----

**PLEDGE      OF SHARES**

| I. | Geraldine                  Kyoko Tollenaar, employed at the offices of Houthoff Buruma N.V.,                  Amsterdam with address 1082 MA Amsterdam, Gustav Mahlerplein 50,                  born in                  Amstelveen on the seventh day of June nineteen hundred seventy-nine,                  holder of passport with number NG0134944, |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | **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 De Ruyterkade                  62, Curaçao, Netherlands Antilles |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Pledgor**

|   | b. | **CME                  Media Enterprises** **B.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 5 B, 1012JS                  Amsterdam, the Netherlands, and registered with the Trade Register                  under                  number 33246826 |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Company**

| II. | Martinus                  van Soest, employed at the offices of Houthoff Buruma N.V., Amsterdam                  with                  address 1082 MA Amsterdam, Gustav Mahlerplein 50, born in Heteren                  on the                  second day of May nineteen hundred and seventy-three, holder of                  passport                  with number NK4775097, |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**European        Bank for Reconstruction and Development**

**Pledgee**

**Powers**
**        of attorney **

**The        Pledgor and the Pledgee have agreed as follows: **

**Whereas:        **

----

| a. | pursuant                to                the Loan                Agreement,                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                in                the Loan Agreement,                the Pledgor and the Pledgee wish to hereby establish a right                of pledge in respect of the Shares, as defined hereafter, under the                following terms. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Definitions.      **

**Article      1. **

| a. | an                "**Event                of****Default**":                each "**Event                of Default**"                as defined in article 7                of the Loan Agreement,                as well as, insofar as not included in that definition, each Event                of Statutory                Default;  |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b. | "**Event                of Statutory Default**":                means 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                Right of Pledge**":                means a                right of pledge on the Shares (as defined hereinafter) created                in favor of the Security Trustee, on                the fifth day of May two thousand five, pursuant                to the Indenture; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d. | “**Financing                Agreements**”                shall have the meaning ascribed to it in the Loan Agreement; |
|----|-----------------------------------------------------------------------------------------------------------------------------------|

| e. | "**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; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f. | the                "**Indenture**":                the indenture dated                the fifth day of May two thousand five between                inter alia the Pledgor                and the Security                Trustee; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g. | "**Loan                Agreement**":                means the loan agreement dated the twenty-first day of July two thousand                six                between Central European Media Enterprises Ltd., as borrower and                the                Pledgee, as lender;  |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h. | the                "**Present                Shares**":                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;  |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i. | the                "**Right                of Pledge**":                the right of pledge in respect of the Shares established in this                deed; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| j. | 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 Pledgor                the Company and                Central European Media Enterprises Ltd to                pay an amount of money *(tot                voldoening van een geldsom)*                to                the Pledgee under the Financing                Agreements,                each as amended from time to time, as well as all payment obligations                of                the Pledgor to the Pledgee under this deed; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| k. | “**Security                Trustee**”                means                JPMorgan Chase Bank, N.A., London Branch, a national banking association                organized under the laws of the State of New York, having its specified                office at Trinity Tower, 9 Thomas More Street, London E1W 1YT, United                Kingdom;  |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| m. | “**Voting                Event**”                means                an                Event of Statutory Default has occurred of which the Pledgee has                given                notice to the Pledgor and the Company. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Pledge      of shares. **

**Article      2. **

*(één      en ondeelbaar)*
*(afhankelijke      rechten)*
*(nevenrechten)*

**Article      3. **

| 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 Right 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 twentieth                day of July two thousand six. Until the occurrence of a Voting Event                and                subject to the termination and/or release of the Existing Right 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 of purpose of this deed, the Indenture and/or the Loan Agreement; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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: |
|----|-------------------------------------------------------|

|   | 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 Right of Pledge. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | In                addition and without prejudice to the obligations of the Pledgor                pursuant                to the Loan                Agreement,                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                (*surséance                van betaling*)                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 Right 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, 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. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Authority      to collect. **

**Article      4. **

| 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 Right 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                Right 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 the Company. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Further      obligations of the Pledgor. **

**Article      5. **

| 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 Right 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                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 Loan                Agreement; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d. | the                Pledgor shall with due regard to the relevant provisions of the Existing                Right of Pledge provide that the (depositary receipts for) shares                and                rights to acquire (depositary receipts for) 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. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Warranties.      Declarations. **

**Article      6. **

| 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, drawn up before                H. van                Wilsum, 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 declared, 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 Shares, with                the                exception of the Existing Right of Pledge; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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                Right 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 received respectively; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | j. | the                obligations of the Pledgor and the Company vis-à-vis the Pledgee,                resulting from the Loan Agreement 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 Loan Agreement                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. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Exercise      of the Right of Pledge. **

**Article      7. **

| 1. | Upon                the occurrence of an Event of Statutory Default, the Pledgee has,                with due                regard to the relevant provisions of the Existing Right 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 Right 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                Right 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. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Termination.      **

**Article      8. **

| 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. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Final      provisions. **

**Article      9. **

| 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: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | in                the case of hand delivery: on the day the notice is received by                recipient; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (ii) | in                the case of a registered letter: on the third business day after                posting;                or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | in                the case of a fax transmission: upon receipt of fax confirmation. |
|--------|-------|-------------------------------------------------------------------------------------|

----

| 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 provision of the Existing Right of                Pledge. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 4. | Any                dispute, controversy or claim arising out of or relating to this                deed, or                the breach, termination or invalidity hereof, shall be settled by                arbitration in accordance with the UNCITRAL Arbitration Rules as                at                present in force. There shall be one arbitrator and the appointing                authority shall be LCIA. The seat and place of arbitration shall                be                London, England and the English language shall be used throughout                the                arbitral proceedings. The parties to this deed hereby waive any rights                under the Arbitration Act 1996 or otherwise to appeal any arbitration                award to, or to seek determination of a preliminary point of law                by, the                courts of England. The arbitral tribunal shall not be authorised                to take                or provide, and the Pledgor and the Company agree that they shall                not seek                from any judicial authority, any interim measures of protection or                pre-award relief against the Pledgee, any provisions of the UNCITRAL                Arbitration Rules notwithstanding. The arbitral tribunal shall have                authority to consider and include in any proceeding, decision or                award any                further dispute properly brought before it by the Pledgee (but no                other                party) insofar as such dispute arises out of this deed or any other                Financing Agreement, but, subject to the foregoing, no other parties                or                other disputes shall be included in, or consolidated with, the arbitral                proceedings. In any arbitral proceeding, the certificate of the Pledgee                as                to any amount due to the Pledgee under this deed or any Financing                Agreement shall be *prima                facie*                evidence of such amount unless the findings in such certificate involve                manifest error. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | Notwithstanding                Article 9.4, this deed and any other Financing Agreement, and any                rights                of the Pledgee arising out of or relating to this deed or any other                Financing Agreement, may, at the option of the Pledgee, be enforced                by the                Pledgee in the courts of the Netherlands, the Netherlands Antilles                or                England or in any other courts having jurisdiction. For the benefit                of the                Pledgee, the Pledgor and the Company hereby irrevocably submit to                the                non-exclusive jurisdiction of the courts of England with respect                to any                dispute, controversy or claim arising out of or relating to this                deed or                any other Financing Agreement, or the breach, termination or invalidity                hereof or thereof. Each of the Pledgor and the Company hereby irrevocably                designate, appoint and empower CME Development Corp. at its registered                office (being, on the date hereof, at Aldwych House, 81 Aldwych,                London                WC2B 4HN, England) to act as its authorised agent to receive service                of                process and any other legal summons in England for purposes of any                legal                action or proceeding brought by the Pledgee in respect of this deed                or any                Financing Agreement. The Pledgor and the Company hereby irrevocably                consent to the service of process or any other legal summons out                of such                courts by mailing copies thereof by registered airmail postage prepaid                to                its address specified herein. The Pledgor and the Company covenant                and                agree that, so long as they have any obligations under this deed,                they                shall maintain a duly appointed agent to receive service of process                and                any other legal summons in England for purposes of any legal action                or                proceeding brought by the Pledgee in respect of this deed or any                Financing                Agreement and shall keep the Pledgee advised of the identity and                location                of such agent. Nothing herein shall affect the right of the Pledgee                to                commence legal actions or proceedings against the Pledgor and the                Company                in any manner authorised by the laws of any relevant jurisdiction.                The                commencement by the Pledgee of legal actions or proceedings in one                or more                jurisdictions shall not preclude the Pledgee from commencing legal                actions                or proceedings in any other jurisdiction, whether concurrently or                not. The                Pledgor and the Company irrevocably waive any objection they may                now or                hereafter have on any grounds whatsoever to the laying of venue of                any                legal action or proceeding and any claim they may now or hereafter                have                that any such legal action or proceeding has been brought in an                inconvenient forum. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | The                Pledgor and the Company agree to the provisions of Article 9.4, 9.5                and                9.6 solely because the counterparty to this deed as at the date hereof                is                the Pledgee. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | For                the avoidance of doubt, no provision in Articles 9.4, 9.5 and 9.6,                can be                interpreted as being a provision as referred to in article 3:248                paragraph                2 of the Dutch Civil Code. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | 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. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | 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. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | 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. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | 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. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | 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. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | 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. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**FINALLY,      THE COMPANY HAS DECLARED: **

| a. | that                it acknowledges the 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 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                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 petitions expected. |
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**CONCLUSION      **

**THIS      DEED **

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