Document:

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                                                                   Exhibit 10.65

                             Dated 28 January, 2004

                HUTCHISON GLOBAL COMMUNICATIONS HOLDINGS LIMITED
                                 (as the Vendor)

                                       and

                 VANDA SYSTEMS & COMMUNICATIONS HOLDINGS LIMITED
                               (as the Purchaser)

                                       and

                         HUTCHISON INTERNATIONAL LIMITED
                               (as the Guarantor)

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                                    AGREEMENT
                             for the acquisition of
                       the entire issued share capital of
               HUTCHISON GLOBAL COMMUNICATIONS INVESTMENTS LIMITED
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                               WOO, KWAN, LEE & LO
                              Solicitors & Notaries
                           27th Floor Jardine House
                                1 Connaught Place
                                     Central
                                    Hong Kong

                                 Ref.: AL/FY/KT

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                                TABLE OF CONTENTS

1.    INTERPRETATION.......................................................    1

2.    SALE AND PURCHASE OF THE SALE SHARES.................................   10

3.    CONSIDERATION........................................................   10

4.    CONDITIONS PRECEDENT.................................................   10

5.    VENDOR'S REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS................   14

6.    PURCHASER'S REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS.............   18

7.    COMPLETION...........................................................   24

8.    DISCLOSURE...........................................................   28

9.    GUARANTEE............................................................   28

10.   CONFIDENTIALITY......................................................   30

11.   FULL EFFECT..........................................................   30

12.   SEVERABILITY.........................................................   30

13.   NOTICE...............................................................   30

14.   COUNTERPARTS.........................................................   31

15.   TIME OF ESSENCE......................................................   31

16.   COSTS................................................................   31

17.   FURTHER ASSURANCE....................................................   31

18.   ENTIRE AGREEMENT.....................................................   31

19.   NO WAIVER............................................................   32

20.   ASSIGNMENT...........................................................   32

21.   JURISDICTION.........................................................   32

SCHEDULE 1 - PARTICULARS OF THE GROUP
SCHEDULE 2 - CORPORATE STRUCTURE OF THE GROUP
SCHEDULE 3 - CORPORATE STRUCTURE OF THE PURCHASER GROUP
SCHEDULE 4 - VENDOR'S WARRANTIES, REPRESENTATIONS AND UNDERTAKINGS
SCHEDULE 5 - PURCHASER'S WARRANTIES, REPRESENTATIONS AND UNDERTAKINGS
SCHEDULE 6 - FORM OF FACILITY AGREEMENT
SCHEDULE 7 - FORM OF THE CERTIFICATE

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THIS AGREEMENT is made on the 28th day of January, 2004

BETWEEN:

(1)  HUTCHISON GLOBAL COMMUNICATIONS HOLDINGS LIMITED, a company incorporated in
     the British Virgin Islands and having its registered office at Trident
     Chambers, PO Box 146, Wickhams Cay, Road Town, Tortola, the British Virgin
     Islands (the "Vendor");

(2)  VANDA SYSTEMS & COMMUNICATIONS HOLDINGS LIMITED, a company incorporated in
     Bermuda and having its registered office at Clarendon House, Church Street,
     Hamilton HM 11, Bermuda and its principal place of business at Lincoln
     House 408, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong (the
     "Purchaser"); and

(3)  HUTCHISON INTERNATIONAL LIMITED, a company incorporated in Hong Kong and
     having its registered office at 22/F, Hutchison House, 10 Harcourt Road,
     Central, Hong Kong (the "Guarantor").

WHEREAS:

(A)  The Company was incorporated in the British Virgin Islands and has an
     authorised share capital of US$50,000 divided into 50,000 shares of US$1.00
     each, of which 10,000 shares have been issued to and are legally and
     beneficially owned by the Vendor.

(B)  The Purchaser is a company incorporated in Bermuda, the issued share
     capital of which is listed on the Stock Exchange. As at the date of this
     Agreement, the Purchaser has an authorised share capital of HK$400,000,000
     divided into 4,000,000,000 Shares of which 1,537,871,325 Shares are in
     issue and are fully paid or credited as fully paid. There are also
     outstanding Purchaser Share Options upon the full exercise of which the
     Purchaser would have to issue not more than 48,990,000 new Shares.

(C)  The Vendor wishes to sell and the Purchaser wishes to buy the Sale Shares
     on the terms and subject to the conditions set out below.

(D)  The Vendor is an indirect wholly-owned subsidiary of the Guarantor and the
     Guarantor has agreed to guarantee the due and punctual performance by the
     Vendor of its obligations hereunder.

IT IS AGREED as follows:

1.   INTERPRETATION

     In this Agreement, including the Recitals and Schedules hereto, unless the
     context otherwise requires:

                                        1

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(a)  the following expressions have the following meanings:

     "Affiliate"                      in respect of a company, means any
                                      subsidiaries or holding companies of such
                                      company or any subsidiaries of any of the
                                      holding companies of such company;

     "associate"                      has the meaning ascribed to that term
                                      under the Listing Rules;

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

     "CCASS"                          the Central Clearing and Settlement System
                                      operated by HKSCC;

     "Certificate"                    the certificate to be issued in respect of
                                      the Consideration Convertible Note
                                      substantially in the form set out in
                                      Schedule 7;

     "CKE"                            Cheung Kong Enterprises Limited, a
                                      subsidiary of Cheung Kong (Holdings)
                                      Limited;

     "CLPT"                           CLP Telecommunications Limited;

     "Companies Ordinance"            Companies Ordinance (Cap. 32 of the Laws
                                      of Hong Kong);

     "Company"                        Hutchison Global Communications
                                      Investments Limited, further details of
                                      which are contained in Schedule 1;

     "Company Accounts Date"          31 December 2003;

     "Company Audited Accounts"       the audited consolidated balance sheet of
                                      the Group as at 31 December 2003 and its
                                      audited consolidated profit and loss
                                      account for the year ended 31 December
                                      2003, a copy of which has been initialled
                                      on behalf of the Parties for the purpose
                                      of identification;

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     "Company Leased Properties"      the properties occupied or leased by the
                                      Group, the particulars of which are set
                                      out in Part B of Exhibit C, a copy of
                                      which has been initialled on behalf of the
                                      Parties for the purpose of identification;

     "Company Owned Properties"       the properties owned by the Group, the
                                      particulars of which are set out in Part A
                                      of Exhibit C, a copy of which has been
                                      initialled on behalf of the Parties for
                                      the purpose of identification;

     "Company Properties"             the Company Owned Properties and the
                                      Company Leased Properties;

     "Completion"                     the completion of the sale and purchase of
                                      the Sale Shares in accordance with the
                                      provisions of Clause 7;

     "Conditions"                     the terms and conditions to be attached to
                                      the Certificate substantially in the form
                                      set out in Schedule 7 (with such
                                      amendments thereto as the Purchaser and
                                      the Vendor may agree), and "Condition"
                                      refers to the relative numbered paragraph
                                      of the Conditions;

     "Consent"                        includes any licence, consent, approval,
                                      authorisation, permission, waiver, order
                                      or exemption;

     "Consideration"                  the consideration for the transfer of the
                                      Sale Shares pursuant to Clause 2 in the
                                      aggregate amount of HK$7,100,000,000,
                                      which shall be satisfied in accordance
                                      with Clause 3;

     "Consideration Convertible       the convertible note in the principal sum
     Note"                            of HK$3,200,000,000 to be issued by the
                                      Purchaser to the Vendor (or other
                                      subsidiary of HWL as the Vendor may
                                      direct) in accordance with the terms and
                                      conditions of this Agreement with the
                                      benefit of and subject to the provisions
                                      of the Conditions;

                                        3

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     "Consideration Shares"           the 4,875,000,000 new Shares to be
                                      allotted and issued to the Vendor (or as
                                      it may direct) to satisfy part of the
                                      Consideration payable by the Purchaser to
                                      the Vendor pursuant to Clause 3;

     "Conversion Date"                any date on which the Conversion Rights
                                      (or any of them) are exercised in
                                      accordance with the Conditions;

     "Conversion Price"               HK$0.96 per Share (subject to adjustments
                                      pursuant to the Conditions);

     "Conversion Rights"              the rights attached to the Consideration
                                      Convertible Note to convert the principal
                                      amount (or any part thereof) thereof into
                                      new Shares;

     "Conversion Shares"              the new Shares to be issued by the
                                      Purchaser upon exercise by the Noteholder
                                      of the Conversion Rights, and a
                                      "Conversion Share" shall be construed
                                      accordingly;

     "Convertible Notes"              the Consideration Convertible Note and the
                                      Facility Convertible Notes;

     "Equity Share Capital"           the issued share capital of the Purchaser
                                      excluding any part thereof which does not
                                      either as respects dividends or as
                                      respects capital carry any right to
                                      participate beyond a specified amount or
                                      beyond an amount calculated by reference
                                      to a specified rate in a distribution;

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     "Event"                          includes (without limitation) any act,
                                      transaction or omission (whether or not
                                      any of the Purchaser Group Companies or
                                      any of the Group Companies, as the case
                                      may be, is a party thereto) and, but
                                      without limitation, any distribution,
                                      failure to distribute, acquisition,
                                      disposal, transfer, payment, loan or
                                      advance and reference to any event on or
                                      before a date shall be deemed to include
                                      any combination of two or more events the
                                      first of which shall have taken place on
                                      or before the date;

     "Executive"                      the Executive Director of the Corporate
                                      Finance Division of the Securities and
                                      Futures Commission or any delegate for the
                                      time being of the Executive Director;

     "Facility Agreement"             a loan facility agreement to be entered
                                      into on Completion between the Guarantor
                                      (as the lender) and the Purchaser (as the
                                      borrower), substantially in form and
                                      substance set out in Schedule 6;

     "Facility Convertible Notes"     the convertible notes to be issued by the
                                      Purchaser to the Guarantor (or other
                                      subsidiary of HWL as the Guarantor may
                                      direct) in accordance with the terms and
                                      conditions of the Facility Agreement and
                                      substantially in the form set out in
                                      Schedule 7 (except as specifically
                                      provided in that Schedule), and "Facility
                                      Convertible Note" shall be construed
                                      accordingly;

     "Group"                          the Company and its subsidiaries (the
                                      corporate structure of which is set out in
                                      Schedule 2) and "members of the Group" and
                                      "Group Companies" shall be construed
                                      accordingly;

     "HKSCC"                          Hong Kong Securities Clearing Company
                                      Limited;

     "HK$" or "Hong Kong Dollars"     Hong Kong dollars, the lawful currency of
                                      Hong Kong;

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

     "HWL"                            Hutchison Whampoa Limited, a company
                                      incorporated in Hong Kong the shares of
                                      which are listed on the Stock Exchange and
                                      an Affiliate of the Vendor prior to
                                      Completion;

     "Intellectual Property Rights"   all industrial and intellectual property,
                                      including without limitation, patents,
                                      trade marks, service marks, trade names,
                                      designs and copyrights (including in each
                                      case applications therefor) in any part of
                                      the world and whether or not registered or
                                      registrable and all know-how, software
                                      programs, inventions, formulae, trade
                                      secrets, data, confidential or secret
                                      processes and information, business names
                                      and domain names and any similar rights
                                      situated in any country; and the benefit
                                      of all licences in connection with any of
                                      the foregoing;

     "Leased Properties"              the properties occupied or leased by the
                                      Purchaser Group, the particulars of which
                                      are set out in Part B of Exhibit A, a copy
                                      of which has been initialled on behalf of
                                      the Parties for the purpose of
                                      identification;

     "Listing Rules"                  the Rules Governing the Listing of
                                      Securities on the Stock Exchange;

     "Noteholder"                     the person who is for the time being the
                                      registered holder of the Consideration
                                      Convertible Note;

     "Owned Properties"               the properties owned by the Purchaser
                                      Group, the particulars of which are set
                                      out in Part A of Exhibit A, a copy of
                                      which has been initialled on behalf of the
                                      Parties for the purpose of identification;

     "Parties"                        the parties to this Agreement, and "Party"
                                      means any of them;

     "PowerCom"                       PowerCom Network Hong Kong Limited;

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     "PowerCom Acquisition            the agreement dated the same date as this
     Agreement"                       Agreement and entered into between CKE,
                                      CLPT, the Purchaser and Cheung Kong
                                      (Holdings) Limited relating to the sale
                                      and purchase of the entire issued share
                                      capital of PowerCom;

     "PRC"                            the People's Republic of China (excluding
                                      Taiwan, Hong Kong and the Macau Special
                                      Administrative Region for the purpose of
                                      this definition);

     "Properties"                     the Owned Properties and the Leased
                                      Properties;

     "Purchaser Accounts Date"        31 March 2003;

     "Purchaser Audited Accounts"     the audited consolidated balance sheet of
                                      the Purchaser Group as at 31 March 2003
                                      and its audited consolidated profit and
                                      loss account for the year ended 31 March
                                      2003;

     "Purchaser Group"                the Purchaser and its subsidiaries and
                                      associated companies (the corporate
                                      structure of which is set out in Part A of
                                      Schedule 3 and particulars of the
                                      principal members of which are set out in
                                      Part B of Schedule 3) and "members of the
                                      Purchaser Group" and "Purchaser Group
                                      Company" shall be construed accordingly;

     "Purchaser Management            the audited consolidated balance sheet of
     Accounts"                        the Purchaser Group as at 30 September
                                      2003 and its audited consolidated profit
                                      and loss account for the period from 1
                                      April 2003 to 30 September 2003, a copy of
                                      which has been initialled on behalf of the
                                      Parties for the purpose of identification;

     "Purchaser Management Accounts   30 September 2003;
     Date"

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     "Purchaser Share Options"        outstanding and unexercised options
                                      granted under the share option schemes of
                                      the Purchaser carrying subscription rights
                                      upon the exercise of which the Purchaser
                                      is required to issue new Shares at
                                      predetermined prices;

     "Purchaser's Warranties"         the representations, warranties and
                                      undertakings provided by the Purchaser as
                                      contained in Schedule 5;

     "Relief"                         means, for Taxation purposes, any loss,
                                      relief, allowance, exemption, set-off,
                                      deduction, right to repayment or credit or
                                      other relief of similar nature granted by
                                      or available in relation to Tax pursuant
                                      to any legislation or otherwise;

     "Sale Shares"                    10,000 shares of US$1.00 each representing
                                      the entire issued share capital of the
                                      Company, which are registered in the name
                                      of and beneficially owned by the Vendor;

     "Share(s)"                       share(s) of HK$0.10 each in the share
                                      capital of the Purchaser existing on the
                                      date of this Agreement and all other (if
                                      any) stock or shares from time to time and
                                      for the time being ranking pari passu
                                      therewith and all other (if any) stock or
                                      shares in the Equity Share Capital
                                      resulting from any sub-division,
                                      consolidation or re-classification
                                      thereof;

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

     "Takeovers Code"                 The Hong Kong Code on Takeovers and
                                      Mergers;

     "Tax"                            (a)  any form of tax whenever created or
                                           imposed and whether of Hong Kong or
                                           elsewhere, payable to or imposed by
                                           any Taxation Authority and includes,
                                           without limitation, profits tax,
                                           provisional profits tax, interest
                                           tax, salaries tax, property tax,
                                           taxes on income, estate duty, capital
                                           duty,

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                                           stamp duty, payroll tax and other
                                           similar liabilities or contributions
                                           and any other taxes, levies, duties,
                                           charges, imposts or withholdings
                                           similar to, corresponding with, or
                                           replacing or replaced by any of the
                                           foregoing; and

                                      (b)  all charges, interest, penalties and
                                           fines, incidental or relating to any
                                           taxation falling within (a) above,

                                      and "Taxation" shall have the
                                      corresponding meaning;

     "Taxation Authority"             the Inland Revenue Department of Hong Kong
                                      or any other revenue, customs, fiscal
                                      governmental, statutory, central,
                                      regional, state, provincial, local
                                      governmental or municipal authority, body
                                      or person, whether of Hong Kong or
                                      elsewhere;

     "US$"                            United States dollars, the lawful currency
                                      of the United States;

     "Vendor's Warranties"            the representations, warranties and
                                      undertakings provided by the Vendor as
                                      contained in Schedule 4.

(b)  the terms "subsidiary" and "subsidiaries" shall have the meaning ascribed
     thereto under the Companies Ordinance;

(c)  the singular includes the plural and vice versa, words importing one gender
     include both genders and the neuter and references to persons include
     bodies corporate or unincorporate;

(d)  references to statutory provisions are references to those provisions as
     respectively amended or re-enacted from time to time and shall include any
     provision of which they are re-enactments and any subordinate legislation
     made under such provisions;

(e)  a reference to a "Clause" or a "Schedule" is a reference to a Clause of or
     a Schedule to this Agreement and a reference to this Agreement includes a
     reference to each Schedule; and

(f)  the headings are for convenience only and shall not affect its
     interpretation.

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2.   SALE AND PURCHASE OF THE SALE SHARES

     The Vendor shall, as beneficial owner, sell the Sale Shares and the
     Purchaser shall buy (or procure a wholly-owned subsidiary of the Purchaser
     to buy) all of the Sale Shares on the terms and subject to the conditions
     of this Agreement free from all rights of pre-emption, options, liens,
     claims, equities, charges, encumbrances or third party rights of any nature
     whatsoever and with all rights now or becoming attached or accruing thereto
     after Completion.

3.   CONSIDERATION

3.1  Subject to fulfilment of the conditions set out in Clause 4.1, the
     Consideration shall be satisfied at Completion:-

     (a)  as to HK$3,900,000,000, by way of the issue and allotment of the
          Consideration Shares at an issue price of HK$0.80 per share by the
          Purchaser to the Vendor (or as it may direct); and

     (b)  as to the remaining HK$3,200,000,000, by way of the issue of the
          Consideration Convertible Note by the Purchaser to the Vendor (or
          other subsidiary of HWL as the Vendor may direct) in its full face
          value equal to HK$3,200,000,000, upon and subject to the Conditions
          and the Certificate.

3.2  The Consideration Shares shall be allotted and issued in accordance with
     Clause 3.1 credited as fully paid at the issue price and shall rank pari
     passu among themselves and with all Shares in issue on or after the date of
     Completion.

3.3  The Consideration Convertible Note shall be issued in accordance with
     Clause 3.1 credited as fully paid at its full face value.

4.   CONDITIONS PRECEDENT

4.1  This Agreement is subject to the following conditions:

     (a)  the passing of a resolution by the shareholders of the Purchaser at a
          general meeting of the Purchaser approving the increase in the
          authorised share capital of the Purchaser from HK$400,000,000 to
          HK$3,000,000,000 by the creation of an additional 26,000,000,000
          Shares;

     (b)  approval by the independent shareholders of the Purchaser of (a) the
          acquisition by the Purchaser of the Sale Shares; (b) issue and
          allotment of the Consideration Shares to the Vendor (or as it may
          direct); (c) issue of the Consideration Convertible Note to the Vendor
          (or to another subsidiary of HWL as the Vendor may direct); (d) the
          entering into of the Facility Agreement with the Guarantor (if such
          approval is required under the Listing Rules or otherwise required by
          the Stock Exchange); (e) the issue of the Facility Convertible Notes
          to the Guarantor (or to

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          another subsidiary of HWL as the Guarantor may direct) (if such
          approval is required under the Listing Rules or otherwise required by
          the Stock Exchange); (f) issue and allotment of the Shares to be
          issued from time to time upon exercise of the conversion rights under
          the Convertible Notes; and (g) all other transactions contemplated
          under this Agreement at a general meeting of the Purchaser;

     (c)  (i)  the passing of an ordinary resolution by an independent vote
               (within the meaning of Note 1 of the Notes on dispensations from
               Rule 26 of the Takeovers Code or as may be required by the
               Executive) of the shareholders of the Purchaser approving a
               waiver of the obligation of the Vendor and parties acting in
               concert with it (including CKE) to make a mandatory offer for all
               the shares of the Purchaser under Rule 26 of the Takeovers Code
               as a result of the issue of the Consideration Shares to the
               Vendor (or as it may direct), and/or the issue of consideration
               Shares to CKE and CLPT (or as they may direct respectively) under
               the PowerCom Acquisition Agreement; and

          (ii) such a waiver having been obtained from the Executive and not
               having been revoked or amended and, where such waiver is granted
               subject to conditions, such conditions being reasonably
               acceptable to the Vendor and, to the extent any such conditions
               are required to be fulfilled before the waiver becomes effective,
               they are so fulfilled; -

      (d)  (i) the passing of an ordinary resolution by an independent vote
               (within the meaning of Note 1 of the Notes on dispensations from
               Rule 26 of the Takeovers Code or as may be required by the
               Executive) of the shareholders of the Purchaser approving a
               waiver of the obligation of the Vendor and parties acting in
               concert with it (including the Guarantor) to make a mandatory
               offer for all the Shares under Rule 26 of the Takeovers Code as a
               result of the issue of Shares pursuant to a partial or full
               exercise of the conversion rights under the Consideration
               Convertible Note and/or the Facility Convertible Notes or any of
               them to the Vendor or the Guarantor (or as they may direct
               respectively); and

          (ii) such a waiver having been obtained from the Executive and not
               having been revoked or amended and, where such waiver is granted
               subject to conditions, such conditions being reasonably
               acceptable to the Vendor and, to the extent any such conditions
               are required to be fulfilled before the waiver becomes effective,
               they are so fulfilled;

     (e)  the Listing Committee of the Stock Exchange granting the listing of
          and permission to deal in the Consideration Shares, the Conversion
          Shares and the Shares to be issued upon exercise of the conversion
          rights under the Facility Convertible Notes (in each case, either
          unconditionally or

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          subject only to conditions to which the Vendor and the Purchaser have
          no reasonable objection);

     (f)  (i)  the compliance of announcement and shareholders' approval
               requirements under the Listing Rules or otherwise of the Stock
               Exchange in relation to present and future transactions
               contemplated as at the date of this Agreement with HWL and/or any
               of its subsidiaries and/or their respective associates (both as
               at the date of this Agreement and immediately after Completion)
               which will constitute connected transactions of the Purchaser
               following Completion, including, if required, the approval by
               independent shareholders of the Purchaser in respect of those
               connected transactions and in respect of any waivers relating
               thereto as referred to in paragraph (f)(ii) below; and

          (ii) the granting by the Stock Exchange of such waivers relating to
               those connected transactions on such terms as may be reasonably
               acceptable to both the Vendor and the Purchaser;

     (g)  the compliance of any other requirements under the Listing Rules or
          otherwise of the Stock Exchange in relation to the sale and purchase
          of the Sale Shares, the issue of the Consideration Shares, the issue
          of the Convertible Notes, the issue of the Conversion Shares upon
          exercise of the Conversion Rights, the issue of the Shares to be
          issued upon exercise of the conversion rights under the Facility
          Convertible Notes and the other transactions contemplated under this
          Agreement, to the reasonable satisfaction of the Vendor and the
          Purchaser (in relation to matters regarding the compliance of
          requirements applicable solely to HWL and its subsidiaries, to the
          reasonable satisfaction of the Vendor only);

     (h)  (where required) the Bermuda Monetary Authority granting its
          permission to the issue of the Consideration Convertible Note, the
          issue of the Facility Convertible Notes, and the issue and allotment
          of the Consideration Shares, the issue and allotment of the Conversion
          Shares and the issue and allotment of the Shares to be issued upon
          exercise of any of the conversion rights under the Facility
          Convertible Notes;

     (i)  the obtaining of all Consents from government or regulatory
          authorities or other third parties which are necessary or desirable in
          connection with the execution and performance of this Agreement and
          any of the transactions contemplated under this Agreement;

     (j)  the Vendor having obtained a legal opinion of a firm of Bermuda
          lawyers acceptable to the Vendor covering such issues and matters of
          laws and requirements in Bermuda in respect of the Purchaser, this
          Agreement, the issue of the Consideration Shares, the issue of the
          Consideration Convertible Note, the issue of the Facility Convertible
          Notes, the issue of the Conversion Shares, and the issue of the Shares
          upon any exercise of the conversion rights under the Facility
          Conversion

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          Notes, in such form and substance reasonably satisfactory to the
          Vendor;

     (k)  all the Vendor's Warranties being true and correct in all material
          respects as at the date of Completion by reference to the facts and
          circumstances subsisting as at that date; and

     (l)  all the Purchaser's Warranties being true and correct in all material
          respects as at the date of Completion by reference to the facts and
          circumstances subsisting as at that date.

4.2  The Vendor shall use all reasonable endeavours to procure the fulfilment of
     the conditions set out in Clauses 4.1(c)(ii), d(ii), (i) (in the case of
     Clause 4.1(i), as far as Consents relating to the Vendor are concerned),
     (j) and (k) and the Purchaser shall use all reasonable endeavours to
     procure the fulfilment of the conditions set out in Clauses 4.1(a), (b),
     (c)(i), (d)(i), (e), (f), (g), (h), (i) (in the case of Clause 4.1(i), as
     far as Consents relating to the Purchaser are concerned) and (1) as soon as
     reasonably practicable and in any event before 13 March 2004 (or such later
     date as the Vendor and the Purchaser may agree).

4.3  Subject to compliance with relevant laws, rules and regulations, approval
     from shareholders or independent shareholders of the Purchaser in respect
     of the matters required to be so approved as referred to in Clauses 4.1(a),
     (b), (c)(i), (d)(i) and (f) above shall be sought in such number and
     combination of resolutions as the Vendor and the Purchaser may require, so
     that some or all of those matters shall be contained in the same resolution
     in the notice of the relevant special general meeting or meetings of the
     Purchaser.

4.4  The Purchaser may at any time waive in writing the condition set out in
     Clause 4.1(k) and such waiver may be made subject to such terms and
     conditions as are determined by the Purchaser.

4.5  The Vendor may at any time waive in writing any of the condition set out in
     Clause 4.1(1) and such waiver may be made subject to such terms and
     conditions as are determined by the Vendor.

4.6  The Vendor and the Purchaser may at any time jointly waive in writing the
     condition set out in Clause 4.l(i) if it is agreed that the Consents which
     have not been obtained are not material to the business of the Purchaser
     Group and the Group taken as a whole, and such waiver may be made subject
     to such terms and conditions determined by the Vendor and the Purchaser
     jointly. The conditions set out in Clauses 4.1(a), (b), (e), (f), (g), (h)
     and (j) shall not be waived unless all Parties so agree in writing, and the
     conditions set out in Clauses 4.l(c) and (d) shall not be waived in any
     event.

4.7  Each of the Vendor and the Purchaser shall provide such reasonable
     assistance as requested by the other to assist the other to procure the
     fulfilment of those conditions set out in Clauses 4.1(a) to (j) which the
     other is to procure to fulfill.

4.8  If any of the conditions set out in Clause 4.1 has not been fulfilled (or
     waived by

                                       13

<PAGE>

     the relevant Party) by 13 March 2004 (or such other date as the Parties may
     agree in writing) (except the conditions set out in Clauses 4.1(k) and (1)
     which shall be fulfilled simultaneously upon Completion), this Agreement
     shall lapse and be terminated and thereafter all rights, obligations and
     liabilities of all Parties hereunder shall cease and determine and no Party
     shall have any claim against the other under this Agreement except for
     antecedent breach.

4.9  The Purchaser shall, as soon as practicable after the fulfillment of any of
     the conditions set out in Clauses 4.1(a), (b), (c)(i), (d)(i), (e), (f),
     (g), (h) and (i), provide to the Vendor certified copies of the documents
     (or such other evidence as is satisfactory to the Vendor) which evidence
     such fulfillment.

4.10 The Vendor shall, as soon as practicable after the fulfillment of any of
     the conditions set out in Clauses 4.1(c)(ii), (d)(ii) and (i), provide
     to the Purchaser certified copies of the documents (or such other evidence
     as is reasonably satisfactory to the Purchaser) which evidence such
     fulfillment. The Vendor shall, as soon as practicable after the fulfillment
     of the condition set out in Clause 4.1(j), inform the Purchaser of such
     fulfillment.

5.   VENDOR'S REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

5.1  The Vendor hereby represents and warrants to the Purchaser that the
     Vendor's Warranties are true and accurate in all material respects and not
     misleading in any material respect as at the date of this Agreement and
     will remain true and accurate in all material respects and not misleading
     in any material respect at all times up to and as at Completion by
     reference to the facts and circumstances then subsisting.

5.2  The Vendor accepts that the Purchaser is entering into this Agreement in
     reliance upon the Vendor's Warranties notwithstanding any information
     regarding the Group which may otherwise have or will come into the
     Purchaser's possession.

5.3  The Vendor shall indemnify and hold harmless the Purchaser against any
     costs (including all court and legal costs), expenses or other liabilities
     which it may incur arising out of or in connection with any breach of the
     Vendor's Warranties.

5.4  Each of the Vendor's Warranties shall be construed as a separate
     representation and warranty and (save as expressly provided to the
     contrary) shall not be limited or restricted by reference to or inference
     from the terms of any other Vendor's Warranties or any other terms of this
     Agreement.

5.5  The rights of the Purchaser in respect of the Vendor's Warranties (as far
     as they relate to the Purchaser's acquisition of the Sale Shares under this
     Agreement) shall be restricted in the following manner:

     (a)  no claim shall be made against the Vendor in respect of any breach of
          Vendor's Warranties unless: (i) in respect of any Vendor's Warranties
          in

                                       14

<PAGE>

          respect of Taxation, written notice thereof shall have been given by
          the Purchaser to the Vendor within three years from the date of
          Completion; or (ii) in respect of any other Vendor's Warranties,
          written notice thereof shall have been given by the Purchaser to the
          Vendor within one year from the date of Completion;

     (b)  no claim shall be made in respect of any breach of Vendor's Warranties
          unless the amount of the claim or the aggregate amount of the claims
          is over HK$100,000,000, and for this purpose no claim shall be
          aggregated unless its amount is over HK$10,000,000;

     (c)  the maximum liability of the Vendor for the breach of Vendor's
          Warranties or otherwise shall not exceed the amount which is equal to
          the Consideration together with any reasonable costs and expenses
          properly incurred by the Purchaser in seeking compensation and damages
          from the Vendor pursuant to this Agreement.

5.6  The Vendor shall procure that, save with the prior written consent of the
     Purchaser (which consent shall not be unreasonably withheld or delayed) or
     as otherwise contemplated in this Agreement:

     (a)  the business of the Group will continue to be operated on a normal and
          prudent basis and in the ordinary course of day-to-day operations
          consistent with past practice; and

     (b)  the Group will not do or omit to do (or allow to be done) any act or
          thing:

          (i)  which would or would likely to constitute a breach of the
               Vendor's Warranties or any of the Vendor's undertakings set out
               in this Agreement; or

          (ii) which has or is likely to have a material adverse effect on the
               Group taken as a whole,

          from the date of this Agreement until the date of Completion.

5.7  The Vendor undertakes to the Purchaser to procure that from the date of
     this Agreement until the date of Completion, save with the prior written
     consent of the Purchaser (which consent shall not be unreasonably withheld
     or delayed) or as otherwise expressly contemplated in this Agreement, none
     of the Group Companies will:

     (a)  issue or agree to issue any of its share or loan capital or grant or
          agree to grant, redeem or amend the terms of any option over or right
          to acquire any of its share or loan capital;

     (b)  purchase or redeem any shares or make any repurchases or reduction of
          its share capital or provide financial assistance for any such
          purchase;

                                       15

<PAGE>

     (c)  borrow or otherwise raise money or incur or discharge any indebtedness
          or create any security (except (i) in the ordinary course of business
          which do not exceed HK$20,000,000 from external lenders in aggregate
          for all Group Companies, and (ii) borrowings from the Guarantor or its
          Affiliates, of an amount not exceeding HK$4,000 million);

     (d)  resolve to alter the provisions of its memorandum or bye-laws or
          constitutive documents or adopt or pass any regulations or resolutions
          inconsistent therewith;

     (e)  enter into any material contract or any material capital commitment or
          undertake or incur any material contingent liability (otherwise than
          in the ordinary course of business);

     (f)  make any substantial change (including, but not limited to, any change
          by way of incorporation, acquisition or disposal of a subsidiary or a
          business) in the nature, extent or terms of organisation of its
          business, or carry on any business other than its existing business;

     (g)  in any respect depart from the ordinary course of its day to day
          business;

     (h)  create or permit to be arisen any lien, charge, pledge, mortgage,
          encumbrance or other security interest on or in respect of any of its
          undertaking, property or assets (except in the ordinary course of
          business);

     (i)  declare, pay or make any dividends or other capital distributions;

     (j)  appoint any directors, secretary or auditors;

     (k)  sell, transfer, lease, sub-lease, license, sub-license, assign, grant
          any option over or otherwise dispose of, or purchase, take on lease or
          licence or assume possession of, any interests in land, or agree to do
          any of the foregoing, except in the ordinary course of business;

     (l)  increase (save for normal annual salary review, and except for any
          increase pursuant to any agreement or arrangement in existence before
          the date of this Agreement) or agree to increase the remuneration
          (including, without limitation, bonuses, commissions and benefits in
          kind) of its directors, employees or consultants or provide or agree
          to provide any gratuitous payment or benefit to any such person or any
          of their dependents or have their terms of employment materially
          altered;

     (m)  hire or engage the service of any new employee or consultant whose
          monthly remuneration (including benefits) is or would be in excess of
          HK$200,000 per month;

     (n)  establish any pension, retirement scheme, share option scheme, profit

                                       16

<PAGE>

          sharing or bonus scheme or any other benefit scheme;

     (o)  acquire or agree to acquire or dispose or agree to dispose of any
          material asset or stock other than in the normal course of business;

     (p)  make any payments out of any bank or deposit account exceeding
          HK$500,000 in aggregate for all Group Companies except for payments in
          the ordinary course of business;

     (q)  enter into, alter or agree to alter the terms of, any borrowing,
          factoring or other financing or lending arrangement, facility letter,
          undertaking, guarantee, indemnity, comfort letter or commitment of any
          kind whatsoever (except (i) borrowings from the Guarantor or its
          Affiliates, of an amount not exceeding HK$4,000 million and (ii) for
          any renewal or amendment of any such arrangement, letter, undertaking,
          guarantee, indemnity or commitment from any other external lender upon
          the expiry of previous ones in the ordinary course of business which
          (A) do not involve any increase in the principal amount of the
          relevant facility; (B) are at normal market rates and on normal
          commercial terms; and (C) do not exceed HK$20,000,000, in aggregate
          for all Group Companies);

     (r)  make any advances or other credits to any person or give any guarantee
          or indemnity or act as surety, or otherwise accept any direct or
          indirect liability, for the liabilities or obligations of any person
          other than a Group Company, in each case other than in the ordinary
          course of business;

     (s)  alter or agree to alter, terminate or agree to terminate or waive any
          right under, any agreement to which it is party and which has or is
          likely to have a material adverse effect on the Group taken as a
          whole, or enter into any unusual or abnormal material commitment
          except in the ordinary course of business;

     (t)  commence, compromise, settle, release, discharge or compound any
          civil, criminal, arbitration or other proceedings or any liability,
          claim, action, demand or dispute or waive any right in relation to any
          of the foregoing, which in each case would or would likely to have a
          material adverse effect on the Group taken as a whole;

     (u)  release, compromise or write off any amount recorded in its books of
          account as owing by any debtors which would or would likely to have a
          material adverse effect on the Group taken as a whole;

     (v)  terminate or allow to lapse any insurance policy except in the
          ordinary course of business or in connection with the transactions
          contemplated under this Agreement, or (other than the transactions
          contemplated under this Agreement) do anything to render any insurance
          policy void or voidable;

                                       17

<PAGE>

     (w)  dispose of the ownership, possession, custody or control of any
          corporate or other books or records which are required under any law,
          regulation, rule or code to be kept or which should be kept on a
          prudent basis;

     (x)  propose or pass any shareholders' resolution other than a resolution
          at any annual general meeting which is not special business;

     (y)  grant any power of attorney or otherwise authorise any other person to
          do any of the above;

     (z)  enter into any transaction with or for the benefit of or which confers
          a personal benefit to any person who is connected (within the meaning
          of the Listing Rules) with the Vendor or with the Purchaser after
          Completion (save for (i) any transactions to be disclosed in the
          circular to shareholders of the Purchaser to be issued in connection
          with the transactions contemplated under this Agreement; and (ii) any
          transactions to be exempted from disclosure or independent
          shareholders' approval requirements either under the Listing Rules or
          pursuant to waivers by the Stock Exchange);

     (aa) enter into any partnership or joint venture arrangement; or

     (bb) establish or open or close any branch or office which is material to
          the business of the Group taken as a whole,

     and the Vendor shall procure that the Purchaser be kept informed of the
     affairs of the Group which are of material importance to the Group taken as
     a whole until the date of Completion.

5.8  If, prior to Completion, any of the Vendor's Warranties are found to be
     untrue, misleading or incorrect in any material respect or any of the
     undertaking set out in Clauses 5.6 and 5.7 has not been fully complied with
     in any material respect the Purchaser shall not be bound to complete the
     purchase of the Sale Shares and the Purchaser may by notice to the Vendor
     rescind this Agreement without liability on its part. The right conferred
     upon the Purchaser by this Clause 5.8 is in addition to and without
     prejudice to any other rights and remedies of the Purchaser in respect of
     any antecedent breach.

6.   PURCHASER'S REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

6.1  The Purchaser hereby represents and warrants to each of the Vendor and the
     Guarantor that the Purchaser's Warranties are true and accurate in all
     material respects and not misleading in any material respect as at the date
     of this Agreement and will remain true and accurate in all material
     respects and not misleading in any material respect at all times up to and
     as at Completion by reference to the facts and circumstances then
     subsisting.

                                       18

<PAGE>

6.2  The Purchaser accepts that each of the Vendor and the Guarantor is entering
     into this Agreement in reliance upon the Purchaser's Warranties
     notwithstanding any information regarding the Purchaser Group which may
     otherwise have or will come into the Vendor's possession and/or the
     Guarantor's possession.

6.3  The Purchaser acknowledges and agrees that:

     (a)  each of the Vendor and the Guarantor currently intends that steps will
          be taken with a view to achieving the required public float of Shares
          after Completion, such steps to include effecting possible placing of
          Shares; and

     (b)  in connection with the appointment and engagement of placing agent and
          underwriter for the possible placing of shares, the Vendor and/or the
          Guarantor may have to provide representations, warranties and
          undertakings to the proposed placing agents and underwriters, and in
          so doing the Vendor and the Guarantor will be relying upon the
          Purchaser's Warranties under this Agreement.

6.4  The Purchaser shall indemnify and hold harmless each of the Vendor and the
     Guarantor against any costs (including all court and legal costs),
     expenses, losses or other liabilities which they may incur arising out of
     or in connection with any breach of the Purchaser's Warranties.

6.5  Each of the Purchaser's Warranties shall be construed as a separate
     representation and warranty and (save as expressly provided to the
     contrary) shall not be limited or restricted by reference to or inference
     from the terms of any other Purchaser's Warranties or any other terms of
     this Agreement.

6.6  The rights of the Vendor and the Guarantor in respect of the Purchaser's
     Warranties (as far as they relate to the Vendor's acquisition of the
     Consideration Shares and the Consideration Convertible Note and the
     Guarantor's entering into of the Facility Agreement, in each case under
     this Agreement) shall be restricted in the following manner:

     (a)  no claim shall be made against the Purchaser in respect of any breach
          of Purchaser's Warranties unless: (i) in respect of any Purchaser's
          Warranties in respect of Taxation, written notice thereof shall have
          been given by the Vendor or by the Guarantor to the Purchaser within
          three years from the date of Completion; or (ii) in respect of any
          other Purchaser's Warranties, written notice thereof shall have been
          given by the Vendor or the Guarantor to the Purchaser within one year
          from the date of Completion;

     (b)  no claim shall be made in respect of any breach of Purchaser's
          Warranties unless the amount of the claim or the aggregate amount of
          the claims is over HK$10,000,000, and for this purpose no claim shall
          be aggregated unless its amount is over HK$1,000,000; and

                                       19

<PAGE>

     (c)  the maximum aggregate liability of the Purchaser to the Vendor and the
          Guarantor for the breach of Purchaser's Warranties or otherwise shall
          not exceed the amount which is equal to the Consideration together
          with any reasonable costs and expenses properly incurred by the Vendor
          and/or the Guarantor in seeking compensation and damages from the
          Purchaser pursuant to this Agreement.

6.7  The Purchaser shall procure that, save with the prior written consent of
     the Vendor (which consent shall not be unreasonably withheld or delayed) or
     as otherwise contemplated in this Agreement:

     (a)  the business of the Purchaser Group will continue to be operated on a
          normal and prudent basis and in the ordinary course of day-to-day
          operations consistent with past practice; and

     (b)  the Purchaser Group will not do or omit to do (or allow to be done)
          any act or thing:

          (i)  which would or would likely to constitute a breach of the
               Purchaser's Warranties or any of the Purchaser's undertakings set
               out in this Agreement; or

          (ii) which has or is likely to have a material adverse effect on the
               Purchaser Group taken as a whole,

          from the date of this Agreement until the date of Completion.

6.8  The Purchaser undertakes to the Vendor and the Guarantor to procure that
     from the date of this Agreement until the date of Completion, save with the
     prior written consent of the Vendor and the Guarantor (which consent shall
     not be unreasonably withheld or delayed, and consent in respect of a
     particular transaction shall be deemed to be given if written resolutions
     approving the relevant transaction is signed by directors of the Purchaser
     including at least a director nominated by the Guarantor) or as otherwise
     expressly contemplated in this Agreement, none of the Purchaser Group
     Companies will:

     (a)  issue or agree to issue any of its share or loan capital or grant or
          agree to grant, redeem or amend the terms of any option over or right
          to acquire any of its share or loan capital except for (i) the issue
          of any Shares pursuant to the exercise of any Purchaser Share Options
          granted and outstanding as at the date of this Agreement and (ii) the
          issue of the Consideration Shares;

     (b)  purchase or redeem any shares or make any repurchases or reduction of
          its share capital or provide financial assistance for any such
          purchase;

     (c)  borrow or otherwise raise money or incur or discharge any indebtedness
          or create any security (except in the ordinary course of business
          which do not exceed HK$70,000,000 in aggregate for all Purchaser Group

                                       20

<PAGE>

          Companies);

     (d)  resolve to alter the provisions of its memorandum or bye-laws or
          constitutive documents or adopt or pass any regulations or resolutions
          inconsistent therewith;

     (e)  enter into any material contract or any material capital commitment or
          undertake or incur any material contingent liability (otherwise than
          in the ordinary course of business);

     (f)  make any substantial change (including, but not limited to, any change
          by way of incorporation, acquisition or disposal of a subsidiary or a
          business) in the nature, extent or terms of organisation of its
          business, or carry on any business other than its existing business;

     (g)  in any respect depart from the ordinary course of its day to day
          business;

     (h)  create or permit to be arisen any lien, charge, pledge, mortgage,
          encumbrance or other security interest on or in respect of any of its
          undertaking, property or assets (except in the ordinary course of
          business);

     (i)  declare, pay or make any dividends or other capital distributions;

     (j)  appoint any directors (except any appointment that any director of the
          Purchaser nominated by HWL is aware as at the date hereof and has
          approved in writing), secretaries and auditors;

     (k)  sell, transfer, lease, sub-lease, license, sub-license, assign, grant
          any option over or otherwise dispose of, or purchase, take on lease or
          licence or assume possession of, any interests in land, or agree to do
          any of the foregoing, except in the ordinary course of business;

     (l)  increase (save for normal annual salary review, and except for any
          increase pursuant to any agreement or arrangement in existence before
          the date of this Agreement) or agree to increase the remuneration
          (including, without limitation, bonuses, commissions and benefits in
          kind) of its directors, employees or consultants or provide or agree
          to provide any gratuitous payment or benefit to any such person or any
          of their dependents or have their terms of employment materially
          altered;

     (m)  hire or engage the service of any new employee or consultant whose
          monthly remuneration (including benefits) is or would be in excess of
          HK$100,000 per month;

     (n)  establish any pension, retirement scheme, share option scheme, profit
          sharing or bonus scheme or any other benefit scheme;

     (o)  acquire or agree to acquire or dispose or agree to dispose of any
          material

                                       21

<PAGE>

          asset or stock other than in the normal course of business;

     (p)  make any payments out of any bank or deposit account exceeding
          HK$500,000 in aggregate for all Purchaser Group Companies except for
          payments in the ordinary course of business;

     (q)  enter into, alter or agree to alter the terms of, any borrowing,
          factoring or other financing or lending arrangement, facility letter,
          undertaking, guarantee, indemnity, comfort letter or commitment of any
          kind whatsoever except for any renewal or amendment of any such
          arrangement, letter, undertaking, guarantee, indemnity or commitment
          upon the expiry of previous ones in the ordinary course of business
          which (i) do not involve any increase in the principal amount of the
          relevant facility; (ii) are at normal market rates and on normal
          commercial terms; and (iii) do not exceed HK$70,000,000 in aggregate
          for all Purchaser Group Companies;

     (r)  make any advances or other credits to any person or give any guarantee
          or indemnity or act as surety, or otherwise accept any direct or
          indirect liability, for the liabilities or obligations of any person
          other than a Purchaser Group Company, in each case other than in the
          ordinary course of business;

     (s)  alter or agree to alter, terminate or agree to terminate or waive any
          right under, any agreement to which it is party and which has or is
          likely to have a material adverse effect on the Purchaser Group taken
          as a whole, or enter into any unusual or abnormal material commitment
          except in the ordinary course of business;

     (t)  commence, compromise, settle, release, discharge or compound any
          civil, criminal, arbitration or other proceedings or any liability,
          claim, action, demand or dispute or waive any right in relation to any
          of the foregoing, which in each case would or would likely to have a
          material adverse effect on the Purchaser Group taken as a whole;

     (u)  release, compromise or write off any amount recorded in its books of
          account as owing by any debtors which would or would likely to have a
          material adverse effect on the Purchaser Group taken as a whole;

     (v)  terminate or allow to lapse any insurance policy except in the
          ordinary course of business or in connection with the transactions
          contemplated under this Agreement, or (other than the transactions
          contemplated under this Agreement) do anything to render any insurance
          policy void or voidable;

     (w)  dispose of the ownership, possession, custody or control of any
          corporate or other books or records which are required under any law,
          regulation, rule or code to be kept or which should be kept on a
          prudent basis;

                                       22

<PAGE>

     (x)  propose or pass any shareholders' resolution other than a resolution
          at any annual general meeting which is not special business;

     (y)  grant any power of attorney or otherwise authorise any other person to
          do any of the above;

     (z)  enter into any transaction with or for the benefit of or which confers
          a personal benefit to any person (other than the Vendor or its
          Affiliates) who is connected (within the meaning of the Listing Rules)
          with the Purchaser;

     (aa) enter into any partnership or joint venture arrangement; or

     (bb) establish or open or close any branch or office which is material to
          the business of the Purchaser Group taken as a whole,

     and the Purchaser (i) shall procure that no Purchaser Share Options will be
     granted during the period from the date of this Agreement pending
     Completion; and (ii) shall procure that the Vendor be kept informed of the
     affairs of the Purchaser Group which are of material importance to the
     Purchaser Group taken as a whole until the date of Completion.

6.9  If, prior to Completion, any of the Purchaser's Warranties are found to be
     untrue, misleading or incorrect in any material respect or any of the
     undertakings set out in Clauses 6.7 and 6.8 has not been fully complied
     with in any material respect the Vendor shall not be bound to complete the
     sale of the Sale Shares and the Vendor may by notice to the Purchaser
     rescind this Agreement without liability on its part. The right conferred
     upon the Vendor by this Clause 6.9 is in addition to and without prejudice
     to any other rights and remedies of the Vendor in respect of any antecedent
     breach.

6.10 For a period of three months starting from the day falling two Business
     Days after the Completion Date, the Purchaser shall not, save pursuant to:
     (1) the terms of any employee share option scheme of the Purchaser; or (2)
     any outstanding subscription warrants; or (3) bonus or scrip dividend or
     similar arrangements which provide for the allotment of Shares in lieu of
     the whole or part of a dividend on Shares of the Purchaser in accordance
     with its bye-laws; or (4) conversion of outstanding convertible bonds or
     loan notes; or (5) the issue of new Shares as consideration and of
     convertible notes by the Purchaser under this Agreement or the PowerCom
     Acquisition Agreement; or (6) any requirements under the Listing Rules in
     order to ensure that sufficient Shares are "held by the public" (within the
     meaning under the Listing Rules) following Completion:

     (a)  allot or issue or offer to allot or issue or grant any option, right
          or warrant to subscribe (either conditionally or unconditionally, or
          directly or indirectly, or otherwise) any Shares or any interests in
          Shares or any

                                       23

<PAGE>

          securities convertible into or exercisable or exchangeable for or
          substantially similar to any Shares or interest in Shares; or

     (b)  agree (conditionally or unconditionally) to enter into or effect any
          such transaction with the same economic effect as any of the
          transactions described in Clause 6.10(a); or

     (c)  announce any intention to enter into or effect any such transaction
          described in Clause 6.10(a) or 6.10(b),

     without first having obtained the written consent of the Vendor.

6.11 The representations and warranties in Schedule 5 in respect of the
     Purchaser Group Companies or the Purchaser Group shall, in the case of
     Purchaser Group Companies that are associated companies of the Purchaser,
     be given to the extent as far as the Purchaser and its subsidiaries are
     aware.

7.   COMPLETION

7.1  The sale and purchase of the Sale Shares shall be completed at the
     registered office of the Vendor (or such other venue as the parties may
     otherwise agree) at 11:00 a.m. (Hong Kong time) on the fourth Business Day
     after all the conditions set out in Clause 4.1 have either been fulfilled
     or waived in accordance with Clause 4 (or such other date and time as may
     be agreed by the Parties) (except the conditions set out in Clauses 4.1(k)
     and (1) which shall be fulfilled simultaneously upon Completion) when all
     (but not part only) of the following business will be, or will have been,
     transacted:

     (a)  the Vendor shall deliver to the Purchaser:

          (i)  instrument of transfer in respect of the Sale Shares duly
               executed by or on behalf of the Vendor in favour of the Purchaser
               or a wholly-owned subsidiary of the Purchaser (as the Purchaser
               may direct);

          (ii) the original share certificates for all the Sale Shares for
               cancellation;

          (iii) a certified true copy or certified extracts of the resolutions
               of the board of directors of the Vendor (and, if required under
               the laws of the British Virgin Islands, resolutions of sole
               shareholder or shareholders of the Vendor) approving this
               Agreement and the transactions contemplated herein;

          (iv) a certified true copy or certified extracts of the resolutions of
               the board of directors of the Company approving the transfer of
               the Sale Shares mentioned in Clause 7.1(a)(i) (subject to
               execution of the instrument of transfer by the transferee) and
               the issue of new certificates for the Sale Shares in the name of
               the transferee;

                                       24

<PAGE>

          (v)  application by the Vendor (or such person as it may direct) to
               subscribe for the Consideration Shares;

          (vi) a counterpart of the Facility Agreement duly executed by the
               Guarantor;

          (vii) a certified true copy or certified extracts of the resolutions
               of the board of directors of the Guarantor approving this
               Agreement and the transactions contemplated herein;

          (viii) all such other documents as may reasonably be required to
               enable the Purchaser and/or its nominee to be registered as
               holder(s) of the Sale Shares;

     (b)  the Purchaser shall:

          (i)  execute (or procure a wholly-owned subsidiary of the Purchaser to
               execute) the instrument of transfer in respect of the Sale
               Shares;

          (ii) at or before 12:00 noon on the Business Day before the expected
               date of Completion, allot and issue (credited as fully paid) the
               Consideration Shares to such person or persons as the Vendor may
               direct (by way of a written notice issued by the Vendor and
               delivered to the Purchaser not later than 11:00 a.m. on the date
               which is one Business Day before the expected date of
               Completion), and procure that the name(s) of the person or
               persons (including, where appropriate, HKSCC Nominees Limited) so
               notified by the Vendor shall be entered in the register of
               members of the Purchaser accordingly (without payment of any
               registration fee);

          (iii) allot and issue (credited as fully paid) the Consideration
               Convertible Note to the Vendor (or another subsidiary of HWL as
               the Vendor may direct (by way of a written notice issued by the
               Vendor and delivered to the Purchaser at least one Business Day
               before the expected date of Completion));

          (iv) deliver to the Vendor:

               (A)  a certified true copy of the approval from the Stock
                    Exchange granting listing of and permission to deal in the
                    Consideration Shares (if not already delivered before
                    Completion);

               (B)  at or before 2:00 p.m. on the Business Day before the
                    expected date of Completion, a certified true copy of the
                    resolutions of the board of directors of the Purchaser

                                       25

<PAGE>

                    approving this Agreement and the issue and allotment of the
                    Consideration Shares to the Vendor (or as it may direct);

               (C)  in accordance with the written directions of the Vendor
                    (issued by the Vendor and to the Purchaser not later than
                    11.00 a.m. on the date which is one Business Day before the
                    expected date of Completion), (1) share certificates for
                    such number of the Consideration Shares as so directed in
                    the name of the Vendor (or as it may direct) and (2) share
                    certificates for such number of the Consideration Shares as
                    so directed in the name of HKSCC Nominees Limited to be
                    delivered through the facilities of HKSCC for credit to such
                    CCASS stock accounts pursuant to (v) below;

               (D)  at or before 2:00 p.m. on the Business Day before the
                    expected date of Completion, a copy of the Purchaser's
                    written instruction to its branch share registrars in Hong
                    Kong to update the register of members to reflect the issue
                    of the Consideration Shares, and evidence that each of the
                    Vendor (or the person(s) nominated by it) and/or HKSCC
                    Nominees Limited (if so directed by the Vendor pursuant to
                    (C) above) has been registered as a shareholder of the
                    Purchaser as to such number of the Consideration Shares as
                    directed by the Vendor under (C) above;

               (E)  certified true copies of resolutions of the board of
                    directors of the Purchaser Group Companies appointing Mr.
                    Frank John Sixt, Mr. Wong King Fai, Peter and Mr. Kan Ka
                    Wing, Frankie to be directors of the Purchaser;

               (F)  the Certificate in respect of the Consideration Convertible
                    Note duly issued and credited as fully paid by the Purchaser
                    in accordance with this Agreement;

               (G)  a certified true copy of the resolutions of the board of
                    directors of the Purchaser approving this Agreement, the
                    issue of the Consideration Convertible Note to the Vendor
                    (or as it may direct), the Facility Agreement and the issue
                    of the Facility Convertible Notes pursuant thereto, the
                    issue of the Conversion Shares upon exercise of the
                    Conversion Rights and the issue of new Shares upon exercise
                    of the conversion rights under the Facility Convertible
                    Notes;

               (H)  a counterpart of the Facility Agreement duly executed by the
                    Purchaser (the delivery of which to be accepted by

                                       26

<PAGE>

                    the Vendor on behalf of the Guarantor); and

               (I)  at or before 2:00 p.m. on the Business Day before the
                    expected date of Completion, copies of instruction letters,
                    placing forms and other documents issued by the Purchaser to
                    its branch share registrars in Hong Kong required for the
                    deposit by the Vendor (or any others as the Vendor may
                    direct) of the Consideration Shares or any part thereof in
                    CCASS;

          (v)  (where the directions from the Vendor relating to the issue and
               delivery of the Consideration Shares are such that any part of
               those shares are to be delivered through the facilities of HKSCC)
               procure that the relevant Consideration Shares shall be delivered
               through the facilities of HKSCC for credit to the relevant CCASS
               stock accounts not later than 12:00 noon on the date of
               Completion as shall be notified by the Vendor to the Purchaser
               for such purpose; and

          (vi) promptly execute and deliver to the Vendor (or as it may direct)
               such other forms, instruments or documents, and do such acts as
               the Vendor and/or the Guarantor may require from time to time to
               facilitate the settlement of any placing of the Consideration
               Shares which the Vendor (or any other persons to whom the
               Consideration Shares or any part thereof are to be allotted and
               issued at the direction of the Vendor) may have undertaken.

7.2  The transactions described in Clause 7.1 shall take place at the same time
     (unless expressly provided or otherwise required to take place earlier for
     the purpose of giving full effect to the provisions in Clause 7.1), so that
     in default of the performance of any such transactions by a Party, the
     other Party shall not be obliged to complete the sale and purchase of the
     Sale Shares and the issue of the Consideration Shares and the Consideration
     Convertible Note contemplated in this Agreement (without prejudice to any
     further legal remedies).

7.3  Without prejudice to any other remedies available to any Party, if, after
     all the conditions set out in Clause 4.1 have either been fulfilled or
     waived in accordance with Clause 4, the other Party fails to complete this
     Agreement in accordance with Clause 7.1, such Party shall have the right to
     seek specific performance of this Agreement.

7.4  The Purchaser shall make the necessary arrangements for a special general
     meeting to be convened to seek its shareholders' approval to the change of
     its name in such manner as the Vendor may request the Purchaser in writing
     (subject to all applicable laws, rules and regulations and the approvals
     and consents of the relevant authorities). Such meeting shall be convened
     irrespective of whether all the conditions in Clause 4.1 have been
     fulfilled or waived so long as such change of name will only take effect
     from Completion. Subject to all applicable laws, rules and regulations and
     the approvals and

                                       27

<PAGE>

     consents of the relevant authorities, and subject to the approval of the
     change of name by the shareholders of the Purchaser, the Purchaser shall
     (before and after the special general meeting, as may be appropriate) take
     such actions and make such arrangements as may be necessary or desirable to
     procure the change of name to be effected, including but not limited to
     application for reservation of the proposed new name, registration and
     filings at relevant authorities in Bermuda and in Hong Kong, and all
     necessary procedures in connection with the change of name.

8.   DISCLOSURE

8.1  The Vendor shall forthwith disclose in writing to the Purchaser any event
     or circumstance which may arise or become known to it after the date hereof
     and prior to Completion which is materially inconsistent with any of the
     Vendor's Warranties.

8.2  The Purchaser shall forthwith disclose in writing to the Vendor any event
     or circumstance which may arise or become known to it after the date hereof
     and prior to Completion which is materially inconsistent with any of the
     Purchaser's Warranties.

8.3  Subject to any confidentiality obligations and other legal or contractual
     restrictions, the Vendor shall use its reasonable endeavours to provide
     promptly to the Purchaser such documents and information relating to the
     Group and its assets and businesses as may be reasonably required by the
     Purchaser during the period up to Completion.

8.4  Subject to any confidentiality obligations and other legal or contractual
     restrictions, the Purchaser shall use its reasonable endeavours to provide
     promptly to the Vendor such documents and information relating to the
     Purchaser Group and its assets and businesses as may be reasonably required
     by the Vendor during the period up to Completion.

8.5  (a)  The Vendor shall provide such reasonable assistance as may be
          requested by the Purchaser in relation to the obtaining of a
          certificate of incumbency in respect of companies incorporated in the
          British Virgin Islands in the Group.

     (b)  The Purchaser shall provide such reasonable assistance as may be
          requested by the Vendor in relation to the obtaining of a certificate
          of incumbency in respect of companies incorporated in the British
          Virgin Islands in the Purchaser Group.

9.   GUARANTEE

9.1  In consideration of the Purchaser agreeing at the request of the Vendor (as
     evidenced by its execution hereof) to enter into this Agreement, the
     Guarantor hereby unconditionally and irrevocably guarantees to the
     Purchaser the due and

                                       28

<PAGE>

     punctual performance and discharge by the Vendor of all obligations
     (whether present or future, actual or contingent) due, owing or incurred to
     the Purchaser by the Vendor under or pursuant to this Agreement including,
     without limiting the generality of the foregoing, the payment of all moneys
     that may at any time be or become due and payable to the Purchaser by the
     Vendor, whether by way of costs, expenses, losses, damages or as a
     consequence of any breach or non-fulfilment of any representation, warranty
     or undertaking or otherwise (all of which obligations are hereinafter
     called "Vendor's Obligations") to the intent that should the Vendor fail
     duly and punctually to perform or discharge any of Vendor's Obligations,
     the Guarantor shall forthwith upon demand perform and discharge or procure
     the performance and discharge of Vendor's Obligations.

9.2  In addition and without prejudice to the guarantee contained above, the
     Guarantor hereby unconditionally and irrevocably agrees, as a primary
     obligation, to indemnify the Purchaser against all costs, expenses, losses
     or damages incurred by the Purchaser as a result of the failure by the
     Vendor to make any payment under this Agreement when due or as a result of
     any of Vendor's Obligations being or becoming void, voidable or
     unenforceable for any reason whatsoever (whether or not known to the
     Purchaser), the amount of such costs, expenses, losses or damages being the
     amount which the Purchaser would have otherwise been entitled to recover
     from the Vendor together with all expenses which the Purchaser may
     reasonably and properly incur in proceeding against the Vendor or the
     Guarantor.

9.3  This guarantee shall be a continuing guarantee and shall remain in full
     force and effect until all of Vendor's Obligations have been duly performed
     and discharged notwithstanding the insolvency or liquidation or any
     incapacity or change in the constitution or status of the Vendor or other
     matter whatsoever. This guarantee is in addition to and independent of, and
     shall not be affected by any dealing with, any other guarantee or other
     security now or at any time hereafter held by the Purchaser.

9.4  So long as any of Vendor's Obligations remain outstanding the Guarantor
     shall not exercise any right of subrogation or any other right of a surety
     or enforce any security or other right or claim against the Vendor or any
     other person whether in respect of its liability under this guarantee or
     otherwise or claim in the insolvency, liquidation or bankruptcy of the
     Vendor in competition with the Purchaser.

9.5  All payments under this guarantee shall be made in full without set-off or
     counterclaim or any restriction or condition and free and clear of any
     present or future taxes, duties, charges or other deductions or
     withholdings of any nature. If any deduction or withholding is required to
     be made from any such payment, the Guarantor shall, together with such
     payment, pay to the Purchaser such additional amount as is necessary to
     ensure that the Purchaser receive the full amount due hereunder.

                                       29

<PAGE>

10.  CONFIDENTIALITY

     Other than such disclosure as may be required by law, under the Listing
     Rules, or otherwise by the Stock Exchange, the Securities and Futures
     Commission or other competent authorities, none of the Parties shall make
     any announcement or release or disclose any information concerning this
     Agreement or the transactions referred to herein (save for disclosure to
     its holding companies or professional advisers under a duty of
     confidentiality) without the prior written consent of the other Parties.
     Any announcement by any of the Parties (or its holding company) required to
     be made pursuant to the requirements of the Stock Exchange, the Securities
     and Futures Commission or other competent authorities shall be issued or
     released only after such prior consultation with the other Party as is
     reasonably practicable in the circumstances.

11.  FULL EFFECT

     All provisions of this Agreement shall so far as they are capable of being
     performed or observed continue in full force and effect notwithstanding
     Completion except in respect of those matters then already performed.

12.  SEVERABILITY

     If at any time one or more provisions hereof is or becomes invalid,
     illegal, unenforceable or incapable of performance in any respect, the
     validity, legality, enforceability or performance of the remaining
     provisions hereof shall not thereby in any way be affected or impaired.

13.  NOTICE

13.1 Any notice required to be given under this Agreement shall be deemed duly
     served if left at or sent by registered or recorded delivery post or by
     facsimile to the addresses or at the facsimile numbers provided in Clause
     13.2 or to such other address or at such other facsimile number as may have
     been last notified in writing by or on behalf of the relevant Party to the
     other Party. Any such notice shall be deemed to be served at the time when
     the same is left at the address of the Party to be served and if served by
     post on the second Business Day next following the day of posting and if
     sent by facsimile at the time of dispatch.

13.2 The address and facsimile number of each of the Parties for the purposes of
     giving notice pursuant to Clause 13.1 are as follows:

     Name of Party             Address                       Facsimile No.
     -------------             -------                       -------------
     The Vendor and the        22/F, Hutchison House,        (852) 2128 1778
     Guarantor                 10 Harcourt Road,
                               Central,
                               Hong Kong

                                       30

<PAGE>

                               Attn: The Company Secretary

     The Purchaser             Lincoln House 408             (852) 2197 2333
                               Taikoo Place
                               979 King's Road
                               Quarry Bay
                               Hong Kong

                               Attn: The Company Secretary

14.  COUNTERPARTS

     This Agreement may be executed in any number of copies or counterparts and
     by the different Parties on separate copies or counterparts and which
     together shall constitute one agreement.

15.  TIME OF ESSENCE

     Time shall be of the essence of this Agreement.

16.  COSTS

     Each Party shall bear its own legal and professional fees, costs and
     expenses incurred in connection with the negotiations, drafting, execution
     and performance of this Agreement. The stamp duty (if any) payable on the
     sale and purchase of the Sale Shares shall be borne by the Vendor as to one
     half and by the Purchaser as to the other half.

17.  FURTHER ASSURANCE

     Each Party shall at the request of the other do and execute or procure to
     be done and executed all such further acts, deeds, things and documents as
     may be necessary to give effect to the terms of this Agreement.

18.  ENTIRE AGREEMENT

     This Agreement constitutes the entire agreement between the Parties and
     supersedes the terms of any agreement, arrangement or understanding,
     whether oral or otherwise, made prior to the entering into of this
     Agreement. No purported variations of this Agreement shall be effective
     unless made in writing and signed by the Parties.

                                       31

<PAGE>

19.  NO WAIVER

     No failure to exercise nor any delay in exercising any right, power or
     remedy by a Party shall operate as a waiver. A single or partial exercise
     of any right, power or remedy shall not preclude any other or further
     exercise of that or any other right, power or remedy. A waiver shall not be
     valid or binding on the Party granting that waiver unless made in writing.

20.  ASSIGNMENT

     This Agreement shall be binding on and shall enure for the benefit of the
     successors and assigns of the Parties but shall not be assigned by any
     Party without the written consent of the other Party.

21.  JURISDICTION

21.1 This Agreement is governed by and shall be construed in accordance with the
     laws of Hong Kong.

21.2 The Parties hereby submit to the non-exclusive jurisdiction of the courts
     of Hong Kong in connection herewith but this Agreement may be enforced in
     any court of competent jurisdiction.

                                       32

<PAGE>

                                   SCHEDULE 1

                            PARTICULARS OF THE GROUP

1.   Hutchison Global Communications Investments Limited

Company No.                   :   442335

Place of incorporation        :   the British Virgin Islands

Date of incorporation         :   26 April 2001

Registered office             :   P.O. Box 957, Offshore Incorporations Centre,
                                  Road Town, Tortola, British Virgin Islands

Principal Place of Business   :   N/A

Authorised share capital      :   50,000 shares of US$1.00 each

Issued and paid up
share capital                 :   10,000 shares of US$1.00 each, fully paid-up

Directors                     :   (1) Susan Chow
                                  (2) Peter Wong
                                  (3) Edmond Ho
                                  (4) Neil McGee
                                  (5) Robin Sng
                                  (6) Richard Chan

Registered Shareholder        :   Hutchison Global Communications Holdings
                                  Limited

Business carried on           :   Investment holding

                                       33

<PAGE>

2.   Hutchison Global Communications Limited

Company No.                   :   385946

Place of incorporation        :   Hong Kong

Date of incorporation         :   22 October 1992

Registered office             :   22nd Floor, Hutchison House, 10 Harcourt Road,
                                  Hong Kong

Principal Place of Business   :   Hong Kong

Authorised share capital      :   1,000 shares of HK$10.00 each

Issued and paid up
share capital                 :   2 shares of HK$10.00 each, fully paid-up

Directors                     :   (1) Canning Fok
                                  (2) Susan Chow
                                  (3) Frank Sixt
                                  (4) Peter Wong
                                  (5) Frankie Kan

Registered Shareholders       :   Hutchison Global Communications Investments
                                  Limited (1 share)
                                  Colonial Nominees Limited (1 share)

Business carried on           :   Telecommunications business

                                       34

<PAGE>

3.   Robust Connection Limited

Company No.                   :   122437B

Place of incorporation        :   Bahamas

Date of incorporation         :   19 December 2001

Registered office             :   Offshore Group Chambers, P.O. Box CB-12751,
                                  Nassau, New Providence, Bahamas

Principal Place of Business   :   N/A

Authorised share capital      :   50,000 shares of US$1.00 each

Issued and paid up
share capital                 :   2 shares of US$1.00 each, fully paid-up

Directors                     :   (1) Edith Shih
                                  (2) Neil McGee
                                  (3) Graham Torode

Registered Shareholder        :   Hutchison Global Communications Investments
                                  Limited

Business carried on           :   Telecommunications business

                                       35

<PAGE>

4.   International Mega Flow Limited

Company No.                   :   120724B

Place of incorporation        :   Bahamas

Date of incorporation         :   25 July 2001

Registered office             :   Offshore Group Chambers, P.O. Box CB-12751,
                                  Nassau, New Providence, Bahamas

Principal Place of Business   :   N/A

Authorised share capital      :   50,000 shares of US$1.00 each

Issued and paid up
share capital                 :   2 shares of US$1.00 each, fully paid-up

Directors                     :   (1) Edith Shih
                                  (2) Robin Sng
                                  (3) Graham Torode

Registered Shareholder        :   Hutchison Global Communications Investments
                                  Limited

Business carried on           :   Telecommunications business

                                       36

<PAGE>

5.   Eagle Reach Limited

Company No.                   :   122439B

Place of incorporation        :   Bahamas

Date of incorporation         :   19 December 2001

Registered office             :   Offshore Group Chambers, P.O. Box CB-12751,
                                  Nassau, New Providence, Bahamas

Principal Place of Business   :   N/A

Authorised share capital      :   50,000 shares of US$l.00 each

Issued and paid up
share capital                 :   2 shares of US$l.00 each, fully paid-up

Directors                     :   (1) Frank Sixt
                                  (2) Neil McGee
                                  (3) Graham Torode

Registered Shareholder        :   Hutchison Global Communications Investments
                                  Limited

Business carried on           :   Telecommunications business

                                       37

<PAGE>

6.   World Diversity Limited

Company No.                   :   122438B

Place of incorporation        :   Bahamas

Date of incorporation         :   19 December 2001

Registered office             :   Offshore Group Chambers, P.O. Box CB-12751,
                                  Nassau, New Providence, Bahamas

Principal Place of Business   :   N/A

Authorised share capital      :   50,000 shares of US$l.00 each

Issued and paid up
share capital                 :   2 shares of US$l.00 each, fully paid-up

Directors                     :   (1) Susan Chow
                                  (2) Edmond Ho
                                  (3) Christopher Baker

Registered Shareholder        :   Hutchison Global Communications Investments
                                  Limited

Business carried on           :   Investment holding

                                       38

<PAGE>

7.   Debt Management Limited

Company No.                   :   358392

Place of incorporation        :   The British Virgin Islands

Date of incorporation         :   22 December 1999

Registered office             :   P.O. Box 957, Offshore Incorporations Centre,
                                  Road Town, Tortola, British Virgin Islands

Principal Place of Business   :   N/A

Authorised share capital      :   50,000 shares of US$1.00 each

Issued and paid up
share capital                 :   1 share of US$1.00 each, fully paid-up

Directors                     :   Fairwind Nominees Limited

Registered Shareholder        :   Fairweather (Nominees) Limited

Business carried on           :   Collection agency

                                       39

<PAGE>

8.   Oppenheim Limited

Company No.                   :   179999

Place of incorporation        :   The British Virgin Islands

Date of incorporation         :   25 March 1996

Registered office             :   P.O. Box 957, Offshore Incorporations Centre,
                                  Road Town, Tortola, British Virgin Islands

Principal Place of Business   :   N/A

Authorised share capital      :   50,000 shares of US$1.00 each

Issued and paid up
share capital                 :   1 share of US$1.00 each, fully paid-up

Directors                     :   (1) Susan Chow
                                  (2) Dominic Lai

Registered Shareholder        :   Hutchison Global Communications Investments
                                  Limited

Business carried on           :   Investment holding

                                       40

<PAGE>

9.   Hutchison MultiMedia Services Limited

Company No.                   :   539375

Place of incorporation        :   Hong Kong

Date of incorporation         :   15 February 1996

Registered office             :   22nd Floor, Hutchison House, 10 Harcourt Road,
                                  Hong Kong

Principal Place of Business   :   Hong Kong

Authorised share capital      :   1,000 shares of HK$10.00 each

Issued and paid up
share capital                 :   2 shares of HK$10.00 each, fully paid-up

Directors                     :   (1) Susan Chow
                                  (2) Dominic Lai

Registered Shareholders       :   Oppenheim Limited (1 share)
                                  Colonial Nominees Limited (1 share)

Business carried on           :   Provision of internet services

                                       41

<PAGE>

10.  HCL Partnership Holdings Limited

Company No.                   :   590569

Place of incorporation        :   Hong Kong

Date of incorporation         :   15 January 1997

Registered office             :   22nd Floor, Hutchison House, 10 Harcourt Road,
                                  Hong Kong

Principal Place of Business   :   Hong Kong

Authorised share capital      :   10,000 shares of HK$1.00 each

Issued and paid up
share capital                 :   2 shares of HK$1.00 each, fully paid-up

Directors                     :   (1) Susan Chow
                                  (2) Dominic Lai

Registered Shareholders       :   Hutchison Global Communications Limited
                                  ("HGCL") (1 share)
                                  Colonial Nominees Limited (1 share)

Business carried on           :   Investment holding

                                       42

<PAGE>

11.  Hutchison Global Communications Pte Limited

Company No.                   :   200207511R

Place of incorporation        :   Singapore

Date of incorporation         :   29 August 2002

Registered office             :   1 Temasek Avenue #27-01, Millenia Tower,
                                  Singapore 039192

Authorised share capital      :   100,000 shares of S$1.00 each

Issued and paid up
share capital                 :   2 shares of S$1.00 each, fully paid-up

Directors                     :   (1) Susan Chow
                                  (2) Peter Wong
                                  (3) Edmond Ho
                                  (4) Robin Sng
                                  (5) Richard Chan

Registered Shareholder        :   World Diversity Limited

Business carried on           :   Telecommunications business

                                       43

<PAGE>

12.  Hutchison Global Communications (US) Limited

Company No.                   :   -

Place of incorporation        :   Delaware, U.S.A.

Date of incorporation         :   9 September 2002

Registered office             :   2711 Centerville Road, Suite 400, Wilmington,
                                  Delaware 19805, United States

Authorised share capital      :   10,000 shares of US$0.01 each

Issued and paid up
share capital                 :   3,000 shares of US$0.01 each, fully paid-up

Directors                     :   (1) Susan Chow
                                  (2) Peter Wong
                                  (3) Edmond Ho
                                  (4) Neil McGee
                                  (5) Robin Sng
                                  (6) Richard Chan

Registered Shareholder        :   World Diversity Limited

Business carried on           :   Telecommunications business

                                       44

<PAGE>

13.  [Company Name In Chinese]

Company No.                   :   80165405

Place of incorporation        :   Taiwan

Date of incorporation         :   3 March 2003

Registered office             :   9F1-7, No. 495, Kuang-Fu South Road,
                                  Hsin Yih District, Taipei 110, Taiwan, R.O.C.

Authorised share capital      :   100,000 shares of NT10.00 each

Issued and paid up
share capital                 :   100,000 shares of NT10.00 each, fully paid-up

Directors                     :   (1) Susan Chow
                                  (2) Peter Wong
                                  (3) Edmond Ho
                                  (4) Robin Sng
                                  (5) Richard Chan

Registered Shareholders       :   World Diversity Limited

Business carried on           :   Telecommunications business

                                       45

<PAGE>

14.  Hutchison Global Communications (Malaysia) Sdn. Bhd.

Company No.                   :   615923-P

Place of incorporation        :   Malaysia

Date of incorporation         :   22 May 2003

Registered office             :   Level 41 - Suite B, Menara Maxis, Kuala Lumpur
                                  City Centre, 50088 Kuala Lumpur, Malaysia

Authorised share capital      :   100,000 shares of RM1.00 each

Issued and paid up
share capital                 :   2 shares of RM1.00 each, fully paid-up

Directors                     :   (1) Susan Chow
                                  (2) Peter Wong
                                  (3) Robin Sng
                                  (4) Yiap Tiew Kuang
                                  (5) Tan Poh Oon

Registered Shareholders       :   World Diversity Limited

Business carried on           :   Telecommunications business

                                       46

<PAGE>

15.  Hazelwood Green Limited

Company No.                   :   447848

Place of incorporation        :   British Virgin Islands

Date of incorporation         :   6 June 2001

Registered office             :   P.O. Box 957, Offshore Incorporations Centre,
                                  Road Town, Tortola, British Virgin Islands

Principal Place of Business   :   N/A

Authorised share capital      :   50,000 shares of US$1.00 each

Issued and paid up
share capital                 :   10,000 shares of US$1.00 each, fully paid-up

Directors                     :   (1) Dominic Lai
                                  (2) Edith Shih
                                  (3) Peter Wong

Registered Shareholders       :   Hutchison Global Communications Investments
                                  Limited

Business carried on           :   Investment holding

                                       47

<PAGE>

16.  Hutchison GlobalCenter Limited

Company No.                   :   745269

Place of incorporation        :   Hong Kong

Date of incorporation         :   29 January 2001

Registered office             :   22nd Floor, Hutchison House, 10 Harcourt Road,
                                  Hong Kong

Principal Place of Business   :   Hong Kong

Authorised share capital      :   10,000 shares of HK$1.00 each

Issued and paid up
share capital                 :   2 shares of HK$1.00 each, fully paid-up

Directors                     :   (1) Dominic Lai
                                  (2) Edith Shih
                                  (3) Peter Wong

Registered Shareholders       :   Hazelwood Green Limited (1 share)
                                  Colonial Nominees Limited (1 share)

Business carried on           :   Data centre facility services

                                       48

<PAGE>

17.  HCL Network Partnership

Company No.                   :   N/A

Place of incorporation        :   Hong Kong

Date of Commencement          :   30th June, 1994

Registered office             :   N/A

Principal Place of Business   :   19/F., Two Harbourfront, 22 Tak Fung Street,
                                  Hung Hom, Kowloon

Capital                       :   HK$10,000

Directors                     :   N/A

Partners                      :   Hutchison Global Communications Limited
                                  (99.99%)
                                  HCL Partnership Holdings Limited
                                  (0.01%)

Business carried on           :   Telephone network equipment leasing and
                                  provision of ancillary services

                                       49

<PAGE>

                                   SCHEDULE 2
                        CORPORATE STRUCTURE OF THE GROUP

                                  [FLOW CHART]

              _____________________________________________________

                                       50

<PAGE>

SCHEDULE 3
PART A
CORPORATE STRUCTURE OF THE PURCHASER GROUP

                                  [FLOW CHART]

Beijing Vanda Yunda IT Services Co., Ltd. is regarded as a subsidiary of the
Company because the Group has control over its financial and operating policies
even though legally the percentage of holding is zero.

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                                   SCHEDULE 3

                                      Part B

            PARTICULARS OF THE PRINCIPAL MEMBERS OF PURCHASER GROUP

1.   Vanda Systems & Communications Holdings Limited

Place of incorporation        :   Bermuda

Date of incorporation         :   29 November 1993

Registered office             :   Clarendon House, Church Street, Hamilton
                                  HM11, Bermuda

Principal Place of Business   :   Lincoln House 408, Taikoo Place, 979 King's
                                  Road, Quarry Bay, Hong Kong

Authorised share capital      :   HK$400,000,000

Issued and paid up
share capital                 :    1,537,871,325 shares of HK$0.10 each

Directors                     :   (1) Fok Kin-ning, Canning
                                  (2) Lai Kai Ming, Dominic
                                  (3) Chow Woo Mo Fong, Susan
                                  (4) Loh Tiak Koon
                                  (5) Chan Wen Mee, May
                                  (6) Lam Hon Nam
                                  (7) Tuan Lam
                                  (8) Stephen Ingram
                                  (9) Cheong Ying Chew, Henry
                                  (10) Lam Lee G.
                                  (11) Yang Paul Chunyao (alternate to Stephen
                                       Ingram and Tuan Lam)

Business carried on           :   Investment holding; systems integration of
                                  mid-range computers; software development and
                                  provision of related services

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2.   Vanda Computer & Equipment Company Limited

Company No.                   :   156492

Place of incorporation        :   Hong Kong

Date of incorporation         :   23 August 1985

Registered office             :   Lincoln House 408, Taikoo Place, 979 King's
                                  Road, Quarry Bay, Hong Kong

Authorised share capital      :   HK$2,000,000 non-voting deferred shares
                                  HK$1,000 ordinary shares

Issued and paid up
share capital                 :   2,000,000 non-voting deferred shares of HK$1
                                  each, fully paid up

                                  2 ordinary shares of HK$1 each, fully paid up

Directors                     :   (1) Lam Hon Nam
                                  (2) Loh Tiak Koon
                                  (3) Ching Win Kwan

Registered Shareholders       :   (1) Lam Hon Nam (918,800 non-voting deferred
                                      shares)
                                  (2) Ma Chung Kwong (909,200 non-voting
                                      deferred shares)
                                  (3) Wai Yee Jan (172,000 non-voting deferred
                                      shares)
                                  (4) Vanda (B.V.I.) Limited (1 ordinary share)
                                  (5) Lam Hon Nam (1 ordinary share)

Business carried on           :   System integration and trading of computer
                                  products

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3.   Vanda Computer Service (Hong Kong) Company Limited
     [Chinese name of Vanda Computer Service (Hong Kong) Company Limited]

Company No.                   :   521857

Place of incorporation        :   Hong Kong

Date of incorporation         :   1 August 1995

Registered office             :   Lincoln House 408, Taikoo Place,
                                  979 King's Road, Quarry Bay, Hong Kong

Authorised share capital      :   HK$10,000

Issued and paid up
share capital                 :   10,000 shares of HK$1 each

Directors                     :   Lam Hon Nam
                                  Choy Ming Yan
                                  Loh Tiak Koon

Registered Shareholders       :   Interactive Technology Limited (9,999 shares)
                                  Wai Yee Jan (1 share)

Business carried on           :   System integration and trading of computers

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4.   Vanda Computer Service (Macau) Company Limited
     Vanda (Macau) - Computadores & Servicos, Limitada
     [Chinese name of Vanda Computer Service (Macau) Company Limited]

Company No.                   :   Ap.28/02061999

Place of incorporation        :   Macau

Date of incorporation         :   14 June 1999

Registered office             :   Rua Dr. Pedro Jose Lobo, No. 1-3, 14 Andar,
                                  A-C, Edif. Banco Luso Internacional, Macau

Authorised share capital      :   MOP$500,000

Issued and paid up
share capital                 :   MOP$500,000

Directors                     :   Lam Hon Nam
                                  Choy Ming Yan
                                  Ng Ming Man, Clovis

Registered Shareholders       :   Interactive Technology Limited (499,0000
                                  shares)
                                  Lam Hon Nam (1,000 shares)

Business carried on           :   System integration and trading of computers

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5.   Janeper Development Limited
     [Chinese name of Janeper Development Limited]

Company No.                   :   149973

Place of incorporation        :   Hong Kong

Date of incorporation         :   19 April 1985

Registered office             :   Lincoln House 408, Taikoo Place,
                                  979 King's Road, Quarry Bay, Hong Kong

Authorised share capital      :   HK$400,000

Issued and paid up
share capital                 :   300,000 non-voting deferred shares of
                                  HK$1 each 2 ordinary shares of HK$1 each

Directors                     :   Lam Hon Nam
                                  Loh Tiak Koon

Registered Shareholders       :   Lam Hon Nam (150,000 non-voting deferred
                                  shares)
                                  Ma Chun Kwong (150,000 non-voting deferred
                                  shares)
                                  Vanda (B.V.I.) Limited (1 ordinary share)
                                  Lam Hon Nam (1 ordinary share)

Business carried on           :   Property investment

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6.   Vanda Systems (Singapore) Pte Ltd.

Company Registration No.      :   199501472G

Place of incorporation        :   Singapore

Date of incorporation         :   2 March 1995

Registered office             :   50 Kallang Avenue
                                  #09-02 Noel Corporate Building
                                  Singapore 339505

Authorised share capital      :   S$10,000,000

Issued and paid up
share capital                 :   7,200,000 shares of S$1 each

Directors                     :   Lam Hon Nam
                                  Kwok Siu Kai Dennis
                                  Lim Choi Hwee

Registered Shareholders       :   Vanda (B.V.I.) Limited (6,602,368 shares)
                                  iWave Holdings Pte Ltd (597,632 shares)

Business carried on           :   Investment holding

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7.   Vanda Solutions (Singapore) Pte Ltd.

Company Registration No.      :   199604327R

Place of incorporation        :   Singapore

Date of incorporation         :   14 June 1996

Registered office             :   50 Kallang Avenue
                                  #09-02 Noel Corporate Building
                                  Singapore 339505

Authorised share capital      :   S$1,000,000

Issued and paid up
share capital                 :   652,896 shares of S$1 each

Directors                     :   Kwok Siu Kai Dennis
                                  Lim Choi Hwee

Registered Shareholders       :   Vanda Systems (Singapore) Pte Ltd
                                  (652,896 shares)

Business carried on           :   Provision of information technology
                                  consultancy services and trading of computer
                                  products

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8.   Azure Technologies Pte Ltd

Company Registration No.      :   199700062G

Place of incorporation        :   Singapore

Date of incorporation         :   6 January 1997

Registered office             :   50 Kallang Avenue
                                  #09-02 Noel Corporate Building
                                  Singapore 339505

Authorised share capital      :   S$3,000,000

Issued and paid up
share capital                 :   2,500,000 shares of S$l each

Directors                     :   Kwok Siu Kai Dennis
                                  Lim Choi Hwee

Registered Shareholders       :   Vanda Systems (Singapore) Pte Ltd (2,500,000
                                  shares)

Business carried on           :   Distribution of computer products and
                                  provision of computer support services

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9.   Azure Technologies (Malaysia) Sdn. Bhd.

Company No.                   :   423146-T

Place of incorporation        :   Malaysia

Date of incorporation         :   14 March 1997

Registered office             :   53A, Jalan SS21/1A, Damansara Utama,
                                  47400 Petaling Jaya, Selangor Darul Ehsan,
                                  Malaysia

Authorised share capital      :   RM10,000,000

Issued and paid up
share capital                 :   7,700,000 shares of RM1 each

Directors                     :   Choy Ming Yan
                                  J. Mohana Krishnan Naidu A/L V. Jayaram
                                  Chiew Yue Lam
                                  Loh Tiak Koon

Registered Shareholders       :   Azure Technologies Pte Ltd (7,700,000 shares)

Business carried on           :   Distribution of computer products and
                                  provision of computer support services

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10.  Vandacom (Malaysia) Sdn. Bhd.

Company No.                   :   395581-U

Place of incorporation        :   Malaysia

Date of incorporation         :   25 July 1996

Registered office             :   53A, Jalan SS21/1A, Damansara Utama,
                                  47400 Petaling Jaya, Selangor Darul Ehsan,
                                  Malaysia

Authorised share capital      :   RM1,000,000

Issued and paid up
share capital                 :   500,000 shares of RM1 each

Directors                     :   Loh Tiak Koon
                                  Choy Ming Yan
                                  Chiew Yue Lam
                                  J. Mohana Krishnan Naidu A/L Jayaram

Registered Shareholders       :   Vanda Systems (Singapore) Pte Ltd

Business carried on           :   Provision of technical services and trading of
                                  computer products

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11.  Azure Technologies Philippines. Inc.

Company No.                   :   A1997-00737

Place of incorporation        :   Philippines

Date of incorporation         :   17 January 1997

Registered office             :   12th Floor, Liberty Center
                                  104 H.V. De La Costa corner San Agustin Street
                                  Makati City
                                  Philippines

Authorised share capital      :   Peso 80,000,000

Issued and paid up
share capital                 :   Peso 27,000,000

Directors                     :   Leonardo H. Santo
                                  Iralyn R. De Jesus
                                  Querubin Relova
                                  Loh Tiak Koon
                                  Choy Ming Yan

Registered Shareholders       :   Vanda Systems (Singapore) Pte Ltd (269,995
                                  shares)
                                  Ernest Choy (1 share)
                                  Leonardo H. Santos (1 share)
                                  Iralyn R. De Jesus (1 share)
                                  Querubin Relova (1 share)
                                  Loh Tiak Koon (1 share)

Business carried on           :   Distribution of computer products and
                                  provision of computer support services

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12.  [Profile for Beijing Vanda Suntech Software Engineering Co., Ltd. in
     Chinese]

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13.  [Profile for Dalian Vanda Computer Engineering Co., Ltd. in Chinese]

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14.  [Profile for Changchun Changlian Software Engineering Co., Ltd. in Chinese]

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15.  [Profile for Changchun Vanda Software Engineering Company Limited in
     Chinese]

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16.  [Profile for Vanda Computer System Intergration (Shenzhen) Co. Ltd. in
     Chinese]

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17.  [Profile for Vanda Computer System Intergration (Shanghai) Company Limited
     in Chinese]

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18.  [Profile for Beijing Datang - Vanda Systems & Communications Co., Ltd.
     in Chinese]

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19.  Vanda Systems & Communication (UK) Limited

Company No.                   :   4815418

Place of incorporation        :   London

Date of incorporation         :   30.06.2003

Registered office             :   3 Adelaide Tavern, Adelaide Road, Chalk Farm,
                                  London, NW3 3QE

Authorised share capital      :   1,000 shares of GBP1.00 each

Issued and paid up
share capital                 :   100 shares of GBP1.00 each

Directors                     :   Chua Lai Chwang

Registered Shareholders       :   Vanda Systems & Communications Holdings Ltd.
                                  (100 shares)

Business carried on           :   Provision of information technology
                                  consultancy services and trading of computer
                                  products

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20.  [Chinese name of Vanda Software Engineering Company Limited]

Company No.                   :   480561

Place of incorporation        :   Hong Kong

Date of incorporation         :   31.05.1994

Registered office             :   Lincoln Houe 408, Taikoo Place, 979 King's
                                  Road, Quarry Bay, Hong Kong

Authorised share capital      :   HK$1,000,000 of HK$1.00 each

Issued and paid up share
capital                       :   HK$1,000,000 of HK$1.00 each

Directors                     :   Lam Hon Nam
                                  Loh Tiak Koon

Registered Shareholders       :   Lam Hon Nam (hold in trust for Vandasoft
                                  Technology Holdings Ltd.) (1 share)
                                  Vandasoft Technology Holdings Ltd. (999,999
                                  shares)

Business carried on           :   Development of software

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21.  Vanda Instrument & Equipment Company Limited
     [Chinese name of Vanda Instrument & Equipment Company Limited]

Company No.                   :   160482

Place of incorporation        :   Hong Kong

Date of incorporation         :   18.10.1985

Registered office             :   Lincoln House 408, Taikoo Place, 979 King's
                                  Road, Quarry Bay, Hong Kong

Authorised share capital      :   HK$1,000,000 of HK$1.00 each
                                  (HK$500,000 Ordinary Shares; HK$500,000
                                  Non-Voting Deferred Shares)

Issued and paid up
share capital                 :   HK$500,002 (2 Ordinary Shares at HK$1.00 each
                                  and 500,000 Non-Voting Deferred Shares at
                                  HK$1.00 each)

Directors                     :   Lam Hon Nam
                                  Loh Tiak Koon

Registered Shareholders       :   Lam Hon Nam (229,700 Non-Voting Deferred
                                  Shares)
                                  Ma Chun Kwong, Edmund (227,300 Non-Voting
                                  Deferred Shares)
                                  Wai Yee Jan (43,000 Non-Voting Deferred
                                  Shares)
                                  Vanda (B.V.I.) Limited (1 Ordinary Share)
                                  Lam Hon Nam (hold in trust for Vanda (B.V.I.)
                                  Limited)(1 Ordinary Share)

Business carried on           :   Investment holding

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22.  Wiseasia.com Limited

Company No.                   :   708289

Place of incorporation        :   Hong Kong

Date of incorporation         :   15.03.2000

Registered office             :   Lincoln House 408, Taikoo Place, 979 King's
                                  Road, Quarry Bay, Hong Kong

Authorised share capital      :   100,000 shares of HK$1.00 each

Issued and paid up
share capital                 :   100,000 shares of HK$1.00 each

Directors                     :   Lam Hon Nam
                                  Loh Tiak Koon

Registered Shareholders       :   Interactive Technology Limited (99,999 shares)
                                  Lam Hon Nam (hold in trust for Interactive
                                  Technology Limited) (1 share)

Business carried on           :   System integration and provision of related
                                  technical services and trading of computer
                                  products

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23.  Wiseasia Computer Service (Macau) Company Limited
     [Chinese name of Wiseasia Computer Service (Macau) Company Limited]

Company No.                   :   Ap. 15/01032002

Place of incorporation        :   Macau

Date of incorporation         :   27.02.2002

Registered office             :   Rua Dr. Pedro Jose Lobo, No. 1-3, 14 Andar,
                                  A-C, Edif. Banco Luso Internacional, Macau

Authorised share capital      :   MOP$25,000

Issued and paid up
share capital                 :   MOP25,000

Directors                     :   Lam Hon Nam
                                  Choy Ming Yan
                                  Ng Ming Man, Clovis

Registered Shareholders       :   Interactive Technology Limited (24,000 shares)
                                  Lam Hon Nam (hold in trust for Interactive
                                  Technology Limited) (1,000 shares)

Business carried on           :   System integration and distribution of
                                  computers

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24.  WiseAsia (Singapore) Pte Ltd

Company No.                   :   199609202D

Place of incorporation        :   Singapore

Date of incorporation         :   24.12.1996

Registered office             :   50 Kallang Avenue, #09-02 Noel Corporate
                                  Building, Singapore 339505

Authorised share capital      :   S$100,000

Issued and paid up
share capital                 :   S$100,000

Directors                     :   Lam Hon Nam
                                  Kwok Siu Kai Dennis
                                  Lim Choi Hwee (Nominee Director)

Registered Shareholders       :   Vanda Systems (Singapore) Pte Ltd (100,000
                                  ordinary shares of S$1.00 each)

Business carried on           :   Provision of technical services and trading of
                                  computer products

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25.  Vanda Innovasia Pte Ltd

Company No.                   :   199609203N

Place of incorporation        :   Singapore

Date of incorporation         :   24.12.1996

Registered office             :   50 Kallang Avenue, #09-02 Noel Corporate
                                  Building, Singapore 339505

Authorised share capital      :   S$100,000

Issued and paid up
share capital                 :   S$100,000

Directors                     :   Kwok Siu Kai Dennis
                                  Lim Choi Hwee (Nominee Director)

Registered Shareholders       :   Vanda Systems (Singapore) Pte Ltd (100,000
                                  ordinary shares of S$1.00 each

Business carried on           :   Provision of information technology
                                  consultancy services and trading of computer
                                  products

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                                   SCHEDULE 4

              VENDOR'S WARRANTIES, REPRESENTATIONS AND UNDERTAKINGS

Save as specifically disclosed in (i) the Company Audited Accounts or (ii) this
Agreement:

1.   The Sale Shares and loan

(A)  There is no mortgage, lien, pledge, charge, encumbrance or other security
     whatsoever on, over or affecting the Sale Shares or any shares in any of
     the Group Companies and no person has claimed to be entitled to, or has the
     right to require the creation of, any of the foregoing. The Share Vendor is
     entitled to sell and transfer the full legal and beneficial ownership of
     the Sale Shares to the Purchaser or a Purchaser Group Company (as the
     Purchaser may direct). Subject to the satisfaction of the conditions set
     out in Clause 4.1(a) to (i), no consent of any third party is required for
     the transfer of the Sale Shares.

(B)  The Sale Shares represent the entire issued share capital of the Company.

(C)  There is no loan or any other account outstanding from any member of the
     Group to the Vendor or its Affiliates (excluding the Group for this
     purpose) other than that under a loan facility agreement between Hutchison
     Global Communications Limited and the Guarantor dated as of 16 July 2003
     and of which approximately HK$3,400,000,000 in principal amount had been
     drawn down as at 31 December 2003. It being acknowledged by the Purchaser
     that the loan amount may increase after the date hereof and the Purchaser
     shall utilize the loan facility under the Facility Agreement at, or as soon
     as reasonably practicable after, Completion for on-lending the same to
     Hutchison Global Communications Limited for partial repayment of such loan
     so as to reduce the principal amount thereof to HK$3,400,000,000.

2.   Accuracy of information

(A)  All the information relating to the Group Companies set out in Schedules 1
     and 2 and Recital (A) of this Agreement is true, complete and accurate. All
     information, responses, replies (in either written or electronic form) and
     all documents given by or on behalf of the Vendor or any of its officers,
     directors, employees or advisers to Linklaters (in the course of the due
     diligence conducted by Linklaters), the Purchaser or its advisers relating
     to the Group Companies and all publicly available information and records
     of the Group Companies (including information contained in statutory
     filings and registrations) are, and were, when supplied true, complete and
     accurate and not misleading and there is no fact or matter which has not
     been disclosed and which may render such information, responses, replies or
     documents untrue, inaccurate or misleading or which if disclosed might
     reasonably be expected to influence adversely the Purchaser's decision to
     acquire the Sale Shares on the terms of this Agreement. No information or
     document which is material to the

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     Group and which would reasonably be expected to be of interest to any
     purchaser for shares in the Company has been withheld from the Purchaser.

(B)  All statements in relation to Hutchison Whampoa Limited and its
     subsidiaries in the announcement to be published by the Purchaser,
     Hutchison Whampoa Limited and Cheung Kong (Holdings) Limited in respect of,
     amongst other things, the transactions contemplated by this Agreement are
     and will be true and accurate in all material respects and not misleading.

3.   Capacity and validity

(A)  Each of the Vendor and the Guarantor has full power, authority and capacity
     to enter into and perform this Agreement without any further sanction or
     consent by the holders of any class of shares of the Vendor or the
     Guarantor and has taken all necessary actions to authorise the execution
     and completion of this Agreement by it and the performance of its
     obligations hereunder.

(B)  This Agreement will, when executed, constitute legal, valid and binding
     obligations of each of the Vendor and the Guarantor, in accordance with its
     terms.

(C)  Subject to the satisfaction of the conditions set out in Clauses 4.1(a) to
     (i), the execution, delivery and the performance of this Agreement by each
     of the Vendor and the Guarantor will not:

     (i)  result in a breach of any provision of the memorandum or articles of
          association or other constitutional documents of each of the Vendor
          and the Guarantor, any third party consent being required under, or a
          breach, rescission or termination of any agreement, arrangement or
          instrument to which any Group Company is a party or which is binding
          upon any Group Company or any of its property or assets, and will not
          result in the creation or imposition of any encumbrance or any rights
          of third party on any of its assets pursuant to the provisions of any
          such agreement, arrangement or instrument; or

     (ii) result in a breach of any law or regulation or any order, judgment or
          decree of any court, governmental agency or regulatory body to which
          any Group Company is a party or by which any Group Company or its
          property or assets is bound.

(D)  Subject to the satisfaction of the conditions set out in Clause 4.1(a) to
     (i), no consent, licence, approval or authorisation of or filing or
     registration with or other requirement of the Stock Exchange or any
     governmental department, authority or agency in Hong Kong or other
     jurisdiction in which the Group has business as at the date of this
     Agreement, or courts or any third party pursuant to any contractual or
     other arrangement to which the Company or any other Group Company or the
     Vendor is a party, is required of the Vendor or the Guarantor in connection
     with the execution, delivery, performance, validity or enforceability of
     this Agreement.

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(E)  No Group Company is a party to any material contract that may be rescinded
     or terminated or otherwise affected to its detriment by reason of the
     execution, delivery or performance of this Agreement or Completion.

4.   Corporate status

(A)  Each Group Company has been duly incorporated and constituted and validly
     existing under the laws of its place of incorporation, and there has been
     no resolution, petition or order for its winding-up nor is any such
     resolution, petition or order imminent or likely. Each Group Company has
     the corporate power and authority to own or hold under lease the properties
     and assets it purports to own or hold under lease and to transact and to
     carry on the business it transacts and proposes to transact.

(B)  No events or omissions have occurred whereby the constitution, subsistence
     or corporate status of any Group Company has been or is likely to be
     adversely affected.

5.   Corporate filings and statutory books

(A)  All corporate or other documents required to be filed or registered in
     respect of each Group Company by the laws of its jurisdiction of
     incorporation have been duly filed or are in the process of being filed as
     appropriate.

(B)  The statutory books and minute books of each Group Company have been
     properly written up and no Group Company has received any application or
     request for rectification of the register of members and compliance has
     been made with all other legal requirements concerning all issues of
     shares, debentures or other securities of the Group.

(C)  All charges in favour of or created by any Group Company have (where
     appropriate) been registered in accordance with the provisions of the
     applicable legislation and regulations and at the relevant registries and
     authorities.

6.   Ownership of shares and options, rights of pre-emption etc.

     There is no option, right of pre-emption, right to acquire, on, over or
     affecting any shares in any Group Company or any securities convertible
     into shares in any Group Company nor is there any commitment to give or
     create any of the foregoing, and no person has claimed to be entitled to
     any of the foregoing.

7.   Litigation

(A)  No Group Company is engaged in (nor is any director of any Group Company in
     connection with the affairs of the Group Company engaged in) any claim,
     litigation, arbitration, prosecution or other legal proceedings or any
     investigation, enquiry or in any proceedings or hearings before any
     statutory or governmental body, department, board or agency, which
     individually or in the

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     aggregate may have a material adverse effect on the Group taken as a whole,
     and the Vendor, having made all reasonable enquiries, is not aware that any
     such claim, litigation, arbitration, prosecution, investigation, enquiry or
     other legal proceedings are pending or threatened or of any facts or
     circumstances likely to give rise to such claim, litigation, arbitration,
     prosecution, investigation, enquiry or proceedings.

(B)  There is no order, decree or judgement of any court or governmental agency
     or regulatory body outstanding or anticipated against any Group Company
     which may individually or in the aggregate have or has had a material
     adverse effect upon the condition, financial or otherwise or the earnings,
     business affairs or business prospects (whether or not arising in the
     ordinary course of business) of the Group (taken as a whole).

8.   Insolvency

(A)  No liquidator, provisional liquidator, receiver or other person carrying
     out any similar function has been appointed anywhere in the world in
     respect of the whole or any part of the assets or undertaking of the Group.

(B)  No Group Company has ceased or suspended payment of its debts, become
     unable to pay its debts when they fall due or otherwise become insolvent.

(C)  No unsatisfied judgment, order or award is outstanding against any Group
     Company.

9.   Compliance with laws

     Each Group Company has at all times carried on business and conducted its
     affairs in all respects in accordance with its constitutional documents,
     business licence and any law, regulation, legislation, decree or order
     applicable to it for the time being in force and any other documents to
     which it is or has been a party in all respects and obtained and complied
     with all necessary Consents required to carry on its business in Hong Kong,
     Singapore, Taiwan and the United States of America and all relevant
     jurisdictions in which the Group has business, including (but without
     limitation) legislation relating to companies and securities, real
     property, Taxation and prevention of corruption and have complied with all
     legal requirements in relation to any transactions to which it is or has
     been a party prior to Completion.

10.  Company Audited Accounts

(A)  The Company Audited Accounts:

     (i)  were prepared in accordance with applicable laws (including the
          Companies Ordinance) and with generally accepted accounting
          principles, standards and practices in Hong Kong (including all
          applicable Statements of Standard Accounting Practice) at the time
          they were prepared and, save as disclosed therein, on a consistent
          basis with the audited consolidated financial statements of the Group
          for each of

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          the two financial years ended 31 December, 2001 and 2002 (the
          "Previous Company Accounts");

     (ii) are true and accurate, correctly make or include adequate provision
          for any bad and doubtful debts and all established liabilities
          (including dividends or other distributions), make proper and adequate
          provision for (or contain a note in accordance with good accounting
          practice in respect thereof) all deferred, disputed or contingent
          liabilities (whether liquidated or unliquidated) and all capital
          commitments of the Group as at the Company Accounts Date and the
          reserves and provisions (if any) made therein for all Taxation
          relating to any period on or before the Company Accounts Date are
          proper and adequate;

     (iii) give a true and fair view of the state of affairs and financial and
          trading positions of the Group at the Company Accounts Date and of the
          Group's results for the financial period ended on that date;

     (iv) correctly include all the assets of the Group as at the Company
          Accounts Date and the rate of depreciation adopted therein is
          appropriate for each of the fixed assets of the Group to be written
          down to nil by the end of their estimated lives;

     (v)  other than the Company Properties, slow-moving stock has been written
          down appropriately and unrecoverable work in progress and redundant
          and obsolete stock have been wholly written off and the value
          attributed to the remaining stock did not exceed the lower of cost and
          net realisable book value as at the Company Accounts Date;

     (vi) save as disclosed therein, the method of valuing stock and work in
          progress adopted in the Company Audited Accounts and the basis of
          depreciation adopted in respect of fixed assets are the same as those
          adopted in the Previous Company Accounts;

     (vii) are not affected by any unusual, exceptional, extraordinary or
          nonrecurring items which are not disclosed therein; and

     (viii) contain adequate provision for the diminution in value of the
          Group's properties.

(B) Since the Company Accounts Date:

     (i)  none of the Group Companies has entered into any unusual or abnormal
          contracts or long term or onerous or other commitments binding on it
          (other than contracts entered into in the ordinary course of its
          business) and there has not been any acquisition or disposal by any
          Group Company of any fixed or capital assets or any agreement to
          effect the same;

     (ii) save and except (A) borrowings from or lending to the Guarantor or its
          Affiliates, and (B) in the ordinary course of its business, none of
          the Group Companies has borrowed or lent any money in excess of
          HK$20,000,000 in aggregate which has not been repaid or increased any

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          liability (whether or not secured) in excess of HK$20,000,000 in
          aggregate or incurred or entered into any other liability, transaction
          or contract in excess of HK$20,000,000 in aggregate;

     (iii) no event has occurred as regards any Group Company which would
          entitle any third party to terminate any contract or any benefit
          enjoyed by such Group Company or call in any amount of money before
          the normal due date therefor;

     (iv) none of the Group Companies has created any mortgages or charges or
          granted any security or other indebtedness, financial faculties,
          finance leases or hire purchase commitments or any guarantees or
          contingent liabilities on the whole or any part of its assets putting
          it under a prospective or contingent liability that may remain after
          the date hereof;

     (v)  other than from bankers in the ordinary course of its day to day
          trading operation, none of the Group Companies has borrowed or
          increased any secured liability;

     (vi) the business of each Group Company has been carried on in the ordinary
          and usual course and in the same manner as in the past, both as regard
          the nature and scope and manner of conducting the business so as to
          maintain the business as a going concern, and no part of the business
          of the Group has been affected by any abnormal factor in any respect;

     (vii) no fixed asset or stock has been written up nor any debt written off,
          and no unusual or abnormal contract has been entered into by any Group
          Company and so far as the Vendor is aware, none of the assets of any
          Group Company has been depleted by any unlawful act of any person;

     (viii) the trading prospects, financial position or businesses of the Group
          Companies have not been materially adversely affected as a result of
          any event or circumstances arising since the Company Accounts Date and
          no such material adverse effect is expected by the Vendor within the
          immediate future; and

     (ix) no Group Company has issued or repaid or agreed to issue or repay any
          share or loan capital.

(C)  Since the Company Accounts Date, no dividend has been declared or paid or
     other distributions out of profits, reserves or capital made in respect of
     any share capital of each Group Company save for distribution to
     wholly-owned subsidiaries of the Company or to the Company.

(D)  There has been no material adverse change in the condition, financial or
     otherwise, or the earnings, net assets, business affairs or business
     prospects (whether or not arising in the ordinary course of business) of
     the Group Companies as a whole since the Company Accounts Date.

11.  Conduct of business

(A)  Each Group Company carries on its business intra vires, solely under its
     corporate name, without any known infringement of any proprietary right or

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     proprietary interest of any other person, without any known liability to
     pay any royalty or similar sum and such business is not in breach of any
     legislation, regulation or third party rights in Hong Kong, Singapore,
     Taiwan and the United States of America and all relevant jurisdictions in
     which the Group has business.

(B)  All dividends or distributions (if any) declared, made or paid by any of
     the Group Companies have been declared, made or paid in accordance with its
     articles of association or other similar constitutional documents and the
     applicable provisions of the Companies Ordinance or other relevant
     legislation in Hong Kong, Singapore, Taiwan and the United States of
     America and all relevant jurisdictions in which the Group has business.

(C)  In respect of the business of the Group:

     (i)  there are requisite corporate powers in respect thereof, and all
          applicable legislation, rules and regulations in Hong Kong, Singapore,
          Taiwan and the United States of America and all relevant jurisdictions
          in which the Group has business as at the date of this Agreement have
          been complied with and observed, and there have been no breach or
          contravention of the same which has an adverse impact on the business
          of the Group taken as a whole;

     (ii) all Consents necessary for the proper conduct of business in Hong
          Kong, Singapore, Taiwan and the United States of America and all
          relevant jurisdictions in which the Group has business as at the date
          of this Agreement (including but not limited to the Fixed
          Telecommunication Network Services Licence and the Public
          Non-Exclusive Telecommunications Services (PNETS) Licence for the
          Group's business in Hong Kong, the Type II Licence for the Group's
          business in Taiwan and the Service-based Operator (Individual) Licence
          for the Group's business in Singapore (collectively the "Operating
          Licences")) have been obtained and maintained and are valid and
          subsisting in full force and effect, no Group Company is in breach of
          any of the terms or conditions of any such Consents and no event or
          omission has occurred whereby any of such Consents or the renewal
          thereof which has an adverse impact on the business of the Group taken
          as a whole is or is likely to be thereby adversely affected, suspended
          or revoked;

     (iii) the businesses and all such Consents may continue to be carried on
          and held by the Group Companies after and notwithstanding Completion;

     (iv) the carrying on of such business in no way contravenes or infringes
          any third party Intellectual Property Rights.

(D)  Each of the Consents referred to in paragraph (C) is valid and in force,
     and no Group Company is in breach of any terms of any such Consent
     (including breach of any requirement relating to such Consent to make
     returns or reports or supply information) and there are no circumstances
     which might invalidate any such Consent or render it liable to forfeiture
     or modification (to the detriment of the relevant Group Company) or (in the
     case of a renewable Consent) affect its renewal.

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(E)  No Group Company has given any representation, warranty or other term
     (whether express or implied) in respect of any of its services or
     end-products (save as required under laws or given in its ordinary course
     of business); and it has no outstanding liability (including a contingent
     liability by virtue of the terms on which the end-products or services were
     sold) in respect of any such end-products or services or their maintenance
     or replacement.

(F)  No Group Company has (except (i) for the purpose of carrying on its
     business in the ordinary course and subject to an obligation of
     confidentiality, and (ii) for the purpose of negotiating, preparing or
     performing this Agreement) disclosed, or agreed to disclose, or authorised
     the disclosure of, any of its lists of suppliers or customers, trade
     secrets or confidential information concerning its business, all of which
     are fully and properly recorded in writing or other appropriate form and
     are not incorrect in any way.

(G)  The business of each Group Company is managed exclusively by its officers
     and employees, and no person has authority to bind a Group Company other
     than its officers and employees and its authorised agents acting in the
     ordinary and ostensible course of their duties.

(H)  No Group Company is or has agreed to become a member of any partnership,
     joint venture or consortium (whether incorporated or not incorporated)
     outside its ordinary course of business.

(I)  The Vendor is not aware of any reason why any of the Operating Licences of
     the Group are likely to be revoked.

12.  Assets

(A)  All the plant, equipment and assets (except the Company Properties)
     included in the Company Audited Accounts or acquired since the Company
     Accounts Date and all assets, network (owned and operated by the Group as a
     whole), computer hardware, software and database of the Group are in
     reasonably good and safe condition and in working order (fair wear and tear
     excepted) in all respects and have been regularly and properly maintained
     and are not dangerous, inefficient, obsolete or in need of renewal or
     replacement and without prejudice to the generality of the foregoing no
     Group Company has manufactured, sold or supplied any product or has
     provided any service which is material in the context of the business of
     the Group as a whole, which does not comply with all applicable laws and
     regulations in all respects or which is sub-standard, defective or
     dangerous or not in accordance with any representations, warranty or other
     term (express or implied) given in respect of such products.

(B)  All plant, equipment and assets (except the Company Properties) included in
     the Company Audited Accounts or acquired since the Company Accounts Date
     and all assets, computer hardware, software and database of each Group
     Company:

     (i)  are legally and beneficially owned by that Group Company free from any
          mortgage, charge, lien or similar encumbrance, security interest or
          assignment, equity, option, right of pre-emption, royalty, factoring
          agreement, any hire-purchase agreement or agreement for payment on

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          deferred terms or bills of sale or lien, charge or other encumbrance
          including a conditional obligation to create or enter into any of the
          foregoing;

     (ii) are in the possession or under the control of that Group Company; and

     (iii) comprise all the assets, property and rights which that Group Company
          owns or which it uses or requires for the purpose of carrying on its
          business.

(C)  Where any assets are used but not owned by the Group Company or any
     facilities or services are provided to the Group Company by any third
     party, there has not occurred any event of default or any other event or
     circumstance which may entitle any third party to terminate any agreement
     or licence in respect of the provision of such facilities or services.

(D)  All stock of each Group Company (except for the Company Properties, and
     except where provisions have been included in the Company Audited Accounts)
     is in good condition (fair wear and tear excepted) and capable of being
     used or sold by it in the ordinary course of trading.

(E)  The amount of all debts owing to each Group Company (less the amount of any
     provision or reserve for bad and doubtful debts included in the Company
     Audited Accounts) will be substantially recoverable in the ordinary course
     and no debt is owing to a Group Company by the Company.

(F)  No Group Company owns, or has agreed to acquire, any shares or debentures
     in any other undertaking (other than shares in another Group Company) or
     any other securities.

(G)  Each Group Company has done everything prudent (whether by way of giving
     notice, registration, filing or otherwise), required or permitted to be
     done by it for the protection of its title to, or for the enforcement or
     the preservation of any order of priority of its title to, any property or
     rights (including the benefit of any debt, mortgage or charge) owned by it.

(H)  All records or other documents recording or evidencing any contract,
     licence, consent or other right of each Group Company or required for the
     exercise of any such right are in the possession or under the control of
     that Group Company.

13.  Insurance

(A)  Each Group Company has or has procured the effect of all insurances
     required by the applicable law to be effected by it in the jurisdiction in
     which it has business (including public liability insurance) or which ought
     reasonably to have been effected over its business in Hong Kong or
     elsewhere (including the undertakings and assets and in particular all the
     Company Properties) for a substantial part of its value and covering third
     party liability of each Group Company having taken into account the nature
     of the business of the relevant Group Company, the place in which it
     carries on business and those risks normally insured by persons carrying on
     similar businesses.

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(B)  All premiums due on the said policies have been paid, all the conditions of
     the said policies have been performed and observed in all respects in each
     place in which the Group carries on business, and (other than the
     transactions contemplated under this Agreement) nothing has been done or
     has been omitted to be done whereby any of the said policies has or may
     become void or voidable.

(C)  No material claim is outstanding either by the insurer or the insured under
     any of the said policies and no material claim against any Group Company by
     any third party is outstanding in respect of any risk covered by any of the
     policies or by any policy previously held by any Group Company.

(D)  Save and except for transactions contemplated under this Agreement, none of
     the Group Companies is aware of any circumstances which would or are likely
     to entitle any Group Company to make a claim under any of the said policies
     or which would or are likely to be required under any of the said policies
     to be notified to the insurers.

14.  Taxation

(A)  Each Group Company has complied with all relevant legal requirements
     relating to registration or notification for Taxation purposes in all
     respects.

(B)  Each Group Company has:

     (i)  paid all Taxation (if any) due to be paid as at the date of
          Completion; and

     (ii) taken all necessary steps to obtain any repayment of or relief from
          Taxation available to it.

(C)  All returns, notifications, documents, computations and payments for
     Taxation purposes which ought to have been made by or in respect of each of
     the Group Companies to the Taxation Authorities whether in Hong Kong or in
     any other part of the world have been duly made and all such returns,
     notifications, documents, computations are up to date, correct and on a
     proper basis and are not the subject of any material dispute with the
     relevant Taxation, revenue or other appropriate authorities.

(D)  The provisions (if any) included in the Company Audited Accounts are
     adequate to cover all Taxation in respect of all periods ending on or
     before the Company Accounts Date for which any Group Company was then or
     might at any time thereafter become or have become liable.

(E)  None of the Group Companies is in material dispute with any Taxation
     Authority or revenue authority in the jurisdiction of its incorporation or
     in the jurisdiction where it conducts its business, and to the knowledge of
     the Group Companies after due and careful enquiries, no such dispute is
     pending or threatened.

(F)  (i)  There is no liability for Tax in relation to any member of the Group
          which arises in consequence of an Event occurring on or before the
          date of Completion whether or not the Tax is chargeable against or
          attributable to any other person.

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     (ii) There is no liability for Tax in relation to any member of the Group
          which arises in consequence of a series of related Events only the
          first or some of which have taken place on or before the date of
          Completion whether or not Tax is chargeable against or attributable to
          any other person but only to the extent that the liability for Tax is
          attributable to such Event or Events occurring on or before the date
          of Completion.

     (iii) There is no liability for Tax in relation to any member of the Group
          which would have been saved but for the loss, reduction, modification
          or cancellation of some Relief in consequence of an Event occurring on
          or before the date of Completion where the availability of Relief has
          been shown as an asset in, or referred to in the notes to, the Company
          Audited Accounts or has been taken into account in computing (and so
          reducing) any provision (whether for deferred Tax or otherwise) which
          appears in the Company Audited Accounts or has resulted in no
          provision for deferred Tax being shown in the Company Audited
          Accounts, provided that any Tax which would have been repaid but for
          the loss, reduction, set-off or cancellation of any right to repayment
          of the Tax in consequence of an Event occurring on or before the date
          of Completion is for the purposes of this paragraph (F)(iii) deemed to
          be Tax for which the relevant member of the Group is liable and which
          arises in consequence of the Event.

     (iv) There is no liability for Tax in relation to any member of the Group
          which would have arisen in consequence of an Event occurring on or
          before the date of Completion Date which is not and will not be
          payable in consequence of the utilisation or set-off of some Relief,
          where the Relief arises in respect of an Event occurring after the
          date of Completion.

     (v)  There is no liability to pay any amount in respect of Tax in relation
          to any member of the Group under an indemnity, guarantee, mortgage or
          charge created on or before the date of Completion.

(G)  Paragraph (F) does not apply to any liability to the extent that:

     (i)  a specific provision has been made for such Tax in the Company Audited
          Accounts, or to the extent that such liability for Tax has been
          discharged by the relevant member of the Group;

     (ii) the liability arises as a result only of a provision or reserve in
          respect of the liability made in the Company Audited Accounts being
          insufficient by reason of any increase in rates of Tax announced after
          the date of Completion with retrospective effect; or

     (iii) the liability arises as a result of legislation which comes into
          force after the date of Completion and which is retrospective in
          effect.

(H)  None of the following shall be regarded for the purposes of paragraph
     (F)(iii) above as an Event which has occurred in the ordinary course of the
     business of the relevant member of the Group:

     (i)  an Event to which any of Sections 20 (liability of certain
          non-resident persons), 20A (persons chargeable on behalf of a
          non-resident), 20B (persons chargeable in respect of certain profits
          of a non-resident), 39 (replacement of plant or machinery), 61
          (certain transactions and

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          dispositions to be disregarded), 61A (transactions designed to avoid
          tax) or 61B (utilisation of losses to avoid tax) of the Inland Revenue
          Ordinance (Chapter 112) may apply;

     (ii) an acquisition, disposal or supply or deemed acquisition, disposal or
          supply of assets, goods, services or business facilities of any kind
          (including a loan of money or a letting, hiring or licensing of
          tangible or intangible property) for a consideration which is treated
          for Tax purposes as different from the actual consideration;

     (iii) an Event which results in the relevant member of the Group being
          liable for Tax for which it is not primarily liable;

     (iv) an Event in respect of which Tax arises as a result of a failure by
          the relevant member of the Group to deduct or account for Tax; and

     (v)  a disposal of capital assets.

(I)  As at 31 December 2002, the following members of the Group have claimed for
     the following losses to be carried forward from previous years for setting
     off against profits of the relevant member in subsequent years for the
     purpose of profits tax or income tax in the jurisdictions set out below:

--------------------------------------------------------------------------------
                                           Tax loss claimed to be
 Name of member of the Group                   carried forward      Jurisdiction
--------------------------------------------------------------------------------
Hutchison Global                              HK$4,119,817,950        Hong Kong
Communications Limited
--------------------------------------------------------------------------------
Hutchison MultiMedia                          HK$253,172,070          Hong Kong
Services Ltd
--------------------------------------------------------------------------------
HCL Partnership                               HK$25,564               Hong Kong
Holdings Limited
--------------------------------------------------------------------------------
Hutchison GlobalCenter                        HK$100,426,131          Hong Kong
Limited
--------------------------------------------------------------------------------

15.  Employment arrangements

(A)  Except for those (if any) notified to the Purchaser in writing prior to the
     entering into of this Agreement, all contracts of service to which any
     Group Company is a party can be terminated by it by not more than three
     months' notice or less without compensation (other than compensation
     required to be paid in accordance with the Employment Ordinance, Chapter 57
     of the Laws of Hong

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     Kong or the relevant legislation).

(B)  No loan has been granted by any Group Company to any director or employee
     of any Group Company.

(C)  None of the Group Companies is under any obligation (whether actual or
     contingent and whether or not disputed by the relevant Group Company) to
     any former employee whether for breach of any contract of service, for
     compensation for wrongful dismissal or for unfair dismissal or for payment
     of any salaries, wages, pensions, gratuities, severance pay, long service
     payment, bonuses or otherwise howsoever or whatsoever and no tax, levy,
     contribution or payment in respect of any former employee whether to any
     governmental authority, pension fund, scheme or trust or otherwise
     howsoever or whatsoever is outstanding or disputed.

(D)  All salaries and wages due to the officers and employees of each Group
     Company for any period before the date of this Agreement have been paid in
     full.

(E)  The Group is not involved in any industrial or trade dispute with any of
     its employees or any trade union or association.

(F)  The Group is not bound or accustomed to pay any moneys other than in
     respect of normal salary, remuneration or emoluments of employment to or
     for the benefit of its employees.

(G)  The Group has in relation to each of its employees complied with all
     obligations imposed on it by all laws relevant to the relations between it
     and its employees.

(H)  All retirement scheme, pensions or other retirement or death, disability
     benefits that are required by laws in Hong Kong or elsewhere to be kept for
     any present or past employees have been performed and complied with by each
     Group Company in all respects.

16.  Properties

(A)  With respect to each of the Company Owned Properties and the Company Leased
     Properties in Hong Kong (as the case may be):

     (i)  the relevant Group Company has good and marketable title in or to the
          Company Owned Properties and is the legal and beneficial owner thereof
          and there is no claim or dispute in respect of its ownership of the
          Company Owned Properties;

     (ii) all the title deeds (including valid and subsisting tenancy agreements
          in respect of the Company Owned Properties in Hong Kong but excluding
          all tenancy agreements which have lapsed for more than 6 years) and
          documents necessary to prove the relevant Group Company has good and
          marketable title to the property and in particular all the original of
          such title deeds and documents which relate exclusively to the
          property are in the possession and under the control of the relevant
          Group Company (save for documents of title in respect of properties
          which are

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          the subject of charges, mortgages, liens or encumbrances and are in
          the possession of chargees, mortgagees or their agents);

     (iii) the government grant is good, valid and subsisting and all land
          premium management fee, registration fees, taxes, all moneys due and
          payable, outstanding or reserved thereunder and all covenants, terms
          and conditions contained therein have been duly paid, observed and
          performed to-date;

     (iv) all covenants, obligations, stipulations, restrictions, terms and
          conditions affecting the Company Owned Properties or the Company
          Leased Properties (as the case may be) have been duly observed,
          performed and complied with in all respects and all outgoings of
          whatever nature in respect thereof have been duly paid to-date;

     (v)  there is no dispute with any governmental or local authority or with
          the owner or occupier of any adjoining or neighbouring property or
          howsoever otherwise;

     (vi) there is no notice or order in relation to resumption or compulsory
          acquisition of the Company Owned Properties or the Company Leased
          Properties (as the case may be) under any legislation the
          implementation of which would or could affect the occupation or
          enjoyment of the Company Owned Properties or the Company Leased
          Properties (as the case may be) nor are there any monetary or other
          claims or liabilities, whether actual or contingent affecting such
          Company Owned Properties or the Company Leased Properties (as the case
          may be);

     (vii) all legislation, statutory requirements, governmental or other
          orders, rules, directives or instruments affecting or pertaining to
          the use, occupation or enjoyment of the Company Owned Properties or
          the Company Leased Properties (as the case may be) have been duly
          complied with to-date;

     (viii) the Company Owned Properties or the Company Leased Properties (as
          the case may be) is free from any charge, mortgage, lien, encumbrance,
          and there are no third party rights, conditions, defects, adverse
          interest, equities, orders, regulations or other restrictions which
          could or might have adverse effect on the title or value of the
          Company Owned Properties or the Company Leased Properties (as the case
          may be) or limit, restrict or otherwise adversely affect the ability
          of any member of the Group to occupy and utilise the Company Owned
          Properties or the Company Leased Properties (as the case may be), and
          the relevant Group Company has not entered into any agreement in
          relation to any of the foregoing;

     (ix) there is no agreement to sell or part with possession of or let or
          license or grant any option over or otherwise dispose of any interest
          in the property or any part thereof;

     (x)  the relevant Group Company has not received and is not aware of there
          being any notice from the government or any other competent authority

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          or the management body of the property requiring that Group Company to
          demolish or reinstate any part of the Company Owned Properties or the
          Company Leased Properties (as the case may be);

     (xi) the Group has not made erected or constructed, and is not aware of,
          any unauthorised or illegal structure or alteration (which have not
          been duly rectified) at, on or within the Company Owned Properties or
          the Company Leased Properties (as the case may be) or any part
          thereof;

     (xii) no competent authority has issued any order or notice which may
          adversely affect the Company Owned Properties or the Company Leased
          Properties (as the case may be) and none of the Group Companies has
          received nor is aware of any complaints, proposals, schemes,
          resolutions, notices, orders, requirements or recommendations of any
          authority affecting the Company Owned Properties or the Company Leased
          Properties (as the case may be) or the use thereof or the interest
          therein or the owner or occupier thereof;

     (xiii) no default or event which with notice or lapse of time or both will
          constitute a default by the relevant Group Company has occurred or is
          continuing under the government grant or other documents applicable to
          the Company Owned Properties or the Company Leased Properties (as the
          case may be) and none of the Group Companies is in breach of any laws,
          rules, regulations, guidelines, notices, circulars, orders, judgments,
          decrees or rulings of any court, government, governmental or
          regulatory authorities in respect of the use, occupation and enjoyment
          of the Company Owned Properties or the Company Leased Properties (as
          the case may be);

     (xiv) all requisite licenses, certificates and authorities necessary for
          the existing use of the Company Owned Properties or the Company Leased
          Properties (as the case may be) by the relevant Group Company have
          been duly obtained and are valid, in full force and effect;

     (xv) the Company Owned Properties or the Company Leased Properties (as the
          case may be) is in good state of repair and good physical conditions
          (fair wear and tear excepted) and none of the Group Companies is aware
          of any matters or things which materially and adversely affect the
          Company Owned Properties or the Company Leased Properties (as the case
          may be) or which may subject the owner or occupier thereof to any
          charge or liability or which should be revealed to a purchaser for
          value;

     (xvi) the particulars of tenancies set out in Part B of Exhibit C are true
          and accurate particulars of all tenancies in respect of the Company
          Leased Properties in Hong Kong;

     (xvii) the Company Leased Properties are not subject to the payment of any
          outgoings other than rent, service charges and rates and other normal
          outgoings;

     (xviii) each of the Group Companies has complied in all material respects
          with all legislation, statutory requirements, governmental or other
          orders,

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          rules, directives, instruments affecting or pertaining to the use,
          occupation or enjoyment of the Company Leased Properties;

     (xx) all the terms of the leases, tenancies, licences, concessions or other
          agreements have not been varied, modified, amended or supplemented
          verbally or by means of supplemental agreement or correspondence
          between the landlord and any of the Group Companies or otherwise; and

     (xxi) the terms of any material lease, tenancy, licence, concession or
          agreement will not be breached in consequence of the entering into or
          implementation of this Agreement.

(B)  With respect to each of the Company Leased Properties in the PRC:

     (i)  the relevant Group Company has validly acquired the relevant
          certificates or licence in respect of the Company Leased Properties
          and such certificates or licence are valid, subsisting and in full
          force and effect;

     (ii) the Company Leased Properties are not used for any unlawful purposes
          and have not violated any relevant land or construction regulations;

     (iii) the Company Leased Properties are free from any mortgage, charge,
          lien, lease, encumbrance or any other third party rights and the
          relevant Group Company has not entered into any agreement to do any of
          the foregoing;

     (iv) the relevant Group Company has not received from the PRC government
          nor any competent authority any notice or order which may adversely
          affect its right to use the Company Leased Properties for the purpose
          for which it is presently being used;

     (v)  all requisite Consents necessary for the use of the Company Leased
          Properties as it is presently being used by the relevant Group Company
          have been duly obtained and are valid and in full force and effect;

     (vi) all the land user's covenants contained in the documents applicable to
          the Company Leased Properties have been duly performed and observed to
          the extent that such obligations have fallen due;

     (vii) no default or event which with notice or lapse of time or both will
          constitute a default by the relevant Group Company has occurred or is
          continuing under the documents applicable to the Company Leased
          Properties and none of the Group Companies is in breach of any PRC
          laws, rules, regulations, guidelines, notices, circulars, orders,
          judgments, decrees or rulings of any court, government, governmental
          or regulatory authorities in respect of the use occupation and
          enjoyment of the Company Leased Properties;

     (viii) all requisite licences, certificates and authorities necessary for
          the existing use of the Company Leased Properties by the relevant
          Group Company have been duly obtained and are valid and in full force
          and

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          effect;

     (ix) all the terms of the leases, tenancies, licences, concessions or other
          agreements of the Company Leased Properties have not been varied,
          modified, amended or supplemented verbally or by means of supplemental
          agreement or correspondence between the landlord and any of the Group
          Companies or otherwise; and

     (x)  the terms of any such lease, tenancy, licence, concession or agreement
          of the Company Leased Properties will not be breached in consequence
          of the entering into or implementation of this Agreement.

17.  Loans

(A)  In relation to all debentures, acceptance credits, overdrafts, loans or
     other financial facilities outstanding or available to the Group (referred
     to in this paragraph as "facilities"):

     (i)  the aggregate amount of all facilities drawn down at the relevant
          accounts date has been disclosed in the Company Audited Accounts;

     (ii) there has been no contravention of, or non-compliance with any
          provision of any of the facilities nor are there any circumstances
          whereby the confirmation of any of the facilities might be prejudiced;

     (iii) no steps for the early repayment of any indebtedness thereunder have
          been taken or threatened;

     (iv) there have not been, nor are there, any circumstances whereby the
          continuation of any of the facilities might be prejudiced, or which
          may give rise to any alteration in terms and conditions of any of the
          facilities;

     (v)  none of the facilities is dependent on the guarantee or indemnity of,
          or any security provided by, a third party other than its Affiliates:

     (vi) none of the facilities will or might be terminated or mature prior to
          its stated maturity as a result of the execution of this Agreement or
          any transactions contemplated herein; and

     (vii) the entering into and consummation of this Agreement will not result
          in a breach of any terms of any of the facilities, nor will the same
          result in any payment or repayment under any of the facilities being
          accelerated.

(B)  No Group Company is a party to nor has it any liability (present or future)
     nor has it created or agreed or permitted any loans, mortgages, charges,
     debentures or other loan capital or bank overdrafts, or other similar
     indebtedness, financial facilities, credit sale or conditional sale
     agreement, financial leases or hire purchase, letter of credit or leasing,
     commitments or any guarantees, indemnities or other contingent liabilities
     or rights of security or third party rights of any kind whatsoever to be
     made to or by any Group Company which are outstanding except as shown in
     the Company Audited Accounts.

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(C)  None of the Group Companies has factored any of its debts or engaged in any
     financing of a type which would not be required to be shown or reflected in
     the Company Audited Accounts.

(D)  The total amount borrowed by each Group Company (as determined in
     accordance with the provisions of the relevant instrument or document) does
     not exceed any limitation on its borrowing powers contained in its articles
     of association or equivalent constitutional document, or in any debenture
     or other deed or document binding upon it.

(E)  No outstanding indebtedness of any Group Company has become payable by
     reason of default by the Group Company and no event of default has occurred
     or is pending which with the lapse of time or the fulfillment of any
     condition or the giving of notice may result in any such indebtedness
     becoming so payable prior to maturity.

18.  Contracts and commitments

(A)  Since the Company Accounts Date each Group Company has carried on its
     business in the ordinary and normal course and, save as mentioned in or as
     contemplated by this Agreement, no Group Company has entered into any
     transaction or incurred any liabilities except in the ordinary course of
     its day-to-day business on normal commercial terms and on an arm's length
     basis for full value.

(B)  No Group Company has received any formal or informal notice to repay under
     any agreement relating to any borrowing (or indebtedness in the nature of
     borrowing) which is repayable on demand and which exceeds an aggregate
     amount of HK$500,000.

(C)  No party to any agreement or arrangement with or under an obligation to any
     Group Company is in default under it, being a default which would be
     material in the context of such Group Company's financial or trading
     position and as far as the Group Companies are aware there are no
     circumstances likely to give rise to such a default.

(D)  No Group Company is:

     (i)  in default under or in breach of any agreement or obligation to which
          it is party or in respect of any other obligations or restrictions
          binding upon it nor is it aware of any invalidity or of any grounds
          for determination, recession, avoidance or repudiation of any
          agreement to which any Group Company is a party; or

     (ii) liable in respect of any representation or warranty (whether express
          or implied) which has a material adverse effect on the Group as a
          whole.

(E)  In respect of each Group Company, there are no outstanding contracts,
     engagements or liabilities, whether quantified or disputed, except (i) as
     shown in the Company Audited Accounts or (ii) entered into in the ordinary
     course of the Group Company's day to day business operations on normal
     commercial terms.

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(F)  With respect to each of the Group Companies, subject to the fulfilment of
     the conditions in Clause 4.1(a) to (i) of this Agreement, there are no:

     (i)  contractual arrangements between the Group Company and any party which
          will or may be legally terminated as a result of the execution or
          completion of this Agreement or which requires any Consent from any
          party to be obtained in connection with the execution or completion of
          this Agreement;

     (ii) other than contained in the banking facilities documents, powers of
          attorney which are still outstanding or effective to or in favour of
          any person to enter into any contract or commitment or to do anything
          on its behalf other than in the ordinary course of business;

     (iii) agreements or arrangements entered into by it otherwise than by way
          of bargain at arm's length;

     (iv) contracts or any obligations binding upon it (other than that entered
          into in the ordinary course of business) which are unusual or of a
          long-term nature or involving or which may involve obligations on it
          of a nature or magnitude calling for special mention or which cannot
          be fulfilled or performed on time or without undue or unusual
          expenditure of money or effort; or

     (v)  contracts or arrangements between itself and the parties to this
          Agreement or their associates other than contracts in the ordinary
          course of their day to day trading or operations on normal commercial
          terms.

(G)  No agreement or arrangement to which any Group Company is a party is, is
     required or, following the execution and completion of this Agreement, will
     be required to be registered with any authority or governmental agency
     (save for the purpose of implementing this Agreement).

19.  Intellectual property

(A)  Save and except those listed in Exhibit D and those licensed to any Group
     Company for use by the Group in administration or office support or those
     for the equipments, systems, networks or infrastructure in connection with
     the operations and business of the Group, none of the Group Companies uses
     in the conduct of its business any Intellectual Property Rights registered
     or owned by any other person which are material in the context of the
     Group's business.

(B)  The Intellectual Property Rights listed in Exhibit D and those referred to
     in paragraph 19(A) above comprise all the Intellectual Property Rights used
     or required for the purposes of the business of the Group which are
     material in the context of the Group's business and the Intellectual
     Property Rights listed in Exhibit D are valid, in full force and effect,
     registered (where applicable) in the name of the relevant licensor.

(C)  No Group Company has granted or is obliged to grant any licences or
     assignments under or in respect of any Intellectual Property Rights listed
     in Exhibit D (except in the ordinary course of business) or to disclose or
     provide know-how, trade secrets, technical assistance, confidential
     information or lists

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     of customers or suppliers to any person (except in the ordinary course of
     business to the extent that is necessary or for the purpose of this
     Agreement) and no such disclosure has been made.

(D)  The conduct of the business of the Group in the ordinary and usual course
     as at present will not (i) infringe, and has not at any time in the past
     infringed, any Intellectual Property Rights of any third party or (ii)
     except in the ordinary and usual course of business, give rise to any
     commission, royalty or like fee of any amount or require any Consent to be
     obtained in the context of the Group's business.

(E)  All fees for the owning, registration, grant or renewal of the Intellectual
     Property Rights of or used in the Group's business have been paid when due
     or will be paid in due course and so far as the Company is aware, no
     circumstances exist which might lead to the termination of or any claim for
     damages under any licence of Intellectual Property Rights to the relevant
     Group Company.

(F)  There is no fact, matter or circumstances which would or would be likely
     to:

     (i)  render void or voidable any right to own or use the Intellectual
          Property Rights listed in Exhibit D; or

     (ii) lead to any revocation of the grant of licence in respect of the
          Intellectual Property Rights used by the Group.

(G)  No Group Company has entered into any agreement or arrangement involving
     the sale, mortgage, pledge, granting of options or any other rights over
     the Group Companies' interest in any of their Intellectual Property Rights.

(H)  The Group Companies have taken all steps and actions (as owner, or as the
     case may be, as licensees if so required under the relevant licences)
     necessary or desirable in order to protect, defend, enforce or maintain
     their respective rights in or to the Intellectual Property Rights listed in
     Exhibit D.

(I)  There has not at any time been a claim made that:

     (i)  the conduct of the businesses and operations of the Group Companies
          using any of the Intellectual Property listed in Exhibit D infringes
          the Intellectual Property Rights of any third parties or involves the
          unauthorised use of confidential information; or

     (ii) any of the Intellectual Property Rights licensed for the use by the
          relevant Group Companies are invalid, liable to cancellation or
          removal, or unlikely to be granted in their current form, whether in
          whole or in part.

(J)  There exists no actual or threatened infringement by any third party of any
     Intellectual Property Rights listed in Exhibit D (including misuse of
     confidential information) or any event likely to constitute such an
     infringement nor has the Group acquiesced in the unauthorised use by any
     third party of any such Intellectual Property Rights.

(K)  Each Group Company is licensed to use all software necessary to enable it
     to continue to use its computerised records for the foreseeable future in
     the same manner in which they have been used prior to the date of this
     Agreement.

20.  Trading

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(A)  Since the Company Accounts Date:

     (i)  full and proper records and books of account of the transactions,
          dealings and affairs of the Group Companies have been and will be
          kept, and full and proper entries have been and will be made;

     (ii) there has been no material deterioration in the turnover or the
          financial or trading position or prospects of the Group taken as a
          whole;

     (iii) no Group Company has, by doing or omitting to do anything, prejudiced
          its goodwill and no goodwill of any Group Company will be prejudiced
          in any way as a result of the transactions contemplated by this
          Agreement;

     (iv) no part of the businesses of the Group Companies has been affected by
          any abnormal factor not affecting similar businesses to a like extent
          and the Vendor, having made due and careful enquiries, are not aware
          of any facts which may reasonably be considered as likely to give rise
          to any such effect;

     (v)  no resolutions have been passed by any Group Company in general
          meeting or by its directors in directors' meetings and nothing has
          been or will be done prior to Completion in the conduct or management
          of the affairs of the Group which may reasonably be considered as
          likely to prejudice the interests of the other parties to this
          Agreement;

     (vi) save as contemplated by this Agreement, the Group has not undergone
          and will not prior to the Completion undergo any capital
          reorganization or change in its capital structure.

(B)  The Vendor has no knowledge, information or belief that the entering into
     of this Agreement (whether by reason of an existing agreement or
     arrangement or otherwise) or as a result of any other matter contemplated
     in this Agreement:

     (i)  any supplier of the Group will cease or be entitled to cease supplies
          or may substantially reduce its supplies to it;

     (ii) any customer and client of the Group will cease or be entitled to
          cease to deal with it or may substantially reduce its existing level
          of business with it;

     (iii) the Group will lose the benefit of any right or privilege which it
          enjoys (in particular, preferential tax treatment relating to (i)
          profit tax, and (ii) import tax (if any) on purchase of materials or
          machinery from outside the jurisdiction of its incorporation,
          currently enjoyed by the Group); or

     (iv) any officer or senior employee of any Group Company having salary of
          more than HK$200,000 per month will leave.

(C)  None of the activities or contracts or rights of each of the Group
     Companies is ultra vires, unauthorised, invalid, void or voidable. All
     documents to which each Group Company is a party and in the enforcement of
     which the relevant Group Company may be interested have been duly stamped,
     if required, and are in the possession of the relevant Group Company.

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(D)  Save for the purpose of implementing the transactions contemplated under
     this Agreement, there are no arrangements or understandings (whether
     legally enforceable or not) between any Group Company and any person who is
     a shareholder or the beneficial owner of any interest in such Group Company
     in which such shareholder or beneficial owner is (directly or indirectly)
     interested, relating to the management of any Group Company's business, or
     the appointment or removal of directors of any Group Company, or the
     ownership or transfer of ownership or the letting of any of the assets of
     any Group Company, or the provision, supply or purchase of finance, goods,
     services or other facilities to, by or from any Group Company, or in any
     other respect relating to the affairs of any Group Company, and there are
     no amounts owing (other than as a result of transactions entered into in
     the ordinary course of business of the relevant Group Company and
     negotiation on an arm's length basis and on normal commercial terms)
     between any Group Company and any person who is a shareholder or the
     beneficial owner of any interest in such Group Company in which such
     shareholder or beneficial owner is (directly or indirectly) interested.

(E)  Save for those entered into in the ordinary course of business, no Group
     Company is a party to any agency, distributorship, marketing, purchasing,
     manufacturing, licensing or service agreement or arrangement, or any
     restrictive trading or other agreement or arrangement which in any way
     restricts its freedom to carry on the whole or any part of its business in
     any part of the world in such manner as it thinks fit.

(F)  No Group Company is a party to any undertaking or assurances given to any
     court or governmental agency (other than that entered into in its ordinary
     course of business) which is still in force.

(G)  There are not outstanding with respect to any Group Company:

     (i)  any agreements or arrangements not entered into in the ordinary course
          of business to which any Group Company is a party for profit sharing,
          share incentives or share options;

     (ii) any agreement (whether by way of guarantee, indemnity, warranty,
          representation or otherwise) under which any Group Company is under
          any actual or contingent liability in respect of:

          (a)  any disposal of its assets or business or any part thereof except
               such as are usual in the ordinary and proper course of its normal
               day-to-day trading as carried on at the date hereof; or

          (b)  the obligations of any other person.

21.  Capital Commitment

     No member of the Group has any material capital commitment or is engaged in
     any scheme or project requiring the expenditure of capital of a significant
     amount save in the ordinary course of business.

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                                   SCHEDULE 5

            PURCHASER'S WARRANTIES, REPRESENTATIONS AND UNDERTAKINGS

Save as specifically disclosed in (i) the Purchaser Audited Accounts, (ii) the
Purchaser Management Accounts, (iii) this Agreement or (iv) Exhibit E, a copy of
which has been initialled on behalf of the Parties for the purpose of
identification:

1.   Accuracy of information

(A)  All the information relating to the Purchaser Group Companies set out in
     Schedule 3 and Recital (B) of this Agreement is true, complete and
     accurate. All information (in either written or electronic form) given by
     or on behalf of the Purchaser or any of its officers, directors, employees
     or advisors to the Vendor relating to the Purchaser Group Companies and all
     publicly available information and records of the Purchaser Group Companies
     (including information contained in annual reports, statutory filings and
     registrations) is, and was, when supplied or published, true, complete and
     accurate and not misleading and there is no fact or matter which has not
     been disclosed and which may render such information untrue, inaccurate or
     misleading or which if disclosed might reasonably be expected to influence
     adversely the Vendor's decision to subscribe for the Consideration Shares,
     the Vendor's decision to acquire the Consideration Convertible Note, or the
     Guarantor's agreement to enter into the Facility Agreement, in each case on
     the terms of this Agreement. No information which is material to the
     Purchaser Group and which would reasonably be expected to be of interest to
     any subscriber for Shares has been withheld from the Vendor.

(B)  All principal members of the Purchaser Group Companies (being all members
     of the Purchaser Group except (i) companies which only perform the function
     of intermediate holding companies in the Purchaser Group, and (ii) dormant
     companies) are included in Part B of Schedule 3.

(C)  All statements in relation to the Purchaser Group Companies in the
     announcement to be published by the Purchaser, Hutchison Whampoa Limited
     and Cheung Kong (Holdings) Limited (the "Announcement") (and any subsequent
     circular to be issued by the Purchaser, whether on its own or together with
     other parties ("Circular")) in respect of, amongst other things, the
     transactions contemplated by this Agreement are and will be true and
     accurate in all material respects and not misleading.

(D)  All statements of opinion, intention or expectation in relation to the
     Purchaser Group Companies contained in the Announcement (if any) are truly
     and honestly held and have been made on reasonable grounds after due and
     careful consideration, and there is no other fact or matter omitted
     therefrom the omission of which would make any statement therein misleading
     in any material respect or which is otherwise material.

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(E)  All statements of opinion, intention or expectation in relation to
     Purchaser Group Companies to be contained in the Circular to the
     Purchaser's shareholders and other announcements in connection with the
     transactions contemplated by this Agreement will be truly and honestly held
     and will be made on reasonable grounds after due and careful consideration,
     and there will be no other fact or matter omitted therefrom the omission of
     which would make any statement therein misleading in any material respect
     or which would otherwise be material.

(F)  All financial information in relation to the Purchaser Group Companies
     contained in the Announcement has been prepared in accordance with
     generally accepted accounting principles, standards and practice in Hong
     Kong.

(G)  There is no non-public information relating to the Purchaser Group
     Companies or their respective businesses which has not been disclosed to
     the Vendor the release of which could adversely affect the trading price of
     the Shares in a material respect and there is not in existence any material
     or information relating to the Purchaser which will be required to be
     disclosed by the Purchaser under the Listing Rules and/or the listing
     agreement it made with the Stock Exchange.

2.   Capacity and validity

(A)  Subject to the satisfaction of the conditions set out in Clause 4.1(a) to
     (i), the Purchaser has full power, authority and capacity to perform this
     Agreement without any further sanction or consent by the holders of any
     class of shares of the Purchaser and has taken all necessary actions to
     authorise the execution and completion of this Agreement by it and the
     performance of its obligations hereunder.

(B)  This Agreement will, when executed, constitute legal, valid and binding
     obligations of the Purchaser, in accordance with its terms.

(C)  The execution, delivery and the performance of this Agreement by the
     Purchaser will not:

     (i)  result in a breach of any provision of the memorandum or bye-laws of
          the Purchaser, any third party consent being required under, or a
          breach, rescission or termination of any agreement, arrangement or
          instrument to which any Purchaser Group Company is a party or which is
          binding upon any Purchaser Group Company or any of its property or
          assets, and will not result in the creation or imposition of any
          encumbrance or any rights of third party on any of its assets pursuant
          to the provisions of any such agreement, arrangement or instrument; or

     (ii) result in a breach of any law or regulation or any order, judgment or
          decree of any court, governmental agency or regulatory body to which
          any Purchaser Group Company is a party or by which any Purchaser

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          Group Company or its property or assets is bound.

(D)  Subject to the satisfaction of the conditions set out in Clause 4.1(a) to
     (i), no consent, licence, approval or authorisation of or filing or
     registration with or other requirement of the Stock Exchange or any
     governmental department, authority or agency in Hong Kong or Bermuda or
     other jurisdictions in which the Purchaser Group has business as at the
     date of this Agreement, or courts or any third party pursuant to any
     contractual or other arrangement to which the Purchaser or any other
     Purchaser Group Company is a party, is required of the Purchaser in
     connection with (i) the execution, delivery, performance, validity or
     enforceability of this Agreement or (ii) the issue of the Consideration
     Shares as contemplated hereunder.

(E)  No Purchaser Group Company is a party to any material contract that may be
     rescinded or terminated or otherwise affected to its detriment by reason of
     the execution, delivery or performance of this Agreement or Completion.

3.   Corporate status

(A)  Each Purchaser Group Company has been duly incorporated and constituted and
     validly existing under the laws of its place of incorporation, and there
     has been no resolution, petition or order for its winding-up nor is any
     such resolution, petition or order imminent or likely. Each Purchaser Group
     Company has the corporate power and authority to own or hold under lease
     the properties and assets it purports to own or hold under lease and to
     transact and to carry on the business it transacts and proposes to
     transact.

(B)  No events or omissions have occurred whereby the constitution, subsistence
     or corporate status of any Purchaser Group Company has been or is likely to
     be adversely affected.

4.   Corporate filings and statutory books

(A)  All corporate or other documents required to be filed or registered in
     respect of each Purchaser Group Company by the laws of its jurisdiction of
     incorporation have been duly filed or are in the process of being filed as
     appropriate.

(B)  The statutory books and minute books of each Purchaser Group Company have
     been properly written up and no Purchaser Group Company has received any
     application or request for rectification of the register of members and
     compliance has been made with all other legal requirements concerning all
     issues of shares, debentures or other securities of the Purchaser Group.

(C)  All charges in favour of or created by any Purchaser Group Company have
     (where appropriate) been registered in accordance with the provisions of
     the applicable legislation and regulations and at the relevant registries
     and authorities.

5.   Ownership of shares and options, rights of pre-emption etc.

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     Save for the Purchaser Share Options disclosed in the interim report for
     the six months ended 30 September 2003 of the Purchaser, there is no
     option, warrant, right of pre-emption, right to acquire, on, over or
     affecting any shares in any Purchaser Group Company or any securities
     convertible into shares in any Purchaser Group Company nor is there any
     commitment to give or create any of the foregoing, and no person has
     claimed to be entitled to any of the foregoing.

6.   Litigation

(A)  No Purchaser Group Company is engaged in (nor is any director of any
     Purchaser Group Company in connection with the affairs of the Purchaser
     Group Company engaged in) any claim, litigation, arbitration, prosecution
     or other legal proceedings or any investigation, enquiry or in any
     proceedings or hearings before any statutory or governmental body,
     department, board or agency, which individually or in the aggregate may
     have a material adverse effect on the Purchaser Group taken as a whole, and
     the Purchaser, having made all reasonable enquiries, are not aware that any
     such claim, litigation, arbitration, prosecution, investigation, enquiry or
     other legal proceedings are pending or threatened or of any facts or
     circumstances likely to give rise to such claim, litigation, arbitration,
     prosecution, investigation, enquiry or proceedings.

(B)  There is no order, decree or judgement of any court or governmental agency
     or regulatory body outstanding or anticipated against any Purchaser Group
     Company which may individually or in the aggregate have or has had a
     material adverse effect upon the condition, financial or otherwise or the
     earnings, business affairs or business prospects (whether or not arising in
     the ordinary course of business) of the Purchaser Group (taken as a whole).

7.   Insolvency

(A)  No liquidator, provisional liquidator, receiver or other person carrying
     out any similar function has been appointed anywhere in the world in
     respect of the whole or any part of the assets or undertaking of the
     Purchaser Group.

(B)  No Purchaser Group Company has ceased or suspended payment of its debts,
     become unable to pay its debts when they fall due or otherwise become
     insolvent.

(C)  No unsatisfied judgment, order or award is outstanding against any
     Purchaser Group Company.

8.   Listing Status

(A)  The listing of the shares of the Purchaser on the Stock Exchange is not
     terminated by the Stock Exchange and there is no such termination
     threatened against the Purchaser. The Purchaser is not aware of any
     circumstances or matters which are likely to give rise to the termination
     of its listing status or which are likely to jeopardise such listing or
     which may possibly result in

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     disciplinary proceedings being commenced by the Stock Exchange against the
     Purchaser or its past or current directors.

(B)  Subject to the satisfaction of the conditions set out in Clause 4.1(a) to
     (i) and save as disclosed in the Announcement, the Purchaser has obtained
     from the Stock Exchange and other authorities all necessary consents (if
     any) which are relevant to maintain the listing status of the Company on
     the Stock Exchange or to complete the transactions under this Agreement in
     the manner contemplated.

(C)  The Purchaser is not in material breach of the terms of the listing
     agreement that it has entered into with the Stock Exchange and it is not in
     material breach of the rules, regulations and requirements of the Stock
     Exchange.

(D)  None of the members of the Purchaser Group is, and (to the knowledge of the
     Purchaser) has been, the subject of any investigation carried out by the
     Stock Exchange or the Securities and Futures Commission of Hong Kong.

9.   Compliance with laws

     Each Purchaser Group Company has at all times carried on business and
     conducted its affairs in all respects in accordance with its constitutional
     documents, business licence and any law, regulation, legislation, decree or
     order applicable to it for the time being in force and any other documents
     to which it is or has been a party in all respects and obtained and
     complied with all necessary Consents required to carry on its business in
     Hong Kong and the PRC and all relevant jurisdictions in which the Purchaser
     Group has business, including (but without limitation) legislation relating
     to companies and securities, real property, Taxation and prevention of
     corruption and have complied with all legal requirements in relation to any
     transactions to which it is or has been a party prior to Completion.

10.  Accounts and Purchaser Management Accounts

(A)  The Purchaser Audited Accounts and the Purchaser Management Accounts:

     (i)  were prepared in accordance with applicable laws (including the
          Companies Ordinance) and with generally accepted accounting
          principles, standards and practices in Hong Kong (including all
          applicable Statements of Standard Accounting Practice) at the time
          they were prepared and, save as disclosed therein, on a recognised and
          consistent basis with the audited consolidated financial statements of
          the Purchaser Group for each of the three financial years ended 31
          March 2001, 2002 and 2003 and for the six months ended 30 September
          2003 (the "Previous Purchaser Accounts");

     (ii) are true and accurate, correctly make or include adequate provision
          for any bad and doubtful debts and all established liabilities
          (including dividends or other distributions), make proper and adequate
          provision for (or contain a note in accordance with good accounting
          practice in respect thereof) all deferred, disputed or contingent
          liabilities (whether

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          liquidated or unliquidated) and all capital commitments of the
          Purchaser Group as at the Purchaser Accounts Date or the Purchaser
          Management Accounts Date (as the case may be) and the reserves and
          provisions (if any) made therein for all Taxation relating to any
          period on or before the Purchaser Accounts Date or the Purchaser
          Management Accounts Date (as the case may be) are proper and adequate;

     (iii) give a true and fair view of the state of affairs and financial and
          trading positions of the Purchaser Group at the Purchaser Accounts
          Date or the Purchaser Management Accounts Date (as the case may be)
          and of the Purchaser Group's results for the financial period ended on
          that date;

     (iv) correctly include all the assets of the Purchaser Group as at the
          Purchaser Accounts Date or the Purchaser Management Accounts Date (as
          the case may be) and the rate of depreciation adopted therein is
          appropriate for each of the fixed assets of the Purchaser Group to be
          written down to nil by the end of their estimated lives;

     (v)  other than the Properties, slow-moving stock has been written down
          appropriately and unrecoverable work in progress and redundant and
          obsolete stock have been wholly written off and the value attributed
          to the remaining stock did not exceed the lower of cost and net
          realisable book value as at the Purchaser Accounts Date or the
          Purchaser Management Accounts Date (as the case may be);

     (vi) save as disclosed therein, the method of valuing stock and work in
          progress adopted in the Purchaser Audited Accounts and the Purchaser
          Management Accounts and the basis of depreciation adopted in respect
          of fixed assets are the same as those adopted in the Previous
          Purchaser Accounts;

     (vii) are not affected by any unusual, exceptional, extraordinary or
          non-recurring items and do not include transactions not normally
          undertaken by the relevant the Purchaser Group Company (in each case,
          which are not disclosed in the relevant accounts); and

     (viii) contain adequate provision for the diminution in value of the
          Purchaser Group's properties.

(B)  Since the Purchaser Management Accounts Date:

     (i)  none of the Purchaser Group Companies has entered into any unusual or
          abnormal contracts or long term or onerous or other commitments
          binding on it (other than contracts entered into in the ordinary
          course of its business) and there has not been any acquisition or
          disposal by any Purchaser Group Company of any fixed or capital assets
          or any agreement to effect the same;

     (ii) other than in its ordinary course of its business, none of the
          Purchaser Group Companies has borrowed or lent any money in excess of
          HK$500,000 in aggregate which has not been repaid or increased any
          liability (whether or not secured) in excess of HK$500,000 in
          aggregate

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          or incurred or entered into any other liability, transaction or
          contract in excess of HK$500,000 in aggregate;

     (iii) no event has occurred as regards any Purchaser Group Company which
          would entitle any third party to terminate any contract or any benefit
          enjoyed by such Purchaser Group Company or call in any amount of money
          before the normal due date therefor;

     (iv) none of the Purchaser Group Companies has created any mortgages or
          charges or granted any security or other indebtedness, financial
          faculties, finance leases or hire purchase commitments or any
          guarantees or contingent liabilities on the whole or any part of its
          assets putting it under a prospective or contingent liability that may
          remain after the date hereof;

     (v)  other than from bankers in the ordinary course of its day to day
          trading operation, none of the Purchaser Group Companies has borrowed
          or increased any secured liability;

     (vi) the business of each Purchaser Group Company has been carried on in
          the ordinary and usual course and in the same manner as in the past,
          both as regard the nature and scope and manner of conducting the
          business so as to maintain the business as a going concern, and no
          part of the business of the Purchaser Group has been affected by any
          abnormal factor in any respect;

     (vii) no fixed asset or stock has been written up nor any debt written off,
          and no unusual or abnormal contract has been entered into by any
          Purchaser Group Company and so far as the Purchaser is aware, none of
          the assets of any Purchaser Group Company has been depleted by any
          unlawful act of any person;

     (viii) the trading prospects, financial position or businesses of the
          Purchaser Group Companies have not been materially adversely affected
          as a result of any event or circumstances arising since the Purchaser
          Management Accounts Date and no such material adverse effect is
          expected by the Purchaser within the immediate future; and

     (ix) no Purchaser Group Company has issued or repaid or agreed to issue or
          repay any share or loan capital other than pursuant to the exercise of
          any Purchaser Share Options.

(C)  There has been no material adverse change in the condition, financial or
     otherwise, or the earnings, net assets, business affairs or business
     prospects (whether or not arising in the ordinary course of business) of
     the Purchaser Group Companies as a whole since 30 September 2003.

(D)  Since the Purchaser Management Accounts Date, no dividend has been declared
     or paid or other distributions out of profits, reserves or capital made in
     respect of any share capital of each Purchaser Group Company save for
     distribution to wholly-owned subsidiaries of the Purchaser or to the
     Purchaser.

11.  Conduct of business

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(A)  Each Purchaser Group Company carries on its business intra vires, solely
     under its corporate name, without any known infringement of any proprietary
     right or proprietary interest of any other person, without any known
     liability to pay any royalty or similar sum and such business is not in
     breach of any legislation, regulation or third party rights in Hong Kong
     and the PRC and all relevant jurisdictions in which the Purchaser Group has
     business.

(B)  All dividends or distributions (if any) declared, made or paid by any of
     the Purchaser Group Companies have been declared, made or paid in
     accordance with its articles of association or other similar constitutional
     documents and the applicable provisions of the Companies Ordinance or other
     relevant legislation in Hong Kong and the PRC and all relevant
     jurisdictions in which the Purchaser Group has business.

(C)  In respect of the business of the Purchaser Group:

     (i)  there are requisite corporate powers in respect thereof, and all
          applicable legislation, rules and regulations in Hong Kong and the PRC
          and all relevant jurisdictions in which the Purchaser Group has
          business as at the date of this Agreement have been complied with and
          observed, and there have been no breach or contravention of the same
          which has an adverse impact on the business of the Purchaser Group
          taken as a whole;

     (ii) all Consents necessary for the proper conduct of business in Hong Kong
          and the PRC and all relevant jurisdictions in which the Purchaser
          Group has business as at the date of this Agreement have been obtained
          and maintained and no event or omission has occurred whereby any of
          such Consents or the renewal thereof which has an adverse impact on
          the business of the Purchaser Group taken as a whole is or is likely
          to be thereby adversely affected, suspended or revoked;

     (iii) the businesses and all such Consents may continue to be carried on
          and held by the Purchaser Group Companies after and notwithstanding
          Completion; and

     (iv) the carrying on of such business in no way contravenes or infringes
          any third party Intellectual Property Rights.

(D)  Each of the Consents referred to in paragraph (C) is valid and in force,
     and no Purchaser Group Company is in breach of any terms of any such
     Consent (including breach of any requirement relating to such Consent to
     make returns or reports or supply information) and there are no
     circumstances which might invalidate any such Consent or render it liable
     to forfeiture or modification (to the detriment of the relevant Purchaser
     Group Company) or (in the case of a renewable Consent) affect its renewal.

(E)  No Purchaser Group Company has given any representation, warranty or other
     term (whether express or implied) in respect of any of its services or
     end-products (save as required under laws or given in its ordinary course
     of business); and it has no outstanding liability (including a contingent
     liability by virtue of the terms on which the end-products or services were
     sold) in respect

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     of any such end-products or services or their maintenance or replacement.

(F)  No Purchaser Group Company has (except (i) for the purpose of carrying on
     its business in the ordinary course and subject to an obligation of
     confidentiality or (ii) for the purpose of negotiating, preparing or
     performing this Agreement) disclosed, or agreed to disclose, or authorised
     the disclosure of, any of its lists of suppliers or customers, trade
     secrets or confidential information concerning its business, all of which
     are fully and properly recorded in writing or other appropriate form and
     are not incorrect in any way.

(G)  The business of each Purchaser Group Company is managed exclusively by its
     officers and employees, and no person has authority to bind a Purchaser
     Group Company other than its officers and employees and its authorized
     agents acting in the ordinary and ostensible course of their duties.

(H)  No Purchaser Group Company is or has agreed to become, a member of any
     partnership, joint venture or consortium (whether incorporated or not
     incorporated outside its ordinary course of business).

12.  Assets

(A)  All the plant, equipment and assets (except the Properties) included in the
     Purchaser Audited Accounts or acquired since the Purchaser Accounts Date
     and all assets, computer hardware, software and database of the Purchaser
     Group are in reasonably good and safe condition and in working order (fair
     wear and tear excepted) in all respects and have been regularly and
     properly maintained and are not dangerous, inefficient, obsolete or in need
     of renewal or replacement and without prejudice to the generality of the
     foregoing no Purchaser Group Company has manufactured, sold or supplied any
     product or has provided any service which is material in the context of the
     business of the Purchaser Group as a whole, which does not comply with all
     applicable laws and regulations in all respects or which is sub-standard,
     defective or dangerous or not in accordance with any representations,
     warranty or other term (express or implied) given in respect of such
     products.

(B)  All plant, equipment and assets (except the Properties) included in the
     Purchaser Audited Accounts or acquired since the Purchaser Accounts Date
     and all assets, computer hardware, software and database of each Purchaser
     Group Company:

     (i)  are legally and beneficially owned by that Purchaser Group Company
          free from any mortgage, charge, lien or similar encumbrance, security
          interest or assignment, equity, option, right of pre-emption, royalty,
          factoring agreement, any hire-purchase agreement or agreement for
          payment on deferred terms or bills of sale or lien, charge or other
          encumbrance including a conditional obligation to create or enter into
          any of the foregoing;

     (ii) are in the possession or under the control of that Purchaser Group
          Company; and

     (iii) comprise all the assets, property and rights which that Purchaser
          Group

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          Company owns or which it uses or requires for the purpose of carrying
          on its business.

(C)  Where any assets are used but not owned by the Purchaser Group Company or
     any facilities or services are provided to the Purchaser Group Company by
     any third party, there has not occurred any event of default or any other
     event or circumstance which may entitle any third party to terminate any
     agreement or licence in respect of the provision of such facilities or
     services.

(D)  All stock of each Purchaser Group Company (except for the Properties, and
     except where provisions have been included in the Purchaser Audited
     Accounts or the Purchaser Management Accounts) is in good condition (fair
     wear and tear excepted) and capable of being used or sold by it in the
     ordinary course of trading.

(E)  The amount of all debts owing to each Purchaser Group Company (less the
     amount of any provision or reserve for bad and doubtful debts included in
     the Purchaser Audited Accounts or the Purchaser Management Accounts) will
     be substantially recoverable in the ordinary course.

(F)  No Purchaser Group Company owns, or has agreed to acquire, any shares or
     debentures in any other undertaking (other than shares in another Purchaser
     Group Company) or any other securities.

(G)  Each Purchaser Group Company has done everything prudent (whether by way of
     giving notice, registration, filing or otherwise), required or permitted to
     be done by it for the protection of its title to, or for the enforcement or
     the preservation of any order of priority of its title to, any property or
     rights (including the benefit of any debt, mortgage or charge) owned by it.

(H)  All records or other documents recording or evidencing any contract,
     licence, consent or other right of each Purchaser Group Company or required
     for the exercise of any such right are in the possession or under the
     control of that Purchaser Group Company.

13.  Insurance

(A)  Each Purchaser Group Company has or has procured the effect of all
     insurances required by the applicable law to be effected by it in the
     jurisdiction in which it has business (including public liability
     insurance) or which ought reasonably to have been effected over its
     business in Hong Kong or elsewhere (including the undertakings and assets
     and in particular all the Properties) for a substantial part of its value
     and covering third party liability of each Purchaser Group Company having
     taken into account the nature of the business of the relevant Purchaser
     Group Company, the place in which it carries on business and those risks
     normally insured by persons carrying on similar businesses.

(B)  All premiums due on the said policies have been paid, all the conditions of
     the said policies have been performed and observed in all respects in each
     place in which the Purchaser Group carries on business, and (other than the
     transactions contemplated under this Agreement) nothing has been done or
     has been omitted to be done whereby any of the said policies has or may
     become void or

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     voidable.

(C)  No material claim is outstanding either by the insurer or the insured under
     any of the said policies and no material claim against any Purchaser Group
     Company by any third party is outstanding in respect of any risk covered by
     any of the policies or by any policy previously held by any Purchaser Group
     Company.

(D)  None of the Purchaser Group Companies is aware of any circumstances which
     would or are likely to entitle any Purchaser Group Company to make a claim
     under any of the said policies or which would or are likely to be required
     under any of the said policies to be notified to the insurers.

14.  Taxation

(A)  Each Purchaser Group Company has complied with all relevant legal
     requirements relating to registration or notification for Taxation purposes
     in all respects.

(B)  Each Purchaser Group Company has:

     (i)  paid all Taxation (if any) due to be paid as at the date of
          Completion; and

     (ii) taken all necessary steps to obtain any repayment of or relief from
          Taxation available to it.

(C)  All returns, notifications, documents, computations and payments for
     Taxation purposes which ought to have been made by or in respect of each of
     the Purchaser Group Companies to the Taxation Authorities whether in Hong
     Kong or in any other part of the world have been duly made and all such
     returns, notifications, documents, computations are up to date, correct and
     on a proper basis and are not the subject of any material dispute with the
     relevant Taxation, revenue or other appropriate authorities.

(D)  The provisions (if any) included in the Purchaser Audited Accounts are
     adequate to cover all Taxation in respect of all periods ending on or
     before the Purchaser Accounts Date for which any Purchaser Group Company
     was then or might at any time thereafter become or have become liable.

(E)  None of the Purchaser Group Companies is in material dispute with any
     Taxation Authority or revenue authority in the jurisdiction of its
     incorporation or in the jurisdiction where it conducts its business, and to
     the knowledge of the Purchaser Group Companies after due and careful
     enquiries, no such dispute is pending or threatened.

(F)  (i)  There is no liability for Tax in relation to any member of the
          Purchaser Group which arises in consequence of an Event occurring on
          or before the date of Completion whether or not the Tax is chargeable
          against or attributable to any other person.

     (ii) There is no liability for Tax in relation to any member of the
          Purchaser Group which arises in consequence of a series of related
          Events only the first or some of which have taken place on or before
          the date of

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          Completion whether or not Tax is chargeable against or attributable to
          any other person but only to the extent that the liability for Tax is
          attributable to such Event or Events occurring on or before the date
          of Completion.

     (iii) There is no liability for Tax in relation to any member of the
          Purchaser Group which would have been saved but for the loss,
          reduction, modification or cancellation of some Relief in consequence
          of an Event occurring on or before the date of Completion where the
          availability of Relief has been shown as an asset in, or referred to
          in the notes to, the Purchaser Audited Accounts or has been taken into
          account in computing (and so reducing) any provision (whether for
          deferred Tax or otherwise) which appears in the Purchaser Audited
          Accounts or has resulted in no provision for deferred Tax being shown
          in the Purchaser Audited Accounts, provided that any Tax which would
          have been repaid but for the loss, reduction, set-off or cancellation
          of any right to repayment of the Tax in consequence of an Event
          occurring on or before the date of Completion is for the purposes of
          this paragraph (F)(iii) deemed to be Tax for which the relevant member
          of the Purchaser Group is liable and which arises in consequence of
          the Event.

     (iv) There is no liability for Tax in relation to any member of the
          Purchaser Group which would have arisen in consequence of an Event
          occurring on or before the date of Completion Date which is not and
          will not be payable in consequence of the utilisation or set-off of
          some Relief, where the Relief arises in respect of an Event occurring
          after the date of Completion.

     (v)  There is no liability to pay any amount in respect of Tax in relation
          to any member of the Purchaser Group under an indemnity, guarantee,
          mortgage or charge created on or before the date of Completion.

(G)  Paragraph (F) does not apply to any liability to the extent that:

     (i)  a specific provision has been made for such Tax in the Purchaser
          Audited Accounts or the Purchaser Management Accounts, or to the
          extent that such liability for Tax has been discharged by the relevant
          member of the Purchaser Group;

     (ii) the liability arises as a result only of a provision or reserve in
          respect of the liability made in the Purchaser Audited Accounts being
          insufficient by reason of any increase in rates of Tax announced after
          the date of Completion with retrospective effect; or

     (iii) the liability arises as a result of legislation which comes into
          force after the date of Completion and which is retrospective in
          effect.

(H)  None of the following shall be regarded for the purposes of paragraph
     (F)(iii) above as an Event which has occurred in the ordinary course of the
     business of the relevant member of the Purchaser Group:

     (i)  an Event to which any of Sections 20 (liability of certain
          non-resident persons), 20A (persons chargeable on behalf of a
          non-resident), 20B (persons chargeable in respect of certain profits
          of a non-resident), 39 (replacement of plant or machinery), 61
          (certain transactions and dispositions to be disregarded), 61A
          (transactions designed to avoid tax) or 61B (utilisation of losses to
          avoid tax) of the Inland Revenue

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          Ordinance (Chapter 112) may apply;

     (ii) an acquisition, disposal or supply or deemed acquisition, disposal or
          supply of assets, goods, services or business facilities of any kind
          (including a loan of money or a letting, hiring or licensing of
          tangible or intangible property) for a consideration which is treated
          for Tax purposes as different from the actual consideration;

     (iii) an Event which results in the relevant member of the Purchaser Group
          being liable for Tax for which it is not primarily liable;

     (iv) an Event in respect of which Tax arises as a result of a failure by
          the relevant member of the Purchaser Group to deduct or account for
          Tax; and

     (v)  a disposal of capital assets.

(I)  As at the date of this Agreement, the following members of the Purchaser
     Group have been informed by the relevant Taxation Authority to have the
     following losses carried forward from previous years for setting off
     against profits of the relevant member in subsequent years for the purpose
     of profits tax or income tax in the jurisdictions set out below:

--------------------------------------------------------------------------------
Name of member of the Purchaser Group    Tax loss carried forward   Jurisdiction
--------------------------------------------------------------------------------
Vanda Systems & Communications                HK$46,756,308           Hong Kong
Holdings Limited
--------------------------------------------------------------------------------
Vanda Instrument & Equipment                  HK$3,921,657            Hong Kong
Company Limited
--------------------------------------------------------------------------------
Janeper Development Limited                   HK$3,200,839            Hong Kong
--------------------------------------------------------------------------------
Vanda Computer & Equipment Company            HK$107,861,871          Hong Kong
Limited
--------------------------------------------------------------------------------
Vanda Computer Service (Hong Kong)            HK$582,303              Hong Kong
Company Limited
--------------------------------------------------------------------------------
Vanda Systems (Singapore) Pte Ltd             S$382,074               Singapore
--------------------------------------------------------------------------------
Vanda InnovAsia Pte Ltd                       S$300,159               Singapore
--------------------------------------------------------------------------------
WiseAsia (Singapore) Pte Ltd                  S$519,310               Singapore
--------------------------------------------------------------------------------
Azure Technologies Pte Ltd                    S$l,336,036             Singapore
--------------------------------------------------------------------------------

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15.  Employment arrangements

(A)  Except for those notified to the Vendor in writing prior to the entering
     into of this Agreement, all contracts of service to which any Purchaser
     Group Company is a party can be terminated by it by not more than three
     months' notice or less without compensation (other than compensation
     required to be paid in accordance with the Employment Ordinance, Chapter 57
     of the Laws of Hong Kong or the relevant legislation).

(B)  No loan has been granted by any Purchaser Group Company to any director or
     employee of any Purchaser Group Company.

(C)  None of the Purchaser Group Companies is under any obligation (whether
     actual or contingent and whether or not disputed by the relevant Purchaser
     Group Company) to any former employee whether for breach of any contract of
     service, for compensation for wrongful dismissal or for unfair dismissal or
     for payment of any salaries, wages, pensions, gratuities, severance pay,
     long service payment, bonuses or otherwise howsoever or whatsoever and no
     tax, levy, contribution or payment in respect of any former employee
     whether to any governmental authority, pension fund, scheme or trust or
     otherwise howsoever or whatsoever is outstanding or disputed.

(D)  All salaries and wages due to the officers and employees of each Purchaser
     Group Company for any period before the date of this Agreement have been
     paid in full.

(E)  The Purchaser Group is not involved in any industrial or trade dispute with
     any of its employees or any trade union or association.

(F)  The Purchaser Group is not bound or accustomed to pay any moneys other than
     in respect of normal salary, remuneration or emoluments of employment to or
     for the benefit of its employees.

(G)  The Purchaser Group has in relation to each of its employees complied with
     all obligations imposed on it by all laws relevant to the relations between
     it and its employees.

(H)  All retirement scheme, pensions or other retirement or death, disability
     benefits that are required by laws in Hong Kong or elsewhere to be kept for
     any present or past employees have been performed and complied with by each
     Purchaser Group Company in all respects.

16.  Properties

(A)  With respect to each of the Owned Properties and the Leased Properties in
     Hong Kong (as the case may be):

     (i)  the relevant Purchaser Group Company has good and marketable title in
          or to the Owned Properties and is the legal and beneficial owner
          thereof and there is no claim or dispute in respect of its ownership
          of the Owned Properties;

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     (ii) all the title deeds (including valid and subsisting tenancy agreements
          in respect of the Owned Properties in Hong Kong but excluding all
          tenancy agreements which have lapsed for more than 6 years) and
          documents necessary to prove the relevant Purchaser Group Company has
          good and marketable title to the property and in particular all the
          original of such title deeds and documents which relate exclusively to
          the property are in the possession and under the control of the
          relevant Purchaser Group Company (save for documents of title in
          respect of properties which are the subject of charges, mortgages,
          liens or encumbrances and are in the possession of chargees,
          mortgagees or their agents);

     (iii) the government grant is good, valid and subsisting and all land
          premium management fee, registration fees, taxes, all moneys due and
          payable, outstanding or reserved thereunder and all covenants, terms
          and conditions contained therein have been duly paid, observed and
          performed to-date;

     (iv) all covenants, obligations, stipulations, restrictions, terms and
          conditions affecting the Owned Properties or the Leased Properties (as
          the case may be) have been duly observed, performed and complied with
          in all respects and all outgoings of whatever nature in respect
          thereof have been duly paid to-date;

     (v)  there is no dispute with any governmental or local authority or with
          the owner or occupier of any adjoining or neighbouring property or
          howsoever otherwise;

     (vi) there is no notice or order in relation to resumption or compulsory
          acquisition of the Owned Properties or the Leased Properties (as the
          case may be) under any legislation the implementation of which would
          or could affect the occupation or enjoyment of the Owned Properties or
          the Leased Properties (as the case may be) nor are there any monetary
          or other claims or liabilities, whether actual or contingent affecting
          such Owned Properties or the Leased Properties (as the case may be);

     (vii) all legislation, statutory requirements, governmental or other
          orders, rules, directives or instruments affecting or pertaining to
          the use, occupation or enjoyment of the Owned Properties or the Leased
          Properties (as the case may be) have been duly complied with to-date;

     (viii) the Owned Properties or the Leased Properties (as the case may be)
          is free from any charge, mortgage, lien, encumbrance, and there are no
          third party rights, conditions, defects, adverse interest, equities,
          orders, regulations or other restrictions which could or might have
          adverse effect on the title or value of the Owned Properties or the
          Leased Properties (as the case may be) or limit, restrict or otherwise
          adversely affect the ability of any member of the Purchaser Group to
          occupy and utilise the Owned Properties or the Leased Properties (as
          the case may be), and the relevant Purchaser Group Company has not
          entered into any agreement in relation to any of the foregoing;

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<PAGE>

     (ix) there is no agreement to sell or part with possession of or let or
          license or grant any option over or otherwise dispose of any interest
          in the property or any part thereof;

     (x)  the relevant Purchaser Group Company has not received and is not aware
          of there being any notice from the government or any other competent
          authority or the management body of the property requiring that
          Purchaser Group Company to demolish or reinstate any part of the Owned
          Properties or the Leased Properties (as the case may be);

     (xi) the Purchaser Group has not made erected or constructed, and is not
          aware of, any unauthorised or illegal structure or alteration (which
          have not been duly rectified) at, on or within the Owned Properties or
          the Leased Properties (as the case may be) or any part thereof;

     (xii) no competent authority has issued any order or notice which may
          adversely affect the Owned Properties or the Leased Properties (as the
          case may be) and none of the Purchaser Group Companies has received
          nor is aware of any complaints, proposals, schemes, resolutions,
          notices, orders, requirements or recommendations of any authority
          affecting the Owned Properties or the Leased Properties (as the case
          may be) or the use thereof or the interest therein or the owner or
          occupier thereof,

     (xiii) no default or event which with notice or lapse of time or both will
          constitute a default by the relevant Purchaser Group Company has
          occurred or is continuing under the government grant or other
          documents applicable to the Owned Properties or the Leased Properties
          (as the case may be) and none of the Purchaser Group Companies is in
          breach of any laws, rules, regulations, guidelines, notices,
          circulars, orders, judgments, decrees or rulings of any court,
          government, governmental or regulatory authorities in respect of the
          use, occupation and enjoyment of the Owned Properties or the Leased
          Properties (as the case may be);

     (xiv) all requisite licenses, certificates and authorities necessary for
          the existing use of the Owned Properties or the Leased Properties (as
          the case may be) by the relevant Purchaser Group Company have been
          duly obtained and are valid, in full force and effect;

     (xv) the Owned Properties or the Leased Properties (as the case may be) is
          in good state of repair and good physical conditions (fair wear and
          tear excepted) and none of the Purchaser Group Companies is aware of
          any matters or things which materially and adversely affect the Owned
          Properties or the Leased Properties (as the case may be) or which may
          subject the owner or occupier thereof to any charge or liability or
          which should be revealed to a purchaser for value;

     (xvi) the particulars of tenancies set out in Part B of Exhibit A are true
          and accurate particulars of all tenancies in respect of the Leased
          Properties in Hong Kong;

     (xvii) the Leased Properties are not subject to the payment of any
          outgoings

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<PAGE>

          other than rent, service charges and rates and other normal outgoings;

     (xviii) each of the Purchaser Group Companies has complied in all material
          respects with all legislation, statutory requirements, governmental or
          other orders, rules, directives, instruments affecting or pertaining
          to the use, occupation or enjoyment of the Leased Properties;

     (xx) all the terms of the leases, tenancies, licences, concessions or other
          agreements have not been varied, modified, amended or supplemented
          verbally or by means of supplemental agreement or correspondence
          between the landlord and any of the Purchaser Group Companies or
          otherwise; and

     (xxi) the terms of any material lease, tenancy, licence, concession or
          agreement will not be breached in consequence of the entering into or
          implementation of this Agreement.

(B)  With respect to each of the Owned Properties in the PRC:

     (i)  the ownership of the Owned Properties, in respect of which the
          relevant Group Company has the right to occupy, belongs to the
          Purchaser Group Company which has good title to such Owned Properties;

     (ii) the relevant Purchaser Group Company has validly acquired the relevant
          Real Estate and Land Ownership Certificate ("Ownership Certificate")
          or other certificates or licence in respect of the Owned Properties or
          the Leased Properties (as the case may be) and such Ownership
          Certificate or other certificates or licence are valid, subsisting and
          in full force and effect;

     (iii) all the sale and transfer procedures as regards the Owned Properties
          have been completed and (where applicable) the sale and transfer has
          been validly registered in the relevant department;

     (iv) the relevant Purchaser Group Company can legally transfer, mortgage,
          or sell the Owned Properties to local or foreign corporations or
          individuals;

     (v)  all purchase consideration payable in respect of the Owned Properties
          have been paid in full and no further moneys are payable by the
          relevant Purchaser Group Company under the terms of the Ownership
          Certificate or otherwise under the laws of the PRC;

     (vi) the Owned Properties are not currently subject to any sale or transfer
          or mortgage procedures and it is not leased or transferred or given to
          others as a gift, and the relevant Purchaser Group Company has not
          entered into any agreement to do any of the foregoing; the Owned
          Properties are not involved in any litigation or subject to any court
          order for attachment or possession;

     (vii) the Owned Properties or the Leased Properties (as the case may be)
          are not used for any unlawful purposes and have not violated any
          relevant

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          land or construction regulations;

     (viii) the Owned Properties or the Leased Properties (as the case may be)
          are free from any mortgage, charge, lien, lease, encumbrance or any
          other third party rights and the relevant Purchaser Group Company has
          not entered into any agreement to do any of the foregoing;

     (ix) the relevant Purchaser Group Company has not received from the PRC
          government nor any competent authority any notice or order which may
          adversely affect its right to use the Owned Properties or the Leased
          Properties (as the case may be) for the purpose for which it is
          presently being used;

     (x)  all requisite Consents necessary for the use of the Owned Properties
          or the Leased Properties (as the case may be) as they are presently
          being used by the relevant Purchaser Group Company have been duly
          obtained and are valid and in full force and effect;

     (xi) all the land user's covenants contained in the Ownership Certificate
          or other documents applicable to the Owned Properties or the Leased
          Properties (as the case may be) have been duly performed and observed
          to the extent that such obligations have fallen due;

     (xii) there has been no change in the terms and conditions of the Ownership
          Certificate or other documents applicable to the Owned Properties,
          which are all valid and in full force and effect in favour of the
          relevant Purchaser Group Company;

     (xiii) no default or event which with notice or lapse of time or both will
          constitute a default by the relevant Purchaser Group Company has
          occurred or is continuing under the Ownership Certificate or other
          documents applicable to the Owned Properties or the Leased Properties
          (as the case may be) and none of the Purchaser Group Companies is in
          breach of any PRC laws, rules, regulations, guidelines, notices,
          circulars, orders, judgments, decrees or rulings of any court,
          government, governmental or regulatory authorities in respect of the
          use occupation and enjoyment of the Owned Properties or the Leased
          Properties (as the case may be);

     (xiv) all requisite licences, certificates and authorities necessary for
          the existing use of the Owned Properties or the Leased Properties (as
          the case may be) by the relevant Purchaser Group Company have been
          duly obtained and are valid and in full force and effect.

     (xv) all the terms of the leases, tenancies, licences, concessions or other
          agreements of the Leased Properties have not been varied, modified,
          amended or supplemented verbally or by means of supplemental agreement
          or correspondence between the landlord and any of the Purchaser Group
          Companies or otherwise; and

     (xvi) the terms of any such lease, tenancy, licence, concession or
          agreement of the Leased Properties will not be breached in consequence
          of the

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          entering into or implementation of this Agreement.

17.  Loans

(A)  In relation to all debentures, acceptance credits, overdrafts, loans or
     other financial facilities outstanding or available to the Purchaser Group
     (referred to in this paragraph as "facilities"):

     (i)  the aggregate amount of all facilities drawn down at the relevant
          accounts date has been disclosed in the Purchaser Audited Accounts or
          the Purchaser Management Accounts;

     (ii) there has been no contravention of, or non-compliance with any
          provision of any of the facilities nor are there any circumstances
          whereby the confirmation of any of the facilities might be prejudiced;

     (iii) no steps for the early repayment of any indebtedness thereunder have
          been taken or threatened;

     (iv) there have not been, nor are there, any circumstances whereby the
          continuation of any of the facilities might be prejudiced, or which
          may give rise to any alteration in terms and conditions of any of the
          facilities;

     (v)  none of the facilities is dependent on the guarantee or indemnity of,
          or any security provided by, a third party other than its Affiliates;

     (vi) none of the facilities will or might be terminated or mature prior to
          its stated maturity as a result of the execution of this Agreement or
          any transactions contemplated herein; and

     (vii) the entering into and consummation of this Agreement will not result
          in a breach of any terms of any of the facilities, nor will the same
          result in any payment or repayment under any of the facilities being
          accelerated.

(B)  No Purchaser Group Company is a party to nor has it any liability (present
     or future) nor has it created or agreed or permitted any loans, mortgages,
     charges, debentures or other loan capital or bank overdrafts, or other
     similar indebtedness, financial facilities, credit sale or conditional sale
     agreement, financial leases or hire purchase, letter of credit or leasing,
     commitments or any guarantees, indemnities or other contingent liabilities
     or rights of security or third party rights of any kind whatsoever to be
     made to or by any Purchaser Group Company which are outstanding except as
     shown in the Purchaser Audited Accounts or the Purchaser Management
     Accounts.

(C)  None of the Purchaser Group Companies has factored any of its debts or
     engaged in any financing of a type which would not be required to be shown
     or reflected in the Purchaser Audited Accounts or the Purchaser Management
     Accounts.

(D)  The total amount borrowed by each Purchaser Group Company (as determined in
     accordance with the provisions of the relevant instrument or document) does
     not exceed any limitation on its borrowing powers contained in its articles
     of

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     association or equivalent constitutional document, or in any debenture or
     other deed or document binding upon it.

(E)  No outstanding indebtedness of any Purchaser Group Company has become
     payable by reason of default by the Purchaser Group Company and no event of
     default has occurred or is pending which with the lapse of time or the
     fulfillment of any condition or the giving of notice or otherwise may
     result in any such indebtedness becoming so payable prior to maturity.

18.  Contracts and commitments

(A)  Since the Purchaser Management Accounts Date each Purchaser Group Company
     has carried on its business in the ordinary and normal course and, save as
     mentioned in or as contemplated by this Agreement, no Purchaser Group
     Company has entered into any transaction or incurred any liabilities except
     in the ordinary course of its day-to-day business on normal commercial
     terms and on an arm's length basis for full value.

{B)  No Purchaser Group Company has received any formal or informal notice to
     repay under any agreement relating to any borrowing (or indebtedness in the
     nature of borrowing) which is repayable on demand and which exceeds an
     aggregate amount of HK$500,000.

(C)  No party to any agreement or arrangement with or under an obligation to any
     Purchaser Group Company is in default under it, being a default which would
     be material in the context of such Purchaser Group Company's financial or
     trading position and so far as the Purchaser Group Companies are aware
     there are no circumstances likely to give rise to such a default.

(D)  No Purchaser Group Company is:

     (i)  in default under or in breach of any agreement or obligation to which
          it is party or in respect of any other obligations or restrictions
          binding upon it nor is it aware of any invalidity or of any grounds
          for determination, recession, avoidance or repudiation of any
          agreement to which any Purchaser Group Company is a party; or

     (ii) liable in respect of any representation or warranty (whether express
          or implied) which has a material adverse effect on the Purchaser Group
          as a whole.

(E)  In respect of each Purchaser Group Company, there are no outstanding
     contracts, engagements or liabilities, whether quantified or disputed,
     except (i) as shown in the Purchaser Audited Accounts or the Purchaser
     Management Accounts or (ii) entered into in the ordinary course of the
     Purchaser Group Company's day to day business operations on normal
     commercial terms.

(F)  With respect to each of the Purchaser Group Companies, subject to the
     fulfillment of the conditions in Clause 4.l(a) to (i) of this Agreement,
     there are no:

     (i)  contractual arrangements between the Purchaser Group Company and

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          any party which will or may be legally terminated as a result of the
          execution or completion of this Agreement or which require any Consent
          from any party to be obtained in connection with the execution or
          completion of this Agreement;

     (ii) other than contained in the banking facilities documents, powers of
          attorney which are still outstanding or effective to or in favour of
          any person to enter into any contract or commitment or to do anything
          on its behalf other than in the ordinary course of business;

     (iii) agreements or arrangements entered into by it otherwise than by way
          of bargain at arm's length;

     (iv) contracts or any obligations binding upon it (other than that entered
          into in the ordinary course of business) which are unusual or of a
          long-term nature or involving or which may involve obligations on it
          of a nature or magnitude calling for special mention or which cannot
          be fulfilled or performed on time or without undue or unusual
          expenditure of money or effort; or

     (v)  contracts or arrangements between itself and the parties to this
          Agreement or their associates other than contracts in the ordinary
          course of their day to day trading operations on normal commercial
          terms.

(G)  No agreement or arrangement to which any Purchaser Group Company is a party
     is, is required or, following the execution and completion of this
     Agreement, will be required to be registered with any authority or
     governmental agency (save for the purpose of implementing this Agreement).

19.  Intellectual property

(A)  The Purchaser Group Companies are the legal and beneficial owners of the
     Intellectual Property Rights listed in Part A of Exhibit B.

(B)  Save and except those listed in Part B of Exhibit B and those licensed to
     any Purchaser Group Company for use by the Purchaser Group in
     administration or office support or those for the equipments, systems,
     networks or infrastructure in connection with the operations and business
     of the Purchaser Group, none of the Purchaser Group Companies uses in the
     conduct of its business any Intellectual Property Rights registered or
     owned by any other person which are material in the context of the Group's
     business.

(C)  The Intellectual Property Rights listed in Parts A and B of Exhibit B and
     those referred to in paragraph 19(B) above comprise all the Intellectual
     Property Rights used or required for the purposes of the business of the
     Purchaser Group which are material in the context of the Purchaser Group's
     business and all the same are valid, in full force and effect, registered
     (where applicable) in the name of the relevant Purchaser Group Company or
     the relevant licensor, and if any of the same are subject to renewal or
     re-registration within three months of the date hereof and is not so
     renewed or re-registered, there will be no material adverse effect on the
     business of the Purchaser Group taken as a whole.

(D)  No Purchaser Group Company has granted or is obliged to grant any licences
     or assignments under or in respect of any Intellectual Property Rights
     listed in Part

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     A or B of Exhibit B (except in the ordinary course of business) or to
     disclose or provide know-how, trade secrets, technical assistance,
     confidential information or lists of customers or suppliers to any person
     (except in the ordinary course of business to the extent that is necessary
     or for the purpose of this Agreement) and no such disclosure has been made.

(E)  The conduct of the business of the Purchaser Group in the ordinary and
     usual course as at present will not (i) infringe, and has not at any time
     in the past infringed, any Intellectual Property Rights of any third party
     or (ii) except in the ordinary and usual course of business, give rise to
     any commission, royalty or like fee of any amount or require any Consent to
     be obtained in the context of the Purchaser Group's business.

(F)  All fees for the owning, registration, grant or renewal of the Intellectual
     Property Rights of or used in the Purchaser Group's business have been paid
     when due or will be paid in due course and so far as the Purchaser is
     aware, no circumstances exist which are likely to lead to the cancellation,
     revocation, forfeiture or modification, compulsory licence or may prevent
     the grant or registration of a valid Intellectual Property Right pursuant
     to a pending application (if any) of any such Intellectual Property or to
     the termination of or any claim for damages under any licence of
     Intellectual Property Rights to the relevant Purchaser Group Company.

(G)  There is no fact, matter or circumstances which would or would be likely
     to:

     (i)  render void or voidable any right to own or use the Intellectual
          Property Rights listed in Parts A and B of Exhibit B; or

     (ii) lead to any revocation of the registration or grant of licence in
          respect of the Intellectual Property Rights owned or used by the
          Purchaser Group.

(H)  No Purchaser Group Company has entered into any agreement or arrangement
     involving the sale, mortgage, pledge, granting of options or any other
     rights over the Purchaser Group Companies' interest in any of their
     Intellectual Property Rights and no rights in or to any of the Intellectual
     Property Rights listed in Part A of Exhibit B are held by any other person.

(I)  The Purchaser Group Companies have taken all steps and actions (as owner,
     or as the case may be, as licensees if so required under the relevant
     licences) necessary or desirable in order to protect, defend, enforce or
     maintain their respective rights in or to the Intellectual Property Rights
     listed in Part A or B of Exhibit B.

(J)  There has not at any time been a claim made that:

     (i)  the conduct of the businesses and operations of the Purchaser Group
          Companies using any of the Intellectual Property listed in Parts A and
          B of Exhibit B infringes the Intellectual Property Rights of any third
          parties or involves the unauthorised use of confidential information;
          or

     (ii) the Purchaser Group Companies are not the sole beneficial and legal
          owner of the Intellectual Property Rights listed in Part A of Exhibit
          B; or

     (iii) any of the Intellectual Property Rights registered in the names of or
          licensed for the use by the relevant Purchaser Group Companies are
          invalid, liable to cancellation or removal, or unlikely to be granted
          in their current form, whether in whole or in part.

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(K)  There exists no actual or threatened infringement by any third party of any
     Intellectual Property Rights listed in Parts A and B of Exhibit B
     (including misuse of confidential information) or any event likely to
     constitute such an infringement nor has the Purchaser Group acquiesced in
     the unauthorised use by any third party of any such Intellectual Property
     Rights.

(L)  Part C of Exhibit B contains a complete list of all information technology
     services provided by the Purchaser Group to its customers and clients.

(M)  Part D of Exhibit B contains a complete list of all information technology
     services used by the Purchaser Group which is provided by a third party
     (not being a member of the Purchaser Group) to the Purchaser Group. The
     Purchaser Group has the right to use (and will continue to have the right
     to use) all such information technology services. Neither the signing of
     this Agreement nor any transaction under or contemplated by this Agreement
     will in any way adversely affect such right.

(N)  To the best of the Purchaser's knowledge after due and careful enquiry, and
     after the relevant Purchaser Group Company having taken reasonably prudent
     anti virus and other protective measures of a nature and standard
     comparable to those commonly followed in the same or similar businesses, no
     portion of the information technology (including, without limitation, any
     computer hardware, software, networks, data storage devices, equipment,
     peripherals, data stored in electronic form and other information
     technology) owned by, used by or licensed to the Purchaser Group Companies
     contains any "backdoor", "time bomb", "Trojan Horse", "worm", "drop dead
     device", "virus" or any other computer software code which is intended or
     designed to:

     (i)  permit unauthorised access to or use of the information technology or
          a Purchaser Group Company's computer systems by a person not
          authorised by the relevant Purchaser Group Company; or

     (ii) disable, damage or erase, or disrupt or impair the normal operation
          of, the information technology or any other software or data on a
          Purchaser Group Company's computer systems.

(O)  All the accounting records and systems (including but not limited to
     computerised accounting systems) of the Purchaser Group are recorded,
     stored, maintained or operated or otherwise held by the Purchaser Group and
     are not wholly or partly dependent on any facilities or systems which are
     not under the exclusive ownership or control of the Purchaser Group. Each
     Purchaser Group Company is licensed to use all software necessary to enable
     it to continue to use its computerised records for the foreseeable future
     in the same manner in which they have been used prior to the date of this
     Agreement and does not share any user rights in respect of such software
     with any other person.

20.  Software development

     In respect of all contracts, commitments, arrangements and understandings
     to which any Purchaser Group Company is party or by which it is bound, or
     has during the period of two years prior to the date hereof been party or
     bound, for the design, writing, programming, development, supply or
     installation of computer software or the like:

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     (i)  all such software has been designed, written, programmed and developed
          in accordance with computer methodologies that are generally
          recognised in the industry;

     (ii) where a Purchaser Group Company has the obligation to provide computer
          software that conforms to a particular specification, that Purchaser
          Group Company has the technical and other capabilities and the human
          and other resources to produce computer software that satisfies such
          specifications as the same may be modified or amended from time to
          time or otherwise accepted by the customers concerned, with no claims
          having been made by the customers concerned;

     (iii) where such contracts, commitments, arrangements or understandings
          have been completed, all computer software that has been supplied or
          installed has been fully accepted, no money owing to any Purchaser
          Group Company has been retained by any client or customer for any
          reason and no complaint or claim has been received by any Purchaser
          Group Company in relation to any computer software; and

     (iv) all computer software and data supplied or installed by any Purchaser
          Group Company which performs or is or may be required to perform
          functions involving dates or the computation thereof has the
          programming, design and performance capabilities to ensure that it
          will:

          (a)  accurately recognise dates falling before, upon and after the
               year 2000;

          (b)  accurately record, store, retrieve and process data input and
               date information;

          (c)  function in a manner which does not create any ambiguity as to
               century; and

          (d)  accurately manage and manipulate single century and multi-
               century formulae, including leap year calculations.

21.  Computer systems and software

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(A)  All software supplied by or used by any Purchaser Group Company
     (collectively "Software") and other information technology (including,
     without limitation, any hardware, networks, data storage devices,
     peripherals and equipment) supplied by or used by any Purchaser Group
     Company (collectively "Hardware") are fit in all respects for intended
     purposes, of satisfactory quality, perform in all respects in accordance
     with their specifications and user or other manuals or documentation and do
     not contain any defect or feature which do or may adversely affect their
     performance or the performance of any other software, hardware or system,
     in each case save and except as may be accepted by the relevant customers.
     Each Purchaser Group Company has not at any time had any dispute with any
     person relating to the functionality, quality or fitness for purpose of the
     Software or Hardware relating to their compliance with their specifications
     or with any warranties given by any Purchaser Group Company or any other
     person relating to it to the extent that the Software has been accepted by
     the customers concerned and no claims have been made by the customers
     concerned and not settled.

(B)  (i)  All Software and Hardware and all software and hardware used or
          operated by third parties on behalf of any Purchaser Group Company in
          relation to its business, which perform or are or may be required to
          perform functions involving dates or the computation of dates or
          contain date-related data, have the programming, design and
          performance capabilities to ensure that they will not be adversely
          affected by, nor require changes in inputting or operating practices
          nor produce invalid or incorrect output or results, nor cause any
          abnormal ending scenario or suffer any diminution in functionality or
          performance as a result of the date change at the end of the twentieth
          century or the input, processing, storage or use of dates falling
          before, upon or after the year 2000.

     (ii) All date-related data stored electronically by or on behalf of any
          Purchaser Group Company are in such a form that their input,
          processing, storage or use by or on behalf of the Purchaser Group
          Company will not, directly or indirectly, cause a malfunction of the
          type referred to in (i) above in any software, hardware or equipment.

(C)  Each Purchaser Group Company has taken all reasonable steps to ensure that
     all Software supplied or used by it is free of any virus and has no grounds
     for believing that any virus has or will come into contact with such
     Software.

(D)  Each Purchaser Group Company has security procedure in place to prevent the
     unauthorised access, amendment or damage to, or use of, the Purchaser Group
     Company's data or data of third parties held on the Purchaser Group
     Company's computer systems or Software by any third party, and no such
     unauthorised access, amendment, damage or use has taken place.

(E)  Save as set out in Part B of Exhibit B, the Purchaser Group Company has
     access to the source code of Software licensed or sub-licensed to it.

22.  Trading

(A)  Since the Purchaser Management Accounts Date:

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     (i)  full and proper records and books of account of the transactions,
          dealings and affairs of the Purchaser Group Companies have been and
          will be kept, and full and proper entries have been and will be made;

     (ii) there has been no deterioration in the turnover or the financial or
          trading position or prospects of the Purchaser Group taken as a whole;

     (iii) no Purchaser Group Company has, by doing or omitting to do anything,
          prejudiced its goodwill and no goodwill of any Purchaser Group Company
          will be prejudiced in any way as a result of the transactions
          contemplated by this Agreement;

     (iv) no part of the businesses of the Purchaser Group Companies has been
          affected by any abnormal factor not affecting similar businesses to a
          like extent and the Purchaser, having made due and careful enquiries,
          are not aware of any facts which may reasonably be considered as
          likely to give rise to any such effect;

     (v)  no resolutions have been passed by any Purchaser Group Company in
          general meeting or by its directors in directors' meetings and nothing
          has been or will be done prior to Completion in the conduct or
          management of the affairs of the Purchaser Group which may reasonably
          be considered as likely to prejudice the interests of the other
          parties to this Agreement;

     (vi) save as contemplated by this Agreement, the Purchaser Group has not
          undergone and will not prior to the Completion undergo any capital
          reorganization or change in its capital structure.

(B)  The Purchaser has no knowledge, information or belief that the entering
     into of this Agreement (whether by reason of an existing agreement or
     arrangement or otherwise) or as a result of any other matter contemplated
     in this Agreement:

     (i)  any supplier of the Purchaser Group will cease or be entitled to cease
          supplies or may substantially reduce its supplies to it;

     (ii) any customer and client of the Purchaser Group will cease or be
          entitled to cease to deal with it or may substantially reduce its
          existing level of business with it;

     (iii) the Purchaser Group will lose the benefit of any right or privilege
          which it enjoys (in particular, preferential tax treatment relating to
          (i) profit tax, and (ii) import tax (if any) on purchase of materials
          or machinery from outside the jurisdiction of its incorporation,
          currently enjoyed by the Purchaser Group); or

     (iv) any officer or senior employee of any Purchaser Group Company having
          salary of more than HK$100,000 per month will leave.

(C)  None of the activities or contracts or rights of each of the Purchaser
     Group Companies is ultra vires, unauthorised, invalid, void or voidable.
     All documents to which each Purchaser Group Company is a party and in the
     enforcement of which the relevant Purchaser Group Company may be interested
     have been duly stamped, if required, and are in the possession of the
     relevant Purchaser Group Company.

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(D)  Save for the purpose of implementing the transactions contemplated under
     this Agreement, there are no arrangements or understandings (whether
     legally enforceable or not) between any Purchaser Group Company and any
     person who is a shareholder or the beneficial owner of any interest in such
     Purchaser Group Company in which such shareholder or beneficial owner is
     (directly or indirectly) interested, relating to the management of any
     Purchaser Group Company's business, or the appointment or removal of
     directors of any Purchaser Group Company, or the ownership or transfer of
     ownership or the letting of any of the assets of any Purchaser Group
     Company, or the provision, supply or purchase of finance, goods, services
     or other facilities to, by or from any Purchaser Group Company, or in any
     other respect relating to the affairs of any Purchaser Group Company, and
     there are no amounts owing (other than as a result of transactions entered
     into in the ordinary course of business of the relevant Purchaser Group
     Company and negotiation on an arm's length basis and on normal commercial
     terms) between any Purchaser Group Company and any person who is a
     shareholder or the beneficial owner of any interest in such Purchaser Group
     Company in which such shareholder or beneficial owner is (directly or
     indirectly) interested.

(E)  Save for those entered into in the ordinary course of business, no
     Purchaser Group Company is a party to any agency, distributorship,
     marketing, purchasing, manufacturing, licensing or service agreement or
     arrangement, or any restrictive trading or other agreement or arrangement
     which in any way restricts its freedom to carry on the whole or any part of
     its business in any part of the world in such manner as it thinks fit.

(F)  No Purchaser Group Company is a party to any undertaking or assurances
     given to any court or governmental agency (other than those entered in its
     ordinary course of business) which is still in force.

(G)  There are not outstanding with respect to any Purchaser Group Company:

     (i)  any agreements or arrangements not entered into in the ordinary course
          of business to which any Purchaser Group Company is a party for profit
          sharing, share incentives or share options;

     (ii) any agreement (whether by way of guarantee, indemnity, warranty,
          representation or otherwise) under which any Purchaser Group Company
          is under any actual or contingent liability in respect of:

          (a)  any disposal of its assets or business or any part thereof except
               such as are usual in the ordinary and proper course of its normal
               day-to-day trading as carried on at the date hereof; or

          (b)  the obligations of any other person.

23.  Capital commitment

     No member of the Purchaser Group has any material capital commitment or is
     engaged in any scheme or project requiring the expenditure of capital of a
     significant amount save in the ordinary course of business.

24.  Other matters relating to the Convertible Notes

(A)  Subject to the fulfillment of the conditions set out in Clause 4.1(a) to
     (i), the Purchaser will at Completion have sufficient authorised but
     unissued share

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     capital for the Purchaser to perform its obligations under the Convertible
     Notes (taking into account the obligation of the Purchaser to issue the
     Consideration Shares, any share options which have been issued or which may
     be issued under any share option scheme of the Purchaser, any Shares agreed
     to be issued by the Purchaser, any other convertible or subscription rights
     granted or agreed to be granted by the Purchaser, and any Shares which may
     be issued or agreed to be issued under the general mandate to issue Shares
     which may be granted to the directors of the Purchaser) and the directors
     of the Purchaser will be authorised to issue the Convertible Notes and the
     Conversion Shares upon exercise of the Conversion Rights and the Conversion
     Shares, when issued, will be duly authorised and shall rank pari passu in
     all respects with all other existing Shares outstanding at the date of
     conversion and be entitled to all dividends, bonuses and distributions the
     record date for which falls on a date on or after the date of the relevant
     conversion notice.

(B)  Subject to the fulfillment of the conditions set out in Clause 4.1(a) to
     (i), the issue of the Convertible Notes and the Certificate and the
     allotment and issue of the Conversion Shares will not infringe and will not
     be contrary to any laws or regulations of any governmental or regulatory
     body of Hong Kong or Bermuda or any other relevant jurisdiction and will
     not result in any breach of the terms of the memorandum of association and
     bye-laws of the Purchaser or constitute a breach (with or without the
     giving of notice or lapse of time, or both) or acceleration of any
     obligations of any Purchaser Group Company under any deed, agreement,
     mortgage or other instrument which is binding on any Purchaser Group
     Company (save and except with respect to any member of the Purchaser Group,
     any such conflict, breach or acceleration which does not have a material
     adverse effect on any Purchaser Group Company or on the Purchaser's ability
     to perform any of its obligations contemplated hereunder) and upon issue of
     the Convertible Notes and the execution of the Certificate by the Purchaser
     and delivery of the same, the Convertible Notes and the Conditions will
     constitute legal, valid and binding obligations of the Purchaser
     enforceable against it.

(C)  Other than the options issued pursuant to the share option schemes adopted
     by the Purchaser on 22 March 1995 and 2 April 2002 respectively, there are
     no options, rights to acquire, or any other form of security or encumbrance
     on, over or affecting any part of the unissued share capital of the
     Purchaser and there is no agreement or commitment to give or create any of
     the foregoing and no claim has been made by any person to be entitled to
     any of the foregoing.

(D)  Without the prior written consent of the Vendor, from the date hereof until
     the issue of the Consideration Convertible Note, no act will be done and no
     circumstance will arise which will had the Consideration Convertible Note
     been issued as at the date hereof (or but for Conditions 7.3, 7.5 and 7.9
     of the Conditions would) give rise to an adjustment of the Conversion Price
     (as defined in the Conditions) under Condition 7 of the Consideration
     Convertible Note.

25.  Miscellaneous

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(A)  Neither the Purchaser nor any of its affiliates (as defined in Rule 405
     under the Securities Act of 1933 of the United States of America (the
     "Security Act")), nor any person acting on behalf of any such person has
     engaged or will engage in any "directed selling efforts" (as defined in
     Regulation S of the Security Act) with respect to the Consideration Shares.

(B)  Neither the Purchaser nor any of its affiliates (as defined in Rule 405
     under the Securities Act), nor any person acting on behalf of any such
     person has, directly or indirectly, taken or will take any action designed
     to cause or to result in, or that has constituted or which might reasonably
     be expected to cause or result in, the stabilisation in violation of
     applicable laws or manipulation of the price of any security of the
     Purchaser to facilitate the sale or resale of the Consideration Shares.

(C)  The Purchaser has complied and will comply with the "offering restrictions"
     (as such term is defined in Regulation S of the Security Act).

(D)  The Purchaser is not, and as a result of issue and allotment of the
     Consideration Shares will not be, an "investment company" under, and as
     such term is defined in, the Investment Company Act of 1940 of the United
     States of America.

(E)  The Purchaser is a "foreign issuer" (as such term is defined in Regulation
     S of the Security Act) which reasonably believes that there is no
     "substantial US market interest" (as such term is defined in Regulation S
     of the Security Act) in the Consideration Shares or securities of the
     Purchaser of the same class as the Consideration Shares.

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                                   SCHEDULE 6

                           FORM OF FACILITY AGREEMENT

                                    AGREEMENT

                                  DATED [DATE]

                                HK$1,000,000,000

                                 CREDIT FACILITY

                                       FOR

                 VANDA SYSTEMS & COMMUNICATIONS HOLDINGS LIMITED

                                   PROVIDED BY

                         HUTCHISON INTERNATIONAL LIMITED

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THIS AGREEMENT is dated [DATE] between:-

(1)  VANDA SYSTEMS & COMMUNICATIONS HOLDINGS LIMITED (HKSE Stock Code: 757), a
     limited liability company incorporated under the laws of Bermuda as
     borrower (the "Company"); and

(2)  HUTCHISON INTERNATIONAL LIMITED, a limited liability company incorporated
     under the laws of Hong Kong as lender (the "Lender").

IT IS AGREED as follows:-

1.   INTERPRETATION

1.1  Definitions

     In this Agreement:-

     "Affiliate"

     means, in respect of a person, a Subsidiary or a Holding Company of that
     person or any other Subsidiary of that Holding Company.

     "Business Day"

     means a day (other than a Saturday or a Sunday) on which banks are open for
     business in Hong Kong.

     "Certificate"

     means a certificate substantially in the form set out in Schedule 7 of the
     HGC Acquisition Agreement, with all necessary modifications referred to in
     Clause 13.2 (Issuance of Certificate).

     "Commitment"

     means HK$1,000,000,000 to the extent not cancelled or reduced under this
     Agreement.

     "Commitment Period"

     means the period from the date of this Agreement to the Term Date (both
     dates inclusive).

     "Consideration Convertible Note"

     means the convertible note of an initial principal sum of HK$3,200,000,000
     issued by the Company in accordance with the terms of the HGC Acquisition
     Agreement.

     "Cost of Funds"

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     means, in respect of an Interest Period, the rate per annum notified by the
     Lender to the Company as the rate reflecting the Lender's cost of funding
     the relevant Loan(s) for that Interest Period from whatever sources it may
     reasonably select.

     "Default"

     means an Event of Default or an event which, with the giving of notice,
     lapse of time, determination of materiality or fulfilment of any other
     applicable condition (or any combination of the foregoing), would
     constitute an Event of Default.

     "Drawdown Date"

     means the date of the advance of a Loan.

     "Event of Default"

     means an event specified as such in Clause 16.1 (Events of Default).

     "Facility Convertible Notes"

     means the convertible notes to be issued by the Company to the Lender (or
     such other subsidiary of Hutchison Whampoa Limited, the holding company of
     the Lender, as the Lender may direct) in accordance with Clause 13
     (Conversion into Convertible Notes).

     "Finance Document"

     means this Agreement or any other document designated as such by the Lender
     and the Company.

     "Financial Indebtedness"

     means any indebtedness in respect of:-

     (a)  moneys borrowed and debit balances at banks;

     (b)  any debenture, bond, note, loan stock or other security;

     (c)  any acceptance credit;

     (d)  receivables sold or discounted (otherwise than on a non-recourse
          basis);

     (e)  the acquisition cost of any asset to the extent payable before or
          after the time of acquisition or possession by the party liable where
          the advance or deferred payment is arranged primarily as a method of
          raising finance or financing the acquisition of that asset;

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     (f)  leases entered into primarily as a method of raising finance or
          financing the acquisition of the asset leased;

     (g)  currency swap or interest swap, cap or collar arrangements;

     (h)  amounts raised under any other transaction having the commercial
          effect of a borrowing or raising of money; or

     (i)  any guarantee, indemnity or similar assurance against financial loss
          of any person.

     "Group"

     means the Company and its Subsidiaries.

     "HGC Acquisition Agreement"

     means the agreement for the acquisition of the entire issued share capital
     of Hutchison Global Communications Investments Limited dated [*] 2004
     between Hutchison Global Communications Holdings Limited, the Company and
     the Lender.

     "HIBOR"

     means, in respect of an Interest Period, the Hong Kong Inter Bank Offer
     Rate for that Interest Period.

     "Hong Kong"

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

     "Hong Kong Dollars" or "HK$"

     means the lawful currency for the time being of Hong Kong.

     "Initial Interest Period End Date"

     means 1, 2, 3 or 6 months after the first Drawdown Date as the Company may
     specify in writing to the Lender by the first Drawdown Date (subject to the
     provisions of Clause 8.1 (Interest Periods)).

     "Interest Period"

     means each period determined in accordance with Clause 8 (Interest
     Periods).

     "Loan"

     means the principal amount of each borrowing by the Company under this
     Agreement or the principal amount outstanding of that borrowing.

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     "Margin"

     means 1.8% per annum.

     "Original Group Accounts"

     means the audited consolidated accounts of the Group for the six months
     ended 30 September 2003.

     "Party"

     means a party to this Agreement.

     "Repayment Date"

     means 17th July, 2008.

     "Request"

     means a request made by the Company for a Loan, substantially in the form
     of Schedule 2.

     "Security Interest"

     means any mortgage, pledge, lien, charge, assignment, hypothecation or
     security interest or any other agreement or arrangement having the effect
     of conferring security (including any title retention arrangement).

     "Subsidiary"

     means, in respect of any person, each company which is deemed to be a
     subsidiary of that person pursuant to Section 2 of the Companies Ordinance
     (Cap 32 of the Laws of Hong Kong).

     "Term Date"

     means the date falling 24 months after the date of this Agreement.

1.2  Construction

(a)  In this Agreement, unless the contrary intention appears, a reference to:-

     (i)  "assets" includes properties, revenues and rights of every
          description;

          an "authorisation" includes an authorisation, consent, approval,
          resolution, licence, exemption, filing and registration;

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          a "month" is a reference to a period starting on one day in a calendar
          month and ending on the numerically corresponding day in the next
          calendar month, except that, if there is no numerically corresponding
          day in the month in which that period ends, that period shall end on
          the last day in that calendar month;

          a "regulation" includes any regulation, rule, official directive,
          request or guideline (whether or not having the force of law) of any
          governmental body, agency, department or regulatory, self-regulatory
          or other authority or organisation;

     (ii) a provision of law is a reference to that provision as amended or
          re-enacted;

     (iii) a Clause or a Schedule is a reference to a clause of or a schedule to
          this Agreement;

     (iv) a person includes its successors and assigns;

     (v)  a Finance Document or another document is a reference to that Finance
          Document or other document as amended, novated or supplemented; and

     (vi) a time of day is a reference to Hong Kong time.

(b)  Unless the contrary intention appears, a term used in any other Finance
     Document or in any notice given under or in connection with any Finance
     Document has the same meaning in that Finance Document or notice as in this
     Agreement.

(c)  The index to and the headings in this Agreement are for convenience only
     and are to be ignored in construing this Agreement.

2.   THE FACILITY

     Subject to the terms of this Agreement, the Lender agrees to make Loans
     during the Commitment Period to the Company up to an aggregate principal
     amount not exceeding the Commitment.

3.   PURPOSE

     The Company shall apply each Loan (a) for on-lending to Hutchison Global
     Communications Limited for its purpose of repayment of the amount
     outstanding under a loan facility agreement between Hutchison Global
     Communications Limited and the Lender dated 31 July 2003 (the "July 2003
     Facility Agreement"); and (b) after the amount outstanding under the July
     2003 Facility Agreement is reduced to HK$3,400,000,000, towards its general
     corporate funding requirement. Without affecting the obligations of the

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     Company in any way, the Lender is not bound to monitor or verify the
     application of any Loan.

4.   CONDITIONS PRECEDENT

4.1  Documentary conditions precedent

     The obligations of the Lender to the Company under this Agreement are
     subject to the condition precedent that the Lender has notified the Company
     that it has received all of the documents set out in Schedule 1 in form and
     substance satisfactory to the Lender.

4.2  Further conditions precedent

     The obligation of the Lender to make any amount available under Clause 5.3
     (Advance of Loan) is subject to the further conditions precedent that on
     both the date of the Request and the Drawdown Date:-

     (a)  the representations and warranties in Clause 14 (Representations and
          warranties) to be repeated on those dates are correct and will be
          correct immediately after the Loan is made; and

     (b)  no Default is outstanding or might result from the making of the Loan.

5.   DRAWDOWN

5.1  Commitment Period

     The Company may borrow a Loan during the Commitment Period if the Lender
     receives, not later than 3 Business Days before the proposed Drawdown Date,
     a duly completed Request (except that the first drawdown may be made even
     if the Request is received by the Lender less than 3 Business Days before
     the proposed Drawdown Date, so long as the Request is received by the
     Lender before the time of execution of this Agreement). The undrawn amount
     (if any) of the Commitment shall automatically be cancelled at close of
     business on the Term Date.

5.2  Completion of Requests

     A Request will not be regarded as having been duly completed unless:-

     (a)  the Drawdown Date is a Business Day falling on or before the Term
          Date;

     (b)  the principal amount of the Loan is a minimum of HK$1,000,000 and an
          integral multiple of HK$1,000,000 or the balance of the undrawn
          Commitment;

     (c)  the payment instructions comply with Clause 9 (Payments).

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     Each Request must specify one Loan only, but the Company may, subject to
     the other terms of this Agreement, deliver more than one Request on any one
     day.

5.3  Advance of Loan

     Subject to the terms of this Agreement, the Lender shall make the Loan
     available to the Company on the relevant Drawdown Date.

6.   REPAYMENT

     The Company shall repay the Loans in full on the Repayment Date.

7.   PREPAYMENT AND CANCELLATION

7.1  Voluntary Prepayment

     The Company may, by giving not less than 30 days' prior notice to the
     Lender, prepay any Loan on the last day of an Interest Period in whole or
     in part (but, if in part, in an integral multiple of HK$1,000,000).

7.2  Voluntary Cancellation

     The Company may, by giving not less than 30 days' prior notice to the
     Lender, cancel the undrawn amount of the Commitment in whole or in part
     (but, if in part, in an integral multiple of HK$1,000,000).

7.3  Miscellaneous provisions

(a)  Any notice of prepayment and/or cancellation under this Agreement is
     irrevocable.

(b)  All prepayments under this Agreement shall be made together with accrued
     interest on the amount prepaid.

(c)  No prepayment or cancellation is permitted except in accordance with the
     express terms of this Agreement.

(d)  No amount prepaid under this Agreement may subsequently be re-borrowed. No
     amount of the Commitment cancelled under this Agreement may subsequently be
     reinstated.

8.   INTEREST

8.1  Interest Periods

(a)  The Company may select an Interest Period for a Loan in a notice received
     by the Lender not later than the commencement of that Interest Period. Each
     Interest Period for a Loan will commence on its Drawdown Date or the expiry

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     of its preceding Interest Period.

(b)  Subject to the following provisions of this Clause 8.1 (Interest Periods),
     each Interest Period will be 1, 2, 3 or 6 months as selected by the
     Company.

(c)  If an Interest Period would otherwise end on a day which is not a Business
     Day, that Interest Period shall instead end on the next Business Day in
     that calendar month (if there is one) or the preceding Business Day (if
     there is not).

(d)  If an Interest Period commences on the last Business Day of a calendar
     month and if there is no corresponding day in the calendar month in which
     it is to end, then it shall end on the last Business Day of such calendar
     month.

(e)  Notwithstanding paragraph (a) above:

     (i)  the first Interest Period for the first Loan shall end on the Initial
          Interest Period End Date; and

     (ii) the first Interest Period for each subsequent Loan shall end on the
          same day as the current Interest Period for any other Loan. On the
          last day of those Interest Periods, those Loans shall be consolidated
          and treated as one Loan.

(f)  If an Interest Period would otherwise overrun the Repayment Date, it shall
     be shortened so that it ends on the Repayment Date.

(g)  The Lender and the Company may enter into such other arrangements as they
     may agree for the adjustment of Interest Periods and the consolidation
     and/or splitting of Loans.

(h)  The Lender shall notify the Company of the duration of each Interest Period
     promptly after ascertaining its duration.

8.2  Interest rate

     The rate of interest on each Loan for each of its Interest Periods is the
     rate per annum determined by the Lender to be the aggregate of:-

     (a)  the Margin; and

     (b)  HIBOR.

8.3  Due dates

     Except as otherwise provided in this Agreement, accrued interest on each
     Loan is payable by the Company on the last day of each Interest Period for
     that Loan.

8.4  Default interest

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(a)  If the Company fails to pay any amount payable by it under this Agreement,
     it shall forthwith on demand by the Lender pay interest on the overdue
     amount from the due date up to the date of actual payment, as well after as
     before judgment, at a rate (the "default rate") determined by the Lender to
     be 1 per cent. per annum above the rate which would have been payable if
     the overdue amount had, during the period of non-payment, constituted a
     Loan in the currency of the overdue amount for such successive interest
     periods of such duration as the Lender may determine (each a "Designated
     Interest Period").

(b)  The default rate will be determined by the Lender by reference to Cost of
     Funds on the first day of the relevant Designated Interest Period

(c)  Default interest if not paid when due will be compounded at the end of each
     Designated Interest Period.

8.5  Notification

     The Lender shall promptly notify the Company of the determination of a rate
     of interest under this Agreement.

9.   PAYMENTS

9.1  Place

     All payments by the Company under this Agreement shall be made to the
     Lender to its account at such office or bank as it may notify to the
     Company for this purpose.

9.2  Funds

     Payments under this Agreement to the Lender shall be made for value on the
     due date at such times and in such funds as the Lender may specify to the
     Company concerned as being customary at the time for the settlement of
     transactions in Hong Kong Dollars.

9.3  Currency

(a)  Amounts payable in respect of costs, expenses and taxes and the like are
     payable in the currency in which they are incurred.

(b)  Any other amount payable under this Agreement is, except as otherwise
     provided in this Agreement, payable in Hong Kong Dollars.

9.4  Set-off and counterclaim

     All payments made by the Company under this Agreement shall be made without
     set-off or counterclaim.

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9.5  Non-Business Days

(a)  If a payment under this Agreement is due on a day which is not a Business
     Day, the due date for that payment shall instead be the next Business Day
     in the same calendar month (if there is one) or the preceding Business Day
     (if there is not).

(b)  During any extension of the due date for payment of any principal under
     this Agreement interest is payable on that principal at the rate payable on
     the original due date.

10.  TAXES

10.1 Gross-up

     All payments by the Company under the Finance Documents shall be made
     without any deduction and free and clear of and without deduction for or on
     account of any taxes, except to the extent that the Company is required by
     law to make payment subject to any taxes. If any tax or amounts in respect
     of tax must be deducted, or any other deductions must be made, from any
     amounts payable or paid by the Company under the Finance Documents, the
     Company shall pay such additional amounts as may be necessary to ensure
     that the Lender receives a net amount equal to the full amount which it
     would have received had payment not been made subject to tax.

10.2 Tax receipts

     All taxes required by law to be deducted or withheld by the Company from
     any amounts paid or payable under the Finance Documents shall be paid by
     the Company when due and the Company shall, within 15 days of the payment
     being made, deliver to the Lender evidence satisfactory to the Lender
     (including all relevant tax receipts) that the payment has been duly
     remitted to the appropriate authority.

11.  INCREASED COSTS

11.1 Increased costs

(a)  Subject to Clause 11.2 (Exceptions), the Company shall forthwith on demand
     by the Lender pay to the Lender the amount of any increased cost incurred
     by it as a result of any law or regulation (including any law or regulation
     relating to taxation).

(b)  In this Agreement "increased cost" means:-

     (i)  an additional cost incurred by the Lender as a result of it having
          entered into, or performing, maintaining or funding its obligations
          under, this Agreement; or

     (ii) that portion of an additional cost incurred by the Lender in making,

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          funding or maintaining the Loans made or to be made under this
          Agreement; or

     (iii) a reduction in any amount payable to the Lender or the effective
          return to the Lender under this Agreement or on its capital; or

     (iv) the amount of any payment made by the Lender, or the amount of any
          interest or other return foregone by the Lender, calculated by
          reference to any amount received or receivable by the Lender from the
          Company under this Agreement.

11.2 Exceptions

     Clause 11.1 (Increased costs) does not apply to any increased cost:-

     (a)  compensated for by the operation of Clause 10 (Taxes); or

     (b)  attributable to any change in the rate of Tax on the overall net
          income of the Lender imposed in the jurisdiction in which its
          principal office for the time being is situate.

12.  ILLEGALITY

     If it is or becomes unlawful in any jurisdiction for the Lender to give
     effect to any of its obligations as contemplated by this Agreement or to
     fund any Loan, then:-

     (a)  the Lender may notify the Company accordingly; and

     (b)  (i)  the Company shall forthwith prepay all the Loans together with
               all other amounts payable by it to the Lender under this
               Agreement; and

          (ii) the Commitment shall forthwith be cancelled.

13.  CONVERSION INTO CONVERTIBLE NOTES

13.1 Conversion

     On each of the first and second anniversaries of the date of this Agreement
     (or if such date is not a Business Day, on the next Business Day), all
     Loans which have been drawn and remain outstanding together with all
     interest accrued but not paid (the "Outstandings") shall be mandatorily and
     automatically converted into a Facility Convertible Note in the principal
     sum of the Outstandings. Upon such conversion, an amount of the Commitment
     equal to the aggregate amount of the Loans so converted shall be deemed to
     be cancelled.

13.2 Issuance of Certificate

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     The Company shall, on the date of each conversion of the Outstandings
     referred to in Clause 13.1 above, deliver to the Lender a certificate in
     respect of the Facility Convertible Note in the form of the Certificate
     duly issued and credited as fully paid by the Lender, except that:

     (a)  conversion rights under the Facility Convertible Note may be exercised
          at any time on or after the date of issue to (and including) the
          Maturity Date (as defined in the Certificate); and

     (b)  (i)  in the case of the Facility Convertible Note to be issued on the
               first anniversary of the date of this Agreement (the "First
               Facility Convertible Note"), the initial Conversion Price (as
               defined in the Certificate) shall be the same as that under the
               Consideration Convertible Note then in force; and

          (ii) in the case of the Facility Convertible Note to be issued on the
               second anniversary of the date of this Agreement, the initial
               Conversion Price (as defined in the Certificate) shall be the
               same as that under the First Facility Convertible Note then in
               force (in the event that the conversion rights under the First
               Facility Convertible Note have been fully exercised by then, as
               if the First Facility Convertible Note had not been fully
               converted and taking into account all adjustments to the
               Conversion Price thereof which were to be made if the First
               Facility Convertible Note had not been fully converted).

13.3 Deemed Repayment

     Upon the conversion of the Outstandings into a Facility Convertible Note
     and the issue and delivery to the Lender of the Certificate in accordance
     with Clause 13.2 (Issuance of Certificate) above, the amount of outstanding
     Loans and interest so converted shall be deemed to be repaid or paid (as
     the case may be) in full.

14.  REPRESENTATIONS AND WARRANTIES

14.1 Representations and warranties

     The Company makes the representations and warranties set out in this Clause
     14 (Representations and warranties) to the Lender.

14.2 Status

(a)  It is a limited liability company, duly incorporated and validly existing
     under the laws of the jurisdiction of its incorporation; and

(b)  each member of the Group has the power to own its assets and carry on its
     business as it is being conducted.

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14.3 Powers and authority

     It has the power to enter into and perform, and has taken all necessary
     action to authorise the entry into, performance and delivery of, the
     Finance Documents to which it is or will be a party and the transactions
     contemplated by those Finance Documents.

14.4 Legal validity

     Each Finance Document to which it is or will be a party constitutes, or
     when executed in accordance with its terms will constitute, its legal,
     valid and binding obligation enforceable in accordance with its terms.

14.5 Non-conflict

     The entry into and performance by it of, and the transactions contemplated
     by, the Finance Documents do not and will not:-

     (a)  conflict with any law or regulation or judicial or official order; or

     (b)  conflict with the constitutional documents of any member of the Group;
          or

     (c)  conflict with any document which is binding upon any member of the
          Group or any asset of any member of the Group.

14.6 No default

(a)  No Default is outstanding or might result from the making of any Loan; and

(b)  no other event is outstanding which constitutes (or with the giving of
     notice, lapse of time, determination of materiality or the fulfilment of
     any other applicable condition or any combination of the foregoing, might
     constitute) a default under any document which is binding on any member of
     the Group or any asset of any member of the Group to an extent or in a
     manner which might have a material adverse effect on the business or
     financial condition of the Group taken as a whole or on the ability of the
     Company to perform its obligations under this Agreement.

14.7 Authorisations

     All authorisations required or desirable in connection with the entry into,
     performance, validity and enforceability of, and the transactions
     contemplated by, the Finance Documents have been or (in respect of Finance
     Documents other than this Agreement) will upon execution thereof be
     obtained or effected (as appropriate) and are in full force and effect.

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14.8 Accounts

     The audited consolidated accounts of the Group most recently delivered to
     the Lender (which, at the date of this Agreement, are the Original Group
     Accounts):-

     (a)  have been prepared in accordance with accounting principles and
          practices generally accepted in Hong Kong consistently applied; and

     (b)  fairly represent the consolidated financial condition of the Group as
          at the date to which they were drawn up,

     and there has been no material adverse change in the consolidated financial
     condition of the Group since the date to which those accounts were drawn
     up.

14.9 Litigation

     No litigation, arbitration or administrative proceedings are current or, to
     its knowledge, pending or threatened, which might, if adversely determined,
     have a material adverse effect on the business or financial condition of
     the Group taken as a whole or the ability of the Company to perform its
     obligations under the Finance Documents.

14.10 Times for making representations and warranties

     The representations and warranties set out in this Clause 14
     (Representations and warranties):-

     (a)  are made on the date of this Agreement; and

     (b)  are deemed to be repeated by the Company on the date of each Request
          and the first day of each Interest Period with reference to the facts
          and circumstances then existing.

15.  UNDERTAKINGS

15.1 Duration

     The undertakings in this Clause 15 (Undertakings) remain in force from the
     date of this Agreement for so long as any amount is or may be outstanding
     under this Agreement or the Commitment is in force.

15.2 Financial Information

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     The Company shall supply to the Lender:-

     (a)  as soon as the same are available (and in any event within 180 days of
          the end of each of its financial years), the audited consolidated
          accounts of the Group for that financial year; and

     (b)  as soon as the same are available (and in any event within 120 days of
          the end of the first half-year of each of its financial years), the
          unaudited consolidated accounts of the Group for that half-year.

15.3 Information -- Miscellaneous

     The Company shall supply to the Lender:-

     (a)  all documents despatched by it to its shareholders (or any class of
          them) or its creditors (or any class of them) at the same time as they
          are despatched;

     (b)  promptly upon becoming aware of them, details of any litigation,
          arbitration or administrative proceedings which are current,
          threatened or pending, and which might, if adversely determined, have
          a material adverse effect on the financial condition of the Group
          taken as a whole or on the ability of the Company to perform its
          obligations under this Agreement; and

     (c)  promptly, such further information in the possession or control of any
          member of the Group regarding its financial condition and operations
          as the Lender may request.

15.4 Notification of Default

     The Company shall notify the Lender of any Default (and the steps, if any,
     being taken to remedy it) promptly upon its occurrence.

15.5 Compliance certificates

     The Company shall supply to the Lender promptly upon request by the Lender,
     a certificate signed by two of its directors on its behalf certifying that
     no Default is outstanding or, if a Default is outstanding, specifying the
     Default and the steps, if any, being taken to remedy it.

15.6 Authorisations

     The Company shall promptly:-

     (a)  obtain, maintain and comply with the terms of; and

     (b)  supply certified copies to the Lender of,

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     any authorisation required under any law or regulation to enable it to
     perform its obligations under, or for the validity or enforceability of,
     any Finance Document.

15.7 Pari passu ranking

     The Company shall procure that its obligations under the Finance Documents
     do and will rank at least pari passu with all its other present and future
     unsecured obligations, except for obligations which are mandatorily
     preferred by law applying to companies generally.

15.8 Negative pledge

(a)  The Company shall not, and shall procure that no other member of the Group
     will, create or permit to subsist any Security Interest on any of its
     assets without the consent of the Lender.

(b)  Paragraph (a) does not apply to any lien arising by operation of law in the
     ordinary course of business and securing amounts not more than 30 days
     overdue.

15.9 Disposals

(a)  The Company shall not, and shall procure that no other member of the Group
     will, either in a single transaction or in a series of transactions,
     whether related or not and whether voluntarily or involuntarily, sell,
     transfer, grant or lease or otherwise dispose of all or any substantial
     part of its assets.

(b)  Paragraph (a) does not apply to:-

     (i)  disposals made in the ordinary course of business of the disposing
          entity; or

     (ii) disposals of assets in exchange for other assets comparable or
          superior as to type, value and quality.

15.10 Change of business

     The Company shall procure that no substantial change is made to the general
     nature or scope of the business of the Company or the Group from that
     carried on at the date of this Agreement after completion of the HGC
     Acquisition Agreement.

15.11 Mergers and acquisitions

(a)  The Company shall not enter into any amalgamation, demerger, merger or
     reconstruction without the prior written consent of the Lender.

(b)  The Company shall not, and shall procure that no other member of the Group

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     will, acquire any assets or business or make any investment if the assets,
     business or investment is substantial in relation to the Group without the
     prior written consent of the Lender.

16.  DEFAULT

16.1 Events of Default

     An Event of Default shall occur upon the Lender's declaration to the
     Company of the occurrence of any of the events set out in Clauses 16.2
     (Non-payment) to 16.13 (Material adverse change) (inclusive) (whether or
     not caused by any reason whatsoever outside the control of the Company or
     any other person).

16.2 Non-payment

     The Company does not pay on the due date any amount payable by it under the
     Finance Documents at the place at and in the currency in which it is
     expressed to be payable.

16.3 Breach of other obligations

     The Company does not comply with any provision of the Finance Documents
     (other than those referred to in Clause 16.2 (Non-Payment)).

16.4 Misrepresentation

     A representation, warranty or statement made or repeated in or in
     connection with any Finance Document or in any document delivered by or on
     behalf of the Company under or in connection with any Finance Document is
     incorrect in any respect when made or deemed to be made or repeated.

16.5 Cross-default

(a)  Any Financial Indebtedness of a member of the Group is not paid when due;
     or

(b)  an event of default howsoever described (or any event which with the giving
     of notice, lapse of time, determination of materiality or fulfilment of any
     other applicable condition or any combination of the foregoing would
     constitute such an event of default) occurs under any document relating to
     Financial Indebtedness of a member of the Group; or

(c)  any Financial Indebtedness of a member of the Group becomes prematurely due
     and payable or is placed on demand as a result of an event of default
     (howsoever described) under the document relating to that Financial
     Indebtedness; or

(d)  any commitment for, or underwriting of, any Financial Indebtedness of a
     member of the Group is cancelled or suspended as a result of an event of
     default (howsoever described) under the document relating to that Financial
     Indebtedness; or

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(e)  any Security Interest securing Financial Indebtedness over any asset of a
     member of the Group becomes enforceable.

16.6 Insolvency

(a)  A member of the Group is, or is deemed for the purposes of any law to be,
     unable to pay its debts as they fall due or to be insolvent, or admits
     inability to pay its debts as they fall due; or

(b)  a member of the Group suspends making payments on all or any class of its
     debts or announces an intention to do so, or a moratorium is declared in
     respect of any of its indebtedness; or

(c)  a member of the Group, by reason of financial difficulties, begins
     negotiations with one or more of its creditors with a view to the
     readjustment or rescheduling of any of its indebtedness.

16.7 Insolvency proceedings

(a)  Any step (including petition, proposal or convening a meeting) is taken
     with a view to a composition, assignment or arrangement with any creditors
     of any member of the Group; or

(b)  a meeting of any member of the Group is convened for the purpose of
     considering any resolution for (or to petition for) its winding-up or for
     its administration or any such resolution is passed; or

(c)  any person presents a petition for the winding-up or for the administration
     of any member of the Group; or

(d)  an order for the winding-up or administration of any member of the Group is
     made; or

(e)  any other step (including petition, proposal or convening a meeting) is
     taken with a view to the rehabilitation, administration, custodianship,
     liquidation, winding-up or dissolution of any member of the Group or any
     other insolvency proceedings involving any member of the Group.

16.8 Appointment of receivers and managers

(a)  Any liquidator, trustee in bankruptcy, judicial custodian, compulsory
     manager, receiver, administrative receiver, administrator or the like is
     appointed in respect of any member of the Group or any part of its assets;
     or

(b)  the directors or a member of the Group requests the appointment of a
     liquidator, trustee in bankruptcy, judicial custodian, compulsory manager,
     receiver, administrative receiver, administrator or the like; or

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<PAGE>

(c)  any other steps are taken to enforce any Security Interest over any part of
     the assets of any member of the Group.

16.9 Creditors' process

     Any attachment, sequestration, distress or execution affects any asset of a
     member of the Group and is not discharged within 14 days.

16.10 Analogous proceedings

     There occurs, in relation to a member of the Group, any event anywhere
     which, in the opinion of the Lender, appears to correspond with any of
     those mentioned in Clauses 16.6 to 16.9 (inclusive).

16.11 Cessation of business

     A member of the Group ceases, or threatens to cease, to carry on all or a
     substantial part of its business.

16.12 Unlawfulness

     It is or becomes unlawful for the Company to perform any of its obligations
     under the Finance Documents.

16.13 Material adverse change

     Any event or series of events occurs which, in the opinion of the Lender,
     might have a material and adverse effect on the financial condition or
     operations of the Group taken as a whole or on the ability of the Company
     to comply with its obligations under the Finance Documents.

16.14 Acceleration

     On and at any time after the occurrence of an Event of Default the Lender
     may by notice to the Company:-

     (a)  cancel the Commitment; and/or

     (b)  demand that all or part of the Loans, together with accrued interest
          and all other amounts accrued under this Agreement be immediately due
          and payable, whereupon they shall become immediately due and payable;
          and/or

     (c)  demand that all or part of the Loans be payable on demand, whereupon
          they shall immediately become payable on demand.

17.  (NOT USED)

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18.  EXPENSES

18.1 Initial and special costs

     The Company shall forthwith on demand pay the Lender the amount of all
     costs and expenses (including legal fees) incurred by either of them in
     connection with:-

     (a)  the negotiation, preparation, printing and execution of:-

          (i)  this Agreement and any other documents referred to in this
               Agreement; and

          (ii) any other Finance Document executed after the date of this
               Agreement;

     (b)  any amendment, waiver, consent or suspension of rights (or any
          proposal for any of the foregoing) requested by or on behalf of the
          Company and relating to a Finance Document or a document referred to
          in any Finance Document; and

     (c)  any other matter, not of an ordinary administrative nature, arising
          out of or in connection with a Finance Document.

18.2 Enforcement costs

     The Company shall forthwith on demand pay to the Lender the amount of all
     costs and expenses (including legal fees) incurred by it:-

     (a)  in connection with the enforcement of, or the preservation of any
          rights under, any Finance Document; or

     (b)  in investigating any possible Default.

19.  STAMP DUTIES

     The Company shall pay and forthwith on demand indemnify the Lender against
     any liability it incurs in respect of, any stamp, registration and similar
     tax which is or becomes payable in connection with the entry into,
     performance or enforcement of any Finance Document.

20.  INDEMNITIES

20.1 Currency indemnity

(a)  If the Lender receives an amount in respect of the Company's liability
     under the Finance Documents or if that liability is converted into a claim,
     proof, judgment or order in a currency other than the currency (the
     "contractual currency") in which the amount is expressed to be payable
     under the relevant Finance

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<PAGE>

     Document:-

     (i)  the Company shall indemnify the Lender as an independent obligation
          against any loss or liability arising out of or as a result of the
          conversion;

     (ii) if the amount received by the Lender, when converted into the
          contractual currency at a market rate in the usual course of its
          business is less than the amount owed in the contractual currency, the
          Company shall forthwith on demand pay to the Lender an amount in the
          contractual currency equal to the deficit; and

     (iii) the Company shall pay to the Lender forthwith on demand any exchange
          costs and taxes payable in connection with any such conversion.

(b)  The Company waives any right it may have in any jurisdiction to pay any
     amount under the Finance Documents in a currency other than that in which
     it is expressed to be payable.

20.2 Other indemnities

     The Company shall forthwith on demand indemnify the Lender against any loss
     or liability which the Lender incurs as a consequence of:-

     (a)  the occurrence of any Default;

     (b)  the operation of Clause 16.14 (Acceleration);

     (c)  any payment of principal or an overdue amount being received from any
          source otherwise than on the last day of an Interest Period or a
          Designated Interest Period (as defined in Clause 8.4 (Default
          interest)) relative to the amount so received; or

     (d)  (other than by reason of negligence or default by the Lender) a Loan
          not being made after the Company has delivered a Drawdown Request or a
          Loan (or part of a Loan) not being prepaid in accordance with a notice
          of prepayment.

     The Company's liability in each case includes any loss of margin or other
     loss or expense on account of funds borrowed, contracted for or utilised to
     fund any amount payable under any Finance Document, any amount repaid or
     prepaid or any Loan.

21.  EVIDENCE AND CALCULATIONS

21.1 Accounts

     Accounts maintained by the Lender in connection with this Agreement are
     prima facie evidence of the matters to which they relate.

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<PAGE>

21.2 Certificates and determinations

     Any certification or determination by the Lender of a rate or amount under
     this Agreement is, in the absence of manifest error, conclusive evidence of
     the matters to which it relates.

21.3 Calculations

     Interest and the fee payable under Clause 17 (Commitment Fee) accrue from
     day to day and are calculated on the basis of the actual number of days
     elapsed and a year of 365 days.

22.  WAIVERS AND REMEDIES CUMULATIVE

     The rights of the Lender under the Finance Documents:-

     (a)  may be exercised as often as necessary;

     (b)  are cumulative and not exclusive of its rights under the general law;
          and

     (c)  may be waived only in writing and specifically.

     Delay in exercising or non-exercise of any such right is not a waiver of
     that right.

23.  CHANGES TO THE PARTIES

23.1 Transfers by the Company

     The Company may not assign, transfer, novate or dispose of any of, or any
     interest in, its rights and/or obligations under this Agreement.

23.2 Transfers by Lender

     The Lender may at any time assign, transfer, novate or dispose of any of,
     or any interest in. its rights and/or obligations under this Agreement.

24.  DISCLOSURE OF INFORMATION

     The Lender may disclose to one of its Affiliates or any person with whom it
     is proposing to enter, or has entered into, any kind of transfer,
     participation or other agreement in relation to this Agreement:-

     (a)  a copy of any Finance Document; and

     (b)  any information which the Lender has acquired under or in connection
          with any Finance Document.

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<PAGE>

25.  SET-OFF

     The Lender may set off any matured obligation owed by the Company under
     this Agreement (to the extent beneficially owned by the Lender) against any
     obligation (whether or not matured) owed by the Lender to the Company,
     regardless of the place of payment, booking branch or currency of either
     obligation. If the obligations are in different currencies, the Lender may
     convert either obligation at a market rate of exchange in its usual course
     of business for the purpose of the set-off. If either obligation is
     unliquidated or unascertained, the Lender may set off in an amount
     estimated by it in good faith to be the amount of that obligation.

26.  SEVERABILITY

     If a provision of any Finance Document is or becomes illegal, invalid or
     unenforceable in any jurisdiction, that shall not affect:-

     (a)  the validity or enforceability in that jurisdiction of any other
          provision of the Finance Documents; or

     (b)  the validity or enforceability in other jurisdictions of that or any
          other provision of the Finance Documents.

27.  COUNTERPARTS

     This Agreement may be executed in any number of counterparts, and this has
     the same effect as if the signatures on the counterparts were on a single
     copy of this Agreement.

28.  NOTICES

28.1 Giving of notices

     All notices or other communications under or in connection with this
     Agreement shall be given in writing or by facsimile. Any such notice will
     be deemed to be given as follows:-

     (a)  if in writing, when delivered; and

     (b)  if by facsimile, when received.

     However, a notice given in accordance with the above but received on a
     non-working day or after business hours in the place of receipt will only
     be deemed to be given on the next working day in that place.

28.2 Addresses for notices

(a)  The address and facsimile number of the Company are:-

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<PAGE>

     Vanda Systems & Communications Holdings Limited
     Lincoln House 408
     Taikoo Place
     979 King's Road
     Quarry Bay
     Hong Kong
     Fax No.: (852) 2197 2333

     or such other as the Company may notify to the Lender by not less than 5
     Business Days' notice.

(b)  The address and facsimile number of the Lender are:-

     HUTCHISON INTERNATIONAL LIMITED
     22/F Hutchison House
     10 Harcourt Road
     Hong Kong
     Fax No.: (852) 2128 1778

     or such other as the Lender may notify to the Company by not less than 5
     Business Days' notice.

29.  LANGUAGE

(a)  Any notice given under or in connection with any Finance Document shall be
     in English.

(b)  All other documents provided under or in connection with any Finance
     Document shall be:-

     (i)  in English; or

     (ii) if not in English, accompanied by a certified English translation and,
          in this case, the English translation shall prevail unless the
          document is a statutory or other official document.

30.  GOVERNING LAW

     This Agreement is governed by Hong Kong law.

This Agreement has been entered into on the date stated at the beginning of this
Agreement.

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<PAGE>

                      SCHEDULE 1 TO THE FACILITY AGREEMENT

                         CONDITIONS PRECEDENT DOCUMENTS

1.   A copy of the memorandum and articles of association and certificate of
     incorporation of the Company.

2.   A copy of a resolution of the board of directors of the Company:-

     (i)  approving the terms of, and the transactions contemplated by, this
          Agreement and resolving that it executes this Agreement;

     (ii) authorising a specified person or persons to execute this Agreement on
          its behalf; and

     (iii) authorising a specified person or persons, on its behalf, to sign
          and/or despatch all documents and notices to be signed and/or
          despatched by it under or in connection with this Agreement.

3.   A specimen of the signature of each person authorised by the resolution
     referred to in paragraph 2 above ("Authorised Signatory").

4.   A certificate of a director of the Company confirming that the borrowing of
     the Commitment in full would not cause any borrowing limit binding on the
     Company to be exceeded.

5.   A certificate of an Authorised Signatory of the Company certifying that
     each copy document specified in this Schedule 1 is correct, complete and in
     full force and effect as at a date no earlier than the date of this
     Agreement.

6.   A copy of any other authorisation or other document, opinion or assurance
     which the Lender considers to be necessary or desirable in connection with
     the entry into and performance of, and the transactions contemplated by,
     any Finance Document or for the validity and enforceability of any Finance
     Document.

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<PAGE>

                      SCHEDULE 2 TO THE FACILITY AGREEMENT

                                FORM OF REQUEST

To: Hutchison International Limited as Lender

From: Vanda Systems & Communications Holdings Limited

                                                                 Date:[        ]
                                                                       --------

                 Vanda Systems & Communications Holdings Limited
                 HK$l,000,000,000 Credit Agreement dated [DATE]

1.   We wish to borrow a Loan as follows:-

     (a) Drawdown Date: [         ]
                         ---------

     (b) Amount: [      ]
                  ------

     (c) Payment Instructions: [         ].
                                ---------

     (d) Duration of first Interest Period: [         ]
                                             ---------

2.   We confirm that each condition specified in Clause 4.2 (Further conditions
     precedent) is satisfied on the date of this Request.

By:

Vanda Systems & Communications Holdings Limited
Authorised Signatory

                                       154

<PAGE>

                   (Signature page for the Facility Agreement)

                                   SIGNATORIES

Company

VANDA SYSTEMS & COMMUNICATIONS HOLDINGS LIMITED

By:

Lender

HUTCHISON INTERNATIONAL LIMITED

By:

                                       155

<PAGE>

                                   SCHEDULE 7

                             FORM OF THE CERTIFICATE

                 VANDA SYSTEMS & COMMUNICATIONS HOLDINGS LIMITED
                (incorporated in Bermuda with limited liability)

                                                            Certificate No.: [*]

                             HK$[*] CONVERTIBLE NOTE

Issued pursuant to the memorandum of association and bye-laws of Vanda Systems &
Communications Holdings Limited (the "Issuer"), a resolution of the board of
directors of the Issuer passed on [*] 2004 and a resolution of the shareholders
of the Issuer passed on [*] 2004.

THIS IS TO CERTIFY that [*] whose registered office is situate at [*] is the
registered holder (the "Noteholder") of the above-mentioned Convertible Note
(the "Note"). The Noteholder is entitled to require the Issuer to convert the
whole or any part(s) of the principal amount outstanding under this Note into
ordinary shares in the capital of the Issuer subject to and in accordance with
the terms and conditions attached hereto which shall form an integral part of
this Certificate (the "Conditions").

Subject to the foregoing, the Issuer, for value received, promises to redeem the
Note and pay the principal sum of HK$[ * ] to the Noteholder in accordance with
the Conditions.

The Issuer shall pay interest on the principal amount of the Note in accordance
with the Conditions.

GIVEN under the seal of Vanda Systems & Communications Holdings Limited this day
of            2004.
   ----------

---------------------------------
Director

---------------------------------
Secretary/Director

Notes:
The Note cannot be transferred to bearer on delivery and is only transferable to
the extent permitted by Condition 2 of the terms and conditions thereof. This
Certificate must be delivered to the company secretary of the Issuer for
cancellation and reissue of an appropriate certificate in the event of any such
transfer.

                                       156

<PAGE>

       (For endorsement in the event of partial conversion or redemption)

          Amount Converted/Redeemed
 Date          (please specify)       Amount Outstanding
-------   -------------------------   ------------------

                                       157

<PAGE>

                        TERMS AND CONDITIONS OF THE NOTE

The Note shall be held subject to and with the benefit of the terms and
conditions set out below and such terms and conditions shall be binding on Vanda
Systems & Communications Holdings Limited (the "Issuer") and the Noteholder.
Expressions defined in the agreement between Hutchison Global Communications
Holdings Limited, the Issuer and Hutchison International Limited dated 28
January, 2004 relating to, inter alia, the acquisition of the entire issued
share capital of Hutchison Global Communications Investments Limited and the
issue of the Note (the "Agreement") shall bear the same meaning in this
Certificate. In addition, "Issue Date" means the date of issue of the Note. The
definitions and rules of construction set out in the Agreement shall apply in
the interpretation of the terms of the Note and of the Conditions.

1.   PERIOD

     Subject as provided herein, the Issuer shall repay the outstanding
     principal amount of the Note (together with all unpaid interests accrued
     thereon up to and including the date of actual repayment) subject to and in
     accordance with the terms of the Note on the Business Day immediately
     preceding the fifth anniversary of the Issue Date ("Maturity Date").

2.   STATUS AND TRANSFER

2.1  The obligations of the Issuer arising under the Note constitute general
     unsubordinated, direct, unconditional unsecured obligations of the Issuer
     and shall at all times rank equally among themselves and pari passu with
     all other present and future unsecured and unsubordinated obligations of
     the Issuer except for obligations accorded preference by mandatory
     provisions of applicable law. No application will be made for a listing of
     the Note on any stock exchange.

2.2  Subject to the conditions, approvals, requirements and any other provisions
     of or under: (a) the Stock Exchange (and any other stock exchange on which
     the Shares may be listed at the relevant time) or their rules and
     regulations; (b) the approval for listing in respect of the Conversion
     Shares; and (c) all applicable laws and regulations, the Note may (subject
     further to Condition 2.4) be transferred to any Affiliate of the
     Noteholder.

2.3  Any assignment or transfer of the Note shall be of the whole or any part of
     the outstanding principal amount of the Note in whole multiples of
     HK$1,000,000 and the Issuer shall use all reasonable endeavours to
     facilitate any such assignment or transfer of the Note, including making
     any necessary applications to the Stock Exchange for approval.

2.4  Notwithstanding any other provisions of this Condition 2, without the prior
     written approval of the Issuer (which may be granted or withheld at the
     absolute discretion of the Issuer and subject to such reasonable conditions
     as the Issuer sees fit) and (if required) the Stock Exchange, the Note or
     any part thereof shall

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<PAGE>

     not be transferred to any company or any other person which is a connected
     person (as defined in the Listing Rules) of the Issuer other than to an
     Affiliate of the Vendor.

2.5  In relation to any assignment or transfer of the Note permitted under or
     otherwise pursuant to this Condition 2:

     (a)  The Note may only be transferred by execution of a form of transfer
          ("Transfer Form") which shall be in a form previously agreed between
          the Issuer and the Noteholder by the transferor and the transferee (or
          their duly authorised representatives). In this Condition,
          "transferor" shall, where the context permits or requires, include
          joint transferors or can be construed accordingly.

     (b)  The Certificate of the Note must be delivered to the Issuer
          accompanied by: (i) a duly executed (and if required, duly stamped)
          Transfer Form; and (ii) in the case of the execution of the Transfer
          Form on behalf of a corporation by its officers, the authority of that
          person or those persons to do so and a copy of the constitutional
          document of such corporation. The Issuer shall, within three (3)
          Business Days of receipt of such documents from the Noteholder, cancel
          the existing Certificate and issue a new certificate under the seal of
          the Issuer, in favour of the transferee or assignee in respect of the
          Note (or the transferred or assigned part of the Note) as applicable
          and, if the Note is assigned or transferred in part only, issue a new
          certificate under the seal of the Issuer, in favour of the transferor
          in relation to the part of the Note not assigned or transferred.

     (c)  The total amount of interest payable by the Issuer under the Note
          shall not in any manner be increased as a result of the assignment or
          transfer.

2.6  For the purpose of this Condition 2, if the Noteholder shall cease to be an
     Affiliate of the Vendor, it shall be regarded as a transfer of the Note,
     and the Noteholder shall procure that the conditions, requirements and
     other provisions regarding transfer under this Condition 2 shall be
     followed and complied with (to the extent that they are applicable), by the
     beneficial owner of the Note and/or by its ultimate controller and ultimate
     beneficial shareholder, as the case may be.

2.7  It shall be a condition of any transfer of the Note or any part thereof to
     a transferee who is an Affiliate of the Noteholder that in the event that
     the transferee ceases to be an Affiliate of the Noteholder, the transferee
     shall transfer the Note and the Noteholder shall procure that the Note
     shall be transferred to a party who is an Affiliate of the original
     Noteholder. It shall be a term of every transfer of this Note under this
     Condition 2.7 that a Noteholder shall remain bound by this Condition
     notwithstanding any transfer by it of the whole or any part of this Note.

2.8  Any reasonable legal and other costs and expenses properly incurred by the
     Issuer in connection with any transfer or assignment of the Note or any
     request

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<PAGE>

     therefor shall be borne by the Noteholder.

3.   INTEREST

3.1  Subject to Condition 3.2, the Note will bear interest from the Issue Date
     at a rate of one per cent. (1%) per annum on the principal amount of the
     Note outstanding from time to time. The interest will, subject as provided
     herein, be payable by the Issuer once every six (6) months in arrears at
     the end of each six-month period between the Issue Date and the Maturity
     Date. The first payment shall be made on the date falling six (6) months
     after the Issue Date.

3.2  In the event that the Noteholder has converted any part or the whole of the
     principal amount of the Note and upon delivery to the Issuer of the
     Certificate for the Note, the Noteholder shall be entitled to interest in
     respect of such part or the whole of the principal amount being converted
     for the period from the immediately preceding interest payment date (or the
     Issue Date, as the case may be) up to and including the Conversion Date
     concerned.

3.3  Interest shall accrue from day to day and shall be calculated on the basis
     of the actual number of days elapsed and a 365-day year, including the
     first day of the period during which it accrues and including the last.

4.   PAYMENTS

4.1  Payment of the interest and principal (if any is payable under the terms
     and conditions of the Note) in respect of the Note shall be made for value
     on the due dates into such bank account in Hong Kong as the Noteholder may
     notify the Issuer in writing from time to time. All payments by the Issuer
     shall be made in Hong Kong dollars in immediately available funds free and
     clear of any withholdings or deductions for any present or future taxes,
     imposts, levies, duties or other charge payable by the Issuer. In the event
     that the Issuer is required by law to make any such deduction or
     withholding from any amount paid (except where such deduction or
     withholding represents tax on the overall income of the Noteholder), the
     Issuer shall pay to the Noteholder such additional amount as shall be
     necessary so that the Noteholder continues to receive a net amount equal to
     the full amount which it would have received if such withholding or
     deduction had not been made.

4.2  All payments by the Issuer hereunder shall be made, not later than 11:00
     a.m. (Hong Kong time) on the due date, by remittance to such bank account
     as the Noteholder may notify the Issuer from time to time.

4.3  If the due date for payment of any amount in respect of the Note is not a
     Business Day, the Noteholder will be entitled to payment on the next
     following Business Day in the same manner together with interest accrued in
     respect of any such delay.

4.4  The Issuer shall not be liable to make any payment in respect of the
     outstanding principal amount of the Note unless and until the original of
     the Certificate is

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<PAGE>

     presented to the Issuer at its address specified in Condition 16. The
     Issuer shall retain the original of the Certificate upon the redemption or
     conversion thereof in full.

4.5  Save as provided under the terms of the Note, the outstanding principal
     amount of the Note or any part thereof shall not be repaid or prepaid by
     the Issuer.

4.6  If the Issuer defaults in the payment of any sum due and payable under this
     Note, the Issuer shall pay interest on such sum to the Noteholder from the
     due date to the date of actual payment in full (both before and after
     judgment) calculated at the rate of 3% per annum.

5.   REDEMPTION

5.1  Unless previously converted in accordance with these Conditions, upon
     presentation on the Maturity Date of the original of the Certificate to the
     Issuer at its address specified in Condition 16, the Issuer shall redeem
     the Note at its principal amount outstanding together with accrued interest
     thereon up to and including the Maturity Date in Hong Kong Dollars as
     provided in Condition 4.

[For the Consideration Convertible Note:

6.   CONVERSION

     The Noteholder may at any time on or after the first anniversary of the
     Issue Date and on or prior to the Maturity Date, in compliance with the
     provisions of Condition 8, require the Issuer to convert the whole or any
     part of the principal amount outstanding under this Note into Shares at the
     Conversion Price. The Shares shall be allotted and issued in the name of
     the Noteholder or if it so directs any other persons pursuant to such
     conversion and shall be delivered to the Noteholder within three (3)
     Business Days after the date of presentation of the relevant original
     Certificate. No fraction of a Share will be issued on conversion but
     (except in cases where any such cash payment would amount to less than
     HK$10) a cash payment will be made to the Noteholder in respect of such
     fraction. Such Shares shall rank pari passu in all respects with all other
     Shares in issue on the date of the conversion notice and shall be entitled
     to all dividends, bonuses and other distributions the record date of which
     falls on a date on or after the date of the conversion notice.]

[For the Facility Convertible Notes:

6.   CONVERSION

     The Noteholder may at any time on or after the Issue Date and on or prior
     to the Maturity Date, in compliance with the provisions of Condition 8,
     require the Issuer to convert the whole or any part of the principal amount
     outstanding under this Note into Shares at the Conversion Price. The Shares
     shall be allotted and issued in the name of the Noteholder or if it so
     directs any other persons pursuant to such conversion and shall be
     delivered to the Noteholder within

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     three (3) Business Days after the date of presentation of the relevant
     original Certificate. No fraction of a Share will be issued on conversion
     but (except in cases where any such cash payment would amount to less than
     HK$10) a cash payment will be made to the Noteholder in respect of such
     fraction. Such Shares shall rank pari passu in all respects with all other
     Shares in issue on the date of the conversion notice and shall be entitled
     to all dividends, bonuses and other distributions the record date of which
     falls on a date on or after the date of the conversion notice.]

7.   ADJUSTMENTS

7.1  Subject as hereinafter provided, the Conversion Price shall from time to
     time be adjusted in accordance with the following relevant provisions and
     so that if the event giving rise to any such adjustment shall be such as
     would be capable of falling within more than one of sub-paragraphs (a) to
     (g) inclusive of this Condition 7.1, it shall fall within the first of the
     applicable paragraphs to the exclusion of the remaining paragraphs provided
     that if such event would be capable of falling within sub-paragraph (h) as
     well, sub-paragraph (h) shall apply:

     (a)  If and whenever the Shares by reason of any consolidation or sub-
          division become of a different nominal amount, the Conversion Price in
          force immediately prior thereto shall be adjusted by multiplying it by
          the following fraction:

                                       A
                                      ---
                                       B

          where:

          A = the revised nominal amount; and

          B = the former nominal amount.

          Each such adjustment shall be effective from the close of business in
          Hong Kong on the day immediately preceding the date on which the
          consolidation or sub-division becomes effective.

     (b)  If and whenever the Issuer shall issue (other than in lieu of a cash
          dividend) any Shares credited as fully paid by way of capitalisation
          of profits or reserves (including any share premium account or capital
          redemption reserve fund), the Conversion Price in force immediately
          prior to such issue shall be adjusted by multiplying it by the
          following fraction:

                                        C
                                      -----
                                       C+D

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          in each case, where:

          C = the aggregate nominal amount of the issued Shares immediately
              before such issue; and

          D = the aggregate nominal amount of the Shares issued in such
              capitalisation.

          Each such adjustment shall be effective (if appropriate retroactively)
          from the commencement of the day next following the record date for
          such issue.

     (c)  If and whenever the Issuer shall make any Capital Distribution (as
          defined in Condition 7.2) to holders (in their capacity as such) of
          Shares (whether on a reduction of capital or otherwise) or shall grant
          to such holders rights to acquire for cash assets of the Issuer or any
          of its subsidiaries, the Conversion Price in force immediately prior
          to such distribution or grant shall be adjusted by multiplying it by
          the following fraction:

                                      A-B
                                     -----
                                       A

          where:

          A = the market price (as defined in Condition 7.2) on the date on
              which the Capital Distribution or, as the case may be, the grant
              is publicly announced or (failing any such announcement) the date
              immediately preceding the date of the Capital Distribution or, as
              the case may be, of the grant; and

          B = the fair market value on the day of such announcement or (as the
              case may require) the immediately preceding day, as determined in
              good faith by an approved merchant bank of the portion of the
              Capital Distribution or of such rights which is attributable to
              one Share,

          Provided that:

          (i)  if in the opinion of the relevant approved merchant bank, the use
               of the fair market value as aforesaid produces a result which is
               significantly inequitable, it may instead determine (and in such
               event the above formula shall be construed as if B meant) the
               amount of the said market price which should properly be
               attributed to the value of the Capital Distribution or rights;
               and

          (ii) the provisions of this sub-paragraph (c) shall not apply in
               relation to the issue of Shares paid out of profits or reserves
               and issued in lieu of a cash dividend.

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          Each such adjustment shall be effective (if appropriately
          retroactively) from the commencement of the day next following the
          record date for the Capital Distribution or grant.

     (d)  If and whenever the Issuer shall offer to holders of Shares new Shares
          for subscription by way of rights, or shall grant to holders of Shares
          any options or warrants to subscribe for new Shares, at a price which
          is less than ninety-five per cent. (95%) of the market price (as
          defined in Condition 7.2) at the date of the announcement of the terms
          of the offer or grant, the Conversion Price shall be adjusted by
          multiplying the Conversion Price in force immediately before the date
          of the announcement of such offer or grant by the following fraction:

                                       QxR
                                     P+---
                                        S
                                     -----
                                      P+Q

     where:

          P = the number of Shares in issue immediately before the date of such
              announcement;

          Q = the aggregate number of Shares so offered for subscription;

          R = the amount (if any) payable for the right, option or warrant to
              subscribe for each new Share, plus the subscription price payable
              for each new Share;

          S = the market price of one Share on the trading day immediately
              prior to such announcement.

          Such adjustment shall become effective (if appropriate retroactively)
          from the commencement of the day next following the record date for
          the offer or grant.

     (e)  (i)  If and whenever the Issuer shall issue wholly for cash any
               securities which by their terms are convertible into or
               exchangeable for or carry rights of subscription for new Shares,
               and the total Effective Consideration per Share (as defined
               below) initially receivable for such securities is less than
               ninety-five per cent. (95%) of the market price (as defined in
               Condition 7.2) at the date of the announcement of the terms of
               issue of such securities, the Conversion Price shall be adjusted
               by multiplying the Conversion Price in force immediately prior to
               the issue by a fraction of which the numerator is the number of
               Shares in issue immediately before the date of the issue plus the
               number of Shares which the total Effective Consideration for the
               securities issued would purchase at such market price and the

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               denominator is the number of Shares in issue immediately before
               the date of the issue plus the number of Shares to be issued upon
               conversion or exchange of, or the exercise of the subscription
               rights conferred by, such securities at the initial conversion or
               exchange rate or subscription price. Such adjustment shall become
               effective (if appropriate retrospectively) from the close of
               business in Hong Kong on the Business Day next preceding
               whichever is the earlier of the date on which the issue is
               announced and the date on which the issuer determines the
               conversion or exchange rate or subscription price

          (ii) If and whenever the rights of conversion or exchange or
               subscription attached to any such securities as are mentioned in
               section (i) of this sub-paragraph (e) are modified so that the
               total Effective Consideration per Share (as defined below)
               initially receivable for such securities shall be less than
               ninety-five per cent. (95%) of the market price (as defined in
               Condition 7.2) at the date of announcement of the proposal to
               modify such rights of conversion or exchange or subscription, the
               Conversion Price shall be adjusted by multiplying the Conversion
               Price in force immediately prior to such modification by a
               fraction of which the numerator is the number of Shares in issue
               immediately before the date of such modification plus the number
               of Shares which the total Effective Consideration receivable for
               the securities issued at the modified conversion or exchange
               price would purchase at such market price and of which the
               denominator is the number of Shares in issue immediately before
               such date of modification plus the number of Shares to be issued
               upon conversion or exchange of or the exercise of the
               subscription rights conferred by such securities at the modified
               conversion or exchange rate or subscription price. Such
               adjustment shall become effective (if appropriate
               retrospectively) as at the date upon which such modification
               shall take effect. A right of conversion or exchange or
               subscription shall not be treated as modified for the foregoing
               purpose where it is adjusted to take account of rights or
               capitalization issues and other events which have given rise to
               adjustment of the Conversion Price under this Condition 7.

          For the purpose of this sub-paragraph (e), the "total Effective
          Consideration" receivable for the securities issued shall be deemed to
          be the consideration receivable by the Issuer for any such securities
          plus the additional minimum consideration (if any) to be received by
          the Issuer upon (and assuming) the conversion or exchange thereof or
          the exercise of such subscription rights, and the "total Effective
          Consideration per Share" initially receivable for such securities
          shall be such aggregate consideration divided by the number of Shares
          to be issued upon (and assuming) such conversion or exchange at the
          initial conversion or exchange rate or the exercise of such
          subscription rights at

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          the initial subscription price, in each case without any deduction for
          any commissions, discounts or expenses paid, allowed or incurred in
          connection with the issue.

     (f)  If and whenever the Issuer shall issue wholly for cash any Shares at a
          price per Share which is less than ninety-five per cent. (95%) of the
          market price (as defined in Condition 7.2) at the date of the
          announcement of the terms of such issue, the Conversion Price shall be
          adjusted by multiplying the Conversion Price in force immediately
          before the date of such announcement by a fraction of which the
          numerator is the number of Shares in issue immediately before the date
          of such announcement plus the number of Shares which the aggregate
          amount payable for the issue would purchase at such market price and
          the denominator is the number of Shares in issue immediately before
          the date of such announcement plus the number of Shares so issued.
          Such adjustment shall become effective on the date of the issue.

     (g)  If and whenever the Issuer shall issue Shares for the acquisition of
          asset at a total Effective Consideration per Share (as defined in this
          sub-paragraph (g) below) which is less than ninety-five per cent.
          (95%) of the market price (as defined in Condition 7.2) at the date of
          the announcement of the terms of such issue, the Conversion Price
          shall be adjusted in such manner as maybe determined by an approved
          merchant bank (as defined in Condition 7.2). Such adjustment shall
          become effective on the date of issue. For the purpose of this
          sub-paragraph (g) "total Effective Consideration" shall be the
          aggregate consideration credited as being paid for such Shares by the
          Issuer on acquisition of the relevant asset without any deduction of
          any commissions, discounts or expenses paid, allowed or incurred in
          connection with the issue thereof, and the "total Effective
          Consideration per Share" shall be the total Effective Consideration
          divided by the number of Shares issued as aforesaid.

     (h)  If and whenever the Issuer shall issue any Shares at a price ("Issue
          Price") less than the Conversion Price, or issue any securities which
          by their terms are convertible into or exchangeable for or carry
          rights of subscription for new Shares and the total Effective
          Consideration per Share (as defined below) initially receivable for
          such securities is less than the Conversion Price, or the rights of
          conversion or exchange or subscription attached to any such securities
          are modified so that the total Effective Consideration per Share (as
          defined below) initially receivable for such securities shall be less
          than the Conversion Price, the Conversion Price shall be adjusted to
          such Issue Price or such total Effective Consideration per Share (as
          the case may be). A right of conversion or exchange or subscription
          shall not be treated as modified for the foregoing purpose where it is
          adjusted to take account of rights or capitalization issues and other
          events which have given rise to adjustment of the Conversion Price
          under this Condition 7.

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<PAGE>

          For the purpose of this sub-paragraph (h), the "total Effective
          Consideration" receivable for the securities issued shall be deemed to
          be the value of the consideration receivable by the Issuer for any
          such securities plus the additional minimum consideration (if any) to
          be received by the Issuer upon (and assuming) the conversion or
          exchange thereof or the exercise of such subscription rights, and the
          "total Effective Consideration per Share" initially receivable for
          such securities shall be such aggregate value of the consideration
          divided by the number of Shares to be issued upon (and assuming) such
          conversion or exchange at the initial conversion or exchange rate or
          the exercise of such subscription rights at the initial subscription
          price, in each case without any deduction for any commissions,
          discounts or expenses paid, allowed or incurred in connection with the
          issue.

     (i)  If the Issuer or the Noteholder determines that an adjustment should
          be made to the Conversion Price as a result of one or more events or
          circumstances (whether or not referred to in sub-paragraphs (a) to (h)
          above) (even if the relevant event or circumstance is specifically
          excluded in the Conditions from the operation of sub-paragraphs (a) to
          (h) above), or that an adjustment should be made in a manner other
          than in accordance with sub-paragraphs (a) to (h) above, or that an
          adjustment should not be made (even if the relevant event or
          circumstance is specifically provided for in sub-paragraphs (a) to (h)
          above), or that the effective date for the relevant adjustment should
          be a date other than that mentioned in sub-paragraphs (a) to (h)
          above, the Issuer or the Noteholder may, at its own expense, request
          the approved merchant bank, acting as expert, to determine as soon as
          practicable (i) what adjustment (if any) to the Conversion Price is
          fair and reasonable to take account thereto and is appropriate to give
          the result which the approved merchant bank considers in good faith to
          reflect the intentions of the provisions of this Condition 7; and (ii)
          the date on which such adjustment should take effect; and upon such
          determination such adjustment (if any) shall be made and shall take
          effect in accordance with such determination, provided that an
          adjustment shall only be made pursuant to this sub-paragraph (i) if
          the approved merchant bank is so requested to make such a
          determination.

7.2  For the purposes of this Condition 7:

     "announcement" shall include the release of an announcement to the press or
     the delivery or transmission by telephone, telex or otherwise of an
     announcement to the Stock Exchange and "date of announcement" shall mean
     the date on which the announcement is first so released, delivered or
     transmitted and "announced" shall have a corresponding meaning;

     "approved merchant bank" means a merchant bank of repute in Hong Kong
     selected by the Issuer and agreed by the Noteholder for the purpose of
     providing a specific opinion or calculation or determination hereunder or,
     in the absence of such appointment, such merchant bank as may be appointed
     by the President

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<PAGE>

     for the time being of The Hong Kong Society of Accountants upon the request
     of either the Issuer or the Noteholder;

     "Capital Distribution" shall (without prejudice to the generality of that
     phrase) include distribution in cash or specie. Any dividend charged or
     provided for in the accounts for any financial period shall (whenever paid
     and however described) be deemed to be a Capital Distribution provided that
     any such dividend shall not automatically be so deemed if

     (a)  it is paid out of the aggregate of the net profits (less losses)
          attributable to the holders of Shares for all financial periods after
          that ended 31 March, 2003 as shown in the audited consolidated profit
          and loss account of the Issuer and its subsidiaries for each such
          financial period; or

     (b)  to the extent that (a) above does not apply, the rate of that
          dividend, together with all other dividends on the class of capital in
          question charged or provided for in the accounts for the financial
          period in question, does not exceed the aggregate rate of dividend on
          such class of capital charged or provided for in the accounts for the
          last preceding financial period. In computing such rates, such
          adjustments may be made as are in the opinion of an approved merchant
          bank appropriate to the circumstances and shall be made in the event
          that the lengths of such periods differ materially;

     "issue" shall include allot;

     "market price" means the average closing price of Shares on the Stock
     Exchange for each of the last twenty (20) Stock Exchange dealing days on
     which dealings in the Shares on the Stock Exchange took place ending on the
     last such dealing day immediately preceding the day on or as of which the
     market price is to be ascertained;

     "reserves" includes unappropriated profits;

     "rights" includes rights in whatsoever form issued; and

     "Shares" includes, for the purpose of Shares comprised in any offer
     pursuant to paragraphs (c), (d), (e) or (f) of Condition 7.1, any such
     ordinary shares of the Issuer as, when fully paid, will be Shares.

7.3  The provisions of sub-paragraphs (b), (c), (d), (e) and (f) of Condition
     7.1 shall not apply to:

     (a)  an issue of fully paid Shares upon the exercise of any conversion
          rights attached to securities convertible into Shares or upon exercise
          of any rights (including any conversion of part or the whole of the
          Note) to acquire Shares (except a rights issue) provided that an
          adjustment (if required) has been made under this Condition 7 in
          respect of the issue of

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          such securities or granting of such rights (as the case may be);

     (b)  an issue of Shares or other securities of the Issuer or any subsidiary
          of the Issuer wholly or partly convertible into, or rights to acquire,
          Shares pursuant to any share option scheme of the Issuer adopted in
          accordance with the Listing Rules;

     (c)  an issue of fully paid Shares by way of capitalisation of all or part
          of any subscription right reserve, or any similar reserve which has
          been or may be established pursuant to the terms of any securities
          wholly or partly convertible into or rights to acquire Shares; or

     (d)  an issue of Shares pursuant to a scrip dividend scheme where an amount
          not less than the nominal amount of the Shares so issued is
          capitalised and the market value of such Shares is not more than 110
          per cent. of the amount of dividend which holders of the Shares could
          elect to or would otherwise receive in cash, for which purpose the
          "market value" of a Share shall mean the average of the closing prices
          for such Stock Exchange dealing days on which dealings in the Shares
          took place (being not less than twenty (20) such days) as are selected
          by the directors of the Issuer in connection with determining the
          basis of allotment in respect of the relevant scrip dividend and which
          fall within the period of one month ending on the last day on which
          holders of Shares may elect to receive or (as the case may be) not to
          receive the relevant dividend in cash.

7.4  Any adjustment to the Conversion Price shall be made to the nearest
     one-tenth of a cent so that any amount under one-twentieth of a cent shall
     be rounded down and any amount of one-twentieth of a cent or more shall be
     rounded up and in no event shall any adjustment (otherwise than upon the
     consolidation of Shares into Shares of a larger nominal amount) involve an
     increase in the Conversion Price. In addition to any determination which
     may be made by the directors of the Issuer, every adjustment to the
     Conversion Price shall be certified by an approved merchant bank.

7.5  Notwithstanding anything contained herein, no adjustment shall be made to
     the Conversion Price in any case in which the amount by which the same
     would be reduced in accordance with the foregoing provisions of this
     Condition would be less than one-tenth of a cent and any adjustment that
     would otherwise be required then to be made shall be carried forward.

7.6  If the Issuer or any subsidiary of the Issuer shall in any way modify the
     rights attached to any share or loan capital so as wholly or partly to
     convert or make convertible such share or loan capital into, or attach
     thereto any rights to acquire, Shares, the Issuer shall appoint an approved
     merchant bank to consider whether any adjustment to the Conversion Price is
     appropriate (and if such approved merchant bank shall certify that any such
     adjustment is appropriate, the Conversion Price shall be adjusted
     accordingly and the provisions of Conditions 7.4, 7.5, 7.7, 7.8 and 7.9
     shall apply).

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7.7  Whenever the Conversion Price is adjusted as herein provided, the Issuer
     shall as soon as possible but not later than seven (7) Business Days after
     the relevant adjustment has been determined give notice to the Noteholder
     that the Conversion Price has been adjusted (setting forth brief
     particulars of the event giving rise to the adjustment, the Conversion
     Price in effect prior to such adjustment, the adjusted Conversion Price and
     the effective date thereof) and shall at all times thereafter so long as
     the Note remains outstanding make available for inspection at its principal
     place of business in Hong Kong a signed copy of the said certificate of the
     approved merchant bank.

7.8  Notwithstanding any other provision of this Condition 7, no adjustment
     shall be made which would (but for this paragraph 7.8) result in the
     Conversion Price being reduced so that on conversion, Shares shall fall to
     be issued at a discount to their nominal value, and in such case an
     adjustment shall be made to the effect that the Conversion Price will be
     reduced to the nominal value of a Share.

7.9  Notwithstanding the provisions of Condition 7.1, no adjustment shall be
     made if:

     (a)  the Noteholder consents in writing; or

     (b)  the event triggering the relevant adjustment involves an issue of
          Shares (other than pursuant to Clause 11 of the Agreement), a Capital
          Distribution, a grant of rights to acquire assets of the Issuer or any
          of its subsidiaries or an issue of new securities convertible or
          exchangeable into new Shares (other than pursuant to Clause 11 of the
          Agreement) wholly and exclusively to, and taken up entirely by (or
          modification of such rights to the benefit of) the Noteholder and/or
          its Affiliates.

8.   PROCEDURE FOR CONVERSION

8.1  The Conversion Rights may, subject as provided herein and in Condition 6.1,
     be exercised on any Business Day on or prior to the Maturity Date by the
     Noteholder delivering to the Issuer in accordance with Condition 16 a
     written notice stating the intention of the Noteholder to convert and the
     address in Hong Kong for the delivery of the share certificates of the
     Conversion Shares pursuant to Condition 8.2 below together with the
     original of the Certificate. The conversion notice shall be in the form
     annexed to these Conditions. The Issuer shall be responsible for payment of
     all taxes and stamp, issue and registration duties (if any), and Stock
     Exchange levies and charges (if any) arising on any such conversion.

8.2  The Conversion Shares shall be allotted and issued by the Issuer, credited
     as fully paid, to the Noteholder or as it may direct within three (3)
     Business Days after, and with effect from, the date the conversion notice
     is served by the Noteholder against delivery of the original Certificate
     (which the Noteholder is obliged to deliver to the Issuer following such
     conversion), and the Issuer shall issue certificates for the Conversion
     Shares to which the Noteholder or such

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<PAGE>

     person as it may direct shall become entitled in consequence of exercising
     its Conversion Rights in board lots with one certificate for any odd lot of
     Shares arising from conversion and shall deliver the share certificates to
     the Noteholder in Hong Kong at its address set out in Condition 16, (if
     appropriate) together with the original Certificate with an endorsement on
     it by a director of the Issuer for any balance of the Note not converted
     within the three (3) Business Day period referred to above.

9.   PROTECTION OF THE NOTEHOLDER

9.1  So long as the Note is outstanding, unless with the prior written approval
     of the Noteholder:

     (a)  the Issuer shall not amend and/or repeal any provision of its
          memorandum of association or bye-laws;

     (b)  the Issuer shall not issue or authorise the issue of any securities of
          any class having any right, preference or priority superior to or on a
          parity with the Note;

     (c)  the Issuer shall not declare or pay any dividend on any securities
          other than the Shares;

     (d)  the Issuer shall not authorise or effect a merger, sale or lease of
          all or substantially all the assets of the Issuer or a voluntary
          liquidation, recapitalisation or reorganisation of the Issuer;

     (e)  the Issuer shall not change the nature of its business;

     (f)  the Issuer shall not appoint or remove any senior executive of the
          Issuer, including but not limited to the chief executive officer, the
          chief operating officer and the chief financial officer;

     (g)  the Issuer shall keep available for issue, free from pre-emptive
          rights, out of its authorised but unissued capital, sufficient Shares
          to satisfy in full the Conversion Rights at the Conversion Price from
          time to time and all other rights for the time being outstanding of
          subscription for and conversion into Shares;

     (h)  the Issuer shall not in any way modify the rights attached to the
          Shares (except as contemplated under Condition 7) as a class or attach
          any special restrictions thereto;

     (i)  the Issuer shall procure that at no time shall there be in issue
          Shares of different nominal values;

     (j)  other than as a result of, or in circumstances where, an offer made to
          holders of Shares to acquire all or any proportion of the Shares
          becoming unconditional, the Issuer shall use all reasonable
          endeavours:

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          (i) to maintain a listing for all the issued Shares on the Stock
          Exchange; (ii) to obtain and maintain a listing on the Stock Exchange
          for all the Conversion Shares issued on the exercise of the Conversion
          Rights attaching to the Note and (iii) obtain a listing for all the
          Shares issued on the exercise of the Conversion Rights attaching to
          the Note on any other stock exchange on which any of the Shares are
          for the time being listed and will forthwith give notice to the holder
          of the Note in accordance with Condition 16 of the listing or
          delisting of the Shares by any such stock exchange;

     (k)  the Issuer shall at all times provide the Noteholder access to such
          information and records of the Issuer at the Issuer's offices as the
          Noteholder may reasonably require;

     (l)  subject to compliance with the Listing Rules and other applicable
          laws, regulations and rules, the Issuer shall deliver to the
          Noteholder its monthly financial reports within 30 days of the end of
          each calendar month and its annual financial reports within 120 days
          of the end of each financial year;

     (m)  the Issuer shall provide the Noteholder with (i) a copy of its annual
          reports, annual financial statements, interim reports and all other
          statements and circulars sent by the Issuer to its shareholders within
          three (3) Business Days after the Issuer sends the same to its
          shareholders, and (ii) a copy of each press announcement and press
          release, teletext announcement released or made by the Issuer in
          accordance with the Listing Rules within three (3) Business Days after
          date of release;

     (n)  the Issuer shall ensure that all the Conversion Shares will be duly
          and validly issued fully paid and registered;

     (o)  the Issuer shall comply with and procure the compliance of all
          conditions imposed by the Stock Exchange or by any other competent
          authority (in Hong Kong or elsewhere) for approval of the issue of the
          Note or for the listing of and permission to deal in the Conversion
          Shares issued or to be issued on the exercise of the Conversion Rights
          and to ensure the continued compliance thereof (provided in each case
          that the Noteholder complies with and satisfies all such conditions
          applicable to it);

     (p)  the Issuer shall not issue or pay up any securities by way of
          capitalisation of profits or reserves other than (i) by the issue of
          fully paid Shares to holders of its Shares; or (ii) as mentioned in
          Condition 7.3(c); or (iii) by the issue of Shares in lieu of a cash
          dividend in the manner referred to in Condition 7.3(d);

     (q)  the Issuer shall not create or permit to be in issue any Equity Share
          Capital other than Shares, provided that nothing in this Condition
          9.l(q)

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<PAGE>

          shall prevent (i) any consolidation or sub-division of the Shares; or
          (ii) the issue of Equity Share Capital which does not participate in
          dividend in respect of a certain financial period but is pari passu in
          all other respects with the Shares;

     (r)  the Issuer shall procure that (i) no securities issued by the Issuer
          shall be converted into Shares or exchanged for Shares except in
          accordance with the terms of issue thereof, and (ii) no securities
          issued by the Issuer without rights to convert into Shares or to be
          exchanged for Shares shall subsequently be granted such rights;

     (s)  the Issuer shall not make any issue, grant or distribution or take any
          other action if the effect thereof would be that on the exercise of
          the Conversion Rights, it would but for Condition 7.8 be required to
          issue Shares at a discount to their nominal value or to adjust the
          Conversion Price to a level below the nominal value of the Shares;

     (t)  if an offer is made to holders of Shares to acquire all or any
          proportion of the Shares, the Issuer shall forthwith give notice of
          such offer to the Noteholder and shall use all reasonable endeavours
          to procure that a similar offer is extended in respect of the Note or
          in respect of any Shares issued on conversion of the Note during the
          period of the offer;

     (u)  the Issuer shall not make any distribution in specie to holders of
          Shares unless the Noteholder is entitled to the Specie Distribution
          Right in accordance with Condition 11;

     (v)  the Issuer shall not, subject as hereinafter provided, make any
          reduction or redemption of share capital, share premium account or
          capital redemption reserve involving the repayment of money to
          shareholders of the Issuer (other than to shareholders of the Issuer
          having the right on a winding-up to a return of capital in priority to
          the holders of Shares) or reduce any uncalled liability in respect
          thereof unless, in any such case, the same gives rise (or would, but
          for the provisions of Conditions 7.5, 7.8 or 7.9 give rise) to an
          adjustment of the Conversion Price in accordance with Condition 7; and

     (w)  the Issuer shall not enter into any deed, agreement, assignment,
          instrument or documents whatsoever binding on it which may result in
          any breach of any of the terms and conditions of the Note.

10.  EVENTS OF DEFAULT

     If any of the following events ("Events of Default") occurs, the Noteholder
     may give notice to the Issuer that the Note has, on the giving of such
     notice, become immediately due and payable at its principal amount then
     outstanding together with any accrued and unpaid interest under Condition
     3.1 calculated up to and including the date of payment:

                                       173

<PAGE>

     (a)  other than as a result of, or in circumstances where, an offer made to
          holders of Shares to acquire all or any proportion of the Shares
          becoming unconditional, the listing of the Shares (as a class) on the
          Stock Exchange:

          (i)  ceases; or

          (ii) is suspended for a continuous period of fifteen (15) days on each
               of which the Stock Exchange is generally open for trading due to
               the default of the Issuer or any of its directors, officers,
               employees or agents; or

     (b)  (i)  the breach of any of the Issuer's Warranties which will have a
               material adverse effect on the Purchaser Group or on the Issuer's
               ability to perform any of its obligations contemplated hereunder;
               or

          (ii) the Issuer defaults in performance or observance or compliance
               with any of its material obligations contained in the terms and
               conditions of the Note, and such event continues to subsist for a
               continuous period of fifteen (15) Business Days after notice of
               such event is sent from the Noteholder to the Issuer; or

     (c)  the Issuer fails to pay the principal when due or the Issuer fails to
          pay interest on the Note when due unless non-payment of such interest
          is due solely to administrative or technical error and payment is made
          within three (3) Business Days of the due date thereof; or

     (d)  (i)  any amounts of principal repayment or interest payment in
               relation to bank borrowings of the Issuer or any of its
               subsidiaries are not paid when due, or as the case may be, within
               any applicable grace period and the relevant bank notifies the
               Issuer or the relevant subsidiary that such non-payment
               constitutes an event of default under the terms of relevant loan;
               or

          (ii) the Issuer or any of its subsidiaries fails to pay when due or
               expressed to be due any amounts payable or expressed to be
               payable by it under any present or future guarantee for any
               moneys borrowed from or raised through a financial institution
               and the relevant financial institution notifies the Issuer or the
               relevant subsidiary that such failure to pay constitutes an event
               of default under the terms of the guarantee or the loan in
               relation to which the guarantee was given; or

     (e)  an encumbrancer takes possession or a receiver, manager or other
          similar officer is appointed of the whole or any material part of the
          undertaking, property, assets or revenues of the Issuer or any of its
          subsidiaries; or

                                       174

<PAGE>

     (f)  the Issuer or any of its material subsidiaries becomes insolvent or is
          unable to pay its debts as they mature or applies for or consents to
          or suffers the appointment of any administrator, liquidator or
          receiver of the Issuer or any of its material subsidiaries or the
          whole or any material part of the undertaking, property, assets or
          revenues of the Issuer or any of its material subsidiaries or takes
          any proceeding under any law for a readjustment or deferment of its
          obligations or any part of them or makes or enters into a general
          assignment or compromise with or for the benefit of its creditors; or

     (g)  an order is made or an effective resolution passed for winding-up of
          the Issuer or any of its material subsidiaries, except in the case of
          winding-up of subsidiaries in the course of internal reorganisation;
          or

     (h)  a moratorium is agreed or declared in respect of any indebtedness of
          the Issuer or any of its subsidiaries or any governmental authority or
          agency condemns, seizes, compulsorily purchases or expropriates all or
          any material part of the assets of the Issuer or any of its
          subsidiaries; or

     (i)  the Issuer or any of its material subsidiaries consolidates or
          amalgamates with or merge into any other corporation (other than a
          consolidation, amalgamation or merger in which the Issuer or such
          material subsidiary is the continuing corporation), or the Issuer or
          any of its material subsidiaries sells or transfers all or
          substantially all of its assets, or

     (j)  at any time any indebtedness, including any obligation (whether
          present or future, actual or contingent, secured or unsecured, as
          principal or surety or otherwise) for the payment or repayment of
          money, of any member of the Purchaser Group becomes due and payable
          prior to its stated maturity by reason of default, or event of default
          (howsoever described) by any member of the Purchaser Group; or

     (k)  the aggregate amount of the liabilities of the Purchaser Group under
          all debentures, acceptance credits, overdrafts, loans or other
          financial facilities outstanding (excluding (i) the Note; (ii) any
          other convertible note which may be in issue as a result of a transfer
          of part of this Note; (iii) any other convertible note issued pursuant
          to the Agreement; (iv) facilities provided by the Hutchison
          International Limited group to the Purchaser Group; and (v) the Loan
          Agreement (as defined in the PowerCom Acquisition Agreement) which are
          interest bearing and owing by any member of the Purchaser Group less
          the amount of cash in hand exceeds HK$600 million as at the end of any
          calendar month.

     Provided that notwithstanding the foregoing, if the Issuer shall fail to
     issue the Conversion Shares in accordance with the Conditions, the
     Noteholder shall be entitled to bring an action against the Issuer for
     either specific performance or damages. The Issuer will forthwith on
     becoming aware of any such event as is

                                       175

<PAGE>

     mentioned in this Condition give notice in writing thereof to the
     Noteholder. At any time after any interest amount or the principal amount
     of the Note has become payable, the Noteholder may without further notice
     institute such proceedings as it may think fit to enforce payment of the
     monies due.

11.  DISTRIBUTION IN SPECIE

     If the Issuer declares a distribution in specie other than an issue of
     Shares in lieu of a cash dividend falling under Condition 7.3(d) (a "Specie
     Distribution") to shareholders at any time during the period in which the
     Noteholder can exercise its Conversion Rights, the Noteholder will, unless
     an adjustment to the Conversion Price has been made under Condition 7 in
     respect of the Specie Distribution in full, be entitled to an amount (the
     "Specie Distribution Right") which shall be determined as follows:

     (a)  the Issuer and the Noteholder will forthwith on the date of
          announcement of the Specie Distribution instruct the approved merchant
          bank (as defined in Condition 7.2) to value the Specie Distribution
          which would have been payable to the Noteholder on the Shares falling
          to be issued if the Noteholder had exercised its Conversion Rights
          immediately prior to the record date for the Specie Distribution in
          respect of the whole of the principal amount of the Note then
          outstanding (the "Notional Specie Distribution"); and

     (b)  upon the determination of the approved merchant bank's valuation of
          the Notional Specie Distribution (which valuation shall be final and
          binding on both the Issuer and the Noteholder) the Issuer will pay a
          cash amount equal to the value of the Notional Specie Distribution to
          the Noteholder.

12.  VOTING

     The Noteholder will not be entitled to receive notices of, attend or vote
     at any meetings of the Issuer by reason only of it being the Noteholder.

13.  SELLING RESTRICTIONS

     The Noteholder agrees not to offer the Note or Shares issued and allotted
     to it upon any exercise of the Conversion Rights for sale or subscription
     to the public pursuant to a prospectus within the meaning of the Companies
     Ordinance (Chapter 32 of the Laws of Hong Kong) except such as, and under
     circumstances that are, permitted under the Companies Ordinance.

14.  EXPERTS

     In giving any certificate or making any adjustment hereunder, any approved
     merchant bank appointed by the Issuer shall be deemed to be acting as
     experts and not as arbitrators and, in the absence of manifest error, their
     decision shall be conclusive and binding on the Issuer and the Noteholder
     and all persons

                                       176

<PAGE>

     claiming through or under them respectively.

15.  REPLACEMENT NOTE

     If the Certificate is lost or mutilated, the Noteholder shall notify the
     Issuer as soon as practicable and a replacement Certificate shall be issued
     if the Noteholder provides the Issuer with: (a) the mutilated Certificate
     or a declaration by the Noteholder or its officer that the Certificate had
     been lost or mutilated (as the case may be) or other evidence that the
     Certificate had been lost or mutilated; and (b) an appropriate indemnity in
     such form and content as the Issuer may reasonably require. Any Certificate
     replaced in accordance with this Condition shall forthwith be cancelled.

16.  NOTICES

     Each notice, demand or other communication to be given or made under this
     Agreement shall be in writing and delivered or sent to the relevant party
     at its respective address or facsimile number set out below (or such other
     address or facsimile number as the addressee has by five (5) days' prior
     written notice specified to the other party):

     To the Issuer:   Vanda Systems & Communications Holdings Limited
                      Lincoln House 408
                      Taikoo Place
                      979 King's Road
                      Quarry Bay
                      Hong Kong

                      Facsimile: (852) 2197 2333
                      Attention: The Company Secretary

     To the:          [  ] Limited
                       --
     Noteholder:      22/F, Hutchison House
                      10 Harcourt Road
                      Central, Hong Kong

                      Facsimile: (852) 2128 1778
                      Attention: The Company Secretary

     Any notice, demand or other communication so addressed to the relevant
     party shall be deemed to have been delivered: (a) if given or made by
     letter and delivered by hand or courier when actually delivered to the
     relevant address; (b) if given or sent by registered mail, on the date
     which is two (2) Business Days (in the case of mail sent to a local
     address) or five (5) Business Days (in the case of mail sent to an overseas
     address) after the posting thereof; and (c) if given or made by facsimile,
     when despatched with confirmation of successful transmission (and if the
     deemed date of delivery is not a Business Day, on the immediately following
     Business Day).

                                       177

<PAGE>

17.  AMENDMENT

     The terms and conditions of the Note may be varied, expanded or amended by
     agreement in writing between the Issuer and the Noteholder.

18.  GOVERNING LAW AND JURISDICTION

     The Note and the Conditions are governed by and shall be construed in
     accordance with the laws of Hong Kong and the Parties agree to submit to
     the non-exclusive jurisdiction of the courts of Hong Kong.

                                       178

<PAGE>

                                CONVERSION NOTICE

Terms defined in the agreement between Hutchison Global Communications Holdings
Limited, the Issuer and Hutchison International Limited dated 28 January, 2004
relating to, inter alia, the acquisition of the entire issued share capital of
Hutchison Global Communications Investments Limited and the issue of the Note
and in the Certificate relating to the Note (as may be amended) shall bear the
same meaning in this Conversion Notice.

The undersigned hereby irrevocably elects to convert the following amount of the
Note into Shares of Vanda Systems & Communications Holdings Limited in
accordance with the Conditions, as of the date specified below, such Shares to
be issued in the name of the Shareholder set out below.

Name of Noteholder:
                    ------------------------------------------------------------

Certificate Number(s):
                       ---------------------------------------------------------

Amount to be converted:
                        --------------------------------------------------------

Conversion Date:
                 ---------------------------------------------------------------
(being the date of this notice and on which the original Certificate is
presented to the Issuer)

Applicable Conversion Price:
                             ---------------------------------------------------

Name in which Shares are to be issued:
                                       -----------------------------------------

Address of Shareholder:
                        --------------------------------------------------------

Signature of Noteholder:
                         -------------------------------------------------------

Dated this                 day of                      in the year of
           ---------------        --------------------                ----------

                                       179

<PAGE>

IN WITNESS whereof the parties hereto have executed this Agreement on the day
and year first before written.

SIGNED by Mrs. Susan Chow               )  /s/ Susan Chow
                                        )  -------------------------------------
for and on behalf of                    )  Mrs. Susan Chow
HUTCHISON GLOBAL COMMUNICATIONS         )
HOLDINGS LIMITED                        )
in the presence of:                     )

/s/ Patricia L. C. Hui
----------------------------------------
PATRICIA L. C. HUI
Solicitor, Hong Kong SAR

SIGNED by Mrs. Susan Chow               )  /s/ Mrs. Susan Chow
                                        )  -------------------------------------
for and on behalf of                    )  Mrs. Susan Chow
HUTCHISON INTERNATIONAL LIMITED         )
in the presence of:                     )

/s/ Patricia L. C. Hui
----------------------------------------
PATRICIA L. C. HUI
Solicitor, Hong Kong SAR

SIGNED by [signature]                   )  [signature]
                                        )  -------------------------------------
for and on behalf of                    )
VANDA SYSTEMS &                         )
COMMUNICATIONS HOLDINGS LIMITED         )
in the presence of:                     )

/s/ Chan Yuk Yin, Eugina
----------------------------------------
CHAN YUK YIN, EUGINA
Solicitor, Hong Kong SAR

                                       180<PAGE>

                                                                   Exhibit 10.66

                             SHAREHOLDERS AGREEMENT

                               DATED APRIL 23 1998

                                     BETWEEN

                          MAX TELECOM VENTURES LIMITED

                                       AND

                  HUTCHISON TELECOMMUNICATIONS (INDIA) LIMITED

                                       AND

                    TELECOM INVESTMENTS INDIA PRIVATE LIMITED

                                       AND

                          HUTCHISON MAX TELECOM LIMITED

<PAGE>

                                TABLE OF CONTENTS

TABLE OF CONTENTS .........................................................    2

1.    DEFINITIONS .........................................................    6

2.    SHAREHOLDING ........................................................    8

3.    REGISTERED OFFICE ...................................................    8

4.    CONDITION OF EFFECTIVENESS ..........................................    9

5.    DIRECTORS AND OFFICERS ..............................................    9

      5.1    Directors of the Company .....................................    9
      5.2    Nominated Directors to be Elected ............................    9
      5.3    Alternate Director ...........................................    9
      5.4    Directors' Fees ..............................................   10
      5.5    Place and Calling of Board Meetings ..........................   10
      5.6    Resolution by Circulation ....................................   10
      5.7    Co-Chairmen ..................................................   10
      5.8    Managing Director ............................................   11
      5.9    Performance of Managing Director .............................   11
      5.10   Quorum for Directors Meetings ................................   11
      5.11   Attendance by Consultants Advisers and Non-voting Attendees ..   11
      5.12   Decisions by Majority Vote ...................................   12
      5.13   Secretary ....................................................   12
      5.14   Auditors .....................................................   12
      5.15   Accounting Year ..............................................   12

6.    BUSINESS OF THE COMPANY .............................................   12

7.    BUSINESS PLAN & BUDGET ..............................................   12

      7.1    Business Plan & Budget .......................................   12
      7.2    Budget Details ...............................................   13

8.    FUNDING AND CAPITAL .................................................   13

9.    MANAGEMENT ..........................................................   13

      9.1    Business to be Managed by Board ..............................   13

2

<PAGE>

      9.2     Majority Votes Required for certain Board Meeting ...........   13

10.   FURTHER OBLIGATIONS OF THE PARTIES ..................................   15

      10.1   Further Assurance ............................................   15
      10.2   Directors to Vote to Implement this Agreement ................   15
      10.3   Accounting and Reporting .....................................   15
      10.4   Exchange of Information ......................................   16
      10.5   Fair Dealings ................................................   16

11.   TRANSFER OF SHARES ..................................................   16

      11.1   Restrictions on Transfer of Ownership ........................   16
      11.2   No Mortgage or Pledge of Shares ..............................   16
      ll.3   Permitted Transfers ..........................................   16
      11.4   Default ......................................................   17
      11.5   Sale of Shares on Default ....................................   17
      11.6   Repayment of Shareholder Loans and Guarantees ................   19
      11.7   Title and Completion of Share Transfer .......................   19
      11.8   Rights of First Refusal ......................................   19
      11.9   Tag Along ....................................................   23
      11.10  Sectoral Caps ................................................   24
      11.11  Deed of Adherence ............................................   25

12.   MAINTENANCE OF LICENCES, GOVERNMENT APPROVALS .......................   25

13.   TERM, TERMINATION AND DISPUTES ......................................   25

      13.1   Term .........................................................   25
      13.2   Rights of Parties on Winding Up ..............................   26
      13.3   Agreement Terminates on Winding Up ...........................   26
      13.4   Arbitration and Consultation .................................   26

14.   NON-COMPETITION .....................................................   27

      14.1   Restricted Business ..........................................   27
      14.2   Restriction on Employees .....................................   28

15.   CONFIDENTIALITY AND PROTECTION OF NAME ..............................   28

      15.1   Agreement Confidential .......................................   28
      15.2   Hutchison not to use "Max" ...................................   29
      15.3   MTV not to use "Hutchison" ...................................   29
      15.4   TIP not to use "Max" or "Hutchison" ..........................   29

3

<PAGE>

      15.5   Existing Names ...............................................   29
      15.6   Injunctive Relief ............................................   29
      15.7   Survival .....................................................   29

16.   AGREEMENT ...........................................................   30

17.   NOTICES .............................................................   30

18.   MISCELLANEOUS .......................................................   32

      18.1   Legal and other costs ........................................   32
      18.2   Complete Agreement ...........................................   32
      18.3   Unenforceable Provisions .....................................   32
      18.4   No Partnership ...............................................   32
      18.5   Amendment in Writing .........................................   33
      18.6   No assignment ................................................   33
      18.7   No Waiver ....................................................   33
      18.8   Counterparts .................................................   33
      18.9   Governing Law ................................................   33

SCHEDULE ONE - FAIR VALUE .................................................   35

SCHEDULE TWO - NET ASSET VALUE ............................................   36

EXHIBIT A - ARTICLES ......................................................   37

4

<PAGE>

                             SHAREHOLDERS AGREEMENT

                          HUTCHISON MAX TELECOM LIMITED

THIS SHAREHOLDERS AGREEMENT (this "Agreement") is made the 23rd day of April,
1998:

BETWEEN AND AMONG

1.   MAX TELECOM VENTURES LIMITED, a company incorporated in India whose
     registered office is at Bhai Mohan Singh Nagar, Railmajra, Tehsil
     Balachaur, District Nawanshahr, Punjab 144533, India ("MTV") and a
     Subsidiary of Max India Limited;

2.   HUTCHISON TELECOMMUNICATIONS (INDIA) LIMITED, a company incorporated in
     Mauritius whose registered office is at 4th floor, Les Cascades, Edith
     Cavell Street, Port Louis, Republic of Mauritius ("HTI");

3.   TELECOM INVESTMENTS INDIA PRIVATE LIMITED, a company incorporated in India
     whose registered office is at Bakhtawar 1st Floor, 229 Nariman Point,
     Mumbai 400021, India ("TIP");

4.   HUTCHISON MAX TELECOM LIMITED, a deemed public company incorporated in
     India whose registered office is at Bhai Mohan Singh Nagar, Railmajra,
     Tehsil Balachaur, District Nawanshahr, Punjab 144533, India ("the
     Company").

WHEREAS:

A.   The Company is a joint venture company whose current principal shareholders
     are MTV and HTI, and the Company has Licences to operate a mobile cellular
     telephone network in Mumbai and paging networks in seven cities and in the
     State of Punjab.

B.   As a result of transactions between MTV, Liquid Investment & Trading
     Company and TIP of even date, TIP has purchased 41,000,000 fully paid
     equity shares of the Company constituting 41% of the total paid-up capital
     of the Company.

5

<PAGE>

C.   This Agreement sets out the arrangement between the parties for the
     management on an ongoing basis of the Company.

NOW THEREFORE IN CONSIDERATION OF THE MUTUAL COVENANTS HEREIN CONTAINED AND
OTHER GOOD AND VALUABLE CONSIDERATION THE RECEIPT AND SUFFICIENCY OF WHICH IS
ACKNOWLEDGED IT IS HEREBY AGREED AS FOLLOWS:

1.   DEFINITIONS

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

     "Act" means the Companies Act, 1956 and/or any statutory modifications
     amendments or re-enactments thereto from time to time;

     "Affiliate" means the parent or holding company of any Party or any company
     in which such parent or holding company has a direct or indirect holding of
     more than 40% of the equity share capital;

     "Approvals" means approvals detailed in Clause 3.01(b) of the Share
     Purchase Agreement hereto;

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

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

     "Business Day" means a day on which scheduled banks are open for business
     in Mumbai and New Delhi;

     "Completion" shall have the same meaning as set forth in Clause 4;

     "Directors" means the directors of the Company from time to time;

     "Effective Date" means the date on which the Parties acknowledge (in agreed
     form) that the actions stated in Clause 4 hereof have been complied with;

     "Fair Value" has the meaning set out in Schedules 1;

     "HTI Directors" means those Directors nominated by HTI in accordance with
     Clause 5.1;

6

<PAGE>

     "HTI" means Hutchison Telecommunications (India) Limited, a Mauritius
     incorporated limited company, which includes any company to which any or
     all of the HTI Shares may have been transferred in accordance with this
     Agreement;

     "HTI Shares" means the Shares owned by HTI and/or Subsidiaries and/or
     Affiliates of the group of which it forms part;

     "MTV Director" means any Director nominated by MTV in accordance with
     Clause 5.1;

     "MTV Shares" means the Shares owned by MTV and/or Subsidiaries and/or
     Affiliates of the group of which it forms part;

     "MTV" means Max Telecom Ventures Limited, an Indian incorporated limited
     company, which includes any company to which any or all of the MTV Shares
     may have been transferred in accordance with this Agreement;

     "Memorandum" means the memorandum of association of the Company for the
     time being;

     "Net Asset Value" means in relation to the Shares to be transferred, the
     value per Share calculated in accordance with Schedule 2 and multiplied by
     the number of Shares to be transferred;

     "TIP" means Telecom Investments India Private Limited, a company
     incorporated under the Act, which includes any company to which any or
     all of the TIP Shares have been transferred in accordance with this
     Agreement;

     "TIP Directors" means those Directors nominated by TIP in accordance with
     Clause 5.1;

     "TIP Shares" means the Shares owned by TIP and/or Subsidiaries and/or
     Affiliates of TIP;

     "Party" and "Parties" means the signatories to this Agreement and any other
     person who agrees to be bound by the terms of this Agreement;

     "ROC" means Registrar of Companies, Punjab;

     "Rs." or "Rupees" means the lawful currency of India;

7

<PAGE>

     "Share Purchase Agreement" means an agreement dated 17th March, 1998 in
     relation to the transaction described in Recital B hereof;

     "Shareholder" means a Party and any of its Subsidiaries which is a holder
     of any class of Shares;

     "Shares" means all classes of shares in the capital of the Company or any
     class thereof, as the case may be and includes any and all of the rights
     conferred on a person by the ownership of such shares; and

     "Subsidiary" means in relation to any person, any body registered or other
     entity directly or indirectly controlled by such person, for which purpose
     "control" means ownership of more than 50% of voting share capital (or
     equivalent right of ownership) of such body registered or other entity and
     power to direct its policies and management whether by contract or
     otherwise including any subsidiaries of any parent or holding company of
     any Shareholder.

1.2  References to the plural shall include the singular and vice versa;
     reference to one gender shall include other genders, references to company
     shall include foreign companies, corporations and bodies registered,
     references to persons shall include bodies registered and unincorporated;
     references to Clauses and Schedules are to the clauses and schedules of
     this Agreement; and the headings to this Agreement are for convenience of
     reference only and shall not alter or affect the meaning or interpretation
     of this Agreement.

1.3  This Agreement shall be binding on the Parties when duly executed by them
     but shall not be implemented and acted on until the Effective Date.

2.   SHAREHOLDING

     Subject as hereinafter provided, the issued share capital in the Company at
     the Effective Date shall be held in the following percentages:

     HTI   49%
     MTV   10%
     TIP   41%

3.   REGISTERED OFFICE

     The registered office of the Company shall be situated at such place in
     Punjab or otherwise as may be agreed between the Parties from time to time.

8

<PAGE>

4.   CONDITION OF EFFECTIVENESS.

     This Agreement shall take effect on the completion of the Share Purchase
     Agreement ("Completion"). Upon Completion, the Parties shall ensure that
     Articles, in the form and manner attached hereto as Exhibit "A" are adopted
     at a General Meeting, and the resolution adopting the same shall be filed
     with the ROC.

5.   DIRECTORS AND OFFICERS

5.1  Directors of the Company

     (a)  Subject to the provisions of the Act, the Board shall comprise
          initially of not less than six Directors. Three Directors shall be
          nominated by HTI, one Director shall be nominated by MTV and two
          Directors shall be nominated by TIP. The Shareholder nominating a
          Director may by notice in writing to the Company require the removal
          of such Director and nominate another person as a Director to act in
          his place.

     (b)  Any Shareholder holding less than 10% of the issued equity share
          capital of the Company shall not or shall cease (as the case may be)
          to have any right of nomination under this Clause 5.1.

     (c)  Two Directors shall be non-retiring Directors, one of whom shall be
          nominated by HTI and the other shall be the Managing Director.

5.2  Nominated Directors to be Elected

     Subject to the provisions of the Act, each of the Parties undertakes to
     procure that the persons nominated in accordance with Clause 5.1 shall be
     elected or re-elected as Directors or appointed to the Board as the case
     may be. Furthermore, upon receipt of a written request from MTV, TIP or HTI
     (as the case may be) to remove or not to re-elect any Director nominated by
     them, the Parties shall procure the removal or shall fail to re-elect such
     Director as so requested.

5.3  Alternate Director

     Subject to the provisions of the Act, the Shareholders shall be entitled to
     procure or cause the Board to appoint alternate directors ("Alternate
     Directors"). The persons to be appointed as Alternate Directors shall be
     selected by the respective Shareholders for whose representation the

9

<PAGE>

     original Director was nominated. An Alternate Director shall hold office as
     such in accordance with the Act and shall exercise the same powers and
     discretion and shall owe to the Company and the Shareholders the same
     obligations and duties as the Director to whom he is the alternate.

5.4  Directors' Fees

     Subject to the provisions of the Act, the Directors shall not be paid any
     fees for acting in their capacity as Directors. All Directors may subject
     to applicable restrictions if any under law, be remunerated separately for
     the performance of special or executive duties approved from time to time
     by the Board. All Directors will be entitled to be paid or reimbursed their
     reasonable travelling, accommodation and subsistence expenses incurred in
     attending meetings (Board/general/any other committee meeting) and/or in
     the discharge of their duties as Directors.

5.5  Place and Calling of Board Meetings

     Board meetings shall be held at such places, in or outside of India as the
     Board may determine and failing any such determination at the Company's
     principal office in Mumbai. Board meetings shall, unless otherwise agreed
     by the Board, be held at least once every three months and at least four
     times in each year. Any Director may call a meeting of the Board. Unless
     the requirement of notice is waived by all Directors, fourteen days'
     written notice (or such shorter period as all the Directors may agree) of
     Board meetings shall be given to all the Directors and their Alternate
     Directors. Subject to Clause 5.10, where a Board Meeting is adjourned, it
     shall be reconvened on a day seven Business Days from the original date at
     the same place and time unless the Board decides otherwise. Notices and
     minutes of Board meetings shall be given to each Director at their last
     known address, whether resident in India or abroad.

5.6  Resolution by Circulation

     Subject to the provisions of the Act, 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, then in India
     or outside India, and has been approved by such of the Directors as are
     then in India, or by the requisite majority under Clause 9 or such of them,
     as are entitled to vote on the resolution.

5.7  Co-Chairmen

     The Co-Chairmen of the Board shall be nominated respectively by MTV and
     HTI, in each case to be one of the Directors of the Company as nominated
     by MTV or HTI. The Co-Chairmen of the Board shall preside

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     in rotation as chairman of each meeting of the Board at which he is
     present. In the absence of the co-chairmen, the Directors attending the
     Board meeting shall elect a Director from amongst themselves to chair the
     meeting. In the event of any equality of votes, the chairman of the meeting
     shall not have a second or casting vote. MTV shall not have the right to
     nominate a Co-Chairman if it shall cease to have the right to nominate a
     Director pursuant to Clause 5.1(b).

5.8  Managing Director

     In addition to the Directors appointed under Clause 5.1, the Board shall
     appoint a Managing Director of the Company, provided that:

     (a)  any candidate for the post shall be nominated by HTI having due regard
          to the requisite technical qualifications;

     (b)  any appointment thereof shall be subject to Board approval under
          Clause 9.2(f); and

     (c)  the Managing Director shall be a non-retiring Director.

5.9  Performance of Managing Director

     The Managing Director shall be responsible for the day to day operations of
     the Company subject to the overall control of the Board. The Parties
     recognise that the Managing Director will manage the business and affairs
     of the Company and that his performance shall be the subject matter of a
     consultative process and joint review of the Board.

5.10 Quorum for Directors Meetings

     The quorum for meetings of the Board shall be four (4) Directors, excluding
     interested Directors. If a quorum is not present, the meeting shall be
     adjourned for seven Business Days at the same place and time and if no
     quorum is then present the Directors present shall form a quorum.

5.11 Attendance by Consultants Advisers and Non-voting Attendees

     (a)  If the Board so authorises or requests, auditors, consultants and
          advisers of the Company (in addition to those who also act for any one
          or more of the Directors in a personal capacity) and employees of the
          Company shall be permitted to attend and speak at meetings of the
          Board, but not to vote.

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     (b)  The Parties agree that HTI shall have the rights to bring to all Board
          meeting a nominee of HTI's shareholders who shall be permitted to
          attend and speak at meetings of the Board but not to vote.

5.12 Decisions by Majority Vote

     Subject to the provisions of Clause 9.2 below, all decisions of the Board
     shall be determined by a simple majority of votes.

5.13 Secretary

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

5.14 Auditors

     The auditors of the Company shall be Price Waterhouse or such international
     and reputable firm of accountants as shall from time to time be recommended
     by the Board.

5.15 Accounting Year

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

6.   BUSINESS OF THE COMPANY

     The business of the Company shall be conducted in India and shall comprise
     the following:

     (a)  the provision of cellular telephone services and the sale of cellular
          telephone units and equipment; and

     (b)  the provision of paging services and the sale of pagers and
          accessories.

     The Company shall not engage in any other business.

7.   BUSINESS PLAN & BUDGET

7.1  Business Plan & Budget

     The Company shall prepare at least two months prior to the close of each
     accounting year and the Board shall review, amend and, if thought

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     appropriate, approve prior to the close of such accounting year a business
     plan and a budget comprised of a balance sheet, profit and loss statement,
     cash flow statement, capital expenditure statement and funding requirements
     schedule covering the five year period commencing at the close of such
     accounting year. If Board approval for the budget cannot be obtained then
     the prior year's budget shall be deemed to be the approved budget for the
     current year.

7.2  Budget Details

     The budget shall be in sufficient detail to provide the Directors with
     information sufficient to facilitate their approval.

8.   FUNDING AND CAPITAL

     The funds required by the Company shall be provided first, by the Company's
     cash flow, secondly, by external borrowings, thirdly, by shareholders loans
     and lastly, by the issue of additional share capital. The additional share
     capital shall either be equity or preference. The debt-equity ratio shall
     be determined by the Board from time to time. If further funding is
     required, the Parties shall provide such further funding pro-rata on the
     basis of their respective shareholding in the Company.

9.   MANAGEMENT

9.1  Business to be Managed by the Board

     The Board shall be responsible for the management of the business of the
     Company and determining the overall policies and objectives of the Company.
     The Board shall delegate responsibility for managing the day to day
     operations of the Company to the Managing Director on such terms as the
     Board deems desirable.

9.2  Majority Votes Required for certain Board Meetings

     Notwithstanding any other provision in this Agreement, the Parties agree
     that the following matters shall not be implemented in respect of the
     Company without the passing of a resolution of the Directors present and
     voting, on the issue at a Board Meeting of the Company, which resolution is
     approved by at least 4 of the Directors of the Company, excluding
     interested Directors who are prohibited at law to vote thereon:

     (a)  issue or agree to issue or grant or agree to grant any option over or
          right to acquire any Shares or any other security or purchase or
          redeem any Shares or any other security or issue or agree to issue any
          debenture, loan stock or convertible security;

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     (b)  pass any resolution, the result of which would be the cessation or
          surrender or giving up of the Company's business or any part thereof,
          its winding up or receivership, or make any composition or arrangement
          with creditors whether generally or specifically;

     (c)  establish, acquire or engage in any business, venture or real estate
          or any interest therein, other than those provided in this Agreement
          or dispose of the same, including without limitation taking up shares
          in any company or consolidating or merging with any company or
          business;

     (d)  apply for or make any proposal or submission regarding any licence or
          other like authorisation, for the provision of, paging or cellular
          telephone services outside the geographic areas where they are
          presently provided by the Company or for providing any other
          telecommunications services or make any amendment or addition thereto
          or accept any licence or like authorisation;

     (e)  approve any business plan or budget under Clause 7 or any amendments
          to such business plan or budget;

     (f)  appoint and remove, the Managing Director, or the general manager or
          the executives in charge of finance or of matters relating to
          technical and marketing in respect of each business or all businesses
          of the Company;

     (g)  increase or appoint additional Directors other than Alternate
          Directors;

     (h)  effect any change to the name of the Company, or any current trading
          name of the business of the Company;

     (i)  execute any contracts or agreements between the Company and any Party
          and/or any Subsidiary of any Party;

     (j)  borrow any money exceeding by more than ten percent (10%) in any
          financial year of any amount stated in the last approved business plan
          of the Company or last approved budget whichever is the higher;

     (k)  make any capital expenditure by more than ten percent (10%) in any
          financial year in excess of the last approved business plan or budget
          of the Company;

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     (l)  effect the registration of any transfer of any Shares held by any
          Shareholder (other than a transfer made pursuant to the terms of this
          Agreement);

     (m)  remove or replace the Company's principal banker(s);

     (n)  remove or replace the Company's auditors; and

     (o)  recommendation of distribution of dividends.

10.  FURTHER OBLIGATIONS OF THE PARTIES

10.1 Further Assurance

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

10.2 Directors to Vote to Implement this Agreement

     Each Shareholder shall procure that any Director nominated by it, shall
     exercise or refrain from exercising any voting rights so as to ensure the
     passing of any resolution necessary to give full effect to the provisions
     of this Agreement.

10.3 Accounting and Reporting

     Each of the Shareholders shall, (to the extent it is within it's power to
     do so) procure that the Company will and the Company shall:

     (a)  prepare business plans and budgets as set out in Clause 7.1;

     (b)  keep true and accurate books of accounts and records in accordance
          with Indian and internationally accepted accounting practice and
          procedure and in accordance with Indian law and procure that such
          books and records are audited by the auditors annually as soon as
          possible after the end of each financial year;

     (c)  upon reasonable written notice to the Company allow MTV, TIP and HTI
          or their authorised representatives or professional advisers and the
          Directors, the right during normal business hours to inspect the
          books, accounting records and any documents or records of the Company,
          to make extracts and copies therefrom at their own expense, and to
          have full access to all its property and assets; and

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     (d)  supply to each Director, such regular management and financial
          information in English as is customary and as they may from time to
          time reasonably require including monthly financial, monthly operating
          reports and status of various compliances.

10.4 Exchange of Information

     Each of the Parties shall promptly notify each other and the Company, of
     all or any matters coming to its notice which may affect the title to or
     enjoyment of the Company's premises, licences, authorisations, assets or
     property or the conduct of its business, and of all notifications, orders,
     demand and other communication received from any government or other
     authority in relation to the Company's business, licences, authorisations,
     assets or property.

10.5 Fair Dealings

     All dealings between the Company and any Party or any Subsidiary or
     Affiliate of a Party shall be on a fair and equitable basis and at arm's
     length.

11.  TRANSFER OF SHARES

11.1 Restrictions on Transfer of Ownership

     No rights conferred by the ownership of a Share may be transferred
     separately from legal title to the Share itself and any Transfer of Shares
     shall be subject to the provisions of this Agreement.

11.2 No Mortgage or Pledge of Shares

     Each of the Shareholders, hereby undertakes with the others that during the
     continuance of this Agreement it shall not:

     (a)  mortgage, charge, pledge or otherwise encumber the whole or any part
          of its Shares; or

     (b)  assign or otherwise purport to deal with the beneficial interest
          therein or any right in relation thereto separately from the legal
          interest.

11.3 Permitted Transfers

     Subject to Clause 11.11, any party may transfer its Shares to:

     (a)  a Subsidiary; or

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     (b)  an Affiliate; or

     (c)  any holding or parent company of the Party, or a Subsidiary thereof.

11.4 Default

     A Party shall be in default for the purposes of Clause 11.5 if:

     (a)  it breaches Clause 11.1;

     (b)  it breaches Clause 11.2;

     (c)  it commits a material breach of any provision of this Agreement and
          fails to remedy such breach within 30 days of being required in
          writing to do so by any other Party provided that the mere acquisition
          holding of, or owning the beneficial interest in Shares or securities
          of the Company prohibited or restricted under any legislation,
          regulation, policy or ruling shall not constitute a material breach
          under this Agreement;

     (d)  it becomes bankrupt or insolvent or stops payment to or makes an
          arrangement with its creditors generally, or any resolution is passed
          for its winding up or bankruptcy (other than a winding up for the
          purpose of reconstruction or amalgamation) or any petition or
          proceedings to winding up that Party has been admitted by a competent
          court of law or it ceases to exist or there is an attachment of or the
          levy of execution on a substantial part of the assets or business of
          that Party which is not remedied within 120 days, or an encumbrancer
          takes possession of or a receiver, trustee, administrator or similar
          officer is appointed over all or a substantial part of its assets or
          business; or

     (e)  it breaches Clause 14 and/or 15.

11.5 Sale of Shares on Default

     If any Party is in default within the meaning of Clause 11.4 ("the
     Defaulting Party") the other Parties or any of them ("the Non-Defaulting
     Parties") may within 30 days of becoming aware of such default give the
     Defaulting Party or any Subsidiary of the Defaulting Party and/or other
     parties owning Shares pursuant to Clause 11.3, written notice of the
     default ("Disposal Notice") requiring the Defaulting Party or its
     Subsidiary and/or other parties holding the Shares pursuant to Clause 11.3
     to transfer all of its Shares ("the Disposal Shares") to the Non Defaulting

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     Party or its designee at their Net Asset Value, and the Disposal Shares
     shall then be promptly transferred. In the event of more than one Disposal
     Notices, being served any transfer of Shares thereby resulting shall be
     pro-rata the existing shareholders of the Non-Defaulting Parties in
     question. In order to facilitate such sale and transfer the following shall
     apply:

     (a)  30 days after the receipt by the Defaulting Party of the Disposal
          Notice, the Directors in the Company appointed by the Non Defaulting
          Parties or its Subsidiaries ("the Non Defaulting Directors") shall be
          constituted the agent of the registered owner of the Disposal Shares,
          for the sale of the Disposal Shares to the Non Defaulting Party or
          Parties or its designees.

     (b)  Within seven days after the expiry of the 30 day period referred to in
          Clause 11.5 (a), the Non Defaulting Directors shall execute in the
          name and on behalf of the registered owners thereof, and deliver to
          the Non Defaulting Parties, a transfer of the Disposal Shares to the
          Non Defaulting Parties or its designee in exchange for cashiers or
          bank cheques in Rupees in favour of the registered owners of the
          Disposal Shares at their Net Asset Value. The Non Defaulting Directors
          shall hold the cheques to the order of the registered owners of the
          Disposal Shares once such Shares have been registered in the name of
          the Non Defaulting Party or its designee.

     (c)  Notwithstanding the provisions of Clauses 5.8 and 9.2, the Directors
          of the Company nominated by the Non-Defaulting Parties shall
          constitute a quorum for passing a resolution to register the transfer
          of the Disposal Shares to the transferee.

     (d)  In the event that Government and regulatory approvals are needed for
          the transfer of the Disposal Shares to the Non Defaulting Party, the
          time for transfer and payment for such Shares shall be extended while
          such approval is being actively sought by the Non Defaulting Party or
          its designee.

     (e)  In the event that the Non Defaulting Party is unable to take up any of
          the Disposal Shares due to Indian Law or foreign investment
          regulations, such Non Defaulting Party shall be entitled to nominate
          any third party acceptable under Indian law to acquire such Disposal
          Shares.

     (f)  The Defaulting Party agrees not to take any actions to prevent or
          delay the transfer and registration of the Disposal Shares.

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     The rights of the Non Defaulting Parties under this Clause ll.5 shall be in
     addition to and without prejudice to their rights to claim damages and
     other remedies against the Defaulting Party.

11.6 Repayment of Shareholder Loans and Guarantees

     In the event of any transfer of Shares consequent on a default and unless
     otherwise agreed:

     (a)  any shareholder loans advanced by the Defaulting Party or any of its
          Subsidiaries or Affiliates shall, notwithstanding the terms of such
          loan, be repaid:

          (i)  by the Company at the later of the original repayment date or the
               first anniversary of the date of such transfer; or

          (ii) by an assignment of all or part of such loan(s) to the
               Non-Defaulting Party at the face value (including accumulated
               interest) of such loan(s) to the Non-Defaulting Party, as may be
               agreed between the Non-Defaulting Party and the Company. Any
               interest agreed to be paid by the Company in respect of such
               loan(s) shall continue to accrue until payment shall be made in
               full but not otherwise.

     (b)  the Non Defaulting Parties shall use reasonable endeavours to procure
          the release of any shareholder guarantee given by the Defaulting Party
          or any of its Subsidiaries or Affiliates for the benefit of the
          Company.

11.7 Title and Completion of Share Transfers

     All transfers of Shares shall be effected by the transferor selling as
     beneficial and legal owner free and clear of all liens, charges and
     encumbrances and together with all rights attaching thereto, and upon
     completion, the transferor shall deliver to the transferee, forms of
     transfer in respect of the relevant Shares duly executed by the transferor
     in favour of the transferee together with the relevant share certificates
     and shall vote on the Board to register the transferee as the owner of the
     Shares against payment by the transferee of the price due in respect
     thereof. Subject to this Clause 11.7, the Parties shall thereupon do or
     procure to be done all such acts and things as may be necessary to give
     full effect to the transfer and the registration thereof.

11.8 Rights of First Refusal

11.8.1 MTV Shares

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     (a)  Should MTV wish to transfer any Shares (except for the transfer of
          Shares permitted in Clause 11.3), it shall offer them to all the other
          Parties (for the purposes of this Clause, the Company shall not be a
          Party), by serving a transfer notice ("Transfer Notice") on them
          stating the number of Shares ("Offer Shares") which it proposes to
          sell and whether any shareholder loans or part thereof are to be sold
          as condition of the sale of the Offer Shares together with:

          (i)  the price and other terms, if any, at which it is willing to sell
               its Offer Shares and shareholder loans, such price not being
               higher or the terms more onerous than those to any bona fide
               third person offering to buy the Offer Shares or, in the case of
               shareholders loans, outstanding amounts of such loans and the
               accumulated interest thereon, if any;

          (ii) full details of the terms of any bona fide offer it has received
               to purchase the Offer Shares, if any; and

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

     (b)  Within 21 days after the Transfer Notice is given any other Party may:

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

          (ii) if the Transfer Notice is not accompanied by details of a bona
               fide offer, serve on MTV and the Company a notice requiring the
               Fair Value of the Offer Shares to be determined ("Valuation
               Notice").

     (c)  The other Parties shall be entitled within a period of 21 days after
          any Transfer Notice is given or the date of provision to them of such
          further evidence or information as may be requested under Clause
          11.8.1(b) as the case may be (whichever is the later), to serve a
          purchase notice ("Purchase Notice") on MTV stating:

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

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          (ii) that it declines the Offer Shares.

     (d)  If MTV has not received a Purchase Notice (or Notices) under the terms
          of Clause 11.8.1(c) aggregating the total number of Offer Shares or
          having received the same has not within 30 days, thereafter received
          the price for the Offer Shares in return for a transfer complying with
          Clause 11.7, it shall be entitled to sell all, but not less than all,
          of the Offer Shares to the Prospective Purchaser or otherwise to any
          person at the price and on the terms set out in the Transfer Notice
          provided that if such sale is not completed within 60 days after the
          expiry of the relevant time period referred to in Clause 11.8.1(c),
          subject to any extension thereof under Clause 11.10(c) hereof, the
          right to sell the Offer Shares to the Prospective Purchaser or any
          other person shall lapse.

     (e)  The other Parties shall be entitled within a period of 21 days after
          any Transfer Notice is given under Clause 11.8.1(b) (ii):

          (i)  to serve a Valuation Notice on MTV; or

          (ii) decline the Offer Shares.

     (f)  In the event that a Valuation Notice is served, the provisions of
          Schedule One shall apply. On determination of the Fair Value in
          accordance with such Schedule, the Board shall forthwith upon receipt
          of the auditors' determination notify all the Parties thereof and:

          (i)  any Party wishing to reject the Fair Value, shall do so by
               written notice to all the other Parties, given within 7 days of
               receipt of the auditor's determination, failing which the Fair
               Value will be deemed to be accepted;

          (ii) in the event that any Party does not accept the Fair Value, the
               original Transfer Notice will be deemed to lapse forthwith and
               thereafter Clause 11.8.1(a) shall apply;

          (iii) in the event that the Fair Value is accepted by all Parties then
               HTI and/or TIP shall within 14 days of any notice under this
               sub-Clause 11.8.1(f) serve a purchase notice ("Purchase Notice")
               on MTV stating the number of shares which it wishes to purchase.

     (g)  In respect of Clause 11.8.1(f)(iii), if MTV has not received a
          Purchase Notice (or Notices) aggregating the total number of Offer

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          Shares or having received the same has not within 30 days thereafter
          received the total price for the Offer Shares in return for a transfer
          complying with Clause 11.7, MTV shall be entitled to sell all but not
          part of the Offer Shares to any person at a price not less than that
          represented by the Fair Value, provided that if such sale is not
          completed within 60 days after the expiry of the relevant time period
          referred to in Clause 11.8.1(c) subject to any extension thereof under
          Clause 11.10(c) the right to sell the Offer Shares shall lapse.

     (h)  In the event of there being more than one other Party serving a
          Purchase Notice, the Parties willing to purchase shall be entitled to
          purchase the Offer Shares in proportion to the size of their
          respective shareholding in the Company and the Directors shall
          allocate the Offer Shares to such Parties accordingly. The Directors
          shall forthwith give notice of such allocations to the Offeror and
          such Parties, and the Offeror shall be bound upon payment to transfer
          the Offer Shares so allocated to the purchasing Parties.

11.8.2 TIP Shares

     (a)  Should TIP wish to transfer any Shares (except for the transfer of
          Shares permitted in Clause 11.3), it shall offer them to HTI by
          serving a transfer notice ("Transfer Notice") on HTI stating the
          number of Shares ("Offer Shares") which it proposes to sell and
          whether any shareholder loans or part thereof are to be sold as
          condition of the sale of the Offer Shares together with:

          (i)  the price and other terms, if any, at which it is willing to sell
               its Offer Shares and shareholder loans, such price not being
               higher or the terms more onerous than those to any bona fide
               third person offering to buy the Offer Shares or, in the case of
               shareholders loans, outstanding amounts of such loans and
               including the accumulated interest thereon, if any;

          (ii) full details of the terms of any bona fide offer it has received
               to purchase the Offer Shares, if any; and

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

     (b)  Within 21 days after the Transfer Notice is given HTI may, if the
          Transfer Notice is accompanied by details of a bona fide offer,
          require TIP to produce to it such further evidence as it may
          reasonably require to enable it to establish the bona fides of the
          offer by the Prospective Purchaser.

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     (c)  HTI shall be entitled within a period of 21 days after any Transfer
          Notice is given or the date of provision to it of such further
          evidence or information as may be requested under Clause 11.8.2 (b) as
          the case may be (whichever is the later):

          (i)  to serve a purchase notice ("Purchase Notice") on TIP stating
               that it wishes to purchase the Offer Shares at the price stated
               in the Transfer Notice; or

          (ii) if the Transfer Notice is not accompanied by details of a bona
               fide offer, serve on TIP and the Company a notice requiring the
               Fair Value of the Offer Shares to be determined ("Valuation
               Notice"); or

          (iii) that it declines the Offer Shares.

     (d)  In the event that a Valuation Notice is served, the provisions of
          Schedule One shall apply. On determination of the Fair Value in
          accordance with such Schedule, the Board shall forthwith upon receipt
          of the auditors' determination notify TIP and HTI and the provisions
          of Clause 11.8.2 (c) (i) shall apply mutatis mutandis (save that the
          price for the Offer Shares shall be the Fair Value determined by the
          auditors).

     (e)  If TIP has not received a Purchase Notice for the Offer Shares or
          having received the same has not within 30 days thereafter received
          the total price for the Offer Shares in return for a transfer
          complying with Clause 11.7, TIP shall be entitled to sell all but not
          part of the Offer Shares to the Prospective Purchase at a price and
          on the terms set out in the Transfer Notice provided that if such sale
          is not completed within 60 days after the expiry of the relevant time
          period referred to in Clause 11.8.2 (c) subject to any extension
          thereof under Clause 11.10 (c) the right to sell the Offer Shares
          shall lapse.

11.8.3 HTI Shares

     TIP and MTV shall not have any rights of first refusal over HTI selling its
     shares and notwithstanding Clause 11.3, HTI may freely transfer its Shares
     to any third party.

11.9 Tag Along

     Subject to Clause 11.10, in the event that TIP intends to sell any or all
     of its Shares ("the Sale Shares") otherwise than as permitted by Clause
     11.3:

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     (a)  it shall notify MTV in writing stipulating the principal terms and
          conditions of any such sale, particularly as to the price and
          timescale thereof ("the Sale Notice");

     (b)  MTV may, by written notice to TIP, within 14 days or such longer
          reasonable period permitted by the timescale shown by the Sale Notice,
          require TIP to procure that the intended purchaser of the Sale Shares
          shall extend its offer to purchase from MTV a number of its Shares
          which is pro-rata to the number of Sale Shares that TIP is selling
          with reference to their respective shareholdings in the Company, on
          terms no less favourable than those relating to the Sale Shares;

     (c)  MTV shall thereafter co-operate with TIP and do all things necessary
          to effect completion of a sale of the MTV Shares substantially on the
          terms contemplated by the Sale Notice.

     Provided that:

     (i)  it is hereby agreed and acknowledged that all negotiations in respect
          of a sale under the provisions of this Clause 11.9 shall be conducted
          by TIP who, however, shall take due note of any reasonable requests of
          MTV in regard thereto; and

     (ii) in the event that any such sale does not proceed to completion for
          whatever reason, neither party shall have any claim against the other
          in respect thereof, whether for damages, costs or otherwise.

11.10 Sectoral Caps

     It is hereby agreed that:

     a)   the Parties shall do all things necessary to ensure that any exercise
          of the rights comprised in this Clause 11 shall not give rise to any
          breach of the sectoral caps of the Government of India then in force
          relating to foreign investment in the telecom sector; and

     b)   any sale or transfer contemplated under the provisions of this Clause
          11 shall be subject to any necessary Government or regulatory
          approvals, whether in respect of the said sectoral caps or otherwise;
          and

     c)   any time limit imposed by the provisions of this Clause 11 shall be
          extended pro tanto in respect of any period reasonably necessary to
          obtain any approval under Clause 11.10(b); Provided that, the

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          Parties shall use all reasonable endeavours to expedite the obtaining
          of any such approvals; and

     (d)  if any Party is unable to take up any Transfer Shares or any part
          thereof due to Indian law or foreign investment regulations, such
          Party shall be entitled to nominate any third party acceptable under
          such law to purchase the Offer Shares or any part thereof.

11.11 Deed of Adherence

     If Shares are being transferred:

     (a)  pursuant to Clause 11.3; or

     (b)  to a Prospective Purchaser pursuant to Clause 11.8,

     the Shareholder transferring those Shares must procure prior to such
     transfer that the Subsidiary, Affiliate, Prospective Purchaser or other
     person, as the case may be, agrees to be bound by this Agreement by signing
     a deed of adherence in a form approved by the Board if it is not already so
     bound.

12.  MAINTENANCE OF LICENCES, GOVERNMENT APPROVALS

     Each of the Parties shall (to the extent it is within its power to do so)
     procure that the Company shall.

     (a)  use its best endeavours to obtain and maintain in full force and
          effect all governmental or other approvals, consents, licences,
          authorisations, declarations, filings and registrations as may be
          required or advisable for the carrying on of its business ("Relevant
          Authorisations"); and

     (b)  obtain and keep in effect such new or additional Relevant
          Authorisations as may become necessary for the carrying on of its
          business.

13.  TERM, TERMINATION AND DISPUTES

13.1 Term

     This Agreement shall continue in force from the date hereof for a period of
     30 years, at which time this Agreement shall be automatically renewed for
     consecutive periods of five years each unless terminated by any Party, as
     to itself, by giving to the other Parties 12 months' prior written notice

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     of termination, such notice to expire at the end of the 30 year period or
     at the end of each subsequent period of five years, as the case may be.

13.2 Rights of Parties on Winding Up

     The Parties may prove in the winding-up of the Company to the maximum
     extent permitted by law for all sums due or to fall due to them
     respectively from the Company and shall exercise all rights of set off and
     generally do all such other acts and things as may be available to them in
     order to obtain the maximum receipts and recoveries.

13.3 Agreement Terminates on Winding Up

     In the event of the winding up of the Company, this Agreement shall
     terminate and all of the terms of this Agreement shall cease to bind the
     Parties. Termination of this Agreement shall not affect the rights of any
     Party to exercise its rights in respect of any breach of this Agreement by
     any or all of the Parties prior to the winding up of the Company. In the
     event of any Party ceasing to have any legal or beneficial interest in any
     Shares, the terms of this Agreement shall cease to bind such Party (except
     Clauses 14 and 15 which shall continue to bind such Party) without
     prejudice to the rights of the other Parties to exercise their rights in
     respect of any breach of this Agreement by the departing Party prior to its
     ceasing to have any such interest, and if none of its Subsidiaries own any
     Shares, the Party ceasing to have such interest shall cause the Directors
     and Managing Director (if any) nominated by it to resign immediately.

13.4 Arbitration and Consultation

13.4.1 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, the Parties shall first endeavour to
     reach an amicable settlement through mutual consultations and negotiations.
     If the parties are unable to reach an amicable settlement within 30 Banking
     Days from the date on which the dispute arose (except as to any matter for
     which express provisions are made in this Agreement), any of the Parties
     may make a reference to arbitration in accordance with Clause 13.4.2.

13.4.2 Arbitration

(a)  In the absence of any settlement of disputes under Clause 13.4.1 any and
     all disputes or differences arising out of or in connection with this

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     Agreement or its performance shall be submitted to arbitration at the
     request of a Party upon written notice to that effect to the other Party/
     Parties and such arbitration shall be conducted in accordance with the
     Indian Arbitration and Conciliation Act, 1996 (the "Arbitration Act") by a
     panel consisting of three (3) arbitrators.

(b)  While submitting the dispute or difference to arbitration in accordance
     with sub-clause (a) above, the Party, while so submitting shall, in its
     notice, specify the name of one arbitrator appointed by it. Within 30
     Banking Days of the receipt of notice, the other shall appoint an
     arbitrator. The third arbitrator (who will act as the chairman) shall be
     nominated by the two arbitrators appointed as aforesaid or, failing such
     nomination within 30 Banking Days of the appointment of the second
     arbitrator, shall be appointed in accordance with the Arbitration Act. Each
     of the arbitrators shall be either a retired judge of the Supreme Court of
     India or retired judge of one of the high Court of India or a reputed
     member of the Bar Council of India having at least 15 years of experience
     as an advocate.

(c)  The language of the arbitration shall be English. The venue of the
     arbitration shall be at Mumbai, India.

(d)  The Parties agree that the award of the arbitrators shall be final and
     binding upon the Parties, and that none of the Parties shall be entitled to
     commence or maintain any action in a court of law upon any matter in
     dispute arising from or in relation to this Agreement, except for the
     enforcement of an arbitral award granted pursuant to this Clause if
     required.

14.  NON-COMPETITION

14.1 Restricted Business

     Each of the Parties undertakes to the others that during the currency of
     this Agreement:

     (a)  neither it nor its Subsidiary or Affiliate will carry on or be
          engaged, concerned or interested directly or indirectly (whether as
          shareholder, director, employee, partner, agent, or otherwise):

          (i)  in any business described in Clause 6(a) in the areas where the
               Company at that time carries on the business of provision of
               cellular telephone services; or

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<PAGE>

          (ii) in any business described in Clause 6(b) in the areas where the
               Company at the time carries on the business of provision of
               paging services.

     (b)  it will procure that its Subsidiaries and Affiliate abide by the
          restriction in Clause 14.1(a).

14.2 Restriction on Employees

     If any Party or its Subsidiary or Affiliate ceases to be Shareholder for
     any reason other than solely by reason of the liquidation or winding-up of
     the Company, that Party shall not, and shall procure that its Subsidiaries
     do not, and shall use reasonable endeavours to procure that its directors,
     officers or key employee do not for a period of two years from the date of
     such reason, directly or indirectly, carry on or be interested in any
     business which if carried on by a Party would be in breach of Clause 14.1
     (a). However the aforesaid shall not apply to any directors, officers or
     key employee who prior to execution of this Agreement has either directly
     or indirectly carried on or was interested in any business which would
     breach Clause 14.1 (a).

14.3 Exception

     Notwithstanding anything to the contrary, the provisions of this Agreement
     shall not prevent any director or shareholder of TIP in the ordinary course
     of business either directly or indirectly, from making any investments or
     from being engaged or concerned in any business in the telecom sector
     except as to any investments in BPL Systems Ltd and/or any other private
     paging operator in the circles in which the Company operates its paging
     services pursuant to a license issued by the Department of
     Telecommunication in this regard.

15.  CONFIDENTIALITY AND PROTECTION OF NAME

15.1 Agreement Confidential

     The Parties agree to keep secret and confidential and not to disclose,
     except to the extent required by law or any regulatory authority, to any
     third party without the prior written consent of MTV, TIP and HTI any
     information or documents relating to the operation of the business of the
     Company.

     Any formal press or other public announcement in writing relating to this
     Agreement or any of its terms shall be in a form previously agreed MTV, TIP
     and HTL.

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<PAGE>

15.2 Hutchison not to use "Max"

     HTI shall not and shall use its best efforts to ensure that its
     Subsidiaries and Affiliates and their respective directors, and officers do
     not use a name including the word "Max" or any logo or trademark used by
     MTV or its Subsidiaries or used by the Company or any word, logo or
     trademark similar thereto.

15.3 MTV not to use "Hutchison"

     MTV shall not and shall use its best efforts to ensure that its
     Subsidiaries and Affiliates and their respective directors and officers do
     not use, a name including the word "Hutchison" or any logo or trademark
     used by HTI or its Subsidiaries or Affiliates or used by the Company or any
     word, logo or trademark similar thereto.

15.4 TIP not to use "Max" or "Hutchison"

     TIP shall not use the words "Max" or "Hutchison" and shall use its best
     efforts to ensure that its Subsidiaries and Affiliates and their respective
     directors and officers do not use, a name including the word "Hutchison" or
     "Max", or any logo or trademark used by either HTI, MTV, or the Company or
     any word, logo or trademark similar thereto.

15.5 Existing Names

     Nothing in this Clause 15 shall prevent the continued use of any existing
     name, logo or trademark of the Company. Provided that 90 days notice (or
     such shorter period as MTV shall agree) shall be given to MTV of any
     intention to cease the use of the "Max" name.

15.6 Injunctive Relief

     The obligations cast upon the Parties by this Clause 15 are extremely
     valuable, for which no adequate monetary compensation may be available, and
     accordingly performance of the said obligations by the other Party forms
     the very substance of this Agreement and goes to its very root and intent
     for which the aggrieved Party shall be, notwithstanding any other
     stipulation in this Agreement (including the arbitration provision),
     entitled to injunctive relief from the appropriate law courts in the event
     of the failure of the other Party to perform the said obligations.

15.7 Survival

     The rights, duties and obligations contained in this Clause 15 shall
     survive termination of this Agreement or the winding up of the Company.

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16.  AGREEMENT

16.1 Agreement to Prevail

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

16.2 Amendment of Memorandum and Articles

     Each of the Parties hereby undertakes that it shall whenever necessary
     exercise all voting and other rights and powers available to it to procure
     the amendment of the Memorandum and Articles to the extent necessary to
     permit the Company and its affairs to be operated as provided herein so
     that the same are consistent with the provisions of this Agreement.

17.  NOTICES

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

     Max Telecom Ventures Limited

     To:        the Registered Office address stated above (to the attention of
                the Director)

     Copy to:
                20-A Lajpat Nagar
                Part IV, New Delhi-110024
                India.
                Tel:   (91-11) 6237200
                Telex: (91 11) 62505
                Fax:   (91 11) 6218480

                Attn: Director

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     Hutchison Telecommunications (India) Limited

          To:        4th floor
                     Les Cascades
                     Edith Cavell Street
                     Port Louis, Mauritius

          Attn:      Company Secretary

          Copy to:   18/F Two Harbourfront
                     22 Tak Fung Street
                     Hunghom, Kowloon
                     Tel:(852) 2828 3222
                     Fax:(852) 2827 1382

          Attn.:     The Group Managing Director

     Telecom Investments India Private Limited

          To:        Bakhtawar 1st Floor
                     229 Nariman Point
                     Mumbai 400 021

          Attn:      Mark Silgardo
          Fax:       91-22-2826632

     Hutchison Max Telecom Limited

          To:        Bhai Mohan Singh Nagar
                     Railmajra
                     Tehsil Balachaur
                     District Nawanshahr
                     Punjab 144533

          Attn:      Company Secretary

          Copy to:   Sahas Building, 414/2
                     Off Veer Savarkar Marg
                     Prabhadevi
                     Mumbai-400025
                     India

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          Attn:      Managing Director
          Fax:       91-22-4310202

     Any notice sent by telex or fax shall be deemed served upon despatch, with
     receipt of answer back in the case of telex and on confirmation of good
     receipt in the case of a fax, and any notice served by registered post
     shall be deemed served 10 days after posting airmail, whether to an address
     in India or an address outside India. In proving the service of any notice
     it will be sufficient to prove, in the case of service by registered post,
     that such letter was properly stamped, registered, addressed and placed in
     the post and in the case of a telex on receipt of the correct answer back.

18.  MISCELLANEOUS

18.1 Legal and other costs

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

18.2 Complete Agreement

     This Agreement, and any agreements to be entered into pursuant thereto
     embody all the terms and conditions agreed upon between the Parties and as
     from the Effective Date supersedes and cancels in all respects all previous
     correspondence, understandings, agreements and underlings (if any) between
     the Parties with respect to the subject matter hereof, whether such be
     written or oral.

18.3 Unenforceable Provisions

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

18.4 No Partnership

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

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18.5 Amendment in Writing

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

18.6 No assignment

     Without prejudice to the provisions of Clause 10, this Agreement is
     personal to the Parties and is not capable of being assigned in whole or in
     part by any Party.

18.7 No Waiver

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

18.8 Counterparts

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

18.9 Governing Law

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

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

SIGNED BY TING CHAN                     )   /s/ Ting Chan
For and on behalf of                    )   ------------------------------------
Hutchison Telecommunications            )
(India) Limited                         )
                                        )

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<PAGE>

SIGNED BY SURENDRA KAUL & VIVEK JETLEY  )   /s/ Surendra Kaul & Vivek Jetley
For and on behalf of                    )   ------------------------------------
Max Telecom Ventures Limited            )
                                        )

SIGNED BY KEVIN RUSSELL                 )   /s/ Kevin Russell
For and on behalf of                    )   ------------------------------------
Telecom Investments India Private       )
Limited                                 )
                                        )

SIGNED BY ASHWANI WINDLASS              )   /s/ Ashwani Windlass
For and on behalf of                    )   ------------------------------------
Hutchison Max Telecom Limited           )
                                        )

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<PAGE>

                            SCHEDULE ONE - FAIR VALUE

Where Fair Value is to be determined under this Agreement in relation to any
Shares, it shall be determined in accordance with the following provisions of
this Schedule:

1.   The auditors shall be jointly instructed by the Shareholder whose Shares
     are to be transferred ("Transferor") and the intending purchaser. The
     auditors shall value the Shares on the basis of an arm's length sale
     between a willing buyer with the funds to buy and a willing seller having
     regard to the terms of this Agreement.

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

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

4.   The costs of the auditors shall be borne equally between (i) the Transferor
     and (ii) the Parties requesting the determination of the Fair Value.

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

35

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