----

| 1. | Central European Media      Enterprises N.V., a public limited liability company (naamloze vennootschap)      under the laws of the Netherlands Antilles, having its registered offices      in Curaçao, Netherlands Antilles, and its office address at Schottegatweg      Oost 44, Curaçao, Netherlands Antilles, and registered with the Commercial      Register of the Curaçao Chamber of Commerce and Industry under number      67248 (hereinafter: the "Pledgor"); |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | TheBank of New York, a New      York corporation, having its registered offices at One      Canada Square, London E14 5AL, United Kingdom (hereinafter: the "Pledgee");      and |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | CME Media EnterprisesB.V., a private      company with limited liability (besloten vennootschap met      beperkte aansprakelijkheid) under the laws of the Netherlands,      having its registered offices in Amsterdam, the Netherlands and its office      address at Dam 5B, 1012 JS Amsterdam, the Netherlands, and registered with      the Trade Register under number 33246826 (hereinafter: the "Company"). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a. | in      the Indenture, as defined hereafter, the Pledgor has assumed the      obligation to provide security to the Pledgee, in the form of a right of      pledge; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b. | in      complying with the aforementioned obligation, the Pledgor and the Pledgee      wish to hereby establish a fifth priority right of pledge in respect of      the Shares (as defined hereafter) under the following    terms. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| a. | an      "Event of      Default": each "Event of Default" as defined in Section 6.01 of the      Indenture, as well as, insofar as not included in that definition, each      Event of Statutory Default; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b. | an      "Event of Statutory      Default": each event where the Pledgor is in default ("verzuim"), as defined      in Section 6:81 of the Dutch Civil Code, in the performance of one or more      of the Secured Obligations; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c. | “Existing Rights of Pledge": means the      rights of pledge on the Shares (as defined hereinafter) created in favor      of (i) the predecessor of the Pledgee (JPMorgan Chase Bank, N.A., London      Branch), on the fifth day of May two thousand five pursuant to that      certain notarial deed of pledge dated the fifth day of May two thousand      and five among inter      alia JPMorgan Chase Bank, N.A., London Branch, the Pledgor and the      Company, (ii) European Bank for Reconstruction and Development on the      twenty-first day of July two thousand and six pursuant to that certain      notarial deed of pledge dated the twenty-first day of July two thousand      and six among the Pledgor, European Bank for Reconstruction and      Development and the Company, (iii) the Pledgee, on the sixteenth day of      May two thousand and seven pursuant to that certain notarial deed of      pledge dated the sixteenth day of May two thousand and seven among the      Pledgor, the Pledgee and the Company, and (iv) European Bank for      Reconstruction and Development on the twenty-second day of August two      thousand and seven pursuant to that certain notarial deed of pledge dated      the twenty-second day of August two thousand and seven among the Pledgor,      European Bank for Reconstruction and Development and the Company; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d. | “Future Shares” means any      and all future shares in the      capital of the Company to be acquired (either through issue, purchase,      distribution or otherwise) by the Pledgor after the date of this      deed; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e. | the      "Indenture": the      indenture dated the tenth day of March two thousand and eight between      inter alia the      Issuer (as defined below), the Pledgee and the  Pledgor; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f. | the      "Issuer": Central      European Media Enterprises Ltd., a company established under the laws of      Bermuda; |
|----|------------------------------------------------------------------------------------------------------------------------|

| g. | the      "Loan Agreement":      means the loan agreement dated July 21, 2006 between the Issuer, as      borrower and the European Bank for Reconstruction and Development, as      lender; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h. | the      “Parallel Debt”:      shall mean the Parallel Debt (as defined in Section 12.09 of the      Indenture); |
|----|------------------------------------------------------------------------------------------------------------------------------|

| i. | the      "PresentShares": one hundred and      ninety-nine thousand nine hundred and ninety-nine (199,999) ordinary      shares in the capital of the Company owned by the Pledgor, with numbers 1      through 199,997, 199,999 and 200,000, each share having a nominal value of      one Netherlands Guilder (NLG 1) or (converted into euro in accordance with      section 2:178c of the Dutch Civil Code) forty-five eurocent      (EUR 0.45); |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| j. | the      "Right of Pledge":      the fifth priority right of pledge in respect of the Shares established by      the execution of this deed; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------|

| k. | the      "Secured      Obligations": any and all present and future obligations and      liabilities (whether actual or contingent and whether owed jointly or      severally or in any other capacity whatsoever) of each of the Issuer, the      Pledgor and the Company to pay an amount of money (tot voldoening van een      geldsom) to the Pledgee under the Parallel Debt or the Indenture      and the Notes (as defined in the Indenture), each as amended from time to      time, as well as all payment obligations of the Pledgor to the Pledgee      under this deed; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| l. | the      “Shares” means,      collectively, the Present Shares and the Future  Shares; |
|----|----------------------------------------------------------------------------------------------------|

| m. | the      “2005 Indenture”:      the indenture dated as of the fifth day of May two thousand and five, by      and among the Issuer, the Pledgor and the Company as Guarantors, and      JPMorgan Chase Bank, N.A., London Branch, as Security Trustee, Trustee,      Transfer Agent and Principal Paying Agent, and JPMorgan Luxembourg S.A. as      Registrar and Luxembourg Transfer and Paying  Agent; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| n. | the      “2007 Indenture”:      the indenture dated as of the sixteenth day of May two thousand and seven,      by and among the Issuer, the Pledgor and the Company as Guarantors, and      BNY Corporate Trustee Services Limited as Trustee and The Bank of New York      as Security Trustee, Trustee, Transfer Agent and Principal Paying Agent,      and The Bank of New York (Luxembourg) S.A. as Registrar and Luxembourg      Transfer Agent and Luxembourg Paying Agent;and |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o. | “Voting Event” means the      occurrence of an Event of Statutory Default of which the Pledgee has given      notice to the Pledgor and theCompany. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      voting and other consensual rights and similar rights or powers attaching      to the Shares or any part thereof (the “Voting Rights”) are      hereby transferred by the Pledgor to the Pledgee under the condition      precedent (opschortende      voorwaarde) of (i) the occurrence of a Voting Event and (ii) the      termination and/or release of the Existing Rights of Pledge. This      conditional transfer of Voting Rights was approved by the shareholders      meeting of the Company in a written resolution adopted outside of a      general meeting on the tenth day of March two thousand and eight. Until      the occurrence of a Voting Event and subject to the termination and/or      release of the Existing Rights of Pledge, the Pledgor may exercise any and      all such Voting Rights, save: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | that      no such exercise may violate or be inconsistent with the express terms or      purpose of this deed, the Existing Rights of Pledge, the 2005      Indenture,  the Loan Agreement, the 2007 Indenture and/or the      Indenture; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | that      no such exercise may have the effect of impairing the position or      interests of the Pledgee; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (c) | as      set out in Article 3.2 below. |
|--------|-----|---------------------------------------|

| 2. | Upon      the occurrence of a Voting Event and subject to the termination or release      of the Existing Rights of Pledge: |
|----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (a) | any      and all rights of the Pledgor to exercise the Voting Rights which it is      entitled to exercise pursuant to Article 3.1 above shall cease      automatically without further notice to the Pledgor being required and the      Pledgee shall have the sole and exclusive right and authority to exercise      such Voting Rights and shall be entitled to exercise or refrain from      exercising such rights in such manner as the Pledgee may in its absolute      discretion deem fit; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      Pledgee shall immediately be entitled, at any time at its sole discretion,      to effect the resignation of and/or to dismiss the directors of the      Company or any of them, and to appoint new directors of the Company and      the Pledgor hereby undertakes to do all things and execute all documents      and instruments as may be required by the Pledgee to ensure the      effectiveness of any such resignations, dismissals or      appointments. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | By      signing this deed, the Company confirms (and the other parties agree) that      a written notice from the Pledgee to the Company stating that a Voting      Event has occurred, shall be sufficient for the Company to accept the      Pledgee as being exclusively entitled to such rights and other powers      which it is entitled to exercise pursuant to this Article 3 upon the      occurrence of such a Voting Event and subject to the termination and/or      release of the Existing Rights ofPledge. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | In      addition and without prejudice to the obligations of the Pledgor pursuant      to the Indenture, each of the Pledgor and the Company agrees to notify the      Pledgee immediately of any event or circumstance which could reasonably be      of importance to the Pledgee with a view to the preservation and exercise      of the Pledgee’s rights under or pursuant to this deed, such as (without      limitation) the filing of a petition for the bankruptcy (faillissement) of the      Pledgor, the filing of a petition for a moratorium of payments (surséancevanbetaling) by the      Pledgor, attachment or garnishment of the Pledgor’s assets, the      termination of any one of the Pledgor’s commercial activities or its      dissolution. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Upon      the occurrence of a Voting Event and subject to the termination and/or      release of the Existing Rights of Pledge, the Pledgee shall have the      rights which the law attributes to holders of depositary receipts, issued      with a company's co-operation, of shares in its  capital. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | During      the term of the Right of Pledge, the foregoing provisions of this Article      3 with respect to the Voting Rights on the Shares also apply to the Future      Shares. In addition, the Pledgor and the Pledgee shall, if reasonably      practicable, at the time of or, if not practicable at such time, as soon      as reasonably practicable after, the acquisition of such Future Shares,      arrange that the attribution of the Voting Rights attaching thereto shall      be ratified if that is reasonably deemed necessary, in the Pledgee's sole      discretion, to enable the Pledgee to exercise such voting rights upon the      occurrence of the condition precedent as provided in Article 3.1 of this      deed. If such ratification is, at the Pledgee's sole discretion, not      obtained in time, the Pledgor shall fully co-operate in the taking of such      other reasonable measures relating to such transfer of voting rights as      are proposed by the Pledgee. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The      authority to collect dividends, distributions from reserves, repayments of      capital and all other distributions and payments in any form, which, at      any time, during the term of the Right of Pledge, become payable in      respect of any one or more of the Shares, shall accrue to the Pledgee, as      provided for in Section 3:246 of the Dutch Civil Code, subject to the      termination and/or release of the Existing Rights of    Pledge. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | In      derogation of the provisions of paragraph 1 of this Article 4, the Pledgee      hereby grants approval to the Pledgor to collect all dividends,      distributions from reserves, repayments of capital and all other      distributions and payments in any form, which, at any time, during the      term of the Right of Pledge, become payable on any one or more of the      Shares, subject to the termination and/or release of the Existing Rights      of Pledge. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Pledgee may terminate the authorization mentioned in paragraph 2 of this      Article 4 upon occurrence of an Event of Default only. Termination of the      authorization is made by written statement to that effect, by the Pledgee      to the Pledgor, copied to theCompany. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a. | on      first demand in writing from the Pledgee, the Pledgor shall take all      actions, and draw up and sign all supplementary documents as the Pledgee      may consider necessary or desirable for the performance of the Pledgor's      obligations under this deed, and to fully cooperate so as to enable the      Pledgee to exercise his rights, with due regard to the relevant provisions      of the Existing Rights of Pledge; |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | b. | the      Pledgor shall, on first demand from the Pledgee, submit to the Pledgee all      requested reasonable information and data with respect to the      Shares; |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c. | during      the term of the Right of Pledge, the Pledgor shall not alienate, pledge or      in any other way encumber the Shares (depositary receipts for) shares      and/or rights to acquire (depository receipts for) shares in the capital      of the Company without the prior written consent of the Pledgee except for      an encumbrance permitted in accordance with the provisions of the      Indenture; |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | d. | the      Pledgor shall with due regard to the relevant provisions of the Existing      Rights of Pledge provide that the (depositary receipts for) Future Shares      and/or rights to acquire (depositary receipts for) Future Shares in the      capital of the Company it acquires after execution of this deed shall be      pledgeable, and that the transferability thereof shall not be more      cumbersome than the transferability of the  Shares; |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | e. | whenever      the Pledgor is aware that the Company is involved in the preparation of a      legal merger or demerger as a result of which the Company would cease to      exist, the Pledgor shall inform the Pledgee thereof in writing      immediately. |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | f. | whenever      the Pledgor is aware that actions have been taken for the winding-up,      dissolution, administration, bankruptcy, suspension of payments or      reorganization of the Company, the Pledgor shall inform the Pledgee      thereof in writing immediately. |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      Pledgor warrants to the Pledgee that, at this time, the following is      correct: |
|----|---------------------------------------------------------------------------------------------|

|   | a. | the      Company is a private company with limited liability, legally established      under the laws of the Netherlands by notarial deed, executed before H. van      Wilsum, at that time civil law notary officiating in Amsterdam, on the      third day of August nineteen hundred and ninety-four. The articles of      association of the Company were last partially amended by deed executed      before a substitute of M.P. Bongard, officiating in Amsterdam, on the on      the thirty-first day of May nineteen hundred and ninety-eight. A copy of      the present articles of association is attached to this deed (Annex II) The      Company is currently registered in the Commercial Register in Amsterdam,      under number 33246826. A copy of the extract from the Commercial Register      is attached to this deed (Annex      III); |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | the      Company has not been dissolved, and no resolution has been adopted to      dissolve the Company, nor has any request therefore been filed, nor has      any notice by the Chamber of Commerce, as described in Section 2:19.a. of      the Dutch Civil Code, been received. The Company has not been declared      bankrupt nor has a suspension of payment been granted, nor have any      requests thereto been filed; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | the      shareholders' register is completely accurate and up to date. A copy of      the shareholders' register is attached to this deed (Annex      IV); |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | the      entire issued share capital of the Company consists of two hundred      thousand (200,000) ordinary shares, numbered 1 through 200,000; all of the      issued shares are fully paid-up; the Company has not granted any rights to      subscribe for shares in its capital which have not yet been      exercised; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | the      Pledgor has a complete and unencumbered right to the Present Shares, with      the exception of the Existing Rights ofPledge; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | the      Pledgor has not been deprived of the authority to alienate the Shares by      virtue of Section 2:22a subsection 1 of the Dutch Civil    Code; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | the      Shares are not subject to either (limited) rights or obligations to      transfer to third parties or claims based on contracts of any nature and      have not been encumbered with any attachment, except for the Existing      Rights of Pledge; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | h. | the      Pledgor is authorized to establish the Right of  Pledge; |
|--------|----|-------------------------------------------------------------------|

|   | i. | all      resolutions and approvals, required for establishing the Right of Pledge,      have been adopted and receivedrespectively; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | j. | the      obligations of the Pledgor and the Company vis-à-vis the Pledgee,      resulting from the Indenture and this deed respectively, are lawful      obligations of the Pledgor and the Company respectively and are legally      enforceable against the Pledgor and the Company    respectively; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | k. | the      assumption and performance by the Pledgor and the Company respectively of      the obligations vis-à-vis the Pledgee resulting from the Indenture and      this deed are not contrary to any provision of applicable law or any      agreement to which the Pledgor or the Company is a party, or by which the      Pledgor or the Company is bound in any other way;  and |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | l. | the      Pledgor has provided the Pledgee with all information and data with      respect to the Shares which the Pledgor reasonably believes to be of      importance to the Pledgee; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Furthermore,      the Pledgor hereby declares: |
|----|------------------------------------------------|

|   | - | as      for the numbers 1 through 199,997 pursuant to a notarial deed of transfer      of shares, executed before H. van Wilsum, mentioned above, on the      nineteenth day of September nineteen hundred ninety-four,    and |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | as      for the numbers 199,999 and 200,000 pursuant to a notarial deed of      issuance of shares, issued before H. van Wilsum, mentioned above, on the      sixteenth day of December nineteen hundred  ninety-six. |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Upon      the occurrence of an Event of Statutory Default, the Pledgee has, with due      regard to the relevant provisions of the Existing Rights of Pledge, the      right to exercise all rights and powers which the Pledgee has under Dutch      law as holder of a right of pledge over the Shares, and the Pledgee shall      be authorized to sell the Shares or part thereof, in accordance with      Section 3:248 of the Dutch Civil Code, without prejudice to the provision      of Section 3:251 of the Dutch Civil Code, in order to recover the proceeds      thereof. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      blocking clause contained in the articles of association of the Company      shall apply to the transfer of the Shares by the Pledgee, it being      understood that the Pledgee shall, with due regard to the relevant      provisions of the Existing Rights of Pledge, exercise all of the Pledgor's      rights relevant to the alienation and transfer of the Shares, and that the      Pledgee shall fulfill the Pledgor's obligations relevant      thereto. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | In      the event the Pledgee enforces execution of the Right of Pledge, the      Pledgee shall, with due regard to the relevant provisions of the Existing      Rights of Pledge, following payment of the enforcement costs from the      proceeds, allocate the net proceeds to fulfill the Secured      Obligations. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | The      Pledgee does not bear the obligations referred to in Sections 3:249 and      3:252 of the Dutch Civil Code towards others than the    Pledgor. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      Right of Pledge shall terminate if and when (a) any and all Secured      Obligations have been irrevocably and unconditionally fulfilled, or (b)      any and all Secured Obligations have been otherwise terminated or      cancelled. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      Pledgee shall be entitled to terminate the Right of Pledge in whole or in      part at any time. Termination shall be effectuated by a written      notification to that effect by the Pledgee to the Pledgor with copy to the      Company. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Any      notices or other communication under or in connection with this Pledge      Agreement shall be in writing in the English language and shall be      delivered personally or by registered mail or fax. Proof of posting shall      be deemed to be proof of receipt: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2. | As      to the existence and composition of the Secured Obligations, a written      statement by the Pledgee made in accordance with his books shall      constitute full proof, subject to proof to the contrary, it being      understood that in the event of a disagreement with respect thereto, the      Pledgee shall be authorized to exercise his right of execution, with due      observance of the obligation of the Pledgee to pay over all amounts which      afterwards would appear to be received by him in excess of his rights and      with due regard to the relevant provisions of the Existing Rights of      Pledge. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Right of Pledge, including all provisions of this deed, shall be governed      by the laws of the Netherlands. |
|----|-------------------------------------------------------------------------------------------------------------------------|

| 4. | All      disputes relating to the Right of Pledge shall be submitted exclusively to      the competent court of law in Amsterdam, the  Netherlands. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | If      a provision of this deed is or becomes illegal, invalid or unenforceable      in any jurisdiction, that shall not affect the legality, validity or      enforceability of any other provision of this deed and the legality,      validity or enforceability in other jurisdictions of that or any other      provision of this deed. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | All      costs, fees, taxes and other amounts (including notarial fees, taxes,      legal fees, registration fees, translation costs, stamp duties etc)      reasonably incurred by the Pledgee in connection with the negotiation,      creation or execution of any documentation in connection with the Right of      Pledge and the enforcement of the Right of Pledge will be for the account      of the Pledgor. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | The      Pledgor, the Company and the Pledgee hereby waive, to the fullest extent      permitted by law, their right to rescind this deed pursuant to failure in      the performance of one or more of their obligations as referred to in      Section 6:265 of the Dutch Civil Code or on any other    ground. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | The      Pledgee shall not be obligated to give notice of a sale to someone other      than to the Pledgor as referred to in the Sections 3:249 and 3:252 of the      Dutch Civil Code. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | The      Pledgee shall not be responsible for any loss occasioned by the timing of      the exercise of its powers under this deed other than by virtue of its bad      faith, gross negligence or willful misconduct. The Pledgor shall indemnify      the Pledgee in respect of all liabilities and reasonable expenses incurred      by the Pledgee, in the execution of any rights, powers or discretions      vested in it pursuant hereto, save for liabilities and expenses arising      from the bad faith, gross negligence or willful misconduct of the      Pledgee. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | The      Pledgor is not entitled to file a request with the voorzieningenrechter of      the district court to sell the Shares in a manner which deviates from the      sale in public as referred to in Section 3:251 paragraph 1 of the Dutch      Civil Code. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a. | that      it acknowledges the aforementioned Right of  Pledge; |
|----|----------------------------------------------------------------|

| b.     | that      it has been informed of the provisions under which the Right of Pledge is      established, and fully cooperates with the implementation      thereof; |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                             |

| c. | that      no facts or circumstances are known to the Company, which in any way are      inconsistent with the warranties and declarations of the Pledgor stated in      this deed; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| d. | it      shall register in the Company's shareholders' register that the Shares are      encumbered with a fifth priority right of pledge in favor of the Pledgee,      that, subject to the provisions of Article 3, the Pledgee has the Voting      Rights and to whom, the Pledgor or the Pledgee, the rights accrue which      the law attributes to holders of depositary receipts of shares in the      capital of a company which are issued with its    co-operation; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e. | that      all resolutions and approvals required from the Company for establishing a      fifth priority right of pledge on the Shares by the Pledgor in favor of      the Pledgee under the provisions contained in this deed, have been adopted      and received respectively; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f. | that      it is a private company with limited liability (besloten venootschap met      beperkte aansprakelijkheid), duly incorporated and validly existing      under the laws of the Netherlands and is registered in the Trade Register      under number 33246826 and that the information contained in the Trade      Register is correct and complete; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g. | that      the Company has not been dissolved, nor has a resolution to dissolve the      Company been approved nor has a petition been filed to dissolve the      Company, nor has a notice from the Chamber of Commerce pursuant to Section      2:19a paragraph 3 of the Dutch Civil Code been received;    and |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h. | that      the Company has not been declared bankrupt, nor has a suspension of      payments, including any other types of regulations with similar legal      consequences been granted, nor have any petitions thereto been filed nor      are any such petitionsexpected. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----