Exhibit 4.4.3

|Message |  | LIMITED LIABILITY PARTNERSHIP
ADVOCATEN   BELASTINGADVISEURS SOLICITORS
|------- |  | -----------------------------------------------------------------------
|        |  |                                                                        

EXECUTION VERSION

VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCHas Pledgor andABN AMRO BANK N.V.as Pledgee

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DISCLOSED PLEDGE OF COLLECTION ACCOUNT

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CONTENTS

|CLAUSE |                                             |  | PAGE
|------ | ------------------------------------------- |  | ----
|       |                                             | 
|1.     | DEFINITIONS AND   INTERPRETATION            |  | 1   
|       |                                             |  |     
|2.     | UNDERTAKING TO PLEDGE                       |  | 3   
|       |                                             |  |     
|3.     | PLEDGE                                      |  | 3   
|       |                                             |  |     
|4.     | REPRESENTATIONS,   WARRANTIES AND COVENANTS |  | 4   
|       |                                             |  |     
|5.     | ENFORCEMENT                                 |  | 5   
|       |                                             |  |     
|6.     | MISCELLANEOUS PROVISIONS                    |  | 5   
|       |                                             |  |     
|7.     | POWER TO TRANSFER;   REPLEDGE               |  | 6   
|       |                                             |  |     
|8.     | TERMINATION                                 |  | 7   
|       |                                             |  |     
|9.     | GOVERNING LAW JURISDICTION                  |  | 7   

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THIS DEEDis made by:

|1. | VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH, a   branch of VCP Overseas holding KFT (a company organised under the laws of   Hungary), licensed in the commercial register of canton of Zug, Switzerland,   as the Guarantor (the Pledgor);   and                                  
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                          
|2. | ABN AMRO BANK N.V., a public company with limited liability (naamloze vennootschap), incorporated   under Netherlands law, having its corporate seat (statutaire zetel) in Amsterdam, The Netherlands, Chamber of   Commerce registration number 33002587 as the Trustee (the Pledgee).

IT IS HEREBY AGREED AS FOLLOWS:

|1.  | DEFINITIONS AND INTERPRETATION
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|    |                               
|1.1 | Definitions                   
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|    | 1.1.1                         
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|    | 1.1.2                         
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|    |                                                                                                                                                                                                                                                                                                                                                     | Account means the Collection Account   with number 56.42.26.475 USD maintained by the Pledgor with the Account Bank   in The Netherlands;                                                                                                                                                                                                                                                                                                
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Account Bank means ABN AMRO Bank N.V.   with which the Pledgor maintains the Account;                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Deed   means this deed of pledge;                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Enforcement Event means any default (verzuim) in the proper performance of   the Secured Obligations or any part thereof provided it is also an Event of   Default;                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Finance Documents has the meaning given   thereto in the Restated Agreement;                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Obligor has the meaning given thereto in   the Restated Agreement;                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Parallel Debt means the covenant to pay   to the Trustee and the provisions relating thereto as described in clause   25.22 (Parallel Debt (Covenant to pay the   Trustee)) of the Restated Agreement;                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Principal Obligations means all present   and future obligations owed by any Obligor to any Secured Party under or in   connection with the Finance Documents, other   thanthe obligations pursuant to the Parallel Debt;                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Restated Agreement means the ABN   Facility Agreements and the agreement pursuant to which the ABN Loan No. 3   was advanced as restated by the Restatement Agreement.                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Restatement Agreement means the   restatement agreement dated as of the date of this Deed pursuant to which   Votorantim Celulose e Papel S.A., the Pledgor, ABN AMRO Bank N.V. as   arranger, ABN AMRO Bank N.V. as agent, the Pledgee as trustee and the other   parties named therein agreed to restate the terms and conditions upon which   the ABN Loans are outstanding upon the terms and conditions of the Restated   Agreement.
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Rights means all present and future   rights (vorderingen) of the   Pledgor vis-à-vis the Account Bank;                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Secured Obligations means all present   and future obligations owed by any Obligor to the Pledgee under or in   connection with the Finance Documents; and                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                     | Secured Parties has the meaning given   thereto in the Restated Agreement.                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|1.2 | Interpretation                                                                                                                                                                                                                                                                                                                                     
|    |                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | Any references made in   this Deed to any Finance Document or to any agreement or document (under   whatever name), shall, where applicable, be deemed to be references to such   Finance Document or such other agreement or documents as the same may have   been, or may at any time be, extended, prolonged, amended, restated,   supplemented,

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|    | renewed   or novated, as persons may accede thereto as a party or withdraw therefrom as   a party in part or in whole or be released thereunder in part or in whole,   and as facilities and financial services are or may at any time be granted,   extended, prolonged, increased, reduced, cancelled, withdrawn, amended,   restated, supplemented, renewed or novated thereunder including, without   limitation, (i) any increase or reduction in any amount available thereunder   or any alteration of or addition to the purpose for which any such amount, or   increased or reduced amount may be used, (ii) any facility provided in   substitution of or in addition to the facilities originally made available   thereunder, (iii) any rescheduling of the indebtedness incurred thereunder   whether in isolation or in connection with any of the foregoing, and (iv) any   combination of the foregoing.
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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.  | UNDERTAKING TO PLEDGE AND PARALLEL   DEBT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.1 | Undertaking to pledge                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | The   Pledgor hereby agrees with the Pledgee that the Pledgor shall grant to the   Pledgee a right of pledge over the Rights, as security for the payment of the   Secured Obligations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.2 | Parallel Debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|    | Pursuant to the Parallel Debt the Pledgee
has its own claim in respect of the payment obligations of the Obligors to the
Secured Parties under the Finance Documents. With respect to this claim the
Pledgee acts in its own name and not as representative
(vertegenwoordiger) of the Secured Parties or any of them and
consequently the Pledgee becomes the sole pledgee under this Deed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3.  | PLEDGE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|3.1 | Pledge of Rights                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

| | 3.1.1 | To secure the payment of the Secured
Obligations the Pledgor hereby grants to the Pledgee a disclosed right of
pledge (openbaar pandrecht) over the Rights, which right of pledge is
hereby accepted by the Pledgee.                                                                                                                                                                                                                                                         
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | 3.1.2 | If   and to the extent that at the time of the creation of this right of pledge,   or at any time hereafter, a Principal Obligation owed to the Pledgee cannot   be validly secured through the Parallel Debt, such Principal Obligation   itself shall be a Secured Obligation.                                                                                                                                                                                             
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | 3.1.3 | The   Pledgor, to the extent required, notifies the Pledgee in its capacity of   Account Bank of the right of pledge created hereby and the Pledgee by   co-signing this Deed, among others, acknowledges receipt of notice of this   Deed and the pledges envisaged hereby and hereby waives (doet afstand van recht) any right of   pledge and any rights of set-off or suspension it has under its general   banking conditions (algemene   bankvoorwaarden) or otherwise.
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | 3.1.4 | The   Pledgee is entitled to present this Deed and any other document pursuant   hereto for registration to any office, registrar or governmental body in any   jurisdiction the Pledgee deems necessary or useful to protect its interests.                                                                                                                                                                                                                                 

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|3.2 | Withdrawal rights                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | Only   the Pledgee is entitled to collect and receive payment of the Rights pledged   hereby.  The Pledgee hereby authorises   the Pledgor to withdraw and transfer monies from the Accounts (as envisaged   by Article 3:246-4 Dutch Civil Code) in accordance with clause 20.8 (Payments from Collection Account on Interest   Payment Dates) of the Restated Agreement. The Pledgee may revoke   this authorisation upon the occurrence of a Default and the authorisation   shall automatically cease to exist upon the occurrence of an Enforcement   Event.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4.  | REPRESENTATIONS, WARRANTIES AND   COVENANTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4.1 | Representations and warranties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | The   Pledgor hereby represents and warrants to the Pledgee that the following is   true and correct on the date hereof:                                                                                                                                                                                                                                                                                                                                                                                                                                         

|    |                                              | (a) | the   Pledgor is entitled to pledge the Rights as envisaged hereby;                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------- | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                              |     |                                                                                                                                                                                                                                                                                                                                              
|    |                                              | (b) | the   right of pledge created hereby over the Rights is a first ranking right of   pledge (pandrecht eerste in rang),   the Rights have not been encumbered with limited rights (beperkte rechten) or otherwise and no   attachment (beslag) on the   Rights has been made; and                                                              
|    |                                              |     |                                                                                                                                                                                                                                                                                                                                              
|    |                                              | (c) | the   Rights have not been transferred, encumbered or attached in advance, nor has   the Pledgor agreed to such transfer or encumbrance in advance.                                                                                                                                                                                          
|    |                                              |     |                                                                                                                                                                                                                                                                                                                                              
|4.2 | Covenants                                   
|    |                                              |     |                                                                                                                                                                                                                                                                                                                                              
|    | The   Pledgor hereby covenants that it will:
|    |                                              |     |                                                                                                                                                                                                                                                                                                                                              
|    |                                              | (a) | other   than as explicitly permitted under the terms of the other Finance Documents,   not release, settle or subordinate any Rights without the Pledgees prior   written consent;                                                                                                                                                          
|    |                                              |     |                                                                                                                                                                                                                                                                                                                                              
|    |                                              | (b) | at   the Pledgees first request, promptly submit an up-to-date overview listing   the Rights and the balances of the Account in the form determined and   notified in writing by the Pledgee, which may include a print-out and/or an   electronic data carrier containing the relevant data;                                               
|    |                                              |     |                                                                                                                                                                                                                                                                                                                                              
|    |                                              | (c) | at   its own expense execute all documents and do all such acts as the Pledgee may   request for creating, perfecting or protecting the right of pledge envisaged   hereby;                                                                                                                                                                  
|    |                                              |     |                                                                                                                                                                                                                                                                                                                                              
|    |                                              | (d) | not   pledge, otherwise encumber or transfer any Rights, whether or not in advance,   other than as envisaged hereby or as explicitly permitted under the terms of   the other Finance Documents, or perform any act that may harm the rights of   the Pledgee, or permit to subsist any kind of encumbrance or attachment over   the Rights;

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| |  | (e) | immediately   inform the Pledgee of any event or circumstance which may be of importance to   the Pledgee for the preservation or exercise of the Pledgees rights pursuant   hereto and provide the Pledgee, upon the Pledgees written request, with any   other information in relation to the (pledge of the) Rights as the Pledgee   may from time to time request;
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |     |                                                                                                                                                                                                                                                                                                                                                                         
| |  | (f) | immediately   inform in writing persons such as a liquidator (curator) in bankruptcy, an administrator (bewindvoerder) in a (preliminary)   suspension of payment or persons making an attachment, of the existence of   the rights of the Pledgee pursuant hereto; and                                                                                                 
| |  |     |                                                                                                                                                                                                                                                                                                                                                                         
| |  | (g) | to   the extent that under rules of private international law, the creation of a   security interest over the Rights is governed by any law other than Dutch   law, perform all such acts as may be required to create or perfect such   security interest, to the extent requested to do so by the Pledgee.                                                            

|5.  | ENFORCEMENT                                                                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                          
|5.1 | Any failure by the Pledgor to satisfy the Secured   Obligations when due shall constitute a default (verzuim)in   the performance of the Secured Obligations, without any reminder letter (sommatie) or notice of default (ingebrekestelling) being required.                                            
|    |                                                                                                                                                                                                                                                                                                          
|5.2 | Upon the occurrence of an Enforcement Event, the   Pledgee may enforce its right of pledge and take recourse against the   proceeds thereof.                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                          
|5.3 | The Pledgor shall not be entitled to request the   court to determine that the Rights pledged pursuant hereto shall be sold in a   manner deviating from the provisions of Article 3:250 Dutch Civil Code.                                                                                               
|    |                                                                                                                                                                                                                                                                                                          
|5.4 | The Pledgee shall not be obliged to give notice to   the Pledgor of any intention to sell the pledged Rights (as provided in   Article 3:249 Dutch Civil Code) or, if applicable, of the fact that it has   sold such Rights (as provide in Article 3:252 Dutch Civil Code).                             
|    |                                                                                                                                                                                                                                                                                                          
|5.5 | All monies received or realised by the Pledgee in   connection with the Rights shall be applied by the Pledgee in accordance with   the relevant provisions of the Finance Documents, subject to the mandatory   provisions of Dutch law on enforcement (uitwinning).                                    
|    |                                                                                                                                                                                                                                                                                                          
|6.  | MISCELLANEOUS PROVISIONS                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                          
|6.1 | Waiver                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                          
|    | To   the fullest extent allowed by applicable law, the Pledgor waives any right it   may have of first requiring the Pledgee to proceed against or claim payment   from any other Person or enforce any guarantee or security granted by any   other person before exercising its rights pursuant hereto.
|    |                                                                                                                                                                                                                                                                                                          
|6.2 | Evidence of indebtedness                                                                                                                                                                                                                                                                                 
|    |                                                                                                                                                                                                                                                                                                          
|    | An   excerpt from the Pledgees records shall serve as conclusive evidence (dwingend bewijs) of the existence and   the amounts of the Secured Obligations, subject to proof to the contrary.                                                                                                            

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|6.3 | Unenforceability                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | The   Pledgor and the Pledgee hereby agree that they will negotiate in good faith   to replace any provision hereof which may be held unenforceable with a   provision which is enforceable and which is as similar as possible in   substance to the unenforceable provision.                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.4 | Power of attorney                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | The   Pledgor hereby grants an irrevocable power of attorney to the Pledgee   authorising the Pledgee to execute all documents and to perform all such acts   as the Pledgee may deem necessary in order to have the full benefit of the   rights (to be) granted pursuant hereto, including the exercise of any   ancillary rights (nevenrechten)   as well as any other rights of the Pledgor in relation to the Rights, which   authorisation permits the Pledgee to (also) act as the Pledgors counterparty   within the meaning of Article 3:68 Dutch Civil Code.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|6.5 | Costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

| | 6.5.1 | All   risks, taxes, fees, costs, charges and other expenses due or incurred in   respect of or in connection with (the pledge of) any Rights, shall be   exclusively for the account of the Pledgor.                                                                                                                                                                                                                                                                                                                     
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | 6.5.2 | All costs, charges and expenses incurred
by the Pledgee in the lawful exercise of the powers conferred upon it pursuant
hereto (including any enforcement measure), or in relation to the negotiation,
preparation and administration of this Deed, as well as in connection with any
variation, amendment or supplement to the terms of this Deed, and any costs,
charges and expenses incurred by the Pledgee in connection with any consent or
waiver, shall be payable by the Pledgor to the Pledgee on first
demand.

|7.  | POWER TO TRANSFER; REPLEDGE                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.1 | The Pledgee is entitled to transfer all or part of   its rights and/or obligations pursuant hereto to any successor Trustee in   accordance with clause 25.19 (Resignation   of Trustee) of the Restated Agreement and the Pledgor hereby in   advance gives its irrevocable consent to and hereby in advance irrevocably   co-operates with any such transfer (within the meaning of Articles 6:156 and   6:159 Dutch Civil Code).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.2 | The Pledgor hereby grants power to the Pledgee to   repledge (herverpanden) any   Rights pledged pursuant hereto, as envisaged by Article 3:242 Dutch Civil   Code in favour of any New Lender in accordance with clause 22 (Changes to the lenders) of the Restated   Agreement (herpandhouder) to   secure the payment of the Secured Obligations.                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.3 | The Pledgee is entitled to impart any information   concerning the Pledgor or the Rights to any (proposed) transferee or any   (proposed) repledgee.                                                                                                                                                                                                                                                                               

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|8.  | TERMINATION                                                                                                                                                                                                                                                                                                                                                                                                                                                
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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|8.1 | Unless terminated by operation of law, the Pledgees   right of pledge created pursuant hereto shall be in full force and effect   vis-à-vis the Pledgor until it shall have terminated, in part or in whole, as   described in clause 8.2 below.                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|8.2 | The Pledgee will be entitled to terminate by notice   the right of pledge created pursuant hereto, in part or in whole, in respect   of all or part of the Rights and/or all or part of the Secured Obligations.   If and insofar as the purported effect of any such termination would require   a waiver (afstand van recht) by   the Pledgee, such termination shall be construed accordingly and the Pledgor   hereby in advance agrees to such waiver.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|9.  | GOVERNING LAW AND JURISDICTION                                                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|9.1 | Governing law                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | This   Deed is governed by and shall be interpreted in accordance with Dutch law.                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|9.2 | Jurisdiction                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | All   disputes arising from or in connection with this Deed (including a dispute   regarding the existence, validity or termination of this Deed or the   consequences of its nullity) (a Dispute)   shall be submitted to the competent court (rechtbank)   in Amsterdam, without prejudice to the Pledgees right to submit any Disputes   to any other competent court in The Netherlands or in any other jurisdiction.                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|9.3 | Attorneys                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    | If   a party to this Deed is represented by (an) attorney(s) in connection with   the execution of this Deed or any agreement or document pursuant hereto, and   the relevant power of attorney is expressed to be governed by Dutch law, such   choice of law is hereby accepted by the other party, in accordance with   Article 14 of the Hague Convention on the Law Applicable to Agency of 14   March 1978.                                          

This Deed has been executed on 27 September 2006 by:

VCP OVERSEAS HOLDING LTD. BUDAPEST, BAAR BRANCH, as Pledgor

|       |  | 
|------ |  | 
|       |  | 
|Name:  |  | 
|Title: |  | 

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ABN AMRO BANK N.V., as Pledgee

|       |  | 
|------ |  | 
|       |  | 
|Name:  |  | 
|Title: |  | 

|       |  | 
|------ |  | 
|       |  | 
|Name:  |  | 
|Title: |  | 



FOR ACKNOWLEDGEMENT AND WAIVER PURSUANT TO CLAUSE 3.1.3:

ABN AMRO BANK N.V., as Account Bank

|       |  | 
|------ |  | 
|       |  | 
|Name:  |  | 
|Title: |  | 

|       |  | 
|------ |  | 
|       |  | 
|Name:  |  | 
|Title: |  | 

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