----

| Execution      copy |
|---------------------|

| 1. | Central      European Media Enterprises N.V., a public company (naamloze vennootschap)      incorporated 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 (the "Pledgor"); |
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| 2. | The      Law Debenture Trust Corporation p.l.c., a company incorporated      under the laws of England and Wales, having its registered offices at      Fifth floor, 100 Wood Street, London EC2V 7EX, United Kingdom (the "Pledgee"); |
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| 3. | The Bank      of New York Mellon, a corporation incorporated under the laws      of the State of New York, United States of America, acting through its      London Branch, having its registered offices at One Canada Square, London      E14 5AL, United Kingdom (the "Note Trustee");      and |
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| 4. | CME      Media Enterprises B.V.,      a private company with limited liability (besloten vennootschap met      beperkte aansprakelijkheid) incorporated 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,      registered with the trade register of the Chamber of Commerce for      Amsterdam, the Netherlands, under file number 33246826 (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; |
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| b. | in      complying with the aforementioned obligation, the Pledgor and the Pledgee      wish to hereby establish a sixth priority right of pledge with respect to      the Shares (as defined hereafter) under the following    terms. |
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| a. | an      "Event of      Default": each "Event of Default" as defined in Section 1.1 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; |
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| c. | "Existing Rights of Pledge": means the      rights of pledge on the Shares (as defined hereinafter) created in favor      of (i) 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 Bank of New York, 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 Bank of New York      and the Company, (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, and (v) the Bank of New York, on the tenth      day of March two thousand and eight pursuant to that certain notarial deed      of pledge dated the tenth day of March two thousand and eight among the      Pledgor, the Bank of New York and theCompany; |
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| 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; |
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| e. | the      "Indenture": the      indenture dated the seventeenth day of September two thousand and nine,      between inter alia      the Issuer (as defined below), the Pledgee and the      Pledgor; |
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----

| f. | the      "Issuer": Central      European Media Enterprises Ltd., a company established under the laws of      Bermuda; |
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| g. | the      "Loan Agreement":      means the loan agreement dated the twenty-first day of July two thousand      six, between the Issuer, as borrower and European Bank for Reconstruction      and Development, as lender; |
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| h. | the      "Parallel Debt":      shall mean the Parallel Debt (as defined in Section 11.9 of the      Indenture); |
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| i. | the      "PresentShares": one hundred      ninety-nine thousand nine hundred and ninety-nine (199,999) ordinary      shares in the capital of the Company owned by the Pledgor, numbered 1      through 199,997, and 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); |
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| j. | the      "Right of Pledge":      the sixth priority right of pledge in respect of the Shares established by      the execution of this deed; |
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| 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; |
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| l. | the      "Shares" means,      collectively, the Present Shares and the Future  Shares; |
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| m. | "Voting Event" means the      occurrence of an Event of Statutory Default of which the Pledgee has given      notice to the Pledgor and theCompany; |
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| n. | 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; |
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| o. | 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 |
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| p. | the      "2008 Indenture":      the indenture dated the tenth day of March two thousand and eight between      inter alia the      Note Trustee, the Pledgee and thePledgor. |
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|   | Pledge      of shares. |
|--------|------------------------|

----

| 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 seventeenth day of September two thousand and nine.      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, the 2008 Indenture and/or the      Indenture; |
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|  | (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. |
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| 2. | Upon      the occurrence of a Voting Event and subject to the termination or release      of the Existing Rights ofPledge: |
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|  | (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 (acting on the      instructions of the Note Trustee) may in its absolute discretion deem fit;      and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the      Pledgee shall immediately be entitled (acting on the instructions of the      Note Trustee), 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 orappointments. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | By      signing this deed, the Company confirms (and the other parties agree) that      a written notice from the Pledgee (acting on the instructions of the Note      Trustee) 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 of      Pledge. |
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----

| 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 and the Note Trustee immediately of any event or circumstance      which could reasonably be of importance to the Pledgee and/or the Note      Trustee 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. |
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| 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. |
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| 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 (acting on the instructions of the Note      Trustee) 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 (acting on the instructions of the Note  Trustee). |
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| 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. |
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| 2. | In      derogation of the provisions of Article 4.1 above, 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. |
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| 3. | The      Pledgee (acting on the instructions of the Note Trustee) may terminate the      authorization mentioned in Article 4.2 above 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. |
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----

| a. | on      first demand in writing from the Pledgee (acting on the instructions of      the Note Trustee), 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; |
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| b. | the      Pledgor shall, on first demand from the Pledgee (acting on the      instructions of the Note Trustee), submit to the Pledgee all requested      reasonable information and data with respect to the  Shares; |
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| 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 (acting on      the instructions of the Note Trustee) except for an encumbrance permitted      in accordance with the provisions of the  Indenture; |
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| 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; |
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| 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 and the Note Trustee thereof      in writing immediately; |
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| 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 and      the Note Trustee thereof in writingimmediately. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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, the      Netherlands, 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, the Netherlands, 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, the      Netherlands, 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 2:19a 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 (acting on the instructions of the Note Trustee) 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 (acting on the instructions of the Note Trustee) 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 SecuredObligations. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 (acting on the instructions of the Note Trustee) 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. All notices to the      Pledgee hereunder shall be delivered at the same time to the Note Trustee.      Proof of posting shall be deemed to be proof of  receipt: |
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|  | (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 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 and stamp duties)      incurred by the Pledgee and the Note Trustee 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. | Neither      the Pledgee nor the Note Trustee shall 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 and the Note Trustee      in respect of all liabilities and reasonable expenses incurred by the      Pledgee or the Note Trustee, as the case may be, 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 or the Note Trustee, as the case may      be. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 sixth 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      sixth 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, 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. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----