers and remedies or
               prejudice or diminish such liability, rights, powers and
               remedies in whole or in part:

               (i)  any time, waiver or other indulgence granted to, or
                    composition with, Partner, any Obligor or any other
                    person;

               (ii) any failure to exercise any right or remedy under any
                    Facility Document;

               (iii) the single or partial exercise of any right under any
                    Facility Documents or of any other right or remedy;

               (iv) the taking, variation, compromise, exchange, renewal or
                    release of, refusal or neglect to perfect, take up or
                    enforce, any rights against, or security over, assets of
                    Partner or any other person or any failure to realise the
                    full value of any other security;

               (v)  any incapacity or lack of powers, authority or legal
                    personality of or dissolution or change in the members or
                    status of, Partner or any other person;

               (vi) any variation (however fundamental) or replacement of a
                    Facility Document or any other relevant document or security
                    or any variation, waiver or release of any Secured
                    Obligation;

               (vii) any unenforceability, illegality or invalidity of any
                    obligation of Partner or any other person under any Facility
                    Document or any other relevant document or

<PAGE>

                                      -21-

                    security, to the intent that Advent's obligations under this
                    Pledge shall remain in full force, and this Pledge shall be
                    construed accordingly, as if there were no unenforceability,
                    illegality or invalidity;

               (viii) the winding-up, dissolution, administration or
                    reorganisation of Partner, any other Obligor or any other
                    person or any change in its status, function, control or
                    ownership.

4.4.      Advent waives any right it may have of first requiring any Secured
          Creditor and or the Trustee to proceed against or enforce any other
          rights or security or claim payment from Partner or any other person
          before the enforcement by the Trustee of the security constituted
          hereby.

4.5.      Advent shall not, and hereby waives any right to, by virtue of any
          payment made, security realised or moneys received hereunder for or on
          account of the liability of any other person:

4.5.1.         be subrogated to or otherwise take the benefit of (whether in
               whole or in part) any rights, security or moneys held, received
               or receivable by the Trustee pursuant to this Pledge or be
               entitled to any right of contribution or indemnity;

4.5.2.         claim, rank, prove or vote as a creditor of any other person or
               its estate; or

4.5.3.         receive, claim or have the benefit of any payment, distribution
               or security from or on account of any other person or exercise
               any right of set-off as against any other person.

          Advent will hold in trust for and forthwith pay or transfer to the
          Trustee any payment or distribution or benefit of security received by
          it contrary to the above. If Advent exercises any right of set-off
          contrary to the above, it will forthwith pay an amount equal to the
          amount set-off to the Trustee.

<PAGE>

                                      -22-

          The foregoing in this clause 4.5 shall not prevent Advent from: (i)
          bringing a claim against Partner or any other Obligor, provided that:
          (a) such a claim may be brought only after all the Secured Obligations
          have been unconditionally and irrevocably paid and discharged in full,
          and (b) there has been no realisation of all or any part of the
          Pledged Assets or of all or any of the pledged assets (other than Cash
          Collateral Accounts) under any other Share Pledges; or (ii) bringing a
          claim against any Shareholder.

4.6.      This Pledge is in addition to, independent of, and is not in any way
          prejudiced by, any other guarantee or security now or hereafter held
          by the Trustee or any of the Secured Creditors in respect of any of
          the Secured Obligations or in respect of the obligations of Advent
          under the Equity Undertaking.

4.7.      The rights and remedies provided by this Pledge are cumulative and are
          not exclusive of any rights or remedies provided by law.

4.8.      The obligations, warranties, representations, undertakings, agreements
          and covenants of Advent under this Pledge are in addition to, and
          shall not be prejudiced or restricted by, nor shall they prejudice or
          restrict, any obligations, warranties, representations, undertakings,
          agreements or covenants in any other Facility Document.
          Notwithstanding the foregoing, to the extent any provision of any
          Facility Document (other than this Pledge) conflicts with the terms
          hereof, the provisions of this Pledge shall prevail.

5.   UNDERTAKINGS BY ADVENT

     Advent hereby undertakes to the Trustee:

5.1.      not to sell, assign or otherwise transfer all or any of the Pledged
          Assets or the Advent Cash Collateral Account or the debt to Advent
          represented thereby, unless: (i) such Pledged Assets or the Advent
          Cash Collateral Account or the debt to Advent represented thereby are
          sold, assigned or transferred subject to the first-ranking pledge
          created pursuant to this Pledge and in accordance with the provisions
          hereof; (ii) such pledges over the aforesaid sold,

<PAGE>

                                      -23-

          assigned or transferred Pledged Assets or the Advent Cash Collateral
          Account or the debt to Advent represented thereby are duly registered
          and valid and have the same priority as they would have had, had such
          transferee been the original signatory of this Pledge and owner of the
          Pledged Assets and the Advent Cash Collateral Account, in place of
          Advent; (iii) all registrations or amendments to registrations and all
          filings (including, of amended deeds of pledge) have been made which
          are in the reasonable opinion of the Trustee required for the purposes
          of (i) and (ii) above; (iv) the transferee of such Pledged Assets or
          the Advent Cash Collateral Account or the debt to Advent represented
          thereby is duly and validly bound by this Pledge or by another pledge,
          mutatis mutandis, in the same form as this Pledge in respect of such
          Pledged Assets or the Advent Cash Collateral Account or the debt to
          Advent represented thereby as if the original signatory thereof in the
          place of Advent and such transferee is not an individual guarantor
          ("Arev Yachid") within the meaning of the Guarantee Law, 1967; (v) any
          such sale, assignment or transfer is permitted pursuant to the
          Licence, or permission as required under the Licence has been granted
          in relation thereto, and (vi) such sale, assignment or transfer is
          permitted under the Facility Documents and all provisions of the
          Facility Documents applicable in the case of such sale, assignment or
          transfer of such Pledged Assets or the Advent Cash Collateral Account
          or the debt to Advent represented thereby have been complied with. At
          the request of Advent, the Trustee undertakes promptly to carry out
          all actions reasonably required to be carried out by it as the holder
          of the pledges and charges created under this Agreement in order to
          facilitate a sale, assignment or transfer permitted by, and made in
          accordance with this clause 5.1 above;

5.2.      not to pledge, charge or grant any other Encumbrances (of whatsoever
          nature and howsoever ranking) in respect of or any other right or
          interest in favour of any third party in relation to, any of the
          Pledged Assets or in relation to the Advent Cash Collateral Account or
          the debt to Advent represented thereby (save for any transfer
          permitted by, and made in accordance with, the provisions of this
          Pledge);

<PAGE>

                                      -24-

5.3.      at any time and from time to time upon the written request of the
          Trustee, promptly to execute and deliver to the Trustee any and all
          such further notices, instruments and documents as the Trustee may
          deem reasonably necessary for it to obtain valid and enforceable
          first-ranking pledges as contemplated under this Pledge and to obtain
          the full benefit of the rights and powers herein granted;

5.4.      save as may be permitted pursuant to the Equity Undertaking, not to
          transfer any moneys out of the Advent Cash Collateral Account;

5.5.      to notify the Trustee promptly in any case where attachment is levied,
          or execution proceedings are instituted against, or a Receiver is
          appointed over, or any similar act occurs or any similar proceedings
          are instituted in respect of, the Pledged Assets or any part thereof,
          or the Advent Cash Collateral Account and to notify the third party
          who initiated or requested the same or any Receiver appointed of the
          existence of the pledges herein contained in favour of the Trustee,
          and to take, within 10 days of such attachment, execution proceedings,
          appointment of Receiver or similar act or proceedings as aforesaid,
          all necessary measures at the expense of Advent for the discharge or
          cancellation of the same as soon as practicable;

5.6.      to pledge in favour of the Trustee all Shares and all Related Rights
          of whatsoever nature and whenever acquired by it, all in accordance
          with the provisions of clause 2 above;

5.7.      not, after the date hereof, to acquire any Shares or Related Rights
          nor to make any Shareholders' Loans, unless Advent is the legal and
          beneficial owner of such Shares, Related Rights or Shareholders'
          Loans, free and clear of any Encumbrance (save for the pledges created
          pursuant to this Pledge);

5.8.      to oppose any change in the Memorandum and/or Articles of Association
          of Partner which will amend or derogate from the provisions referred
          to in clause 2.3.2(ii) above or in any way lead to any restrictions
          whatsoever on the ability of the Trustee to realise its rights under
          this Pledge;

<PAGE>

                                      -25-

5.9.      to procure that no Affiliate of Advent shall grant to Partner any
          Shareholder Loan, unless such Affiliate shall prior thereto have taken
          all steps as reasonably required by the Trustee to pledge its rights
          in respect thereof in favour of the Trustee (for the benefit of the
          Secured Creditors) in accordance with a pledge, in mutatis mutandis,
          the same form as this agreement (to the extent relating to
          Shareholders' Loans) and such Affiliate shall have taken all steps
          reasonably required by the Trustee to perfect such pledge.

6.   DEFAULT AND REALISATION

6.1.      Upon, and only upon, the occurrence of an Enforcement Event which is
          continuing and a declaration in accordance with clause 22.22(c) or (d)
          of the Facility Agreement that all the Advances are payable on demand
          or immediately due and payable, the Trustee shall, provided that the
          Trustee shall have given Advent the Required Prior Notice (as defined
          below), be entitled to realise its rights under this Pledge, including
          the realisation and sale of the Pledged Assets, in whole or in part,
          whether by the appointment of a Receiver and/or by the Israeli
          Execution office and/or by order of court and/or whether by any other
          method permitted under the Pledges Law, 1967, as the Trustee shall see
          fit and to apply the proceeds thereof on account of the Secured
          Obligations, all without the Trustee first being required to realise
          any other guarantee or collateral or other securities, if such be held
          by the Trustee. For the purposes of this clause 6.1, "the Required
          Prior Notice" shall mean: (i) 20 Business Days prior notice, in the
          event that all the Advances have been declared payable on demand
          pursuant to clause 22.22(c) of the Facility Agreement, or (ii) 10
          Business Days prior notice, in the event that the Advances have been
          declared immediately due and payable, whether, for the removal of
          doubt, pursuant to clause 22.22(c) or (d) of the Facility Agreement;
          provided that (for the removal of doubt), if prior to the expiry of 20
          Business Days following the date of a notice as referred to in (i)
          above (an "On Demand Notice"), a notice is given as referred to in
          (ii) above (an "Immediately Due Notice"), then: (a) in the event that
          more than 10 Business Days has elapsed between the date of the On
          Demand Notice and the date of the Immediately Due Notice, the Required
          Prior Notice shall be 20 Business Days from the date of the On Demand
          Notice, and (b) in

<PAGE>

                                      -26-

          the event that less than 10 Business Days has elapsed between the date
          of the On Demand Notice and the date of the Immediately Due Notice,
          the Required Prior Notice shall be 10 Business Days from the date of
          the Immediately Due Notice. In realising its rights as aforesaid, the
          Trustee shall be required to observe all the requirements of the
          Licence in relation to such realisation, including the requirements of
          clause 22 of the Licence that if any such realisation shall cause a
          variation in the ownership of 10% or more of any means of control (as
          defined in the Licence) of Partner, such realisation may not be
          effected unless the prior written consent of the Minister of
          Communications has been obtained.

6.2.      Any and all sums to be received from the realisation of the Pledged
          Assets or any part thereof, shall be applied in the following order of
          priority:

6.2.1.         firstly, to the discharge of all the costs, fees and expenses
               incurred and which may be incurred in connection with the
               collection of the Secured Obligations, including the costs, fees
               and expenses referred to in clause 7.2 below and the costs and
               remuneration of a Receiver, if applicable, in such amount as
               shall be reasonably prescribed by the Trustee or approved by the
               court or the Israeli Execution Office or any other competent
               authority;

6.2.2.         secondly, in or towards payment of the Secured Obligations, or
               such part of them as is then due and payable, all in accordance
               with clause 29 of the Facility Agreement;

6.2.3.         thirdly, subject to clause 7, in payment of the surplus (if any)
               to Advent,

          or in such other order as the Trustee shall determine among the
          paragraphs of clause 6.2.

6.3.      The Trustee (and, for the removal of doubt, the Secured Creditors, to
          the extent relevant) shall be entitled to realise the Advent Cash
          Collateral Account and the debt to Advent represented thereby only
          upon or following: (i) the delivery of a Contribution Notice (as
          defined

<PAGE>

                                      -27-

          in the Equity Undertaking) in respect of Advent under clause 2.2
          (Requirement for Drawdown) of the Equity Undertaking or the making of
          any demand in respect of Advent pursuant to clause 2.3 (Equity
          Milestones) of the Equity Undertaking, and (ii) receipt of the
          instructions of an Instructing Group to such effect, provided that
          such realisation shall be in respect of an amount up to the amount
          payable pursuant to such Contribution Notice or demand (as applicable)
          and that all amounts realised as aforesaid shall be transferred by the
          Security Trustee to the Charged Account (as defined in the Equity
          Undertaking).

6.4.      The Trustee shall be exempt from taking any action whatsoever in
          connection with any Pledged Assets or the Advent Cash Collateral
          Account. The Trustee shall not be liable for any loss or damage which
          may be caused as a result of the exercise or purported exercise of the
          powers, authorities, rights or discretions vested in the Trustee in
          accordance with this Pledge or otherwise caused in connection herewith
          (other than, and to the extent of, any such loss or damage which
          resulted from the gross negligence or wilful misconduct (including
          wilful omission) of the Trustee) and Advent undertakes to indemnify
          the Trustee in any event that the Trustee is sued for any such loss or
          damage by others or in respect of any other matter or thing done or
          omitted to be done by the Trustee (in each such case, other than, and
          to the extent of, any such loss or damage which resulted from the
          gross negligence or wilful misconduct (Including wilful omission) of
          the Trustee).

7.   CONTINGENCIES

7.1.      If the Trustee realises the security constituted by this Pledge
          (whether by the appointment of a Receiver or otherwise) at a time when
          the Secured Obligations (or any part thereof) shall not have fallen
          due under the Facility Documents (but at a time when amounts may
          become so due or are contingently due), the Trustee shall pay the
          proceeds of any recoveries if, to the extent applicable, not otherwise
          applied under clauses 6.2.1 and 6.2.2, into such number of Realisation
          Accounts with the Account Bank in the name of Advent, which
          Realisation Accounts shall be charged by way of a first-ranking fixed
          charge in favour of the Trustee (for the benefit of

<PAGE>

                                      -28-

          the Secured Creditors) as security for the full discharge of the
          Secured Obligations. Advent hereby undertakes to execute all such
          documents as the Trustee shall reasonably require in order to create
          and perfect such charges over the Realisation Accounts as aforesaid.

7.2.      The Trustee may withdraw amounts standing to the credit of the
          Realisation Accounts to:

7.2.1.         meet all costs, fees, charges and expenses incurred and payments
               made by the Trustee (or any Receiver) in the course of the
               enforcement of this Pledge;

7.2.2.         pay remuneration to any Receiver in respect of the realisation of
               this Pledge as and when the same becomes due and payable; and

7.2.3.         meet amounts due and payable by Partner or any other Obligor
               under the Facility Documents as and when the same become due and
               payable,

          in each case, together with interest thereon at the Default Rate from
          the date the same become due and payable until the date the same are
          unconditionally and irrevocably paid and discharged in full.

7.3.      Amounts standing to the credit of each Realisation Account shall bear
          interest at the Account Bank's rate of interest for similar (if any)
          deposits in the relevant currency from time to time.

7.4.      Advent will not be entitled to withdraw any moneys (including
          interest) standing to the credit of any Realisation Account until the
          expiry of the Security Period.

8.   BOOKS OF ACCOUNTS

8.1.      Advent confirms that the respective books, accounts and entries of the
          Trustee and of the Facility Agents shall be deemed to be correct and
          shall, in the absence of manifest or proven error, be prima facie
          evidence for or against Advent in all their particulars.

<PAGE>

                                      -29-

8.2.      A certificate by the Trustee or any Facility Agent setting out the
          amount of any Secured Obligation shall, in the absence of manifest or
          proven error, be prima facie evidence of such amount for or against
          Advent.

9.   COSTS, EXPENSES AND INTEREST

9.1.      Advent shall cooperate with the other shareholders of Partner to
          procure, in its capacity as a Shareholder, that Partner shall, from
          time to time, on the demand of the Trustee, reimburse the Trustee for
          all reasonable costs and expenses submitted to Partner supported by
          appropriate evidence thereof (including legal fees but excluding any
          charges for management time) together with any VAT thereon incurred by
          the Trustee in connection with the negotiation, preparation and
          execution of this Pledge (and any amendments thereto) and the
          completion of the transactions herein contemplated, including the
          registration of each pledge herein created or contemplated hereby,
          subject to any limits agreed from time to time between Partner and the
          Trustee, as well as all costs of stamping and registering this Pledge
          and/or any other document ancillary hereto and/or to be entered into
          hereunder.

9.2.      Advent shall (in its capacity as a shareholder) cooperate with the
          other shareholders of Partner to procure that Partner shall, from time
          to time on demand of the Trustee, reimburse the Trustee for all costs
          and expenses (including legal fees) together with any VAT thereon
          incurred in or in connection with the preservation and/or enforcement
          of any of the rights of the Trustee under this Pledge or otherwise in
          connection with any claims or proceedings in relation to this Pledge.

9.3.      The Trustee and every Receiver and any attorney, agent or other person
          appointed by the Trustee, any such Receiver or the court in connection
          with this Pledge shall be entitled to be indemnified out of the
          Pledged Assets in respect of all liabilities and expenses properly
          incurred by them in the execution of any of the powers, authorities or
          discretions vested in them pursuant hereto and/or by law and against
          all actions, proceedings, costs, claims and demands in respect of any
          matter or thing done or omitted pursuant to this

<PAGE>

                                      -30-

          Pledge in any way relating to the Pledged Assets or the Advent Cash
          Collateral Account (except that resulting from gross negligence or
          wilful misconduct (including wilful omission) by the Trustee, Receiver
          or any such other person) and the Trustee may retain and pay all sums
          in respect of the same out of any moneys received under the powers
          hereby conferred.

9.4.      In the event that the Trustee issues proceedings against Advent for
          the payment of any amount due or to become due to the Trustee pursuant
          to this Pledge, the Trustee shall be entitled to claim in respect of
          the period from the issue of the proceedings until full payment
          thereof, interest at the Default Rate.

10.  FURTHER ASSURANCES

     Advent shall at its own expense execute and do all such acts and things as
     the Trustee may from time to time reasonably require in order to perfect or
     protect the security intended to be created hereby over the Pledged Assets
     or any part thereof or the Advent Cash Collateral Account or facilitate the
     realisation of the Pledged Assets or any part thereof or exercise of all
     powers, authorities and discretions vested in the Trustee or any Receiver
     of the Pledged Assets or any part thereof, all in accordance with this
     Pledge and applicable law. To that intent, Advent shall in particular
     execute all pledges, share transfer forms, other transfers and assignments
     of the Shares or other rights as may, in each such case, be reasonably
     required by the Trustee and give all notices (including notices of all
     assignments made by Advent hereunder), orders and directions and make all
     registrations which may be reasonably required by the Trustee.

11.  DELEGATION BY TRUSTEE

     The Trustee may at any time and from time to time delegate by power of
     attorney or in any other manner to any person or persons all or any of the
     powers, authorities and discretions exercisable by the Trustee under this
     Pledge. Any such delegation may be made upon such terms and subject to such
     regulations as the Trustee may think fit, provided that nothing in this
     clause 11 shall confer upon the Trustee the power to allow any delegate to
     sub-delegate any such rights, powers, authorities and discretions. The
     Trustee shall not be in any way liable or responsible to

<PAGE>

                                      -31-

     Advent, any Secured Creditor or any other person for any loss or damage
     arising from any default, omission, misconduct or negligent act on the part
     of any such delegate, save where such loss or damage arises due to the
     wilful misconduct (including wilful omission) or wilful default or gross
     negligence of such delegate and the Trustee is considered by a final
     decision of a court to have been grossly negligent in its delegation to the
     delegate concerned.

12.  POWER OF ATTORNEY

12.1.     Solely for the purposes of securing the due performance of Advent's
          obligations under or pursuant to this Pledge, Advent hereby
          irrevocably appoints the Trustee and every delegate, as referred to in
          clause 11, to be its attorney acting severally, and on its behalf and
          in its name or otherwise to execute and do all such acts and things
          which Advent expressly ought to do under the covenants and provisions
          contained in this Pledge (including to make any demand upon or to give
          any notice or receipt in connection with any of the Shareholders'
          Loans and to execute, deliver and register any pledges, charges,
          assignments or other security) and, generally, in its name and on its
          behalf to exercise all or any of the powers, authorities and
          discretions expressly conferred by or pursuant to this Pledge or by
          law on the Trustee or any such delegate and (without prejudice to the
          generality of the foregoing) to perfect any security granted hereunder
          or pursuant hereto. The Trustee or any delegate as aforesaid shall
          only exercise such power of attorney if Advent fails to perform all or
          any of the acts or obligations which are expressly required to be
          performed by it under this Pledge within 3 Business Days of being
          required to so perform any such act or obligation, or earlier in the
          event that in the reasonable opinion of the Trustee the rights of the
          Trustee under this Pledge may be prejudiced by the delay.

12.2.     Advent shall at the request of the Trustee execute powers of attorney
          in favour of the Trustee in such forms as may be reasonably required-
          by the Trustee so as to enable the Trustee to make

<PAGE>

                                      -32-

          transfers from the Advent Cash Collateral Account to the Charged
          Account in accordance with Section 15 of the Equity Undertaking.

13.  WAIVER BY ADVENT

     Subject to and without derogating from any other provisions of this Pledge
     which exclude the application of, or constitute a waiver by Advent of,
     certain defences or rights under the Guarantee Law, 1967 (which defences or
     rights would, but for such provisions, have been available to Advent):

13.1.     Advent hereby waives all rights and defences under Sections 2, 4-6
          inclusive, 8-11 inclusive and 13-17 inclusive of the Guarantee Law,
          1967 and confirms that such provisions of the Guarantee Law, 1967
          shall not apply to this Pledge;

13.2.     Advent shall be entitled to rely on Section 7 of the Guarantee Law,
          1967, to the extent applicable; and

13.3.     Advent shall be entitled to rely on Section 12 of the Guarantee Law,
          1967, to the extent applicable, but only in the event that: (i) all
          the Secured Obligations have been unconditionally and irrevocably paid
          and discharged in full; (ii) there has been no realisation of all or
          any part of the Pledged Assets or of all or any of the pledged assets
          (other than Cash Collateral Accounts) under any other Share Pledge;
          (iii) the Trustee shall have received written instructions and
          undertakings executed by all the Shareholders who have paid amounts on
          account of the Secured Obligations and are entitled to rely on Section
          12, detailing the names of the Shareholders to whom the relevant
          security interests should be transferred and undertaking to indemnify
          the Trustee and the Secured Creditors against any claims, losses,
          damages, expenses, costs, charges, liability or proceedings which may
          be brought, made or preferred against, or suffered, incurred or
          sustained by, the Trustee or any Secured Creditor in relation to, in
          connection with, or arising out of, the

<PAGE>

                                      -33-

          transfer of security Interests as aforesaid; and (iv) all consents,
          approvals, authorisations and permits necessary under the Licence,
          under law or under contract in order to perform such transfer have
          been obtained and there is no impediment under the Licence, law or
          contract to such transfer.

14.  REMEDIES AND WAIVERS

     No failure to exercise, nor any delay in exercising, on the part of the
     Trustee or Advent of any right or remedy hereunder shall operate as a
     waiver thereof, nor shall any single or partial exercise of any right of
     remedy prevent any further or other exercise thereof or the exercise of any
     other right or remedy.

15.  PARTIAL INVALIDITY

     If, at any time, any provision hereof is or becomes illegal, invalid of
     unenforceable in any respect or any of the security intended to be created
     by or pursuant to this Pledge is ineffective, neither the legality,
     validity or enforceability of the remaining provisions hereof or the
     effectiveness of any of the remaining such security, shall in any way be
     affected or impaired thereby.

16.  COUNTERPARTS

     This Pledge may be executed in any number of counterparts and all of such
     counterparts taken together shall be deemed to constitute one and the
     same instrument.

17.  NOTICES

17.1.     Each communication to be made hereunder shall be made in writing and,
          unless otherwise stated, shall be made by facsimile, telex or letter.

17.2.     Any communication or document to be made or delivered by one person to
          another pursuant to this Pledge shall (unless that other

<PAGE>

                                      -34-

               person has by 15 Business Days' written notice to the other
               specified another address) be made or delivered to that other
               person at the address identified with its signature below and
               shall be deemed to have been made or delivered when despatched
               and confirmation of receipt by the intended recipient has been
               received (in the case of any communication made by telex or fax)
               or (in the case of any communication made by letter) when left at
               that address or (as the case may be) 5 Business Days after being
               deposited in the postage prepaid in an envelope addressed to it
               at that address provided that any communication or document to be
               made or delivered to the Trustee shall be effective only when
               received by the Trustee and then only if the same is expressly
               marked for the attention of the department or officer identified
               with the Trustee's signature below (or such other department or
               officer as the Trustee shall from time to time specify for this
               purpose);

17.2.1.        to Advent:        c/o Hutchison Telecommunications Ltd.
                                 18/F Two Harbourfront
                                 22 Tak Fung Street
                                 Hunghom, Kowloon
                                 Hong Kong

                                 Facsimile: +852 2827 1371
                                 Attention: Mr. Kevin S. Russell
                                            Group Director of Finance

               with a copy to:   Hutchison Whampoa Limited
                                 22nd Floor, Hutchison House
                                 10 Harcourt Road
                                 Central, Hong Kong

                                 Facsimile: +852 2128 1733
                                 Attention: Mr. Frank J. Sixt
                                            Group Finance Director

17.2.2.        to the Trustee:   5th Floor
                                 32 Yehuda Halevi Street
                                 Tel-Avlv
                                 Israel

                                 Facsimile: +972 3 514 9017
                                 Attention: Zipi Peleg, Corporate Division,
                                            Communications Sector

<PAGE>

                                      -35-

               with a copy to:   Stuart Gnessen, Adv.
                                 13 Ahad Ha'am Street
                                 Tel-Aviv
                                 Israel
                                 Facsimile: +972 3 517 3331

18.  ASSIGNMENT

     Advent hereby irrevocably and unconditionally consents to the Trustee being
     able, at any time, without any further consent being required from Advent,
     to assign this Pledge and its rights and/or obligations arising thereunder
     in whole to any Optional Israeli Bank or other Israeli bank approved by
     Partner (which approval shall not be unreasonably withheld) which is
     appointed in accordance with the provisions of the Security Trust Deed, to
     act, in place of the Trustee, as trustee for the benefit of the Secured
     Creditors and any such assignee may also reassign the said rights as
     aforesaid to an Optional Israeli Bank or any other Israeli bank approved as
     aforesaid without any further consent being required from Advent. Such
     assignment may be effected by endorsement on this Pledge or in any other
     way the Trustee or any subsequent assignor deems fit.

19.  GOVERNING LAW

     This Pledge shall be governed by, and construed in accordance with, the
     laws of the State of Israel.

20.  JURISDICTION

20.1.     Advent hereby irrevocably agrees, for the benefit of the Trustee, as
          trustee for the Secured Creditors, that the courts of Tel-Aviv shall
          have jurisdiction to hear and determine any suit, action or
          proceedings and to settle any disputes, which may arise out of or in
          connection with this Pledge (respectively, "Proceedings" and
          "Disputes") and, for such purposes, irrevocably submits to the
          jurisdiction of such courts.

<PAGE>

                                      -36-

20.2.     Advent hereby irrevocably waives any objection which it might now or
          hereafter have to the courts referred to in clause 20.1 being
          nominated as the forum to hear and determine any Proceedings and to
          settle any Disputes and agrees not to claim that any such court is not
          a convenient or appropriate forum.

20.3.     Advent agrees that the process by which any Proceedings are begun may
          be served on it by being delivered in connection with any Proceedings
          in Israel to Professor Joseph Gross, Hodak Limited of 23 King Shaul
          Boulevard, Tel-Aviv 64367, Israel. If the appointment of the persons
          mentioned in this clause 20.3 ceases to be effective, Advent shall
          immediately appoint a further person in Israel to accept service of
          process on its behalf in Israel and, failing such appointment within
          15 days, the Trustee shall be entitled to appoint such person by
          notice to Advent. Nothing contained herein shall affect the right to
          serve process in any other manner permitted by law.

20.4.     The submissions to the jurisdiction of the courts referred to in
          clause 20.1 shall not (and shall not be construed so as to) limit the
          right of the Trustee to take Proceedings against Advent in any other
          court of competent jurisdiction, nor shall the taking of Proceedings
          in any one or more jurisdictions preclude the taking of Proceedings in
          any other jurisdiction (whether concurrently or not) if and to the
          extent permitted by applicable law.

21.  TERMINATION

     For the removal of doubt, this Pledge shall terminate: (i) insofar as
     relating to the Pledged Assets, upon the expiry of the Security Period, and
     (ii) in respect of the Advent Cash Collateral Account, upon full discharge
     and/or payment by Advent of all its obligations under Section 2 of the
     Equity Undertaking.

<PAGE>

                                      -37-

22.  NO AMENDMENT

     This Pledge shall not be amended, modified or altered unless the written
     consent of all parties hereto to such amendment, modification or
     alteration has been obtained.

IN WITNESS WHEREOF the parties have signed this Pledge on the date written at
the beginning of this document.

for ADVENT INVESTMENTS PTE. LTD.         for BANK LEUMI LE-ISRAEL B.M.

By: [signature]                          By: [signature]
    ----------------------------------       -----------------------------------
Title: DIRECTOR                          Title:
                                                 -------------------------------

We, the undersigned, Partner Communications Company Ltd., acknowledge the
pledges created pursuant to the above pledge of the Pledged Assets, including
the pledges and assignment by way of charge, as a first-ranking fixed pledge and
charge, in favour of the Trustee of the Shareholders' Loans (all capitalised
terms used herein as defined in the above Pledge).

for PARTNER COMMUNICATIONS COMPANY LTD.

By: [signature]
    ----------------------------------
Title: CEO

By: [signature]
    ----------------------------------
Title: CEO

<PAGE>

                                   ANNEXURE A

                                EVENT OF DEFAULT

References in this Annexure A are to the Facility Agreement. Terms not otherwise
defined herein shall bear the meaning set out in the Facility Agreement.

22.1 Events of Default Each of the events set out in Clause 22.2 (Non-Payment)
to 22.21  (Equiry Undertaking) is an Event of Default (whether or not caused by
any reason outside the control of any or all of the Obligors or of any other
person).

22.2 Non-Payment Any Obligor does not pay on the due date any amount payable by
it under any Facility Document at the place and in the funds expressed to be
payable, provided that this sub-Clause shall not apply (i) to unpaid amounts of
principal which are paid in full within two Business Days of the due date for
payment, or (ii) to unpaid amounts of interest or other amounts (except
principal) which are paid in full within five Business Days after the due date
for payment.

22.3 Breach of Obligations

(a)  There is any breach of the provisions of Clause 2.2 (Purpose), Clauses 20.6
     (Negative Pledge) to 20.8 (Disposals) (inclusive), 20.10 (Loans and
     guarantees) to 20.15 (Share Capital) (inclusive), 20.22 (Borrowings) and,
     subject to the provisions of Section 21 (Curative Equiry), 20.32 (Financial
     Undertakings).

(b)  Any Obligor fails to comply with any undertaking or obligation contained in
     any Facility Document and, if such default is capable of remedy within such
     period, within 30 days after the earlier of the Obligor becoming aware of
     such default and receipt by the Obligor of written notice from the
     Co-ordinating Agent requiring the failure to be remedied, that Obligor
     shall have failed to cure such default.

22.4 Misrepresentation/Breach of Warranty

(a)  Any representation or warranty contained in Clauses 19.7 (Consents), 19.8
     (c) or (d) (Accounts), 19.10(b) (Tax Liabilities), 19.12 (Information
     Memorandum and Reports), 19.13 (Ownership of Assets), 19.14 (Documents),
     19.15(a) (Intellectual Property Rights), 19.16 (Environmental Matters),
     19.18 (Material Contracts) or 19.21 (The Parent) is incorrect or misleading
     in any respect when made or deemed repeated by reference to the facts and
     circumstances then subsisting.

(b)  Any representation or warranty contained in Clauses 19.5(c) (Non Conflict),
     19.6(b) (No Default), 19.10 (Tax Liabilities) or 19.15(b) (Intellectual
     Property Rights) is incorrect or misleading in any respect when deemed
     repeated pursuant to Clause 19.22 (Repetition).

(c)  Any other representation or warranty made or repeated by or on behalf of
     any Obligor in any Facility Document or in any certificate or statement
     delivered by or on behalf of any Obligor or other member of the Group under
     any Facility Document, is incorrect or misleading in any material respect
     when made or deemed to be made or repeated by reference to the facts and
     circumstances then subsisting.

                                        1

<PAGE>

22.5 Cross-acceleration

(a)  Any amount in respect of Borrowings of any one or more members of the Group
     (taken together if more than one) which aggregate US$5,000,000, or its
     equivalent, or more at any one time outstanding:

     (i)  becomes prematurely due and payable;

     (ii) becomes due for redemption before its normal maturity date; or

     (iii) is placed on demand,

     in each such case by reason of the occurrence of an event of default
     (howsoever characterised) or any event having the same effect resulting
     from a default by a member of the Group.

(b)  Any amount in respect of such Borrowings which aggregate US$5,000,000, or
     its equivalent, or more, are not paid when due (whether falling due by
     demand, at scheduled maturity or otherwise) or within any applicable grace
     period provided for in the document evidencing or constituting those
     Borrowings.

(c)  Any Encumbrances over any assets of any one or more members of the Group
     (taken together if more than one) securing an aggregate of US$5,000,000, or
     its equivalent, or more become enforceable and steps are taken to enforce
     the same; or

(d)  Any Obligor fails to discharge in full any judgment debt entered against it
     in excess of an aggregate amount of US$5,000,000, or its equivalent, within
     30 days of the relevant judgment being entered against the relevant Obligor
     unless such judgment is being contested in good faith on reasonable grounds
     following external legal advice.

(e)  For the purposes of this Clause 22.5 only, "Borrowings" shall include
     indebtedness pursuant to Hedging Transactions and, in any such case the
     "amount" in respect of such Hedging Transactions shall be the amount under
     the relevant Hedging Transaction which becomes prematurely due and payable,
     due for redemption before its normal maturity date, placed on demand or is
     not paid when due or within any applicable grace period.

22.6 Invalidity Any of the Facility Documents shall cease to be in full force
and effect in any material respect or shall cease to constitute the legal,
valid, binding and enforceable obligation of any Obligor party to it or, in the
case of any Security Document, fail to provide effective perfected security in
favour of the Security Trustee (for the benefit of itself and the Secured
Creditors) over the assets over which security is intended to be given by that
Security Document (save for any Reservations), or it shall be unlawful for any
Obligor to perform any of its material obligations under any of the Facility
Documents.

22.7 Insolvency and Rescheduling Any Obligor is unable to pay its debts as they
fall due or admits inability to pay its debts as they fall due, commences
negotiations with any one or more of its creditors with a view to the general
readjustment or rescheduling of its indebtedness or makes a general assignment
for the benefit of or a composition with its creditors.

22.8 Winding up Any Obligor takes any corporate action or other steps are taken
or legal proceedings are started (or are consented to or any order is made) for
its winding up, liquidation, bankruptcy, dissolution, administration or
re-organisation (or for the suspension of payments

                                        2

<PAGE>

generally or any process giving protection against creditors) or for the
appointment of a liquidator, receiver, administrator, administrative receiver,
conservator, custodian, trustee or similar officer of it or of all or any
material part of its revenues or assets or such a person is appointed provided
that this Clause 22.8 shall not apply to:

(a)  any such action relating to a solvent reconstruction, amalgamation,
     reorganisation or merger of such Obligor save where the Co-ordinating Agent
     (acting on the instructions of an Instructing Group) believes that such
     action will reasonably be expected to have an adverse effect on the ability
     of that Obligor to comply with its obligations under the Facility
     Documents: or

(b)  any such action which is frivolous or vexatious and which such Obligor is
     contesting in good faith on reasonable grounds or in respect of which an
     Instructing Group is satisfied that the ability of that Obligor to comply
     with its obligations under the Facility Documents will not be materially
     and adversely affected and which in either case is discharged or dismissed
     as soon as reasonably practicable.

22.9 Execution or Distress Any distress, execution, attachment, sequestration or
other process arising out of any claim by any third party against any member of
the Group for an aggregate amount of $5,000,000 or its equivalent (taking all
such members of the Group together) or more affects any material asset of any
Obligor save where (i) that Obligor is in good faith on reasonable grounds,
contesting the distress, execution, attachment, sequestration or other process
by appropriate proceedings diligently pursued and (ii) an Instructing Group is
satisfied that the ability of that Obligor to comply with its obligations under
the Facility Documents will not be materially and adversely affected whilst such
distress, execution, attachment, diligence or other process is being so
contested.

22.10 Analogous Events Any event occurs which under the laws of Israel has a
similar or analogous effect or purpose to any of those events mentioned in
Clause 22.7 (Insolvency and Rescheduling). Clause 22.8 (Winding up) or Clause
22.9 (Execution or Distress).

22.11 Governmental Intervention By or under the authority of the Government of
Israel or any other competent Israeli authority:

(a)  all or the majority of the management of any Obligor is displaced or the
     authority of any Obligor in the conduct of its business is wholly or
     materially curtailed; or

(b)  all or a majority of the issued shares of any Obligor or the whole or any
     part (the book value of which is 10 per cent, or more of the book value of
     the whole) of the revenues or assets of any Obligor is seized,
     nationalised; expropriated or compulsorily acquired; or

(c)  any law is introduced after the date hereof imposing material restrictions
     on the free transfer of funds out of Israel and/or the exchange of shekels
     for dollars or any relevant Optional Currency in each such case which
     will apply to payments made or to be made under any of the Facilities,

22.12 Cessation Any Obligor ceases, or threatens to cease, to carry on all or a
substantial part of its business (save in consequence of any reorganisation,
reconstruction or amalgamation permitted under this Agreement and save as may
result from any disposal of assets permitted by the terms of this Agreement or
where such business or part thereof is carried on by another Obligor or for any
solvent liquidation, dissolution or winding-up of any member of the Group

                                        3

<PAGE>

previously approved in writing by an Instructing Group) or all or a material
part of the Business is abandoned.

22.13 Proceedings There is current or pending any litigation, dispute,
arbitration, administrative, regulatory or other proceedings or enquiry
concerning or involving any member of the Group which is reasonably likely to
have a Material Adverse Effect.

22.14 Breach of the Licence or any Authorisation

(a)  The Licence or any Authorisation necessary for any Obligor to comply with
     its obligations under the Facility Documents is in whole or in part:

     (i)  surrendered, terminated, withdrawn, suspended, cancelled or revoked or
          does not remain in full force and effect or otherwise expires and is
          not renewed prior to its expiry (in each case, without replacement by
          a Licence(s) or Authorisation, as applicable having substantially
          equivalent effect); or

     (ii) modified in any material respect or breached (unless, in the case of
          any Authorisation, such modification or breach is reasonably likely
          not to have a Material Adverse Effect).

     provided that any change in the spectrum made available under the Licence
     will be construed to be a modification of the Licence for the purposes of
     this paragraph (a):

(b)  Any event occurs which is reasonably likely to give rise to the revocation,
     termination, cancellation or suspension of the Licence (without
     replacement) in such circumstance where the Borrower is unable to
     demonstrate to the reasonable satisfaction of the Instructing Group within
     30 days of such event occurring that such termination, suspension or
     revocation will not occur.

(c)  For the avoidance of doubt, nothing in this Agreement shall be construed as
     a waiver by the Finance Parties of their rights under this Clause arising
     from any breach of the Licence.

22.15 Material Adverse Change Any event or series of events occur which in the
reasonable opinion of an Instructing Group after discussion with the Parent, is
likely to have a material adverse effect on the business or financial condition
of the Group (as a whole) or on the ability of any Obligor to perform its
material obligations under the Facility Documents.

22.16 Breach of Material Contracts

(a)  Any Obligor falls duly to perform or comply with any obligation expressed
     to be assumed by it in any of the Material Contracts to which it is a party
     (other than the Licence), where such failure would be reasonably likely to
     have a Material Adverse Effect.

(b)  Any Authorisation necessary for any Obligor to comply with any Material
     Contract or any Material Contract (other than the Licence) is cancelled,
     suspended, withdrawn, revoked or terminated or expires by effluxion of time
     in a manner or circumstances (in whole or in part) without being replaced
     as soon as reasonably practicable on terms not materially less favourable
     than such Material Contract.

                                        4

<PAGE>

22.17 Repudiation Any Obligor repudiates or purports to repudiate or threatens
to repudiate any of the Facility Documents or Material Contracts to which it
is a party.

22.18 Counterparties Any Counterparty:

(a)  fails duly to perform or comply with any obligation expressed to be assumed
     by it in any Material Contract to which it is a party where such failure
     would be reasonably likely to have a Material Adverse Effect; or

(b)  repudiates, or purports or threatens to repudiate, any Material Contract to
     which it is a party

and (in the case of any Supplier Contract) a replacement contract on terms not
materially less favourable with an internationally recognised equivalent
supplier is not entered into by the Parent within 90 days from the date of such
failure, repudiation or purported or threatened repudiation.

22.19 Shareholders

(a)  (i)  The Shareholders Agreement ceases to be valid, binding and
          enforceable; or

     (ii) the Shareholders Agreement is revoked, terminated, cancelled or
          suspended without being at such time replaced with a new shareholders
          agreement with all material terms being acceptable to an Instructing
          Group; or

     (iii) any material provision of the Shareholders Agreement (including, for
          the avoidance of doubt, any of Clauses 3 (The Business of the
          Company), 11 (Funding Requirements), 12 (Transfers), 13 (Transfer in
          the Event of Default), 14 (General Provisions Applicable to
          Transfers), 19 (Termination of the Shareholder Agreement ) or the
          guarantees of Shareholders contained in the Shareholders Agreement is
          amended or waivers granted in relation thereto or any new provisions
          are included in the Shareholders Agreement (other than pursuant to
          Addendum No.4 thereto and any other amendments thereto or new
          provisions included therein which are satisfactory to the
          Co-ordinating Agent for the purposes of Schedule 4 (Conditions
          Precedent) of this Agreement); or

     (iv) any party to the Shareholders Agreement is in breach of any term
          thereof and if such breach is capable of remedy, is not remedied
          within 30 days,

and such event or circumstance is reasonably likely to result in a Material
Adverse Effect.

(b)  (i)  Any of the representations and warranties by any Chargor in any
          Share Pledge to which it is a party are incorrect or misleading in
          any material respect when made by such Chargor by reference to the
          facts and circumstances then existing if the fact, matter or event
          giving rise to such representation being incorrect or misleading is
          not remedied or cured to the satisfaction of the Co-ordinating Agent
          (acting on the instructions of an Instructing Group) within 14 days
          after the earlier of the relevant Chargor becoming aware of the same
          and receipt by the relevant Chargor of written notice from the
          Co-ordinating Agent requiring the remedy of the relevant fact, matter
          or event.

     (ii) Any Chargor fails to comply with any undertaking or obligation
          contained in any Share Pledge to which it is a party and, if such
          default is capable of remedy within such period, within 30 days after
          the earlier of the Chargor becoming aware of such default and receipt
          by the Chargor of written notice from the Co-

                                        5

<PAGE>

          ordinating Agent requiring the failure to be remedied, that Chargor
          shall have failed to cure such default.

     (iii) Any Share Pledge shall cease to be in full force and effect in any
          material respect or shall cease to constitute the legal, valid,
          binding and enforceable obligation of any Chargor party to it or fail
          to provide effective perfected security in accordance with the terms
          of the Share Pledge in favour of the Security Trustee (for the benefit
          of itself and the Secured Creditors) over the assets over which
          security is intended to be given by that Share Pledge (save for any
          Reservations), or it shall be unlawful for any Chargor to perform any
          of its material obligations under any of the Share Pledges.

     (iv) Any Chargor repudiates or purports to repudiate or threatens to
          repudiate in writing the Share Pledge to which it is a party.

22.20 MRT Operator HWL ceases to control (as defined in the Licence) the entity
which is the MRT Operator (as defined in the Licence) and in respect of any
replacement MRT Operator the Controlling Corporation (as defined in the Licence)
thereof is not, in the opinion of an Instructing Group, an entity of comparable
standing and experience provided that this Clause 20.20 shall only apply so long
as a MRT Operator is required pursuant to the Licence.

22.21 Equity Undertaking

(a)  (i) Any Shareholder fails to comply with its undertakings or obligations
     under Clause 2 or Clause 14 of the Equity Undertaking (the "relevant
     non-payment") and (ii) the Relevant Guarantor or L/C Bank, following a
     demand under the terms of the Relevant Guarantee (as defined in the Equity
     Undertaking) or Shareholder L/C (as defined in the Equity Undertaking) in
     relation to the relevant non-payment, fails to make payment in full in
     respect of the relevant non-payment by the latest date provided for in the
     Relevant Guarantee or Shareholder L/C and in the case of a non-payment by
     HTL (as Relevant Guarantor), HWL fails to make payment in full in respect
     thereof by the latest date provided for in the HWL Counter-Guarantee;

(b)  at any time it is or becomes unlawful for any Equity Undertaking Obligor to
     perform or comply with any or all of its obligations under Clause 2, Clause
     6 or Clause 14 of the Equity Undertaking;

(c)  any of the obligations of any Equity Undertaking Obligor under Clause 2,
     Clause 6 or Clause 14 of the Equity Undertaking are not or cease to be
     legal, valid, binding and enforceable, subject to the Reservations;

(d)  any Equity Undertaking Obligor repudiates (or threatens or purports to
     repudiate) its obligations under Clause 2, Clause 6 or Clause 14 of the
     Equity Undertaking.

unless, in each case, remedied within 30 days from the date thereof by another
Equity Undertaking Obligor contributing any shortfall in Equity (if any) and
agreeing to the satisfaction of the Co-ordinating Agent (acting on the
instructions of an Instructing Group) to assume the future obligations of the
defaulting Equity Undertaking Obligor under the Equity Undertaking.

                                       6

<PAGE>

                                   ANNEXURE B

                                  RESERVATIONS

1.   The principle that equitable remedies are remedies which may be granted or
     refused at the discretion of the court (regardless of whether such remedy
     is considered in a proceeding at law or in equity).

2.   The limitation on enforcement as a result of laws relating to bankruptcy,
     insolvency, liquidation, reorganization, court schemes, moratoria,
     administration and other laws affecting the rights of creditors generally.

3.   The time-barring of claims under applicable provisions of the Singapore
     Limitation Act, Chapter 163 of Singapore.

4.   Rules against penalties and similar principles.

5.   The role of court discretion in determination of issues involving public
     policy, security or sovereignty.

6.   Certain statutory preferences and other priorities arising by law may rank
     ahead of the security created by the pledgor.

7.   Any other qualifications or reservations as to matters of law only
     contained in the legal opinion given by Allen & Gledhill under the terms of
     the Facility Documents in connection with this Pledge.

<PAGE>

                                   ANNEXURE C

Particulars of the charges created under this Pledge have to be lodged for
registration with the Registrar of Companies in Singapore within 30 days of the
creation of such charge (where the instrument creating such charge is executed
in Singapore) or within 37 days of creation of such charge (where the instrument
creating such charge is executed outside Singapore).

Stamp duty of S$500 (five hundred Singapore Dollars) is payable in respect of
this Pledge.

<PAGE>

                                    AMENDMENT
                                      to a
                                 PLEDGE MADE ON
                               10TH SEPTEMBER 1998

          between:

          (1)  ADVENT INVESTMENTS PTE LTD., a company incorporated under the
               laws of Singapore (company number 199408473H), having its
               registered office at 1 King George's Avenue, #03-00 Rehau
               Building, Singapore ("Advent");

          and

          (2)  BANK LEUMI LE-ISRAEL B.M., as trustee for the benefit of the
               Secured Creditors ("the Trustee")

WHEREAS:

(A)  pursuant to a Pledge made on 10th September 1998 ("the Main Pledge"),
     Advent created in favour of the Trustee, as trustee for the benefit of the
     Secured Creditors, first-ranking pledges over each of the Pledged Assets
     and the Advent Cash Collateral Account; and

(B)  it has been agreed between the Banks, on the one hand, and Partner, the
     Shareholders (including Advent), HTL, Matav Cable and Elbit, on the other
     hand, that, inter alia, the Equity Undertaking shall no longer have any
     further effect and, accordingly, the Advent Cash Collateral Account shall
     no longer be pledged under the Main Pledge; and

(C)  it has been agreed that, in the light of the above and of certain
     amendments to the Facility Agreement, the Main Pledge shall be amended in
     the manner set out in this Amendment to a Pledge ("this Amendment")
     below,

<PAGE>

                                      -2-

1.   Unless otherwise defined in this Amendment, terms defined and references
     contained in the Main Pledge, shall have the same meaning and construction
     in this Amendment.

2.   The Main Pledge is hereby amended as follows:

2.1.      Clause 1.1.2 shall be deleted.

2.2.      The definition of "Shareholders' Agreement" in clause 1.1.21 is
          deleted and replaced by the following:

               "1.1.21   'Shareholders Agreement' means the relationship
                         agreement between the shareholders of Partner dated
                         October 10, 1999, or any other agreement between the
                         shareholders of Partner replacing such agreement and
                         falling within the definition of 'Shareholders
                         Agreement' within the meaning of such term in the
                         Facility Agreement;"

2.3.      In the definition of "Shareholders' Loans" in clause 1.1.22,
          subparagraph (ii) shall be deleted and subparagraph (iii) shall be
          renumbered subparagraph (ii).

2.4.      In clause 2.2, last paragraph, the words "(save for its rights
          pursuant to clause 6.3 hereunder in respect of the Advent Cash
          Collateral Account)" in lines 4 and 5 shall be deleted.

2.5.      Clause 2.5 shall be deleted.

2.6.      Clause 2.7 shall be deleted and replaced by the following:

               "2.7 For the removal of doubt, nothing in this Pledge shall be
                    construed as prohibiting any amendment of the terms of any
                    Shareholder Loan, provided that following such amendment,
                    such Shareholder Loan complies with all applicable
                    provisions of the Facility Documents."

2.7.      The second sentence of clause 4.1 shall be deleted.

2.8.      In clause 4.2, the words, "or of Advent with respect to any of its
          obligations under Section 2 of the Equity Undertaking" in lines 2 and
          3 shall be deleted.

<PAGE>

                                       -3-

2.9.      In clause 4.5, last paragraph, the words "(other than Cash Collateral
          Accounts)" in the second last line shall be deleted.

2.10.     In clause 4.6, lines 4 and 5, the words, "or in respect of the
          obligations of Advent under the Equity Undertaking" shall be deleted.

2.11.     In clauses 5.1 and 5.2, all references to the "Advent Cash Collateral
          Account or the debt to Advent represented thereby" shall be deleted.

2.12.     Clause 5.4 shall be deleted.

2.13.     In clause 5.8, the words in line 3, "referred to in clause 2.3.2(ii)
          above" shall be deleted and replaced by the words, "of Article 10.13
          of the Articles of Association in force as at the date of this
          Amendment".

2.14.     Clause 6.3 shall be deleted.

2.15.     In clause 6.4, first sentence, the words "or the Advent Cash
          Collateral Account" in lines 2 and 3, shall be deleted.

2.16.     In clause 9.3, lines 9 and 10, the words, "or the Advent Cash
          Collateral Account" shall be deleted.

2.17.     In clause 10, line 4, the words, "or the Advent Cash Collateral
          Account" shall be deleted.

2.18.     Clause 12.2 shall be deleted.

2.19.     In clause 13.3, line 6, the words, "(other than Cash Collateral
          Accounts)" shall be deleted.

2.20.     Clause 21 shall be deleted and replaced by the following:

               "21. For the removal of doubt, this Pledge shall terminate upon
                    the expiry of the Security Period."

2.21.     In Annexure A:

          (i)  clause 22.19(a)(iii) is deleted and replaced with the following:

                    "any material provision of the Shareholders Agreement is
                    amended or waivers granted in

<PAGE>

                                       -4-

                    relation thereto or any new provisions are included in the
                    Shareholders Agreement";

          (ii) clause 22.21 (Equity Undertaking) is deleted in its entirety.

3.   For the sake of clarification only:

3.1.      with respect to the definition of "Existing Shares" in clause 1.1.8,
          it is hereby clarified that the 25,500 Class A voting ordinary shares,
          nominal value NIS 1.00 each in the share capital of Partner and 21,174
          Class B non-voting ordinary shares, nominal value NIS 1.00 each in the
          share capital of Partner, registered in the name of Advent, have been
          divided and converted into 4,667,400 ordinary shares of nominal value
          NIS 0.01 each, numbered 1-2,550,000 (inclusive) and
          5,000,001-7,117,400 (inclusive), in the share capital of Partner, all
          registered in the name of Advent and the definition of "Existing
          Shares" should be construed accordingly; and

3.2.      with respect to the definition of "Partner" in clause 1.1.12, the
          registered number of Partner has been changed to "52-004431-4" and the
          definition of "Partner" should be construed accordingly.

4.   Save as amended expressly pursuant to this Amendment, the provisions of the
     Main Pledge shall continue in full force and effect and the Main Pledge and
     this Amendment shall be read and construed as one agreement.

5.   This Amendment shall be governed by and construed in accordance with the
     laws of the State of Israel.

6.1.      Advent hereby irrevocably agrees, for the benefit of the Trustee, as
          Trustee for the Secured Creditors, that the courts of Tel-Aviv shall
          have jurisdiction to hear and determine any suit, action or
          proceedings and to settle any disputes, which may arise out of or in
          connection with this Amendment (respectively, "Proceedings" and
          "Disputes") and, for such purposes, irrevocably submits to the
          jurisdiction of such courts.

6.2.      Advent hereby Irrevocably waives any objection which it might now or
          hereafter have to the courts referred to in clause 6.1 being nominated
          as the forum to hear and determine any Proceedings and to settle any
          Disputes and agrees not to claim that any such court is not a
          convenient or appropriate forum.

<PAGE>

                                       -5-

6.3.      Advent agrees that the process by which any Proceedings are begun may
          be served on it by being delivered in connection with any Proceedings
          in Israel to Professor Joseph Gross, Hodak Limited of 23 King Shaul
          Boulevard, Tel-Aviv 64367, Israel. If the appointment of the persons
          mentioned in this clause 6.3 ceases to be effective, Advent shall
          immediately appoint a further person in Israel to accept service of
          process on its behalf in Israel and, failing such appointment within
          15 days, the Trustee shall be entitled to appoint such person by
          notice to Advent. Nothing contained herein shall affect the right to
          serve process in any other manner permitted by law.

6.4.      The submissions to the jurisdiction of the courts referred to in
          clause 6.1 shall not (and shall not be construed so as to) limit the
          right of the Trustee to take Proceedings against Advent in any other
          court of competent jurisdiction, nor shall the taking of Proceedings
          in any one or more jurisdictions preclude the taking of Proceedings in
          any other jurisdiction (whether concurrently or not) if and to the
          extent permitted by applicable law.

IN WITNESS WHEREOF, the parties have signed this Amendment on the 7 day of
August, 2000.

for: ADVENT INVESTMENTS PTE LTD.         for: BANK LEUMI LE-ISRAEL B.M.

By: [signature]                          By: [signature]
    ----------------------------------       -----------------------------------
Title:                                   Title:
       -------------------------------          --------------------------------

We, the undersigned, Partner Communications Company Limited, acknowledge and
agree to the amendments to the Main Pledge (as such term is defined above) set
out above.

for: PARTNER COMMUNICATIONS
     COMPANY LIMITED

By: [signature]
    ----------------------------------
Title:
       -------------------------------

<PAGE>

                                SECOND AMENDMENT
                                      to a
                                 PLEDGE MADE ON
                               10TH SEPTEMBER 1998

          between:

          (1)  ADVENT INVESTMENTS PTE LTD., a company incorporated under the
               laws of Singapore (company number 199408473H), having its
               registered office at 1 King George's Avenue, #03-00 Rehau
               Building, Singapore ("Advent");

          and

          (2)  BANK LEUMI LE-ISRAEL B.M., as trustee for the benefit of the
               Secured Creditors ("the Trustee")

WHEREAS:

(A)  pursuant to a Pledge made on 10th September 1998 ("the Main Pledge"),
     Advent created in favour of the Trustee, as trustee for the benefit of the
     Secured Creditors, first-ranking pledges over, inter alia, each of the
     Pledged Assets; and

(B)  the Main Pledge was amended pursuant to an Amendment dated 1 August 2000
     ("the First Amendment"); and

(C)  it has been agreed that in the light of amendments to the Facility
     Agreement under an Amending and Rescheduling Agreement dated 9 July 2000,
     which amendments come into force on the date of signature of this
     Amendment, the Main Pledge shall be further amended in the manner set out
     in this Amendment below ("the Second Amendment"),

<PAGE>

                                       -2-

1.   Unless otherwise defined in this Second Amendment, terms defined and
     references contained in the Main Pledge, shall have the same meaning and
     construction in this Second Amendment. For the removal of doubt, references
     to clauses of the Facility Agreement are references to clauses in the
     conformed copy of the Facility Agreement of even date herewith.

2.   The Main Pledge is hereby amended as follows:

2.1.      Clause 1.1.5 shall be deleted and replaced by the following:

               "1.1.5    'Default Rate'   - means the default rate of interest
                                            as determined in accordance with
                                            clause 8.3 of the Facility
                                            Agreement;"

2.2.      In clause 1.1.7, the reference to "Section 22" is hereby deleted and
          replaced by "clause 17" and Annexure A to the Main Pledge is hereby
          replaced by a new Annexure A in the form annexed hereto and marked
          Annexure "A".

2.3.      In clause 1.1.9, the following words should be added after the words
          "(6) the Banks":

                    "   , as such agreement has been amended, inter alia, by an
                     ---
                    Amending and Rescheduling Agreement dated 9 July, 2000, the
                    banks parties to the Facility Agreement as at the Effective
                    Date being Bank Leumi Le-Israel B.M., Israel Discount Bank
                    Ltd., Bank Hapoalim B.M., The First International Bank of
                    Israel Ltd., United Mizrahi Bank Ltd., Mercantile Discount
                    Bank Ltd. and Citibank N.A.;"

2.4.      In clause 1.1.10, the words "all the Borrowers" shall be deleted and
          replaced by "Partner".

2.5.      The word "Banks" wherever it appears in the Main Pledge shall be
          replaced by "Participating Banks".

2.6.      In clause 1.1.18, the word "Co-Ordinating Agent" and the letter "s" in
          the event of each of "Facility Agents" and "the Arrangers" are hereby
          deleted.

2.7.      In clause 1.1.22, the word "Agreement" in line 4 (after the words
          "Shareholder Loan") shall be deleted.

<PAGE>

                                       -3-

2.8.      In clause 5.5, the words "or the Advent Cash Collateral Account"
          shall be deleted.

2.9.      In clause 6.1, the references to "clauses 22.22(c)" shall be replaced
          by "clause 17.25(c)" and the references to clause "22.22(d)" shall be
          replaced by clause "17.25(d)", a copy of clauses 17.25(c) and (d)
          being attached hereto as Annexure "B".

2.10.     In clause 6.2.2, the reference to "clause 29" shall be replaced, by
          "clause 23".

3.   Save as amended expressly pursuant to this Second Amendment and pursuant to
     the First Amendment, the provisions of the Main Pledge shall continue in
     full force and effect and the Main Pledge, the First Amendment and this
     Second Amendment shall be read and construed as one agreement.

4.   This Second Amendment shall be governed by and construed in accordance with
     the laws of the State of Israel.

5.1.      Advent hereby irrevocably agrees, for the benefit of the Trustee, as
          Trustee for the Secured Creditors, that the courts of Tel-Aviv shall
          have jurisdiction to hear and determine any suit, action or
          proceedings and to settle any disputes, which may arise out of or in
          connection with this Second Amendment (respectively, "Proceedings" and
          "Disputes") and, for such purposes, irrevocably submits to the
          jurisdiction of such courts.

5.2.      Advent hereby irrevocably waives any objection which it might now or
          hereafter have to the courts referred to in clause 5.1 being nominated
          as the forum to hear and determine any Proceedings and to settle any
          Disputes and agrees not to claim that any such court is not a
          convenient or appropriate forum.

5.3.      Advent agrees that the process by which any Proceedings are begun may
          be served on it by being delivered in connection with any Proceedings
          in Israel to Professor Joseph Gross, Hodak Limited of 23 King Shaul
          Boulevard, Tel-Aviv 64367, Israel. If the appointment of the persons
          mentioned in this clause 5.3 ceases to be effective, Advent shall
          immediately appoint a further person in Israel to accept service of
          process on its behalf in Israel and, failing such appointment within
          15 (fifteen) days, the Trustee shall be entitled to

<PAGE>

          appoint such person by notice to Advent Nothing contained herein shall
          affect the right to serve process in any other manner permitted
          by law.

5.4.      The submissions to the jurisdiction of the courts referred to in
          clause 5.1 shall not (end shall not be construed so as to) limit the
          right of the Trustee to take Proceedings against Advent in any other
          court of competent jurisdiction, nor shall the taking of Proceedings
          in any one or more jurisdictions preclude the taking of Proceedings in
          any other jurisdiction (whether concurrently or not) if and to the
          extent permitted by applicable law.

IN WITNESS WHEREOF, the parties have signed this Second Amendment on the
7 day of August, 2000.

for: ADVENT INVESTMENTS PTE LTD.         for BANK LEUMI LE-ISRAEL B.M.

By: [signature]                          By: [signature]
    ----------------------------------       -----------------------------------
Title: Director                          Title:
                                                --------------------------------

We, the undersigned, Partner Communications Company Limited acknowledge and
agree to the amendments to the Main Pledge (as such term is defined above) set
out above.

<PAGE>

                                  ANNEXURE "A"
                                       to
                              AMENDED SHARE PLEDGES

17.  DEFAULT

17.1.     Events of Default

          Each of the events set out in clause 17.2 (Non-Payment) to clause
          17.24 (Non-Compliance with any Securities Authority) (inclusive) below
          is an Event of Default (whether or not caused by any reason outside
          the control of any or all of the Obligors or any other person).

17.2.     Non-Payment

          Any Obligor does not pay on the due date any amount payable by it
          under any Facility Document at the place and in the funds expressed to
          be payable, provided that this clause 17.2 (Non-Payment) shall not
          apply: (i) to unpaid amounts of principal which are paid in full
          within two Business Days of the due date for payment; or (ii) to
          unpaid amounts of Interest or other amounts (except principal) which
          are paid in full within 5 (five) Business Days after the due date for
          payment.

17.3.     Breach of Obligations

          (a)  There is any breach of any of clauses 2.1.2, 2.4 (Purpose), 16.2
               (Financial Information), 16.6 (Negative Pledge), 16.7 (Sale and
               Leaseback), 16.8 (Disposals), 16.10 (Loans and Guarantees) to
               16.15 (Share Capital) (inclusive), 16.21 (Acquisitions and
               Mergers), 16.22 (Borrowings), 16.23 (Arm's-Length Terms), 16.32
               (Financial Undertakings) or 16.35 (Reserve Account) to 16.41
               (Copy to the Ministry) (inclusive), above.

          (b)  Any Obligor fails to comply with any undertaking or obligation
               contained in any Facility Document and, if such default is
               capable of remedy within such period, within 30 (thirty) days
               after the earlier of the Obligor becoming aware of such default
               and receipt by the Obligor of written notice from the Facility

<PAGE>

                                       -2-

               Agent requiring the failure to be remedied, that Obligor shall
               have failed to cure such default.

17.4.     Misrepresentation/Breach of Warranty

          (a)  Any representation or warranty contained in clauses 15.7
               (Consents), 15.8(c) or (d) (Accounts), 15.10 (Tax Liabilities),
               15.12 (Reports), 15.13 (Ownership of Assets), 15.14 (Documents),
               15.15(a) (Intellectual Property Rights), 15.16 (Environmental
               Matters) or 15.18 (Material Contracts) is incorrect or misleading
               in any respect when made or deemed repeated by reference to the
               facts and circumstances then subsisting.

          (b)  Any representation or warranty contained in clauses 15.5(c) (Non
               Conflict), 15.6(b) (No Default), 15.10 (Tax Liabilities) or
               15.15(b) (Intellectual Property Rights) is incorrect or
               misleading in any respect when deemed repeated pursuant to clause
               15.21 (Repetition).

          (c)  Any other representation or warranty made or repeated by or on
               behalf of any Obligor in any Facility Document, or in any
               certificate or statement delivered by or on behalf of any Obligor
               or other member of the Group under any Facility Document, is
               incorrect or misleading in any material respect when made or
               deemed to be made or repeated by reference to the facts and
               circumstances then subsisting.

17.5.     Cross-Acceleration and Cross-Default

          (a)  Any amount in respect of Borrowings of any one or more members of
               the Group (taken together if more than one) which aggregate US
               $5,000,000 (five million United States Dollars), or its
               equivalent, or more at any one time outstanding:

               (i)  becomes prematurely due and payable;

               (ii) becomes due for redemption before its normal maturity date;
                    or

               (iii) is placed on demand,

<PAGE>

                                       -3-

                    in each such case by reason of the occurrence of an event of
                    default (howsoever characterised) or any event having the
                    same effect resulting from a default by a member of the
                    Group.

               (b)  Any amount in respect of such Borrowings which aggregate US
                    $5,000,000 (five million United States Dollars), or its
                    equivalent, or more, are not paid when due (whether falling
                    due by demand, at scheduled maturity or otherwise) or within
                    any applicable grace period provided for in the document
                    evidencing or constituting those Borrowings.

               (c)  Any Encumbrances over any assets of any one or more members
                    of the Group (taken together if more than one) securing an
                    aggregate of US $5,000,000 (five million United States
                    Dollars), or its equivalent, or more become enforceable and
                    steps are taken to enforce the same.

               (d)  Any Obligor fails to discharge in full any judgment debt
                    entered against it in excess of an aggregate amount of US
                    $5,000,000 (five million United States Dollars), or its
                    equivalent, within 30 (thirty) days of the relevant judgment
                    being entered against the relevant Obligor unless such
                    judgment is being contested in good faith on reasonable
                    grounds following external legal advice.

               (e)  For the purposes of this clause 17.5 only, "Borrowings"
                    shall include Indebtedness pursuant to Hedging Transactions
                    and, in any such case the "amount" in respect of such
                    Hedging Transactions shall be the amount under the relevant
                    Hedging Transaction which becomes prematurely due and
                    payable, due for redemption before its normal maturity date,
                    placed on demand or is not paid when due or within any
                    applicable grace period.

               (f)  There is any event of default under any debenture comprising
                    Permitted Loan Capital.

17.6.     Invalidity

          Any of the Facility Documents shall cease to be in full force and
          effect in any material respect or shall cease to constitute the legal,
          valid, binding and enforceable obligation of any Obligor party to it
          or, in the case of any Security Document, fail to provide effective
          perfected security in favour of the Security Trustee (for the benefit
          of

<PAGE>

                                       -4-

          itself and the Secured Creditors) over the assets over which security
          is intended to be given by that Security Document (save for any
          Reservations), or it shall be unlawful for any Obligor to perform any
          of its material obligations under any of the Facility Documents.

17.7.     Insolvency and Rescheduling

          Any Obligor is unable to pay its debts as they fall due or admits
          inability to pay its debts as they fall due, commences negotiations
          with any one or more of its creditors with a view to the general
          readjustment or rescheduling of its Indebtedness or makes a general
          assignment for the benefit of or a composition with its creditors.

17.8.     Winding-Up

          Any Obligor takes any corporate action or other steps are taken or
          legal proceedings are started (or are consented to or any order is
          made) for its winding-up, liquidation, bankruptcy, dissolution,
          administration or re-organisation (or for the suspension of payments
          generally or any process giving protection against creditors) or for
          the appointment of a liquidator, receiver, administrator,
          administrative receiver, conservator, custodian, trustee or similar
          officer of it or of all or any material part of its revenues or assets
          or such a person is appointed provided that this clause 17.8 shall not
          apply to:

          (a)  any such action relating to a solvent reconstruction,
               amalgamation, reorganisation or merger of such Obligor save where
               the Facility Agent (acting on the instructions of an Instructing
               Group) believes that such action will reasonably be expected to
               have an adverse effect on the ability of that Obligor to comply
               with its obligations under the Facility Documents; or

          (b)  any such action which is frivolous or vexatious and which such
               Obligor is contesting in good faith on reasonable grounds or in
               respect of which an Instructing Group is satisfied that the
               ability of that Obligor to comply with its obligations under the
               Facility Documents will not be materially and adversely affected
               and which in either case is discharged or dismissed as soon as
               reasonably practicable.

17.9.     Execution or Distress

          Any distress, execution, attachment, sequestration or other process
          arising out of any claim by any third party against any member of the

<PAGE>

                                      -5-

          Group for an aggregate amount of US $5,000,000 (five million United
          States Dollars) or its equivalent (taking all such members of the
          Group together) or more affects any material asset of any Obligor save
          where (i) that Obligor is, in good faith on reasonable grounds,
          contesting the distress, execution, attachment, sequestration or other
          process by appropriate proceedings diligently pursued and (ii) an
          Instructing Group is satisfied that the ability of that Obligor to
          comply with its obligations under the Facility Documents will not be
          materially and adversely affected whilst such distress, execution,
          attachment, diligence or other process is being so contested.

17.10.    Analogous Events

          Any event occurs which has a similar or analogous effect or purpose to
          any of those events mentioned in clause 17.7 (Insolvency and
          Rescheduling), clause 17.8 (Winding-Up) or clause 17.9 (Execution or
          Distress).

17.11.    Governmental Intervention

          By or under the authority of the Government of Israel or any other
          competent Israeli authority:

          (a)  all or the majority of the management of any Obligor is displaced
               or the authority of any Obligor in the conduct of its business is
               wholly or materially curtailed; or

          (b)  all or a majority of the issued shares of any Obligor or the
               whole or any part (the book value of which is 10% (ten percent)
               or more of the book value of the whole) of the revenues or assets
               of any Obligor is seized, nationalised, expropriated or
               compulsorily acquired; or

          (c)  any law is introduced after the date hereof imposing material
               restrictions on the free transfer of funds out of Israel and/or
               the exchange of sheqels for dollars or Euros in each such case
               which will apply to payments made or to be made under any of the
               Facilities.

17.12.    Cessation

          Any Obligor ceases, or threatens to cease, to carry on all or a
          substantial part of its business (save in consequence of any
          reorganisation, reconstruction or amalgamation permitted under this

<PAGE>

                                       -6-

          Agreement and save as may result from any disposal of assets permitted
          by the terms of this Agreement or where such business or part thereof
          is carried on by another Obligor or for any solvent liquidation,
          dissolution or winding-up of any member of the Group previously
          approved in writing by an Instructing Group) or all or a material part
          of the Business is abandoned.

17.13.    Proceedings

          There is current or pending any litigation, dispute, arbitration,
          administrative, regulatory or other proceedings or enquiry concerning
          or involving any member of the Group which is reasonably likely to
          have a Material Adverse Effect.

17.14.    Breach of the Licence or any Authorisation

          (a)  The Licence or any Authorisation necessary for any Obligor to
               comply with its obligations under the Facility Documents is in
               whole or in part:

               (i)  surrendered, terminated, withdrawn, suspended, cancelled or
                    revoked or does not remain in full force and effect or
                    otherwise expires and is not renewed prior to its expiry (in
                    each case, without replacement by a Licence(s) or
                    Authorisation, as applicable having substantially equivalent
                    effect); or

               (ii) modified in any material respect or breached (unless, in the
                    case of any Authorisation, such modification or breach is
                    reasonably likely not to have a Material Adverse Effect);

               provided that any change in the spectrum made available under the
               Licence will be construed to be a modification of the Licence for
               the purposes of this paragraph (a).

               (b)  Any event occurs which is reasonably likely to give rise to
                    the revocation, termination, cancellation or suspension of
                    the Licence (without replacement) in such circumstance where
                    Partner is unable to demonstrate to the reasonable
                    satisfaction of the Instructing Group within 30 (thirty)
                    days of such event occurring that such termination,
                    suspension or revocation will not occur.

<PAGE>

                                       -7-

          (c)  For the avoidance of doubt, nothing in this Agreement shall be
               construed as a waiver by the Finance Parties of their rights
               under this clause 17.14 arising from any breach of the Licence.

17.15.    Material Adverse Change

          Any event or series of events occur which in the reasonable opinion of
          an Instructing Group after discussion with Partner, is likely to have
          a material adverse effect on the business or financial condition of
          the Group (as a whole) or on the ability of any Obligor to perform its
          material obligations under the Facility Documents.

17.16.    Breach of Material Contracts

          (a)  Any Obligor fails duly to perform or comply with any obligation
               expressed to be assumed by it in any of the Material Contracts
               to which it is a party (other than the Licence), where such
               failure would be reasonably likely to have a Material Adverse
               Effect.

          (b)  Any Authorisation necessary for any Obligor to comply with any
               Material Contract or any Material Contract (other than the
               Licence) is cancelled, suspended, withdrawn, revoked or
               terminated or expires by effluxion of time in a manner or
               circumstances (in whole or in part) without being replaced as
               soon as reasonably practicable on terms not materially less
               favourable than such Material Contract.

17.17.    Repudiation

          Any Obligor repudiates or purports to repudiate or threatens to
          repudiate any of the Facility Documents or Material Contracts to which
          it is a party.

17.18.    Counterparties

          Any Counterparty:

          (a)  fails duly to perform or comply with any obligation expressed to
               be assumed by it in any Material Contract to which it is a party
               where such failure would be reasonably likely to have a Material
               Adverse Effect; or

          (b)  repudiates, or purports or threatens to repudiate, any Material
               Contract to which it is a party

<PAGE>

                                      -8-

          and (in the case of any Supplier Contract) a replacement contract on
          terms not materially less favourable with an internationally
          recognised equivalent supplier is not entered into by Partner within
          90 (ninety) days from the date of such failure, repudiation or
          purported or threatened repudiation.

17.19.    Shareholders

          (a)  (i)  The Shareholders Agreement ceases to be valid, binding and
                    enforceable; or

               (ii) the Shareholders Agreement is revoked, terminated, cancelled
                    or suspended without being at such time replaced with a new
                    shareholders agreement with all material terms being
                    acceptable to an Instructing Group; or

               (iii) any material provision of the Shareholders Agreement is
                    amended or waivers granted in relation thereto or any new
                    provisions are included in the Shareholders Agreement; or

               (iv) any party to the Shareholders Agreement is in breach of any
                    term thereof and if such breach is capable of remedy, is not
                    remedied within 30 (thirty) days

               and such event or circumstance is reasonably likely to result in
               a Material Adverse Effect.

          (b)  (i)  Any of the representations and warranties by any Chargor in
                    any Share Pledge to which it is a party are incorrect or
                    misleading in any material respect when made by such Chargor
                    by reference to the facts and circumstances then existing if
                    the fact, matter or event giving rise to such representation
                    being incorrect or misleading is not remedied or cured to
                    the satisfaction of Facility Agent (acting on the
                    instructions of an Instructing Group) within 14 (fourteen)
                    days after the earlier of the relevant Chargor becoming
                    aware of the same and receipt by the relevant Chargor of
                    written notice from Facility Agent requiring the remedy of
                    the relevant fact, matter or event.

               (ii) Any Chargor fails to comply with any undertaking or
                    obligation contained in any Share Pledge to which it is a

<PAGE>

                                       -9-

                    party and, if such default is capable of remedy within such
                    period, within 30 (thirty) days after the earlier of the
                    Chargor becoming aware of such default and receipt by the
                    Chargor of written notice from Facility Agent requiring the
                    failure to be remedied, that Chargor shall have failed to
                    cure such default.

               (iii) Any Share Pledge shall cease to be in full force and effect
                    in any material respect or shall cease to constitute the
                    legal, valid, binding and enforceable obligation of any
                    Chargor party to it or fail to provide effective perfected
                    security in accordance with the terms of the Share Pledge in
                    favour of the Security Trustee (for the benefit of itself
                    and the Secured Creditors) over the assets over which
                    security is intended to be given by that Share Pledge (save
                    for any Reservations), or it shall be unlawful for any
                    Chargor to perform any of its material obligations under any
                    of the Share Pledges.

               (iv) Any Chargor repudiates or purports to repudiate or threatens
                    to repudiate in writing the Share Pledge to which it is a
                    party.

17.20.    Change of Ownership

          Upon the occurrence of a Change of Ownership, unless Partner has
          received the prior consent of the Participating Banks to such
          occurrence.

17.21.    Balance in Reserve Account

          If the balance standing to the credit of the Reserve Account shall at
          any time be less than the amount required under clause 1.1.129(f)
          above.

17.22.    Mandatory Prepayment

          In the event that Partner shall fail to make any mandatory prepayment
          in accordance with clause 7 (Mandatory Prepayment) above (including
          pursuant to clause 7.1 above) within the time limits respectively
          specified therefor under the relevant subsections of clause 7
          (Mandatory Prepayment).

<PAGE>

                                      -10-

17.23.    No Trading in Securities

          In the event that with respect to any shares or other securities
          convertible into shares of Partner which are traded on a stock
          exchange, there is no trading in such shares or other convertible
          securities for a consecutive period of 10 (ten) or more days on which
          trading is conducted on such stock exchange.

17.24.    Non-Compliance with any Securities Authority

          In the event that Partner breaches or fails to comply with any
          material undertakings or obligations entered into by it, or imposed on
          it, in favour of any securities authority in any country or state in
          which share, securities or debentures of Partner are traded or fails
          to comply with any material rules, regulations or other law of any
          such securities authority.

17.25.    Acceleration

          Upon the occurrence of an Event of Default and at any time thereafter
          while the same is continuing, the Facility Agent may, and shall if so
          directed by an Instructing Group, by notice to Partner:

          (a)  declare that an Event of Default has occurred; and/or

          (b)  declare that any undrawn portion of all or any of the Available
               Facilities shall be cancelled forthwith, whereupon the same shall
               be so cancelled and the applicable Available Facility or
               Facilities shall be zero and all fees payable in relation to the
               Available Facilities shall become immediately due and payable;
               and/or

          (c)  declare that the Advances or any one or more of them (as
               specified in such notice), together with all Interest and Linkage
               Differentials accrued on those Advances and all other amounts
               (including amounts due under clause 19.1 (Broken Funding
               Indemnity), to the extent applicable) payable by Partner (as
               specified in such notice) or any of them under the Facility
               Documents from time to time, shall thenceforth be repayable on
               demand being made by the Facility Agent (and in the event of any
               such demand those Advances, such Interest and such other amounts
               shall be immediately due and payable); and/or

<PAGE>

                                      -11-

          (d)  declare the Advances or any one or more of them (as specified in
               such notice) immediately due and payable, whereupon they shall
               become immediately due and payable together with all Interest and
               Linkage Differentials accrued on those Advances and all other
               amounts payable by Partner under the Facility Documents
               (including amounts due under clause 19.1 (Broken Funding
               Indemnity), to the extent applicable).

17.26.    Advances Due on Demand

          If, pursuant to clause 17.25 (Acceleration), the Facility Agent
          declares the Advances to be due and payable on demand then, and at any
          time thereafter so long as any Event of Default is continuing or has
          not been waived, the Facility Agent may by written notice to Partner
          (upon instruction from an Instructing Group) require repayment of the
          Advances on such date as the Facility Agent (upon instruction from an
          Instructing Group) may specify in such notice (whereupon the same
          shall become due and payable on such date together with accrued
          Interest and Linkage Differentials thereon and any other sums then
          owed by Partner hereunder) or withdraw such declaration with effect
          from such date as it may specify in such notice.

17.27.    Indemnity

          Partner shall indemnify each Finance Party against any losses, charges
          or expenses which such Finance Party may sustain or incur as a
          consequence of:

          (a)  the occurrence of any Event of Default or Potential Event of
               Default; or

          (b)  the operation of clause 17.25 (Acceleration),

          including any losses, charges or expenses on account of funds
          acquired, contracted for or utilised to fund any amount payable under
          this Agreement, any amount repaid or prepaid or any Advance (as the
          case may be). A certificate of such Finance Party as to the amount of
          any such loss or expense shall be prima facie evidence in the absence
          of manifest error.

<PAGE>

                                  ANNEXURE "B"
                                       to
                              AMENDED SHARE PLEDGES

               Clauses 17.25(c) and (d) of the Facility Agreement

          (c)  declare that the Advances or any one or more of them (as
               specified in such notice), together with all Interest and Linkage
               Differentials accrued on those Advances and all other amounts
               (including amounts due under clause 19.1 (Broken Funding
               Indemnity), to the extent applicable) payable by Partner (as
               specified in such notice) or any of them under the Facility
               Documents from time to time, shall thenceforth be repayable on
               demand being made by the Facility Agent (and in the event of any
               such demand those Advances, such Interest and such other amounts
               shall be immediately due and payable); and/or

          (d)  declare the Advances or any one or more of them (as specified in
               such notice) immediately due and payable, whereupon they shall
               become immediately due and payable together with all Interest and
               Linkage Differentials accrued on those Advances and all other
               amounts payable by Partner under the Facility Documents
               (including amounts due under clause 19.1 (Broken Funding
               Indemnity), to the extent applicable).

<PAGE>

                                 THIRD AMENDMENT
                                      to a
                                 PLEDGE MADE ON
                              10TH SEPTEMBER 1998

          between:

          (1)  ADVENT INVESTMENTS PTE LTD., a company incorporated under the
               laws of Singapore (company number 199408473H), having its
               registered office at 10 Hoe Chiang Road, #18-02, Keppel Towers,
               Singapore ("Advent");

          and

          (2)  BANK LEUMI LE-ISRAEL B.M., as trustee for the benefit of the
               Secured Creditors ("the Trustee")

WHEREAS:

(A)  pursuant to a Pledge made on 10 September 1998, Advent created in favour of
     the Trustee, as trustee for the benefit of the Secured Creditors,
     first-ranking pledges over, inter alia, each of the Pledged Assets; and

(B)  such Pledge, as aforesaid, was amended pursuant to an Amendment dated 1
     August 2000 ("the First Amendment") and a further Amendment dated 7 August
     2000 ("the Second Amendment") (such Pledge, amended as aforesaid, "the
     Main Pledge"); and

(C)  it has been agreed that in the light of an amendment to the Facility
     Agreement dated 30 January 2002, the Main Pledge shall be further amended
     in the manner set out in this Amendment below ("the Third Amendment"),

1.   Unless otherwise defined in this Third Amendment, terms defined and
     references contained in the Main Pledge, shall have the same meaning

<PAGE>

                                       -2-

     and construction in this Third Amendment. For the removal of doubt,
     references to clauses of the Facility Agreement are references to clauses
     in the conformed copy of the Facility Agreement of even date herewith.

2.   The Main Pledge is hereby amended as follows:

2.1.      In clause 1.1.18, the words "Bank Leumi Le-Israel B.M., in its
          capacity as issuer of the BLL Performance Bond" shall be deleted and
          replaced by "Israel Discount Bank Ltd., in its capacity as issuer of
          the IDB Performance Bond".

2.2.      In clause 1.2.1, the following shall be added to the end thereof:

               "References in this Pledge to clauses of the Facility Agreement
               are references to clauses in the conformed copy of the Facility
               Agreement of 7 August 2000."

3.   Save as amended expressly pursuant to this Third Amendment, the provisions
     of the Main Pledge shall continue in full force and effect and the Main
     Pledge and this Third Amendment shall be read and construed as one
     agreement.

4.   This Third Amendment shall be governed by and construed in accordance with
     the laws of the State of Israel.

5.1.      Advent hereby irrevocably agrees, for the benefit of the Trustee, as
          Trustee for the Secured Creditors, that the courts of Tel-Aviv shall
          have Jurisdiction to hear and determine any suit, action or
          proceedings and to settle any disputes, which may arise out of or in
          connection with this Third Amendment (respectively "Proceedings" and
          "Disputes") and, for such purposes, irrevocably submits to the
          jurisdiction of such courts.

5.2.      Advent hereby irrevocably waives any objection which it might now or
          hereafter have to the courts referred to in clause 5.1 being nominated
          as the forum to hear and determine any Proceedings and to settle any
          Disputes and agrees not to claim that any such court is not a
          convenient or appropriate forum.

5.3.      Advent agrees that the process by which any Proceedings are begun may
          be served on it by being delivered in connection with any Proceedings
          in Israel to Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co., Law
          Offices, of 1 Azrieli Centre, Circular Tower, Derech Petach Tlqva,
          Tel-Aviv 67021, Israel. If the appointment of

<PAGE>

                                      -3-

          the persons mentioned in this clause 5.3 ceases to be effective,
          Advent shall immediately appoint a further person in Israel to accept
          service of process on its behalf in Israel and, failing such
          appointment within 15 (fifteen) days, the Trustee shall be entitled to
          appoint such person by notice to Advent. Nothing contained herein
          shall affect the right to serve process in any other manner permitted
          by law.

5.4.      The submissions to the jurisdiction of the courts referred to in
          clause 5.1 shall not (and shall not be construed so as to) limit the
          right of the Trustee to take Proceedings against Advent in any other
          court of competent jurisdiction, nor shall the taking of Proceedings
          in any one or more jurisdictions preclude the taking of Proceedings in
          any other jurisdiction (whether concurrently or not) if and to the
          extent permitted by applicable law.

IN WITNESS WHEREOF, the parties have signed this Third Amendment on the 13 day
of March, 2002.

for: ADVENT INVESTMENTS PTE LTD.         for BANK LEUMI LE-ISRAEL B.M.

By: [signature]                          By: [signature]
    ----------------------------------       -----------------------------------
Title: Director                          Title:
                                                --------------------------------

We, the undersigned, Partner Communications Company Limited, acknowledged and
agree to the amendments to the Main Pledge (as such term is defined above) set
out above.

for: PARTNER COMMUNICATIONS
     COMPANY LIMITED

By: [signature]
    ----------------------------------
Title:
       -------------------------------

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